July 24, 2024

To,

National Stock Exchange of India Limited BSE Limited

Exchange Plaza, 5th Floor, Corporate Relationship Department,
Plot No. C/1, G Block, 2nd Floor, New Trading Wing,
Bandra – Kurla Complex, Rotunda Building, P.J. Towers,
Bandra (E), Mumbai -400 051 Dalal Street, Mumbai – 400 001

Symbol: SJS Scrip Code: 543387

ISIN: INE284S01014

Dear Sir/Madam,

Subject: Annual Report - FY 2023-24

In compliance with the Companies Act, 2013, rules framed thereunder and Regulation 34 of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to time,
please find enclosed the Annual Report for the Financial Year 2023-24.

The said Annual Report is available on the website of the Company at https://www.sjsindia.com/

Request you to kindly take the above on record.

Thank you,

Yours faithfully,
For S.J.S. Enterprises Limited
THABRAZ Digitally signed by
THABRAZ HUSHAIN
HUSHAIN WAJID AHMED
Date: 2024.07.24 12:26:20
WAJID AHMED +05'30'

Thabraz Hushain W.
Company Secretary & Compliance Officer
Membership No.: A51119

Encl: As mentioned above

S.J.S. Enterprises Limited
ANNUAL REPORT 2023-24

Expanding
Frontiers.
Driving Growth.
CONTENTS
CORPORATE
OVERVIEW
01
01 Expanding Frontiers. Driving Growth.
02 Corporate Overview
04 Geographic Presence
06 Product Portfolio
10 Chairman’s Message
12 Managing Director’s Message
14 Chief Executive Officer’s Message
16 Performance Highlights
18 Theme Stories
28 IT Infrastructure
30 Embedding Sustainable Practices To view
31 Environmental Annual Report 2023-24 Online,
33 Social https://www.sjsindia.com/
42 Governance investors.html#annual-report

STATUTORY
REPORTS
46 Forward-looking statement
46 Management Discussion
and Analysis This Report contains some forward-looking statements to enable
58 Directors’ Report investors to comprehend our prospects and take wise investment
84 Corporate Governance Report decisions, which may be identified by their use of words like
118 Business Responsibility and ‘plans’, ‘expects’, ‘will’, ‘anticipates’, ‘believes’, ‘intends’, ‘projects’,
Sustainability Report ‘estimates’ or other words of similar meaning. All statements that
address expectations or projections about the future, including
but not limited to statements about the Company’s strategy for
FINANCIAL growth, product development, market position, expenditures
STATEMENT
177
and financial results, are forward-looking statements. Forward-
looking statements are based on certain assumptions and
177 Independent Auditor’s Report expectations of future events. The Company’s actual results,
(Standalone) performance or achievements could thus differ materially
188 Standalone Financials from those projected in any such forward-looking statements.
251 Independent Auditor’s Report The Company assumes no responsibility to publicly amend,
(Consolidated) modify or revise any forward-looking statements, on the
260 Consolidated Financials basis of any subsequent developments, information or events.
The Company has sourced the industry information from the
Notice of Seventeenth publicly available resources and has not verified that information
Annual General Meeting
329
independently and shall not be liable for any variance from the
forward-looking statements.
Expanding
Frontiers.
Driving Growth.
SJS Enterprises (SJS) is steadfast in its
commitment to seizing unparalleled
opportunities for expansion and
accelerating its growth trajectory through
strategic initiatives. The acquisition of
Walter Pack Automotive Products India
Private Limited (WPI) stands as a landmark Furthermore, SJS is committed to
move in our journey, opening up a plethora driving profitability through these new
of avenues to enhance our market share ventures, with a sharp focus on optimising
and achieve greater success. operational efficiencies and capitalising on
This acquisition represents a strategic the expanded market presence, ensuring
alignment that bolsters SJS’ existing sustainable growth and enhanced
capabilities with new, innovative potential. shareholder value.
By integrating Exotech and WPI’s
capabilities, SJS is better positioned to
leverage cross-selling opportunities,
broaden its customer base, and penetrate SJS IS NOT JUST
new markets. This move also facilitates
introduction of cutting-edge products
PURSUING GROWTH;
and technologies, further solidifying SJS’ IT IS PROPELLING
role as a leader in its field. ITSELF INTO A FUTURE
WHERE ITS POTENTIAL
IS LIMITLESS AND
ACHIEVEMENTS
ARE UNPRECEDENTED.
CORPORATE OVERVIEW

SJS at a glance
SJS Enterprises holds a prominent position in the Indian decorative aesthetics industry.
Our expertise lies in providing comprehensive solutions from design conception to
product delivery.

With the ability to customise, design, develop, and manufacture a diverse range of products,
we cater to the leading automobile and consumer appliances and electrical companies
globally. Our manufacturing capabilities extend to include products for commercial
vehicles, medical devices, farm equipment, and the sanitaryware industry as well.

OUR SUBSIDIARY
VISION Our subsidiary, Exotech is engaged in manufacturing
chrome‑plated and painted injection moulded plastic parts
To increase the perceived and experienced value of for two-wheelers (2W), passenger vehicles (PV), consumer
objects and interfaces, through cutting-edge design and appliances, farm equipment, and sanitaryware industries. Its
printing technologies. products are sold in 60 locations across India.

In July 2023, SJS acquired a 90.1% stake in WPI. WPI was a

subsidiary of Walter Pack Spain and specialises in designing

MISSION
and developing high-value, functional decorative parts for
passenger vehicles and consumer electricals segments in India.
WPI is proficient in advanced IMD, IMF, and IML technologies,
To deliver desire. To play with colours, materials, textures, providing SJS with a significant technological edge.
and most of all, possibilities. To make things that are
visually exciting. Sensorially pleasing. Delightfully intuitive.
To be the best in the business of aesthetic and functional KEY CERTIFICATIONS
industrial graphic parts, using specialised design and
printing technologies. SJS

ISO 9001 IATF 16949 ISO 14001

OHSAS 18001 ISO 45001 LEED GOLD
CERTIFIED
ISO 50001

Exotech

ISO 9001 IATF 16949 ISO 14001

WPI

ISO 9001 IATF 16949

ISO 14001 ISO 45001

02 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

STRENGTHS THAT DRIVE US

Established market leader in an attractive business Long-standing customer relationships

segment SJS stands as a trusted partner, co-creator, and preferred
We operate within the high-value aesthetics market, supplier for numerous leading Original Equipment
catering to various consumer-focussed industries. With a Manufacturers (OEMs) in both the automotive and
heightened emphasis on aesthetics and premium content, consumer appliances sectors. The average tenure of our
there emerges a significant opportunity across the entire relationships with the Top 10 SJS customers exceeds 20
component supply chain. SJS is strategically positioned to years. With a significant market share in India, we are
capitalise on the evolving market trends. strategically focussed on expanding our global footprint
through a targeted approach.
Differentiated, comprehensive product portfolio
Well-invested, lean operations
We deploy cutting-edge technologies and offer an
extensive product suite encompassing decals, appliques/ Our manufacturing footprint encompasses four facilities –
dials, overlays, domes/3D lux logos, aluminium badges, one in Bengaluru, two in Pune, and one in Manesar,
in‑mould decoratives (IMD), in-mould labelling (IML), Gurugram, enabling us to meet growing demands and
in‑mould Forming (IMF), optical plastics, lens mask covers, ensure efficient production. Additionally, we operate 8
and chrome-plated parts. These products cater to a wide warehouses throughout India and deliver products to
range of applications, showcasing our commitment to 180+ locations globally. Our global distribution capabilities
innovation in meeting diverse customer needs. are poised to support our future growth initiatives. We
are committed to maintaining the highest standards of
Strong legacy of technology and innovation quality and ensuring timely delivery, which are critical to
Backed by robust in-house design and engineering our success and customer satisfaction.
capabilities, SJS boasts a remarkable track record
of innovation spanning products, technologies, and
materials, facilitated by a dedicated research and
development team.

OUR KEY CLIENTELE

Auto OEMs
TVS, Honda, Bajaj, Royal Enfield, Yamaha, Ola,
Stellantis India, M&M, Tata Motors, Maruti Suzuki,
Kia, Hyundai, Morris Garage, Volkswagon, Skoda
India, John Deere.
Tier 1 Auto Component Supplier
Visteon, Marelli, Foxconn, Continental,
Mindarika, Jayushin, Pricol, Minda Vast, Autoliv,
Toyota Tsusho, JBM, Motherson Automotive,
Ather, Triumph.
Consumer Appliance Players
Whirlpool, Samsung, Godrej, Eureka Forbes,
Panasonic, Mabe Group, IFB Industries,
Electrolux, Atomberg
Telecom Players
Neolync, Seoyon, Syrma, Wangda, Optiemus
Others
Sensacore, Geberit, Roca, Litemed, LeGrand

Annual Report 2023-24 l 03

GEOGRAPHIC PRESENCE

A widespread global footprint

SJS has established an extensive global footprint, reaching far beyond domestic borders.
With a commitment to excellence and innovation, we continue to bolster our reach,
serving customers across diverse industries worldwide.

4 Manufacturing facilities
1 Bengaluru (SJS), 2 Pune (Exotech & WPI),
1 Manesar, Gurugram (WPI)

8 Warehouses
SJS - Mysuru, Gurugram, Pune, Chennai,
Aurangabad, Rudrapur, Exotech - Hosur,
Nalagarh, (HP)

End markets
India, North America, Italy, Russia, Japan,
Thailand, Poland, South Africa, Columbia,
UAE, USA, Brazil, Mexico, Slovakia, Tunisia,
Vietnam, Turkey, Portugal, China, Sri Lanka,
Argentina and Malaysia

04 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

KEY FACTS
REVENUE BREAK-UP FY 2023-24

~7,000
6.0%

20.2% Two-Wheeler
SKUs
Passenger Vehicles
37.4%
Consumer Appliances

22 36.4%
Others

Countries exported to

169 Mn
Total parts supplied

180+
Customer locations

~2,300
Employees

14
Products offered across
seven end segments

20 years
Average length of
relationship with
10 largest customers

Annual Report 2023-24 l 05

PRODUCT PORTFOLIO

Our expansive portfolio for

diverse applications
Our product portfolio is meticulously crafted to offer an enhanced value proposition to
our customers. Leveraging our distinctive design and product development capabilities,
we create offerings tailored to meet the burgeoning trend of premiumisation within
the automotive and consumer appliances sectors.
With a broad portfolio spanning 14 product categories, we serve seven distinct segments,
including two-wheelers, passenger vehicles, commercial vehicles, consumer appliances
and electricals, farm equipment, medical devices, and sanitary ware. This extensive
range ensures that we cater to diverse market needs with precision and excellence.

PRODUCT OFFERINGS

DECALS AND BODY GRAPHICS 2D APPLIQUES AND DIALS

Decals and graphics are used largely in two-wheelers 2D appliques and dials are used in two-wheelers
than passenger vehicles and are applied to the body of and passenger vehicles as speed or revolutions-per
a vehicle to enhance its appearance. minute (“RPM”) indicators in speedometer clusters.

DOMES
Domes are typically used in two-wheelers and passenger vehicles and consumer appliances to showcase a
customer’s logo or brand with special embossing effects and can be featured in different colours and shapes.

06 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

3D APPLIQUES AND DIALS 3D LUX BADGES

New generation vehicles use aesthetically superior 3D lux badges are complex products with different
3D appliques and dials. Our Company is an exclusive finishes, colours, shapes, and curvatures typically used
supplier of these products to top Korean passenger in two-wheelers and passenger vehicles to showcase a
vehicle OEMs in India. customer’s logo or brand.

OVERLAYS ALUMINIUM BADGES

Overlays are used in consumer appliances control Aluminium badges are used in two-wheelers,
panels and work as the interface between users passenger vehicles and consumer appliances
and machines. mainly as brand displays or to communicate
special instructions on hard surfaces.

Annual Report 2023-24 l 07

 IML/IMDS
In-mould labelling and in-mould decorations such as FATC, wheel caps, gear shift bezels, mid panel, switch plates,
logos, etc. are used in various products, such as control panels in vehicles and consumer appliances, branding
logos and decorative plastics.

IMF (IN-MOULD FORMING) PRINTED ELECTRONICS

This technique is used to produce high-quality Printed electronics are used to create lightweight,
three-dimensional plastic parts with decorative flexible, and cost-effective devices, such as sensors,
finishes, which are robust and resistant to abrasion displays, and solar panels, suitable for mass production
and wear, ensuring adherence to the highest OEM and integration into everyday objects.
quality standards.

ILLUMINATED LOGOS
Illuminated logos are designed to enhance brand
visibility and aesthetic appeal, particularly in low-
light conditions. These logos use technologies such
as LED backlighting to highlight company emblems
or product names, commonly found in consumer
electronics, automotive applications, and signage.

08 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

OPTICAL PLASTICS/COVER GLASS LENS MASK ASSEMBLY

Optical plastics are high-quality plastic parts that allow Lens mask assembly is used as a digital speedometer
a display to be clearly visible without any distortion and information system for two-wheelers. An
and also used to provide mechanical protection to optical lens printed with special weatherproof ink
thin-film transistor (“TFT”) screen without impacting insert moulded in the plastic housing to withstand
the visibility of underlying display device. Optical extreme climatic conditions is used by two-wheeler
plastics are typically made of acrylics/polycarbonate manufacturers to mask the digital instrument
material, providing desired mechanical strength, along cluster display.
with optical parameters covering transmission, haze,
and in high-end applications, require anti-reflective,
anti-glare, anti-fingerprint properties. Optical plastics
come in varying sizes, depending on varied applications
in two-wheelers and passenger vehicles. We are also
developing cover glass, a new product that is in the
prototyping stage. We are actively engaging with OEMs
to secure our initial orders for this product segment.

CHROME-PLATED AND
PAINTED PRODUCTS
Chrome-plated and painted products include
wheel covers, monograms, nameplates, rear
and front appliques, radiator grills, door
handles, bezels, bumper parts, etc.

AFTERMARKET – ‘TRANSFORM’
We offer a variety of aftermarket accessories
under our ‘Transform’ brand to enhance the
appearance of two-wheelers and passenger
vehicles, including vehicle body graphics, PU
dome logos and badges, 3D lux badges for
door edge protectors, chrome handles, and
bumper grills.

Annual Report 2023-24 l 09

Chairman’s Message

AS OF 31ST MARCH 2024, SJS

HAS BUILT A COMFORTABLE
CASH AND CASH
EQUIVALENT POSITION
OF ` 520 MN, WITH NET
DEBT AT ` 163.5 MN AND
A POSITIVE CASH FLOW.
OUR FREE CASH FLOW TO
EBITDA RATIO STANDS AT A
HEALTHY RATE OF 47.3%.

Dear Shareholders,
It is with great honour and privilege that I present to you our Annual Report for FY 2023-24.

The Indian economy remains resilient amidst global headwinds, demonstrating strength and a vision for
sustained growth. As the fifth-largest economy globally, the nation continues to maintain its position
as the world’s fastest-growing major economy. India’s Gross Domestic Product (GDP) grew by 8.2%
in FY 2023-24 as against 7.2% in FY 2022-23, driven by both private and government investments,
improved rural consumption, controlled inflation, stable interest rates, and proactive policy measures.

10 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

The Indian automotive industry demonstrated remarkable

resilience in FY 2023-24, driven by a combination of factors
including enhanced consumer confidence, new model Additionally, our return on capital
launches, product upgrades from Original Equipment employed (ROCE) and return on
Manufacturers (OEMs), and a shift towards premiumisation. equity (ROE) as of 31st March 2024,
The passenger vehicle segment’s domestic sales grew
are robust at 20.4% and 15.2%,
8.4% to 4.22 Mn units compared to 3.89 Mn units in the
previous year. The two-wheeler segment also experienced respectively.
strong growth of 13.3% YoY, reaching total domestic
sales of 17.97 Mn units compared to 15.86 Mn units in
the previous year. Positive market indicators, including
improved vehicle availability, increased electric vehicle
adoption, and government support for sustainable
mobility, indicate a promising growth trajectory.
respectively. In a significant development, our Board of
Furthermore, the industry is experiencing a gradual Directors has recommended a final dividend of 20% on
transition towards technologically advanced products, the face value for the first time since our Initial Public
marked by the integration of innovative features like 3D Offering (IPO), as a reward to our long-term shareholders.
appliques, cover glass / optical plastics for digital dials,
touch-based navigation systems in various applications, I am thrilled to share that Joe, our Managing Director,
lens mask assembly and premium IMD and IML parts. has received a prestigious lifetime achievement
This shift is a significant driver for product differentiation award from the Screen Printing Association of India
among OEMs and consumer appliance companies. By and the Federation of European Screen Printers
embracing cutting-edge features and functionalities, Associations. This award recognises Joe’s exceptional
manufacturers are enhancing the appeal and functionality contributions to the industr y, marked by his
of their products to meet evolving consumer preferences. visionary leadership and remarkable achievements.
Congratulations to Joe, on this well-deserved honour.
You would be delighted to know that in FY 2023-24,
once again, we surpassed the automotive industry’s Going forward, we intend to introduce premium
performance. This achievement is attributed to the products and technologies, aiming to establish ourselves
inclusion of WPI and the significant contributions from the as a comprehensive solution provider for aesthetic
consumer segment and exports. The successful acquisition products. Our efforts are evident in the acquisition of
of WPI has opened numerous avenues for SJS. It has significant orders across various product categories
broadened our footprint in the passenger vehicles and from both existing and new clients throughout the year.
consumer appliances & electricals segments, reducing our
reliance on two-wheelers. It has enhanced our product We are particularly excited about the potential of
range with new technology categories such as IML, IMD, optical plastics and cover glass, which will gain
and IMF, enabling us to offer innovative solutions for significant traction in the medium term. Further, we
vehicle interior lighting and IME solutions for the next are collaborating with OEMs to introduce innovative
generation of vehicles. Both Exotech and WPI acquisitions premium products such as IML wheel caps and
complement our existing portfolio, paving the way for cross- intricate IML and IMD parts for consumer companies.
selling opportunities and strengthening our order book.
I would like to express my sincere gratitude to our esteemed
As of 31st March 2024, SJS has built a comfortable cash stakeholders for their unwavering trust and encouragement.
and cash equivalent position of ` 520 Mn, with net debt at
` 163.5 Mn and a positive cash flow. Our free cash flow to Warm Regards,
EBITDA ratio stands at a healthy rate of 47.3%. Additionally,
our return on capital employed (ROCE) and return on equity Ramesh C Jain
(ROE) as of 31st March 2024, are robust at 20.4% and 15.2%, Chairman & Independent Director

Annual Report 2023-24 l 11

Managing Director’s Message

IN FY 2023-24, EXOTECH’S
EBITDA MARGINS INCREASED
TO 16.6%. FOLLOWING THIS
SEAMLESS INTEGRATION, SJS
ACQUIRED A 90.1% STAKE IN
WALTER PACK INDIA (WPI)
IN APRIL 2023 AND THE
TRANSACTION WAS COMPLETED
IN JULY 2023. A SUBSIDIARY
OF WALTER PACK SPAIN, WPI
SPECIALISES IN DESIGNING
AND DEVELOPING HIGH VALUE,
FUNCTIONAL DECORATIVE
PARTS FOR PASSENGER VEHICLES
AND CONSUMER ELECTRICALS
IN INDIA.

Dear Shareholders,
It has been another year of exceptional performance at SJS. In FY 2023-24, our automotive segment (two-
wheelers and passenger vehicles) achieved an impressive 38.3% YoY growth, exceeding the industry’s
combined production volume growth of 9.7% YoY. Our revenue from the two-wheeler segment increased
by 21.1% YoY, surpassing industry production volume growth of 10.3% YoY. The industry passenger
vehicle production volumes grew by 6.9% YoY, with our revenue up 62.0% YoY. Additionally, our consumer
business showcased a stellar growth of 89.9% YoY. Our exports grew by 51.1% YoY, led by a 49.3% and
47.2% increase in the automotive segment and consumer segment respectively.

I’m pleased to announce that we’ve achieved our FY 2023-24 ` 921.7 Mn, with a margin of 14.7%. Reported PAT including
guidance of 45% revenue growth and over 30% PAT growth, amortisation stood at ` 853.7 Mn.
excluding amortisation expenses. Our total revenue grew
Consistent delivery of robust margins has resulted in strong
by 45.0% YoY to ` 6,278.0 Mn, driven by both organic and
inorganic initiatives including new customer acquisitions, cash flow generation, with cash and cash equivalents
product development, increased market share, and a focus reaching ` 520.0 Mn. As of 31st March 2024, our ROCE and
on quality and delivery excellence. EBITDA stood at ` 1,599.0 ROE stood at a healthy rate of 20.4% and 15.2%, respectively.
Mn, reflecting growth of 36.9% YoY, with margins of 25.2%, For the first time since our IPO, the Board of Directors has
driven by higher sales and operational efficiencies. Profit recommended a final dividend of 20% on the face value
after Tax (PAT) excluding amortisation grew by 37.1% to for FY 2023-24.

12 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Our automotive segment has secured prominent clients

viz. Autoliv, Toyota Tsusho, Minda VAST, Lear Corporation,
while in telecommunications, we have added Neolync, GDN
Consistent delivery of robust
Enterprises, and Foxconn Technologies. Furthermore, we margins has resulted in strong
have also received new orders from esteemed entities like cash flow generation, with cash
Tata Motors, TVS Motors, Bajaj Auto, Honda Motorcycle and and cash equivalents reaching
Scooters India, Royal Enfield, Mahindra & Mahindra, Maruti
Suzuki, Whirlpool, Skoda, Continental, Hyundai, Visteon,
` 520.0 Mn. As of 31st March
Geberit, Stellantis, and Ola, among others, strengthening 2024, our ROCE and ROE stood
our business across various segments. at a healthy rate of 20.4% and
15.2%, respectively. For the first
Inorganic growth is pivotal to our strategy. The successful
integration of the Exotech business has significantly
time since our IPO, the Board of
enhanced SJS’ overall performance, 2.3x growth in revenues Directors has recommended a
and improving EBITDA margins by about 440+ basis points final dividend of 20% on the face
from FY 2020-21 to FY 2023-24. In FY 2023-24, Exotech’s value for FY 2023-24.
EBITDA margins increased to 16.6%. Following this seamless
integration, SJS acquired a 90.1% stake in WPI in July 2023. A
subsidiary of Walter Pack Spain, WPI specialises in designing
and developing high-value, functional decorative parts for
passenger vehicles and consumer electricals in India.

The shift from conventional injection moulding to IML/

IMD signifies a notable trend in the aesthetics market, with
IML/IMD parts emerging as one of the fastest-growing
segments. Automakers are increasingly adopting IML/IMD We are committed to advancing employee growth with
dashboards to impart a luxurious look to their vehicles. regular training in soft and technical skills, nurturing a
This trend is particularly gaining momentum in higher-end culture of continuous improvement and teamwork. Our
models across passenger and consumer segments. The WPI performance-based incentives, like the ‘Pay for Quality’
acquisition strengthens our IML and IMD capabilities and scheme, help retain talent and recognise excellent
2k injection moulding capability, enabling us to develop performance. During the year, we conducted various
innovative vehicle interior lighting IME solutions for health and safety training sessions, encompassing hazard
future vehicles. identification to risk management, all aimed at mitigating
occupational accidents. SJS has been honoured with the
Going forward, we plan to enhance kit value across our ‘Great Workplace’ certificate for the fourth consecutive
segments by adding premium products and technologies. year, underscoring our success in building an inclusive
WPI’s IMD/IML technologies, combined with SJS’ optical work environment.
plastics/cover glass, are key to this strategy.
As we leverage the synergies and cross-selling opportunities
We prioritise sustainability alongside our growth, evident from our strategic acquisitions and product innovation,
in our steady transition to green energy, with renewables I remain enthused about SJS’ exponential growth in
like solar and wind powering nearly all our Bengaluru the future.
operations. Beyond our environmental efforts, we strive
Thank you to all our stakeholders.
to build stronger communities through initiatives focussed
on education, skill development, healthcare, sanitation,
and rural development. We support ‘Let’s Feed the Needy’,
Warm Regards,
an NGO in Chennai feeding the underprivileged daily.
Additionally, our garbage clean-up initiative has improved K.A. Joseph
lives in ~14 villages in FY 2023-24. Managing Director

Annual Report 2023-24 l 13

Chief Executive Officer’s Message

OUR EXPORTS GREW BY

51.1% YOY, REFLECTING THE
POSITIVE OUTCOMES OF OUR
STRATEGIES AMIDST NEW
BUSINESS ACQUISITIONS
AND IMPROVING MARKET
CONDITIONS, TAKING ITS
CONTRIBUTION TO 7.7% OF
OUR TOTAL CONSOLIDATED
REVENUE. BY DEPLOYING
SALES REPRESENTATIVES
IN KEY MARKETS SUCH
AS TURKEY, BRAZIL,
ARGENTINA, COLOMBIA,
AND MORE RECENTLY SOUTH
KOREA, WE ARE ACTIVELY
PURSUING OPPORTUNITIES
TO FURTHER EXPAND OUR
GLOBAL FOOTPRINT.

Dear Shareholders,
It gives me immense pleasure to address you once again as we reflect on the remarkable journey of SJS
over the past year. It has been an exceptional year for us, marked by significant achievements that have
greatly propelled our growth trajectory.

I’m delighted to share that we’ve outperformed the Our exports grew by 51.1% YoY, reflecting the positive
industry benchmarks in FY 2023-24, showcasing our outcomes of our strategies amidst new business acquisitions
steadfast commitment to excellence and innovation. and improving market conditions, taking its contribution
Our success can be attributed to our diversified product to 7.7% of our total consolidated revenue. By deploying
portfolio and strong customer relationships. The sales representatives in key markets such as Turkey, Brazil,
marquee acquisition of WPI has also contributed to our Argentina, Colombia, and more recently South Korea, we
industry-leading growth. are actively pursuing opportunities to further expand our
global footprint. Our goal is to diversify our customer base
and build stronger relationships with overseas customers.

14 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

What truly sets this year apart is the transformative acquisition

of WPI, which will enable us to scale unprecedented
heights. This strategic acquisition has opened a plethora of In the passenger vehicle segment,
opportunities, enabling us to diversify our presence in both we intend to increase our kit value
passenger vehicle and consumer appliance industries, and by 3-4 times from our legacy kit
expand our reach into newer markets.
value of ` 1,200-1,500 per vehicle.
WPI stands out as one of the leaders in advanced For two-wheelers, our objective is
technologies such as IMD, IMF, and IML, providing us with to augment the kit value by 1.5-2
a distinct edge. By incorporating these technologies into times from the existing range of
our product lineup, we can deliver cutting-edge solutions
` 300‑500 per vehicle. In consumer
for vehicle interior lighting and IME applications in the
automotive sector in the future. Expansion into high- appliances, we aim to elevate
tech moulded interior parts will mark our evolution into the kit value by 3-4 times from
a mainstream supplier of automotive components to the the current range of ` 50‑150 per
passenger vehicle segment.
appliance.
With this acquisition, we have not only gained a significant
business with strong growth and high margins at a
favourable valuation, but also achieved several key
strategic objectives, including the addition of new emerging
technologies, expansion of customer base, enhancement
of manufacturing capabilities, and strengthening of We are working on our capacity expansion plans to ensure
management bandwidth. Mr. Roy Mathew, one of the optimal returns and cater to the growth needs of both
founders of WPI, will continue to lead Walter Pack with a Exotech and WPI. We have chosen a more frugal approach
9.9% stake, ensuring a smooth integration in the short term instead of a specific capex allocation for the expansion of
and maximising revenue synergies in the medium term. His chrome plating capacity. This involves increasing capacity
significant experience and tooling expertise blend perfectly through debottlenecking and forging strategic partnerships
with the SJS team’s capabilities and competencies. with dedicated suppliers to create an ecosystem that
augments our existing capacity.
Our steadfast focus on introducing premium products and
technologies has consistently kept us ahead of the curve Overall, we are optimistic and extremely confident about
and expanded our addressable market. SJS’ growth prospects. We remain focussed on enhancing
product aesthetics, expanding globally, and maintaining a
Furthermore, we are collaborating with OEMs to introduce strong margin profile to solidify our market leadership. With
innovative premium products such as IML wheel caps and a formidable array of products and a diversified customer
complex IML and IMD parts for consumer companies. In the base, we are poised to consistently outperform, growing 1.5
passenger vehicle segment, we intend to increase our kit times faster than the underlying industry growth.
value by 3-4 times from our legacy kit value of ` 1,200-1,500
per vehicle. For two-wheelers, our objective is to augment I extend my heartfelt appreciation to our customers,
the kit value by 1.5-2 times from the existing range of employees, business partners, shareholders, and other
` 300‑500 per vehicle. In consumer appliances, we aim to stakeholders, whose continued support and trust have
elevate the kit value by 3-4 times from the current range of been the bedrock of our success. With a strong foundation
` 50‑150 per appliance. and clear strategic direction, we are poised to expand our
horizons and unveil the next chapter of SJS’ growth journey.
As we embark on this journey of expansion, our core
values of integrity, innovation, and customer satisfaction Warm Regards,
continue to steer us forward. Our strategic acquisitions and
technological advancements will fortify our position and Sanjay Thapar
unlock new avenues for growth and prosperity. CEO & Executive Director

Annual Report 2023-24 l 15

PERFORMANCE HIGHLIGHTS

Delivering a year of stellar performance

Revenue from Operations EBITDA & EBITDA margin

(` Mn) (` Mn)

3,698.56 4,330.49 6,278.0 985.33 1,167.82 1,599.10

26.4
26.3 25.2

FY 21-22 FY 22-23 FY 23-24 FY 21-22 FY 22-23 FY 23-24

EBITDA EBITDA margin (%)

PAT & PAT margin EPS

(` Mn) (`)

550.18 672.53 853.701 18.08 22.10 27.45

14.9 15.5
13.6

FY 21-22 FY 22-23 FY 23-24 FY 21-22 FY 22-23 FY 23-24

PAT PAT margin (%)

Note: 1) Adj. PAT excluding amortisation expenses on account of WPI acquisition for FY 2023-24 would have been
` 921.8 Mn, with a 14.7% margin

16 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Net Worth ROCE

(` Mn) (%)

3,604.71 4,296.39 5,505.37 27.10 33.30 20.38

FY 21-22 FY 22-23 FY 23-24 FY 21-22 FY 22-23 FY 23-24

ROE Free Cash Flow

(%) (` Mn)

15.30 15.70 15.20 486.05 609.79 756.16

FY 21-22 FY 22-23 FY 23-24 FY 21-22 FY 22-23 FY 23-24

Note: The financial figures for FY 2021-22 and FY 2022-23 represent the combined performance of SJS and
Exotech. For FY 2023-24, the figures include the results of SJS, Exotech, and nine months of WPI.

Annual Report 2023-24 l 17

THEME STORIES

Capitalising
on abundant
opportunities
The successful acquisition of WPI has unlocked
numerous opportunities for SJS. It has expanded
our presence in the passenger vehicles, consumer
appliances and electricals segments, reducing our
dependence on two-wheelers even further. This
acquisition not only brings substantial growth and
high-margin business at an attractive valuation but
also aligns with our strategic objectives by adding new
technology products, manufacturing capabilities and
customers, and enhancing management bandwidth.
Both Exotech and WPI acquisitions complement our
portfolio well, allowing for cross-selling opportunities
and bolstering our order book outlook. We believe
that Walter Pack India strategically strengthens SJS,
positioning us for long-term growth and profitability.
DEVELOPMENT OF INCREASING GLOBAL ENSURING A
NEW PRODUCTS PRESENCE AND WELL-BALANCED
AND TECHNOLOGIES CUSTOMER BASE PORTFOLIO

PAGE 20 PAGE 24 PAGE 26

 Development of new
products and technologies

At SJS, innovation is at the heart of everything we do. We take pride in our ability to
anticipate market trends and introduce cutting-edge premium products and technologies,
allowing us to continually outperform and expand our addressable market significantly.
Through strategic diversification efforts, we have expanded our product portfolio to cater
to evolving consumer demands and technological advancements across segments.

20 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

NPD & TECHNOLOGY COMMITTEE ACCELERATING NEW PRODUCT DEVELOPMENT

SJS has been unwavering in its commitment to Our recent acquisition of Walter Pack India has significantly
innovation, continually striving to provide enhanced value enriched our offerings, bringing new technology product
propositions for customers. Our dedicated team of over categories such as IML, IMD, and IMF into our fold. The
110 NPD personnel leverages state-of-the-art machinery acquisition of WPI was primarily driven by its expertise
and equipment to develop pioneering products, ensuring in emerging technologies which will experience growing
swift approval from customers and securing new orders. demand in the future.
Our NPD team is led by a highly committed Head who
reports directly to the Chief Operating Officer (COO) WPI is one of the few companies in India proficient in
and Managing Director (MD). Our NPD and Technology advanced IMD, IMF, and IML technologies, offering
Committee, led by our esteemed Independent Director, a significant technological advantage. This strategic
Matthias Frenzel is tasked with identifying emerging initiative will bolster our IML capabilities while introducing
trends and customer needs in new products and IMD technology and 2k moulding capability. In addition
technologies and charting out strategies for futuristic to enhancing our current offerings, it will unlock new
technology products. business opportunities, enabling us to provide innovative
vehicle interior lighting and IME solutions for the next
generation of vehicles. With WPI now part of our portfolio,
SJS has firmly established itself as the industry’s foremost
provider of aesthetic solutions.

NEW PRODUCT LAUNCHES IN FY 2023-24

During the year, we’ve developed several new products resulting in increased contribution to sales.

We have evolved from the proof of concept to mass production of Optical Cover Lens with Light Management
material and multi graphics, introduced to various OEMs through instrument cluster manufacturers. The Optical
Cover Lens is an emerging trend in speedometers, offering a seamless design along with anti-glare and anti-
reflection properties, providing a premium look and enhanced user comfort. SJS is the first in India to offer this
solution on a mass scale.

Annual Report 2023-24 l 21

 SJS has also offered many product solution for the Hybridisation of OEM. SUZUKI & TOYOTA are the leading OEM
offering hybrid mobility and we are part of this revolution.

We have successfully transitioned from proof of concept to commercialisation of the Illuminated Secret Tata Logo
Steering Wheel Logo using IML technology, a first-of-its-kind innovation in India. This achievement was made
possible through a unique process and formulation.


Specialty Printing “Rainbow Printing” - Introduced this technique, resulting in a 50% improvement in productivity,
as well as consistent and robust product quality.

Development and Launch of 3-Axis Cold-Formed Aluminium Badges for Triumph Vehicles - Traditionally, forming
printed Aluminium sheets involves 2-axis forming. In this unique project, SJS successfully achieved 3-axis cold
forming, setting a new standard in badge manufacturing.

22 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

OUR STRATEGY FOR THE FUTURE

We firmly believe that our future growth trajectory will be High-end cars are becoming increasingly digital,
propelled by premiumisation and the adoption of futuristic particularly in their infotainment systems, which utilise
technologies. We are excited about the prospects of optical glass and optical films. We have successfully completed
plastics and cover glass, which will gain momentum in the the proof of concept and passed all evaluation criteria for
medium term. This addition not only holds the potential these technologies. We have a clear, phase-wise ramp-
to reduce our dependence on two-wheelers but also up plan for the manufacturing of optical cover glass,
marks a significant leap in our kit value in the passenger positioning us at the forefront of this trend.
vehicle segment. Transitioning from being just a supplier
of 2D and 3D dials to the PV segment, we are poised to We are also collaborating with OEMs to introduce
become a provider of high-value premium products in innovative premium products such as IML wheel caps
our portfolio like IMD/IML parts, chrome plated parts, and and complex IML and IMD parts for consumer companies,
thereafter, with the introduction of optical cover glass. further solidifying our position as industry leaders in
innovation and product diversification.
In anticipation of the upcoming trends, SJS is already
prepared to lead in the production of illuminated logos. We
are in the process of building a strong professional team
specialising in electronics design, assembly, and testing.

PASSENGER TWO- CONSUMER

VEHICLES WHEELERS APPLIANCES

Legacy kit value- Legacy kit value- Legacy kit value-

` 1,200-1,500 ` 300-500 ` 50-150

per vehicle per vehicle per product

Current kit value- Future kit value- Future kit value-

` 3,500-5,000 1.5-2x growth 3-4x growth

per vehicle per vehicle per product

Future kit value-

New-age products: New-age products:
3-4x growth • Aluminium Logos • IMD/IML overlays
per vehicle • Illuminated Logos (WPI) • Printed electronics (WPI)
• Optical plastics/touch screens • Optical glass/touch screens
New-age products:
• Dual tone Wheel Caps
• IML interiors
• Optical Plastic/Touch Screen
Cover Glass

Annual Report 2023-24 l 23

 Increasing global presence
and customer base

As a preferred partner and supplier for prominent OEMs, SJS holds a significant share
of business in India and is strategically focussed on expanding its global footprint. Our
objective is to establish a widespread presence, broaden our growth opportunities, fortify
our order book, and cultivate stronger customer relationships worldwide.

24 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

PERFORMANCE OF EXPORT BUSINESS EXPANDING GLOBAL FOOTPRINT AND

In FY 2023-24, our exports demonstrated a robust growth CUSTOMER BASE
of 51.1%, amounting to ` 483.0 Mn. Our initiatives are In the global markets, the passenger vehicle industry
yielding positive results, driven by new business wins and is significantly larger compared to the two-wheeler
a favourable outlook in overseas markets. Moreover, there segment. With the acquisition of Exotech and WPI, SJS
is a gradual uptick in demand observed in North America has an expanded portfolio of products to directly offer
and other parts of Asia, indicating a positive trend for to the PV segment OEMs, enabling us to explore more
our export sales. For the full year, exports constituted opportunities in the export market. Although currently
approximately 7.7% of our total consolidated revenue. WPI and Exotech focus primarily on domestic business,
the expanded product portfolio combined with SJS’
Export Revenue Growth (%) global reach enhances our ability to better explore
export opportunities.
(31.7) 51.1
We’ve strategically deployed sales representatives in
Turkey, Brazil, Argentina, and Colombia to expand our
reach in international markets. Additionally, we have
appointed a sales agent in South Korea recently during
the year to enhance our presence in East Asia. We are
also actively working to expand our presence in the North
American and ASEAN markets.
FY 2022-23 FY 2023-24
(SJS Consolidated) (SJS Consolidated)

Revenue by Geography (%)

7.4 7.7

92.6 92.3

FY 2022-23 FY 2023-24
(SJS Consolidated) (SJS Consolidated)

India Rest of the World (exports)

MAJOR BUSINESS WINS IN FY 2023-24

(DOMESTIC AND GLOBAL MARKETS)

Addition of marquee customers like, Neolync, GDN Secured new orders from mega accounts including
Enterprises, and Foxconn Technologies, who supply to M&M, Tata Motors, Autoliv, Whirlpool, TVS, Honda
the telecom segment. Motorcycle and Scooters India, Royal Enfield, Ola,
Hyundai, Visteon, Continental, Bajaj Auto, and others.


A cquisition of new customers like Autoliv, Lear Continued wallet expansion with new business wins
Corporation, Minda Vast and Toyota Tsusho in the from key customers such as Stellantis, Foxconn, Maruti
automotive segment. Suzuki, John Deere, Geberit, Skoda, and others.

Annual Report 2023-24 l 25

 Ensuring a well-balanced
portfolio

We are strategically engaging in opportunities within high-growth segments to ensure the

development of a well-balanced portfolio. By leveraging our diversified product offerings,
profound industry expertise, and successful inorganic endeavours, we are poised to fortify
our market position and drive sustained growth across multiple sectors.

26 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

EXPAND PRESENCE IN CONSUMER-RELATED while diminishing our reliance on two-wheelers. It

INDUSTRIES has facilitated a balanced portfolio concentration,
We aim to expand our customer base and enter new transitioning from a predominant two-wheeler player to
markets with existing OEMs across the consumer a comprehensive automotive and consumer appliances
electronics segment. We have added marquee customers entity. Looking ahead, we are confident that our future
viz. Neolync, GDN Enterprises, and Foxconn Technologies, acquisitions will unlock new growth avenues and
in the telecom segment; Lear Corporation, Autoliv and complement existing businesses.
Toyota Tsusho in the automotive category during the year.

STRATEGY TO PURSUE INORGANIC GROWTH

OPPORTUNITIES GROWTH OUTLOOK
After successfully acquiring Exotech and achieving strong SJS is positioned to achieve revenue growth exceeding
performance over the past two years, it has significantly 1.5 times that of the underlying industry growth, while
bolstered our confidence in our ability to acquire and maintaining robust EBITDA margins, driven by promising
integrate companies that will propel SJS to high levels of prospects in the two-wheeler, passenger vehicle, and
growth. Inorganic acquisitions remain a central strategy consumer segments. Our growth will be bolstered by
to fortify our market leadership in the aesthetics industry. factors such as premiumisation initiatives, successful
acquisition of new customers as well as penetrating
The acquisition of WPI has opened a multitude of deeper with our key OEM customers, robust exports, and
opportunities, allowing us to deepen our presence in the the strategic inclusion of WPI.
passenger vehicles and consumer appliances segments

Annual Report 2023-24 l 27

IT INFRASTRUCTURE

Our resilient technology infrastructure

Our robust IT infrastructure serves as a pillar of strength, meticulously designed to
align with our business objectives. With a well-defined roadmap, we ensure that every
technological endeavour contributes meaningfully to our overarching strategy. Our IT
initiatives are seamlessly integrated into our comprehensive risk management process,
ensuring that potential risks are identified and addressed proactively.

KEY INITIATIVES FY 2023-24

PRODUCTIVITY IMPROVEMENT INITIATIVES This milestone also extends our expertise to on‑premise

IoT Proof of Concept (PoC): As a manufacturing ERP infrastructure, encompassing deployment,
organisation, SJS relies heavily on production/process and management, ensuring complete control over
data, maximising machine uptime and optimal resource SJS’ ERP systems. In addition, it allows for seamless
management to deliver to our customers on‑time and customisation, rapid deployment of new features, and
as promised. swift turnaround times, empowering SJS with enhanced
control and flexibility in managing its ERP environment.
 o fill these critical gaps, an Internet of Things (IoT) PoC
T
was planned and successfully showcased. This enabled ROBUST CYBERSECURITY FRAMEWORK
real-time monitoring of productivity and identification Prior to FY 2023-24, SJS relied on traditional security
and resolution of bottlenecks in production processes measures, which, while robust, did not fully address the
in real time. By analysing IoT data, future bottlenecks complex and evolving nature of cyber threats faced by
can be pre-emptively addressed, leading to smoother modern digital infrastructure.
operations and increased efficiency. With the
deployment of this PoC, these concepts were proven This year marked a strategic pivot in our approach to
and foundation was laid to build upon. cybersecurity with the implementation of a Security
Operations Centre (SOC) service. The SOC team is
Quality Vision Inspection, Proof of Concept (PoC): equipped with advanced tools and technologies that
In early 2023, the SJS IT team designed and allow for proactive monitoring and management of our
implemented an Automated Vision Inspection system network and systems 24/7. This includes – monitoring
for dials quality control to demonstrate the proof for unusual activity, identifying potential intrusions, and
of concept and enhance quality control processes. deploying countermeasures immediately to protect our
This implementation aimed to improve the speed data and operations.
and accuracy of defect detection. The results were
This also ensures that we meet industry compliance
promising, with the PoC achieving over 85% accuracy
standards and regulations, which is crucial for
in end of line defect inspection. This outcome has given
maintaining trust with our customers and partners as well
the team confidence to scale up the PoC and use it to
as avoiding potential legal and financial repercussions.
optimise resource costs and improve inspection agility.
IT Service Management
ENTERPRISE RESOURCE PLANNING (ERP) SJS has implemented IT Service Management compliant
2023 marked the end of support for the AX 2012 to the ITIL framework to offer unified service delivery on
product lifecycle. This triggered our migration initiative a single platform for enhanced employee productivity.
to Dynamics 365 Finance & Operations to take a small To make this offering more potent, the ITSM was
step toward Digital transformation and mitigate ERP layered with Incident management, Knowledge
obsolescence. Our successful migration from AX 2012 management and Change management. This initiative
to Dynamics 365 marks a significant milestone in our has helped synchronise business, development, and
journey towards this Digital Transformation. optimisations and fostered collaboration across all
cross-functional teams.

28 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

PLANNED INITIATIVES FY 2024-25 CYBERSECURITY

Productivity improvement initiatives. To support and contribute to SJS’ growth strategy, the
following initiatives are planned on the cybersecurity
Industry 4.0 implementation at SJS and deployment
protection and fortification front:
of a Manufacturing Execution System in tandem
with the IoT PoC already deployed. This will provide Scaling up existing SOC services
a significant competitive advantage and demonstrate Scaling up the existing Security Operations Centre
to our customers and stakeholders that SJS is (SOC) aligns with SJS’ strategic goals of enhancing
committed to innovation, efficiency, and high-quality digital security and ensuring business continuity. This
production standards. is of strategic importance as it will improve our ability
to detect, investigate, and respond to cybersecurity
Following the success of the Vision inspection PoC, we
threats in real-time. Additionally, it will protect us
are now expanding the Vision inspection to additional
from breaches, improve regulatory compliance, and
more product lines. We plan to scale up and lead this
safeguard our corporate reputation.
technology to maturity by establishing end-of-line
inspection facilities across various verticals. Implementation of NOC (Network Operations
Centre) services
ERP Establishing a Network Operations Centre (NOC) will
To improve SJS’ operational excellence, efficiency, and provide 24/7 monitoring and management of our
scalability, the following initiatives are planned for network infrastructure, ensuring high availability and
FY 2024-25: performance. This initiative will also increase network
stability and scalability.
Implementation of ERP at SJS’ latest acquisition -
WPI VAPT (Vulnerability Assessment and Penetration
WPI, a recent acquisition is expected to go live on Testing) assessment
Dynamics 365 by the end of the third quarter. This Continuing in our commitment to keep SJS a cyber-
implementation is a deemed strategic fit and will safe workplace, VAPT assessments are planned and
improve synergies with SJS’ existing operations. are critical in identifying and mitigating potential
vulnerabilities in systems and applications before
Automation in ERP they can be exploited. This year’s assessment will
Multiple automation planned in order-to-cash, review the roadmap from the previous assessment,
procure-to-pay, and record-to-report cycles for evaluate our current standing, and develop a
internal cost management, customer serviceability new roadmap.
and improvements in the accuracy and speed of
data processing. Improved Cyber Posture
Strengthening IT policy and the Information
The automation is targeted to reduce manual and Security Management System (ISMS) through the
repetitive tasks and will allow the staff to focus on implementation of ISO 27001 is planned to guide
more strategic activities. the improvement of SJS’ cyber posture.

Annual Report 2023-24 l 29

Embedding sustainable practices
At the core of our ethos lies a steadfast commitment to embedding environmental,
social, and governance principles into our operations. This commitment is not just a
moral imperative; it’s a strategic imperative aimed at elevating the well-being of the
communities while enhancing stakeholder value and fostering sustainable growth. We
have established a dedicated ESG committee to provide expert oversight, ensuring that
our actions align with our values and long-term goals.

ESG
Framework
Environmental
S afeguarding of environment

including policies to address
climate change, biodiversity, and
energy and water efficiency

S JS has completed the ISO


50001 audit and achieved
the certification for “Energy
Management’’

Social
S ocial
 impact, communit y
relations, fair working conditions,
labour policies, and supporting
equality and diversity

Governance
E thical
 and anti-corruption
practices, compliance,
transparency, and commitment
to shareholder and voter rights

30 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Environmental

Contributing positively to
the environment
Sustainability and responsible practices are integral to every aspect of our business. We
prioritise investments in cutting-edge technologies and initiatives aimed at fostering
eco-friendliness, optimising natural resource utilisation, and enhancing energy
efficiency. Through these initiatives, we strive to create a lasting positive impact on
the environment.

MEASURING OUR PROGRESS

69.95% 89.98% 71.64% 74.06%

The overall reduction The total energy Wherein the electricity Wherein our
in Carbon emissions is consumed from consumption through renewable energy
69.95% compared to renewable sources Grid Electricity Reduced consumption through
the previous financial accounts for 89.98%, 71.64% compared to third-party power
year 2022-23. surpassing our target previous year 2022-23. purchases witnessed
of 80% renewable a remarkable increase
energy consumption. of 74.06% compared
to the previous year
2022-23.

KEY INITIATIVES
Energy conservation
We are increasing the utilisation of renewable energy
sources, particularly solar and wind power. Currently, 30%
of the total power requirement of our Bengaluru plant is
met by solar panels installed at the facility. Additionally,
we have invested in and contracted with third-party power
purchases that rely on renewable energy sources.
To further our commitment to sustainability, SJS, WPI, and
Exotech are making equity investments to procure 6 MW of
captive solar power in FY 2024-25. This initiative will help us
reduce carbon emissions and achieve cost savings.
The proposed expansion in Captive Solar Power are
as follows:
SJS: 3 MW

WPI: 1.25 MW
Exotech: 1.75 MW


Annual Report 2023-24 l 31

Following these investments, around 75% of the rainwater harvesting pool with a capacity of 500,000
consolidated power requirements will be met through litres, which supports our efforts on land restoration,
renewable energy sources. desertification prevention, and drought resilience.

More importantly, we have laid down a 5.3-km-long Reduction in carbon emissions

dedicated underground transmission line for power We strive to minimise the usage of diesel generators by
transmission. This dedicated power supply line does not ensuring a dedicated power supply through 11 kV BESCOM
share power with neighbouring industries or domestic supply lines, resulting in zero dependencies on diesel for
power supply lines, ensuring guaranteed power supplies forklifts and other equipment. The Company is delighted
without unexpected interruptions or shutdowns. to announce a substantial decrease in emissions during
the financial year 2023-24, demonstrating an impressive
In-house Kaizens were implemented to improve solar reduction of Scope 2 emissions of approximately 71.66%
power generation by 3-5% during the year by integrating compared to the previous financial year 2022-23. The
inverter controls with solar panels. We have also initiated overall reduction in Carbon emissions is 69.95% compared
Kaizen activities aimed at reducing energy consumption by to the previous financial year 2022-23. This accomplishment
converting AC motors to DC motors, which is expected to underscores our unwavering dedication to environmental
reduce consumption by about 3%. sustainability and exemplifies our continued endeavours to
mitigate our carbon footprint.
Water conservation and recycling
We achieve 100% recycling of wastewater through our Reduction of diesel usage
Effluent Treatment Plant (ETP) and Sewage Treatment Plant We have reduced daily diesel generator usage to zero,
(STP), with capacities of 20,000 litres and 100,000 litres, reserving them only for emergency backup during
respectively. These treatment plants are well-equipped BESCOM transmission breakdowns. Additionally, we plan
to ensure zero wastage and feature technically-advanced to implement electric buses for employee commuting to
waste disposal systems. Additionally, we have an on-site enhance our sustainability efforts.

32 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Social

Promoting employee growth

and development
Our people are at the core of our business and the driving force behind our success.
We are committed to providing equal opportunities across all facets of employment,
including recognition and development. Our comprehensive policies are designed to
foster an inclusive work environment that empowers our employees and facilitates
continuous learning and growth.

Customer Focus

Work-life Accountability/
Balance Result-oriented

OUR
Innovation
7 CORE Communication
VALUES

Agile/ Leadership
Adaptability

TRAINING AND DEVELOPMENT receive the necessary skills and knowledge to excel in
We understand the importance of attracting and retaining their roles.
top talent. Providing ample opportunities for learning and
development is a cornerstone of our approach to retaining Our transparent approach to training initiatives,
employees. By prioritising continuous learning and coupled with regular communication, fosters employee
growth, we ensure that our team members are equipped engagement and satisfaction. Additionally, training is
with the skills and knowledge to thrive in their roles and aligned with business objectives, leading to improved
contribute to our success. efficiency, customer satisfaction, and overall business
performance. Through continuous feedback and
Our training and development programme is assessment, we strive for continuous improvement and
comprehensive and tailored to meet the evolving needs aim to create a culture of learning and development. This
of our employees and business goals. We invest in both proactive approach not only enhances individual skills
technical and soft skills training to enhance employee but also contributes to team dynamics and organisational
capabilities and foster career growth. With a dedicated success, thereby strengthening our retention rates and
trainer and training facilities, we ensure that employees brand image.

Annual Report 2023-24 l 33

 KEY INITIATIVES

ENCOURAGEMENT FOR HIGHER EDUCATION TOP 5 TRAINING PROGRAMMES

PROGRAMME BY SJS IN COLLABORATION WITH CONDUCTED
JYOTHY INSTITUTE OF TECHNOLOGY
Employees were encouraged to pursue higher education at  ffective Leadership Programme
E
Jyothy College, Agara Gram Panchayat, Tataguni, 560082. & Lean Manufacturing Book
Launch Event
CII ESG Summit 2024
Stellantis V2022 Training Programme
 eadership Development Programme
L
for Staff (Male & Female) totalling
837 hours
 eadership Development Programme
L
for Workers (Male & Female) totalling
380 hours

EFFECTIVE LEADERSHIP PROGRAMME

& LEAN MANUFACTURING BOOK
LAUNCH EVENT

21 employees attended
Purpose
Effective Leadership Programme offers a
multitude of benefits that can significantly
boost personal and professional growth.
Here are a few key advantages:
1. Personal Growth and Wellbeing
2. Development of Leadership Skills
3. Enhanced Communication
and Teamwork
4. Better Decision-Making
5. Adaptability and Strategic Thinking
6. Theoretical and Practical Learning

6
Students enrolled by SJS

34 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

CII ESG SUMMIT 2024 STELLANTIS V2022 TRAINING PROGRAMME

4 employees attended 25 employees attended

Purpose Purpose
The benefits of attending an ESG Summit are multifaceted This training ensures that suppliers are updated with
and significantly impact various aspects of a business. Stellantis’ requirements, which is crucial for maintaining
Here are some key benefits: quality and efficiency in the automotive industry. Key
1. 
Strategic Alignment: Integrating ESG principles benefits include:
aligns with corporate goals of sustainable growth, Gain insights into the Reverse FMEA process and
operational efficiency, and regulatory compliance. its application.
2. Innovation and Resilience: Adoption of robust ESG 
Understand the significance of Manufacturing
practices fosters innovation, enhances operational Requirements for Suppliers (MRS) in ensuring high-
resilience, and fortifies long-term value creation quality manufacturing.
for stakeholders.
Learn practical techniques through case studies
3. 
Awareness and Cooperation: Summits enhance and exercises.
awareness of sustainability and ESG practices and
highlight potential benefits for businesses and Interact with industry experts and peers for valuable
the environment. networking opportunities.

LEADERSHIP DEVELOPMENT PROGRAMME LEADERSHIP DEVELOPMENT PROGRAMME

FOR STAFF (MALE & FEMALE) FOR WORKERS (MALE & FEMALE)

83 Male 5 Female employees attended 179 Male 28 Female employees attended

Purpose Purpose
Developing leadership skills is a continuous process that The Leadership Development Programme for workers is
involves honing various competencies. Here are some a strategic approach to enhance the skills and capabilities
key skills for leadership skill development: of our workforce. Key features include:
1. Communication Skill 1. Assess Organisational Needs
2. Interpersonal Skill 2. Define Clear Goals
3. Problem-Solving Skill 3. Identify Leadership Competencies
4. Decision-Making Skill 4. Foster a Culture of Continuous Learning
5. Strategic Thinking Skill 5. Ensure the Work Involvement
6. Time Management Skill 6. Collect Feedback and Evaluate
7. Change Management Skill
8. Conflict Management Skill

Annual Report 2023-24 l 35

TOTAL TRAINING HOURS FY 2023-24

TRAINING DETAILS…

Category TOTAL TRAINING HOURS IN FY 2023-24

Staff Safety Skill Development Leadership Training Total (A)
Male 913 1,943 770
5,164
Female 400 890 248

Workers Safety Skill Development Leadership Training Total (B)

Male 900 1,964 690
5,419
Female 400 997 468
Grand Total Training Hours (A+B) 10,583

Total Training Hours in FY 2023-24

913 1,943 770 400 890 248 900 1,964 690 400 997 468

Male Female Male Female

Staff Workers

Safety Skill Development Leadership Training

TECHNICAL TRAINING VS NON-TECHNICAL TRAINING FY 2023 24

Category Technical Non-Technical Total

Hours 5,353.88 5,229.12 10,583
Percentage 51% 49% 100%

14.37 hrs 8 hrs 39.5 hrs

Average training hrs Minimum training hrs Maximum training hrs
per employee per employee per employee

36 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

EMPLOYEE ENGAGEMENT HEALTH & SAFETY

Employee engagement is crucial for fostering a positive The safety and well-being of our employees and
work environment and driving organisational growth. stakeholders is our topmost priority. Our goal is to
Through our wide-ranging initiatives, we ensure that every conduct business operations with zero harm to individuals
employee is fully engaged and motivated to contribute and cultivate a healthy and safe environment for our
to their best. employees, contractors, communities, and customers.
Embedded within our EHS Policy are commitments to
Employee Motivation & Encouragement maintain safe, healthy, and conducive workplaces, while
Implementing an employee suggestion scheme can foster upholding the principles of human rights, equality,
a culture of innovation and creativity by encouraging and diversity.
employees to contribute ideas for improvement. This
initiative can lead to significant positive impacts on future We actively promote safety and health initiatives, including
practices and systems within the Company, ultimately regular safety training sessions. These include “Stop 6”,
driving standardisation and efficiency. which focusses on preventing the six most common or
severe types of workplace incidents, helping employees
Offering Employee Stock Option Plans (ESOPs) enhances recognise and mitigate risks effectively. Additionally, we
this approach by providing employees with a stake in conduct workplace ergonomic assessments, which are
the Company’s success, aligning their interests with the evaluations of workstations and practices to ensure they
broader objectives and motivating them to perform at align with ergonomic principles. These assessments help
their best. in minimising strain, preventing injuries, and enhancing
comfort and productivity by adapting tasks, workspaces,
In recognition of his pivotal role in steering SJS towards and equipment to fit the needs of the workforce.
growth, Mr. Thapar was awarded additional ESOPs. This
not only rewards his exemplary leadership but also Furthermore, we prioritise diversity and inclusion through
sets a precedent for recognising and appreciating the various initiatives such as diversity training programmes
contributions of the management team. and mentorship opportunities for underrepresented
groups, ensuring that all individuals are respected and
During the year, we received over 90 Kaizens (employee provided with equal opportunities.
suggestions) and implemented most of them to enhance

12 12.5
productivity and business functioning.

% of women % of female
workforce managers

Annual Report 2023-24 l 37

Initiatives to prevent work-related accidents with a focus on high-risk tasks such as handling heavy
We conduct annual internal audits and management objects or working at heights. Efforts are also underway
reviews to uphold our Occupational Safety and Health to strengthen education on hazards and safety awareness
Management System. Our commitment lies in maintaining among employees and contractors. Remarkably, there
and improving safety standards by promoting voluntary were zero fatalities resulting from occupational accidents
safety initiatives and fostering a positive environment. during this period.
Workers are encouraged to report potential hazards as
near-miss incidents, enabling us to identify and address With a commitment to achieving zero accidents, SJS is
risks promptly. Hazardous factors are identified through intensifying its existing safety measures and implementing
risk assessments, and appropriate countermeasures are new initiatives, including the widespread adoption of
implemented to mitigate risks. Information on risks and lockout-tagout procedures. Lockout-tagout procedures
countermeasures is shared through various company- are critical safety measures designed to prevent accidental
wide meetings and safety exchanges. Recognising or unauthorised activation of energy sources in industrial
outstanding near-miss reports, we encourage continuous and manufacturing settings. These procedures involve
improvement in safety practices. In addition to regular physically locking and tagging out the energy-isolating
safety patrols, daily inspections are conducted to ensure devices such as switches, valves, or breakers to ensure that
a safe workplace and minimise unsafe behaviours, the equipment being serviced or maintained cannot be
reinforcing our commitment to safety and health. operated until the lockout devices are removed.

Health & Safety Committee Our ISO 45001 certification underscores our dedication
Annual convening of company-wide Health and Safety to occupational health and safety, with ongoing efforts
Committee which includes a Safety and Health Officer, to enhance these systems based on employee feedback.
plant general managers, and elected members
Reviews safety initiatives, performance, and sets targets STOP 6+2 Accident Prevention Safety Training
for upcoming year Programme
Information sharing and improvement discussions at
various levels to achieve health and safety objectives

Health & Safety Education & Training

Employee education and training for preventing work-
related and traffic accidents
Various audiovisual education methods employed,
including tiered safety and health education, group
workplace safety meetings, and risk prediction training
In-house screenings of movies focussed on preventing
chemical injury and disaster avoidance

A dditional safety-related videos and e-learning
programmes for comprehensive safety training
Special focus on preventing traffic accidents and
drunk driving
 raining initiatives include traffic accident prevention
T
sessions, viewing traffic-related videos, and
implementing Kiken Yochi Training KYTF (Hazard
prediction using videos of traffic accidents)
Creation of maps highlighting dangerous areas along
commuting routes to enhance safety awareness

Occupational Accident Occurrences Update

During FY 2023-24, there were five lost-time accidents,
primarily stemming from daily life incidents or a lack
of risk prediction. We conduct comprehensive risk
assessments to prevent such occurrences in the future,

38 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

AWARDS & CERTIFICATIONS

C e r tif ic ate
 for “Gr eat Mr.
 K A Joseph received the SJS
 became the first printing
Workplace” in the category Lifetime Achievement Award company in India to be
of “Mid-Sized Organisations” from the Screen Printing awarded Quality System
from Great Place to Association of India and the Certification for the new
Work Institute ®, India for Federation of European Screen technology of ‘Optical Cover
4th consecutive year Printers Associations Glass’

Sl No AWARD MONTH/YEAR CATEGORY REASON

1 FUJI FILM SERICOL 10-Oct-23 Lifetime Achievement Awarded in appreciation of the

INDIA - SPAI-FESPA Award to yeoman service rendered to the
Mr. K. A. Joseph industry with visionary leadership and
extraordinary achievements

2 HONDA 15-Mar-24 Annual Supplier Symbol of a glorious journey fuelled

Convention by SJS’ unwavering commitment
and support

3 ACMA-KAIZEN 9-Jun-23 4th Zonal Kaizen Contest 1st Prize

4 ACMA-KAIZEN 9-Jun-23 4th Zonal Kaizen Contest 2nd Prize

5 ACMA-KAIZEN 9-Jun-23 4th Zonal Kaizen Contest 3rd Prize

6 LIEBHERR 30-Nov-23 ANNUAL MEET Awarded for the unwavering

APPLIANCES support that helped in laying the
INDIA LTD foundation successfully

7 QCFI 10-Sep-23 CCQC - Chapter Convention Gold

on Quality Concepts

8 QCFI 10-Sep-23 CCQC - Chapter Convention Gold

on Quality Concepts

9 QCFI 10-Sep-23 CCQC - Chapter Convention Gold

on Quality Concepts

10 GREAT PLACE Feb-24 to Great Place To Work Successfully completed the

TO WORK Feb-25 Mid-Size Organisations assessment conducted and certified
as a great place to work

Annual Report 2023-24 l 39

Making a meaningful difference
in communities
Our success is intricately linked to the well-being and prosperity of the communities we
serve. Through our purposeful initiatives, we endeavour to foster holistic development
within these communities, aiming to positively impact the lives of individuals and
generate value for society at large.

OUR CSR INITIATIVES

WOMEN
EMPOWERMENT EDUCATION

SJS has partnered with Varchass National Seva Trust, a non- We distributed a comprehensive array of educational
profit organisation dedicated to the support and upliftment resources across several government schools, including
of society through education, culture, literature, and social 111 school bags, 14 tables, 210 chairs, as well as multiple
initiatives. Our collaboration aims to make a meaningful projectors and computers. These resources were provided
impact in the following ways: to schools in Kere Chudaballi, Varahasandra, Somanahalli,
and Vanivilas. These efforts highlight our commitment

Providing support to 200 underprivileged women to fostering an enriching and supportive learning
through vocational training programmes such as tailoring, environment for students in these communities.
driving, hand embroidery, computer training, and
beautician courses. Supported the Kumarappa Institute of Gram Swaraj in
distributing free education, books, uniform, stationery
Improving a woman’s standard of living by enhancing their kit, training to teachers as well as reading and writing
skill sets and fostering entrepreneurship, enabling them materials up to 100 children of migrant labourers.
to achieve financial independence.
Constructed a new building at Varahasandra government
school including two classrooms with a seating capacity
of 50 children each, an RO unit for clean drinking water,
and two restrooms.

A borewell was installed at the Vani Vilas Institute,
government women’s college to meet the water needs of
700 female students.

40 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

The table below highlights our initiatives in education:

Sl Required Items Govt. School Govt. School Govt. School School Total
No. Kere Chudahalli Varahasandra Somanahalli Vanivilas Qty
1 Projector 1 - - - 1
2 Computer+Printer 1 - - - 1
3 Nali-Kali Tables 5 - 9 - 14
4 School Bags 26 - 85 - 111
5 Nali-Kali Chairs 30 - 54 - 210
6 Building Construction - 1 - - -
7 Borewell - - - 1 -

HEALTHCARE
Conducted comprehensive health check-ups and free doctor
consultations for up to 900 underprivileged villagers:

Offered full body health examinations for up to
900 villagers in need.

Provided access to free medical consultations with
qualified doctors for all participants.

COMMUNITY
DEVELOPMENT SPORTS
Extended coverage of the Swachh Bharat initiative for Sponsorship of para-athlete Mr. Mani Kundan for
garbage cleaning to 14 surrounding villages, ensuring participating in international competitions and winning
a hygienic environment for our communities. medals for India. He won a bronze medal at the IFSC Para
Climbing World Championship held in Switzerland, in
Implemented a comprehensive system for everyday
August 2023.
garbage collection from homes, including segregation
and disposal. This initiative involves the deployment
of five vehicles accompanied by workers, dedicated to
the appointment-based garbage collection service.
Let’s Feed the Needy - The objective is to provide
home-cooked food to people in need at various
places like railway stations, bus stands, roads, beaches,
children & elderly people at orphan centres and old
age homes. So far, our initiatives have impacted
up to 150 lives.

12,000
Lives improved through
garbage cleaning initiative

Annual Report 2023-24 l 41

 Governance

Led by dynamic management

At SJS, we prioritise governance and conduct our business with integrity and fairness.
This commitment has earned us trust, enabling us to effectively assess and manage
risks, address material issues, and drive value for all stakeholders.

GOVERNANCE FRAMEWORK BOARD COMMITTEES

Our approach to corporate governance extends beyond Various committees assist the Board in discharging
mere compliance obligations. It serves as the foundation its duties and responsibilities although the ultimate
for our high-performing culture, emphasising ethics, responsibility rests with the Board. The committees
integrity, sustainability, and stakeholder value. We report to the Board on their activities periodically and
prioritise ethical conduct, fairness, and trust in all our the minutes of the committee meetings are provided to
dealings, while actively preventing corruption and all Board members.
unauthorised disclosure of inside information. Additionally,
Audit Committee
we are committed to upholding human rights across
our operations. Nomination and Remuneration Committee
Stakeholders Relationship Committee
ROLE OF THE BOARD Corporate Social Responsibility Committee
The role of the Board is to provide leadership to the
Risk Management Committee
Company and deliver shareholder value over the long
term. The Board sets the Company’s strategic objectives, APPROACH TO RISK MANAGEMENT
making sure they align with its values and standards Our risk management framework is robust, emphasising
and the ethical business culture. The Board of Directors the identification, evaluation, prioritisation, and mitigation
is entrusted with the responsibility of ensuring effective of both internal and external risks. Regular reports on
management, implementation of the business strategy, these findings are presented to the Board and the Risk
monitor the performance of the Company and the Management Committee (RMC). The Board and the RMC
effectiveness of the corporate governance practices. develop strategies to mitigate risks and capitalise on
opportunities wherever possible.

42 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Powered by Exemplary Leadership

Mr. Ramesh Chandra Jain is the Chairman and Independent Director of our Company. He holds
a B-Tech (honors) degree in mechanical engineering from the Indian Institute of Technology,
Kharagpur, and a master’s degree in science (industrial engineering and administration) from
the Cranfield University, United Kingdom. He has received the Society of British Aerospace
Companies Prize in Aircraft Production, 1972-73 from the Cranfield University, United Kingdom.
He has previously worked for 25 years in Eicher from where he retired as the group Vice
Chairman. He has also worked in Hindustan Aeronautics Limited prior to Eicher. He was also
on the board of Graziano Trasmission India Private Limited, and Minda Sai Limited, He was
the President of the Tractors Manufacturer Association, the Chairman of the Confederation of
MR. RAMESH C. JAIN Indian Industries, Haryana State Council, and Currently Director on various boards including,
inter alia, Exotech Plastics Private Limited, Frick India Limited, The Hi-Tech Robotic Systemz
Chairman &
Limited, Indoi Systems Private Limited, Novus Hi-Tech Robotic Systemz Private Limited and
Independent Director
Walter Pack Automotive Products India Private Limited. He has also previously been engaged by
the Cabinet Secretariat to guide some of the Ministries of the Government of India in preparing
their departmental strategies.

Mr. K.A. Joseph is the Managing Director of our Company. He holds a bachelor’s degree in
science from the Bangalore University and a postgraduate diploma in business administration
from the St. Joseph’s College of Business Administration, Bangalore. He is one of the Promoters
and co-founders of our Company. He has more than 36 years of experience in the aesthetics
printing business. He leads the plant and manufacturing operations for our Company and has
spearheaded our Company’s technological and product innovation over the years. He has also
helped design the new manufacturing facility into which our Company shifted its operations
in 2018. He is also a director on the board of Exotech Plastics Private Limited and Walter Pack
MR. K A JOSEPH
Automotive Products India Private Limited. Mr. Joseph was honoured with the SPAI FESPA1
Managing Director - - Lifetime Achievement Award, sponsored by Fujifilm Sericol India, in 2023 for his visionary
Promoter & Co-Founder leadership and significant contributions to the industry.

Mr. Sanjay Thapar is the CEO and Executive Director of our Company. He holds a first class
(with distinction) bachelor’s degree in science (mechanical engineering) from the Delhi College
of Engineering, University of Delhi. He has over 40 years of experience in the automotive
industry. He started his career with Tata Engineering and Locomotive Company Limited (now
known as Tata Motors Limited). He was previously the president of Minda HUF Limited, the
managing director of Minda Valeo Security Systems and the group chief strategy officer with
the Ashok Minda Group. He leads the strategy, M&A, business development and finance
functions for our Company and has played an instrumental role in the acquisitions of Exotech
& Walterpack, formulating our sales strategy, building our customer base, deepening our
MR. SANJAY THAPAR customer relationships and developing new product offerings. He has led, and has shaped, our
Company’s product strategy and international business expansion in recent years. He is also a
CEO & Executive Director director on the board of Exotech Plastics Private Limited and Walter Pack Automotive Products.

Mr. Kevin K. Joseph is the Executive Director of our Company. He holds a bachelor’s degree
in mechanical engineering from the Visvesvaraya Technological University, Belgaum. Started
his career as a design engineer at Tata Elxsi in the passenger vehicles segment which shows his
technical expertise and familiarity with automotive design and engineering processes. At SJS, he
is driving manufacturing excellence and product innovation ensuring that the company remains
competitive and stays at the forefront of its industry. He is also overseeing the day-to-day
MR. KEVIN K JOSEPH operations of the company, which involve managing teams, coordinating different departments,
Executive Director and ensuring that the company runs efficiently on a daily basis.

Annual Report 2023-24 l 43

 Mrs. Veni Thapar is the Independent Director of our Company. She holds a bachelor’s degree
in commerce (honours) from the University of Delhi. She is a qualified Chartered Accountant and
a fellow member of the Institute of Chartered Accountants of India, a qualified Cost Accountant
from the Institute of Cost Accountants of and a Certified Information Systems Auditor from
the Information Systems and Audit Control Association, USA. She holds a diploma in the post
qualification course in Information Systems Audit and a certificate in International Taxation both
from the Institute of Chartered Accountants of India, has completed a Certification Programme
in IT and Cyber Security for Board Members from the Institute of Development and Research
in Banking Technology, holds a certificate for the Online Proficiency Self-Assessment Test for
MRS. VENI THAPAR Independent Director’s Database as well as the IICA Valuation Certificate Program both from
Independent Director the Indian Institute of Corporate Affairs (Under the aegis of Ministry of Corporate Affairs).
She is presently a Senior Partner of V K Thapar & Company, Chartered Accountants and is
on the Board of Bank of India as an Independent Shareholder Director (Second Term), an
Independent Director at Yokogawa India Limited as well as a member of the Investors Education
and Protection Fund Authority. She was appointed on the Board of Governors of the Indian
Institute of Corporate Affairs for two terms from 2017-2020 and from 2020-2023.

Mr. Matthias Frenzel is the Independent Director of our Company. He holds a diploma
engineering (FH) in mechanical engineering – material technology from the Technical College,
Berlin, and a master’s degree in business administration from the Düsseldorf Business School
GmbH. He has previously worked as the Director (mechanics, electromechanics procurement
supplier quality) with Visteon Electronics Germany GmbH, S-Y Systems Technologies Europe
GmbH, and Johnson Controls GmbH.
MR. MATTHIAS FRENZEL
Independent Director

Mr. Roy Mathew is the Whole-Time Director at Walter Pack Automotive Products India
Private Limited (Walter Pack India). He holds an engineering degree specialising in plastic
tools engineering from Kerala Govt Polytechnic, Calicut. In 2006, he founded Walter Pack India
in partnership with Walter Pack Spain, leveraging his extensive expertise in various plastic
technologies, including In-Mould Decoration (IMD), In-Mould Forming (IMF), injection moulding
and lighting, to establish the company. Before founding Walter Pack India, he gained significant
experience working with leading industry companies such as Lumax Industries Ltd. and Tek
Electromechanicals Pvt. Ltd. Roy has over 25 years of experience in the field.
MR. ROY MATHEW
Whole-Time Director

Mr. Anil Narayan Sondur is the Independent Director of Walter Pack Automotive Products
India Private Limited. He holds a Bachelor of Science degree in Physics from Pune University,
has completed the Harvard Executive Management Program from Harvard Business School
Executive Education, and holds a Global Strategy Certification from Stanford – National
University of Singapore. He previously served as Executive Vice President at Tata Elxsi Ltd for
more than two decades, Senior Manager at Rolta India Ltd, and Senior Marketing Executive
MR. ANIL NARAYAN at Nelco. He possesses immense expertise in business strategy, new business development/
SONDUR expansion, and product design & strategy, with over 40 years of experience in the field.
Independent Director

44 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Management Team

MR. K A JOSEPH
Managing Director - MR. SANJAY THAPAR
Promoter & Co-Founder CEO & Executive Director

Mr. Mahendra Kumar Naredi is the Chief Financial Officer of our Company. He holds a
bachelor’s degree in commerce (honors) & law from Rajasthan University. He is a qualified
Chartered Accountant from the Institute of Chartered Accountants of India and a qualified
Company Secretary from the Institute of Company Secretaries of India. With over two decades
of experience, Mr. Naredi is skilled in financial management, key accounting, financial analysis,
planning and forecasting, fundraising, mergers and acquisitions, taxation, corporate secretarial
duties, legal compliance, and strategic planning He has held various positions at notable
companies, including GE India, Wipro, and The Spark Minda Group, where he spent 17 years.
MR. MAHENDRA His roles at The Spark Minda Group included CFO for European companies, CFO and Company
KUMAR NAREDI Secretary for Minda Vast Access Systems Private Limited, and AVP of Corporate Finance at Minda
Corporation Ltd (IN). Mr. Naredi joined our company in August 2022.
Chief Financial Officer

Mr. Sadashiva Baligar is the Chief Operation Officer of our Company. He holds a bachelor’s
degree in engineering (mechanical) from University of Mysore. He served as Vice President
Operations at Toyota Kirloskar Auto Parts Ltd for 8 years prior to joining SJS. He has undergone
Global Leadership Development Program at Toyota Institute at Japan during his tenure with
Toyota Motors Corporation. He has worked as Vice President Operations with Motherson
Automotive Technologies and Engineering Limited, a division of Motherson Sumi Systems
Limited. He has served Malaysian Public Conglomerate DRB-HICOM for 10 years. Managing
car assembly lines at Automotive Manufacturers (Malaysia) SDN BHD. He has headed Green
Field project as COO of Hicom Automotive at Thailand. He was the state convenor of ACMA
MR. SADASHIVA BALIGAR
Automotive Component Manufacturers Association of India – Karnataka State and Hosur region
Chief Operation Officer in Fiscal 2020. He was also a head of Manufacturing panel of CII – Karnataka Chapter 2018/19.
He joined our company in April 2021.

Mr. R. Raju is the Chief Marketing Officer of our Company. He holds a diploma in mechanical
engineering from the Thiagarajar Polytechnic, Salem, a diploma in production management
from Annamalai University, Tamil Nadu, a post graduate diploma in marketing management
and a master’s degree in business administration (marketing management) from the Indira
Gandhi National Open University. He has over 26 years of experience in the field of marketing,
business development and sales across various industries including automotive, appliances,
and engineering, he has previously worked with notable companies such as ITW India Limited,
Sundaram Auto Components Limited (A TVS Group company) and Minda Group both overseas
MR. R. RAJU & India associated with Minda Asean at Indonesia & Minda SAI Limited. He joined our company
Chief Marketing Officer in April 2020.

Mr. Mandeep Singh is the Chief Information Officer of our company. He holds a bachelor’s
degree in Computer Engineering from Kuvempu University, Karnataka. Mr. Singh has a strong
background in IT infrastructure, ERP implementations, data migration, right-fit technology
application, Agile project management, M&A integration, and software development spanning
25 years. He was the founder and CEO of Nanatom Technologies and has previously worked
for SJS. Prior to that he worked as a CTO at Spurthi Meditech, and an ERP Solution architect at
IndSwift Labs Limited. He joined our company in September 2021.
MR. MANDEEP SINGH
Chief Information Officer
Annual Report 2023-24 l 45
Management Discussion and Analysis
ECONOMIC OVERVIEW outlook of the EU. The escalation of geopolitical conflict in
Global Economy the Middle East and the Red Sea route could elevate logistics
The global economy exhibited remarkable resilience in costs, energy and commodity prices, raise the risks of supply
2023. According to the International Monetary Fund (IMF), disruptions and pose downside risks to the global economy.
the global economy achieved a modest growth rate of 3.2% However, with faster disinflation and steady growth, the
in 2023. Factors such as escalating geopolitical conflicts, possibility of a severe economic downturn has diminished.
volatility in energy and food markets, higher interest rates and The global economy is expected to sustain its resilience in
a slow recovery in China have contributed to the moderation 2024. The IMF forecasts a global growth of 3.2% for both 2024
in global economic growth. and 2025. The Asia-Pacific (APAC) region is expected to be the
fastest-growing region in the world economy in 2024, driven
Global inflation continues to recede faster than expected. It by robust domestic demand in East Asia and India.
declined from 8.7% in 2022 to 6.8% in 2023 and is anticipated
to further decline to 5.9% in 2024. While headline inflation (Source: IMF World Economic Outlook April 2024, EIA, S&P
has sustained a decline from its unprecedented peaks, core Global)
inflation has proven to be sticky. Global trade growth was
nearly stagnant in 2023 due to elevated inflation and a Indian Economy
sluggish pace in global industrial production. Global markets Amid the volatile global economic environment, India
adapted to new trade dynamics, as Russia’s crude oil sought continues to shine as a beacon of hope. It is the fifth-largest
destinations beyond the EU, and the global demand for crude economy in the world and is poised to retain its position as
oil fell below anticipated levels. The price of Brent crude oil the world’s fastest-growing major economy. According to the
averaged USD 83 per barrel in 2023, down from USD 101 per provisional estimates of gross domestic product (GDP) growth
barrel in 2022. released by the National Statistical Office (NSO), India’s real
GDP is estimated to grow by 8.2% in FY 2023-24, compared
Economic growth in several emerging markets and developing to 7.0% in FY 2022-23. The overall economic growth was
economies (EMDEs) has exceeded expectations in 2023. The supported by buoyant domestic demand, moderate inflation,
US economy has experienced the strongest recovery among a stable interest rate environment, and strong investment
major economies. Its GDP increased from 1.9% in 2022 to activity. Despite repetitive food price shocks, headline
2.5% in 2023. The European Union (EU) has demonstrated inflation is on a downward trajectory and softened to 5.4% in
resilience in navigating through unprecedented shocks from FY 2023-24 from 6.7% in the previous year. The RBI keeps the
the prolonged Russia-Ukraine war and higher interest rates. policy repo rate unchanged at 6.50% and remains vigilant to
Although its GDP growth contracted from 3.6% in 2022 to take effective measures to achieve the target of 4% inflation.
0.4% in 2023, the EU managed to avoid the recession in 2023. Furthermore, the Index of Industrial Production (IIP) recorded
a growth rate of 5.8% in FY 2023-24, marking an increase from
Global Economic Growth (%) 5.2% in the previous year. The Mining sector recorded the
highest growth at 7.5%, followed by Electricity at 7.1%, and
Manufacturing at 5.5% in FY 2023-24.
Particulars 2023 2024 (P) 2025 (P)
Global Economy 3.2 3.2 3.2 According to the IMF, the Indian economy is expected to
Advanced Economies (AEs) 1.6 1.7 1.8 advance steadily at 6.8% in FY 2024-25 and 6.5% in FY 2025-
Emerging Markets and 4.3 4.2 4.2
26. Both private and government investments are expected
Developing Economies (EMDEs) to be the primary driver of economic growth in 2024, backed
by improving prospects of rural consumption with easing
(P- Projections)
of inflation, increased spending in an election year and the
(Source: International Monetary Fund) government’s proactive policy measures.

The economic outlook for 2024 will be impacted by higher The Indian economy faces potential risks stemming from
interest rates, carrying the risk of a resurgence in inflation headwinds from geopolitical tensions, volatility in global
due to persistent core inflation and shifts in the anticipated financial markets, and geoeconomic fragmentation. However,
monetary stance. Furthermore, the ongoing Russia-Ukraine it is well-positioned to navigate forthcoming uncertainties.
conflict has the potential to dampen the overall economic Its advantageous geopolitical position will help it capitalise

46 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

on supply chain diversification and reshoring, increase its consumer sentiment, a positive marriage and festive season,
global competitiveness and boost exports. The Interim new model launches and a shift towards premium options.
Budget 2024-25 reflects the government’s continued focus
on infrastructure development, economic stability, sector- The strong performance of the two-wheeler segment is
specific developments, environmental sustainability and expected to continue, driven by continued strength in
strategic global positioning. It sets the foundation for the the rural market, the government’s focus on sustainable
vision of a ‘Viksit Bharat’ (Developed India) by 2047. mobility and the growth of EV infrastructure. This segment
is also expected to benefit from the government’s continued
(Source: Ministry of Statistics & Programme Implementation, support for the rural economy and emphasis on the growth
Reserve Bank of India, Ministry of Finance, IMF World of the agriculture sector in the Interim Budget, aiming to
Economic Outlook April 2024) elevate farmers’ income, which will stimulate rural demand
and increase sales of two-wheelers in rural areas. However,
INDUSTRY OVERVIEW high food inflation and higher vehicle and fuel costs may pose
Indian Decorative Aesthetics Industry a threat to the growth of the two-wheeler sector.
The Indian decorative aesthetics industry caters to leading
auto OEMs, global independent tier-I automotive component Positive trends in the two-wheeler market such as improved
manufacturers, and consumer appliance companies. The vehicle availability due to adjustments post-OBD 2 norm
two-wheeler segment constitutes the majority of the implementation, new model launches, a shift towards
industry share. premium options and enticing offers indicate a promising
growth trajectory for the two-wheeler sector. Furthermore,
The decorative aesthetics industry engages in the the increased adoption of electric vehicles highlights evolving
manufacturing of visually appealing products for the consumer preferences within this segment. Electric two-
automotive and consumer appliances sectors. Manufacturers wheeler sales reached 944,126 units in FY 2023-24 as against
of discretionary consumption items strive to add value and 728,054 units in FY 2022-23, indicating a YoY growth of 30%.
aesthetic excellence to their offerings, aiming to improve
their market shares. The integration of aesthetic appeal and Indian Passenger Vehicles Sector
functionality is paramount in product design, ensuring both The passenger vehicle (PV) segment witnessed a surge in
visual allure and practical utility are seamlessly combined to domestic sales in FY 2023-24. According to the Society of
meet consumer needs. Furthermore, most aesthetic items Indian Automobile Manufacturers (SIAM), the passenger
have lower logistics costs compared to other automotive vehicle segment recorded the highest-ever sales to date in
parts, primarily due to their compact nature and lightweight. FY 2023-24, reaching 4.21 Mn units compared to 3.89 Mn
units in FY 2022-23, registering a YoY growth of 8%. In the
According to CRISIL, the Indian decorative aesthetics industry PV category, SUVs in particular saw strong demand, with
is expected to grow at a CAGR of ~20% and reach ` 49.2 extended waiting periods for key models.
billion by FY 2025-26. This growth is fuelled by an expansion
in the underlying application segments and a rising demand The strong performance of the PV segment was fuelled by
for premium aesthetic products. The demand for decorative positive consumer sentiments, new model launches and
aesthetics is increasing as OEMs have started to take product product upgrades from OEMs, greater availability, effective
aesthetics into account during the brand-building process. marketing, enticing offers and schemes, wedding season and
Moreover, the increasing sales of passenger cars and two- recovery in the rural market. There is a consistent rise in EV
wheelers are expected to contribute to the expansion of the adoption in India. Electric 4-wheeler sales reached 90,432
Indian decorative aesthetics market in the coming years. units in FY 2023-24, compared to 47,499 units in the previous
fiscal year, indicating a robust YoY growth of 90%.
Indian Two-Wheelers Sector
The two-wheeler (2W) segment recorded robust growth Implementation of various government schemes for the
in FY 2023-24, with total domestic sales reaching 17.97 Mn automobile sector is showing good results. The automotive
units as against 15.86 Mn units in the previous fiscal year. The industry is optimistic that the growth momentum will
growth of the two-wheeler segment is attributed to strong continue in 2024. However, high inventory levels, now in the
rural demand, supported by a good harvest and strong 50-55-day range, is a serious concern for auto dealers. This

Annual Report 2023-24 l 47

Management Discussion and Analysis (Contd.)

necessitates an urgent recalibration of production by OEMs to

better align with current market demand, thereby preventing Rising disposable income: The demand for
potential oversupply issues in the future for market stability. decorative aesthetics products is expected to
Automobile OEMs have been working to reduce inventory increase due to rising disposable incomes positively
levels in the distribution network. Despite concerns about impacting consumer spending and changing
high PV inventory levels, the PV segment is expected to consumer behaviour. Due to growing aspirations,
witness growth in 2024, bolstered by new product launches Indian consumers are adopting superior decorative
and positive market sentiments. aesthetics products to enhance the appearance of
their vehicles and to improve the driving experience.
Indian Consumer Durables Sector Moreover, the government’s push to boost the rural
India’s consumer durable industry has experienced a economy in the Interim Budget will lead to higher
transformation in recent years, influenced by factors such as spending power in rural regions and influence the
changing consumer preferences, technological advancements, sales of decorative aesthetics products.
premiumisation, and shifts in market dynamics. The industry
is anticipated to be the fifth-largest globally, reaching
approximately ` 1.48 lakh crore by 2025.

The demand for consumer durable goods in India is on the

Shift towards technologically-advanced products:
rise, driven by increasing disposable income, availability
The Indian decorative aesthetics industry is
of a wide range of innovative products and customisation,
undergoing a shift towards technologically superior
shorter replacement cycles and rising adoption of
products which is evident in the integration of
e-commerce. Furthermore, rapid urbanisation, rising real
innovative features such as 3D appliques, analogue-
estate and the trend of remote work and online education
digital appliques/dials and touch-based navigation
are driving demand for electronic devices and accessories,
systems in automobiles, IMD/IML parts, and lens
as well as home office equipment. The adoption of Artificial
mask assembly, etc. The introduction of new and
intelligence (AI) and machine learning (ML) technologies is
technologically-advanced products is a key factor
revolutionising the industry. These advancements enable
for product differentiation for OEMs and consumer
personalised experiences, smart features, and predictive
appliance companies.
analytics, enhancing user convenience, improving efficiency
and fostering innovation within the sector.

Government initiatives, including enhancements in

electrification and rural/urban infrastructure, the National
 obust expansion in underlying application
R
Infrastructure Pipeline (NIP), production-linked incentive (PLI)
segments: According to CRISIL, the decorative
schemes, emphasis on indigenous manufacturing through
aesthetics industry in India is poised for significant
‘Make in India’ and ‘Atmanirbhar Bharat’, and increased
growth, with an estimated CAGR of ~20% during the
budgetary allocations for capital expenditure will further
fiscal years FY 2024-26. This growth will be fuelled
propel the growth of the sector.
by demand growth in the underlying application
segments, such as automobile and consumer
GROWTH DRIVERS
durables industry.

Increased penetration of superior aesthetic

products: Rapid growth in population and
urbanisation has led to escalating demand for
branded consumer durable appliances and
aesthetically superior products, contributing to the
expansion of the Indian decorative aesthetics market.

48 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

BUSINESS OVERVIEW
Rising adoption of electric vehicles: The SJS is a leading player in the Indian decorative aesthetics
increasing adoption of EVs in India is expected to industry. The Company offers an extensive array of products
benefit the decorative aesthetic industry, leading to across traditional and premium segments. It supplies
higher realisations due to the propensity for high- decorative aesthetic products to a diverse clientele, including
value aesthetic component incorporation in EVs automobile, consumer appliances, medical devices, farm
compared to internal combustion vehicles. The rapid equipment, and sanitary ware manufacturers, both in India
growth of the Electric 2-wheeler segment provides and overseas.
players in the decorative aesthetic industry with an
opportunity to innovate and introduce advanced SJS is a ‘design-to-delivery’ decorative aesthetics solutions
technologies specific to this market. provider, specialising in designing, developing, and
manufacturing a comprehensive range of products including
decals and body graphics, 2D and 3D appliques and dials,
3D lux badges, domes, overlays, aluminium badges, in-mould
Favourable government policies: The government’s label or decoration parts (IML/IMD), lens mask assemblies,
push for EV adoption and clean mobility, rationalising optical plastics/cover glass, and chrome-plated parts and
the GST tax structure on EV charging and batteries, a range of aftermarket accessories for two-wheelers and
along with the reinforcement of existing EV policies passenger vehicles under the brand name ‘Transform’. It
and the introduction of new ones, will be pivotal also offers premium IML/IMD parts post Walter Pack India
in fostering the growth of electric mobility in India. acquisition. The Company differentiates itself through its
To provide additional momentum to EV adoption, diverse product offerings and new technology products,
the outlay of FAME India scheme Phase II has been robust product design and development capabilities,
increased from ` 10,000 Crs to ` 11,500 Crs, out skilled workforce, and established customer relationships.
of which ` 5,311 Crs is earmarked for subsidies for Additionally, the Company is distinguished by its broad client
e-2W and ` 750 Crs is allocated for e-4W. Subsidies base and its capability to produce and deliver a substantial
under the scheme will be eligible for EVs sold till number of SKUs and parts in a timely manner, supported by
31st March 2024, or until funds are exhausted, its diverse array of products and technologies. Moreover,
whichever occurs earlier. In the Interim Budget of
the Company prides itself on its longstanding customer
2024-25, the government’s emphasis on expanding
relationships as a testament to its commitment to excellence.
and strengthening the EV ecosystem by supporting

~7,000
manufacturing and charging infrastructure is
expected to further boost the growth momentum of
the EV sector. Moreover, the PLI scheme and ‘Make
SKUs
in India’ initiative will continue to encourage Indian
companies to manufacture goods for both domestic
consumption and export markets.
169 Mn
Total parts supplied

China plus one strategy: OEMs are choosing

India as their preferred manufacturing hub serving
180+
international markets. The prospect of India Customer locations
becoming a key manufacturing hub is gaining
attention from major global players like Tesla, as they
seek to diversify their manufacturing capabilities 14
beyond China. With a promising outlook and Products offered across seven end segments
significant potential, India is poised to emerge as a
global manufacturing hub as more global companies
embrace the China plus one policy.

Annual Report 2023-24 l 49

Management Discussion and Analysis (Contd.)

Key Strengths to the Company’s success. Its distinctive R&D and design
Extensive portfolio capabilities enable the production of cutting-edge premium
The Company offers a vast product portfolio including a wide products that align with evolving customer requirements. The
range of traditional and premium aesthetic products, as well Company boasts a committed in-house team comprising over
as aftermarket accessories, catering to a broad spectrum of 110+ New Product Development (NPD) personnel. This team
end segments such as two-wheelers, passenger vehicles, has developed 5-6 new product categories in the past 6-7
commercial vehicles, consumer durables, farm equipment, years, contributing to 25.2% of the Company’s consolidated
medical devices, and sanitary ware. The Company’s revenues in FY 2023-24 (including acquired products)
commitment to continuous innovation and product compared to 2-3% in FY 2018-19.
development empowers it to stay abreast of evolving trends
and enhance the overall customer product experience. Long-term customer relationships
The Company’s strong capabilities, commitment to quality
Manufacturing and logistics capabilities performance, competitive pricing, and timely delivery,
SJS’ manufacturing infrastructure comprises four facilities, coupled with a focus on premiumisation and customer
situated 1 in Bengaluru, 2 in Pune and 1 in Manesar. The specifications, have positioned it as a preferred partner for
Company’s manufacturing infrastructure empowers it to globally renowned and esteemed brands. The Company has
manufacture high-precision, aesthetic quality products cultivated robust relationships with all its customers, evident
of new technology in the market, thereby enhancing its in the long-standing partnerships with its 10 largest revenue
competitive standing. SJS demonstrates the scale and contributors for ~20 years. SJS is committed to expanding
capability to handle 7,000+ SKUs and supplied over its customer base by attracting new clients and optimising
169 Mn parts to 180+ customer locations across 22 countries growth opportunities.
during the fiscal year 2024, an achievement in an industry
that few can rival globally. Its manufacturing facilities adhere Superior quality
to global regulatory, quality, and manufacturing standards. Quality plays a crucial role in the Company’s business,
The Bengaluru facility is ISO 9001:2015, ISO 14001:2015, ISO considering the visual and aesthetic characteristics of its
45001:2018, IATF 16949:2016, and LEED (Leadership in Energy products. SJS has a dedicated team of 450+ personnel in
and Environment Design) Gold certified and the Pune facility quality assurance and quality control across all 4 facilities,
is ISO and IATF certified. During the year, SJS became the diligently overseeing every aspect of production, from the
first printing company in India to be awarded Quality system quality of raw materials to manufacturing processes and the
certification of IATF for the new technology of Optical Cover final products. Additionally, the Bengaluru facility adheres to
Glass by TUV Rheinland. The Bangalore facility is fungible; it ISO class 7 dust-free clean room specifications, ensuring the
has flexible operations, Lean Manufacturing Fundamentals production of high-precision items that meet cosmetic quality
with Value stream mapping, allowing it to de-risk the business standards. The products tailored for the automotive industry
model. Furthermore, SJS has achieved ISO 50001 certification adhere to compliance standards such as the restriction of
for implementing Energy management systems (EnMS). certain hazardous substances (RoHS) and International
Material Data System (IMDS) guidelines. Furthermore,
Furthermore, the Company maintains long-standing Exotech’s products have earned certification from the National
relationships with its suppliers and equipment vendors, Accreditation Board for Testing and Calibration Laboratories.
ensuring a constant and uninterrupted supply of raw
materials. The lightweight and transport-friendly nature of Robust financial position
its products enables SJS to efficiently fulfil the complex and The Company maintains a strong and de-leveraged balance
timely delivery requirements of its customers. This is achieved sheet with total equity of ` 5,505.4 Mn and gross borrowings
through a flexible manufacturing and delivery system. (current and non-current) of ` 683.4 Mn. As on 31st March
2024, the Company’s cash and cash equivalents stood strong
Product innovation at ` 520.0 Mn.
The Company continuously strives to push the limits of
design and technology, aiming to provide its clients with Financial Performance
innovative and improved solutions on par with global trends. For the first time since its IPO, the Company declared a final
Innovation and new product development are fundamental dividend of 20% of the Face Value in FY 2023-24. The Company

50 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

achieved its FY 2023-24 guidance with 45% YoY revenue • Continued expanding business and growing mega
growth and 30% YoY PAT growth (excluding amortisation). accounts by winning new orders from Tata Motors, TVS
Motors, Bajaj Auto, Honda Motorcycle and Scooters
During FY 2023-24, consolidated revenue stood at ` 6,278.0 India, Royal Enfield, Mahindra & Mahindra, Maruti Suzuki,
Mn compared to ` 4,330.5 Mn recorded in fiscal 2023, Whirlpool, Skoda, Autoliv, Continental, Hyundai, Visteon,
registering a growth of 45.0%. Of the total revenue, 2Ws Geberit, Foxconn, Stellantis and Ola among others.
segment accounted for a share of 37.4% (44.8% in fiscal 2023),
followed by the PV segment at 36.4% (32.5% in fiscal 2023) • SJS became the first printing company in India to be
and the consumer segment at 20.2% (15.4% in fiscal 2023). awarded Quality System certification for new technology
Revenue from exports stood at ` 483.0 Mn in fiscal 2024 as of ‘Optical Cover Glass’.
against ` 319.6 Mn in fiscal 2023, registering a strong growth
of 51.1% YoY. • SJS expanded its global presence with its entry into
the South Korean market, reinforcing its position in key
EBITDA of the Company stood at ` 1,599.1 Mn in fiscal 2024 as global markets. Moreover, it bolstered its international
against ` 1,167.8 Mn in fiscal 2023, recording a healthy margin outreach by appointing a dedicated sales representative
of 25.2%. Profit after Tax (PAT) stood at ` 853.7 Mn in fiscal in South Korea, showcasing its commitment to
2024, on a margin of 13.6%. international growth.

Key Financial Ratios Standalone Operation as per SEBI Listing RISK MANAGEMENT
Obligations and Disclosure Requirements (Amendment) • Macro-economic Risk
Regulations, 2018 The Company is exposed to potential challenges and
uncertainties arising from geopolitical issues including
global economic slowdown, higher inflation and
Particulars Fiscal 2024 Consolidated
supply chain disruption, among others. These factors
Debtors Turnover 2.48
may dampen customer demand, impact the end-user
Interest Coverage Ratio 14 industries, restrict the export market and pose risks to
Current Ratio 2.03 the Company’s growth.
Debt Equity Ratio 0.08
EBITDA Margin (%) 25.2% Mitigation
Net Profit Margin (%) 13.6% The Company consistently strives to generate sales from
Return on Net Worth (RoNW) (%) 15.2% diverse customers and geographies to mitigate risks
Return on Capital Employed (ROCE) 20.4% associated with unfavourable macroeconomic events
in any specific geography. Additionally, the domestic
OPERATIONAL HIGHLIGHTS FY 2023-24 market will continue to provide sizeable business
• SJS acquired of 90.1% stake in Walter Pack Automotive opportunities for the Company.
Products India Private Limited (WPI) in July 2023 for a
consideration of ` 2,393 Mn. WPI is one of the leading • Competition Risk
companies in India with capabilities in advanced IMD, The Company faces intense competition from both
IMF, IML and IME technologies, offering a strong organised as well as unorganised players in the industry.
technological advantage. The inability to deliver innovative and high-quality
products may lead to a decline in its market share
• New customer addition: and profitability.

Addition of new customers in the automobile

  Mitigation
segment like Toyota Tsusho, Minda VAST and Autoliv. The Company has created a strong brand identity with
its wide product portfolios and technical capabilities. Its
Added customers like Lear Corporation and
 
design, development skills and domain knowledge have
exploring opportunities in new segments like
enabled it to foray into advanced product categories and
telecom by adding ODMs like Neolync, GDN
technologies which often have high entry barriers and
Enterprises and Foxconn Technologies.

Annual Report 2023-24 l 51

Management Discussion and Analysis (Contd.)

few competitors. SJS is strongly focussed on offering • Customer Risk

innovative and differentiated products that fulfil dynamic Loss of key customers due to unforeseen or adverse
market requirements. The Company has the capacity to events may impact the Company’s reputation and
manage over ~7,000 SKUs and guarantees timely delivery revenue growth.
of high-quality products. These attributes provide the
Company competitive advantage in the market. Mitigation
The Company’s extensive product portfolio and superior
• Operational Risk quality and designs, position it to cater to diverse
Failure in manufacturing or R&D operations, or delays in customer requirements. Its nearly two-decade-long
new product development, have the potential to impact association with its top 10 customers, major contributors
the Company’s business and financial performance. to its revenue, exemplifies its enduring global customer
relationships. Moreover, SJS mitigates customer
Mitigation concentration risk by expanding into new markets,
The Company adheres to health and safety protocols at targeting different end segments, and acquiring new
its facilities, ensuring smooth operations. Moreover, its customers. On a consolidated basis, not even a single
diverse portfolio and long-term customer relationships customer is more than 15% of total revenue, thereby
enable it to mitigate the risk of business concentration. de-risking and reducing customer concentration.
The Company’s New Product Development (NPD) team
ensures consistent innovation and introduction of new, • Currency Risk
premium products that align with evolving trends, crucial The Company is exposed to foreign exchange fluctuation
for maintaining business continuity. By utilising state- risk as it imports key raw materials and exports finished
of-the-art machinery and equipment, the NPD team products. An adverse change in the currency exchange
develops innovative products, ensuring swift approval rate may result in lower realisations or higher input costs
from customers and securing new orders. leading to lower profit margins.

• Technology Risk Mitigation

The Company’s failure to adapt to emerging technology Continuous monitoring of exchange rate fluctuations
trends may impact its revenue and profit margins. shields the Company from adverse impacts. Moreover,
the Company refrained from entering into any hedging
Mitigation arrangements during the year under review due to global
The Company continuously invests in cutting-edge economic uncertainty. It engages in both importing
technologies and processes, facilitating the development certain raw materials and exporting some of its products,
of a strong and innovative portfolio. It is one of the few providing a natural hedge against currency risks.
aesthetics product manufacturers in India that offers
advanced technology products such as capacitive • Crude Risk
overlays, optical plastics, 3D Dials, IML/IMDs and Volatility in crude oil prices due to escalating geopolitical
lens mask assembly. Furthermore, the acquisition of tensions, adverse macroeconomic events, and higher
Exotech in 2021 and Walter Pack India (WPI) in 2023, inflation may impact the Company’s margins.
has strengthened the Company’s technological edge
and built its capabilities in chrome plating, IMD, IML Mitigation
and IMF technologies. The Company’s NPD team is The Company implements VA/VE measures, energy
dedicated to consistent innovation and production of conservation and waste reduction initiatives, and
new, premium products. The team, comprising over 90 explores alternative sourcing to mitigate the impact of
personnel, collaborates with the Technology Committee rising raw material prices and input costs. Additionally,
and is responsible for identifying emerging trends and it engages in negotiations with customers on a case-
customer requirements in new products and technologies by-case basis to secure price adjustments, minimising
as well as outlining strategies for developing futuristic the effects of increasing crude prices. Furthermore, the
technology products. Company’s long-standing relationships with suppliers
ensure a consistent and seamless supply of raw materials

52 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

at competitive prices. It also has arrangements with acquisition of WPI technology, it is expected to substantially
alternative suppliers to address the risks associated with further expand the Total Addressable Market (TAM) for SJS
sudden price fluctuations. The Company can occasionally and present the Company as one of the mainstream suppliers
pass on the rise in raw material costs to customers for for the PV segment.
certain product categories with a slight time delay.
However, both SJS and WPI products typically maintain Furthermore, the Company continues to focus on the
healthy margins, enabling the Company to absorb expansion of its product portfolio by developing new
minor increases in input costs without significant impact innovative products and embracing new technologies
on profitability. through organic and inorganic routes to cater to the diverse
and evolving requirements of customers. It also aims to
• Talent Risk increase chrome-plating and IMD/IML capacity to meet the
The unavailability of a skilled workforce or the inability high demand.
to retain key talent may impact the operations of
the Company. In FY 2024-25, the Company is poised to execute its
current order book, which already covers over 85% of the
Mitigation forecasted revenue for the fiscal year, indicating a robust
The Company has a strong HR policy designed to attract pipeline of business activities. SJS remains committed to
and retain the best talent in the industry. Regular skill maintaining a resilient margin profile in FY 2024-25, striking
development, training and employee engagement a balance between higher revenue growth and preserving
programmes are conducted to enhance employee profitability margins.
morale and productivity. The Company also maintains
an attractive ESOP policy to incentivise high-performing GROWTH STRATEGY
employees and encourage their longer-term retention. 1. Outperform the underlying industry growth by
over 1.5x for FY 2024-26, maintain best-in-class
OUTLOOK margins
The Company is well-positioned to capitalise on the growth • Expanding global footprint through exports
opportunities in India and the international market. It maintains The Company places emphasis on expanding its global
a positive outlook and expects to maintain its robust margins. presence by strengthening its position in current
It looks forward to delivering strong revenue growth driven markets and entering new geographical markets. It
by favourable outlook for two-wheelers, passenger vehicles consistently endeavours to explore new territories,
and consumer appliances. With moderation in inflation leveraging its robust customer relationships. It has a
and gradual improvement in export markets, SJS remains strong focus on expanding its presence in ASEAN and
optimistic about expanding its customer base, securing new North America regions. SJS is strengthening its sales
orders from existing customers and enhancing profitability. force in the international markets of Turkey, Brazil,
Argentina, Columbia and South Korea and exploring
SJS anticipates surpassing the underlying industry growth similar opportunities in other countries.
by over 1.5 times in FY 2024-25. This optimistic outlook is
bolstered by increasing demand for premium aesthetic • Developing new technologies and advanced
products and the Company’s strategic initiatives such as products
premiumisation, creating mega OEM accounts, new product  Leveraging its robust design and technological
development, penetrating deeper with its existing customer capabilities, SJS is dedicated to developing new-age,
base, expanding its global presence to boost exports, and premium products and technologies and introducing
the acquisition of WPI, all contributing to higher sales growth innovative products including Optical cover glass,
compared to industry norms. The recent acquisition of WPI Illuminated logos, printed electronics, In-Moulded
provides long-term growth prospects, opportunities for Electronic (IME) parts and other cutting-edge
cross-selling, and an expansion of the customer base across technologies. This strategic focus aims to expand the
diverse business segments. The Company expects WPI Company’s market reach. Furthermore, the acquisition
acquisition to be EPS accretive in the coming years. Exotech of WPI plays a pivotal role in reinforcing SJS’ IML
acquisition enabled market expansion for SJS and with the capabilities and incorporating IMD technology and

Annual Report 2023-24 l 53

Management Discussion and Analysis (Contd.)

2k injection moulding capability. WPI is one of the overall business performance. Within three years of the
only players in India to have incorporated 2K injection acquisition, it resulted in 2.3x growth in revenues and
moulding technology. This move is expected to create margin improvement of ~440+ bps from FY 2020-21
new business opportunities, as it may also enable SJS to to FY 2023-24. In the current year FY 2023-24, Exotech’s
offer innovative lighting solutions for vehicle interiors margin grew to 16.6%.
and IME solutions for the next generation of vehicles. The
incorporation of these futuristic technology products After the seamless integration of the Exotech business,
contributes to fortifying the Company’s positioning as SJS proceeded to acquire a 90.1% stake in Walter Pack
a one-stop aesthetic solutions provider and enhances Automotive Products India Private Limited (WPI) in
the overall value of its product offerings across various July 2023. WPI, a subsidiary of Walter Pack Spain, holds
industries and strengthens its position in the market. a prominent position in designing and developing
high-value, functional decorative parts in India. WPI
• Growing mega accounts with key customers predominantly caters to the passenger vehicle and
The Company’s strategy involves fortifying ties with consumer electrical segments, which will further diversify
existing customers and expanding the customer base SJS’ revenue streams and establish it as a leading supplier
by augmenting its product range and promoting existing to the automotive and consumer segments in Asia as
products to new customers. It is also actively exploring well as globally. With the acquisition of WPI, SJS has
cross-selling opportunities between SJS and Exotech. With effectively broadened its business horizons, minimising
the acquisition of WPI, SJS is well-positioned to capture risks associated with concentrated segments, customer
massive cross-selling opportunities due to an expanded bases, and product assortments. Prior to the Exotech and
product portfolio and increased customer base between WPI acquisition, SJS heavily relied on the 2W segment,
the three companies - SJS, Exotech, and WPI. constituting ~70% of total revenue in FY 2018-19, with
the PV segment contributing only ~10%. However,
• Augmenting capacity post-acquisitions, SJS has achieved a well-balanced
SJS intends to enhance its chrome plating capacity portfolio, with contributions from various segments:
through debottlenecking and partnerships with external 2W 37.4%, PV 36.4%, and consumer and others 26.2%
chrome plating manufacturers to meet the higher for FY 2023-24. This shift not only aligns with global
demand pipeline in the near term. Expanding presence market dynamics, where the PV sector holds greater
in chrome plating enables building direct relations with prominence than the 2W sector but also positions SJS
OEMs and increasing cross-selling opportunities. The favourably to expand its export capabilities by catering to
Company’s expansion plan for chrome plating facility a wider range of products tailored for PV and consumer
and WPI is in the finalisation stages and investments for segment customers.
it will commence in Q2FY25 onwards.
HUMAN RESOURCES
2. Mergers & Acquisitions - evaluating opportunities SJS considers its employees as the most important asset and
and building an M&A pipeline to propel revenue integral to its growth and continued success. The Company
growth over and above the organic growth has a well-designed HR policy that nurtures a synergistic,
• Expanding through strategic inorganic harmonious and transparent work environment that values
opportunities meritocracy. It promotes diversity and inclusion within
 The Company is actively evaluating inorganic the organisation.
opportunities and establishing a pipeline of strategic
mergers and acquisitions to expand its market share and The Company conducts regular training and engagement
foster revenue growth. This strategy will be reinforced programmes to enhance the knowledge, skills and capabilities
by new product development, a strengthened presence of its employees to achieve the Company’s business goals.
in consumer-related industries, and an expansion of its Regular training sessions are conducted on various trends
geographical footprint. in the field of screen printing, injection moulding, and
all other departments. Employees were encouraged to
SJS successfully integrated the Exotech business, pursue higher education at Jyothy Institute of Technology
leading to substantial and credible improvements in its and SJS enrolled 6 students. Furthermore, the Company’s

54 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

top 5 training programmes, including the Stellantis V2022 As on 31st March 2024, the Company had 2,350+ employees.
Training Programme, Effective Leadership Programme, Lean The attrition rate was low in fiscal 2024, primarily due to
Manufacturing Book Launch Event, Leadership Development effective knowledge sessions, employee satisfaction surveys,
Programme for staff and workers and CII ESG Summit 2024, and bonus and appraisal schemes, among others. The
contributed significantly to the professional development Company has retained its ‘Great Place to Work’ certification
of employees. The Company’s initiatives in conducting since 2018. This esteemed certification, awarded by Great
awareness training and team-building activities played a vital Place to Work®, the global authority on workplace culture
role in increasing employee engagement levels. The culture that provides quality insights derived from assessing over
of continuous improvement and teamwork has led to the 10,000 organisations worldwide, underscores the Company’s
implementation of 44 Kaizen initiatives, resulting in a 19% dedication to employee well-being and fostering a positive
improvement in production value of the product lines of Dials work environment.
and 3D Lux in FY 2023-24.
ENVIRONMENT, HEALTH & SAFETY (EHS)
Furthermore, the implementation of performance-based SJS is dedicated to health, safety, and environmental concerns
initiatives is crucial in retaining the Company’s talented while maintaining sustainable growth objectives. It adheres
workforce. SJS encourages new talent acquisition and rewards to legal compliance and monitors environmental and safety
excellent employee performance. Through ‘Pay for Quality’ performance. The Company’s Integrated Management
scheme, a financial incentive is paid to an employee for Systems (ISO 14001 & ISO 45001) and certified EHS internal
achieving a quality-related target within a specific timeframe. auditors ensure and monitor the effectiveness of EHS audits.
The Company is committed to protecting the environment by
SJS gives utmost importance to the health and safety of its adopting eco-friendly practices, conserving natural resources,
workforce and adheres to all safety guidelines issued by the and minimising its carbon footprint. Robust policies are in
government. It consistently strives to establish a healthy and
place to address climate change and biodiversity concerns
safe environment for its employees, contractors, communities,
and to increase energy and water efficiency. On World
and customers. During the year, the Company provided
Environment Day, 200 trees were planted in the vicinity of
health and safety training such as hazard identification,
the SJS plant.
traffic accident prevention, firefighting and mock drills,
first aid, risk prediction and management, etc. to prevent
Key initiatives encompass the installation of solar panels at
occupational accidents.
its factories, and sewage treatment plant (STP) for waste
reduction, reduction in water wastage by reusing and
Learning and Development Dashboard
preserving water and reduction of diesel usage, among others.
Total Training Hours in FY 2023-24
Category Skill Leadership The Bengaluru facility is LEED Gold certified (Leadership in
Total Safety
Development Training Energy and Environment Design) by the US Green Building
Staff 5,164 1,313 2,833 1,018 Council. Equipped with effluent water treatment units, it
Workers 5,419 1,300 2,961 1,158 efficiently treats wastewater for reuse in its operations. The
facility is actively engaged in diverse initiatives aimed at

2,350+ enhancing energy efficiency and using renewable energy

(solar energy generating ~2 MW) to curtail diesel usage
Total employees and reduce carbon footprint. By utilising more than 90%
renewable energy for its power requirement, the Bengaluru

14.85% facility stands as a testament to the Company’s unwavering

commitment to sustainability. The Company is striving to
Attrition rate optimise the use of renewable energy in its other 2 facilities
as well. It has commenced the process of obtaining Energy

‘Great Place to Work’

Management System Certification, ISO 5001:2018 and has
provided training to 17 employees for Energy Internal Audits
Certification since 2018 for EMS. The EMS certification was completed around the
end of April 2024.

Annual Report 2023-24 l 55

Management Discussion and Analysis (Contd.)

SJS remains focussed on supporting communities and • Supporting ~200 underprivileged women with vocational
ensuring a fair and safe working environment and the welfare training like tailoring, beautician, hand embroidery,
of its employees. It organised the EHS Leadership Excellence computer classes and driving, aiming to impart
Programme and provided EHS awareness training across all employment and entrepreneurship skills to make them
departments. Furthermore, First Aid Training was conducted financially independent and empowered.
by St. John Hospital, Bangalore which was attended by 60
members of the Emergency Response Team (ERT) of the • Conducted comprehensive health check-ups and free
Company. Additionally, the Company provided training in doctor consultations for up to 900 underprivileged
Hazard Identification and Risk Assessment (HIRA), training on villagers and provided access to free medical
ISO 50001 Energy Management as well as certification training consultations with qualified doctors for all participants.
for Elevated Work Platform (EOT) and Forklift operations.
• The ‘Let’s Feed the Needy’ initiative impacted up to 150
CORPORATE SOCIAL RESPONSIBILITY (CSR) lives. The initiative aims to provide home-cooked food
As a socially responsible corporation, SJS strives to generate to people in need at various locations such as railway
a positive impact in the communities where it conducts its stations, bus stands, roads, beaches, orphanages, and
operations. The Company emphasises education, healthcare, old age homes.
sports, and environmental protection as its key focus areas. It
• Sponsorship of para-athlete Mr. Mani Kundan for
aims to enhance the well-being of underserved populations
participating in international competitions and winning
and contribute to building an inclusive future through
a bronze medal at the IFSC Para Climbing World
meaningful social welfare activities. During the year, the
Championship held in Switzerland in August 2023.
Company spent ` 14.05 Mn on CSR initiatives.

INFORMATION TECHNOLOGY
Key CSR initiatives undertaken during the year include:
The Company is dedicated to fortifying its technology
•  Construction of a new building for Varahasandra
initiatives to amplify operational and cost efficiencies,
Government School along with facilities such as an
enhance quality, and drive premiumisation. SJS is equipped
RO Unit, 2 restrooms and 2 classrooms with a seating
with a robust IT infrastructure and has a well-defined IT
capacity of 50 children.
roadmap that aligns seamlessly with its business objectives.

• Distribution of e-learning kits including 1 computer and During FY 2023-24, SJS implemented various initiatives to
printer, 1 projector, 111 school bags, 14 Nali-Kali tables enhance productivity, including an Internet of Things (IoT)
and 210 Nali-Kali chairs in government schools. Proof of Concept (PoC). This IoT PoC enabled real-time
monitoring of productivity, identification and resolution
• Installation of a borewell at the Vani Vilas Institute, a of bottlenecks in production processes and pre-emptive
government women’s college to meet the water needs improvement of action plans through IoT data analysis. This
of 700 female students. PoC has laid the foundation for SJS’ foray into Industry 4.0.

• Contributed to the Kumarappa Institute of Gram Swaraj’s In April 2023, the Company implemented Automated Vision
mission to supply free education, books, uniforms, Inspection for quality control of dials, showcasing proof of
stationery kits training to teachers and materials for concept for the technology. This initiative has resulted in
reading and writing for 100 children of migrant labourers. improved quality control processes, speed, and identification
capabilities. The implementation has shown promising
• Implementation of a comprehensive waste collection results, achieving an accuracy rate of 85% in end of line
and management system across 14 surrounding defect inspection.
villages, including daily collection of household garbage,
segregation and proper disposal and deployment of Furthermore, the migration from AX 2012 to Dynamics
5 vehicles and appointment of workers for garbage 365 expands the Company’s capabilities in on-premise ERP
collection service. Through the garbage cleaning infrastructure, covering deployment and management for
initiative, 12,000 lives were improved. comprehensive control over ERP systems. It also facilitates

56 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

seamless customisation, rapid deployment of new features, The Company’s internal audit team periodically conducts
and expedited response times, equipping SJS with increased an audit of internal control systems. Key observations and
control and adaptability in managing the ERP environment. recommendations are communicated to the management,
who takes appropriate corrective measures as deemed
The Company’s cybersecurity framework incorporates a fit to maintain the efficiency and effectiveness of the
Security Operations Center (SOC) for continuous monitoring internal controls.
of vulnerabilities, the identification of potential intrusions,
and immediate deployment of countermeasures to safeguard CAUTIONARY STATEMENT
data and operations. Equipped with advanced tools and The Management Discussion and Analysis contains statements
technologies, the SOC team proactively monitors and describing the Company’s objectives, projections, estimates,
manages the Company’s network and systems around the and expectations which may be ‘forward-looking statements’
clock. This ensures compliance with industry standards and within the meaning of applicable laws and regulations and
regulations, vital for maintaining trust with customers and are based on informed judgements and estimates. There
partners and avoiding legal and financial consequences. cannot be any guarantee of previous performance continuity
as future performance also involves risks and uncertainties.
INTERNAL CONTROL SYSTEMS These may include but are not limited to the general market,
The Company has established a strong internal control macroeconomic, interest rates movements, competitive
framework that addresses various aspects of governance, pressures, technological and legislative developments, and
compliance, audit, control, and reporting. These internal other key factors that may affect the Company’s business and
controls are responsible for complying with the regulatory financial performance.
requirements, preventing frauds and errors, safeguarding
and proper use of assets and finances, and preserving the
accuracy of financial transactions and reporting.

Annual Report 2023-24 l 57

Directors’ Report
To
The Members,
S.J.S. ENTERPRISES LIMITED

Your directors’ have the pleasure in presenting the Annual Report of S.J.S. Enterprises Limited (the “Company”) together with
audited financial statements (standalone and consolidated) and the Auditor’s Report for the financial year ended 31st March
2024 (“financial year”).

In compliance with the applicable provisions of the Companies Act, 2013, including any statutory modification(s) or
re-enactment(s) thereof, for the time being in force (“Act”) and the Securities and Exchange Board of India (Listing Obligations
and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”), this report covers the financial results and other
developments during the financial year ended 31st March 2024, in respect of the Company.

FINANCIAL RESULTS
The financial performance of the Company for the financial year ended 31st March 2024 is summarised below:

(` in Mn)

Year ended Year ended

Particulars 31.03.2024 31.03.2023 31.03.2024 31.03.2023
Standalone Consolidated
Revenue from operations 3,633.61 2,961.92 6,278.00 4,330.49
Other Income 70.27 85.27 77.04 101.52
Total Income 3,703.88 3,047.19 6,355.04 4,432.01
Less:- Cost of raw materials consumed 1,395.33 1,136.71 2,873.77 1,942.65
Less:- Changes in Inventory of FG, WIP and stores & spares 29.85 (38.67) (24.91) (74.79)
Less:- Employee benefit expenses 498.59 453.30 707.65 561.29
Less:- Finance costs 53.42 6.72 85.21 23.11
Less:- Depreciation and amortisation expense 171.54 164.05 387.42 233.01
Less:- Other expenses 669.59 538.12 1199.41 835.04
Total Expenses 2,818.32 2,260.23 5,228.55 3,520.31
Profit before Tax 885.56 786.96 1,126.49 911.70
Less:- Tax expenses
- Current tax 250.66 195.48 355.91 240.19
- Deferred tax (credit)/charge (40.69) 3.62 (83.13) (1.02)
Total tax expense 209.97 199.10 272.78 239.17
Profit for the year 675.59 587.86 853.71 672.53
Other comprehensive (expenses) /income for the year, net
of tax 16.01 (6.83) 15.08 (5.73)
Total comprehensive Income for the year 691.60 581.03 868.75 666.80
Earnings per equity share (face value of ` 10 each)
- Basic (in `) 21.86 19.31 27.45 22.10
- Diluted (in `) 21.40 19.06 26.87 21.81

58 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

BUSINESS REVIEW RECORD DATE

Standalone Financial Results: The Company has fixed Tuesday, 13th August 2024 as the
During the financial year, your Company recorded a total “Record Date” for the purpose of determining the entitlement
income of ` 3,703.88 Mn as against ` 3,047.19 Mn in the of Members to receive dividend for the financial year.
previous financial year, registering an increase of 21.55%
against the previous financial year. DIVIDEND DISTRIBUTION POLICY
Regulation 43A of the SEBI Listing Regulations, as amended
The Company’s profit after tax has increased to ` 675.59 Mn by the SEBI (Listing Obligations and Disclosure Requirements)
from ` 587.86 Mn, at a growth of 14.92%. (Second Amendment) Regulations, 2021, makes it mandatory
for the top 1000 listed entities based on their market
capitalisation calculated as of 31st March of every financial
The Company has posted its highest-ever total revenue
year to formulate a Dividend Distribution Policy.
of ` 3,703.88 Mn and highest-ever net profit after tax of
` 675.59 Mn.
In compliance with the provisions of Regulation 43A of the SEBI
Listing Regulations, the Board of Directors of the Company at
Consolidated Financial Results:
its meeting held on 19th July 2021 has approved and adopted
During the financial year, your Company’s consolidated total
the Dividend Distribution Policy of the Company. The said
income is ` 6,355.04 Mn as against ` 4,432.01 Mn in the policy inter alia, lays down various parameters relating to the
previous financial year, registering an increase of 43.39% declaration/ recommendation of dividend and is available on
against the previous financial year. the Company’s website at https://www.sjsindia.com/investors.
html#policies.
The Company’s consolidated profit after tax has increased
to ` 853.71 Mn from ` 672.53 Mn, at a growth of 26.94%. TRANSFER OF UNCLAIMED DIVIDEND TO THE INVESTOR
EDUCATION AND PROTECTION FUND
The audited financial statements together with related In accordance with the provisions of Sections 124 and 125
information and other reports of the subsidiary company have of the Act and Investor Education and Protection Fund
also been placed on the website of the Company at https:// (Accounting, Audit, Transfer and Refund) Rules, 2016,
www.sjsindia.com/investors.html#financials. dividends of a Company which remains unpaid or unclaimed
for a period of seven years from the date of transfer to
DIVIDEND the Unpaid Dividend Account shall be transferred by the
In line with the Dividend Distribution Policy of the Company Company to the Investor Education and Protection Fund
which is available on the Company’s website viz. https:// (“IEPF”). In terms of the foregoing provisions of the Act, there
www.sjsindia.com/investors.html#policies, Your Directors’ is no dividend which remains outstanding or remains unpaid
are pleased to recommend a final dividend at the rate of and required to be transferred to the IEPF by the Company
20% i.e. ` 2.00 per equity share of face value of ` 10/- each during the financial year.
for the financial year. Dividend is subject to the approval of
RESERVES
Shareholders in the ensuing Annual General Meeting of the
The Company has not transferred any amount to reserves for
Company. The dividend would be payable to all shareholders
the financial year.
whose names appear in the Register of Members and the
list of beneficial owners furnished by the National Securities
RAISING OF FUNDS BY ISSUANCE OF EQUITY SHARES ON
Depository Limited and the Central Depository Services PREFERENTIAL BASIS AND CORRESPONDING CHANGE IN
(India) Limited as on the Record date i.e. 13th August 2024 SHARE CAPITAL
after deduction of applicable taxes, involving a cash outflow During the financial year, the company issued 6,00,000
of ` 62.08 Mn. Final Dividend once approved by members equity shares with a face value of ` 10 each at a price of ` 500
shall be disbursed within 30 days of the approval and the date each, including a premium of ` 490 each to Mr. K.A. Joseph
of disbursement shall be communicated in advance to the (“Investor”), Founder, Promoter & Managing Director of the
Stock Exchanges, i.e. BSE Limited and National Stock Exchange Company, aggregating to ` 300 Mn (Rupees Three Hundred
of India Limited. Million Only), through preferential issue on a private placement

Annual Report 2023-24 l 59

Directors’ Report (Contd.)

basis in accordance with Section 42, 62, and other applicable letter agreement, he acquired an additional 9,00,000 equity
provisions of the Act, along with the rules thereunder and shares from Evergraph. Consequently, his total shareholding
Chapter V of the Securities Exchange Board of India (Issue surged from 46,51,244 equity shares, representing 15.28%, to
of Capital and Disclosure Requirements) Regulations, 2018. 61,51,244 equity shares, representing 19.82% of the total paid
Consequently, the Company’s paid-up equity share capital up share capital of the Company.
increased from ` 30,43,79,040 divided into 30,437,904 equity
shares of ` 10 each to ` 31,03,79,040 divided into 31,037,904 MERGER AND ACQUISITIONS
equity shares of ` 10 each. During the financial year, as part of its investment strategy,
your Company had entered into a Share Purchase Agreement
Further, The Company has not bought back any of its securities
(“SPA”) with Walter Pack Automotive Products India Private
or issued bonus / sweat equity shares or issued shares with
Limited (“WPI”) and its shareholders i.e. Walter Pack S.L.
differential voting rights during the financial year.
and Mr. Roy Mathew. for acquiring 315,442 (Three Hundred
Fifteen Thousand Four Hundred Forty-Two) equity shares,
AUTHORISED SHARE CAPITAL
resulting in your company holding 90.1% (ninety point one
During the financial year, the authorised share capital of
the Company increased from ` 35,00,00,000 divided into percent) of WPI’s equity share capital on a fully diluted basis.
3,50,00,000 equity shares of ` 10 each to ` 50,00,00,000 Consequently, WPI has become a subsidiary of your company.
divided into 5,00,00,000 equity shares of ` 10 each.
MANAGEMENT DISCUSSION & ANALYSIS REPORT
STATEMENT OF DEVIATION Pursuant to Regulation 34(2) of SEBI Listing Regulations,
The funds raised through preferential issue were aimed to the Management Discussion and Analysis Report forms an
enhance shareholder’s value with an increase in the market integral part of the Annual Report.
cap of the Company, funding organic or inorganic growth
opportunities (including acquisitions), capital expenditure, CORPORATE GOVERNANCE
pre-payment and/or repayment of outstanding borrowings, Pursuant to Regulation 34(3) of SEBI Listing Regulations, a
as may be permissible under the applicable law. The proceeds report on Corporate Governance along with a Certificate from
raised through the preferential issue have been entirely the Company Secretary in Practice towards compliance of the
allocated to the object for which they were raised and there provisions of Corporate Governance forms an integral part of
have been no deviations from the planned use of funds. the Annual Report.

CHANGE IN PROMOTER HOLDING BUSINESS RESPONSIBILITY AND SUSTANBILITY REPORT

During the financial year, Evergraph Holdings Pte Ltd Pursuant to Regulation 34(2)(f) of the SEBI Listing Regulations,
(“Evergraph”) divested 9,164,033 equity shares, equating the Business Responsibility and Sustainability Report (‘BRSR’)
to 29.53% of the Company’s paid-up equity capital as of on initiatives taken from an environmental, social, and
22nd August 2023, through open market transactions. This
governance perspective, in the prescribed format forms an
transaction led to a reduction in Evergraph’s ownership from
integral part of the Annual Report.
34.15% to 4.63%.

PARTICULARS OF RELATED PARTY TRANSACTIONS

Subsequently, Evergraph and Mr. KA Joseph executed a letter
Related party transactions entered during the financial year
agreement on 23rd February 2024, to sell 1,436,337 equity
were on arm’s length basis and in the ordinary course of
shares, accounting for 4.63% of the total share capital of the
Company. On 29th February 2024, as part of the initial tranche, business. There are no materially significant related party
Evergraph transferred 9,00,000 equity shares, constituting transactions made by the Company which may have potential
2.90%, to Mr. KA Joseph. Consequently, Evergraph’s ownership conflict with the interest of the Company. Particulars of
decreased to 1.73%. contracts or arrangements with related parties referred to in
Section 188(1) of the Act, in compliance with the SEBI Listing
During the financial year, the company allotted 6,00,000 Regulations, and as required under Section 134(3)(h) of the
equity shares to Mr. K.A. Joseph through preferential issue Act, read with Rule 8(2) of the Companies (Accounts) Rules,
on a private placement basis and in accordance with the 2014 is enclosed to this report as Annexure – A.

60 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

There are no material related party transactions which are step-down subsidiary, which is a wholly-owned subsidiary of
not in ordinary course of business or which are not on arm’s Walter Pack Automotive Products India Private Limited. There
length basis. has been no material change in the nature of the subsidiaries’
businesses. Further, the Company doesn’t have any joint
PARTICULARS OF INTER-CORPORATE LOANS OR venture or associate company as defined under Section 2(6)
INVESTMENTS OR GUARANTEES OR SECURITY of the Act, which are explained in detailed below:
Pursuant to Section 186 of the Companies Act, 2013 and
Schedule V of the Listing Regulations, disclosure on particulars Subsidiary:
relating to Loans, Advances, Guarantees and Investments are A statement containing salient features of the financial
provided as part of the standalone financial statements. statements of the Subsidiary is enclosed in this report as
Annexure – B.
Further, the Company has not given any guarantee or security
to any person or body corporate or made any investments Associate:
during the financial year. As of 31st March 2024, your company shareholding in Suryaurja
Two Private Limited (STPL) the erstwhile associate company,
SECRETARIAL STANDARDS has decreased from 48% to 16.83%. This reduction is due to
The Company is in compliance with the Secretarial Standards the issuance of additional equity shares by STPL, leading to a
on Meetings of Board of Directors (SS-1) and General dilution of your company’s stake to below 20% and waiving
Meetings (SS-2). the significant control interest in STPL, henceforth the STPL is
no longer considered an associate company.
ORDERS PASSED BY REGULATORS/COURTS/TRIBUNALS
There were no significant / material orders passed by
Joint venture companies, including in the consolidated
the regulators or courts or tribunals during the financial
financial statement is presented:
year, impacting the going concern status and Company’s
There are no joint venture companies as of the end of the
operations in future.
financial year.

CHANGE IN NATURE OF BUSINESS

HUMAN RESOURCE MANAGEMENT
During the financial year, there has been no change in the
Being an employee-centric organisation, your Company
Company’s nature of business.
always puts its people at the heart of whatever it does.
The Company believes that the success of the organisation
ANNUAL RETURN
and its people, go hand-in-hand. Our humble efforts have
As per the requirements of Section 92(3) of the Act and Rule
12(1) of the Companies (Management and Administration) been recognised by the Great Place to Work Institute India,
Rules, 2014, the copy of the annual return in the prescribed which has awarded our company the “Great Place To Work”
Form MGT-7 for the financial year is available on the website certification in the mid-size organisation category for five
of the Company at https://www.sjsindia.com/investors. consecutive years.
html#annual-report.
CORPORATE SOCIAL RESPONSIBILITY (“CSR”)
CHANGE IN FINANCIAL YEAR In accordance with the requirements of Section 135 of the
There has been no change in the financial year of the Company. Act and amendments thereof, the Company has constituted
the CSR Committee and also formulated a CSR Policy which
DEPOSITS is available on the website of the Company at https://www.
The Company has not accepted any deposits covered under sjsindia.com/investors.html#policies.
the Chapter V of the Act, during the financial year.
The CSR Policy was amended vide the resolution of the Board
REPORT ON PERFORMANCE OF SUBSIDIARIES, ASSOCIATE of Directors dated 19th July 2021 to incorporate amendments
COMPANIES & JOINT VENTURES brought about to the provisions of Section 135 of the Act and
As of the end of the financial year, the company has two the Rules vide notification dated 22nd January 2021 issued by
subsidiaries (including one wholly-owned subsidiary) and one the Ministry of Corporate Affairs.

Annual Report 2023-24 l 61

Directors’ Report (Contd.)

During the financial year, the Board of Directors of your practices and to report genuine concerns to the Audit
company approved for formation of CSR Trust in the name Committee of the Company.
and style of “SJS Foundation” vide its Board Meeting dated
01st February 2024, and this dedicated entity will streamline The mechanism provides adequate safeguards against
and enhance the execution of the CSR activities and functions the victimisation of directors or employees who avail the
of the Company, including all its subsidiaries. mechanism. The Vigil Mechanism and Whistle Blower Policy
is available on the website of the Company at https://www.
The Annual Report on CSR activities of the Company for sjsindia.com/investors.html#policies.
the financial year as required to be given under Section 135
of the Act and Rule 8 of the Companies (Corporate Social BOARD OF DIRECTORS
Responsibility Policy) Rules, 2014 is enclosed to this report Your Company’s Board comprises of the following Directors
as Annexure – C. as on the end of the financial year:

DISCLOSURE UNDER SEXUAL HARASSMENT OF WOMEN

AT WORKPLACE (PREVENTION, PROHIBITION AND Sl. No. Name of Director Designation
REDRESSAL) ACT, 2013 1. Mr. Ramesh C Jain Chairman & Independent Director
As per the requirement of The Sexual Harassment of Women 2. Mr. K. A. Joseph Managing Director
at Workplace (Prevention, Prohibition & Redressal) Act, 3. Mr. Sanjay Thapar CEO & Executive Director
2013 and rules made there under, your Company has adopted 4. Mr. Kevin K Joseph Executive Director
a Sexual Harassment Policy for women to ensure a healthy
5. Mrs. Veni Thapar Independent Director
working environment without fear of prejudice, gender bias
and sexual harassment. ‘Care and Dignity Policy’ is available 6. Mr. Matthias Frenzel Independent Director
on the website of the Company at https://www.sjsindia.com/
investors.html#policies. During the financial year, Mr. Vishal Sharma and Mr. Kazi
Arif Uz Zaman, the Nominees of Evergraph Holdings Pte
The Internal Complaints Committee (ICC) in place has been Ltd, tendered their resignations from the directorship of
duly constituted as per Sexual Harassment of Women at the Company, relinquishing their responsibilities effective
Workplace (Prevention, Prohibition and Redressal) Act, 2013 from 27th September 2023. Further details regarding their
resignations are available on the Company’s website at
The Board states that there were no cases or complaints filed https://www.sjsindia.com/Docs/FY2324/Q2/Intimation%20
pursuant to the Sexual Harassment of Women at Workplace of%20Resignation%20of%20Director.pdf
(Prevention, Prohibition and Redressal) Act, 2013 during the
financial year. Rotation of Director:
As per Section 152 of the Act, unless the Articles provide
Details of complaints received and redressed during the otherwise, at least two-thirds of the total number of directors
financial year: shall be liable to retire by rotation of which one third shall
a. Number of complaints filed during the financial Nil retire at every annual general meeting.
year
b. Number of complaints disposed of during the Nil
In view of the above-mentioned provision, Mr. Kevin K
financial year
Joseph is liable to retire by rotation at the ensuing Annual
c. Number of complaints pending as on end of the Nil
financial year General Meeting and being eligible, has offered himself for
re-appointment.
VIGIL MECHANISM AND WHISTLE BLOWER POLICY FOR
DIRECTORS AND EMPLOYEES The Board has considered and approved the recommendation
The Company has formulated a comprehensive Whistle of the Nomination & Remuneration Committee in their
Blower Policy in line with the provisions of Section 177(9) meeting held on 20 th May 2024 to re-appoint Mr. Kevin K
and Section 177(10) of the Act, with a will to enable the Joseph as Director of the Company, liable to retire by rotation,
stakeholders, including directors, individual employees to subject to the approval of the shareholders in the forthcoming
freely communicate their concerns about illegal or unethical annual general meeting.

62 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

KEY MANAGERIAL PERSONNEL The Risk Management Policy has been framed and
Pursuant to Section 203 of the Act, the following persons are implemented which is available on the website of the Company
the Key Managerial Personnel of the Company as on the end at https://www.sjsindia.com/investors.html#policies.
of the financial year:
COMMITTEES
As per the requirements of the Act and SEBI Listing
Sl. Name of KMP’s Designation Regulations, the following committees have been constituted
No.
by the Board. The composition of the committees as on the
1. Mr. K. A. Joseph Managing Director end of the financial year is as follows:
2. Mr. Sanjay Thapar CEO & Executive Director
3. Mr. Kevin K Joseph Executive Director Audit Committee:
4. Mr. Mahendra Kumar Naredi Chief Financial Officer The composition of the Audit Committee, pursuant to Section
5. Mr. Thabraz Hushain W Company Secretary & 177 of the Act and Regulation 18 of SEBI Listing Regulations
Compliance Officer is as follows:

There were no appointments or resignations of Key Managerial Sl. Position on

Name Designation
Personnel during the financial year. No. the Committee
1 Mrs. Veni Thapar Chairperson Independent Director
2 Mr. Ramesh C Member Chairman &
DECLARATION BY INDEPENDENT DIRECTORS
Jain Independent Director
The Company has received declarations from each of its 3 Mr. Sanjay Thapar Member CEO & Executive
Independent Directors under Section 149(7) of the Act and Director
Regulation 25(8) of SEBI Listing Regulations, confirming Note:
compliance with the criteria of independence as stipulated 1. Mr. Vishal Sharma has been a member of the committee until
under Section 149(6) of the Act and Regulation 16(1)(b) of 27th September 2023.
SEBI Listing Regulations and there has been no change in the 2. Mr. Sanjay Thapar has been appointed as a member of the
committee with effect from 18th October 2023.
circumstances which may affect their status as Independent
Directors during the financial year.
The Audit Committee was constituted by the Board of
Directors at their meeting held on 12 th July 2021 and it
All Independent Directors of the Company have affirmed was reconstituted on 18th October 2023, through a circular
compliance with Schedule IV of the Act and the Company’s resolution, with Mr. Sanjay Thapar joining the committee in
Code of Conduct for Directors and Employees for the place of Mr. Vishal Sharma. The scope and functions of the
financial year. Audit Committee are in accordance with Section 177 of the
Act and the SEBI Listing Regulations.
All the Independent Directors of the Company have
registered themselves with the Indian Institute of Corporate Nomination and Remuneration Committee:
Affairs (‘IICA’) towards the inclusion of their names in the The composition of the Nomination and Remuneration
Independent Director’s Databank maintained by IICA and Committee (“NRC”), pursuant to Section 178(1) of the Act and
meet the requirements of proficiency self-assessment test. Regulation 19 of SEBI Listing Regulations is as follows:

RISK MANAGEMENT
Sl. Position on
The Board of Directors of the Company has formed a Risk Name Designation
No. the Committee
Management Committee to identify, assess and mitigate the 1 Mrs. Veni Thapar Chairperson Independent Director
risks involved in the Company’s business. The committee is 2 Mr. Ramesh C Jain Member Chairman &
responsible for assisting the Board in understanding existing Independent Director
3 Mr. Matthias Member Independent Director
risks, reviewing the mitigation and elimination plans.
Frenzel
Note:
The Audit Committee has additional oversight in the area
1. Mr. Vishal Sharma has been a member of the committee until
of financial risks and controls. The major risks identified are 27th September 2023.
systematically addressed through mitigating actions on a 2. Mr. Matthias Frenzel has been appointed as a member of the
continuing basis. committee with effect from 18th October 2023.

Annual Report 2023-24 l 63

Directors’ Report (Contd.)

The NRC was constituted by the Board of Directors at their The RMC was constituted by the Board of Directors at their
meeting held on 12th July 2021 and it was reconstituted on 18th meeting held on 12th July 2021 and it was reconstituted on
October 2023, through a circular resolution, with Mr. Matthias 18th October 2023, through a circular resolution, with Mr. KA
Frenzel joining the committee in place of Mr. Vishal Sharma. Joseph joining the committee in place of Mr. Vishal Sharma.
The scope and functions of the NRC is in accordance with
Section 178 of the Act and the SEBI Listing Regulations. Corporate Social Responsibility Committee:
The composition of the Corporate Social Responsibility
Stakeholders Relationship Committee: Committee (“CSR”), pursuant to Section 135 of the Act is
The composition of the Stakeholders Relationship Committee as follows:
(“SRC”), pursuant to Section 178(5) of the Act and Regulation
20 of SEBI Listing Regulations is as follows: Position
Sl.
Name on the Designation
No.
Committee
Position
Sl. 1 Mr. Matthias Chairman Independent Director
Name on the Designation
No. Frenzel
Committee
1 Mr. Matthias Chairman Independent Director 2 Mr. K A Joseph Member Managing Director
Frenzel 3 Mr. Sanjay Thapar Member CEO & Executive Director
2 Mr. K A Joseph Member Managing Director 4 Mrs. Veni Thapar Member Independent Director
3 Mr. Sanjay Thapar Member CEO & Executive Director
Note:
4 Mrs. Veni Thapar Member Independent Director 1. Mr. Vishal Sharma has been a member of the committee until
Note: 27th September 2023.
1. Mr. Kazi Arif Uz Zaman has been a member of the committee
until 27th September 2023. INTERNAL FINANCIAL CONTROLS
2. Mrs. Veni Thapar has been appointed as a member of the The Company has maintained adequate financial control
committee with effect from 28th March 2024. system, commensurate with the size, scale and complexity of
its operations and ensures compliance with various policies,
The SRC was constituted by the Board of Directors at their practices and statutes in keeping with the organisation’s pace
meeting held on 12th July 2021 and it was reconstituted on of growth and increasing complexity of operations. The details
28th March 2024, through a circular resolution, with Mrs. Veni in respect of internal financial control and their adequacy are
Thapar joining the committee in place of Mr. Kazi Arif Uz included in the Management Discussion and Analysis, which
Zaman. The scope and functions of the SRC is in accordance is a part of this report.
with Section 178 of the Act and the SEBI Listing Regulations.
AUDITORS & AUDIT REPORT
Risk Management Committee: Statutory Auditors:
The composition of the Risk Management Committee M/s. BSR & Co. LLP, Chartered Accountants (Firm Registration
(“RMC”), pursuant to Regulation 21 of SEBI Listing Regulations No. 101248W/W-100022), Bengaluru, the Statutory Auditors
is as follows: of the Company, hold office, in accordance with the provisions
of the Act, up to the conclusion of the 20th Annual General
Meeting of the Company.
Position
Sl.
Name on the Designation
No.
Committee Further, the report of the Statutory Auditors along with notes
1 Mr. Sanjay Thapar Chairman CEO & Executive Director to Schedules forms part of the Annual Report which is self-
2 Mrs. Veni Thapar Member Independent Director explanatory. There has been no qualifications/ reservations/
3 Mr. K A Joseph Member Managing Director adverse remarks given by the Statutory Auditors in their
Report for the financial year.
Note:
1. Mr. Vishal Sharma has been a member of the committee until
27th September 2023. Cost Auditors:
2. Mr. KA Joseph has been appointed as a member of the M/s PSV & Associates, Bengaluru, Cost Accountants (Firm
committee with effect from 18th October 2023. Registration No. 000304), appointed as the Cost Auditors for

64 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

conducting audit of cost accounting records of the Company M/s. Kumbhat & Co, Chartered Accountants, Coimbatore
for the financial year, will submit their report to the Board (Firm Registration No. 0016095) as the Internal Auditors of
within a period of one hundred eighty days from the end of the Company for the financial year.
the financial year as required under the Act; the Company
shall file a copy of the said report in Form CRA-4 within a The periodic reports of the said internal auditors are
period of thirty days from the date of its receipt. regularly placed before the Audit Committee along with the
management’s comments.
The Cost Audit Report for the financial year 2023-24 dated
26th July 2023 issued by M/s PSV & Associates, Bengaluru, DETAILS IN RESPECT OF FRAUDS REPORTED BY AUDITORS
Cost Accountants (Firm Registration No. 000304) with no UNDER SUB-SECTION (12) OF SECTION 143 OF THE ACT
qualifications/ reservations/ adverse remarks, was filed with
During the financial year, no frauds were reported by the
the Ministry of Corporate Affairs.
Auditors under Section 143(12) of the Act.
Pursuant to Section 148 of the Act, read with the Companies
MATERIAL CHANGES AND COMMITMENTS, IF ANY
(Cost Records and Audit) Rules, 2014, the Board on the
AFFECTING THE FINANCIAL POSITION OF THE COMPANY
recommendation of Audit Committee, reappointed M/s PSV
& Associates, Bengaluru, Cost Accountants, (Firm Registration OCCURRED AFTER THE END OF THE FINANCIAL YEAR
No. 000304) for conducting audit of cost accounting records AND TILL THE DATE OF THE REPORT
of the Company for the financial year 2024-25. As required There have been no material changes and commitments
under the Act, the remuneration payable to the Cost which affect the financial position of the Company that have
Auditors is required to be placed before the members, in the occurred between the end of the financial year to which the
forthcoming annual general meeting for their ratification. financial statements relate and the date of this report.
Accordingly, a resolution seeking members’ approval for
the remuneration payable to M/s. PSV & Associates, Cost MEETINGS OF THE BOARD AND COMMITTEES
Accountants, is included in the Notice of the forthcoming The details of meetings of the Board of Directors, its
annual general meeting. Committees, and General Meetings along with attendance,
are included in the Corporate Governance Report which forms
Secretarial Auditor: an integral part of the Annual Report.
The Board, based on the recommendation of the Audit
Committee had appointed Mr. Dwarakanath C, Company MEETING OF INDEPENDENT DIRECTORS
Secretary in Practice (FCS No. 7723 and Certificate of Practice In terms of requirements under Schedule IV of the Act and
No. 4847) as the Secretarial Auditor of the Company to Regulation 25(3) of SEBI Listing Regulations, a separate
conduct Secretarial Audit for the financial year.
meeting of the Independent Directors was held on 27th
February, 2024.
There has been no qualifications/ reservations/ adverse
remarks in the report given by the Secretarial Auditor for the
The Independent Directors at this meeting, inter alia, reviewed
financial year. The Secretarial Audit Report of the Company in
the following:
Form MR-3 is enclosed to this report as Annexure – D.

Further, the Board of Directors, at its meeting held on 20 th • Performance of Non-Independent Directors (both
May 2024, appointed Mr. Ananta R. Deshpande, replacing Executive and Non-Executive) and the Board as a whole;
Mr. Dwarakanath C Chennur as the new Secretarial Auditor
of the Company for the financial year 2024-25, as a practice • Performance of the Chairman of the Board, taking into
of good corporate governance and in accordance with account the views of Executive Directors and Non-
the guidance notes provided by the Institute of Company Executive Directors.
Secretaries of India (ICSI).
• Quality, quantity, and timeliness of the flow of information
Internal Auditors: between the Company Management and the Board that
Pursuant to Section 138 of the Act, read with the Companies is necessary for the Board to effectively and reasonably
(Accounts) Rules, 2014, the Company has appointed perform their duties.

Annual Report 2023-24 l 65

Directors’ Report (Contd.)

PERFORMANCE EVALUATION OF THE BOARD AND ITS assessment of individual Directors was sent separately to the
COMMITTEES concerned Directors. The results of the evaluation of the Board
The Board of Directors, on the recommendation of the NRC and its various Committees were subsequently discussed by
has adopted a framework for performance evaluation of the the Board at its meeting and the areas for improvement of
Board, its committees, individual directors, and the chairperson the functioning of the Board and committees were noted.
through a survey questionnaire. The survey questionnaire
broadly covers various aspects of Board functioning, the The following outlines the actions taken to implement the
composition of the Board and its committees, culture, suggestions provided by the board in the preceding financial
execution, and performance of specific duties, obligations, year, as well as new recommendations for the current
and governance. The evaluation parameters are based on financial year:
the execution of specific duties, quality, deliberation at the
meeting, independence of judgment, decision making, the The recommendation given
by the Board for Actions taken in response to
contribution of Directors at the meetings and the functioning recommendations for previous
of the Committees. Current Year Previous Year year in current year
(FY 2023- 24) (FY 2022-23)
The frequency To allocate Based on the Board’s
The Board of Directors has evaluated the performance of and number the additional recommendation, your company
all Independent Directors, Non-Independent Directors, of meetings time for has allocated sufficient time
Committees, the Chairperson, and the Board, as a whole. for the meetings. for each Board and Committee
Board and meeting and ensured an adequate
The Board deliberated on various evaluation attributes for
Committees time gap between meetings
all directors and after due deliberations made an objective to be conducted on the same day.
assessment and evaluated that all the directors in the Board increased To organise Based on the Board’s
have adequate expertise drawn from diverse industries and more number recommendation, your company
business and bring specific competencies relevant to the of in personal organised two personal meetings
meetings to enhance the effectiveness of
Company’s business and operations. The Board of Directors
management’s decision-making
also appraised the performance of the Independent Directors, abilities. These meetings aimed to
their fulfilment of independence criteria specified by the Act foster better communication and
and SEBI Listing Regulations, and well as their independence collaboration among the decision-
makers, ensuring more informed
from management. The Director being evaluated did not and strategic management choices.
participate in the evaluation process.
NON-EXECUTIVE DIRECTORS’ COMPENSATION AND
The Board also noted that the term of reference and DISCLOSURES
composition of the Committees was clearly defined. The None of the Independent / Non-Executive Directors have any
Committee performed their duties diligently and contributed pecuniary relationship or transactions with the Company which
effectively to the decisions of the Board. in the judgment of the Board, may affect the independence
of the Directors.
In addition to the above, your Company following our
excellence in corporate governance has steered a Board FAMILIARISATION PROGRAMME FOR INDEPENDENT
Evaluation process by appointing an Independent external DIRECTORS
agency to further enhance the efficiency and effectiveness The Company has periodically conducted familiarisation
of our governance processes. Wherein they examined programmes for its Independent Directors with the
our internal questionnaire report, both numeric as well as objective of making them accustomed to the business and
qualitative, that were sent directly to the Board members operations of the Company through various structured
on a confidential basis. The independent external expert orientation programs.
also had individual conversations with each Board member
and developed separate evaluation reports. Subsequently, The familiarisation programmes also intend to update the
the independent external expert collated reports for (a) the Independent Directors on a regular basis, on any significant
Board as a whole, (b) the Chairman of the Board, (c) Individual changes therein, so as to be in a position to take well informed
Directors, both Independent and Non- Non-Independent, and timely decisions.
and (d) for each of the Board Committees separately. The

66 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

The following are the familiarisation programmes undertaken The details as prescribed under Section 197(12) of the Act and
during the financial year: Rule 5(2) of the Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014 a statement showing
• The Board has been Imparted with ESG Training to
the names of the top ten employees in terms of remuneration
understand their role in environmental, social, and
drawn and names and other particulars of the employees
governance matters
drawing remuneration in excess of the limits set out in the
said rules forms part of this Report.
• The Company has introduced the board to Industry 4.0
highlighting its transformative potential and impact on
Having regard to the provisions of the second proviso
manufacturing & other attributes
to Section 136(1) of the Act and as advised, the Annual
Report excluding the aforesaid information is being sent
• The Board has undergone a Cybersecurity Training to
to the members of the Company. Any member interested
understand best practices for protecting company from
in obtaining such information may address their email to
Cyber attacks
compliance@sjsindia.com.

The further details of Familiarisation programme is available

EMPLOYEEES STOCK OPTION
on the website of the Company at https://www.sjsindia.com/
The Company has instituted employee stock options
investors.html#corporate-governance.
plan(s) from time to time to motivate, incentivize, and
reward employees. The Board Governance, Nomination and
PARTICULARS OF CONSERVATION OF ENERGY,
Remuneration Committee administers these plan(s). The
TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE
EARNINGS AND OUTGO stock option plans are in compliance with the Securities and
Pursuant to provisions of Section 134(3)(m) of the Act & Rule Exchange Board of India (Share Based Employee. Benefits
8(3)(A) of Companies (Accounts) Rules, 2014, the details of and Sweat Equity) Regulations, 2021, as amended (“Employee
Energy Conservation, Technology Absorption and Foreign Benefits Regulations”) and there have been no material
Exchange Earnings and Outgo is enclosed to this report as changes to these plans during the financial year. Disclosures
Annexure – E. on various plans, details of options granted, number of shares
arising as a result of exercise of options, etc., as required
DIRECTORS’ APPOINTMENT AND REMUNERATION under the Employee Benefits Regulations, is enclosed to this
POLICY report as Annexure – G and is available on the website of the
The Company has framed and adopted the Nomination Company at www.sjsindia.com.
& Remuneration Policy in terms of Section 178 of the Act
with effect from 19th July 2021 and Amended on 28th March PROHIBITION OF INSIDER TRADING
2024. The policy, inter alia, lays down the principles relating Pursuant to provisions of the Securities and Exchange Board
to appointment, cessation, retirement, remuneration, and of India (Prohibition of Insider Trading) Regulations, 2015,
evaluation of directors, key managerial personnel, and senior as amended (“PIT Regulations”), the Company has adopted
management personnel of the Company. Insider Trading Code to regulate, monitor and report
trading by insiders. This Code is applicable to Promoters, all
The Nomination & Remuneration Policy of the Company is Directors, Designated Persons and Connected Persons and
available on the website of the Company at https://www. their immediate relatives, who are expected to have access
sjsindia.com/investors.html#policies. to Unpublished Price Sensitive Information (“UPSI”) relating
to the Company.
PART ICUL ARS OF EMPLOYEES AND REL ATED
DISCLOSURES The Company has also formulated a ‘Code of Practices and
The details as prescribed under Section 197(12) of the Act and Procedures for Fair Disclosure of UPSI’ in compliance with
Rule 5(1) of the Companies (Appointment and Remuneration the PIT Regulations. The aforesaid Codes are available on
of Managerial Personnel) Rules, 2014, is enclosed to this the website of the Company at https://www.sjsindia.com/
report as Annexure – F. investors.html#policies.

Annual Report 2023-24 l 67

Directors’ Report (Contd.)

DIRECTORS’ RESPONSIBILITY STATEMENT Based on the internal financial controls and compliance
Pursuant to Section 134 (5) of the Act, the Directors hereby systems framework established and maintained by the
confirm that: Company, along with the assessments conducted by internal,
statutory, and secretarial auditors, including the audit of
(a) in the preparation of the annual accounts, the applicable internal financial controls over financial reporting by statutory
accounting standards had been followed along with auditors, and reviews performed by management and relevant
proper explanation relating to material departures; board committees, including the audit committee, the Board
concludes that the Company’s internal financial controls were
(b) the directors had selected such accounting policies and
sufficient and operational during the financial year.
applied them consistently and made judgments and
estimates that are reasonable and prudent so as to give
PROCEEDINGS PENDING UNDER THE INSOLVENCY AND
a true and fair view of the state of affairs of the company
BANKCRUPTCY CODE,2016
at the end of the financial year and of the profit of the
No application has been made or any proceeding is pending
company for that period;
under the IBC, 2016.
(c) the directors had taken proper and sufficient care
DIFFERENCE IN VALUATION
for the maintenance of adequate accounting records
The Company has never made any one-time settlement against
in accordance with the provisions of this Act for
the loans obtained from Banks and Financial Institution and
safeguarding the assets of the company and for
hence this clause is not applicable.
preventing and detecting fraud and other irregularities;

ACKNOWLEDGEMENTS
(d) the directors had prepared the annual accounts on a
The Directors extend their heartfelt gratitude to all the
going-concern basis;
employees for their invaluable contributions to the Company’s
success. The Directors also express their sincere thanks to the
(e) the directors, had laid down internal financial controls
members, employee unions, customers, dealers, suppliers,
to be followed by the Company and that such internal
bankers, governments, and all other business partners for their
financial controls are adequate and were operating
unwavering support and trust in the Company’s management.
effectively; and

(f) the directors had devised proper systems to ensure

compliance with the provisions of all applicable
For & on behalf of the Board of Directors
laws and that such systems were adequate and
operating effectively.
K.A. Joseph Sanjay Thapar
Managing Director CEO & Executive Director
DIN: 00784084 DIN: 01029851

Place: Bengaluru
Dated: 20th May, 2024

68 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

ANNEXURE - A
FORM NO. AOC-2
(Pursuant to clause (h) of sub-section (3) of section 134 of the Act 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 transactions
under third proviso thereto
1. Details of contracts or arrangements or transactions not at arm’s length basis:

Sl. No. Particulars Details

1. Name (s) of the related party & nature of relationship Nil
2. Nature of contracts/arrangements/transaction Nil
3. Duration of the contracts/arrangements/transaction Nil
4. Salient terms of the contracts or arrangements or transaction including the value, if any Nil
5. Justification for entering into such contracts or arrangements or transactions’ Nil
6. Date(s) of approval by the Board Nil
7. Amount paid as advances, if any Nil
8. Date on which the special resolution was passed in General meeting as required under first proviso to section
Nil
188

2. Details of material contracts or arrangements or transactions at arm’s length basis:

Details
SL. No. Particulars
1 2
1. Name (s) of the related party Exotech Plastics Private Limited Walter Pack Automotive Products
(EPPL) India Private Limited (WPI)
2. Nature of Relationship Wholly Owned subsidiary Subsidiary
3. Nature of contracts/arrangements/transaction 1) Sale of Goods and Services. 1) Sale of Goods and Services.
2) Sale of property, plant and 2) Sale of property, plant and
equipment equipment
4. Duration of the contracts/arrangements/transaction Not Applicable Not Applicable
5. Salient terms of the contracts or arrangements or ----------- -----------
transaction including the value, if any
6. Date of approval by the Board ----------- -----------
7. Amount paid as advances, if any ----------- -----------

Note: There were no material contracts or arrangements with related parties during the financial year 2023-24.

For & on behalf of the Board of Directors

K.A. Joseph Sanjay Thapar

Managing Director CEO & Executive Director
DIN: 00784084 DIN: 01029851

Place: Bengaluru
Dated: 20th May, 2024

Annual Report 2023-24 l 69

Directors’ Report (Contd.)

ANNEXURE - B
FORM AOC-1
(Pursuant to first proviso to sub-section (3) of Section 129 read with Rule 5 of Companies (Accounts) Rules, 2014

Statement containing salient features of the Financial Statement of Subsidiaries / Associate Companies/Joint
Ventures
Part “A”: Subsidiaries
(` in Mn)

Sl. No. Particulars Details

1. Name of the Subsidiary Exotech Plastics Private Walter Pack Automotive
Limited Products India Private Limited
2. Reporting Period for the subsidiary concerned, if different from Same as holding Company Same as holding Company
the holding company’s reporting period
3. Reporting Currency and Exchange rate as on last date of the Reporting Currency: INR Reporting Currency: INR
relevant Financial Year in case of Foreign Subsidiaries Exchange rate : Not Applicable Exchange rate : Not Applicable
4. Share Capital 28.00 35.01
5. Reserves & Surplus 591.26 472.43
6. Total Assets 986.26 1,299.12
7. Total Liabilities 367.00 791.68
8. Investments - -
9. Turnover 1,568.93 1,550.49
10. Profit before Taxation 179.30 209.26
11. Provision for Taxation 42.44 56.06
12. Profit after Taxation 136.86 153.20
13. Proposed Dividend 200% -
14. % of Shareholding 100% 90.1%
1. Names of Subsidiaries which are yet to commence operations: Nil
2. Name of Subsidiaries which have been liquidated or sold during the year: Nil

PART “B”: Associates and Joint Ventures

Sl. No. Name of Associates / Joint Ventures
1. Latest Audited Balance Sheet Date
Date on which the Associate / Joint Venture was associated or acquired
2. Shares of Associate / Joint Ventures held by the Company on the year end
i. Number of Shares Held
The company does not
ii. Amount of investment in Associates / Joint Venture
have any associate or Joint
iii. Extend of holding %
Ventures as at the end of the
3. Description of how there is significant influence
financial year.
4. Reason why the Associate / Joint Venture is not consolidated
5. Net worth attributable to shareholding as per latest audited Balance Sheet.
6. Profit / Loss for the year
i. Considered in consolidation
ii. Not considered in consolidation
Notes
(#) During the financial year, your Company shareholding in the Suryaurja Two Private Limited (the “STPL”) has substantially diminished to
16.33% from 48%, henceforth the STPL is no longer the associate company as per Companies Act 2013.

1. Names of Associates or Joint Ventures which are yet to commence operations: Nil
2. Names of Associates or Joint Ventures which have been liquated or sold during the year: Nil

For & on behalf of the Board of Directors

K.A. Joseph Sanjay Thapar
Managing Director CEO & Executive Director
DIN: 00784084 DIN: 01029851
Place: Bengaluru
Dated: 20th May, 2024

70 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

ANNEXURE- C
ANNUAL REPORT ON CSR ACTIVITIES
1. A BRIEF OUTLINE OF THE COMPANY’S CSR POLICY, INCLUDING OVERVIEW OF PROJECTS OR PROGRAMS
PROPOSED TO BE UNDERTAKEN TO THE CSR POLICY AND PROJECTS OR PROGRAMS:
The Company’s CSR policy is aimed at demonstrating care for the community through its focus on education & skill
development, health & wellness and environmental sustainability including biodiversity, energy & water conservation.
Also embedded in this objective is support for the disadvantaged/marginalised cross section of society by providing
opportunities to improve their quality of life.

The projects undertaken will be within the broad framework of Schedule VII of the Act.

2. THE COMPOSITION OF THE CSR COMMITTEE:

The Company has reconstituted the CSR Committee during the financial year, as per the provisions of Section 135 of the
Act and details of its members as on the end of the financial year are as follows:

Sl. Designation/ or No. of meetings of CSR No. of meetings of CSR Committee

Name of the Director
No nature of directorship Committee held during the year attended during the year
1 Mr. Matthias Frenzel Chairman 1 1
2 Mrs. Veni Thapar Member 1 1
3 Mr. K. A. Joseph Member 1 1
4 Mr. Sanjay Thapar Member 1 1
5 #Mr. Vishal Sharma Member - -
Note:
# Mr. Vishal Sharma has been a member of the committee until 27th September 2023.

3. Provide the web-link where Composition of CSR committee, CSR Policy and CSR projects approved by the board are
disclosed on the website of the company: https://www.sjsindia.com/investors.html#corporate-governance.

4. Provide the details of Impact assessment of CSR projects carried out in pursuance of sub rule (3) of rule 8 of the Companies
(Corporate Social Responsibility Policy) Rules, 2014, if applicable: Not Applicable

5. (a) Average net profit of the company as per section 135(5): ` 702.46 Mn

(b) Two percent of average net profit of the company as per section 135(5): ` 14.05 Mn

(c) Surplus arising out of the CSR projects, programs, or activities of the previous financial years: Nil

(d) Amount required to be set off for the financial year, if any: Nil

(e) Total CSR obligation for the financial year (b+cd): ` 14.05 Mn

6. (a) Amount spent on CSR projects (both Ongoing Projects and other than Ongoing Projects): ` 14.05 Mn

(b) Amount spent in Administrative Overheads: Not Applicable

(c) Amount spent on Impact Assessment, if applicable: Not Applicable

(d) Total amount spent for the Financial Year (a+b+c+d): ` 14.05 Mn

Annual Report 2023-24 l 71

Directors’ Report (Contd.)

(e) I CSR amount spent or unspent for the financial year:

Amount Unspent (` in Mn)

Total Amount Spent for
Total Amount transferred to Unspent Amount transferred to any fund specified under Schedule VII
the Financial Year
CSR Account as per section 135(6) as per second proviso to section 135(5)
(` in Mn).
Amount Date of transfer Name of the Fund Amount Date of transfer
14.05 - - - - -

II. Details of CSR amount spent against other than ongoing projects for the financial year:

(1) (2) (3) (4) (5) (6) (7) (8)

Mode of implementation
Item from Location of the Amount Mode of – Through implementing
the list of Local project spent Implemen
Sl. agencies:
Name of the Project activities in area for the tation –
No. CSR
Schedule VII (Yes/ No) project Direct
to the Act State District (` in Mn) (Yes No) Name registration
number
1. Kumarappa Institute
Kumarappa
of Gram Swaraj – The Clause II of
No Rajasthan Jaipur 0.50 No Institute of CSR00004538
Program Welfare of Brick Schedule VII
Gram Swaraj
lane Workers
2. Let’s Feed the Needy -
Main objective to provide
home cooked food to
people in need at various
places like Railway Clause I of Tamil Let’s Feed
No Chennai 0.50 No CSR00026824
Station, Bus Stand, Road, Schedule VII Nadu the Needy
Beaches, children &
elderly people at Orphan
centers and Old Age
homes
3. Santhwana Charitable
Trust – Aim of
coordinating social and
Santhwana
community health care Clause I of Bangalore
Yes Karnataka 0.50 No Charitable CSR00010685
services to the poor, sick Schedule VII South
Trust
and the most neglected
section of our society in
India
4. CBCI Society for Medical
Education - Payment CBCI Society
Clause I of Bangalore
towards medical Yes Karnataka 0.50 No for Medical CSR00008207
Schedule VII South
treatment of poor and Education
needy
5. “Garbage Cleaning in and
Clause I of Bangalore
around SJS Yes Karnataka 3.21 Yes - -
Schedule VII South
(Covered upto 14 villages)
6. Sponsoring to Mr. Kumar
Clause VII of
Manikandan, Paralympic No Pan India 0.88 Yes - -
Schedule VII
Athlete

72 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

(1) (2) (3) (4) (5) (6) (7) (8)

Mode of implementation
Item from Location of the Amount Mode of – Through implementing
the list of Local project spent Implemen
Sl. agencies:
Name of the Project activities in area for the tation –
No. CSR
Schedule VII (Yes/ No) project Direct
to the Act State District (` in Mn) (Yes No) Name registration
number
7. Government School
Development Project
1. Distributed e-learning
kits (computer, projector,
bags, and Nali-Kali tables
and chairs) in government
schools
2. Constructed a new
building at Varahasandra
government school
Clause II of Bangalore
including two classrooms Yes Karnataka 3.46 Yes - -
Schedule VII South
with a seating capacity of
50 children each, an RO
unit for clean drinking
water, and two restrooms
3. A bore well was
installed at the Vani Vilas
Institute, government
women’s college to meet
the water needs of 700
female students.
8 Women Empowerment
Projects (Provided support
upto 200 underprivileged
Varchass
women with vocational Clause II of Bangalore
Yes Karnataka 2.59 No National CSR00028354
trainings like Tailoring, Schedule VII South
Seva Trust
Driving, Hand Embroidery,
Computer Training,
Beautician Etc.)
9 Health Checkup upto
900 villagers (Conducted
comprehensive health
check-ups and free Clause I of Bangalore
Yes Karnataka 1.91 Yes - -
doctor consultations for Schedule VII South
up to 900 underprivileged
villagers)

Total 14.05

Notes:
“Garbage clearance: We have taken AMC for garbage collection of segregated wet waste, dry waste and street waste in Agara Grama
Panchayath jurisdiction and appointed VA Services, a vendor approved by the Panchayath for the above services, and the payment will be
on monthly bill-to-bill basis.

Annual Report 2023-24 l 73

Directors’ Report (Contd.)

(f) Excess amount for set off, if any: Not applicable

Sl. No. Particular Amount (` in Mn)

(i) Two percent of average net profit of the company as per section 135(5) 14.05
(ii) Total amount spent for the Financial Year 14.05
(iii) Excess amount spent for the financial year [(ii)-(i)] -
(iv) Surplus arising out of the CSR projects or programmes or activities of the previous financial years, Nil
if any
(v) Amount available for set off in succeeding financial years [(iii)-(iv)] Nil

7. Details of Unspent CSR amount for the preceding three financial years:

Amount Amount
Amount transferred to any fund
transferred to Amount spent remaining
Preceding specified under Schedule VII as
Sl. Unspent CSR in the reporting to be spent
Financial per section 135(6), if any.
No. Account under Financial Year in succeeding
Year
section 135 (6) (` in Mn) Name of Amount Date of financial years.
(` in Mn) the Fund (` in Mn) transfer. (` in Mn)
1 FY 1 Nil Nil Nil Nil Nil Nil
2 FY 2 Nil Nil Nil Nil Nil Nil
3 FY 3 Nil Nil Nil Nil Nil Nil

8. 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): Not Applicable

(a) Date of creation or acquisition of the capital asset(s).

(b) Amount of CSR spent for creation or acquisition of capital asset.

(c) Details of the entity or public authority or beneficiary under whose name such capital asset is registered, their
address etc.

(d) Provide details of the capital asset(s) created or acquired (including complete address and location of the capital
asset).

9. 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

For and on behalf of the Board of Directors

K.A. Joseph Sanjay Thapar
Managing Director CEO & Executive Director
DIN: 00784084 DIN: 01029851

Place: Bengaluru
Dated: 20th May, 2024

74 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

ANNEXURE- D
SECRETARIAL AUDIT REPORT
For the financial year ended 31st March 2024
[Pursuant to Section 204(1) of the Companies Act, 2013 and Rule No. 9 of the Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014]

To, (iv) Foreign Exchange Management Act, 1999 and the Rules
The Members and Regulations made there under (“FEMA”) to the
S.J.S. Enterprises Limited extent of Foreign Direct Investment, Overseas Direct
(CIN: L51909KA2005PLC036601) Investment (‘ODI’) and External Commercial Borrowings
Sy No 28/P16 of Agra village and (‘ECB’) [The Company has neither invested in the form of
Sy No 85/P6 of B.M Kaval Village, ODI nor raised any ECB during the Audit Period];
Kengeri Hobli, Bangalore,
Bangalore Rural, KA - 560082 (v) The following regulations and guidelines prescribed
under the Securities and Exchange Board of India Act,
I have conducted the Secretarial Audit of the compliance of 1992 (“SEBI Act”) :
applicable statutory provisions and the adherence to good
corporate practices by S.J.S. Enterprises Limited [formerly a. Securities and Exchange Board of India (Listing
known as S.J.S. Enterprises Private Limited] (the “Company”). Obligations and Disclosure Requirements)
Secretarial Audit was conducted in a manner that provided me Regulations, 2015;
with a reasonable basis for evaluating the corporate conducts/
statutory compliances and expressing my opinion thereon. b. 
The Securities and Exchange Board of India
(Substantial Acquisition of Shares and Takeovers)
Based on my verification of the Company’s books, papers, Regulations, 2011;
minute books, forms and returns filed and other records
maintained by the Company and also the information c. Securities and Exchange Board of India (Prohibition
provided by the Company, its officers, agents and authorised of Insider Trading) Regulations, 2015;
representatives during the conduct of secretarial audit, I
hereby report that in my opinion, the Company has, during d. 
Securities and Exchange Board of India (Issue
the audit period covering the financial year ended on 31st of Capital and Disclosure Requirements)
March 2024 (“Audit Period”), complied with the statutory Regulations, 2018;
provisions listed hereunder and also that the Company has
proper Board-processes and compliance-mechanism in place e. Securities and Exchange Board of India (Share
to the extent, in the manner and subject to the reporting Based Employee Benefits and Sweat Equity)
made hereinafter: Regulations, 2021;

I have examined the books, papers, minute books, forms and f. 

The Securities and Exchange Board of India
returns filed and other records maintained by the Company (Issue and Listing of Non-Convertible Securities)
for Audit Period, according to the provisions of: Regulations, 2021 - Not Applicable;

(i) The Companies Act, 2013 and the rules made there under g. 
The Securities and Exchange Board of India
(“Act”); (Registrars to an Issue and Share Transfer Agents)
Regulations, 1993 regarding the Companies Act and
(ii) The Securities Contracts (Regulation) Act, 1956 and the dealing with client;
Rules made there under;
h. 
The Securities and Exchange Board of India
(iii) The Depositories Act, 1996 and the regulations and bye- (Delisting of Equity Shares) Regulations, 2021 -
laws framed there under; Not Applicable;

Annual Report 2023-24 l 75

Directors’ Report (Contd.)

i. Securities and Exchange Board of India (Buyback of changes in the composition of the Board of Directors
Securities) Regulations, 2018 - Not Applicable; and that took place during the Audit Period were carried out
in compliance with the provisions of the Act.
(vi) 
Other laws informed by the management of the
Company, as applicable to the Company, are enclosed - Adequate notice is given to all directors to schedule
as Annexure-1 hereto. the Board Meetings, agenda and detailed notes on
agenda were sent at least seven days in advance (and
Further, I have also examined compliance with the applicable by complying with prescribed procedure where the
clauses of the following: meetings are called with less than seven days’ notice),
and a system exists for seeking and obtaining further
i. 
Secretarial Standards issued by The Institute of information and clarifications on the agenda items
Company Secretaries of India with respect to Board and
before the meeting and for meaningful participation at
General meetings.
the meeting.

ii. The Listing Agreements entered into by the Company

- All decisions at the Board Meetings and Committee
with National Stock Exchange of India Limited and BSE
Meetings are carried out unanimously, as recorded in
Limited read with the SEBI (Listing Obligations and
the minutes.
Disclosure Requirements) Regulations, 2015.

I further report that:

During the Audit Period, the Company has complied with
the applicable laws, rules, regulations, guidelines, standards
- there are systems and processes in the Company to
etc. as mentioned above, except for one instance where
the Company has filed e-form beyond the due date, with monitor and ensure compliance with applicable laws, rules,
additional fees. regulations and guidelines.

I further report that: - the Company during the Audit period, has a material
unlisted subsidiaries viz. Exotech Plastics Private Limited and
- 
The Board of Directors of the Company is duly Walter Pack Automotive Products India Private Limited a
constituted with proper balance of Executive Directors, separate Secretarial Audit Report has been issued by me for
Non-Executive Directors and Independent Directors. The this entity.

C. Dwarakanath
Company Secretary in Practice
FCS No: 7723; CP No: 4847
Place: Bengaluru UDIN: F007723F000413942
Date: 20th May 2024 Peer Review Certificate No. 647/2020

Note: This report is to be read with my letter of even date which is annexed as Annexure-2 hereto and forms an integral part of this report.

76 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Annexure-1
LIST OF OTHER LAWS APPLICABLE

A. CORPORATE LAWS 17. The Labour Welfare Fund Act, 1965

1. The Depositories Act, 1996 and regulation and bye-
laws there under C. TAXATION LAWS
1. The Income Tax Act, 1961;
B. LABOUR LAWS
1. The Factories Act, 1948; 2. Goods & Service Tax Act, 2017

2. Child Labour (Prohibition and Regulation) Act, 1986; 3. The Customs Act, 1962;

3. Sexual Harassment at Workplace (Prevention, 4. Professional tax related state-wise legislation

Prohibition and Redressal) Act, 2013;
5. Customs Tariff Act, 1975
4. The Contract Labour (Regulation and Abolition)
6. Customs and Central Excise Duties Drawback
Act, 1970;
Rules, 2017
5. The Employees’ Provident Fund and Miscellaneous
Provisions Act, 1952; D. INTELLECTUAL PROPERTY LAWS
1. The Trade Marks Act, 1999
6. The Employees’ State Insurance Act, 1948
E. ENVIRONMENTAL LAWS
7. The Employees’ Compensation Act, 1923 and 1. The Water (Prevention and Control of Pollution)
Workmen’s Compensation Rules, 1924 Act, 1974;
8. The Equal Remuneration Act, 1976; 2. 
The Air (Prevention and Control of Pollution)
Act, 1981;
9. The Industrial Disputes Act, 1947;
3. The Environment Protection Act, 1986; and
10. The Industrial Employment (Standing Orders)
Act, 1946; 4. Hazardous and other wastes (Management and
Trasboundary Movement) Rules, 2016
11. The Maternity Benefit Act, 1961;
5. Environment Impact Assessment Notification
12. The Minimum Wages Act, 1948;
of 2006
13. The Payment of Bonus Act, 1965;
F. MISCELLANEOUS LAWS
14. The Payment of Gratuity Act, 1972; 1. The Prevention of Money Laundering Act, 2002;

15. The Payment of Wages Act, 1936;

2. 
The Micro, Small and Medium Enterprises
16. The Employment Exchanges (Compulsor y Development Act, 2006; and
Notification of Vacancies) Act, 1959; and
3. The Competition Act, 2002

C. Dwarakanath
Company Secretary in Practice
FCS No: 7723; CP No: 4847
Place: Bengaluru UDIN: F007723F000413942
Date: 20th May 2024 Peer Review Certificate No. 647/2020

Annual Report 2023-24 l 77

Directors’ Report (Contd.)

Annexure-2

To, I believe that the processes and practices, I followed

The Members provide a reasonable basis for my opinion.

S.J.S. Enterprises Limited 3. I have not verified the correctness and appropriateness of
(CIN: L51909KA2005PLC036601) financial records and books of accounts of the Company.
Sy No 28/P16 of Agra village and
4. The compliance of the provisions of corporate and other
Sy No 85/P6 of B.M Kaval Village, applicable laws, rules, regulations, standards etc., is the
Kengeri Hobli, Bangalore, responsibility of the management of the Company. My
examination was limited to the verification of procedures
Bangalore Rural, KA - 560082
on random test basis.

My Secretarial Audit Report of even date is to be read along

5. Wherever required, I have obtained the management
with this letter. representation about the compliance of laws, rules and
regulations and happening of events etc.
1. Maintenance of secretarial records is the responsibility
of the management of the Company. My responsibility is 6. The list of laws applicable to the Company enclosed
to express an opinion on these secretarial records based as Annexure-1 to the Secretarial Audit Report is as
on the audit. confirmed by the management of the Company. The
Secretarial Audit Report is neither an assurance nor a
2. I have followed the audit practices and processes as were confirmation that the list is exhaustive.
appropriate to obtain reasonable assurance about the
7. The Secretarial Audit Report is neither an assurance as to
correctness of the contents of the secretarial records.
the future viability of the Company nor of the efficacy or
The verification was done on random test basis to ensure
effectiveness with which the management has conducted
that correct facts are reflected in the secretarial records. the affairs of the Company.

C. Dwarakanath
Company Secretary in Practice
FCS No: 7723; CP No: 4847
Place: Bengaluru UDIN: F007723F000413942
Date: 20th May 2024 Peer Review Certificate No. 647/2020

78 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

ANNEXURE – E

INFORMATION RELATING TO ENERGY CONSERVATION, TECHNOLOGY ABSORPTION,

AND FOREIGN EXCHANGE EARNINGS AND OUTGO FORMING PART OF DIRECTORS’
REPORT IN TERMS OF SECTION 134(3)(m) OF THE COMPANIES ACT, 2013 READ WITH
THE COMPANIES (ACCOUNTS) RULES, 2014

A) CONSERVATION OF ENERGY to wind power resulted in cost savings of around

The Company recognises the importance of Conservation ` 2.8 Mn.
of Energy and has made considerable efforts towards
this goal. During the financial year, various measures 5. Reduced Electricity Purchase from BESCOM:
were undertaken to conserve energy and promote The Company has achieved notable strides in
sustainable practices, resulting in a significant reduction diminishing its reliance on electricity procured
in energy consumption. Some of the key initiatives and from the Bangalore Electricity Supply Company
achievements in this regard are as follows: (BESCOM). The proportion of electricity purchased
from BESCOM plummeted from 36.91% to 9.38%
1. LEED Gold Rated Manufacturing Facility: In over the course of the financial year. The electricity
2019, the company’s manufacturing facility has consumption through BESCOM reduced 71.64%
been awarded the LEED Gold certification by compared to previous year since the consumption
the U.S. Green Building Council. This prestigious from renewable energy increased.
recognition highlights the facility’s commitment
to environmentally friendly and energy- 6. Increasing Renewable Energy: The Company has
efficient practices. made substantial progress in meeting its power
requirements for manufacturing through the
2. Solar Power Generation: The Company has utilisation of renewable solar energy.
invested in renewable energy sources, with a
A significant portion of the electricity needed during
total installed capacity of the solar plant being
the year, approximately 67.61%, was supplied by
1.9 MWp. During the financial year, the solar plant
third party power. Additional power purchases were
generated 1,992,930 units of solar power. Through
made during the year, totaling an extra 25,62,479
the utilisation of solar energy, the company
KWH. This represents a 74.06% increase in third-
has successfully decreased its dependence on
party power purchases compared to the previous
traditional electricity sources.
year, 2022-23.

3. Rooftop Solar Power Panels and Solar Park: A The Company achieved a significant milestone in
significant amount of the electricity needed for the its sustainability efforts by consuming 89.98% of its
manufacturing facility is generated from rooftop total energy from renewable sources.
solar panels and a solar park situated within the
factory premises. This renewable solar energy 7. Carbon Emissions Reduction: In line with its
contributes to around 20% - 25% of the total dedication to mitigating climate change, the
electricity needs for the year. Company has established a goal to double the
reduction of carbon emissions in the fiscal year
4. Wind Power Purchase: In a commitment to 2023-24 compared to the preceding fiscal year
increase reliance on renewable energy, the Company 2022-23. Notably, the Company is pleased to report
purchased 3,460,000 units of wind power during a significant decline in emissions during the fiscal
the financial year. This accounted for 43.33% of the year 2023-24, showcasing a remarkable reduction of
total electricity requirement, a significant increase approximately 69.95% compared to the fiscal year
from the 7% recorded in the previous year. The shift 2022-23.

Annual Report 2023-24 l 79

Directors’ Report (Contd.)

8. ISO 50001 Certification on Energy Management underwent recycling via the Sewage Treatment
System: The Company’s journey towards ISO 50001 Plant (STP), while 64.15% underwent recycling
certification began with a thorough assessment of through the Effluent Treatment Plant (ETP).
our current energy use and identification of key areas
for improvement. This involved a comprehensive 3. Chiller Water Bleed Out Reduction: The Company
analysis of our energy consumption patterns, the actively monitored water parameters and optimised
establishment of energy performance indicators, chiller operations, leading to a reduction in chiller
and the setting of energy efficiency targets. water bleed out from 10,000 liters to 7,000 liters
per day. This measure resulted in substantial water
The implementation of ISO 50001 has led to savings of around 90,000 liters per month.
the integration of energy management into our
corporate culture. Employees at all levels have The Company remains committed to advancing its
been engaged in energy-saving initiatives, and energy and water conservation efforts, leveraging
continuous training programs have been conducted renewable energy sources, and continually exploring
to enhance awareness and skills related to energy innovative technologies to further reduce its
management. The company has completed all environmental footprint. These initiatives are in line
necessary formalities and is in the final stages of with the Company’s vision to be a responsible and
obtaining the certification, which is expected to be sustainable corporate entity. For more details on
received by the end of September. energy and water consumption analysis, please
refer Principle 6 of the Business Responsibility
9. High Pressure Compressor and Machine Dryer and Sustainability Reporting (BRSR).
Modifications: To optimise energy usage, the
Company invested in a high-pressure compressor, C) TECHNOLOGY ABSORPTION
resulting in a remarkable 60% reduction in running During the financial year, the Company made continuous
costs, saving approximately 5,670 kWh per month efforts towards technology absorption, including
and 68,040 kWh annually. Additionally, four machine the procurement of latest technology machines and
dryers were modified with Variable Frequency implementation of Kaizen/process improvements.
Drives (VFDs) contributing to 30Hz, leading to a These endeavors resulted in improved quality, process
power saving of around 432 kWh per month and efficiency, product development, increased production
4,800 kWh annually. output, reduced rejections, enhanced employee health
and safety, cost reduction, higher customer satisfaction,
B) WATER CONSERVATION
and overall organisational growth.
 The Company is equally committed to Water
Conservation, and several initiatives were undertaken
D) FOREIGN EXCHANGE EARNINGS AND OUTGO
during the financial year to minimise water usage and
The details of foreign exchange earnings / outgo during
promote responsible water management practices:
the financial year are as follows:

1. Zero Water Purchase: During the financial year, 2023-24 2022-23

the Company reached a significant milestone PARTICULARS
(` in Mn) (` in Mn)
by sourcing zero liters of water from external Inflow in Foreign Currency 456.14 315.78
sources. This achievement was facilitated through Outflow in Foreign Currency 403.73 343.78
the implementation of rainwater harvesting
techniques and the maintenance of underground For & on behalf of the Board of Directors
water reserves. K.A. Joseph Sanjay Thapar
Managing Director CEO & Executive Director
2. Wastewater Recycling/Treatment: In efforts to DIN: 00784084 DIN: 01029851
alleviate pressure on water resources, the Company
introduced effective wastewater recycling and Place: Bengaluru
treatment methods. A notable 83.80% of wastewater Dated: 20th May, 2024

80 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

ANNEXURE – F

STATEMENT OF DISCLOSURE OF REMUNERATION UNDER SECTION 197(12) OF

THE COMPANIES ACT, 2013 AND RULE 5(1) OF COMPANIES (APPOINTMENT AND
REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014

(a) The ratio of remuneration of each director to the median remuneration of the employees of the Company and
percentage increase in remuneration of each director, CFO, CEO, Company Secretary or Manager, if any, in the
financial year:

Remuneration Ratio of Remuneration

of Director for of each Director to the
% Increase in
Name Designation financial year median remuneration
remuneration
2023-24 of employees for
(` in Mn. ) financial year 2023-24
Non-Executive Directors
Mr. Ramesh C Jain Chairman &
1.43 3.29 N.A.
Independent Director
Mrs. Veni Thapar Independent Director 1.83 4.22 N.A.
Mr. Matthias Frenzel Independent Director 1.05 2.43 N.A.
Mr. Vishal Sharma Nominee Director Nil Nil N.A.
Mr. Kazi Arif Uz Zaman Nominee Director Nil Nil N.A.
Executive Directors and Key Managerial Personnel
Mr. K A Joseph Managing Director 29.18 67.43 10%
Mr. Sanjay Thapar CEO & Executive Director 49.07 113.38 10%

Mr. Kevin K Joseph Executive Director 3.00 6.93 150%

Mr. Mahendra Kumar Naredi Chief Financial Officer 13.96 32.25 13%
Mr. Thabraz Hushain W Company Secretary &
1.73 4.00 20%
Compliance Officer
Note: Independent directors were paid remuneration by way of sitting fees

(b) The percentage increase in the median remuneration of employees in the financial year:
10%

(c) The number of permanent employees on the rolls of Company:

Permanent employees on the rolls of the Company as on 31st March 2024 were 501

(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:
Average percentage increase made in the salaries of employees other than the managerial personnel in the financial year
was 6.10% whereas the increase in the managerial remuneration for the financial year was Nil.

The increment given to each individual employee is based on the employees’ potential, experience, performance and
contribution to the Company’s growth over a period of time and also benchmarked against Industry standard.

(e) Affirmation that the remuneration is as per the remuneration policy of the company: Yes

Annual Report 2023-24 l 81

Directors’ Report (Contd.)

ANNEXURE - G

DETAILS OF S.J.S. ENTERPRISES – EMPLOYEE STOCK OPTION PLAN – 2021

[Pursuant to the provisions of Section 62 of the Companies Act, 2013, read with Rule 12 of The Companies (Share Capital and
Debentures) Rules, 2014 and Part F of Schedule I of SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021]

The Company, pursuant to resolution passed by the Board on 12th July 2021 and the resolution passed by the members on
14th July 2021, adopted S.J.S. Enterprises – Employee Stock Option Plan – 2021 (“ESOP 2021”) to create, offer, issue and allot in
one or more tranches, stock options which are convertible into Equity Shares. ESOP 2021 was further amended pursuant to a
resolution passed by the Board on 24th September 2021 and the resolution passed by the members on 27th September 2021.

Subsequently, pursuant to an IPO, the equity shares of the Company were listed on the BSE and NSE with effect from 15th
November 2021. Accordingly, in terms of the Regulation 12(1) of the SEBI (Share Based Employee Benefits & Sweat Equity)
Regulations, 2021, the Company obtained approval from its shareholders through postal ballot on 29 th March 2022 for
ratification of the ESOP 2021 and further amended pursuant to a resolution passed by the Board on 04th August, 2022.
Note: All the above approvals were based on the recommendations of Nomination and Remuneration Committee (“NRC Committee”).

The purpose of ESOP 2021 is to reward the employees of the Company and its Subsidiaries any successor company thereof,
for their association, retention, dedication and contribution to the goals of the Company. The aggregate number of Equity
Shares issued under ESOP 2021, upon exercise, shall not exceed 2,435,000 Equity Shares at such price and on such terms and
conditions as may be fixed or determined by the NRC Committee.

18,57,000 Employee stock options have been granted to a total of 336 employees of the Company and its subsidiaries under
ESOP 2021 across various levels, of which 2,47,000 options of 75 employees have been forfeited due to resignation.

Details of ESOP ESOP 2021

1. Description of each ESOP that existed at any time during the year:
Date of Shareholders approval Refer above Para 1 & 2 above
Total number of options approved under ESOP 2021 2,435,000
Vesting requirement • Options granted under ESOP 2021 shall vest not earlier than One year
and not later than maximum Vesting Period of Five years from the date
of Grant.
•  Vesting of Options would be subject to compliance with Vesting
Condition(s) specified in the Grant Letter as well as continued
employment with the Company including Subsidiary(ies), as relevant
(please refer below “Variation in terms of options”).
Exercise price/Pricing Formula The exercise price will be determined by the NRC Committee from time to
time in accordance with the by SEBI regulation.
Note: The specific Exercise Price will be stated in the grant letter
Minimum term of options granted (years) • Options granted under ESOP 2021 shall vest not earlier than One year
and not later than maximum Vesting Period of Five years from the date
of Grant.
•  Vesting of Options would be subject to compliance with Vesting
Condition(s) specified in the Grant Letter as well as continued
employment with the Company including Subsidiary(ies), as relevant
(please refer below “Variation in terms of options”).
Source of shares • NRC Committee shall, in accordance with this Plan and applicable laws,
determine the source of shares during the time of exercise of options
Variation in terms of options Variations pertain only to the Vesting Period as follows:
• All employees: after completion of 3rd year - 50%, after completion of
4th year - 25%, after completion of 5th year - 25%,
• Mr. Sanjay Thapar: After completion of 3rd year (Only for the 4,50,000
options grant before IPO)

82 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Details of ESOP ESOP 2021

2. Method used to account for ESOP:
The Company has calculated the employee compensation cost using the Fair value method of accounting for the Options granted.
3. Option Movement during the year:
Number of options outstanding at the beginning of the 1,313,500
year
Number of options granted during the year 309,000
Number of options forfeited/lapsed during the year 12,500
No. of options vested during the year Nil
Number of options exercised during the year Nil
Total number of shares arising as a result of exercise of Nil
options
Money realised by exercise of options Nil
Number of options outstanding at the end of the year 1,610,000
Number of options exercisable at the end of the year Nil
4 Weighted-average exercise price of options granted during the year whose:
Weighted average price equals market price Please refer to the Note No. 39 of the Standalone Financial Statements
Exercise price is greater than market price and Note No. 39 of the Consolidated Financial Statements of the Company
Exercise price is less than market price for the financial year ended 31st March 2024.
Exercise price equals market price
Exercise price is greater than market price
Exercise price is less than market price
5 Employee-wise details of options granted during the FY 2023-24 to:
Senior Managerial personnel / Key Managerial Personnel Mr. Roy Mathew – Whole-Time Director at Walter Pack Automotive
Products India Private Limited (“Subsidiary”) – 1,00,000
Employees who were granted, during any one year, Nil
options amounting to 5% or more of the options granted
during the year
Identified employees who were granted options, during Nil
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

Method and Assumptions used to estimate the fair value of options granted during the year:
The fair value has been calculated using the Black Scholes Option Pricing Model. The Assumptions used in the model are
as follows:

Particulars ESOP 2021

Grant date
Weighted average fair value of options granted Exercise price
Share price at the grant date Please refer to the Note No. 39 of the Standalone
Financial Statements and Note No. 39 of the Consolidated
Expected volatility
Financial Statements of the Company for the financial year
Expected option life ended 31st March 2024.
Risk free interest rate
Expected dividend yield

For & on behalf of the Board of Directors

K.A. Joseph Sanjay Thapar
Managing Director CEO & Executive Director
DIN: 00784084 DIN: 01029851

Place: Bengaluru
Dated: 20th May, 2024

Annual Report 2023-24 l 83

Corporate Governance Report
In terms of SEBI (LODR) Regulations, 2015, the details of compliance for the year ended 31st March 2024.

A BRIEF STATEMENT ON COMPANY’S PHILOSOPHY ON The Board further confirms that in its opinion, the Independent
CODE OF GOVERNANCE Directors fulfil the conditions specified in SEBI Listing
S.J.S. Enterprises Limited (hereinafter “Company”) believes that Regulations and are independent from the management of
good corporate governance drives the direction and control the Company.
of the affairs of the Company in an efficient manner and helps
in achieving the goal of maximising the value of Company’s While appointing new Directors on the Board, the Nomination
stakeholders in a sustainable manner. Company’s Governance and Remuneration Committee of the Board considers the
framework is built on transparency, integrity, ethics, honesty qualifications, positive attributes and independence as per
and accountability as core values, and the management believes the criteria laid down in that behalf and recommends to
that practice of each of these creates the right corporate the Board, for its consideration, the appointment of such
culture, fulfilling the purpose of Corporate Governance. identified Directors.

Key tools devised for achieving the enshrined objectives are The Board, inter alia, provides leadership, strategic guidance,
a well-defined code of conduct, robust internal and financial objective and independent view / judgment to the Company’s
controls, systems, transparency, risk management procedures/ management. The Board meets at regular intervals for planning,
systems; communications, ESH standards, product quality assessing and evaluating all important business.
standards, etc., which are properly implemented through
continuous review process and mechanism setup for the The Board members are updated from time to time, on the
said purpose. Company’s procedures and policies as per the familiarisation
program devised in that behalf by the Company, copy of the
BOARD OF DIRECTORS same is available on the Company’s website at www://sjsindia.
The Board of the Company consists of eminent individuals with com/investors.html#policies.
optimum balance of Executive Directors and Non-Executive
Directors, having professional expertise from different fields None of the Board of Directors of the Company are Director in
including but not limited to, technical, business strategy more than twenty (20) companies or Director in more than ten
and management, marketing, finance, governance, supply (10) public companies (including private companies that are
chain management and thus meets the requirements of the either holding or subsidiary company of a public company) or
Board diversity. Director in more than seven (7) listed companies.

COMPOSITION AND CATEGORY OF DIRECTORS None of the Board of Directors of the Company is a member
The Chairman is a Non-Executive Independent Director in more than 10 committees or Chairman of more than 5
and the Board comprises of an optimum combination of committees as specified under SEBI Listing Regulations, across
Executive, Non-Executive Directors including Woman Director all the listed / public limited companies in which he/ she is
as required under the Companies Act, 2013 (“the Act”) and a Director.
Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015 (the “SEBI Listing None of the Independent Directors have any material pecuniary
Regulations”). As on the end of the financial year 2023-24 and relationship or transaction with the Company, its holding,
as on date, the Board comprises of six (6) Directors, out of which associate or subsidiary companies. The Board confirms that the
three (3) are Independent Directors (including an independent Independent Directors fulfill the conditions specified in SEBI
woman director) and three (3) are Executive Directors, of whom Listing Regulations and the Act and that they are Independent
two (2) directors belong to the Promoter Category. of the management.

The composition of board is covered in the Directors’ Report, As per the information available with the Company, except
please refer to the heading “BOARD OF DIRECTORS” for Mr. K A Joseph and Mr. Kevin K Joseph, none of the Directors
more details. are related to each other.

84 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

BOARD MEETINGS 25th April 2023, 27th April 2023, 03rd May 2023, 15th May 2023,
The Board meets at regular intervals to discuss and decide 26th July 2023, 07th November 2023, 14th December 2023 and
on business strategies/policies and review the financial 01st February 2024.
performance of the Company. The notice and detailed agenda
along with the relevant notes and other material information The interval between any two meetings of the Board was well
are sent in advance to each Director (in compliance with the within the maximum period mentioned under Section 173 of
Act and the Articles of Association of the Company in case the Act and the SEBI Listing Regulations.
of meetings being held at a short notice) and in exceptional
cases, tabled at the meeting with the approval of the Board.
Information on various important business proposals including
This ensures timely and informed decisions by the Board. The
the information as stipulated in Schedule II of the SEBI Listing
Board reviews the performance of the Company vis-à-vis the
budgets/targets. Regulations and recommendations of various committees
have been placed before the Board for its consideration.
During the financial year 2023-24, the Board of Directors of During the financial year 2023-24, the Board has accepted all
the Company duly met eight (08) times as depicted below on the recommendations from the Committees.

Attendance of Directors at the Board Meetings held during the financial year 2023-24 and the last Annual General
Meeting held on 04th September, 2023 and the number of other Directorship(s) and Committee Membership(s) or
Chairpersonship(s) held by Directors are as follows:
Directors of the Company as of 31st March 2024:

1
No. of other 2,3&4
No. of Board/
Directorships Committee in which director is
No. of Board Meetings Whether
Name of the Director held in other a Member / Chairperson as on
attended
Designation / Category companies 31.03.2024
AGM
as on
Liable to attend Attended 31.03.2024 Member Chairperson
Mr. Ramesh C Jain 08 08 Yes 6 3 1
Chairman & Independent Director
Mr. K A Joseph 08 08 Yes 2 1 -
Managing Director
Mr. Sanjay Thapar 08 08 Yes 3 2 -
CEO & Executive Director
Mr. Kevin K Joseph 08 08 Yes - - -
Executive Director
Mrs. Veni Thapar 08 08 Yes 3 5 -
Independent Director
Mr. Matthias Frenzel 08 08 Yes - 1 -
Independent Director
*Notes:-
1. Directorships exclude companies incorporated outside India, Section 8 Company under the Companies Act, 2013.
2. For the purpose of membership in Committees, private limited companies, foreign companies, high value debt listed entities and
companies under Section 8 of the Companies Act, 2013 shall be excluded.
3. As required by Regulation 26(1) of the SEBI Listing Regulations, the disclosure includes membership(s)/ chairpersonship(s) of the Audit
Committee and Stakeholders’ Relationship Committee in Indian Public Companies (listed and unlisted) including membership(s)/
chairpersonship(s) in the Company.
4. Membership(s) of Committees includes chairpersonship(s), if any.

Annual Report 2023-24 l 85

Corporate Governance Report (Contd.)

Number of directors resigned during the year:

Name of the Director No. of Board Meetings

Remarks
Designation / Category Liable to attend Attended
Mr. Vishal Sharma 05 05 Mr. Vishal Sharma (DIN: 01599024) and Mr. Kazi Arif UZ Zaman
Nominee Director (DIN: 00237331) have stepped down from their positions as Non-
Mr. Kazi Arif Uz Zaman 05 05 Executive, Nominee Directors (Nominee Directors of Evergraph
Nominee Director Holdings Pte Ltd) on the Company’s Board, effective from 27th
September, 2023.

Number of Meetings held and attendance of the Directors

The details of Meetings held and attended by the directors during the financial year 2023-24 are given below:

Meeting No. No. of Meetings

1 2 3 4 5 6 7 8 during the year
Name of the Director 2023-24
Designation / Category 25th 27th 03rd 15th 26th 07th 14th 01st
April April May May July November December February Liable to
Attended
2023 2023 2023 2023 2023 2023 2023 2024 attend
Mr. Ramesh C Jain VC VC VC VC VC VC P VC 08 08
Chairman & Independent
Director
Mr. K A Joseph VC VC VC P P P P VC 08 08
Managing Director
Mr. Sanjay Thapar VC VC VC P P P P VC 08 08
CEO & Executive Director
Mr. Kevin K Joseph VC VC VC VC VC VC P VC 08 08
Executive Director
Mr. Vishal Sharma
#
VC VC VC VC VC NA NA NA 05 05
Nominee Director
Mr. Kazi Arif Uz Zaman
#
VC VC VC VC VC NA NA NA 05 05
Nominee Director
Mrs. Veni Thapar VC VC VC VC VC VC P VC 08 08
Independent Director
Mr. Matthias Frenzel VC VC VC VC VC VC VC VC 08 08
Independent Director
Note:
P - Present in person
VC - Attended through Video/Audio Visual Means
# - Mr. Vishal Sharma has been a member of the Board until 27th September 2023.
# - Mr. Kazi Arif Uz Zaman has been a member of the Board until 27th September 2023.

Details of the other listed entities where the Directors hold directorship

Name of the Director and DIN Name of the listed entity Category of Directorship
Mr. Ramesh C Jain Frick India Limited Independent and Non-Executive Director
DIN: 00038529
Mr. K A Joseph Nil NA
DIN: 00784084
Mr. Sanjay Thapar Nil NA
DIN: 01029851

86 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Name of the Director and DIN Name of the listed entity Category of Directorship
Mr. Kevin K Joseph Nil NA
DIN: 09206689
Mr. Vishal Sharma Nil NA
DIN: 01599024
Mr. Kazi Arif Uz Zaman Nil NA
DIN: 00237331
Mrs. Veni Thapar Bank of India Independent Director
DIN: 01811724 (Shareholder Director)
Mr. Matthias Frenzel Nil NA
DIN: 09168925

Separate Meeting of Independent Directors:

A meeting of the Independent Directors was held on 27th February 2024 and inter alia, discussion on matters pertaining to
performance review of the Board, Chairman and Non-Independent Directors took place.

List of Core skills/ expertise/ competencies as identified by the Board of Directors:

The Board comprises of highly qualified members possessing required skills, expertise and competence in making effective
contributions towards the growth of the Company. Leadership, Industry knowledge, Technical, Production, Sales and Marketing
experience, are the key core skill / expertise / competence, in the context of the Company’s business apart from governance,
finance, taxation and regulatory affairs functions. In the opinion of the Board, these skills are available with the Board and the
following chart / matrix depicts the aforesaid skills/expertise/competence possessed by the Board:

Technical, People Governance, Accounts,

Sl. Industry
Director Name Production, Sales practices/ Risk and Audit, Finance
No knowledge
and Marketing Leadership Compliance and Taxation
1. Mr. Ramesh C Jain P P E E E
Chairman & Independent Director
2. Mr. K A Joseph E E E P P
Managing Director
3. Mr. Sanjay Thapar E E E P P
CEO & Executive Director
4. Mr. Kevin K Joseph P P P P P
Executive Director
5. Mrs. Veni Thapar P P E E E
Independent Director
6. Mr. Matthias Frenzel E E E P P
Independent Director
Note:
E – Expert
P – Proficient

Annual Report 2023-24 l 87

Corporate Governance Report (Contd.)

AUDIT COMMITTEE: Mr. Sanjay Thapar joining the committee in place of Mr. Vishal
The constitution and terms of reference of the Audit Committee Sharma. The scope and functions of the Audit Committee
are in compliance with Section 177 of the Act and Regulation are in accordance with Section 177 of the Act and the SEBI
18 of the SEBI Listing Regulations, as applicable. Listing Regulations.

During the financial year 2023-24, the Audit Committee of the

Composition of Audit Committee
Company duly met five (05) times as depicted below on 25th
The composition of the Audit Committee as on 31st March April 2023, 15th May 2023, 26th July 2023, 07th November 2023,
2024 is given below: and 01st February 2024.

Position on the
Name Designation The gap between any two meetings did not exceed one
Committee
hundred and twenty days and necessary quorum was present
Mrs. Veni Thapar Chairperson Independent Director
at all meetings.
Mr. Ramesh C Jain Member Chairman & Independent
Director
The Chairperson is a fellow member of the Institute of Chartered
Mr. Sanjay Thapar Member Member
Accountants of India and the qualified Cost Accountant from
Note: the Institute of Cost Accountants and a Certified Information
1. Mr. Vishal Sharma has been a member of the committee until Systems Auditor from the Information Systems and Audit
27th September 2023. Control Association, USA. All the members of the committee
2. 
Mr. Sanjay Thapar has been appointed as a member of the are financially literate. Accordingly, the Composition of the
committee with effect from 18th October 2023. Audit Committee is in conformity with Section 177 of the Act
and the SEBI Listing Regulations.
The Audit Committee was constituted by the Board of Directors
at their meeting held on 12th July 2021 and it was reconstituted Mr. Thabraz Hushain. W, Company Secretary and Compliance
on 18th October 2023, through a circular resolution, with Officer of the Company, acts as the Secretary to the Committee.

Number of Meetings held and attendance of the Members

The details of Meetings held and attended by the members during the financial year 2023-24 are given below:

No. of Meetings during

Meeting 1 Meeting 2 Meeting 3 Meeting 4 Meeting 5
the year 2023-24
Name of Members
25th April 15th May 07th November 01st February Liable to
26th July 2023 Attended
2023 2023 2023 2024 attend
Mrs. Veni Thapar VC VC VC VC VC 5 5
Mr. Ramesh C Jain VC VC VC VC VC 5 5
*Mr. Sanjay Thapar NA NA NA P VC 2 2
#
Mr. Vishal Sharma VC VC VC NA NA 3 3

Note:
P – Present in person
VC – Attended through Video/Audio Visual Means
# Mr. Vishal Sharma has been a member of the committee until 27th September 2023.
* Mr. Sanjay Thapar has been appointed as a member of the committee with effect from 18th October 2023.

Terms of Reference
The terms of reference of the Audit Committee include:
1. Oversight of the Company’s financial reporting process and the disclosure of its financial information to ensure that the
financial statement is correct, sufficient and credible;

88 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

2. 
Recommendation to the board of directors of the appropriate recommendations to the Board to take up
Company (the “Board”) for appointment, replacement, steps in this matter;
reappointment, remuneration and terms of appointment
of auditors of the Company; 9. Reviewing and monitoring the auditor’s independence
and performance, and effectiveness of audit process;
3. Approval of payment to statutory auditors for any other
10. Approval or any subsequent modification of transactions
services rendered by the statutory auditors;
of the Company with related parties;
4. Reviewing, with the management, the annual financial
11. Scrutiny of inter-corporate loans and investments;
statements and auditor’s report thereon before
submission to the Board for approval, with particular 12. Valuation of undertakings or assets of the Company,
reference to: wherever it is necessary;

a) Matters required to be included in the director’s 13. 

Evaluation of internal financial controls and risk
responsibility statement to be included in the management systems;
Board’s report, in terms of Section 134(3)(c) of the
Companies Act, 2013, as amended; 14. 
Reviewing, with the management, performance of
statutory and internal auditors, adequacy of the internal
b) Changes, if any, in accounting policies and practices control systems;
and reasons for the same;
15. Reviewing the adequacy of internal audit function, if any,
c) Major accounting entries involving estimates based including the structure of the internal audit department,
on the exercise of judgment by management; staffing and seniority of the official heading the
department, reporting structure coverage and frequency
d) 
Significant adjustments made in the financial of internal audit;
statements arising out of audit findings;
16. 
Discussion with internal auditors of any significant
e) Compliance with listing and other legal requirements findings and follow up thereon;
relating to financial statements;
17. Reviewing the findings of any internal investigations
f) Disclosure of any related party transactions; and 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
g) Qualifications and modified opinion(s) in the draft
matter to the Board;
audit report.
18. Discussion with statutory auditors, internal auditors,
5. Reviewing, with the management, the quarterly, half-
secretarial auditors and cost auditors before the audit
yearly and annual financial statements before submission
commences, about the nature and scope of audit as well
to the Board for approval;
as post-audit discussion to ascertain any area of concern;

6. Examination of the financial statement and auditor’s 19. To look into the reasons for substantial defaults in
report thereon; the payment to the depositors, debenture holders,
shareholders (in case of non-payment of declared
7. Monitoring the end use of funds raised through public dividends) and creditors;
offers and related matters;
20. To review the functioning of the whistle blower mechanism;
8. Reviewing, with the management, the statement of
uses/application of funds raised through an issue (public 21. Approval of appointment of chief financial officer, or any
issue, rights issue, preferential issue, etc.), the statement other person heading the finance function or discharging
of funds utilised for purposes other than those stated that function, after assessing the qualifications, experience
in the offer document/prospectus/notice and making and background, etc. of the candidate;

Annual Report 2023-24 l 89

Corporate Governance Report (Contd.)

22. Ensuring that an information system audit of the internal (7) 

s tatement of deviations as and when
systems and process is conducted at least once in two becomes applicable:
years to assess operational risks faced by the Company;
(a) quarterly statement of deviation(s) submitted
to stock exchange(s) in terms of Regulation
23. Establishing a vigil mechanism/ whistle blower policy for
32(1) of the Securities and Exchange Board
directors and employees to report their genuine concerns
of India (Listing Obligations and Disclosure
or grievances;
Requirements) Regulations, 2015, as amended.

24. 
Consider and comment on rationale, cost-benefits (b) Annual statement of funds utilised for purposes
and impact of schemes involving merger, demerger, other than those stated in the offer document/
amalgamation etc., on the Company and its shareholders; prospectus/notice in terms of Regulation
32(7) of the Securities and Exchange Board
25. Reviewing the utilisation of loan and/or advances from of India (Listing Obligations and Disclosure
investment by the holding company in the subsidiary Requirements) Regulations, 2015, as amended.
exceeding rupees 100 Crs or 10% of the asset size of the
subsidiary, whichever is lower including existing loans / The powers of the Audit Committee will include
advances / investments; and the following:

26. Carrying out any other function as may be required (1) to investigate activity within its terms of reference;
/ mandated by the Board from time to time and/ (2) to seek information from any employees;
or mandated as per the provisions of the Securities
and Exchange Board of India(Listing Obligations and (3) 
to obtain outside legal or other professional
Disclosure Requirements) Regulations, 2015, as amended, advice; and
the Companies Act, 2013, as amended (including Section
177), the listing agreements to be entered into between (4) to secure attendance of outsiders with relevant
the Company and the respective stock exchanges on expertise, if it considers necessary.
which the equity shares of the Company are proposed to
be listed and/or any other applicable laws. NOMINATION AND REMUNERATION COMMITTEE:
The constitution and the terms of reference of the Nomination
The Audit Committee shall mandatorily review the and Remuneration Committee (‘”NRC”) are in compliance with
following information: Section 178(1) of the Act and Regulation 19 of the SEBI Listing
Regulations as at the end of the financial year 2023-24.
(1) management discussion and analysis of financial
condition and results of operations; Composition of NRC

(2) statement of significant related party transactions The composition of the NRC as on 31st March 2024 is
(as defined by the Audit Committee), submitted given below:
by management;
Position on the
Name Designation
Committee
(3) management letters / letters of internal control
Mrs. Veni Thapar Chairperson Independent Director
weaknesses issued by the statutory auditors;
Chairman &
(4) internal audit reports relating to internal control Mr. Ramesh C Jain Member Independent Director
weaknesses; Mr. Matthias Frenzel Member Independent Director
Note:
(5) the appointment, removal and terms of remuneration
1. Mr. Vishal Sharma has been a member of the committee until
of the internal auditor shall be subject to review by
27th September 2023.
the Audit Committee; and
2. Mr. Matthias Frenzel has been appointed as a member of the
committee with effect from 18th October 2023.
(6) the examination of the financial statements and the
auditors’ report thereon; and

90 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

The NRC was constituted by the Board of Directors at their meeting held on 12th July 2021 and it was reconstituted on 18th
October 2023, through a circular resolution, with Mr. Matthias Frenzel joining the committee in place of Mr. Vishal Sharma. The
scope and functions of the NRC is in accordance with Section 178 of the Act and the SEBI Listing Regulations.

During the financial year 2023-24, the NRC of the Company duly met five (5) times on 15th May 2023, 21st July 2023, 26th July
2023, 06th November 2023 and 27th February 2024.

The constitution and composition of the Committee satisfy the requirements of Section 178 of the Act, read with SEBI Listing
Regulations as at the end of the financial year 2023-24.

Mr. Thabraz Hushain. W, Company Secretary and Compliance Officer of the Company, acts as the Secretary to the Committee.

Number of Meetings held and attendance of the Members

The details of Meetings held and attended by the members during the financial year 2023-24 are given below:

No. of Meetings during

Meeting 1 Meeting 2 Meeting 3 Meeting 4 Meeting 5
the year 2023-24
Name of Members
15th May 21st July 26th July 06th November 27th February Liable to
Attended
2023, 2023 2023 2023 2024 attend
Mrs. Veni Thapar VC VC VC VC VC 5 5
Mr. Ramesh C Jain VC VC VC VC VC 5 5
*Mr. Matthias Frenzel NA NA NA VC VC 2 2
#
Mr. Vishal Sharma VC VC VC NA NA 3 3
Note:
VC – Attended through Video/Audio Visual Means
# Mr. Vishal Sharma has been a member of the committee until 27th September 2023.
* Mr. Matthias Frenzel has been appointed as a member of the committee with effect from 18th October 2023.

Terms of Reference (iii) remuneration to directors, key managerial personnel

The terms of reference of the NRC are as follows: and senior management involves a balance between
fixed and incentive pay reflecting short and long
1. Formulating the criteria for determining qualifications, term performance objectives appropriate to the
positive attributes and independence of a director working of the Company and its goals;
and recommend to the Board a policy relating to, the
remuneration of the directors, key managerial personnel 2. Formulating criteria for evaluation of performance of
and other employees; independent directors and the board of directors of the
Company (the “Board”);
The Nomination and Remuneration Committee, while
formulating the above policy, should ensure that: 3. Devising a policy on diversity of Board;

(i) 
the level and composition of remuneration be 4. Identifying persons who are qualified to become directors
reasonable and sufficient to attract, retain and and who may be appointed in senior management in
motivate directors of the quality required to run the accordance with the criteria laid down, and recommend to
Company successfully; the Board their appointment and removal and carrying out
evaluation of every director’s performance and specifying
(ii) 
relationship of remuneration to performance the manner for effective evaluation of performance of
is clear and meets appropriate performance Board, its committees and individual directors, to be
benchmarks; and carried out either by the Board, by the Nomination and

Annual Report 2023-24 l 91

Corporate Governance Report (Contd.)

Remuneration Committee or by an independent external and the respective stock exchanges on which the equity
agency and reviewing its implementation and compliance; shares of the Company are proposed to be listed and/or
any other applicable laws; and
5. Extending or continuing the term of appointment of
the independent director, on the basis of the report of 14. Performing such other functions as may be necessary or
performance evaluation of independent directors; appropriate for the performance of its duties.

6. 
Recommending to the Board, all remuneration, in  etails of shareholdings of the Directors who are holding
D
whatever form, payable to senior management; shares in the Company as of 31st March 2024:

7. 
Administering, monitoring and formulating detailed No. of Shares of
Name % of Holding
` 10/- each
terms and conditions of the Company’s ESOP plan;
Mr. Ramesh C Jain Nil NA

8. Performing such functions as are required to be performed

#
Mr. K A Joseph 55,51,244 16.92%
by the compensation committee under the Securities and Mr. Sanjay Thapar 5 Negligible
Exchange Board of India (Share Based Employee Benefits Mr. Kevin K Joseph 100 Negligible
& Sweat Equity) Regulations, 2021, as amended; Mrs. Veni Thapar Nil NA
Mr. Matthias Frenzel Nil NA
9. Engaging the services of any consultant/professional Note:
or other agency for the purpose of recommending
# Evergraph Holdings Pte Ltd has agreed to sell 14,36,337 equity
compensation structure/policy; shares of the Company, representing 4.63% of the total share capital,
to Mr. KA Joseph under the terms outlined in the Letter Agreement
10. Analyzing, monitoring and reviewing various human dated 23rd February 2024. However, on 29th February 2024, in the
resource and compensation matters; first tranche, Evergraph transferred 9,00,000 equity shares (2.90%)
to Mr. KA Joseph.
As a result of a Corporate Action awaiting processing by NSDL,
11. Reviewing and approving compensation strategy from
the shares were credited to Mr. K A Joseph’s account on 04th April
time to time in the context of the then current Indian 2024, following this acquisition of 9,00,000 equity shares (2.90%),
market in accordance with applicable laws; Mr. K A Joseph’s holds post-acquisition at 6,151,244 equity shares,
representing 19.82% of the share capital of the company.
12. Framing suitable policies and systems to ensure that there
is no violation, by an employee of any applicable laws in Performance Evaluation Criteria are determined and
India or overseas, including: evaluated by the NRC:
The Act and SEBI Listing Regulations mandates evaluation
(i) 
The Securities and Exchange Board of India of performance of Independent Directors, Non-Independent
(Prohibition of Insider Trading) Regulations, 2015, Directors and Chairperson. The Act states that a formal annual
as amended; or evaluation needs to be done by the Board of its own performance
and that of its committees and individual Directors.
(ii) 
The Securities and Exchange Board of India
(Prohibition of Fraudulent and Unfair Trade Practices The performance evaluation criteria for Independent Directors:
relating to the Securities Market) Regulations, 2003, The Schedule IV to the Act, states that the performance
as amended; evaluation of Independent Directors shall be done by the entire
Board of Directors, excluding the Director being evaluated. The
13. Carrying out any other function as may be required/ evaluation of the performance of the Independent Directors
mandated by the Board from time to time and/ or is based on their qualification, experience, knowledge and
mandated as per the provisions of the Securities competency, ability to fulfill allotted functions / roles, ability
and Exchange Board of India(Listing Obligations and to function as a team, pro-activeness, participation and
Disclosure Requirements) Regulations, 2015, the attendance, commitment, contribution, integrity, independence
Companies Act, 2013, each as amended, the listing from the Company and ability to articulate independent views
agreements to be entered into between the Company and judgement. Accordingly, the performance evaluation of

92 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

the Independent Directors was carried out by the entire Board, of the board of directors, key managerial personnel, and other
excluding the Director being evaluated. employees of the Company.

The performance of the Board as a whole was evaluated by This Policy is guided by the principles and objectives as
the Board after seeking inputs from all the Directors by way enumerated in Section 178 (3) of the Act and the rules made
of a questionnaire on the basis of criteria such as the Board thereunder, and Regulation 19 read with Part D of Schedule
II of the SEBI Listing Regulations, to ensure reasonableness
composition and structure, effectiveness of board processes,
and sufficiency of remuneration to attract, retain and motivate
information and functioning, etc.
competent resources, a clear relationship of remuneration to
performance and a balance between rewarding short and
The performance of the Committees of the Board was evaluated
long-term performance of the Company.
by the Board after seeking inputs from the committee members
by way of a questionnaire on the basis of the criteria such as This Policy reflects the remuneration philosophy and principles
the composition of committees, effectiveness of committee of the Company and considers the pay and employment
meetings, etc. conditions with peers / competitive market to ensure that
pay structures are appropriately aligned. The Nomination
The NRC has evaluated the performance of every individual & Remuneration Policy of the Company is available on the
Director by way of a questionnaire on the basis of the criteria website of the Company at https://www.sjsindia.com/investors.
approved by the Board. html#policies.

Remuneration to Directors: Statement of disclosure of remuneration under Section 197(12)

of the Act and Rule 5(1) of Companies (Appointment and
The Company has formulated nomination and remuneration
Remuneration of Managerial Personnel) Rules, 2014 is annexed
policy to provide a framework for remuneration of members
as Annexure – F to the Directors’ Report.

The details of Remuneration paid to Directors during the financial year 2023-24 are given below:
(` in Mn)

Performance
Perquisites Sitting
Director Designation Salary Commission Linked Total
(ESOP) Fees
Incentive
Mr. Ramesh C Jain Chairman & Independent Director - - - - 1.43 1.43
Mr. K A Joseph Managing Director 29.18 - - - - 29.18
Mr. Sanjay Thapar CEO & Executive Director 29.18 19.89 - - - 49.07
Mr. Kevin K Joseph Executive Director 3.00 - - - - 3.00
*Mr. Vishal Sharma Nominee Director - - - - - -
*Mr. Kazi Arif Uz Zaman Nominee Director - - - - - -
Mrs. Veni Thapar Independent Director - - - - 1.83 1.83
Mr. Matthias Frenzel Independent Director - - - - 1.05 1.05

Note:
* Mr. Vishal Sharma and Mr. Kazi Arif UZ Zaman have stepped down from their positions as Non-Executive, Nominee Directors on the
Company’s Board, effective from 27th September, 2023.

Annual Report 2023-24 l 93

Corporate Governance Report (Contd.)

STAKEHOLDERS’ RELATIONSHIP COMMITTEE: The SRC was constituted by the Board of Directors at their
The constitution and the terms of reference of the Stakeholders’ meeting held on 12th July 2021 and it was reconstituted on
Relationship Committee (“SRC”) are in compliance with Section 28th March 2024, through a circular resolution, with Mrs. Veni
178 of the Act and Regulation 20 of the SEBI Listing Regulations. Thapar joining the committee in place of Mr. Kazi Arif Uz
Zaman. The scope and functions of the SRC is in accordance
Composition of SRC with Section 178 of the Act and the SEBI Listing Regulations.
The composition of the SRC as on 31st March 2023 is
During the financial year 2023-24, the SRC of the Company
given below:
duly met one (1) time on 27th February 2024.
Position on the
Name Designation The constitution and composition of the Committee satisfy
Committee
Mr. Matthias Frenzel Chairman Independent Director the requirements of Section 178 of the Act, read with SEBI
Mr. K A Joseph Member Managing Director
Listing Regulations.
Mr. Sanjay Thapar Member CEO & Executive Director
Mr. Veni Thapar Member Independent Director
Note:
1. Mr. Kazi Arif Uz Zaman has been a member of the committee
until 27th September 2023.
2. 
Mrs. Veni Thapar has been appointed as a member of the
committee with effect from 28th March 2024.

Number of Meetings held and attendance of the Members

The details of Meetings held and attended by the members during the financial year 2023-24 are given below:
No. of Meetings during
Meeting 1
Name of Members the year 2023-24
27th February 2024 Liable to attend Attended
Mr. Matthias Frenzel VC 1 1
Mr. K A Joseph VC 1 1
Mr. Sanjay Thapar VC 1 1
#
Mr. Kazi Arif Uz Zaman NA NA NA
*Mrs. Veni Thapar NA NA NA

Note:
VC – Attended through Video/Audio Visual Means
# Mr. Kazi Arif Uz Zaman has been a member of the committee until 27th September 2023.
* Mrs. Veni Thapar has been appointed as a member of the committee with effect from 28th March 2024.

Terms of Reference 3) To review adherence to the service standards adopted

The terms of reference of the SRC are as follows: by the Company in respect of various services being
rendered by the registrar and share transfer agent;
1) To resolve the grievances of the security holders of
the Company including complaints related to transfer/ 4) To review the various measures and initiatives taken by
transmission of shares, non-receipt of annual report, the Company for reducing the quantum of unclaimed
dividends and ensuring timely receipt of dividend
non-receipt of declared dividends, issue of new/duplicate
warrants/annual reports/statutory notices by the
certificates, general meetings etc., and assisting with
shareholders of the Company;
quarterly reporting of such complaints;
5) 
To formulate procedures in line with the statutory
2) To review measures taken for effective exercise of voting guidelines to ensure speedy disposal of various requests
rights by shareholders; received from shareholders from time to time;

94 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

6) 
To approve, register, refuse to register transfer or The RMC was constituted by the Board of Directors at their
transmission of shares and other securities; meeting held on 12th July 2021 and it was reconstituted on
18th October 2023, through a circular resolution, with Mr. KA
7) To sub-divide, consolidate and/or replace any share or Joseph joining the committee in place of Mr. Vishal Sharma.
other securities certificate(s) of the Company;
During the financial year 2023-24, the RMC of the Company duly
8) To issue duplicate share or other security(ies) certificate(s)
met two (2) times on 28th August 2023 and 21st February 2024.
in lieu of the original share/security(ies) certificate(s) of
the Company; and
The constitution and composition of the Committee are
9) Carrying out such other functions as may be specified by in line with the requirements of Regulation 21 of the SEBI
the Board from time to time or specified/provided under Listing Regulations.
the Companies Act, 2013 or the Securities and Exchange
Board of India (Listing Obligations and Disclosure Number of Meetings held and attendance of the
Requirements) Regulations, 2015, each as amended or Members.
by any other regulatory authority. The details of Meetings held and attended by the members
during the financial year 2023-24 are given below:
Details of complaints received and redressed during the
financial year 2023-24: Meeting No. of Meetings during
Meeting 2
1 the year 2023-24
Pending Pending Name 28th 21st
Disposed Number of Liable to
at the Received at the August February Attended
off during complaints not attend
beginning during the end of 2023 2024
the solved to the
of the financial the Mr. Sanjay VC VC 2 2
financial satisfaction of
financial year financial Thapar
year shareholders
year year
Mrs. Veni VC VC 2 2
Nil Nil Nil Nil Nil
Thapar
*Mr. KA Joseph NA VC 1 1
Name and designation of the Compliance Officer
Mr. Vishal
#
A NA 1 1
Name Designation and Contact Details Sharma
Thabraz Company Secretary & Compliance Officer Note:
Hushain W Contact No.: +91 80 6194 0777
VC – Attended through Video/Audio Visual Means
E-mail: compliance@sjsindia.com
A – Absent
RISK MANAGEMENT COMMITTEE # Mr. Vishal Sharma has been a member of the committee until 27th
September 2023.
The constitution and the terms of reference of the Risk
* Mr. KA Joseph has been appointed as a member of the committee
Management Committee (“RMC”) are in compliance with the
with effect from 18th October 2023.
Regulation 21 and Schedule II Part D (C) of the SEBI Listing
Regulations respectively.
Terms of Reference
Composition of RMC The terms of reference of the RMC are as follows:
The composition of the RMC as on 31st March 2024 is
1) To formulate a detailed risk management policy which
given below:
shall include:
Position on the a) 
A framework for identification of internal and
Name Designation external risks specifically faced by the listed entity,
Committee
Mr. Sanjay Thapar Chairperson CEO & Executive Director
in particular including financial, operational, sectoral,
sustainability (particularly, ESG related risks),
Mrs. Veni Thapar Member Independent Director
information, cyber security risks or any other risk as
Mr. K A Joseph Member Managing Director may be determined by the Committee.
Note:
b) Measures for risk mitigation including systems and
1. Mr. Vishal Sharma has been a member of the committee until
processes for internal control of identified risks.
27th September 2023.
2. Mr. KA Joseph has been appointed as a member of the
c) Business continuity plan.
committee with effect from 18th October 2023.

Annual Report 2023-24 l 95

Corporate Governance Report (Contd.)

2) To ensure that appropriate methodology, processes Number of Meetings held and attendance of the
and systems are in place to monitor and evaluate risks Members
associated with the business of the Company; The details of Meetings held and attended by the members
of CSR Committee during the financial year 2023-24 are
3) To monitor and oversee implementation of the risk
given below:
management policy, including evaluating the adequacy
of risk management systems; No. of Meetings during
Meeting 1
the year 2023-24
Name of Members
4) To periodically review the risk management policy, at 30th October Liable to
Attended
2023 attend
least once in two years, including by considering the
Mr. Matthias Frenzel VC 1 1
changing industry dynamics and evolving complexity;
Mrs. Veni Thapar VC 1 1

5) To keep the board of directors informed about the nature Mr.K A Joseph VC 1 1

and content of its discussions, recommendations and Mr.Sanjay Thapar VC 1 1

actions to be taken; #Mr.Vishal Sharma NA - -

6) The appointment, removal and terms of remuneration of Note:

the Chief Risk Officer (if any) shall be subject to review by VC – Attended through Video/Audio Visual Means.
the Risk Management Committee. # Mr. Vishal Sharma has been a member of the committee until 27th
September 2023.
CORPORATE SOCIAL RESPONSIBILITY COMMITTEE:
Terms of Reference
The composition and terms of reference of the Corporate
Social Responsibility Committee (“CSR Committee”) are in The terms of reference of the CSR Committee are as follows:
compliance Section 135 of the Act.
1) Formulation of a corporate social responsibility policy
Composition of CSR Committee to the Board, indicating the activities to be undertaken
The composition of the CSR Committee as on 31st March 2024 by the Company in areas or subjects specified in the
is given below: Companies Act, 2013. The activities should be within the
list of permitted activities specified in the Companies Act,
Position on the 2013 and the rules thereunder;
Name Designation
Committee
Mr. Matthias Frenzel Chairman Independent Director
2) 
Recommending the amount of expenditure to be
Mrs. Veni Thapar Member Independent Director
incurred, amount to be at least 2% of the average net
Mr.K A Joseph Member Managing Director
profit of the Company in the three immediately preceding
Mr.Sanjay Thapar Member CEO & Executive Director
financial years or where the Company has not completed
Note: the period of three financial years since its incorporation,
1. Mr. Vishal Sharma has been a member of the committee until during such immediately preceding financial years;
27th September 2023.

3) Instituting a transparent monitoring mechanism for

The CSR Committee was first constituted by the Board in its
implementation of the corporate social responsibility
meeting held on 7th April 2014 and was last reconstituted on
12th July 2021. projects or programs or activities undertaken by
the Company;
During the financial year 2023-24, the CSR Committee of the
Company duly met one (1) time on 30th October 2023. 4) Monitoring the corporate social responsibility policy from
time to timeand issuing necessary directions as required
The constitution and composition of the CSR Committee for proper implementation and timely completion of
satisfy the requirements of Section 135 of the Act. corporate social responsibility programmes;

96 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

5) Identifying corporate social responsibility policy partners SENIOR MANAGEMENT:

and corporate social responsibility policy programmes; The following personnel’s are the senior management of the
Company. There were no changes in the senior management
6) 
Identifying and appointing the corporate social since the closure of the previous financial year.
responsibility team of the Company including corporate
social responsibility manager, wherever required; and
Sl. Name of Senior
Designation
7) 
Performing such other duties and functions as the No. Management Personnel’s
Board may require the corporate social responsibility 1. Mr. Mahendra Kumar Naredi Chief Financial Officer
committee to undertake to promote the corporate social 2. Mr. Thabraz Hushain W Company Secretary &
responsibility activities of the Company or as may be Compliance Officer
required under applicable laws. 3. Mr. Sadashiva Baligar Chief Operating Officer
4. Mr. R. Raju Chief Marketing Officer
5. Mr. Mandeep Singh Chief Information Officer

GENERAL BODY MEETINGS:

1) The particulars of day, date, time, venue, special resolutions passed, if any, in last three annual general meetings of the
Company are given below:
Particulars
Year Day, Date & Time Venue Special Resolutions passed, if any
of the AGM
2023 18th AGM Monday, 04th Through Video Conferencing 1. 
To increase managerial remuneration payable to
September 2023 at (VC) / Other Audio-Visual Mr. Sanjay Thapar, CEO & Executive Director
03.30 p.m. Means (OAVM) (DIN: 01029851) in excess of 5% of the net profits of
the Company
2022 17th AGM Thursday, 15th Through Video Conferencing No
September 2022 at (VC) / Other Audio-Visual
11.30 a.m. Means (OAVM)
2021 16th AGM Thursday Through Video Conferencing 1. Appointment of Mr. Ramesh C Jain (DIN: 00038529) as
(VC) / Other Audio-Visual Independent Director
22 July 2021 at
nd
Means (OAVM)
2. Approval of Grant of stock options to the employees of
04:00 PM IST
Exotech Plastic Private Limited (Subsidiary Company)
under S.J.S. Enterprises Employee Stock Option Plan
2021
3. Approval of Grant of Options under S.J.S. Enterprises
Employee Stock Option Plan 2021 (‘SJS ESOP 2021’) to
the employee’s equivalent to or exceeding 1% of the
current issued share capital of the Company.
4. To fix the limit of investment by non-resident Indian in
the equity shares

2) Details of Extra-ordinary General Meetings (EGMs) of the Company held during the financial year 2023-24 are as under:
Day, Date & Time Venue Special Resolutions Passed, if any
Tuesday Through Video Conferencing (VC) / 1. Issuance of equity shares of the company on preferential basis
30th May 2023 Other Audio-Visual Means (OAVM)
2. To increase the threshold of providing loans/ guarantees/ securities
04:30 PM
in connection to loans and making of investments in securities
under section 186 of the Companies Act, 2013

Annual Report 2023-24 l 97

Corporate Governance Report (Contd.)

3) Postal Ballot

During the financial year 2023-24, the Company has conducted one (1) Postal Ballot.
The details of the postal ballot are as follows:
Date of postal ballot notice: 10th January 2024
Date of declaration of result: 14th February 2024.
Voting period: Monday, 15th January 2024 from 9:00 a.m. IST to Tuesday, 13th February 2024 upto 5:00 p.m. IST.
Date of approval: 13th February 2024.

% of total % of total
No. of No
Res. Type of votes in votes
Business/ Resolution proposed Votes in Votes Result
No. Resolution favour on against on
favour against
votes polled votes polled
1. Approval for giving loan or guarantee Special 1,53,16,697 79.1914 40,24,668 20.8086 Passed
or providing security in connection with Resolution with
loan availed by any of the Company’s requisite
subsidiary(ies) or any other person specified majority
under section 185 of the Companies Act,
2013

Procedure for Postal Ballot and the person who on the websites of the Stock Exchanges i.e. BSE Limited
conducted the postal ballot exercise at www.bseindia.com and National Stock Exchange of
Pursuant to Section 108 and Section 110 of the Act, , India Limited at www.nseindia.com respectively, and on
as amended read together with Rule 20 and Rule 22 the website of Link Intime India Private Limited at https://
of the Companies (Management and Administration) instavote.linkintime.co.in.
Rules, 2014, (including any statutory modification(s) or
re-enactment(s) thereof for the time being in force), Pursuant to Rule 22(5) of the Companies (Management
Regulation 44 of the SEBI Listing Regulations, Secretarial and Administration) Rules, 2014, the Board of Directors
Standards issued by the Institute of Company Secretaries of the Company had appointed Mr. Ananta R Deshpande,
of India on General Meeting (“SS-2”) and the relaxations Company Secretary in Practice (FCS 11869 – and CP No:
and clarifications issued by Ministry of Corporate Affairs 20322) (“Scrutinizer”), as scrutinizer for conducting the
vide General Circular Nos. 14/2020 dated April 8, 2020, postal ballot process in a fair and transparent manner.
17/2020 dated April 13, 2020, 22/2020 dated June 15,
2020, 33/2020 dated September 28, 2020, 39/2020 The result of remote E-voting along with Scrutinizer’s
dated December 31, 2020, 10/2021 dated June 23, 2021, report was published on the website of the Company
20/2021 dated December 8, 2021, 3/2022 dated May 5, at www.sjsindia.com and on the website of the LIIPL
2022, 11/2022 dated December 28, 2022 and 09/2023 at https://instavote.linkintime.co.in and the same was
dated September 25, 2023, (collectively the ‘MCA simultaneously communicated to BSE and NSE.
Circulars’) and other applicable laws and regulations,
the Company sent Postal Ballot Notice by e-mail to all The Resolutions, as set out in the Postal Ballot Notice dated
its Members who had registered their e-mail addresses 10th January 2024 were passed with requisite majority.
with the Company’s Registrar and Transfer Agent (RTA)
or Depository/ Depository Participants (DPs) and voting MEANS OF COMMUNICATION
by the Members was allowed only through Remote Limited reviewed /Audited financial results of the Company are
E-voting system. published in Financial Express (English edition) and Vishwavani
(Regional edition) newspapers respectively on quarterly basis,
The Notice is also available on the Company’s website in addition to being displayed on the Company’s website
at https://sjsindia.com/investors.html#stockexfilings and at “www.sjsindia.com”. Press releases highlighting the

98 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

financial performance on quarterly/half yearly/annually basis, having interest in any transactions with the Company
presentations made to institutional investors and details of to report any unethical or improper practices noticed in
Conference Calls, are intimated to stock exchanges apart from the organisation. The Policy also provides the procedure
being uploaded on the website of the Company. for making such representation and dealing with the
said representation. It also covers providing protection
Limited reviewed / Audited financial results of the Company from victimization. During the financial year 2023-24, no
(Quarterly, Half yearly and Annual) are immediately, after the employee was denied access to the Audit Committee in
Board’s approval uploaded / displayed on the Company’s this behalf.
website at www.sjsindia.com under investors tab (a separate
section for investors information) in addition to submitting v) The Company is in compliance with all the applicable
the same to BSE Limited (“BSE”) and National Stock mandatory requirements and has fulfilled the following
Exchange of India Limited(“NSE”). They are also published non-mandatory / discretionary requirements as
in daily newspapers within stipulated time of 48 hours of prescribed in Listing Regulations:
Baord’s approval. a) Audit qualifications: There were no qualifications by
the statutory auditors on the financial statements for
The annual reports are sent to members of the Company in the financial year ended 31st March 2024.
addition to it being submitted to BSE and NSE and are also
uploaded on the Company’s website. b) Separate post of Chairman and CEO: The Company
has separate Chairman and Managing Director.
OTHER DISCLOSURES c) Reporting of Internal Auditor: Audit Committee, on
i) Disclosure of relationships between directors inter-se: a time-to-time basis, reviews the reports submitted
Mr. K.A. Joseph, Managing Director of the Company, by the Internal Auditor.
is father of Mr. Kevin K Joseph, Executive Director of
the Company. vi) Code of conduct: The code of conduct as adopted by the
Board of Directors is applicable to all Directors, senior
ii) During the financial year 2023-24 there are no materially management and employees above officers’ level. The
significant related party transactions, which have prime purpose of the code is to create an environment
potential conflict with the interest of Company at large. wherein all the Board Members and Senior Management
Related party transactions entered during the financial of the Company maintain ethical standards and to ensure
year 2023-24 are disclosed in the notes to the audited compliance with the ethical standards laid down. The
financial statements of the Company. code is available on the Company’s website at https://
sjsindia.com/investors.html#policies.
These transactions entered were at an arm’s length DECLAR ATION UNDER THE SEBI (LISTING
basis and were in the ordinary course of business and OBLIGATIONS AND DISCLOSURE REQUIREMENTS)
the Company has formulated a ‘Policy on Materiality of REGULATIONS, 2015 FOR COMPLIANCE BY
Related Party Transactions and on dealing with Related BOARD MEMBERS AND SENIOR MANAGEMENT
Party Transactions’ and is available on the website of PERSONNEL WITH THE CODE OF CONDUCT
the Company at https://www.sjsindia.com/investors.
html#policies. In accordance with the SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015, I
hereby confirm that, all Board Members and Senior
iii) There were no cases of non-compliance by the Company,
Management Personnel of the Company have affirmed
penalties, strictures imposed on the Company by stock
compliance with the Code of Conduct, as applicable
exchanges or SEBI or any statutory authority, on any
to them, for the financial year ended 31st March 2024.
matter related to capital markets, during the last three
years ending 31st March 2024.
Date:20th May 2024 Name: Sanjay Thapar
Place: Bengaluru Designation: CEO &
iv) Vigil Mechanism (Whistle Blower Policy): The Company
Executive Director
has a Vigil mechanism (Whistle blower policy) in place
DIN: 01029851
enabling the employees or other connected persons

Annual Report 2023-24 l 99

Corporate Governance Report (Contd.)

vii) CEO and CFO CERTIFICATION:

Sl.
As required under Regulation 17(8) of the SEBI Listing Facilities Rating Remarks
No.
Regulations, the CEO and CFO of the Company has
1. Rated on Long- [ICRA] Reaffirmed, Outlook
certified the accuracy of the Financial Statements, the Term Scale A+(Positive) revised to Positive
Cash Flow Statement and adequacy of Internal Control from Stable.
Systems for financial reporting for the financial year
ended 31st March 2024 and same has been annexed to Symbols Rating Definition
this report.
[ICRA] Instruments with this rating are considered
A+(Stable) to have high degree of safety regarding
viii) Certificate of Non-Disqualification of Directors issued timely servicing of financial obligations. Such
by an Independent Practicing Company Secretary as instruments carry very low credit risk.
required under Regulation 34(3) And Schedule V Para C
Clause (10)(I) of the SEBI Listing Regulations, has been xii) Prohibition of Insider Trading: The Company has a policy
annexed to this report. for prohibiting insider trading i.e., Code of conduct for
regulating, monitoring and reporting of Trading by
ix) 
Share Capital Audit: Company Secretary in Practice Insiders, in conformity with SEBI (Prohibition of Insider
has carried out a quarterly audit (four times during the Trading) Regulations, 2015. The said policy contains
FY 2023-24) of the Company’s Equity shares, to reconcile necessary procedures applicable to Directors, Officers
the total admitted capital with National Securities and designated persons for trading in the securities of
Depository Limited (NSDL) and Central Depository the Company.
services (India) Limited (CDSL) and the total issued and
listed capital. The audit confirms that the total issued The trading window closures and freezing of the PAN of
/ paid-up capital of the Company is in agreement with designated persons are intimated in advance to all the
the total number of shares in physical form and the concerned, during which period, the Board of Directors
total number of dematerialised shares held with NSDL and designated persons are not permitted to trade in the
and CDSL. securities of the Company.

x) The Company has paid a sum of ` 15.50 Mn as fees xiii) Subsidiary Companies: During the financial year, your
on consolidated basis to the statutory auditors for the company has Exotech Plastics Private Limited (EPPL) and
services rendered for Company and its subsidiary, Walter Pack Automotive Products India Private Limited
(WPI) as the subsidiary of the Company and they have
xi) Credit Ratings: Credit rating agency “CARE Ratings” been classified into the material subsidiary as per criteria
reviewed various credit facilities of the Company during laid down in the Policy on Material Subsidiary adopted
the financial year 2023-24 and the following are the by the Board in its meeting held on 19th July 2021 and in
details in relation to the same: compliance with Listing Regulations. The audited financial
statements together with related information and other
reports of the material subsidiary company have also
been placed on the website of the Company at https://
www.sjsindia.com/investors.html#financials.

The details of the material subsidiaries are given below:

Date of Place of Name of Statutory Date of Appointment
Name
Incorporation Incorporation Auditors of Statutory Auditors
Walter Pack Automotive Products 07th February 2006 Pune, India B S R & Co. LLP 04th November 2023
India Private Limited
Exotech Plastics Private Limited 17th July 1996 Pune, India B S R & Co. LLP 22nd July 2021

In terms of the provisions of Regulation 24(1) of the Listing Regulations, your company has appointed one of its Independent
Directors on the Board of its both material subsidiary companies.

100 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

The Company is in compliance with Regulation 24A of the loans to any firms/companies in which Directors of the
Listing Regulations. The Company’s material subsidiaries Company are interested.
undergo Secretarial Audit. The copy of the Secretarial
Audit reports of the EEPL and WPI were annexed to this xv) During the financial year, the Company raised ` 300/-
annual report and the Secretarial Audit Report of these Mn (Rupees Three Hundred Million Only), through a
material subsidiaries does not contain any qualification, preferential issue on a private placement basis by allotting
reservation, adverse remark or disclaimer. 6,00,000 equity shares with a face value of ` 10 each at a
price of ` 500 each, including a premium of ` 490 each
The Company reviews and monitors the performance of to Mr. K.A. Joseph (“Investor”), Founder, Promoter &
subsidiary companies, inter alia, by the following means: Managing Director of the Company.

• Financial statements, in particular investments The application of proceeds/funds raised from the
made by subsidiary companies, are reviewed by the preferential allotment are reviewed by Audit Committee
Company’s Audit Committee. as part of quarterly review of financial results and the
details are also filed with the Stock Exchanges on a
• Minutes of Board meetings of subsidiary companies
quarterly basis, pursuant to Regulation 32 of the SEBI
are placed before the Company’s Board regularly.
Listing Regulations.
• A statement containing all significant transactions
and arrangements entered into by subsidiary The proceeds raised through the preferential issue have
companies is placed before the Company’s Board. been entirely utilised, for the period under review, for the
allocated objective for which they were raised and there
• Presentations are made to the Company’s Board on has been no deviations from the planned usage of funds.
business performance of major subsidiaries of the
Company by the senior management. xvi) Policy for determining ‘material’ subsidiaries: As required
under SEBI Listing Regulations, the Company has
• Related Party Transactions of subsidiary companies
formulated a Policy for determining ‘material’ subsidiaries
are reviewed quarterly by the Company’s Audit
and is available on the website of the Company at https://
Committee, wherever applicable.
www.sjsindia.com/investors.html#policies.

xiv) During the financial year, the Company and its subsidiaries
xvii) 
T he Company’s website contains all information,
have not given any loans and advances in the nature of
disclosures, policies etc., as applicable to it.

xviii) Adoption of discretionary requirements specified in Part E of Schedule II of the Listing Regulations:
Sl No Requirements specified in Part E of Schedule II Adoption by the Company
1 The Board: Your Company doesn’t have a separate chairperson’s office.
A non-executive chairperson may be entitled to maintain
a Chairperson’s office at the listed entity’s expense and
also allowed reimbursement of expenses incurred in
performance of his duties
2 Shareholders Rights: As the quarterly and half yearly financial performance along with
A half-yearly declaration of financial performance significant events are published in the newspapers and are also
including summary of the significant events in last six- posted on the Company’s website, the same are not being sent to
months, may be sent to each household of shareholders the shareholders.

3 Modified opinion(s) in audit report: The Statutory Auditors of the Company have issued Audit Report
The listed entity may move towards a regime of financial on Audited Financial Results for year ended 31st March, 2024 with
statements with unmodified audit opinion unmodified opinion. A declaration has submitted to the stock
exchanges as per Regulation 33(3)(d) of the Listing regulations.

Annual Report 2023-24 l 101

Corporate Governance Report (Contd.)

Sl No Requirements specified in Part E of Schedule II Adoption by the Company

4 Separate posts of Chairperson and the Managing Separation of Chairperson and Managing Director is not mandatory
Director or the Chief Executive Officer: as per SEBI (Listing Obligations and Disclosure Requirements)
The listed entity may appoint separate persons to the (Second Amendment) Regulations, 2022.
post of the Chairperson and the Managing Director or However, your company has a separate post of chairperson,
the Chief Executive Officer, such that the Chairperson Managing Director and Chief Executive Officer
shall –
(a) be a non-executive director; and
(b) not be related to the Managing Director or the Chief
Executive Officer as per the definition of the term
“relative” defined under the Companies Act, 2013
5 Reporting of Internal Auditor: The Internal Auditors of the Company report directly to the Audit
The Internal auditor may report directly to the Audit Committee.
Committee

xix) The Disclosures of the Compliance with Corporate Governance requirements specified in Regulation 17 to 27 and clauses
(b) to (i) of Sub-Regulation (2) of Regulation 46 of the Listing Regulations are as follows:
Compliance status
Regulations Particulars of regulations
(Yes/No)
17 Board of Directors Yes
17A Maximum numbers of Directors Yes
18 Audit Committee Yes
19 Nomination and Remuneration Committee Yes
20 Stakeholders Relationship Committee Yes
21 Risk Management Committee Yes
22 Vigil Mechanism Yes
23 Related Party Transaction Yes
24 Corporate Governance requirements with respect to subsidiary of listed entity Yes
24A Secretarial Audit and Secretarial Compliance Report Yes
25 Obligations with respect to Independent Directors Yes
26 Obligation with respect to Employees including Senior Management, Key Managerial Personnel, Yes
Directors and Promoters
27 Other Corporate Governance requirements Yes
46(2)(b) to (i) Website Yes

GENERAL SHAREHOLDERS’ INFORMATION

1 Annual General Meeting
Date 20th August 2024
Time 03.30 P.M.
Venue The Company is conducting the AGM through Video Conference / Other Audio-Visual Mode (VC/OAVM)
pursuant to the circular of Ministry of Corporate Affairs dated 25th September 2023 read with circulars
dated 28 December 2022, 8 April 2020, 13 April 2020, 5 May 2020, 13 January 2021, 8 December 2021 and
5 May 2022 (collectively referred to as “MCA Circulars”) and hence there is no requirement for physical
venue for the meeting
*For details, please refer to the Notice of the AGM.
2 Financial Calendar 2023-24
Year ending 31st March 2024
AGM 20th August 2024

102 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

3 Date of Book Closure Wednesday, 14th August, 2024 to Tuesday, 20th August, 2024 (both days inclusive)
4 Dividend Payment Date Will be paid within 30 days from the date of approval at the 19th AGM.
5 Listing on Stock Exchanges The Equity Shares of the Company are listed on:
1. BSE Limited
Phiroze Jeejeeboy Towers, Dalal Street, Fort, Mumbai- 400 001
1) National Stock Exchange of India Limited
Exchange Plaza, 5th Floor, Plot no. C/1, G Block, Bandra Kurla Complex, Bandra (E), Mumbai- 400 051
6 Stock Code / Symbol on NSE The BSE Scrip code of equity shares is 543387
/ BSE respectively
The NSE Scrip symbol of equity shares is SJS
7 Listing Fees Annual listing fees for the year 2023-24 (as applicable) has been paid by the Company to both the Stock
Exchanges.
8 International Securities INE284S01014
Identification Number
(ISIN) allotted to the
Company’s Shares
9 International Securities Nil
Identification Number
(ISIN) allotted to the
Company’s Share Warrants

The equity shares of the Company have not been suspended from trading on the said Stock Exchanges or by any Regulatory/
Statutory Authority.

Market Price Data:

Details of monthly high and low market price as per stock exchanges data for the financial year ended 31st March 2024 are
as follows:

Sl. Share Price at BSE (543387)

Month - Year BSE Sensex
No. High Low Close
1. April - 2023 473.00 390.00 464.05 61112.44
2. May – 2023 505.00 451.40 479.75 62622.24
3. June – 2023 593.90 476.15 566.00 64718.56
4. July – 2023 674.20 560.35 658.35 66527.67
5. August – 2023 703.95 597.00 686.20 64831.41
6. September – 2023 729.15 657.10 684.45 65828.41
7. October – 2023 720.00 623.00 676.70 63874.93
8. November – 2023 708.25 608.10 630.15 66988.44
9. December – 2023 655.20 607.50 615.80 72240.26
10. January - 2024 624.80 552.90 599.85 71752.11
11. February - 2024 666.00 582.85 634.85 72500.3
12. March - 2024 667.90 580.00 608.85 73651.35

Annual Report 2023-24 l 103

Corporate Governance Report (Contd.)

Share Price at NSE (SJS)

Sl. No. Month - Year NSE Nifty
High Low Close
1. April - 2023 473.70 394.40 464.75 18,065.00
2. May – 2023 505.10 451.00 479.45 18,534.40
3. June – 2023 594.00 474.65 566.00 19,189.05
4. July – 2023 674.40 564.60 658.45 19,753.80
5. August – 2023 699.70 595.30 685.10 19,253.80
6. September – 2023 745.00 668.00 684.80 19,638.30
7. October – 2023 718.80 622.40 676.65 19,079.60
8. November – 2023 709.75 605.00 630.60 20,133.15
9. December – 2023 655.20 607.30 618.80 21,731.40
10. January - 2024 626.05 552.05 601.60 21,725.70
11. February - 2024 667.00 588.70 635.35 21,982.80
12. March - 2024 668.00 578.35 610.65 22,326.90

Note:
1. Source: The information is compiled from the data available from the BSE and NSE websites respectively.

Performance of the share price of the Company in comparison to the BSE Sensex

BSE Sensex vs SJS Share Price (`)

April-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24

BSE Sensex Closing SJS Share Price in BSE

Registrar and Transfer Agents (RTAs)

Link Intime India Private Limited
C 101, 247 Park, L B S Marg,
Vikhroli West, Mumbai- 400 083
Tel: +91 22 4918 6000
Fax: +91 22 4918 6060
E-mail: rnt.helpdesk@linkintime.co.in

Share Transfer System

The Company’s shares are traded on the stock exchanges, compulsorily in demat form. The Company’s RTA is the common
agency to look after physical and demat registry work. Shares lodged for transfer with the RTA are processed and returned to
shareholders within the stipulated time. The Company has been obtaining half yearly certificates as to the compliances made,
with regard to transfers and transmissions of shares lodged with the Company during the financial year ended 31st March 2024
from Practicing Company Secretary.

104 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Shareholding (as on 31st March 2024):

a. List of investor’s category wise
No. of Total no. of % of Issued
Category
Shareholders Shares Capital
Alternate Investment Funds - III 8 1055125 3.3995
Body Corporate - Ltd Liability Partnership 32 58907 0.1898
Clearing Members 1 2 0.0000
Directors and their relatives (excluding independent Directors and nominee Directors) 1 5 0.0000
Foreign Promoter Company 1 1436337 4.6277
FPI (Corporate) - I 41 4446756 14.3269
FPI (Corporate) - II 4 243128 0.7833
Hindu Undivided Family 1442 243297 0.7839
Insurance Companies 1 943614 3.0402
Key Managerial Personnel 1 1 0.0000
Mutual Funds 26 7953301 25.6245
Non Resident (Non Repatriable) 388 150777 0.4858
Non-Resident Indians 552 416083 1.3406
Other Bodies Corporate 297 1440173 4.6400
Promoters 4 5331444 17.1772
Public 58703 7318954 23.5807
TOTAL : 61501 31037904 100

b. Distribution of Shareholding
Number of % of Total Total Number % of Total Share
Number of Shares held
Shareholders Shareholders of Shares Amount
1 to 500 59055 96.0213 3015847 9.7167
501 to 1000 1247 2.0276 920856 2.9669
1001 to 2000 587 0.9544 835388 2.6915
2001 to 3000 195 0.3171 490248 1.5795
3001 to 4000 94 0.1528 333937 1.0759
4001 to 5000 57 0.0927 255617 0.8236
5001 to 10000 114 0.1854 782762 2.5220
10001 to 999999999 153 0.2488 24403249 78.6240
TOTAL : 61502 100 31037904 100

Dematerialisation of shares and liquidity:

As on 31st March 2024, your company has 3,10,37,902 equity shares out of 3,10,37,904 equity shares, forming 99.99% of
the Company’s paid up capital are held in the dematerialised form with National Securities Depository Ltd. (‘NSDL’) and
Central Depository Services (India) Ltd. (‘CDSL’) and 2 equity shares are held in physical form.

ADR/GDR:
The company has no outstanding global depository receipts (GDR) or American depository receipts (ADR) or warrants or
any convertible instruments, conversion date and likely impact on equity shares as on 31st March, 2024.

Commodity Price Risk or Foreign Exchange Risk and Hedging Activities:

i) Risk management policy of the listed entity with respect to commodities including through hedging: The Company
does not have any significant exposure to commodity price risk.

Annual Report 2023-24 l 105

Corporate Governance Report (Contd.)

ii) Exposure of the Company to commodity and commodity risks faced by the entity throughout the year: a) Total exposure
of the listed entity to commodities in INR: Nil. b Exposure of the listed entity to various commodities:

Exposure % of such exposure hedged through commodity

Exposure in derivatives
in Quantity
Commodity INR towards
terms towards Domestic market International market Total
Name the particular
the particular
commodity OTC Exchange OTC Exchange
commodity

NA NA NA NA NA NA NA NA

Manufacturing facilities and Plants/Warehouse Locations:

Sl.
State Location / district Nature of holding Purpose of property Remarks
No.
1 Karnataka Bangalore South Own Old Vacant factory Available
2 Karnataka Bangalore South Lease Registered office and Manufacturing Facility Available
3 Karnataka Mysuru Lease Warehouse Available
4 Haryana Gurgaon Lease Warehouse Available
5 Maharashtra Aurangabad Lease Warehouse Available
6 Maharashtra Pune Lease Warehouse Available
7 Tamil Nadu Kanchipuram Lease Warehouse Available
8 Uttarakhand Awas Vikas Rudrapur Lease Warehouse Available
9 Himachal Pradesh Nalagarh, Solan Lease Warehouse Available
10 Maharashtra Ranjangaon, Pune Lease Registered office and Manufacturing Facility of Available
Exotech
11 Maharashtra Ranjangaon, Pune Registered office and Manufacturing Facility of Available
Walterpack
12 Haryana Manesar Warehouse Available
13 Maharashtra Ranjangaon, Pune Warehouse Available

Address for Correspondence/registering investor grievances:

Enquiries, if any, relating to shareholder accounting records, share transfers, transmission of shares, change of address /
bank mandate details for physical shares, receipt of dividend warrants, loss of share certificates etc., and related grievances
may be addressed to Link Intime India Private Limited/Company Secretary & Compliance Officer of the Company.

Mr. Thabraz Hushain W

Company Secretary & Compliance Officer
Sy. Nos – 28/P16 of Agra Village & 85/ P6 of BM Kaval Village, Kengeri Hobli
Bangalore South - 560 082
Karnataka, India
Tel: +91 80 6194 0777
Email: compliance@sjsindia.com

To know more about the Company, you are welcome to visit us at www.sjsindia.com

106 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

ANNEXURE - I

CEO & CFO Certification

[As per Regulation 17(8) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015]

To (c) We accept responsibility for establishing and maintaining

The Board of Directors internal controls for the financial reporting and that we
S.J.S. Enterprises Limited have evaluated the effectiveness of internal control
systems of the company pertaining to financial reporting
In compliance with the Regulation 17(8) of SEBI (Listing
and they have disclosed to the auditors and the audit
Obligations and Disclosure Requirements) Regulations, 2015,
committee, we have not observed any deficiencies in the
I hereby certify that:
design or operation of such internal controls.
(a) We have reviewed financial statements and the cash flow
statement for the year ended 31st March, 2024 and that (d) 
We have indicated to the Auditors and the Audit
to the best of my knowledge and belief: committee that there are:

(i) These statements do not contain any materially (i) No significant changes in internal control over
untrue statement or omit any material fact or financial reporting during the year;
contain statements that might be misleading;
(ii) No significant changes in accounting policies during
(ii) These statements together present a true and fair the year and that the same have been disclosed in
view of the company’s affairs and are in compliance the notes to the financial statements; and
with existing accounting standards, applicable laws
and regulations. (iii) 
No instances of significant fraud where the
involvement of the management or an employee
(b) There are, to the best of our knowledge and belief, no
transactions entered into by the company during the having a significant role in the company’s internal
year 2023-2024 which are fraudulent, illegal or violative control system over financial reporting have
of the company’s code of conduct. been observed.

Place: Bengaluru Sanjay Thapar Mahendra Kumar Naredi

Dated: 20 May 2024
th
CEO & Executive Director Chief Financial Officer

Annual Report 2023-24 l 107

Corporate Governance Report (Contd.)

ANNEXURE - II

Certificate on Compliance with the Regulations

of Corporate Governance
TO THE SHAREHOLDERS OF S.J.S. ENTERPRISES LIMITED 4. I have examined the relevant records and documents
1. I, C. Dwarakanath, Company Secretary in Practice, the maintained by the Company for the purposes of
Secretarial Auditor of S.J.S. Enterprises Limited [formerly providing reasonable assurance on the compliance with
S.J.S. Enterprises Private Limited] (the ‘Company’), have Corporate Governance requirements by the Company.
examined the compliance of conditions of Corporate
Governance by the Company, for the year ended on OPINION
31st March 2024, as stipulated in Regulations 17 to 27 5. 
Based on my examination of the relevant records
and clauses (b) to (i) of Regulation 46(2) and paras C and according to the information and explanations
and D of Schedule V of the SEBI (Listing Obligations provided to me and the representations provided
and Disclosure Requirements) Regulations, 2015 and by the Management, I certify that the Company has
amendments from time to time (the ‘Listing Regulations’). complied with the conditions of Corporate Governance
as stipulated in Regulations 17 to 27 and clauses (b) to
MANAGEMENT’S RESPONSIBILITY (i) of Regulation 46(2) and paras C and D of Schedule
2. The compliance of conditions of Corporate Governance is V of the Listing Regulations during the year ended
the responsibility of the Management. This responsibility 31st March 2024.
includes the design, implementation and maintenance of
internal control and procedures to ensure compliance 6. I state that such compliance is neither an assurance as to
with the conditions of the Corporate Governance the future viability of the Company nor the efficiency or
stipulated in the Listing Regulations. effectiveness with which the Management has conducted
the affairs of the Company Reporting of internal auditor
AUDITORS’ RESPONSIBILITY directly to the Audit Committee.
3. My responsibility is limited to examining the procedures
C. Dwarakanath
and implementation thereof adopted by the Company
Company Secretary in Practice
for ensuring compliance with the conditions of the
C.P: 4847 FCS: 7723
Corporate Governance. It is neither an audit nor an
Place: Bengaluru UDIN: F007723F000414571
expression of opinion on the financial statements of
Dated: 20th May 2024 Peer Review Certificate No.: 647/2020
the Company.

108 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

ANNEXURE - III

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,
S.J.S. Enterprises Limited
Sy No 28/P16 of Agra village and
Sy No 85/P6 of B.M Kaval Village,
Kengeri Hobli, Bangalore,
Bangalore Rural KA – 560082

I have examined the relevant registers, records, forms, returns and disclosures received from the Directors of S.J.S. Enterprises
Limited having CIN: L51909KA2005PLC036601 [formerly S.J.S. Enterprises Private Limited] (the ‘Company’) and having
registered office at Sy No 28/P16 of Agra village and Sy No 85/P6 of B.M Kaval Village, Kengeri Hobli, Bangalore, Bangalore
Rural KA – 560082 (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 31st March 2024 have been debarred or disqualified from being appointed or continuing as Directors of companies by the
Securities and Exchange Board of India, Ministry of Corporate Affairs or any such other Statutory Authority.

Date of appointment
Sr. No. Name of the Director DIN
in the Company
1. Mr. Ramesh Chandra Jain 00038529 06/07/2021
2. Mr. Kannampadathil Abraham Joseph 00784084 21/06/2005
3. Mr. Sanjay Thapar 01029851 24/09/2015
4. Mrs. Veni Thapar 01811724 12/07/2021
5. Mr. Matthias Frenzel 09168925 06/07/2021
6. Mr. Kevin Kannampadathil Joseph 09206689 19/07/2021

Ensuring the eligibility 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 our verification. This certificate is neither an
assurance as to the future viability of the Company nor of the efficiency or effectiveness with which the management has
conducted the affairs of the Company.

C. Dwarakanath
Company Secretary in Practice
FCS No: 7723; CP No: 4847
Place: Bengaluru UDIN: F007723F000414508
Date: 20th May 2024 Peer Review Certificate No. 647/2020

Annual Report 2023-24 l 109

Corporate Governance Report (Contd.)

ANNEXURE - IV

Secretarial Audit Report

For the financial year ended 31st March 2024
[Pursuant to Section 204(1) of the Companies Act, 2013 and Rule No. 9 of the Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014]

To, (iv) Foreign Exchange Management Act, 1999 and the Rules
The Members and Regulations made there under (“FEMA”) to the
Exotech Plastics Private Limited extent of Foreign Direct Investment, Overseas Direct
(CIN: U25206MH1996PTC101162) Investment (‘ODI’) and External Commercial Borrowings
Plot No. F-27 C, MIDC Ranjangaon Village (‘ECB’) [The Company has neither invested in the form
Karegaon, Taluka Shirur, District Pune of ODI nor received any FDI or raised any ECB during the
Pune – 412220 MH Audit Period];

I have conducted the Secretarial Audit of the compliance of (v) The following regulations and guidelines prescribed
applicable statutory provisions and the adherence to good under the Securities and Exchange Board of India Act,
corporate practices by Exotech Plastics Private Limited (the 1992 (“SEBI Act”) as amended from time to time, to the
“Company”). Secretarial Audit was conducted in a manner extent applicable:
that provided me a reasonable basis for evaluating the
corporate conducts/ statutory compliances and expressing a. Securities and Exchange Board of India (Listing
my opinion thereon. Obligations and Disclosure Requirements)
Regulations, 2015; Not Applicable;
Based on my verification of the Company’s books, papers,
minute books, forms and returns filed and other records b. 
The Securities and Exchange Board of India
maintained by the Company and also the information (Substantial Acquisition of Shares and Takeovers)
provided by the Company, its officers, agents and authorised Regulations, 2011; Not Applicable;
representatives during the conduct of secretarial audit, I
hereby report that in my opinion, the Company has, during c. 
Securities and Exchange Board of India
the audit period covering the financial year ended on (Prohibition of Insider Trading) Regulations, 2015;
31st March 2024 (“Audit Period”), complied with the statutory Not Applicable;
provisions listed hereunder and also that the Company has
proper Board-processes and compliance-mechanism in place d. Securities and Exchange Board of India (Issue of
to the extent, in the manner and subject to the reporting Capital and Disclosure Requirements) Regulations,
made hereinafter: 2018; Not Applicable;

I have examined the books, papers, minute books, forms and e. Securities and Exchange Board of India (Share Based
returns filed and other records maintained by the Company Employee Benefits and Sweat Equity) Regulations,
for Audit Period, according to the provisions of: 2021; Not Applicable;

(i) The Companies Act, 2013 and the rules made there under f. 
The Securities and Exchange Board of India
(“Act”); (Issue and Listing of Non-Convertible Securities)
Regulations, 2021: Not Applicable;
(ii) The Securities Contracts (Regulation) Act, 1956 and the
Rules made there under; g. 
The Securities and Exchange Board of India
(Registrars to an Issue and Share Transfer Agents)
(iii) The Depositories Act, 1996 and the regulations and bye- Regulations, 1993 regarding the Companies Act and
laws framed there under; dealing with client;

110 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

h. 
The Securities and Exchange Board of India changes in the composition of the Board of Directors
(Delisting of Equity Shares) Regulations, 2021 - that took place during the Audit Period were carried out
Not Applicable; in compliance with the provisions of the Act.

i. Securities and Exchange Board of India (Buyback of - Adequate notice is given to all directors to schedule
Securities) Regulations, 2018 - Not Applicable; and the Board Meetings, agenda and detailed notes on
agenda were sent at least seven days in advance (and
(vi) 
Other laws informed by the management of the by complying with prescribed procedure where the
Company, as applicable to the Company, are enclosed meetings are called with less than seven days’ notice),
as Annexure-1 hereto. and a system exists for seeking and obtaining further
information and clarifications on the agenda items
Further, I have also examined compliance with the applicable before the meeting and for meaningful participation at
clauses of the following: the meeting.

i. 
Secretarial Standards issued by The Institute of - All decisions at the Board Meetings and Committee
Company Secretaries of India with respect to Board and Meetings are carried out unanimously, as recorded in
General meetings. the minutes.

During the Audit Period, the Company has complied I further report that:
with the applicable laws, rules, regulations, guidelines, - there are systems and processes in the Company to
standards etc. as mentioned above except for a few monitor and ensure compliance with applicable laws,
instances where the Company has filed e-forms beyond rules, regulations and guidelines.
the due dates, with additional fees.
- the Company is a “Material Unlisted Subsidiary” of
I further report that: S.J.S. Enterprises Limited and hence has been subject
- 
The Board of Directors of the Company is duly to Secretarial Audit under Regulation 24A of SEBI
constituted with proper balance of Executive Directors, (Listing Obligations and Disclosure Requirements)
Non-Executive Directors and Independent Directors. The Regulations, 2015.

C. Dwarakanath
Company Secretary in Practice
FCS No: 7723; CP No: 4847
UDIN: F007723F000368292
Place: Bengaluru Peer Review Certificate No. 647/2020
Date: 10th May 2024

Note: This report is to be read with my letter of even date which is annexed as Annexure-2 hereto and forms an integral part of this report.

Annual Report 2023-24 l 111

Corporate Governance Report (Contd.)

Annexure-1

LIST OF OTHER LAWS APPLICABLE

16. 
T he Employment Exchanges (Compulsor y
A. Corporate laws
Notification of Vacancies) Act, 1959;
1. The Depositories Act, 1996 and regulation and bye-
laws there under 17. The Labour Welfare Fund Act, 1965; and
18. The Apprentices Act, 1961
B. Labour laws
1. The Factories Act, 1948; C. Taxation laws
2. Child Labour (Prohibition and Regulation) Act, 1986; 1. The Income Tax Act, 1961;

3. 
Sexual Harassment at Workplace (Prevention, 2. Goods & Service Tax Act, 2017
Prohibition and Redressal) Act, 2013; 3. The Customs Act, 1962;
4. The Contract Labour (Regulation and Abolition) 4. Professional tax related state-wise legislation
Act, 1970;
5. Customs Tariff Act, 1975
5. The Employees’ Provident Fund and Miscellaneous
Provisions Act, 1952; 6. 
Customs and Central Excise Duties Drawback
Rules, 2017
6. The Employees’ State Insurance Act, 1948
7. 
The Employees’ Compensation Act, 1923 and D. Environmental laws
Workmen’s Compensation Rules, 1924 1. The Water (Prevention and Control of Pollution)
Act, 1974;
8. The Equal Remuneration Act, 1976;
2. 
The Air (Prevention and Control of Pollution)
9. The Industrial Disputes Act, 1947;
Act, 1981;
10. 
The Industrial Employment (Standing Orders)
3. The Environment Protection Act, 1986; and
Act, 1946;
11. The Maternity Benefit Act, 1961; F. Miscellaneous laws

12. The Minimum Wages Act, 1948; 1. The Prevention of Money Laundering Act, 2002;

13. The Payment of Bonus Act, 1965; 2. 

The Micro, Small and Medium Enterprises
Development Act, 2006; and
14. The Payment of Gratuity Act, 1972;
3. The Competition Act, 2002
15. The Payment of Wages Act, 1936;

C. Dwarakanath
Company Secretary in Practice
FCS No: 7723; CP No: 4847
UDIN: F007723F000368292
Place: Bengaluru Peer Review Certificate No. 647/2020
Date: 10th May 2024

112 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Annexure-2

To,
The Members
Exotech Plastics Private Limited
(CIN: U25206MH1996PTC101162)
Plot No. F-27 C, MIDC Ranjangaon Village
Karegaon, Taluka Shirur, District Pune
Pune – 412220 MH

My Secretarial Audit Report of even date is to be read along 4. The compliance of the provisions of corporate and other
with this letter. applicable laws, rules, regulations, standards etc., is the
responsibility of the management of the Company. My
1. Maintenance of secretarial records is the responsibility examination was limited to the verification of procedures
of the management of the Company. My responsibility is on random test basis.
to express an opinion on these secretarial records based
on the audit. 5. Wherever required, I have obtained the management
representation about the compliance of laws, rules and
2. I have followed the audit practices and processes as were regulations and happening of events etc.
appropriate to obtain reasonable assurance about the
6. The list of laws applicable to the Company enclosed
correctness of the contents of the secretarial records.
as Annexure-1 to the Secretarial Audit Report is as
The verification was done on random test basis to ensure
confirmed by the management of the Company. The
that correct facts are reflected in the secretarial records.
Secretarial Audit Report is neither an assurance nor a
I believe that the processes and practices, I followed
confirmation that the list is exhaustive.
provide a reasonable basis for my opinion.
7. The Secretarial Audit Report is neither an assurance as to
3. I have not verified the correctness and appropriateness of the future viability of the Company nor of the efficacy or
financial records and books of accounts of the Company. effectiveness with which the management has conducted
the affairs of the Company.

C. Dwarakanath
Company Secretary in Practice
FCS No: 7723; CP No: 4847
UDIN: F007723F000368292
Place: Bengaluru Peer Review Certificate No. 647/2020
Date: 10th May 2024

Annual Report 2023-24 l 113

Corporate Governance Report (Contd.)

ANNEXURE - V

Secretarial Audit Report

For the financial year ended 31st March 2024
[Pursuant to Section 204(1) of the Companies Act, 2013 and Rule 9 of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014]

To, iii. The Depositories Act, 1966 and the regulations and
The Members, bye-laws framed there under (applicability restricted
Walter Pack Automotive Products India Private Limited, to provisions as mentioned in Section 29 of Companies
Plot No. D 50, MIDC, Ranjangaon Industrial Area Taluka, Act, 2013 read with Rule 9, 9A, and 9B of Companies
Shirur, Pune – 412 220 (Prospectus and Allotment of Securities) Rules, 2014);

We have conducted the secretarial audit of the compliance iv. Foreign Exchange Management Act, 1999 and rules and
of applicable statutory provisions and the adherence to regulations made there under to the extent Foreign
good corporate practices by Walter Pack Automotive Direct Investment, Overseas Direct Investment, External
Products India Private Limited (hereinafter referred to as
Commercial Borrowings;
“the Company”). The secretarial audit was conducted in a
manner that provided us a reasonable basis for evaluating the
v. The following Regulations and Guidelines prescribed
corporate conducts / statutory compliances and expressing
under the Securities and Exchange Board of India Act,
our opinion thereon.
1992 (‘SEBI Act’):-
Based on our verification of the Company’s books, papers, a. 
The Securities and Exchange Board of India
minutes, forms and returns filed and other records maintained
(Substantial Acquisition of Shares and Takeovers)
by the Company and also the information provided by the
Regulations, 2011 (not applicable to the Company
Company, its officers, agents, and authorised representatives
during the year under report);
during the conduct of secretarial audit, we hereby report that
in our opinion, the Company has, during the audit period b. 
The Securities and Exchange Board of India
covering the financial year ended on 31st March, 2024, (Prohibition of Insider Trading) Regulations, 2015
complied with the statutory provisions listed hereunder, (not applicable to the Company during the year
and also that the Company has proper Board-processes and
under report);
compliance-mechanism in place to the extent, in the manner
and subject to the reporting / observations made hereinafter. c. The Securities and Exchange Board of India (Issue of
Capital and Disclosure Requirements) Regulations,
We have examined the books, papers, minutes, forms and 2018 (not applicable to the Company during the
returns filed, and other records maintained by the Company year under report);
for the financial year ended on 31st March, 2024, according to
the provisions of: d. The Securities and Exchange Board of India (Share
Based Employee Benefits and Sweat Equity)
i. The Companies Act, 2013 and the Rules made thereunder; Regulations, 2021 (not applicable to the Company
during the year under report);
ii. The Securities Contract (Regulation) Act, 1956 and the
rules made thereunder (not applicable to the Company e. 
The Securities and Exchange Board of India
during the year under report); (Issue and Listing of Non-Convertible Securities)

114 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Regulations, 2021 (not applicable to the Company Guidelines, Standards, etc. mentioned above subject to the
during the year under report); following observations:
i. The majority shareholding of the Company was acquired
f. 
The Securities and Exchange Board of India by S.J.S. Enterprises Limited, a publicly listed Company,
(Registrar to an Issue and Share Transfer Agents) on 04 July 2023. Therefore, with effect from 04 July 2023,
Regulations, 1993 regarding the Companies Act and
the Company has become a deemed public Company
dealing with client (not applicable to the Company
in terms of Section 2 (71) of the Companies Act, 2013.
during the year under report);
However, the Company has not increased its number
of members from two (2) to seven (7) as it continues
g. 
The Securities and Exchange Board of India
to remain a private limited company in its Articles
(Delisting of Equity Shares) Regulations, 2021 (not
of Association.
applicable to the Company during the year under
report);
ii. The Company has filed a few e-forms beyond the due
date prescribed under the Companies Act, 2013.
h. The Securities and Exchange Board of India (Buyback
of Securities) Regulations, 2018 (not applicable to
iii. 
Compliance with Secretarial Standards needs to
the Company during the year under report);
be improved.

vi. The Securities and Exchange Board of India (Listing

We further report that:
Obligations and Disclosure Requirements) Regulations,
2015 (not applicable to the Company during the year Until 03 July 2023, the Board of Directors of the Company,
under report); being a private limited Company, was duly constituted with
proper balance of Executive and Non-Executive Directors.
vii. Other laws specifically applicable to the Company, as There were no changes in the composition of the Board of
identified by the management of the Company: Directors from the period 01 April 2023 to 30 June 2023.

a. 
Water (Prevention and Control of Pollution) On 04 July 2023, the Company became a deemed public
Act, 1974, Company in terms of Section 2 (71) of the Companies Act, 2013
b. Air (Prevention and Control of Pollution) Act, 1981 and was required to appoint two (2) Independent Directors
on the Board of Directors. The changes in composition of
c. The Environment (Protection) Act, 1986 read with
the Board of Directors that took place between 01 July 2023
Hazardous and other Wastes (Management and
and 31 March 2024 were carried out in compliance of the
Transboundary Movement) Rules, 2016
provisions of the Companies Act, 2013.

We have also examined compliance with the applicable

Adequate notice is given to all directors to schedule the Board
clauses of the following:
Meetings, agenda was sent at least seven days in advance,
other than meeting(s) convened at a shorter notice, and a
i. Secretarial Standards issued by The Institute of Company
system exists for seeking and obtaining further information
Secretaries of India.
and clarifications on the agenda items at the meeting and for
ii. The Listing Agreements entered into by the Company meaningful participation at the meeting.
with Stock Exchange(s), if applicable (not applicable as
the Company is an unlisted private Company); All the decisions in the board meetings were carried through
by majority and it was informed to us that there are no
During the period under review the Company has dissenting views of directors and hence not captured and
complied with the provisions of the Act, Rules, Regulations, recorded as part of the minutes.

Annual Report 2023-24 l 115

Corporate Governance Report (Contd.)

We further report that based on review of the compliance affairs in pursuance of the above referred laws, rules,
mechanism established by the Company and on the basis regulations, guidelines, standards, etc.:
of explanations provided to us by the management and
officers of the Company, we report that there are systems (i) The Company became a deemed public Company with
and processes in place to monitor and ensure compliances. effect from 04 July 2023 due to acquisition of 3,15,442
However, the same needs to be strengthened to ensure equity shares of the Company aggregating 90.10% of
effective compliance of applicable laws, rules, regulations, the total equity share capital of the Company by S.J.S.
standards, and guidelines. Enterprises Limited which also resulted in change in the
management of the Company.
I further report that during the audit period, the following
events occurred having a major bearing on the Company’s

For KANJ & Co. LLP

FRN: P2000MH005900
PR: 1331/2021

Vinayak S. Khanvalkar
Partner
FCS 2489
Date: 09th May 2024 CP 1586
Place: Pune UDIN: F002489F000334634

116 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Annexure A

To,
The Members,
Walter Pack Automotive Products India Private Limited,
Plot No. D 50, MIDC, Ranjangaon Industrial Area Taluka,
Shirur, Pune – 412 220
Auditor’s responsibility

Based on audit, our responsibility is to express an opinion the correctness of the contents of the Secretarial records.
on the compliance with the applicable laws and maintenance The verification was done on a test basis to ensure
of records by the Company. We conducted the audit in that correct facts are reflected in secretarial records.
accordance with the auditing standards CSAS 1 to CSAS 4 We believe that the processes and practices that were
(“CSAS”) prescribed by the Institute of Company Secretaries followed provide a reasonable basis for our opinion.
of India (“ICSI”). These standards require that the auditor
complies with statutory and regulatory requirements and
3. We have not verified the correctness and appropriateness
plans and performs the audit to obtain reasonable assurance
of financial records and Books of Accounts including cost
about compliance with applicable laws and maintenance
records of the Company and for which we relied on the
of records.
report of statutory auditor.
Due to the inherent limitations of an audit including internal,
financial, and operating controls, there is an unavoidable risk 4. Wherever required, we have obtained the Management
that some misstatements or material non-compliances may representation about the compliance of laws, rules and
not be detected, even though the audit is properly planned regulations and happening of events etc.
and performed in accordance with the CSAS. Our report of
even date is to be read along with this letter. 5. The compliance of the provisions of Corporate and
other applicable laws, rules, regulations, standards is
1. Maintenance of secretarial records is the responsibility of the responsibility of management. Our examination was
the management of the Company. Our responsibility is limited to the verification of procedures on test basis.
to express an opinion on these secretarial records based
on our audit. 6. The Secretarial Audit report is neither an assurance as to
the future viability of the Company nor of the efficacy or
2. We have followed the audit practices and processes as effectiveness with which the management has conducted
were appropriate to obtain reasonable assurance about
the affairs of the Company.

For KANJ & Co. LLP

FRN: P2000MH005900
PR: 1331/2021

Vinayak S. Khanvalkar
Partner
FCS 2489
Date: 09th May 2024 CP 1586
Place: Pune UDIN: F002489F000334634

Annual Report 2023-24 l 117

Business Responsibility and Sustainability Report
[Regulation 34(2)(f) of the SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015]

The present report has been formulated in accordance with the SEBI Guidelines for Business Responsibility and Sustainability
Reporting (BRSR). Its principal aim is to enhance transparency by showcasing how businesses generate value through active
contributions to a sustainable economy. The report serves to emphasize our steadfast dedication to fostering sustainable
development and creating enduring value for our stakeholders.

SECTION A: GENERAL DISCLOSURES

1) DETAILS OF THE ENTITY
Serial Particulars Response
no.
1. Corporate identity Number (CIN) of the Entity L51909KA2005PLC036601
2. Name of the Entity S.J.S. ENTERPRISES LIMITED
3. Year of incorporation 2005
4. Registered office address Sy No 28/P16 of Agra village and Sy No 85/P6 of B.M Kaval Village,
Kengeri Hobli Bangalore, Bangalore Rural, Karnataka -560082 India
5. Corporate address Sy No 28/P16 of Agra village and Sy No 85/P6 of B.M Kaval Village,
Kengeri Hobli Bangalore, Bangalore Rural, Karnataka -560082 India
6. E-mail compliance@sjsindia.com
7. Telephone +91 080 6194 0777
8. Website https://www.sjsindia.com/
9. Financial year for which reporting is being done 2023-24 (1st April 2023 to 31st March 2024)
10. Name of the Stock Exchange(s) where shares are listed • BSE Limited (BSE)
• National Stock Exchange of India Limited (NSE)
11. Paid-up Capital 3,10,37,904
12. Name and contact details (telephone, email address) of the Mr. Thabraz Hushain. W
person who may be contacted in case of any queries on Company Secretary & Compliance Officer
the BRSR report Tel: +91 80 6194 0777
Email: compliance@sjsindia.com
13. Reporting boundary - Are the disclosures under this report The disclosures under this report are made on Standalone Basis, unless
made on a standalone basis (i.e., only for the entity) or on otherwise specified.
a consolidated basis (i.e. for the entity and all the entities
which form a part of its consolidated financial statements,
taken together).
14. Name of assurance provider J. Sundharesan and Associates
15. Type of assurance obtained Limited Assurance

2) PRODUCTS/SERVICES
16. Details of business activities (accounting for 90% of the turnover):

S.No. Description of Main Activity Description of Business Activity % of Turnover of the entity
1. Manufacturing Plastic products, non-metallic mineral products, rubber 100%
products, fabricated metal products

17. Products/Services sold by the entity (accounting for 90% of the entity’s Turnover):

S.No. Product/Service NIC Code % of total Turnover

contributed
1. Manufacture of self-adhesive labels including decals and body graphics, 2D 22209 98.10%
appliques and dials, 3D appliques and dials, 3D lux badges, domes, overlays,
aluminium badges, in-mould label or in-mould decoration, lens mask assembly,
optical plastics / cover glass, chrome plated, printed and painted injection moulded
plastic parts.

118 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

3. OPERATIONS
18. Number of locations where plants and/or operations/offices of the entity are situated:

Location Number of plants Number of offices Total

National 01 01 01*
International NIL NIL NIL

*The plant and office are co-located at the same premises.

19. Markets served by the entity:

a) Number of locations

Locations Number
National (No. of States) 06
International (No. of Countries) 22

b) Contribution of exports:

What is the contribution of exports as a percentage of the total 12.69%

turnover of the entity?

c) Type of Customers

A brief on S.J.S. Enterprises Limited (The Company / SJS) is amongst the leading players in the Indian decorative aesthetics industry
types of with the widest range of products across both traditional and premium segments. The Company is a unique blend of strong
customers manufacturing and design capabilities, expert workforce and long-standing customer relationships. The Company provides
decorative aesthetic products to automobile, consumer appliances, medical devices, farm equipment and sanitary ware
manufacturers both in India and overseas. The Company serves its customers with a diverse range of products including:
• Decals and body graphics
• 2D and 3D appliques and dials
• 3D lux badges & domes
• Overlays
• Aluminium badges
• In-mould label or decoration parts (IML/IMD)
• Lens mask assembly
• Optical plastics / Cover Glass
• Chrome-plated, printed and painted injection moulded plastic parts
The Company also offers a range of aftermarket accessories for 2Ws and PVs under the brand name ‘Transform’.
SJS has the scale and capability to manage 6,700 SKUs and supplied more than 136 Mn parts to 175+ customer locations
across 22 countries during financial year 2023-24.
SJS is a partner, co-creator, and supplier of choice to several leading OEMs with a dominant share of business in India and
focused strategy to increase global presence. In India, SJS supplies directly or indirectly to:
• All Top 7 Two-Wheeler OEMs
• 9 of Top 10 Passenger Vehicle OEMs
• 5 of Top 10 consumer durable OEM
The Company’s robust capabilities, quality performance, price competitiveness and timely delivery have made it a preferred
partner for the world’s renowned and most esteemed brands. SJS has been associated with its 10 largest revenue contributors
for an average of 19 years which is a testament to its strong and trusted customer relationships.

Annual Report 2023-24 l 119

Business Responsibility and Sustainability Report (Contd.)

4. EMPLOYEES
20. Details at the end of the year of financial year:
a) Employees and workers (including differently abled):

S. Male Female
Particulars Total (A)
No No. (B) % (B / A) No. (C) % (C / A)
Employees
1. Permanent (D) 194 170 89.5% 24 12.6%
2. Other than Permanent (E) - - - - -
3. Total employees (D + E) 194 170 89.5% 24 12.6%
Workers
1. Permanent (F) 307 271 88.3% 36 11.7%
2. Other than Permanent (G) 950 775 81.6% 175 18.4%
3. Total workers (F + G) 1257 1046 83.2% 211 16.8%

b) Differently abled Employees and workers:

Male Female
S. No Particulars Total (A)
No. (B) % (B / A) No. (C) % (C / A)
Differently Abled Employees
1. Permanent (D) 1 1 100% - -
2. Other than Permanent (E) - - - - -
3. Total employees (D + E) 1 1 100% - -
Differently Abled Workers
1. Permanent (F) 1 1 100% - -
2. Other than Permanent (G) - - - - -
3. Total workers (F + G) 1 1 100% - -

21. Participation/Inclusion/Representation of women:

Category Total (A) No. and percentage of Females

No. (B) % (B / A)
Board of Directors 6 1 16.67%
Key Management Personnel* 5 - -

* Key Managerial Personnel includes Managing Director, Wholetime Director, Company Secretary, Chief Executive Officer and Chief Financial
officer.

22. Turnover rate for permanent employees and workers:

(Disclose trends for the past 3 years)

FY 2023-24 FY 2022-23 FY 2021-22

(Turnover rate in current FY) (Turnover rate in previous FY) (Turnover rate in the year prior
to the previous FY)
Male Female Total Male Female Total Male Female Total
Permanent Employees 6.86% 0.21% 7.07% 11% 6% 10.4% 11% 4% 10.6%
Permanent Workers 2.51% 0% 2.51% 5% 0% 4.7% 8% 2% 7.2%

120 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

5. HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES (INCLUDING JOINT VENTURES)

23. Names of holding / subsidiary / associate companies / joint ventures:

Does the entity indicated at

Indicate whether % of shares
Name of the holding / subsidiary / associate column A, participate in the
S. No. holding/ Subsidiary/ held by
companies / joint ventures (A) Business Responsibility initiatives
Associate/ Joint Venture listed entity
of the listed entity? (Yes/No)
1 Exotech Plastics Private Limited Subsidiary 100% No
2 Walter Pack Automotive Products India Private Subsidiary 90.1% No
Limited
3 Plastoranger Advance Technologies Private Subsidiary 90.1% No
Limited (Wholly owned subsidiary of Walter Pack
Automotive Products India Private Limited)

6 CORPORATE SOCIAL RESPONSIBILITY (CSR) DETAILS

24.

S. No. Requirement Response

1. Whether CSR is applicable as per section 135 of Companies Act, 2013: (Yes/No) Yes
2. Turnover (in `) 363,36,10,000
3. Net worth (in `) 521,86,90,000

7. TRANSPARENCY AND DISCLOSURES COMPLIANCES

25. Complaints/Grievances on any of the principles (Principles 1 to 9) under the National Guidelines on
Responsible Business Conduct:

Grievance FY 2023-24 Current Financial Year FY 2022-23 Previous Financial Year

Redressal
Stakeholder group Mechanism in Number of Number of
Number of Number of
from whom Place (Yes/No) complaints complaints
complaints complaints
complaint is (If yes, then pending pending
filed Remarks filed Remarks
received provide web-link resolution resolution
during the during the
for grievance at close of at close of
year year
redress policy) the year the year
Communities Yes* NIL NIL None NIL NIL None
Investors (other Yes * NIL NIL None NIL NIL None
than shareholders)
Shareholders Yes * NIL NIL None NIL NIL None
Employees and Yes * NIL NIL None NIL NIL None
workers
Customers Yes * 07 NIL All complaints 11 NIL All complaints
received during this received during this
financial year were financial year were
related to general related to general
concerns, and the concerns, and the
same has been same has been
promptly resolved promptly resolved
with utmost with utmost priority.
priority.
Value Chain Partners Yes * NIL NIL None NIL NIL None
*The Company has a Stakeholder Management Policy which formalises grievance management for both internal and external stakeholders,
aiming to minimise social risks to the business. Grievances will be managed confidentially to reduce conflicts and strengthen relationships.
Stakeholders can use the redressal channel provided if no other mechanism is available in Company policy.
The policy can be accessed at the given link.
https://www.sjsindia.com/Docs/Stakeholder%20Management%20Policy.pdf

Annual Report 2023-24 l 121

Business Responsibility and Sustainability Report (Contd.)

26. Overview of the entity’s material responsible business conduct issues:

Please indicate material responsible business conduct and sustainability issues pertaining to environmental and social matters
that present a risk or an opportunity to your business, rationale for identifying the same, approach to adapt or mitigate the
risk along-with its financial implications, as per the following format:

Indicate
Financial implications of the
whether
S. Material issue Rationale for identifying In case of risk, approach to risk or opportunity (Indicate
risk or
No identified the risk / opportunity adapt or mitigate positive or negative
opportunity
implications)
(R/O)
1. Energy Risk In manufacturing operations, In response to energy management POSITIVE
Management a significant amount of energy risks, the company has adopted Although there are upfront
is usually utilised for various a proactive approach focused expenses associated with
purposes such as operating on promoting energy efficiency installing solar panels,
machinery, providing heating and sustainability throughout its procuring wind power,
and cooling, and lighting operations. This involves a series and making other capital
facilities. Any interruptions of strategic initiatives, including investments, the company
in energy supply, whether the widespread installation of can realise significant long-
caused by power outages, solar panels across its facilities, term cost savings through
fluctuations in prices, or procurement of wind and solar these actions. By reducing
issues with quality, can result power, and reducing electricity its dependence on costly
in operational disruptions. consumption from conventional fossil fuels, such as traditional
These disruptions may lead sources like BESCOM. Additionally, grid electricity, the company
to delays in production the company is actively exploring can mitigate future price
schedules and impact the and investing in energy-efficient fluctuations and stabilise its
quality of products. Besides technologies and increasing energy expenses. Moreover,
the financial consequences, its procurement of power from the implementation of energy-
inadequate energy renewable sources. Furthermore, efficient technologies and
management can also cause the company has installed EV practices further enhances
operational disruptions charging stations and entirely operational efficiency,
for the company, resulting dependent on renewable energy leading to decreased energy
in product delays, quality sources. Notably, the Bengaluru consumption and lower
problems, and interruptions facility has achieved LEED Gold overall costs. Consequently,
in the supply chain. certification (Leadership in Energy this positive impact on the
Efficiency and Environmental Company’s financials can
Design) from the US Green observed over time.
Building Council, underscoring its
commitment to energy efficiency
and environmentally sustainable
practices.

122 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Indicate
Financial implications of the
whether
S. Material issue Rationale for identifying In case of risk, approach to risk or opportunity (Indicate
risk or
No identified the risk / opportunity adapt or mitigate positive or negative
opportunity
implications)
(R/O)
2. Water & Waste Risk Water is essential for cooling In response to the water and POSITIVE
Management machinery, cleaning parts, waste management risks inherent The comprehensive water
and various production in its operations, the Company and waste management
stages, making any has implemented a proactive measures implemented by the
disruptions in supply or usage strategy focused on efficiency, Company not only contribute
restrictions detrimental to sustainability, and regulatory to environmental sustainability
production schedules and compliance. As part of this strategy, but also generate financially
operational effectiveness. The Company has installed water- positive results. By optimising
Moreover, water scarcity efficient fixtures such as low-flow water usage and minimising
in operational regions can toilets and faucets to minimise wastage, the facility can
lead to supply shortages, water consumption. Additionally, significantly reduce its water
increased costs, and potential staff members receive thorough consumption, resulting
conflicts over resources. training in proper water in lower water bills and
On the waste management management techniques to ensure operational costs. Additionally,
front, the generation of responsible usage throughout the improved wastewater
wastewater containing organisation. treatment can help the facility
pollutants necessitates The Company has established avoid regulatory fines, which
careful handling to prevent efficient wastewater treatment can protect the company’s
environmental pollution and processes, including Sewage financial resources. Moreover,
health hazards. Regulatory Treatment Plants (STP) and by demonstrating responsible
compliance is paramount in Effluent Treatment Plants (ETP). water management practices,
both water usage and waste These facilities process liquid the Company can enhance
management to avoid fines, waste, converting it into reusable its reputation, potentially
legal repercussions, and water and sludge, thereby attracting environmentally
damage to the company’s minimising environmental impact conscious customers and
reputation. and promoting resource efficiency. investors, thereby positively
The treated water derived from impacting sales, and revenue.
this process is reused for purposes Moreover, the zero liquid
such as toilet flushing and discharge mechanism
gardening. minimises disposal costs and
Furthermore, the Company potential fines associated
has installed Reverse Osmosis with improper waste disposal.
(RO) water plants to ensure Therefore, while initially
access to high-quality water investing in water and waste
for manufacturing processes. management infrastructure
Company has implemented a zero and initiatives may incur
liquid discharge mechanism which upfront costs, the long-term
ensures that no liquid waste is financial benefits far outweigh
discharged from the facility. these expenses, ultimately
To ensure the safe and responsible generating positive results for
disposal of waste, the sludge the Company.
is handed over to authorised
vendors who specialise in its
appropriate management and
disposal. Through these measures,
the Company effectively mitigates
water and waste management risks,
demonstrating its commitment to
environmental stewardship and
sustainability while safeguarding
its operations and reputation.

Annual Report 2023-24 l 123

Business Responsibility and Sustainability Report (Contd.)

Indicate
Financial implications of the
whether
S. Material issue Rationale for identifying In case of risk, approach to risk or opportunity (Indicate
risk or
No identified the risk / opportunity adapt or mitigate positive or negative
opportunity
implications)
(R/O)
3. Waste & Risk The manufacturing process The Company has implemented POSITIVE
Hazardous involves the use of various a comprehensive waste First, the company has adopted
Materials raw materials and chemicals, management plan to address the waste reduction strategies
Management some of which may be risks associated with waste and such as lean manufacturing
hazardous to human health materials management effectively. principles to minimise waste
and the environment. To ensure efficient waste disposal, generation at the source
Improper handling, storage, the Company engages waste and optimise production
or disposal of these materials collection agents appointed by processes. Strict protocols
can lead to contamination Local Authorities, who conduct and training programs
of soil, water, and air, posing regular pickups according to should be established for the
risks to ecosystems and scheduled intervals. proper handling, storage,
human health. Additionally, In handling hazardous waste, and disposal of hazardous
regulatory non-compliance the Company has established materials to mitigate health
regarding waste management a well-defined plan to ensure and safety risks.
can result in legal penalties, proper identification and storage Further to better waste
fines, and damage to the practices, minimising the risk management practices, the
company’s reputation. of spillage. Hazardous waste is Company is in the process of
Packaging plays a crucial exclusively disposed of through establishing procedures.
role in the supply chain of authorised parties, with meticulous
finished products, ensuring records maintained to track
their safe transportation disposal activities.
and delivery to customers. Additionally, the Company
However, excessive or non- categorises waste into three
sustainable packaging can distinct levels of risk, each
contribute to resource accompanied by appropriate
depletion, waste generation, packaging and labelling for easy
and environmental pollution. identification during emergencies.
By adopting eco-friendly By adhering to these waste
packaging materials and management practices, the
optimising packaging designs Company demonstrates its
to reduce material usage, commitment to environmental
the company can minimise responsibility and the promotion
its carbon footprint and of a safe working environment.
conserve natural resources. The company has taken the
Furthermore, implementing additional step of registering on
responsible disposal practices, Extended Producer Responsibility
such as recycling or reusing (EPR) platforms. This indicates
packaging materials, helps the company’s commitment to
divert waste from landfills environmental sustainability
and reduces environmental and its willingness to actively
pollution. participate in programs aimed at
reducing its environmental impact.

124 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Indicate
Financial implications of the
whether
S. Material issue Rationale for identifying In case of risk, approach to risk or opportunity (Indicate
risk or
No identified the risk / opportunity adapt or mitigate positive or negative
opportunity
implications)
(R/O)
4. Product Opportunity Ensuring product quality and - POSITIVE
Quality & safety presents significant The Company’s commitment
Safety opportunities for the company to product quality and
across multiple facets of safety is evident through its
its operations. Company implementation of a rigorous
believes that High-quality and system to uphold essential
safe products are essential standards. This unwavering
for maintaining customer dedication has led to
satisfaction and loyalty. remarkable outcomes, with
Product quality and safety can the Company successfully
serve as key differentiators avoiding instances of product
in a competitive market recalls or losses that could have
to attract new customers, otherwise posed significant
retain existing ones, and financial implications.
even justify premium pricing, Furthermore, by consistently
ultimately strengthening adhering to stringent quality
the company’s position in and safety protocols, the
the market. By addressing Company has not only
potential issues early in the safeguarded its reputation
product development and but also fostered unwavering
manufacturing processes, the trust among its customers.
company can avoid the need This trust has translated into
for costly rework, recalls, or increased customer loyalty
product failures. and satisfaction, driving repeat
business and strengthening
the Company’s position in
the market. Additionally,
the Company’s proactive
approach to quality assurance
has enabled it to identify
and address potential issues
early on, further enhancing
its ability to deliver superior
products that meet customer
expectations. Overall,
the Company’s steadfast
commitment to product
quality and safety has not
only mitigated risks but also
positioned it for sustained
success and growth in the
marketplace.

Annual Report 2023-24 l 125

Business Responsibility and Sustainability Report (Contd.)

Indicate
Financial implications of the
whether
S. Material issue Rationale for identifying In case of risk, approach to risk or opportunity (Indicate
risk or
No identified the risk / opportunity adapt or mitigate positive or negative
opportunity
implications)
(R/O)
5. Employee Risk The utilisation of heavy The Company has implemented POSITIVE
Health & machinery, chemicals, and an effective employee health The Company’s unwavering
Safety other hazardous materials and safety management system, commitment to product
can present substantial risks encompassing the identification quality and safety has resulted
to the health and safety of and management of workplace in impressive outcomes,
employees if not effectively hazards, the implementation including the avoidance of
managed. Compliance of suitable safety measures, product recalls and losses.
with occupational health and comprehensive training Through a rigorous adherence
and safety regulations is for employees on the usage of to stringent standards,
imperative, as employers Personal Protective Equipment the Company has not only
are legally obligated to (PPE) and safety protocols for safeguarded its reputation
provide a safe and healthy handling hazardous materials. but also cultivated unwavering
work environment. Failure The Company has established trust among its customers,
to do so can lead to legal mechanisms to monitor safety- leading to increased loyalty
liabilities, financial penalties, related incidents, enabling timely and satisfaction. Proactively
and reputational damage for intervention and preventive addressing potential issues
the company. It is crucial for measures. has further enhanced the
companies to prioritise proper To mitigate workplace hazards, Company’s ability to deliver
management of these risks the Company has implemented superior products, positioning
to ensure the well-being of engineering controls, such as it for sustained success and
their employees and maintain machine guards and ventilation growth in the marketplace.
compliance with occupational systems, that effectively reduce
health and safety regulations. or eliminate associated risks.
Additionally, the provision of
appropriate PPE, including
gloves, safety glasses, shoes, and
respirators, plays a crucial role
in safeguarding employees from
workplace hazards.
By prioritising employee health
and safety through comprehensive
management systems, effective
training, and the implementation
of necessary safety measures, the
Company fosters a secure work
environment, mitigates risks,
and ensures the well-being of its
employees.

126 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Indicate
Financial implications of the
whether
S. Material issue Rationale for identifying In case of risk, approach to risk or opportunity (Indicate
risk or
No identified the risk / opportunity adapt or mitigate positive or negative
opportunity
implications)
(R/O)
6. Business Risk and RISK To leverage the evolving market POSITIVE
Model Opportunity The Company acknowledges dynamics, SJS has successfully By continually introducing
Resilience that failing to align innovation expanded its range of products new and improved products,
with market trends and to include state-of-the-art, the Company has effectively
customer preferences premium offerings such as IML/ differentiated itself in the
poses a risk of decreased IMD parts, 3D appliques, lens mask market, expanded its reach,
sales and market share. assemblies, and aluminium badges. and attracted a wider customer
Additionally, technological The Company has established a base. This strategic approach
advancements present a risk dedicated team focused on new has resulted in remarkable
of product obsolescence. product development (NPD), growth in both revenues and
Neglecting to foster a resulting in the introduction of profits. Moreover, the financial
culture of risk awareness four to five innovative products benefits derived from product
within the organisation over the past three to four years. innovation provide the
poses a risk of missed By strategically diversifying its Company with the resources
opportunities. Fluctuations in product portfolio and investing in needed to invest in ongoing
consumer demand, economic NPD, SJS remains at the forefront research and development
conditions, and geopolitical of industry trends and is poised initiatives, ensuring its
factors can lead to market to capitalise on emerging market sustained competitive
volatility. Proactively opportunities. advantage and market
identifying and addressing leadership over the long term.
these risks is crucial for Moreover, innovation enables
maintaining competitiveness the Company to optimise
and long-term success. production processes, reduce
OPPORTUNITY Embracing costs, and improve operational
innovation as a core efficiency, further contributing
strategic priority enables to profitability.
the Company to navigate
uncertainties and capitalise
on emerging opportunities,
ensuring long-term success
and sustainability in an ever-
changing business landscape.
By exploring new materials,
production processes, and
product designs, the Company
not only distinguishes its
offerings from competitors
but also taps into new
markets and revenue streams.
This proactive approach
to innovation enables the
Company to adapt swiftly
to changing consumer
preferences and market
dynamics, reducing its
vulnerability to external
shocks and disruptions.

Annual Report 2023-24 l 127

Business Responsibility and Sustainability Report (Contd.)

Indicate
Financial implications of the
whether
S. Material issue Rationale for identifying In case of risk, approach to risk or opportunity (Indicate
risk or
No identified the risk / opportunity adapt or mitigate positive or negative
opportunity
implications)
(R/O)
7. Supply Chain Risk Recognising and effectively To mitigate the risks associated NEGATIVE
Management managing supply chain risks with supply chain disruptions, Supply chain disruptions can
is crucial for the Company the Company employs several lead to delays in production,
to ensure a reliable and proactive strategies. Firstly, it impacting the timely delivery
efficient flow of materials, maintains a diversified supplier base of products to customers.
components, and finished and cultivates strong relationships These delays can result in
products throughout with multiple suppliers. This increased costs associated
its operations. Potential approach reduces dependency with expedited shipping,
disruptions or failures on any single source, enhancing overtime wages for employees,
within the supply chain the Company’s ability to respond and penalties for failing to
network, involving suppliers, swiftly to disruptions. Additionally, meet contractual obligations.
manufacturers, and logistics the Company has developed a Inefficiencies in supply chain
providers, can have significant comprehensive contingency plan management can result in
consequences. These that is regularly reviewed and either excess inventory or
consequences may include updated to ensure its effectiveness stockouts. Excess inventory ties
production delays, increased in mitigating potential disruptions. up capital and incurs storage
costs, and damage to the By proactively assessing and costs, reducing profitability.
Company’s reputation. Any addressing vulnerabilities in the On the other hand, stockouts
disruption in the supply chain, supply chain, the Company can lead to lost sales opportunities
such as material shortages, pre-emptively mitigate risks. and dissatisfied customers,
transportation delays, or Furthermore, through random negatively impacting revenue
production issues at supplier visits to suppliers, the Company and brand loyalty. Overall,
facilities, can lead to delays monitors and verifies the smooth ineffective supply chain
in product delivery. These functioning of operations, ensuring management can lead to a
delays can result in customer adherence to quality standards cascade of financial challenges,
dissatisfaction, order and reliability. By continuously including increased production
cancellations, and financial monitoring and adapting its costs, lost revenue, reputation
penalties for failing to meet strategies, the Company minimises damage, and regulatory
contractual obligations. the impact of supply chain compliance costs.
disruptions, thereby maintaining a
reliable and resilient supply chain
network.

128 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Indicate
Financial implications of the
whether
S. Material issue Rationale for identifying In case of risk, approach to risk or opportunity (Indicate
risk or
No identified the risk / opportunity adapt or mitigate positive or negative
opportunity
implications)
(R/O)
8. Material Risk The meticulous selection of The Company employs a variety of NEGATIVE:
Sourcing & materials is pivotal in the strategies to ensure the resilience The Company’s financial
Efficiency manufacturing process of of its products when exposed outlook is directly impacted
the Company, as it directly to harsh weather conditions. by material procurement,
impacts the quality and One common approach involves with raw material costs
longevity of the finished applying protective coatings representing a significant
products. It is crucial to select or finishes to parts’ surfaces, expense that can substantially
materials that align with shielding them from damage, affect profitability. Fluctuations
specific criteria to guarantee fading, or discoloration. in material prices, scarcity, or
durability and performance. Additionally, specialised materials, market conditions present
A critical consideration is the such as heat-resistant plastics or challenges and potential cost
materials’ ability to withstand metals, are utilised to withstand increases, which may adversely
the diverse environmental extreme temperatures. Rigorous impact the Company’s
conditions the parts may testing is integral, with products financial performance.
encounter during their subjected to simulations of diverse POSITIVE:
operational lifespan. For weather conditions to evaluate Conversely, the integration of
instance, parts subjected their performance in challenging sustainable and eco-friendly
to extreme temperatures, environments. These meticulous materials, while initially
whether high or low, measures enable the Company incurring higher costs, can lead
necessitate materials resilient to produce products known for to long-term savings. These
enough to endure without their durability, reliability, and materials often offer increased
brittleness or deterioration. outstanding performance across a durability and longer lifespans,
Moreover, materials must range of environmental conditions. reducing the need for frequent
exhibit resistance to the Within the Green Inspired replacements and repairs.
detrimental effects of section of the Company’s Moreover, the adoption
moisture and UV radiation, as Sustainable Procurement Policy, of sustainable materials
exposure to these elements a commitment is made to aligns with the Company’s
can compromise both cultivate an environmentally environmental commitments,
structural integrity and visual friendly and responsible value potentially decreasing waste
appeal. Through careful chain in accordance with local management and disposal
material selection that meets environmental regulations. expenses. As a result, strategic
these stringent criteria, the Particular emphasis is placed utilisation of sustainable
Company ensures that its on reducing carbon emissions, materials can yield financial
products maintain optimal minimising water usage, managing benefits while demonstrating
performance and aesthetics hazardous materials and toxic the Company’s dedication to
over time. waste, and promoting the adoption environmental responsibility.
of renewable energy sources. The
principles of “reduce, reuse, and
recycle” are endorsed to minimise
waste generation and promote
responsible resource consumption,
including sustainable practices in
packaging materials. Moreover,
the Company expects suppliers
to establish and maintain robust
Quality Management Systems,
comply with relevant local
regulations, participate in training
programs, conduct management
reviews and internal audits, and
monitor and minimise their
environmental impact through the
adoption of green initiatives and
sustainable practices.

Annual Report 2023-24 l 129

Business Responsibility and Sustainability Report (Contd.)

Indicate
Financial implications of the
whether
S. Material issue Rationale for identifying In case of risk, approach to risk or opportunity (Indicate
risk or
No identified the risk / opportunity adapt or mitigate positive or negative
opportunity
implications)
(R/O)
9. Advancements Risk and The manufacturing sector To proactively mitigate the POSITIVE
in technology Opportunity has undergone a significant risks linked to technological The Company acknowledges
transformation propelled by advancements, the Company is the significant impact that
technological advancements actively enhancing its capabilities technological advancements
like 3D printing and to introduce in-mould electronics can have on its financial
digital design tools. This (IME) solutions. These solutions performance, recognising
evolution has extended to have seen growing applications the potential for positive
automotive aesthetic parts across various industries, including outcomes from the acquisition
manufacturers, presenting two-wheelers, passenger vehicles, such as improved efficiency,
lucrative opportunities. These consumer appliances, and electric enhanced quality control, and
innovations empower the vehicles (EVs). By offering these expanded product offerings.
creation of intricate designs, innovative products, the Company However, it also acknowledges
personalised components, aims to expand its customer base the possibility of negative
and more efficient production not only within the consumer financial implications,
processes. Embracing such appliances industry but also in the including substantial initial
technological advancements medical devices sector. investments, implementation
enables companies to gain To facilitate the successful disruptions, and ongoing
a competitive edge, develop implementation of these investment requirements.
unique products, and improve advancements, the company has In order to make prudent
profitability. However, it’s made acquisition of Walter Pack decisions, the Company
vital to acknowledge that India (WPI) to reinforce our market conducts thorough
investing in new technologies leadership in the decorative assessments of the costs
comes with considerable aesthetics industry. and benefits associated with
costs, necessitating a The acquisition of Walter Pack adopting new technologies.
thorough assessment of represents a significant growth By carefully evaluating the
potential benefits and risks. catalyst for SJS, offering abundant potential financial impact,
The Company prioritises opportunities across IMD, IML, the Company can make
technology development, IMF, and IME technologies within informed decisions regarding
viewing it as a pivotal the PV and consumer segments. the adoption of technology,
component of its unique These technologies, including taking into account both
selling proposition (USP) large in-mould forming and short-term and long-term
and allocating substantial decoration, enhance our capacity financial considerations. This
resources accordingly. to supply sizable IMF panels for strategic approach enables
In line with its vision, the washing machines. With expertise the Company to leverage the
Company aims for excellence in 1K and 2K injection moulding opportunities presented by
by exploring the possibilities and IMD, we are poised to expedite technological advancements
of colors, materials, textures, our entry into the medical devices while minimising any potential
and functionality. Their sector. Going forward, we will financial risks.
objective is to craft visually also assess additional acquisition
captivating and sensorially proposals that we deem beneficial
pleasing products that offer to enhancing the Company’s value
intuitive delight. They aspire proposition.
to lead the aesthetic and
functional industrial graphic
parts industry, leveraging
specialised design and
printing technologies to
achieve their goals.

130 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

SECTION B: MANAGEMENT AND PROCESS DISCLOSURES

This section is aimed at helping businesses demonstrate the structures, policies and processes put in place towards adopting
the NGRBC Principles and Core Elements.

S.
Disclosure Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
No
Policy and management processes
1. a) Whether your entity’s policy/ Yes Yes Yes Yes Yes Yes No Yes Yes
policies cover each principle
and its core elements of the
NGRBCs. (Yes/No)
Particulars of the Policies

Stakeholder Management
Supplier Code of conduct

Health and Safety Policy

Cyber Security and Data

Anti-corruption or anti-

Environmental Policy
Human Rights Policy
Code of Conduct for

Responsibility Policy
Corporate Social
bribery policy

Privacy Policy
Employees

Policy

-
b) Has the policy been approved Yes Yes Yes Yes Yes Yes - Yes Yes
by the Board? (Yes/No)

c) Web Link of the Policies, if The Company’s policies can be accessed at the given link: https://www.sjsindia.com/investors.
available html#policies
Moreover, in light of the operations and the imperative of upholding confidentiality, a subset of
the Company’s policies can be conveniently accessed through the intranet platform exclusively
designated for internal use. The intranet functions as a comprehensive repository for a
multitude of policies that regulate the operations and comportment within the organisation.
2. Whether the entity has translated Yes Yes Yes Yes Yes Yes - Yes Yes
the policy into procedures.
(Yes / No)
3. Do the enlisted policies extend to Not all the enlisted policies may extend to our value chain partners.
your value chain partners? We wish to clarify that while the Company is committed to upholding the highest standards
(Yes/No) of ethical and sustainable business practices, our policies and practices are limited to our own
operations and do not extend to our value chain partners.
The Company ensures that its suppliers/contractors comply with the law of the land by getting
such clauses incorporated in their respective contracts/agreements and terms and conditions
of the tenders.
4. Name of the national and ISO ISO ISO- - ISO ISO - - ISO
international codes /certifications/ 9001 14001/ 45001 14001 / 14001 9001 /
labels / standards (e.g. Forest IATF ISO- *ISO 14001 /
Stewardship Council, Fairtrade, 16949 45001 50001 IATF
Rainforest Alliance, Trustee) 16949
standards (e.g. SA 8000, OHSAS,
ISO, BIS) adopted by your entity In addition to these standards, the Company’s operations are also guided by the National
and mapped to each principle. Guidelines on Responsible Business Conduct (NGBRC), further demonstrating its commitment
to responsible business practices.
*The Company has initiated the process for obtaining the certification and remains focused
on fulfilling the requirements of ISO 50001 certification and aims to successfully obtain the
accreditation within September 2024.

Annual Report 2023-24 l 131

Business Responsibility and Sustainability Report (Contd.)

S.
Disclosure Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
No
5. Specific commitments, goals and
targets set by the entity with Specific commitments, Base Year Target Expected Results
defined timelines, if any. goals and targets Year
Environment 2022-23 2023-24 Our short-term goal is to reduce carbon
• To reduce the emissions by the financial year 2023-
carbon emissions 24 through complete energy offsetting,
relying entirely on renewable sources,
thereby significantly reducing our carbon
footprint.
• Inclusion of 2023-24 2028-29 Our medium-term goal is to eliminate
bioplastic in our conventional plastics from our operations
operations by integrating 30% bioplastics by the
financial year 2028-29.
• To increase the 2022-23 2023-24 Our short-term goal is to increase the
consumption of consumption of renewable energy by 50%
Renewable Energy in our operations by 2023-24 through the
implementation of sustainable energy
sources and efficiency measures.
• To reduce electricity 2022-23 2023-24 Our short-term objective is to reduce 80%
consumption and electricity usage through doubling of our
increase solar solar panel capacity coupled with third-
consumption party power by the financial year 2023-24.
Social 2022-23 2025-26 Our medium-term goal is to increase
• To increase the representation of differently abled
differently abled employees by 1% by the financial year
employees by 1% 2025-26.
• To improve gender 2023-24 2028-29 Our medium-term goal is to bolster gender
diversity diversity by launching a new department,
called the Pink Line, which will be entirely
managed by women by the financial year
2028-29.
Governance 2022-23 2024-25 Our short-term goal is to obtain ISO
• To obtain ISO 50001 for designing, implementing and
50001 maintaining an energy management
system by the financial year 2024-25.
• To align Companies 2022-23 2024-25 Our short-term goal is to modify procedures
Sustainability and policies that are sustainability related
goals with Global to align with International Sustainability
Sustainable Rating Assessment Platform.
Platforms.

132 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

S.
Disclosure Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
No
6. Performance of the entity against In response to all the specific commitment goals set by the Company with respect to ESG, the
the specific commitments, goals and performance for the same is mentioned below:
targets along-with reasons in case
the same are not met 1. The Company is delighted to announce a substantial decrease in emissions during the
financial year 2023-24, demonstrating an impressive reduction of Scope 2 emissions
of approximately 71.66% compared to the previous financial year 2022-23. The overall
reduction in Carbon emissions is 69.95% compared to the previous financial year 2022-
23. This accomplishment underscores our unwavering dedication to environmental
sustainability and exemplifies our continued endeavours to mitigate our carbon footprint.
2. The company is actively working towards the goal of incorporating bioplastics into its
operations. In the medium term, the company aims to completely eliminate the use of
conventional plastics by transitioning to 50% bioplastics by the financial year 2028-29.
This initiative aligns with the company’s long-term vision of operating in a way that is
both environmentally sustainable and commercially viable. Through ongoing research,
development, and strategic partnerships, the company is confident in its ability to achieve
this goal and contribute to a more sustainable future.
3. The Company is delighted to share a significant accomplishment in the financial year
2023-24:
• Wherein our renewable energy consumption witnessed a remarkable rise of 60.07%.
This achievement surpasses our predetermined target of 50%, underscoring our
commitment to sustainable practices and resource efficiency.
• Wherein the electricity consumption through BESCOM reduced 71.64% compared to
previous year since the consumption from renewable energy increased.
4. 
The Company has made substantial progress in meeting its power requirements for
manufacturing through the utilisation of renewable solar energy.
• A significant portion of the electricity needed during the year, approximately 67.61%,
was supplied by third party power. Additional power purchases were made during the
year, totalling an extra 25,62,479 KWH. This represents a 74.06% increase in third-party
power purchases compared to the previous year, 2022-23.
• The total energy consumed from renewable sources accounts for 89.98%, surpassing
our target of 80% renewable energy consumption.
5. The company is actively working towards increasing the representation of differently abled
employees as part of its diversity and inclusion efforts. With a short-term goal of increasing
the representation of differently abled employees by 1% by the financial year 2025-26,
the company is implementing various initiatives to attract, hire, and retain individuals
with diverse abilities. These initiatives include targeted recruitment strategies, accessible
hiring processes, and inclusive workplace policies and accommodations. By fostering an
environment that values diversity and empowers all employees, the company is not only
enhancing its workforce but also contributing to a more inclusive society.
6. The company is dedicated to enhancing gender diversity within its workforce and has
embarked on a strategic initiative to achieve this goal. Through the establishment of a
new department, named the Pink Line, the company aims to create opportunities for
women to thrive in leadership positions. By the financial year 2028-29, the Pink Line will
be fully operational, with women comprising the entire management team. This initiative
not only promotes gender diversity but also empowers women to contribute their unique
perspectives and talents to the company’s decision-making processes. Additionally,
the Pink Line serves as a catalyst for fostering an inclusive work environment where all
employees, regardless of gender, feel valued and supported. Through ongoing efforts to
attract, retain, and advance women in the workplace, the company is demonstrating its
commitment to gender equality and creating a more diverse and equitable organisation.
Tracking the progress of the Pink Line initiative and regularly evaluating its impact allows
the company to make informed decisions and continuously improve its gender diversity
efforts.

Annual Report 2023-24 l 133

Business Responsibility and Sustainability Report (Contd.)

S.
Disclosure Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
No
7. The company has made significant strides towards achieving its short-term goal of
obtaining ISO 50001 certification for its energy management system. A dedicated team has
been tasked with designing, implementing, and maintaining the necessary infrastructure
and processes to meet the requirements of the ISO 50001 standard. Comprehensive
energy audits have been conducted across all facilities to identify areas for improvement
and optimise energy consumption. Additionally, employee training programs have been
initiated to raise awareness about energy efficiency practices and promote a culture of
energy conservation throughout the organisation. As the financial year 2024-25 progresses,
the company remains focused on fulfilling the requirements of ISO 50001 certification and
aims to successfully obtain the accreditation within September 2024.
8. The company has made significant strides in aligning its sustainability goals with Global
Sustainable Rating Platforms. We have aligned policies such as human rights, environmental
policies, and sustainable procurement policies to comply with these requirements. Moving
forward, we are committed to continuing to modify these policies to stay updated and
aligned with international standards.
Additionally, we aspire to achieve various sustainability awards and recognitions. Notably,
the company has been honoured with the prestigious title of “Great Workplace” in the
category of “Small and Mid-Sized Organisations” by the renowned Great Place to Work
Institute®, India. This recognition underscores our dedication to maintaining a conducive
and safe working environment.
Governance, leadership and oversight
7. Statement by director responsible “As a pioneering corporate entity, we are deeply committed to conducting our operations
for the business responsibility with an unwavering focus on sustainability, environmental stewardship, and robust social
report, highlighting ESG responsibility. At the core of our ethos is a dedication to minimising our ecological footprint
related challenges, targets and and driving excellence in corporate governance. We strive to lead by example, continuously
achievements advancing initiatives to reduce greenhouse gas emissions, enhance energy efficiency, and
innovate waste management practices. Our pursuit of exceptional progress in these pivotal
areas is driven by a steadfast determination to create lasting, transformative impacts within
the communities we serve.
Moreover, we harness our steadfast determination to make lasting, transformative contributions
to the communities we serve. When it comes to reporting our accomplishments, we take
immense pride in trumpeting our extraordinary achievements. The financial year 2023-24
marked significant milestones for us, particularly in environmental sustainability. We achieved
a remarkable 71.66% reduction in Scope 2 carbon emissions, contributing to an overall 69.95%
decrease in our carbon footprint. These achievements underscore our unwavering dedication
to environmental stewardship and our proactive approach to mitigating climate impact.
Moreover, we exceeded expectations in renewable energy consumption, surpassing our 50%
target and reducing reliance on conventional electricity sources by 71.64%. Our total energy
consumption from renewables soared to an impressive 89.98%, well above our 80% goal.
These strides demonstrate our commitment to enhancing energy efficiency and leveraging
sustainable resources.
Inclusivity remains a cornerstone of our corporate ethos. We are steadfast in our efforts to
enhance the representation of differently abled employees through inclusive hiring practices
and supportive workplace policies. Likewise, our commitment to gender diversity is evident as
we strive for parity within our management team, empowering women leaders and fostering a
culture of inclusion across our organisation.
These initiatives are integral to our overarching ESG vision, which prioritises sustainable
operations, diversity promotion, and positive societal impact. By setting ambitious targets
and implementing robust strategies, we aim not only to meet but to exceed the expectations
of our stakeholders, while advancing our commitment to responsible business practices
and sustainable growth. Our unequivocal dedication to cultivating a safe, nurturing work
environment has earned us the prestigious distinction of being recognised as a “Great
Workplace” by the venerable Great Place to Work Institute® fifth time in a row.

134 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

S.
Disclosure Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
No
Aligned with our purpose, we forge transformative partnerships to champion cancer research,
provide firm support to 200 underprivileged women with vocational trainings., empower
brick lane workers through comprehensive welfare programs, deliver crucial educational and
healthcare resources to marginalised communities, offer solace and rehabilitation to orphans
and extend medical care to the underprivileged.
Fueled by steadfast dedication, strong leadership, and an unwavering quest for excellence, we
are committed to setting new benchmarks in our industry and shaping a sustainable future
for the collective benefit. We invite others to join us on this transformative journey toward a
brighter, more resilient world.”
Sanjay Thapar, CEO and Executive Director
DIN: 01029851
8. Details of the highest authority The individual who holds the highest authority for the implementation and oversight of
responsible for implementation the Business Responsibility policies is Mr. Sanjay Thapar. With his role as CEO & Executive
and oversight of the Business Director, Mr. Thapar has been specifically designated to ensure the effective implementation
Responsibility policy(ies). and adherence to the policy, safeguarding its objectives and principles. His expertise and
leadership play a crucial role in upholding the organisation’s commitment to responsible
business practices.
9. Does the entity have a specified Risk Management Committee has been tasked with decision-making authority on all aspects
Committee of the Board/ Director related to sustainability issues.
responsible for decision making on Composition of Risk Management Committee
sustainability related issues? (Yes /
No). If yes, provide details Sl. No Name of the member Designation
1 Mr. Sanjay Thapar Chairman (CEO & Executive Director)
DIN : 01029851
2 Mrs. Veni Thapar Member (Independent Director)
DIN : 01811724
3 Mr. K A Joseph Member (Managing Director)
DIN : 00784084

10. Details of Review of NGRBCs by the Company:

Subject for Review Indicate whether review was undertaken by Frequency (Annually/ Half yearly/ Quarterly/
Director / Committee of the Board/ Any other Any other – please specify)
Committee
P1 P2 P3 P4 P5 P6 P7 P8 P9 P1 P2 P3 P4 P5 P6 P7 P8 P9
Performance against above policies Yes, performance against enlisted policies and Annually
and follow up action necessarily follow up actions are duly reviewed
by the Risk Management Committee as well as
the Board of Directors
Compliance with statutory Yes, we comply with statutory requirements Quarterly
requirements of relevance to the relevant to the principles and review was
principles, and, rectification of any undertaken by the Board of Directors.
non-compliances

11. Independent assessment/ evaluation of the working of its policies by an external agency:

Has the entity carried out independent assessment/ P1 P2 P3 P4 P5 P6 P7 P8 P9

evaluation of the working of its policies by an external Yes, all the policies of the Company are evaluated internally.
agency? (Yes/No). If yes, provide name of the agency.
Further, J. Sundharesan & Associates, specialising in Compliance,
Governance and Sustainability advisory has provided ‘limited assurance’
on working of its policies.

Annual Report 2023-24 l 135

Business Responsibility and Sustainability Report (Contd.)

12. If answer to question (1) above is “No” i.e. not all Principles are covered by a policy, reasons to be stated:

Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
The entity does not consider the Principles material to - - - - - - Yes - -
its business (Yes/No)
The entity is not at a stage where it is in a position to - - - - - - No - -
formulate and implement the policies on specified
principles (Yes/No)
The entity does not have the financial or/human and - - - - - - No - -
technical resources available for the task (Yes/No)
It is planned to be done in the next financial year - - - - - - No - -
(Yes/No)
Any other reason (please specify) - - - - - - Please - -
refer
note 1

Note:

1) The Company has made a conscious effort to align its business practices with various public advocacy forums that promote
social, environmental, and ethical values. By doing so, the Company is able to operate in a way that is not only profitable,
but also responsible towards society and the environment.

As a member in these forums, the Company has exhibited its dedication to social responsibility by actively engaging in
initiatives and programs that endorse sustainable business practices. The Company may share its expertise to help in the
formulation of public policy, but we do not directly engage in advocacy activities and hence do not have a specific policy
for this purpose.

136 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

SECTION C: PRINCIPLE WISE PERFORMANCE DISCLOSURE

The purpose of this section is to assist organisations in showcasing their proficiency in integrating principles and core elements
into critical processes and decisions. The Company has duly provided all mandatory disclosures as per the BRSR framework.

BUSINESSES SHOULD CONDUCT AND GOVERN THEMSELVES WITH INTEGRITY, AND IN

PRINCIPLE 1 A MANNER THAT IS ETHICAL, TRANSPARENT AND ACCOUNTABLE

The Company’s governance framework is deeply rooted in its dedication to ethical and legal business conduct, shared by all
stakeholders from the Board of Directors to every employee. Emphasising enduring relationships and value provision through
agility and innovation, SJS ensures that clients realise tangible results. Upholding personal responsibility and commitment
fulfillment, the Board has established a “Code of Conduct for Directors and Senior Management” in line with SEBI’s Listing
Regulation, ensuring adherence across all operations.

The Company maintains high standards of professionalism, honesty, integrity, and transparency, supported by a Stakeholder
Management Policy encouraging reporting of non-compliance and improper behaviour. In exceptional cases, direct contact
with key figures such as the Chairman, CEO, or Chairperson of the Audit Committee is facilitated. Furthermore, the Company’s
“Code of Conduct for Insider Trading and Fair Disclosure” reinforces ethical standards and legal compliance, promoting integrity
in securities trading.

ESSENTIAL INDICATORS:
1. Percentage coverage by training and awareness programmes on any of the Principles during the financial year:

Total
% age of persons
number of
in respective
training and
Segment Topics / principles covered under the training and its impact category covered
awareness
by the awareness
programmes
programmes
held
Board of Directors 3 (i) An ESG training session was scheduled for Directors and KMP, 100%
and focusing on the company’s actions related to Environmental, Social,
Key Managerial and Governance aspects, particularly within the context of the BRSR
Personnel framework, for the forthcoming years.
(ii) The Company introduced the board to Industry 4.0 highlighting its
transformative potential and impact on manufacture, technology
and further emphasising the predominant need for its adaptability
& Innovation.
(iii) The Board undergoes cybersecurity training to understand practices
to avoid cyber attacks.

Annual Report 2023-24 l 137

Business Responsibility and Sustainability Report (Contd.)

Total
% age of persons
number of
in respective
training and
Segment Topics / principles covered under the training and its impact category covered
awareness
by the awareness
programmes
programmes
held
Employees other than 78 (i) Following the installation of renewable energy sources, employees 100%
BOD and KMPs have undergone training emphasising the significance of energy
management.
(ii) 
POSH Training is crucial for creating a safe and respectful work
environment, preventing sexual harassment incidents, and ensuring
that everyone understands Company policies and procedures for
dealing with such incidents.
(iii) 
EHS Training is vital for creating a safe and healthy workplace,
minimising accidents, and ensuring that employees understand
Company policies and procedures for handling hazardous materials
and situations.
(iv) 
Waste Management and Segregation Training is important to
minimise environmental impact, ensure compliance, and educate
employees on handling and disposing of waste responsibly.
(v) Human Rights Training is critical to ensure employees understands
and respects human rights, creating a diverse and inclusive workplace
that values and respects all employees.
Workers 162 (i) Following the implementation of renewable energy sources, workers 100%
have undergone training sessions emphasising the significance of
energy management.
(ii) 
POSH Training is crucial for creating a safe and respectful work
environment, preventing sexual harassment incidents, and ensuring
that everyone understands Company policies and procedures for
dealing with such incidents.
(iii) 
EHS Training is vital for creating a safe and healthy workplace,
minimising accidents, and ensuring that workers understand
company policies and procedures for handling hazardous materials
and situations.
(iv) 
Waste Management and Segregation Training is important to
minimise environmental impact, ensure compliance, and educate
workers on handling and disposing of waste responsibly.
(v) Human Rights Training is critical to ensure employees understands
and respects human rights, creating a diverse and inclusive workplace
that values and respects all employees and workers.

• The Company strongly advocates for the growth and advancement of its workforce, recognising it as essential for achieving
organisational objectives and fostering prosperity. To this end, we have instituted training and awareness initiatives
tailored for the Board of Directors, Key Managerial Personnel, employees, and labour force. These initiatives are designed
to bolster the team’s competencies, knowledge, and adherence to best practices, equipping them to navigate the dynamic
business landscape effectively.

• These programs serve to deepen our team members’ comprehension of the company’s ethos and aspirations, empowering
them to actively contribute to our sustained growth. We view these initiatives as pivotal investments in our personnel
and remain steadfast in our commitment to furnish the requisite resources and assistance to ensure their efficacy.

138 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

2.  etails of fines / penalties /punishment/ award/ compounding fees/ settlement amount paid in proceedings
D
(by the entity or by directors / KMPs) with regulators/ law enforcement agencies/ judicial institutions, in the
financial year, in the following format:

MONETARY
Name of the regulatory/ Has an appeal
Particulars NGRBC Principle enforcement agencies/ Amount (In INR) Brief of the Case been preferred?
judicial institutions (Yes/No)
Penalty/ Fine NIL NIL NIL NIL NIL
Settlement NIL NIL NIL NIL NIL
Compounding fee NIL NIL NIL NIL NIL

NON-MONETARY
Name of the
regulatory/
Has an appeal been
Particulars NGRBC Principle enforcement Amount (In INR) Brief of the Case
preferred? (Yes/No)
agencies/ judicial
institutions
Imprisonment NIL NIL NIL NIL NIL
Punishment NIL NIL NIL NIL NIL

3. Of the instances disclosed in Question 2 above, details of the Appeal/ Revision preferred in cases where monetary
or non-monetary action has been appealed:

Case Details Name of the regulatory/ enforcement agencies/ judicial institutions

- -

Considering that the Company has not filed any appeal/revision, the particular section is not applicable.

4. Anti-corruption or Anti-bribery policy:

Does the entity have an anti- Yes, the Company has an Anti-Bribery and Anti-Corruption Policy which provides the requirements in
corruption or anti-bribery policy? detail. The said policy can be accessed at the below mentioned link.
If yes, provide details in brief and if
https://www.sjsindia.com/investors.html#policies
available, provide a web-link to the
policy. The Company is dedicated to preventing, deterring, and uncovering instances of fraud, bribery, and
any other unethical business behaviours. Our policy mandates conducting all business operations
with utmost honesty, integrity, and ethical standards, rigorously enforced across all operations to
avoid any engagement in bribery or corruption. In alignment with this pledge, the Company has
instituted the Anti-Bribery and Anti-Corruption Policy, prohibiting any form of bribery or corruption
and ensuring transparent and accountable business conduct.

5. Number of Directors/KMPs/employees/workers against whom disciplinary action was taken by any law
enforcement agency for the charges of bribery/ corruption:

FY 2023-24 FY 2022-23
(Current Financial Year) (Previous Financial Year)
Directors NIL NIL
KMPs NIL NIL
Employees NIL NIL
Workers NIL NIL

• There was no disciplinary action that has been initiated against any director, KMP, employees or workers of the Company
by any law enforcement agency for charges of bribery or corruption.

Annual Report 2023-24 l 139

Business Responsibility and Sustainability Report (Contd.)

• We maintain a zero-tolerance policy towards corruption, and we are committed to upholding the highest standards of
ethical conduct and transparency in all our business dealings. We believe that transparency and accountability are critical
to building trust with our stakeholders, and we will continue to work towards promoting a culture of integrity throughout
our operations.

6. Details of complaints with regard to conflict of interest:

FY 2023-24 FY 2022-23
(Current Financial Year) (Previous Financial Year)
Number Remarks Number Remarks
Number of complaints received in relation to issues of NIL None NIL None
Conflict of Interest of the Directors
Number of complaints received in relation to issues of NIL None NIL None
Conflict of Interest of the KMPs

• We prioritise the avoidance of conflicts of interest among our directors and KMPs, as it can negatively affect our
stakeholders and reputation. To address this, we have established policies and procedures to identify and resolve any
conflicts of interest, ensuring our leaders act in the best interests of the company and stakeholders.

• We are dedicated to handling potential conflicts of interest responsibly and upholding the highest ethical standards
among all our Directors and KMPs.

7. Corrective Actions:

Provide details of any corrective action taken or underway on This section is not applicable to the Company as there were no fines
issues related to fines / penalties / action taken by regulators/ / penalties / action taken by regulators/ law enforcement agencies/
law enforcement agencies/ judicial institutions, on cases of judicial institutions, on cases of corruption and conflicts of interest.
corruption and conflicts of interest

8. Number of days of account payable ((Accounts payable *365) / Cost of goods/services procured) in the
following format:

FY 2023-24 FY 2022-23
(Current Financial Year) (Previous Financial Year)
Number of days of accounts Payables 61 68

9. Open-ness of Business
Provide details of Concentration of purchase and sales with trading houses, dealers, and related parties along -with loans and
advances & investments, with related parties, in the following format:

FY 2023-2024 FY 2022-2023
Parameter Metrics
(Current Financial Year) (Previous Financial Year)
Concentration of purchases a. Purchases from trading houses as % of total 97.71% 99.64%
purchases
b. 
Number of Trading houses where purchases 136 144
are made from
c. Purchases from top 10 Trading houses as % of 58.50% 62.09%
total purchases from trading houses
Concentration of Sales a. Sale to dealers / distributed as % of total sales 96.88% 99.51%
b. 
Number of dealers / distributions to whom 192 180
sales are made
c. Sales upto 10 dealers / distributors as % of total 75.80% 82.90%
sales to dealers / distributors

140 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

FY 2023-2024 FY 2022-2023
Parameter Metrics
(Current Financial Year) (Previous Financial Year)
Share of RPTs in a. 
Purchases (Purchases with related parties / 2.29% 0.36%
Total Purchases)
b. Sales (Sales to related parties / Total Sales) 3.12% 0.49%
c. Loans & advances (Loans & advances given to 100% 100%
related parties / Total loans & advances)
d. Investments 98.05% 94.58%
 (Investments in related parties / Total
Investments made)

LEADERSHIP INDICATORS:
1. Awareness programmes conducted for value chain partners on any of the principles during the financial year:

%age of value chain partners covered (by value of

Total number of awareness Topics / principles covered
business done with such partners) under the awareness
programmes held under the training
programmes
The Company organised an awareness program on environmental protection for all value chain partners, facilitated by an external party, in
alignment with Principle 6. This program aimed to educate stakeholders from various departments—such as procurement, logistics, supply,
maintenance, and quality—about the importance of environmental conservation, sustainable practices, and their roles in fostering positive
environmental outcomes.
The initiative covered topics including energy, waste and water management, emissions, ESG for the value chain, and various case studies.
Through this effort, the Company sought to raise awareness, foster understanding, and encourage active participation in environmental
stewardship among its value chain partners, enabling them to comprehensively understand and engage with multiple environmental topics.
Furthermore, the emphasis on ESG principles helped value chain partners understand the broader implications of their actions and the
importance of integrating these principles into their business operations. By sharing case studies, the Company provided real-world examples
of how these practices could be implemented effectively, thus enabling the value chain partners to comprehensively understand and become
aware of multiple environmental topics.

2. Management of conflict of Interest:

Does the entity have processes in place Yes, the company has established a comprehensive Code of Conduct for all members of the
to avoid/ manage conflict of interests Board, which mandates that Directors always act in the best interests of the company. This code
involving members of the Board? (Yes/ also stipulates that any personal or business associations they may have should not conflict with
No) If Yes, provide details of the same the company’s operations. In the event of any actual or potential conflicts of interest, Directors
are required to promptly report such conflicts and seek necessary approvals as per applicable laws
and company policies.
Furthermore, the company receives annual declarations from its Board of Directors and all
employees, confirming their adherence to the Code of Conduct, which includes provisions for
dealing with conflicts of interest.

BUSINESSES SHOULD PROVIDE GOODS AND SERVICES IN A MANNER THAT IS

PRINCIPLE 2 SUSTAINABLE AND SAFE

We recognise that as a Company, we have a responsibility to reduce our environmental impact and contribute to sustainable
development. By providing goods and services in a sustainable manner, we can reduce waste, emissions, and other negative
environmental impacts.

Annual Report 2023-24 l 141

Business Responsibility and Sustainability Report (Contd.)

Providing goods and services in a sustainable and safe manner is critical for the Company’s success and for building a
responsible and sustainable business. By prioritising sustainability and safety, the Company has enhanced reputation, reduced
risks, and contributed to a more sustainable future. The Company remains committed to upholding this principle and will
continue to seek ways to improve our sustainability and safety practices.

Providing sustainable and safe goods and services is important for protecting stakeholders’ health, reducing environmental
impact, and enhancing reputation.

ESSENTIAL INDICATORS:
1. Percentage of R&D and capital expenditure (capex) investments in specific technologies to improve the
environmental and social impacts of product and processes to total R&D and capex investments made by the
entity, respectively:

2023-24 2022-23 Details of improvements in

Current Financial Year Previous Financial Year environmental and social impacts
R&D* - - -
Capex* - - -

*While the Company has made investments in research and development (R&D) and Capex in both the Current and Previous
Financial Years, there is currently no detailed breakdown or categorisation available to assess the specific environmental
and social impacts resulting from these investments. However, our steadfast dedication to innovation and technological
advancements has yielded remarkable outcomes. Through the utilisation of cutting-edge solutions and the adoption of
innovative practices, we have successfully reduced our environmental footprint.

2. Sustainable sourcing:

Does the entity have procedures in place for The Company maintains strong collaborative relationships with its vendors, suppliers,
sustainable sourcing? (Yes/No) and service providers, integrating them into its business strategies and growth plans.
To ensure sustainable sourcing, the Company has implemented rigorous procedures
for selecting, assessing, and monitoring both new and existing suppliers of raw
materials and outsourced services. These procedures enable the Company to partner
with suppliers who share its values and sustainable practices, while continuously
monitoring their performance to ensure adherence to environmental standards and
regulations. This approach promotes responsible sourcing practices throughout the
supply chain, reducing the environmental footprint of the Company’s operations.
Embedded within its Sustainable Procurement policy is the Green Inspired section,
which aims to establish an environmentally responsible value chain in compliance
with local environmental laws and regulations. Priorities include reducing carbon
emissions, water usage, hazardous materials, and toxic waste, as well as promoting
the adoption of renewable energy sources. The policy advocates for the “reduce,
reuse, and recycle” approach to minimise waste and promote responsible resource
consumption, including in packaging materials. Additionally, suppliers are required
to establish a Quality Management System and adhere to local regulations, training,
registrations, management reviews, and internal audits. Furthermore, the Company
encourages its suppliers to embrace green initiatives and practices to monitor and
mitigate their environmental impact.
If yes, what percentage of inputs were sourced 100%
sustainably?

142 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

3. Processes in place to reclaim products for reuse, recycle and safe disposal of products at the end of life:

Describe the processes in place to safely reclaim Recognising the significance of product marking in facilitating effective reclamation
your products for reusing, recycling and disposing and recycling, the Company has established a standardised system for marking its
at the end of life, for (a) Plastics (including products. Each part produced is clearly labelled with a raw material code, such as
packaging) (b) E-waste (c) Hazardous waste and >ABS< for Acrylonitrile Butadiene Styrene or >PMMA< for Polymethyl Methacrylate,
(d) other waste. providing vital information about the materials used.
This marking system serves as a crucial identification tool for end users and recycling
facilities, enabling easy sorting and processing of materials for recycling or reuse. By
ensuring efficient material separation, the Company minimises waste and promotes
environmental sustainability.
Through the implementation of this robust product marking system, the Company
underscores its dedication to environmentally responsible practices. This ensures
that their products are managed in an environmentally sustainable manner, reducing
their environmental impact and contributing to the establishment of a circular
economy.

4. Extended Producer Responsibility (EPR) plan:

Whether Extended Producer Responsibility (EPR) Yes, Extended Producer Responsibility (EPR) is applicable to the entity’s activities.
is applicable to the entity’s activities (Yes / No). The waste collection plan is in line with the EPR plan submitted to Pollution Control
If yes, whether the waste collection plan is in line Board.
with the Extended Producer Responsibility (EPR)
plan submitted to Pollution Control Boards? If not,
provide steps taken to address the same.

LEADERSHIP INDICATORS:
1. Has the entity conducted Life Cycle Perspective / Assessments (LCA) for any of its products (for manufacturing
industry) or for its services (for service industry)? If yes, provide details in the following format?

Boundary for which the Whether conducted Results communicated

Name of % of total
Life Cycle Perspective by independent in public domain (Yes/
NIC Code Product / Turnover
/ Assessment was external agency No) If yes, provide the
Service contributed
conducted (Yes/No) web-link.
The Company has not any conducted Life Cycle Perspective / Assessments (LCA) for any of its products.

2. If there are any significant social or environmental concerns and/or risks arising from production or disposal of
your products / services, as identified in the Life Cycle Perspective / Assessments (LCA) or through any other
means, briefly describe the same along-with action taken to mitigate the same:

Name of Product / Service Description of the risk / concern Action Taken

NIL

3. Percentage of recycled or reused input material to total material (by value) used in production (for
manufacturing industry) or providing services (for service industry):

Recycled or re-used input material to total material

Name of Product / Service FY 2023-24 FY 2022-23
(Current Financial Year) (Previous Financial Year)
NIL

Annual Report 2023-24 l 143

Business Responsibility and Sustainability Report (Contd.)

4. Of the products and packaging reclaimed at end of life of products, amount (in metric tonnes) reused, recycled,
and safely disposed, as per the following format:

FY 2023-24 FY 2022-23
(Current Financial Year) (Previous Financial Year)
Re-Used Recycled Safely Re-Used Recycled Safely
Disposed Disposed
Plastics (including packaging) - - 6,98,860 - - 5,97,093
E-waste - - - - - 480
Hazardous waste - 230 1,625 - 180 420
Other waste - - - - - -

5. Reclaimed products and their packaging materials (as percentage of products sold) for each product category:

Indicate product category Reclaimed products and their packaging materials as % of

total products sold in respective category
NIL

BUSINESSES SHOULD RESPECT AND PROMOTE THE WELL-BEING OF ALL EMPLOYEES,

PRINCIPLE 3 INCLUDING THOSE IN THEIR VALUE CHAINS

As a company, we acknowledge the importance of prioritising the welfare of all our employees, both within our organisation
and across our value chains. This commitment stems not only from ethical considerations but also from the understanding
that it fosters a conducive business environment.

Our pledge involves establishing a safe and supportive workplace environment, devoid of discrimination or harassment.
Recognising our employees as invaluable assets, we are dedicated to equipping them with the necessary resources and
assistance to safeguard their well-being. This encompasses access to comprehensive health and wellness initiatives, ample
training and development avenues, and equitable compensation packages.

Moreover, we recognise the vital role played by our suppliers and partners in our value chain. Hence, we are devoted to
collaborating with them to ensure the promotion of employee welfare within their organisations. By closely engaging with our
suppliers, we ensure alignment with our ethical and social standards, providing them with the requisite guidance and support
to uphold these principles.

Prioritising the welfare of all our employees, from our workforce to our partners, not only aligns with our moral compass
but also cultivates a positive and productive work culture. This, in turn, fosters heightened employee engagement, amplified
productivity, and ultimately, enhanced profitability.

144 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

ESSENTIAL INDICATORS:
1. A) Details of measures for the well-being of employees:

% of employees covered by
Accident Maternity
Health insurance Paternity Benefits Day Care facilities
Category Total insurance benefits
(A) Number % Number % Number % Number % Number %
(B) (B / A) (C) (C / A) (D) (D / A) (E) (E / A) (F) (F / A)
Permanent employees
Male 170 170 100% 170 100% - - - - - -
Female 24 24 100% 24 100% 24 100% - - 24 100%
Total 194 194 100% 194 100% 24 12.3% - - 24 12.3%
Other than Permanent employees
Male - - - - - - - - - - -
Female - - - - - - - - - - -
Total - - - - - - - - - - -

B) Details of measures for the well-being of workers:

% of employees covered by
Health insurance Accident insurance Maternity benefits Paternity Benefits Day Care facilities
Category
Total (A) Number Number Number % (D / Number Number
% (B / A) % (C / A) % (E / A) % (F / A)
(B) (C) (D) A) (E) (F)
Permanent workers
Male 271 271 100% 271 100% - - - - - -
Female 36 36 100% 36 100% 36 100% - - 36 100%
Total 307 307 100% 307 100% 36 11.7% - - 36 11.7%
Other than Permanent workers
Male 775 775 100% 775 100% - - - - - -
Female 175 175 100% 175 100% - - - - - -
Total 950 950 100% 950 100% - - - - - -

C. Spending on measures towards well-being of employees and workers (including permanent and other than
permanent) in the following format;

FY 2023-24 FY 2022-23
(Current Financial Year) (Previous Financial Year)
Cost incurred on well-being measures as a % of total revenue of the company 2.56% 3.24%

2. Details of retirement benefits, for Current FY and Previous Financial Year:

FY 2023-24 FY 2022-23
(Current Financial Year) (Previous Financial Year)
Benefits No. of workers Deducted and No. of workers Deducted and
No. of employees No. of employees
covered as deposited with covered as deposited with
covered as a % of covered as a % of
a % of total the authority a % of total the authority
total employees total employees
workers (Y/N/N.A.) workers (Y/N/N.A.)
PF 100% 100% Yes 100% 100% Yes
Gratuity 100% 100% Yes 100% 100% Yes
ESI 100% 100% Yes 100% 100% Yes
Others – Medi - claim 100% 100% - 100% 100% -

Annual Report 2023-24 l 145

Business Responsibility and Sustainability Report (Contd.)

3. Accessibility of workplaces:
Are the premises / offices of the entity Yes, our offices are fully accessible to all employees, including those with disabilities. We
accessible to differently abled employees actively engage with our employees to address and manage their mobility needs, ensuring
and workers, as per the requirements of their input is valued and incorporated into our accessibility initiatives.
the Rights of Persons with Disabilities Act,
Our buildings, rooms, toilets, and recreational areas are designed to be securely accessible,
2016? If not, whether any steps are being
allowing differently abled employees to navigate the premises comfortably and enjoy the
taken by the entity in this regard.
same amenities as their colleagues. Various safety measures, such as handrails and ramps,
are in place to enhance safety and comfort for all employees.
The surrounding area features pathways and dedicated walkways equipped with accessible
stairs and lifts, facilitating easy access for differently abled employees and individuals with
mobility challenges. These features promote inclusivity and ensure that everyone can
navigate public spaces with ease.
Furthermore, there are no restrictions on personal vehicles within the factory premises,
enhancing convenience for all employees.

4. Equal Opportunity Policy:

Does the entity have an equal opportunity In accordance with our Human Rights policy, we uphold principles of equality as an
policy as per the Rights of Persons with employer. Our policy promotes inclusivity and fairness in the workplace, prohibiting any
Disabilities Act, 2016? If so, provide a web- form of discrimination or harassment based on factors such as race, color, religion, disability,
link to the policy. gender, sexual orientation, age, or any other legally protected status.
The Policy can be accessed at the given link:
https://www.sjsindia.com/investors.html#policies

5. Return to work and Retention rates of permanent employees and workers that took parental leave:

Permanent employees Permanent workers

Gender
Return to work rate Retention rate Return to work rate Retention rate
Male NIL NIL NIL NIL
Female 100% 100% 100% 100%
Total 100% 100% 100% 100%

6. Is there a mechanism available to receive and redress grievances for the following categories of employees and
worker? If yes, give details of the mechanism in brief:
Yes/No (If Yes, then give details of the mechanism in brief)
Permanent Workers Yes, the Company is committed to providing an inclusive and supportive work environment for all
Other than Permanent Workers employees. As part of this commitment, we have established a grievance redressal mechanism to
address any concerns or issues that employees may have.
Permanent Employees
Other than Permanent Employees  Every employee in the company will receive respectful and dignified treatment, free from any
form of discrimination. There shall be no tolerance for Physical, Sexual, Psychological, or Verbal
Harassment or Abuse towards any employee.
Employees are encouraged to communicate their concerns, complaints, grievances, and
 
suggestions through the following channels:
a. Utilising complaint/suggestion boxes placed strategically within the unit.
b. Contacting business unit heads directly.
c. Registering complaints in writing with the Grievance Desk.
Upon receipt of a grievance, our internal grievance committee will review the matter and utilise an
escalation matrix to determine the most appropriate course of action. This matrix outlines a set of
steps that are designed to facilitate the resolution of the grievance, taking into consideration various
factors such as the severity of the grievance, the seniority of the involved parties, and the timeline for
resolution.

146 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Yes/No (If Yes, then give details of the mechanism in brief)

Our escalation process comprises several stages, including:
A. Informal Discussion with Supervisor:
The first stage of our escalation process involves encouraging employees to speak with their
manager before filing a formal grievance. This informal discussion can often help to bridge
communication gaps and allow for issues to be resolved quickly and effectively.
B. Formal Written Grievance:
If the informal discussion is not successful in resolving the grievance, employees can file a formal
written grievance. We have developed a grievance form that employees can use to document their
concerns.
C. Evaluation of Grievance:
Once a formal grievance has been received, the grievance committee will evaluate the matter and
determine the appropriate course of action. This can include mediation or other forms of conflict
resolution.
D. Conduct a Formal Investigation:
In some cases, a formal investigation may be necessary to gather additional information or
evidence. This may involve interviewing witnesses and gathering documents in order to arrive at a
fair and impartial resolution.
Upon conclusion of the investigation, the grievance committee will work towards creating a
resolution that is fair and equitable for all parties involved. Our aim is to ensure that grievances
are resolved in a timely and impartial manner, and that employee’s feel supported and valued
throughout the process.
It is important to note that our grievance policy recognises and provides for Anonymous Reporting
Option and ensures that No employee will face retaliation for filing a grievance or participating in
the grievance resolution process.

7. Membership of employees and worker in association(s) or Unions recognised by the entity:

FY 2023-24 FY 2022-23
(Current Financial Year) (Previous Financial Year)
Total No. of employees / Total No. of employees /
Category employees workers in respective employees workers in respective
/ workers in category, who are % (B / A) / workers in category, who are % (D / C)
respective part of association(s) respective part of association(s)
category (A) or Union (B) category (C) or Union (D)
Total Permanent Employees 194 NIL - 178 NIL -
Male 170 NIL - 160 NIL -
Female 24 NIL - 18 NIL -
Total NIL - 295 NIL -
Permanent 307
Workers
Male 271 NIL - 259 NIL -
Female 36 NIL - 36 NIL -
The Company’s staff and labour force do not possess any acknowledged associations or union affiliations. We maintain the
belief that each individual should receive equitable and respectful treatment, regardless of their affiliations or absence thereof.
We endeavour to cultivate an all-encompassing environment that encourages cooperation and novelty. We pledge to guarantee
that all our staff and labour force are provided with just and unbiased prospects and perks.

Annual Report 2023-24 l 147

Business Responsibility and Sustainability Report (Contd.)

8. Details of training given to employees and workers:

FY 2023-24 FY 2022-23
(Current Financial Year) (Previous Financial Year)
Category On Health and On Skill On Health and On Skill
Total (A) safety upgradation Total (D) safety measures upgradation
No. (B) % (B / A) No. (C) % (C / A) No. (E) % (E / D) No. (F) % (F / D)
Employees
Male 170 170 100% 170 100% 160 160 100% 160 100%
Female 24 24 100% 24 100% 18 18 100% 18 100%
Total 194 194 100% 194 100% 178 178 100% 178 100%
Workers
Male 271 271 100% 271 100% 259 259 100% 259 100%
Female 36 36 100% 36 100% 36 36 100% 36 100%
Total 307 307 100% 307 100% 295 295 100% 295 100%

9. Details of performance and career development reviews of employees and worker:

FY 2023-24 FY 2022-23
Category (Current Financial Year) (Previous Financial Year)
Total (A) No. (B) % (B / A) Total (C) No. (D) % (D / C)
Employees
Male 170 17 10% 160 12 7.5%
Female 24 - - 18 - -
Total 194 17 8.76% 178 12 7.5%
Workers
Male 271 3 1.11% 259 5 1.93%

Female 36 - - 36 - -
Total 307 3 0.98% 295 5 1.93%

10. Health and safety management system:

S.no Particulars Response

a) Whether an occupational health Yes, the Company has implemented a comprehensive occupational health and
and safety management system has safety management system. This system encompasses various components aimed at
been implemented by the entity? promoting a safe and healthy work environment for all employees:
(Yes/ No). If yes, the coverage such
1) 
Pre-employment and Annual Medical Check-ups: These assessments are
system?
conducted to identify any health risks present among employees and ensure they
are physically fit to perform their job duties safely.
2) Training on Environment and Employee Health and Safety: Essential training
programs are provided to employees to increase awareness of workplace hazards
and educate them on the necessary precautions to prevent accidents and injuries.
3) 
Comprehensive Fire Safety Program: Employees receive training on various
aspects of fire safety, including the proper use of fire hydrant systems, smoke
detectors, sprinkler systems, fire extinguishers, safe assembly points, and emergency
exits.
4) Work Permit System: Before commencing work, employees undergo a formal
work permit process to ensure they are adequately trained and certified for their
roles. This system also ensures compliance with safety regulations and the provision
of a safe working environment.

148 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

S.no Particulars Response

5) Safety Committee: A dedicated safety committee is established to oversee safety
compliance, conduct regular safety audits and inspections, and develop and
implement safety programs to minimise the risk of injuries to workers.
6) 
Emergency Preparedness/Mock Drills: Regular mock drills are conducted to
familiarise employees with emergency procedures such as evacuation routes and
to assess the effectiveness of existing safety protocols. These drills also help identify
areas for improvement in emergency response plans.
7) Near Miss Report and Incident Investigation System: A reporting system is in
place for employees to report near misses or incidents. These reports are thoroughly
investigated to identify root causes and implement corrective measures to prevent
similar incidents from occurring in the future.
8) Visitor Management System and Safety Guide: A visitor management system is
implemented to track visitors on-site and ensure they are aware of safety protocols.
A safety guide is provided to visitors to inform them of potential hazards and safety
procedures to follow while on the premises.
9) Safety Audits: Regular safety audits are conducted to identify potential hazards and
risks in the workplace. These audits help determine necessary measures to prevent
accidents, injuries, and illnesses and ensure compliance with safety regulations and
procedures.
b) What are the processes used to The identification of work-related hazards and assessment of risks is a critical process
identify work-related hazards and to ensure the safety and well-being of employees in any organisation. The specific
assess risks on a routine and non- processes used may vary depending on the industry, organisation, and local regulations,
routine basis by the entity? but generally include the following steps:
The observance of work safety analysis, Hazard Identification and Risk Assessment
(HIRA), standard operating procedure, and operational control plan helps to monitor
routine activities.
To ensure the health and safety of personnel, equipment, and materials involved, non-
routine activities are supervised using a seven-type work permit system. The seven
types of work permit cover various types of hazardous activities, including:
1) Hot work Operations
2) Cold work activities
3) Electrical installation and maintenance
4) Working at heights
5) Electromechanical services
6) Confined space entry
7) Heavy lifting operations
This system ensures that every non-routine activity is evaluated and planned, with
appropriate safety measures in place before work can begin. By strictly adhering to
this system, the Company can minimise the risks associated with non-routine activities,
preventing accidents and injuries.

Annual Report 2023-24 l 149

Business Responsibility and Sustainability Report (Contd.)

S.no Particulars Response

c) Whether you have processes for Yes, to ensure a safe and healthy work environment, we are actively monitoring and
workers to report the work-related addressing workplace hazards through a variety of forums. These forums allow us to
hazards and to remove themselves gather feedback from workers and identify potential safety risks.
from such risks. (Y/N)
The forums that we use to monitor and gather input from workers include Safety Patrols,
Workplace Inspections, Pictorial PPE Displays, Identification of Unsafe Conditions and
Unsafe Acts, Safety Audits (including Gemba and Departmental Audits), Monthly Safety
Audits, On-the-Job Training on Safety, Safety Committee Meetings, and Mock Drills
and Emergency Preparedness Training.
Through these various forums, we are able to gather feedback and identify potential
safety hazards. We then take proactive steps to address these hazards and ensure that
our workers have the necessary knowledge and tools to work safely. This includes
providing fire-fighting and first aid training, as well as ongoing safety training to help
workers identify and avoid potential safety risks.
Overall, our commitment to safety is a top priority, and we will continue to work to
ensure that all of our workers are able to work in a safe and healthy environment.
d) Do the employees/ worker of Yes. The Company provides access to non-occupational medical and health services to
the entity have access to non- employees and workers.
occupational medical and healthcare
services? (Yes/ No)

11. Details of safety related incidents, in the following format:

FY 2023-24 FY 2022-23
Safety Incident/Number Category
(Current Financial Year) (Previous Financial Year)
Lost Time Injury Frequency Rate (LTIFR) (per one Employees NIL NIL
million-person hours worked) Workers 0.71 0.00042
Total recordable work-related injuries Employees NIL NIL
Workers 1 7
No. of fatalities Employees NIL NIL
Workers NIL NIL
High consequence work-related injury or ill-health Employees NIL NIL
(excluding fatalities) Including in the contract Workers NIL NIL
workforce

12. Measures to ensure a safe and healthy workplace:

Describe the measures taken by the entity to ensure a safe and healthy workplace.
The Company places significant emphasis on upholding a safe and healthy workplace environment for all employees, considering it a
paramount priority. Various measures have been implemented to ensure this commitment is met effectively.
Safety calendars have been introduced featuring RED/GREEN indicators to highlight accident incidence within specific months. This visual
representation aids in tracking safety progress, empowering employees to strive for a zero-accident objective with clear evaluation.
Machinery is equipped with sensors to detect environmental changes and promptly shut down in response to potential danger, ensuring
optimal performance while adhering to safety standards.
Stringent parameters have been established to regulate chemical release and maintain compliance with safety requirements, minimising risks
associated with handling hazardous materials.
Yearly planning identifies areas for improvement, while regular shop floor inspections assess machinery, equipment, and working conditions.
Employee awareness training on Environmental Health and Safety (EHS) is conducted, with incidents investigated and reported to management
for hazard and risk assessment.
Additional measures include a reliable firefighting system, first aid and firefighting committees, workplace safety programs, and mandatory
use of personal protective equipment (PPE). Annual medical check-ups are provided for all employees, alongside comprehensive fire safety
training, reflecting the Company’s unwavering commitment to a safe and healthy workplace.

150 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

13. Number of Complaints on the following made by employees and workers:

FY (2023-24) FY (2022-23)
Current Financial Year Previous Financial Year
Pending Pending
Filed during Filed during
resolution at Remarks resolution at Remarks
the year the year
the end of year the end of year
Working Conditions NIL NIL None NIL NIL None
Health & Safety NIL NIL None NIL NIL None

We are pleased to report that our employees and workers have not lodged any grievances regarding their working conditions
or health and safety. This reflects our commitment to providing a secure and healthy working environment for our staff. We
will continue to prioritise employee welfare and maintain the highest standards of safety and health.

14. Assessments for the year:

% of your plants and offices that were assessed (by entity or statutory authorities or third parties)
Health and safety practices 100%
Working Conditions 100%

15. Corrective Actions:

Provide details of any In order to address any safety-related incidents and significant risks or concerns identified through health and
corrective action taken safety assessments, we have implemented a structured root cause analysis format for detailed investigations
or underway to address and the formulation of corrective action plans. This procedure is followed at all locations and includes the
safety-related incidents following measures:
(if any) and on significant
1. Establishment of safety committees and works committees.
risks / concerns arising
from assessments of 2. Recognition of employees who have made notable contributions to safety through the Best Safety Kaizen
health & safety practices award.
and working conditions.
3. Identification and reporting of unsafe conditions and unsafe acts.
4. Installation of fire extinguishers in every department.
Display boards promoting awareness about personal protective equipment (PPE) and fire safety classes
throughout the plant.

LEADERSHIP INDICATORS:
1 .

Does the entity extend Yes. The entity provides compensatory coverage in the event of death for employees and workers. The company
any life insurance or any has a workmen compensation policy in place to ensure financial protection for workers and their families in case
compensatory package of workplace accidents resulting in injury, disability, or death. This policy provides coverage for employees and
in the event of death of workers outside the company’s premises during working hours. Further the Company also has Group Personal
(A) Employees (Y/N) (B) Accident policy and Group Medical Compensation. This coverage extends to all types of accidents, including
Workers (Y/N)? those that occur during leave. The workmen compensation policy reflects the company’s commitment to
ensuring the safety and welfare of its workforce and compliance with legal requirements related to occupational
health and safety.

Annual Report 2023-24 l 151

Business Responsibility and Sustainability Report (Contd.)

2.

Provide the measures Prior to engaging with any vendors, we conduct thorough due diligence to assess their credibility and compliance
undertaken by the history. This includes reviewing their commitment towards ESG , health and safety and human rights assessment ,
entity to ensure that past performance, and adherence to legal requirements, including statutory deductions and deposits.
statutory dues have
To ensure rigorous compliance with statutory dues across our value chain, we have implemented a comprehensive
been deducted and
vendor survey questionnaire. Within this questionnaire, specific inquiries are made regarding the vendors’
deposited by the value
processes and practices related to statutory deductions and deposits. By integrating this questionnaire into our
chain partners.
vendor survey process, we establish clear expectations regarding legal compliance and accountability throughout
our supply chain.
Vendors must demonstrate adherence to all relevant legal requirements, including statutory obligations related to
labour laws, environmental regulations, and any other applicable laws and regulations in their jurisdiction.

3. Provide the number of employees / workers having suffered high consequence work related injury / ill-health /
fatalities (as reported in Q11 of Essential Indicators above), who have been rehabilitated and placed in suitable
employment or whose family members have been placed in suitable employment:

No. of employees/workers that are rehabilitated

and placed in suitable employment or whose
Total no. of affected employees/ workers
family members have been placed in suitable
Category employment
FY 2023-24 FY 2022-23 FY 2023-24 FY 2022-23
(Current Financial Year) (Previous Financial Year) (Current Financial Year) (Previous Financial Year)
Employees The Company has no reported cases of occupation related injury / ill-health.
Workers

4.

Does the entity provide transition Yes. In case of those who retire from employment, the organisation ensures that all the
assistance programs to facilitate continued financial transactions and settlements are completed as soon as possible, so that it provides
employability and the management of them with the necessary financial security. This includes all those settlements which have to
career endings resulting from retirement be made through third parties also. In case of retirement, there was a case where a person
or termination of employment? (Yes/ No) was employed in the capacity of a consultant for the Company.

5. Details on assessment of value chain partners:

% of value chain partners (by value of business done with such

Category
partners) that were assessed
Health and safety practices 35%
Working Conditions 35%

The assessment was conducted via a questionnaire and targeted the top 30-40% of vendors and service providers. The
Company conducted an assessment of its value chain partners, focusing on the top 30-40% of vendors and service providers.
This evaluation was carried out through a comprehensive questionnaire that encompassed various Environmental, Social, and
Governance (ESG) factors including health and safety practices and working conditions.

The assessment process was designed to be thorough and informative, enabling the Company to gain a clear understanding
of the practices and standards maintained by its value chain partners.

6.

Provide details of any corrective actions taken or underway to address There were no significant risks/ concerns arising from assessments
significant risks / concerns arising from assessments of health and of value chain partners.
safety practices and working conditions of value chain partners.

152 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

BUSINESSES SHOULD RESPECT THE INTERESTS OF AND BE RESPONSIVE TO ALL

PRINCIPLE 4 ITS STAKEHOLDERS

ESSENTIAL INDICATORS:
1. Identification of stakeholders group:
Describe the processes for The Company has developed a Stakeholder Engagement Framework for identification of Stakeholders. In
identifying key stakeholder line with this framework, the stakeholder identification process at the Company considers the following
groups of the entity scope in identifying the stakeholders:
Dependency – groups or individuals who are directly or indirectly dependent on the organisation’s
• 
activities, products or services and associated performance, or on whom the organisation is dependent
in order to operate.
Responsibility – groups or individuals to whom the organisation has, or in the future may have, legal,
• 
commercial, operational or ethical/moral responsibilities.
Attention – groups or individuals who need immediate attention from the organisation about financial,
• 
wider economic, social or environmental issues.
• Influence – groups or individuals who can have an impact on the organisations or a stakeholder’s
strategic or operational decision-making.
Diverse perspectives – groups or individuals whose different views can lead to a new understanding
• 
of the situation and the identification of opportunities for action that may not otherwise occur.

2.  ist stakeholder groups identified as key for your entity and the frequency of engagement with each
L
stakeholder group:
Whether Channels of communication Frequency of
identified as (Email, SMS, Newspaper, engagement
Purpose and scope of engagement including
Stakeholder Vulnerable & Pamphlets, Advertisement, (Annually/ Half
key topics and concerns raised during such
Group Marginalised Community Meetings, yearly/ Quarterly
engagement
Group Notice Board, Website), / others – please
(Yes/No) Other specify)
Shareholders No • Annual General Meeting Quarterly, Half 1) S
 hare price appreciation, dividends, profitability
yearly and and financial stability:
• Shareholder meets
annually
a) Purpose: Evaluate financial performance and
• Email
stability for potential growth.
• Stock Exchange (SE)
b) Key topics raised: Share price trends, dividend
Intimations
history, profitability ratios, financial statements,
• investor/analysts meet/ and market conditions
• conference calls c) Concerns raised: Volatility in share prices, non-
• annual report, declaration of dividend and financial risks.

• quarterly results 2) Queries/suggestions/ assurance /complaints etc:

• media releases and a) Purpose: Address shareholder queries,

suggestions, complaints, and provide assurance.
• Company website
b) 
Key topics raised: Shareholder queries,
• Notice suggestions, assurances, and concerns.
• Newspaper
advertisements

Annual Report 2023-24 l 153

Business Responsibility and Sustainability Report (Contd.)

Whether Channels of communication Frequency of

identified as (Email, SMS, Newspaper, engagement
Purpose and scope of engagement including
Stakeholder Vulnerable & Pamphlets, Advertisement, (Annually/ Half
key topics and concerns raised during such
Group Marginalised Community Meetings, yearly/ Quarterly
engagement
Group Notice Board, Website), / others – please
(Yes/No) Other specify)
Customers No • Partnering with them Daily 1) Queries/suggestions/ assurance/complaints:
in their journey from a) Purpose: Address customer queries, suggestions,
products to services. complaints, and provide assurance.
• One–on–one interaction. b) 
Key topics: Customer service, complaint
• Customer satisfaction handling, feedback mechanisms.
survey. c) Concerns: On time delivery and quality related
concerns.
• Feedback surveys and
calls post redressal of 2) Understanding the customers’ requirements:
complaints. Customer a) Purpose: Understand customer requirements to
service helpline. improve products and services.
• Email, Telephone and b) 
Key topics: Customer needs analysis, market
physical and VC Meetings research, product development.

Suppliers No • Supplier meets. Fortnightly 1) Supplier Feedback Mechanism:

• One-on-one interactions. a) Purpose: To gather feedback and input
from suppliers regarding their experiences,
• Email, Telephone and
challenges, and suggestions for improvement.
physical and VC Meetings
b) Key topics: Supplier relationships, contract
terms, payment processes, and communication
channels.
2) Supplier Performance Evaluation:
a) Purpose: To assess the performance of suppliers
and provide feedback on areas of improvement.
b) Key topics: Quality of goods/services,
timeliness, adherence to contractual obligations,
and compliance with ethical standards.
3) Supplier Capacity Building:
a) Purpose: To provide support and resources to
suppliers to enhance their capabilities and meet
the company’s requirements.
b) Key topics: Training programs, supplier
development initiatives, and sharing best
practices.
4) Collaborative Innovation:
a) Purpose: To foster innovation and collaboration
between the company and suppliers to drive
mutual growth and development.
b) Key topics: Joint research and development
projects, co-creation of new products/services,
and sharing market insights.
5) Ethical and Sustainable Practices:
a) Purpose: To ensure suppliers adhere to ethical
and sustainable practices in their operations.
b) Key topics: Compliance with labor standards,
environmental regulations, and responsible
sourcing.

154 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Whether Channels of communication Frequency of

identified as (Email, SMS, Newspaper, engagement
Purpose and scope of engagement including
Stakeholder Vulnerable & Pamphlets, Advertisement, (Annually/ Half
key topics and concerns raised during such
Group Marginalised Community Meetings, yearly/ Quarterly
engagement
Group Notice Board, Website), / others – please
(Yes/No) Other specify)
Employee No • Personalised learning Daily 1) Hearing of all employee concerns:
and Workers and development
a) Purpose: To provide an open forum for
programmes.
employees to voice their concerns and improve
• Regular performance company culture.
review and feedback.
b) Key topics: Employee concerns, communication,
• One-on-one engagement, and feedback mechanisms.
townhall meetings.
2) Conducting meetings:
• Employee engagement
a) Purpose: To facilitate communication and
surveys.
decision-making within the organisation.
• Programmes catered
b) Key topics: Meeting agenda, participation, and
around overall wellbeing.
outcomes.
• Intranet Portal.
3) Suggestion Schemes:
• Casual interaction and
a) Purpose: To encourage employees to
daily games post lunch
contribute innovative ideas and improve
• Emails, Notice Board, company operations.
Meetings
b) Key topics: Suggestion submission process,
evaluation criteria, and implementation
strategies.
4) Conducting enquiries:
a) Purpose: To investigate and resolve issues
within the organisation.
b) Key topics: Enquiry process, documentation,
and communication with stakeholders.
Government No • E-mails and letters. On periodical 1) 
In relation to Compliances with applicable laws,
and basis as provided Industry concerns, changes in regulatory frameworks,
• Conferences.
Regulators under relevant skill and capacity building, employment:
• Industry forums. legislations
a) Purpose: Ensure compliance with applicable
• Regulatory filings. laws, adapt to regulatory changes, stay informed
• Meetings with officials. of industry concerns, invest in employee skills.

• Representations. b) Key topics: Regulatory compliance, industry

trends, workforce development, employment
policies, and skill-building initiatives.
Community Yes • Collaboration with Periodically a) Purpose: Develop and implement sustainable
non-governmental CSR initiatives related to water and
organisations (NGOs). natural resource management, community
development, education/skill development, and
• Field visits.
livelihood support.
• CSR and sustainability
b) Key topics: Water and natural resource
initiatives.
management, community development,
• Skill development. education/skill development, livelihood
• One-on-one interactions. support, and sustainability reporting.

Annual Report 2023-24 l 155

Business Responsibility and Sustainability Report (Contd.)

Whether Channels of communication Frequency of

identified as (Email, SMS, Newspaper, engagement
Purpose and scope of engagement including
Stakeholder Vulnerable & Pamphlets, Advertisement, (Annually/ Half
key topics and concerns raised during such
Group Marginalised Community Meetings, yearly/ Quarterly
engagement
Group Notice Board, Website), / others – please
(Yes/No) Other specify)
Board of No • Board Meetings - Engage Quarterly and on 1) 
Company’s business operations, planning,
Directors with Board members any event/need strategies etc:
through regular board basis.
a) Purpose: To review the company’s current
meetings, either in person
business operations, planning and strategies,
or virtually, to discuss
and identify opportunities for improvement.
company performance,
strategy, and challenges. b) Key topics: Business model, operational
Meetings usually happen efficiency, market analysis, growth strategies,
on a regular basis, such as risk management, and financial performance.
quarterly.
• Board Committees -
Engage with Board
committee members, such
as Audit, CSR, NRC, SRC,
and Risk Management
committees, for more
focused updates and
discussions on specific
areas of the company's
operations.
• Board Reports - Provide
regular reports to the
Board on company
performance and progress
towards strategic goals.
Reports may include
financial updates, key
performance indicators,
or other relevant
information.
• Informal Updates -
Provide informal updates
to Board members on an
ongoing basis through
channels such as emails,
phone calls, or meetings
outside of regular Board
meetings.
Contractors No • Emails. Periodically Purpose: Manage the contractor relationship for quality
performance and contractual compliance.
• Need based meetings.
Key Topics:
• Periodical Reports
Contractual Agreements, Performance Evaluation, Fair
and Timely Payment, Quality and Performance.

156 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Whether Channels of communication Frequency of

identified as (Email, SMS, Newspaper, engagement
Purpose and scope of engagement including
Stakeholder Vulnerable & Pamphlets, Advertisement, (Annually/ Half
key topics and concerns raised during such
Group Marginalised Community Meetings, yearly/ Quarterly
engagement
Group Notice Board, Website), / others – please
(Yes/No) Other specify)
Subsidiary No • Emails. Quarterly and 1) Strategic Alignment:
Requirement
• Need based meetings. a) Purpose: To align the subsidiary company’s
basis.
goals and strategies with the overall objectives
• Periodical Reports.
of the Company.
b) Key topics: Business plans, market expansion
strategies, product development, and resource
allocation.
2) Performance Reviews and Reporting:
a) Purpose: To review the performance of
subsidiary company, assess key metrics, and
ensure transparency in reporting.
b) Key topics: Financial performance, operational
efficiency, market share, and compliance with
regulations.
3) Knowledge Sharing and Best Practices:
a) Purpose: To facilitate knowledge sharing and
exchange of best practices among subsidiary
company and the Company.
b) Key topics: Innovation, process optimisation,
risk management, and market insights.
Bankers No • Periodic Meetings Requirement 1) Understand the banking compliance, maintaining
basis. rapport with our bankers, and banking/credit
• Periodic Reports
facilities:
• Emails
a) Purpose: Understand banking compliance,
maintain rapport with bankers, and manage
banking/credit facilities.
b) Key topics: Banking regulations, compliance
requirements, credit facilities, maintaining
relationships with bankers.
Peers No • Industry events and Requirement To provide considerations and share insights on
conferences basis. global developments:
• Trade associations and a) Purpose: Provide insights on global developments
industry groups that may impact the company’s operations and
strategies
• Market research and
analysis b) Key topics: Geopolitical risks, macroeconomic
trends, emerging technologies, social and
• Benchmarking studies
environmental issues, and industry developments.

Annual Report 2023-24 l 157

Business Responsibility and Sustainability Report (Contd.)

LEADERSHIP INDICATORS:
1.

Provide the processes for consultation Management actively engages with various stakeholders, including investors, employees, and
between stakeholders and the Board customers, as part of our ongoing business operations. These interactions occur both during
on economic, environmental, and social planned events and as necessary to address specific needs or concerns. Any feedback or issues
topics or if consultation is delegated, that warrant the attention of the Board are promptly brought to their notice. Suggestions,
how is feedback from such consultations complaints, or grievances from stakeholders are communicated through established channels
provided to the Board. and processes. For these purposes, we have a stakeholder management policy in place,
providing stakeholders with a structured route to address grievances and ensure effective
resolution. Depending on their importance and impact, these matters are escalated to the
relevant committees within the Board for careful consideration and resolution. This systematic
approach ensures that all stakeholder feedback and concerns are appropriately addressed and
managed within the organisational framework.

2.

Whether stakeholder consultation is Yes. The Company conducts materiality assessments to understand and identify pertinent
used to support the identification and environmental and social issues relating to its operations and stakeholders. These assessments
management of environmental, and actively seek input from stakeholders to ensure that key concerns and priorities are accurately
social topics (Yes / No). If so, provide reflected in the entity’s sustainability strategy, objectives, and reporting frameworks.
details of instances as to how the inputs Stakeholder engagement involves consultations with various parties, including local community
received from stakeholders on these members, healthcare professionals, and government officials. These consultations may entail
topics were incorporated into policies assessing healthcare and educational needs in the area, as well as identifying schools with the
and activities of the entity. greatest requirements, and tailoring support accordingly.
Additionally, stakeholder input plays a crucial role in shaping initiatives with social impact, such
as education and skill development programs, free eye check-ups for children, distribution
of school bags and e-learning kits. Furthermore, environmental initiatives like the Clean
Village Initiative Campaign for waste management, construction of RO water plants, providing
support upto 200 underprivileged women with vocational trainings were also taken up by
the Company. This collaborative approach ensures that the organisation’s sustainability efforts
are aligned with the needs and expectations of its stakeholders, fostering meaningful impact
within the community.

3.

Provide details of instances of As a socially responsible Organisation, we are committed to working for the welfare of
engagement with, and actions taken the communities around us. The Company has established community outreach programs
to, address the concerns of vulnerable/ specifically targeting vulnerable or marginalised groups. These programs include educational
marginalised stakeholder groups. workshops, job training initiatives, health awareness campaigns, or access to basic services
like clean water or sanitation like providing vocational training to 200 women in tailoring,
computer skills, and driving, with a focus on facilitating job placement opportunities. Company
implemented diversity and inclusion initiatives aimed at ensuring representation and equal
opportunities for all employees, including those from marginalised groups. Our community
engagement interventions include:
• Providing home meals to economically backward and needy people
• Sponsoring para-athlete for participating in international sports competitions
• 
Contribution to CBCI Society for Medical Education for medical treatment of needy
patients
• Distributing e-learning kits and school bags.
• Participation in garbage collection and waste management drive
• Constructed a new building at Varahasandra government school including two classrooms
with a seating capacity of 50 children each, an RO unit for clean drinking water, and
building of additional classrooms and school infrastructure
• Provided support upto 200 underprivileged women with vocational trainings
• Conducted comprehensive health check-ups and free doctor consultations for up to 900
underprivileged villagers

158 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

PRINCIPLE 5 BUSINESSES SHOULD RESPECT AND PROMOTE HUMAN RIGHTS

ESSENTIAL INDICATORS:
1. Employees and workers who have been provided training on human rights issues and policy(ies) of the entity,
in the following format:

FY 2023-24 FY 2022-23
(Current Financial Year) (Previous Financial Year)
Category
No. of employees / No. of employees /
Total (A) % (B / A) Total (C) % (D / C)
workers covered (B) workers covered (D)
Employees
Permanent 194 194 100% 178 178 100%
Other than permanent - - - 29 29 100%
Total Employees 194 194 100% 207 207 100%
Workers
Permanent 307 307 100% 295 295 100%
Other than permanent 950 950 100% 950 950 100%
Total Workers 1257 1257 100% 1245 1245 100%

2. Details of minimum wages paid to employees and workers, in the following format:

FY 2023-24 (Current Financial Year) FY 2022-23 (Previous Financial Year)

Equal to Minimum More than Equal to Minimum More than
Category Wage Minimum Wage Wage Minimum Wage
Total (A) Total (D)
% % % %
No. (B) No. (C) No. (E) No. (F)
(B / A) (C / A) (E / D) (F / D)
Employees
Permanent 194 - - 194 100% 178 - - 178 100%
Male 170 - - 170 100% 160 - - 160 100%
Female 24 - - 24 100% 18 - - 18 100%
Other than Permanent - - - - - 29 - - 29 100%
Male - - - - - 25 - - 25 100%
Female - - - - - 4 - - 4 100%
Workers
Permanent 307 - - 307 100% 295 - - 295 100%
Male 271 - - 271 100% 259 - - 259 100%
Female 36 - - 36 100% 36 - - 36 100%
Other than Permanent 950 - - 950 100% 950 - - 950 100%
Male 775 - - 775 100% 725 - - 725 100%
Female 175 - - 175 100% 225 - - 225 100%

Annual Report 2023-24 l 159

Business Responsibility and Sustainability Report (Contd.)

3. Details of remuneration/salary/wages, in the following format:

Category Male Female

Median remuneration/ Median remuneration/
Number salary/ wages of Number salary/ wages of
respective category respective category
Board of Directors (BoD) 5 3,000,000 1 1,825,000
Key Managerial Personnel* 2 7,845,443 - -
Employees other than BoD and KMP 170 709,552 24 601,286
Workers 271 378,484 36 359,136
*Comprising Chief Financial Officer and Company Secretary.

b. Gross wages paid to Female as % of total wages paid by the entity, in the following format

FY 2023-24 FY 2022-23
(Current Financial Year) (Previous Financial Year)
Gross wages paid to females as % of total wages 10.3% 9.7%

4. Focal point for addressing human rights:

Do you have a focal point (Individual/ Committee) responsible for addressing human rights impacts or issues caused or
contributed to by the business? (Yes/No)
Yes. The Head of HR department oversees the human resource’s function. In addition, the Executive Directors are responsible for addressing
any human rights issues caused or contributed by the business.

5. Internal mechanisms in place to redress grievances related to human rights issues:

Describe the internal mechanisms in place to redress grievances related to human rights issues.
The internal stakeholders of a business are groups or individuals who work directly within it, such as employees and contractual support
staff. They are granted access to a redressal channel as specified in the human rights policy to address any concerns or complaints that they
may have.
By providing regular training and awareness programs on human rights issues company prevents violations from occurring in the first place.
The policy’s objective is to establish an accessible and secure process for employees to report any incidents of discrimination, harassment,
or other human rights violations that may occur in the workplace. The grievance mechanism is effectively communicated to all employees
to ensure that they are informed of the process and their rights to report any violations. Company has established clear and comprehensive
policy that define sexual harassment, outline unacceptable behaviours, and provide guidance on reporting procedures.

6. Number of Complaints on the following made by employees and workers:

FY 2023-24 (Current Financial Year) FY 2022-23 (Previous Financial Year)

Category Pending Pending
Filed during Filed during
resolution at Remarks resolution at Remarks
the year the year
the end of year the end of year
Sexual Harassment NIL NIL None NIL NIL None
Discrimination at workplace NIL NIL None NIL NIL None
Child Labour NIL NIL None NIL NIL None
Forced Labour/Involuntary Labour NIL NIL None NIL NIL None
Wages NIL NIL None NIL NIL None
Other human rights related issues NIL NIL None NIL NIL None

160 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

7.  omplaints filed under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal)
C
Act, 2013, in the following format:

FY 2023-24 FY 2022-23
(Current Financial Year) (Previous Financial Year)
Total Complaints reported under Sexual Harassment on of Women at Workplace NIL NIL
(Prevention, Prohibition and Redressal) Act, 2013 (POSH)
Complaints on POSH as a % of female employees / workers NIL NIL
Complaints on POSH upheld NIL NIL

8. Mechanism to prevent adverse consequences to the complainant in discrimination and harassment cases.

Mechanism to prevent adverse consequences to the complainant in discrimination and harassment cases.
To prevent harassment in the workplace, the company has established a mechanism that consists of various policies, procedures, and
guidelines. The mechanism includes a code of conduct that outlines the company’s expectations for appropriate workplace behaviour and
provides guidance on identifying and addressing harassment.
The company has also established a confidential reporting system that allows employees to report any incidents of harassment without fear
of retaliation. These reports are thoroughly investigated, and corrective action is taken where necessary. Additionally, the company provides
regular training to all employees on identifying and preventing harassment in the workplace.
Confidentiality is strictly maintained throughout the process, ensuring that information is shared only with those directly involved in resolving
the grievance. This safeguards the privacy and integrity of the parties concerned, minimising the risk of sensitive details being exposed
unnecessarily. Furthermore, the policy includes a commitment to non-retaliation, guaranteeing that no employee will face repercussions
for filing a grievance or participating in its resolution. This discourages any form of retaliation and fosters an environment where employees
feel safe to voice their concerns without fear of retribution. Additionally, the option for anonymous reporting provides an alternative avenue
for employees who may be uncomfortable reporting grievances openly. This option allows concerns to be addressed while protecting the
anonymity of the reporting party, ensuring their safety and encouraging transparency in addressing workplace issues. Together, these
measures create a supportive framework that prioritises fairness, confidentiality, and the well-being of all employees involved in the
grievance process.
To ensure compliance with its harassment prevention policies, the company conducts regular audits and assessments of its workplace
culture and practices. These assessments help identify areas for improvement and ensure that the company is taking all necessary steps to
prevent harassment.

9. Human rights requirements forming part of your business agreements and contracts:

Do human rights requirements form part of your business agreements and contracts? (Yes/No).
The Human rights related requirements are covered as a part of supplier/Dealer/Vendor onboarding process. As part of our supplier/
Dealer/Vendor onboarding process, we integrate human rights requirements to ensure compliance with relevant laws, labour standards, and
environmental regulations, fostering an environment of ethics and integrity.
Our business agreements feature clauses mandating ethical recruitment practices, prohibiting human trafficking and forced labour. Contracts
further stipulate the obligation to respect the land, forest, and water rights of local communities and indigenous peoples. Emphasising
diversity and inclusion, our agreements encourage suppliers to cultivate diverse workforces and provide equal opportunities irrespective
of race, gender, or ethnicity. Additionally, our onboarding process includes measures to ensure fair treatment of workers regarding wages,
working hours, and occupational health and safety.

10. Assessments for the year:

% of your plants and offices that were assessed

Category
(by entity or statutory authorities or third parties)
Child labour
Forced/involuntary labour
Sexual harassment
100%
Discrimination at workplace
Wages
Others – please specify

Annual Report 2023-24 l 161

Business Responsibility and Sustainability Report (Contd.)

11. Corrective Actions to address significant risks / concerns arising from the assessments:

Provide details of any corrective actions taken or underway to address significant risks / concerns arising from the assessments
at Question 9 above.
The Company is deeply committed to upholding human rights and has established a comprehensive framework to address key risks and
concerns, including child labour, forced labour, sexual harassment, discrimination, and fair wages. We have enhanced our due diligence
procedures to better identify and address any potential violations, ensuring compliance with ethical standards and environmental regulations
throughout our supply chain. Regular assessments and employee training initiatives help raise awareness and prevent incidents. If any
violations are detected, swift and decisive corrective actions are taken, including contract terminations or legal recourse as necessary.
Furthermore, our policies and procedures are continuously reviewed and reinforced to uphold human rights standards across all operations.
As part of our ongoing efforts, there were no significant risk/concern that arose on its self-assessment and from the diligence of customers.

LEADERSHIP INDICATORS:
1.

Details of a business process being modified / introduced as a result of addressing human rights grievances/complaints.
As there were no major human rights grievances or complaints, there have been no specific business processes modified or introduced in
response to addressing such grievances or complaints.

2.

Details of the scope and coverage of any Human rights due diligence conducted.
The Company conducts internal due diligence to ensure adherence to human rights standards. Employee rights are rigorously monitored,
guaranteeing a safe and equitable workplace free from harassment and discrimination. Stakeholder engagement plays a crucial role in the
process, with feedback from employees, communities, and civil society organisations being incorporated to ensure comprehensive coverage.
Risks are identified and mitigated through detailed assessments, regular audits, and targeted training initiatives. These efforts foster awareness
and build capacity to effectively address and overcome human rights challenges within the Company.
Monitoring mechanisms are in place to track compliance, with prompt remedial action taken in case of violations to ensure accountability
and redress for affected individuals. Overall, this diligence reflects the Company’s commitment to upholding human rights standards and
promoting fairness and equality across its operations.

3. Is the premise/office of the entity accessible to differently abled visitors:

Is the premise/office of the entity accessible to differently abled visitors, as per the requirements of the Rights of Persons with
Disabilities Act, 2016?
Yes, our premises fully comply with the requirements of the Rights of Persons with Disabilities Act, 2016. We actively engage with our
differently abled visitors to address their mobility needs and incorporate their input into our accessibility initiatives.
The Company’s buildings, rooms, toilets, and recreational areas are designed with secure accessibility features such as handrails and ramps,
allowing differently abled visitors to navigate comfortably. Additionally, pathways and walkways surrounding the area are equipped with
accessible stairs and lifts, facilitating easy access for individuals with mobility challenges.
These initiatives promote inclusivity and ensure that all visitors, including those with disabilities, can navigate our premises with ease.

4. Details on assessment of value chain partners:

Category % of value chain partners (by value of business done with such partners) that were assessed
Child labour
Forced/involuntary labour
Sexual harassment
35%
Discrimination at workplace
Wages
Others – please specify

162 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

The assessment was conducted via a questionnaire and targeted the top 30-40% of vendors and service providers. The
Company conducted an assessment of its value chain partners, focusing on the top 30-40% of vendors and service providers.
This evaluation was carried out through a comprehensive questionnaire that encompassed various Environmental, Social, and
Governance (ESG) factors including the above-mentioned factors.

The assessment process was designed to be thorough and informative, enabling the Company to gain a clear understanding
of the practices and standards maintained by its value chain partners.

5.

Provide details of any corrective actions taken or underway to address significant risks / concerns arising from the assessments
at Question 4 above.
There were no significant risks/ concerns arising from assessments of value chain partners.

BUSINESSES SHOULD RESPECT AND MAKE EFFORTS TO PROTECT AND RESTORE

PRINCIPLE 6 THE ENVIRONMENT

ESSENTIAL INDICATORS:
1. Details of total energy consumption (in Joules or multiples) and energy intensity, in the following format:
FY 2023-24 FY 2022-23
Parameter
(Current Financial Year) (Previous Financial Year)
From renewable sources
Total electricity consumption (A) 28855.47 GJ 18026.58 GJ
Total fuel consumption (B) - -
Energy consumption through other sources (C) - -
Total energy consumption (A+B+C) 28855.47 GJ 18026.58 GJ
From non-renewable sources
Total electricity consumption (D) 3009.22 GJ 10612.35 GJ
Total fuel consumption (E) 202.37 GJ 105.69 GJ
Energy consumption through other sources (F) - -
Total energy consumed from non-renewable sources (D+E+F) 3211.59 GJ 10718.04 GJ
Total energy consumed (A+B+C+D+E+F) 32067.06 GJ 28744.62 GJ
Energy intensity per rupee of turnover (Total energy consumed / Revenue from
operations) 0.00000882 0.00000970
Energy intensity per rupee of turnover adjusted for Purchasing Power Parity
(PPP) 0.00000039 0.00000043
(Total energy consumption / Revenue from operations adjusted for PPP)
Energy intensity in terms of physical output - -
Energy intensity (optional) – the relevant metric may be selected by the entity - -
*The revenue from operations has been adjusted for PPP based on the latest PPP conversion factor published by the IMF- for India. For the
years ended 31st March 2024 and 31st March 2023, it is 22.401 and 22.167, respectively.

Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes,
name of the external agency.
The assessment / evaluation has been carried out in-house and J. Sundharesan and Associates, Compliance Governance and
Sustainability Advisors, has given limited assurances on the said parameter.

Annual Report 2023-24 l 163

Business Responsibility and Sustainability Report (Contd.)

2.Does the entity have any sites / facilities identified as designated consumers (DCs) under the Performance,
Achieve and Trade (PAT) Scheme of the Government of India? (Y/N) If yes, disclose whether targets set under the
PAT scheme have been achieved. In case targets have not been achieved, provide the remedial action taken, if
any.
No, we have not identified any sites/facilities as Designated Consumers (DCs) under the PAT scheme of the Government
of India.

3. Provide details of the following disclosures related to water, in the following format:
FY 2023-2024 FY 2022-2023
Parameter
(Current Financial Year) (Previous Financial Year)
Water withdrawal by source (in kilolitres)
(i) Surface water - -
(ii) Groundwater 52,321.346 46,862.428
(iii) Third party water - -
(iv) Seawater / desalinated water - -
(v) Others - -
Total volume of water withdrawal (in kilolitres) (i + ii + iii + iv + v) 52,321.346 46,862.428
Total volume of water consumption (in kilolitres) 52,321.346 46,862.428
Water intensity per rupee of turnover
(Total water consumption / Revenue from operations) 0.00001439 0.00001582
Water intensity per rupee of turnover adjusted for Purchasing Power Parity (PPP)
(Total water consumption / Revenue from operations adjusted for PPP) * 0.00000064 0.00000071
Water intensity in terms of physical output - -
Water intensity (optional) – the relevant metric may be selected by the entity - -
*The revenue from operations has been adjusted for PPP based on the latest PPP conversion factor published by the IMF- for India. For the
years ended 31st March 2024 and 31st March 2023, it is 22.401 and 22.167, respectively.

Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency?
(Y/N) If yes, name of the external agency.
The assessment / evaluation has been carried out in-house and J. Sundharesan and Associates, Compliance Governance and
Sustainability Advisors, has given limited assurances on the said parameter.
4. Provide the following details related to water discharged: Not Applicable
FY 2023-2024 FY 2022-2023
Parameter
(Current Financial Year) (Previous Financial Year)
Water discharge by destination and level of treatment (in kilolitres)
(i) To Surface water - -
-No treatment - -
-With treatment – please specify level of treatment - -
(ii) To Groundwater - -
-No treatment - -
-With treatment – please specify level of treatment - -
(iii) To Seawater - -
-No treatment - -
-With treatment – please specify level of treatment - -
(iv) Sent to third parties - -
-No treatment - -
-With treatment – please specify level of treatment - -
(v) Others - -
-No treatment - -
-With treatment – please specify level of treatment - -
Total water discharged (in kilolitres) - -

164 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

5. Mechanism for Zero Liquid Discharge:

Has the entity In its commitment to being a responsible corporate citizen, the Company has mechanisms to treat and recycle
implemented a all the wastewater generated by their industrial processes. They have installed a state-of-the-art treatment plant
mechanism for Zero that uses a combination of physical, chemical, and biological processes to treat the wastewater. The treated
Liquid Discharge? If water is then passed through a series of filtration and evaporation processes to remove all the impurities and
yes, provide details contaminants, leaving behind only pure and clean water that can be reused within the plant. The remaining solid
of its coverage and waste is disposed off in a responsible and environmentally sustainable manner.
implementation.
The Company has established Sewage Treatment Plants (STPs) and Effluent Treatment Plants (ETPs), the Company
endeavours to minimise the quantity of water discharged to the greatest extent possible, in accordance with
feasible measures.
There exists a mechanism to treat and recycle all the wastewater generated by the industrial processes. The
Company has installed a state-of-the-art treatment plant that uses a combination of physical, chemical, and
biological processes to treat the wastewater. The treated water is then passed through a series of filtration and
evaporation processes to remove all the impurities and contaminants, leaving behind only pure and clean water
that can be reused within the plant. The remaining solid waste is disposed of in a responsible and environmentally
sustainable manner.
• The liquid from the Sewage Treatment Plant (STP) undergoes processing in the STP plant, where it is
converted into sludge, and the treated water is repurposed for flushing toilets and gardening purposes.
• The liquid from the Effluent Treatment Plant (ETP) is treated in the ETP plant, resulting in the production of
ETP sludge, which is then disposed of in an environmentally responsible manner by appointing authorised
vendors.
By adopting a Zero Liquid Discharge mechanism, the Company has been able to reduce its dependence on
freshwater sources, minimise its impact on the environment, and ensure that all the wastewater generated is
treated and recycled in a responsible and sustainable manner.

6. Please provide details of air emissions (other than GHG emissions) by the entity, in the following format:

FY 2023-2024 FY 2022-2023
Parameter Please specify unit
(Current Financial Year) (Previous Financial Year)
NOx mg/Nm3 15.5 27.3
Sox mg/Nm3 9.3 18.4
Particulate matter (PM) mg/Nm3 17.1 66
Persistent organic pollutants (POP) Nm3/hrs 8495.4 9440.8
Volatile organic compounds (VOC) Kg/hrs 0.145 0.623
Hazardous air pollutants (HAP) mg/Nm3 BDL BDL
Others – please specify mg/Nm3 BDL BDL

Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency?
(Y/N) If yes, name of the external agency.
The assessment / evaluation has been carried out by Vsix Analytical Labs Private Limited.

7. Provide details of greenhouse gas emissions (Scope 1 and Scope 2 emissions) & its intensity, in the following
format:

FY 2023-2024 FY 2022-2023
Parameter Unit
(Current Financial Year) (Previous Financial Year)
Total Scope 1 emissions (Break-up of the GHG into CO2, Metric tonnes of CO2
46,032
CH4, N2O, HFCs, PFCs, SF6, NF3, if available) equivalent 26,912.56
Total Scope 2 emissions (Break-up of the GHG into CO2, Metric tonnes of CO2
6,35,281
CH4, N2O, HFCs, PFCs, SF6, NF3, if available) equivalent 22,40,385
Total Scope 1 and Scope 2 emissions intensity per Metric tonnes of CO2
rupee of turnover equivalent 0.00018750 0.00076548
(Total Scope 1 and Scope 2 GHG emissions / Revenue
from operations)

Annual Report 2023-24 l 165

Business Responsibility and Sustainability Report (Contd.)

FY 2023-2024 FY 2022-2023
Parameter Unit
(Current Financial Year) (Previous Financial Year)
Total Scope 1 and Scope 2 emission intensity per rupee
of turnover adjusted for Purchasing Power Parity (PPP) 0.00000837 0.00003456
(Total Scope 1 and Scope 2 GHG emissions / Revenue
from operations adjusted for PPP) *
Total Scope 1 and Scope 2 emission intensity in terms - -
of physical output
Total Scope 1 and Scope 2 emission intensity (optional) - -
– the relevant metric may be selected by the entity
*The revenue from operations has been adjusted for PPP based on the latest PPP conversion factor published by the IMF- for India. For the
years ended 31st March 2024 and 31st March 2023, it is 22.401 and 22.167, respectively.

In the financial year 2023-24, the Company is pleased to report a significant reduction in emissions. Specifically, Scope 2
emissions saw a remarkable decrease of around 71.66% compared to the preceding financial year 2022-23. Overall, the
Company achieved a substantial reduction in carbon emissions amounting to 69.95% compared to the same period.

Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency?
(Y/N) If yes, name of the external agency.
The assessment / evaluation has been carried out in-house and J. Sundharesan and Associates, Compliance Governance and
Sustainability Advisors, has given limited assurances on the said parameter.

8. Project related to reducing Green House Gas emission:

Does the entity have any project We are delighted to announce a substantial decrease in emissions for the financial year 2023-24, marking
related to reducing Green a remarkable reduction of around 69.95% compared to the preceding financial year 2022-23.
House Gas emission? If yes, then
Further, there was a significant reduction in Scope 2 carbon emissions leading to overall decrease in
provide details.
carbon emissions.
This achievement underscores our steadfast commitment to environmental sustainability and reflects our
continuous endeavours to mitigate our carbon footprint.
The company has made significant strides in meeting its energy requirements for manufacturing
operations through the utilisation of renewable solar energy. Approximately 20%-30% of the electricity
consumed throughout the year was sourced from rooftop solar panels and a solar park located within the
factory premises. The company is now fully reliant on renewable energy sources.
The total energy consumed from renewable sources accounts for 89.98%, surpassing our target of
renewable energy consumption.
Moreover, to further strengthen our renewable energy initiatives, the organisation has installed a total
capacity of 1.9 MW in its solar plant. Additionally, it has established power supply and off-take agreements
to ensure the provision of solar power, with a capacity of up to 2 MW or 3,000,000 units per year.

9. Provide details related to waste management by the entity, in the following format:

FY 2023-2024 FY 2022-2023
Parameter
(Current Financial Year) (Previous Financial Year)
Total Waste generated (in metric tonnes)
Plastic waste (A) 698.860 654.9
E-waste (B) 0 0.48
Bio-medical waste (C) 0.0022 0.0025
Construction and demolition waste (D) 0 0
Battery waste (E) 0 0
Radioactive waste (F) 0 0
Other Hazardous waste (H): 1.52 3.48
Total (A+ B + C + D + E + F + G + H) 700.3842 658.8625

166 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

FY 2023-2024 FY 2022-2023
Parameter
(Current Financial Year) (Previous Financial Year)
Waste intensity per rupee of turnover
(Total waste generated / Revenue from operations) 0.00000019 0.00000022
Waste intensity per rupee of turnover adjusted for Purchasing Power Parity (PPP)
(Total waste generated / Revenue from operations adjusted for PPP) * <0.000001 <0.000001
Waste intensity in terms of physical output - -
Waste intensity (optional) – the relevant metric may be selected by the entity - -
For each category of waste generated, total waste recovered through recycling, re-using or other recovery operations (in metric
tonnes)
Category of waste
(i) Recycled Due to the inherent nature of our business operations,
(ii) Re-used the Company has limited opportunities within this
(iii) Other recovery operations particular domain.
Total
For each category of waste generated, total waste disposed by nature of disposal method (in metric tonnes)
Category of waste
(i) Incineration 0.836
(ii) Landfilling 0.42
(iii) Other disposal operations -
Total 1.265

*The revenue from operations has been adjusted for PPP based on the latest PPP conversion factor published by the IMF- for India. For the
years ended 31st March 2024 and 31st March 2023, it is 22.401 and 22.167, respectively.

Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency?
(Y/N) If yes, name of the external agency.
No independent assessment, evaluation, or assurance has been carried out by an external agency.

10.

Briefly describe the The Company has implemented a waste management system that ensures proper handling, segregation,
waste management transportation, and disposal of different types of wastes, thus promoting environmental sustainability and
practices adopted in your the safety of the workers involved in waste management.
establishments. Describe the
A color-coding system exists for the purpose of categorising various types of wastes. The colour red is
strategy adopted by your
employed to denote hazardous waste, green is designated for biodegradable waste, yellow is utilised for
company to reduce usage
adhesive waste, and blue is assigned to plastic waste. This system aids in the convenient identification and
of hazardous and toxic
segregation of different waste types, thereby facilitating effective disposal.
chemicals in your products
and processes and the The safety of workers is crucial in waste management, as they are exposed to various hazards while handling
practices adopted to manage waste. Hence the provision of safety Personal Protective Equipment (PPE) is given to the workers who handle
such wastes. waste.
An authorised vendor has been identified for receiving scraps and waste. This ensures that the waste is
collected and handled by a responsible and authorised vendor.
Waste disposal is routed through an approved vendor by KSPCB (Karnataka State Pollution Control Board)
Separate transportation facility for waste disposal purposes. This ensures that the waste is transported in a
safe and organised manner and is disposed of in an environmentally responsible manner.
The Company identifies and monitors waste categories beyond the four-color-coded categories. These
categories include E-waste, aluminium waste, roll storage waste, and metal scraps, and require specialised
handling and disposal techniques.

Annual Report 2023-24 l 167

Business Responsibility and Sustainability Report (Contd.)

11. I f the entity has operations/offices in/around ecologically sensitive areas (such as national parks, wildlife
sanctuaries, biosphere reserves, wetlands, biodiversity hotspots, forests, coastal regulation zones etc.) where
environmental approvals / clearances are required, please specify details in the following format:

Whether the conditions of environmental approval

Location of operations/
S. No Type of operations / clearance are being complied with? (Y/N) If no, the
offices
reasons thereof and corrective action taken, if any.
- - -
The Company does not have any operations/offices in/around ecologically sensitive areas.

12. Details of environmental impact assessments of projects undertaken by the entity based on applicable laws, in
the current financial year:

Whether conducted by Results communicated

Name and brief EIA Notification Relevant Web
S. No. Date independent external in public domain
details of project No. link
agency (Yes / No) (Yes / No)
Not Applicable

13. Is the entity compliant with the applicable environmental law/ regulations/ guidelines in India; such as the
Water (Prevention and Control of Pollution) Act, Air (Prevention and Control of Pollution) Act, Environment
protection act and rules thereunder (Y/N). If not, provide details of all such non-compliances, in the following
format:
Yes, the Company is fully compliant with all the applicable environmental laws/regulations/ guidelines in India including but
not limited to Water (Prevention and Control of Pollution) Act, Air (Prevention and Control of Pollution) Act, Environment
protection act and rules.

Specify the law / regulation Any fines / penalties / action taken by

Provide details of the Corrective action
S. No. / guidelines which was not regulatory agencies such as pollution
non-compliance taken, if any
complied with control boards or by courts
- - - -

LEADERSHIP INDICATORS:
1. Water withdrawal, consumption and discharge in areas of water stress (in kilolitres): For each facility / plant
located in areas of water stress, provide the following information:

(i) Name of the area -

(ii) Nature of operations -

The Company does not have facility / plant located in areas of water stress.

(iii) Water withdrawal, consumption and discharge in the following format:

FY 2023-2024 FY 2022-2023
Parameter
(Current Financial Year) (Previous Financial Year)
Water withdrawal by source (in kilolitres)
(i) Surface water - -
(ii) Groundwater - -
(iii) Third party water - -
(iv) Seawater / desalinated water - -
(v) Others - -
Total volume of water withdrawal (in kilolitres) - -

168 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

FY 2023-2024 FY 2022-2023
Parameter
(Current Financial Year) (Previous Financial Year)
Total volume of water consumption (in kilolitres) - -
Water intensity per rupee of turnover (Water consumed / turnover) - -
Water intensity (optional) – the relevant metric may be selected by the entity - -
Water discharge by destination and level of treatment (in kilolitres)
(i) Into Surface water - -
- No treatment - -
- With treatment – please specify level of treatment - -
(ii) Into Groundwater - -
- No treatment - -
- With treatment – please specify level of treatment - -
(iii) Into Seawater - -
- No treatment - -
- With treatment – please specify level of treatment - -
(iv) Sent to third-parties - -
- No treatment - -
- With treatment – please specify level of treatment - -
(v) Others - -
- No treatment - -
- With treatment – please specify level of treatment - -
Total water discharged (in kilolitres) - -

Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency?
(Y/N) If yes, name of the external agency.
No independent assessment, evaluation, or assurance has been carried out by an external agency.

2. Please provide details of total Scope 3 emissions & its intensity, in the following format:

Unit (Metric tonnes FY 2023-24 FY 2022-23

Parameter
of CO2 Equivalent) (Current Financial Year) (Previous Financial Year)
Total Scope 3 emissions (Break-up of the GHG into CO2, - - -
CH4, N2O, HFCs, PFCs, SF6, NF3, if available)
Total Scope 3 emissions per rupee of turnover - - -
Total Scope 3 emission intensity (optional) – the relevant - - -
metric may be selected by the entity

The Company is currently in the process of putting in place mechanisms for calculating Scope 3 emissions. It is assessing areas
in the Company which can be integrated into its procedures to enhance understanding and calculation of Scope 3 emissions.

Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency?
(Y/N) If yes, name of the external agency.
No independent assessment, evaluation, or assurance has been carried out by an external agency.

3.

With respect to the ecologically sensitive areas reported at Question 11 of Essential Not Applicable
Indicators above, provide details of significant direct & indirect impact of the entity on
biodiversity in such areas along-with prevention and remediation activities.

Annual Report 2023-24 l 169

Business Responsibility and Sustainability Report (Contd.)

4. I f the entity has undertaken any specific initiatives or used innovative technology or solutions to improve
resource efficiency, or reduce impact due to emissions / effluent discharge / waste generated, please provide
details of the same as well as outcome of such initiatives, as per the following format:

Sr. Initiative Details of the initiative (Web-link, if any, may

Outcome of the initiative
No undertaken be provided along-with summary)
1 Solar Energy Implementation of solar energy solutions to Energy independence: Utilisation of solar energy has increased
reduce reliance on traditional energy sources and the company’s energy independence by reducing reliance on
lower carbon emissions. conventional energy sources.
The Company purchased Third Party Power which Reduced carbon footprint: Adoption of solar energy has
includes the utilisation of Solar and Wind energy. led to a significant reduction in greenhouse gas emissions,
contributing to environmental sustainability.
The Company is pleased to announce that there
was a 74.06% increase in third-party power
purchases compared to the previous year, 2022-
23.
Carbon The Company is delighted to announce a Environmental Impact: By achieving a substantial decrease in
Emissions substantial decrease in emissions during the Scope 2 emissions by 71.66% and an overall reduction in carbon
financial year 2023-24, demonstrating an emissions by 69.95%, the Company significantly contributes
impressive reduction of Scope 2 emissions of to environmental sustainability. This reduction directly lowers
approximately 71.66% compared to the previous greenhouse gas emissions, thereby positively impacting air
financial year 2022-23. quality and mitigating climate change effects.
The overall reduction in Carbon emissions is Operational Efficiency: The initiative likely reflects improved
69.95% compared to the previous financial year energy efficiency and operational practices within the Company.
2022-23. This accomplishment underscores By reducing emissions, the Company demonstrates its ability
our unwavering dedication to environmental to optimise energy use and operational processes, potentially
sustainability and exemplifies our continued leading to cost savings through reduced energy consumption
endeavours to mitigate our carbon footprint. and more efficient resource utilisation.
2 Sewage Installation of sewage treatment facilities Environmental protection: Effective treatment of wastewater
treatment to effectively treat and manage wastewater, has minimised environmental pollution and protected water
Plant minimising environmental pollution. bodies from contamination.
5 EV Charging Establishment of electric vehicle charging Support for electric mobility: Installation of EV charging
stations infrastructure to support the transition to electric infrastructure encourages the adoption of electric vehicles
mobility and reduce greenhouse gas emissions among employees, customers, and the community.
from transportation.
Reduction of emissions: Increased availability of EV charging
stations contributes to the reduction of greenhouse gas
emissions associated with transportation.
Innovation and leadership: The establishment of EV charging
stations demonstrates the company’s commitment to
innovation and leadership in sustainable transportation
solutions.

5. Does the entity have a business continuity and disaster management plan? Give details in 100 words/web link.
Yes, the entity has a robust business continuity and disaster management plan in place. The plan is designed to mitigate
the impact of unexpected events on customer operations by identifying contingencies for all processes and equipment,
including IT systems and natural disasters. Employees receive periodic training on the contingency and disaster
management plan to ensure preparedness and effective response in case of emergencies. The Company maintains the
policy internally and shares the copy to the customer on request.

6.

Disclose any significant adverse impact to the environment, No significant adverse impact to the environment has arisen from
arising from the value chain of the entity. What mitigation or the value chain of the entity.
adaptation measures have been taken by the entity in this regard?

170 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

7.

Percentage of value chain partners (by value of business done 35%

with such partners) that were assessed for environmental impacts.

The assessment was conducted via a questionnaire and targeted the top 30-40% of vendors and service providers. The
Company conducted an assessment of its value chain partners, focusing on the top 30-40% of vendors and service providers.
This evaluation was carried out through a comprehensive questionnaire that encompassed various Environmental, Social, and
Governance (ESG) factors including environmental factors.
The assessment process was designed to be thorough and informative, enabling the Company to gain a clear understanding
of the practices and standards maintained by its value chain partners.

BUSINESSES, WHEN ENGAGING IN INFLUENCING PUBLIC AND REGULATORY POLICY,

PRINCIPLE 7 SHOULD DO SO IN A MANNER THAT IS RESPONSIBLE AND TRANSPARENT

ESSENTIAL INDICATORS:
1. A) Affiliations with trade and industry chambers/ associations:

Number of affiliations with trade and industry chambers/ associations.

Currently, the Company is a member of 6 associations.

B) List the top 10 trade and industry chambers/ associations (determined based on the total members of such
body) the entity is a member of/ affiliated to:

Reach of trade and industry chambers/ associations

S. No. Name of the trade and industry chambers/ associations
(State/National)
1. Confederation of Indian Industry National
2. Indo America Chamber of Commerce National
3. The Plastic Export Promotion Council National
4. The Automotive Component Manufacturers Association National
5. Quality Circle Forum of India National
6. The Society of Indian Automobile Manufacturers National

2. Provide details of corrective action taken or underway on any issues related to anticompetitive conduct by the
entity, based on adverse orders from regulatory authorities:

Name of authority Brief of the case Corrective action taken

- - -

The Company has not engaged in any anti-competitive conduct.

LEADERSHIP INDICATORS:
1. Details of public policy positions advocated by the entity:

Whether information Frequency of Review by Board

Public policy Method resorted Web Link, if
S. No. available in public domain? (Annually/ Half yearly/ Quarterly
advocated for such advocacy available
(Yes/No) / Others – please specify)
As a company, we do not advocate for public policy positions.

Annual Report 2023-24 l 171

Business Responsibility and Sustainability Report (Contd.)

PRINCIPLE 8 BUSINESSES SHOULD PROMOTE INCLUSIVE GROWTH AND EQUITABLE DEVELOPMENT

ESSENTIAL INDICATORS:
1. Details of Social Impact Assessments (SIA) of projects undertaken by the entity based on applicable laws, in
the current financial year:

SIA Whether conducted by Results communicated

Name and brief Date of
Notification independent external in public domain Relevant Web link
details of project notification
No. agency (Yes / No) (Yes / No)
This section is not applicable to the Company as there were no projects that required SIA to be undertaken under Law.

2. Provide information on project(s) for which ongoing Rehabilitation and Resettlement (R&R) is being
undertaken by your entity, in the following format:

Amounts paid to
Name of Project for No. of Project Affected % of PAFs covered by
S. No. State District PAFs in the FY
which R&R is ongoing Families (PAFs) R&R
(In INR)
This section is not applicable to the Company as there were no projects that required Rehabilitation and Resettlement (R&R).

3. Community redressal mechanism:

Describe the mechanisms to receive and redress grievances of the community.

Grievance Redressal Mechanism (GRM) is an important aspect of assuring our strong relation with the community as it provides us social
license the to operate and execute the community initiative projects. As part of our grievance redressal mechanism, we have deployed our
local employees who regularly visit the community and interact with people to gauge and address community concerns.
Receiving and redressing grievances of the community typically involves a multi-step process that begins with establishing channels for
individuals or groups to voice their concerns and ends with addressing and resolving those grievances in a fair and timely manner. The
following are mechanisms that are employed to receive and redress grievances of the community:
The Company through local panchayath on regular basis identifies the needs of the local community and fulfils their requirements through
various CSR initiatives and the Company’s representatives on regular basis visits the local community to get feedback and monitor the CSR
projects. This helps to ensure that the Company is aware of the needs of the local community and that their CSR initiatives are meeting those
needs. It also allows them to develop a better understanding of the community, which can help them create more effective CSR initiatives in
the future.

4. Percentage of input material (inputs to total inputs by value) sourced from suppliers:

FY 2023-24 FY 2022-23
Category
(Current Financial Year) (Previous Financial Year)
*Directly sourced from MSMEs/ small producers - -
*Directly from within India - -
*The data was not validated hence not reported.

172 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

5. Job creation in smaller towns – Disclose wages paid to persons employed (including employees or workers
employed on a permanent or non-permanent / on contract basis) in the following locations, as % of total
wage cost.

FY 2023-2024 FY 2022-2023
Location
(Current Year) (Previous Year)
Rural 85% 85%
Semi- Urban - -
Urban - -
Metropolitan 15% 15%

LEADERSHIP INDICATORS:
1. Provide details of actions taken to mitigate any negative social impacts identified in the Social Impact
Assessments (Reference: Question 1 of Essential Indicators above):

Details of negative social impact identified Corrective action taken

This section is not applicable, since there were no projects with SIA notification.

2. Provide the following information on CSR projects undertaken by your entity in designated aspirational districts
as identified by Government bodies:
The Company has not undertaken any CSR projects in the designated aspirational districts as identified by Government
bodies. Despite not having CSR projects in aspirational districts, the Company remains dedicated to serving society
and supporting those in need. We actively seek opportunities to contribute positively to communities through various
initiatives aimed at fostering social welfare and addressing societal challenges.

3.

(a) Do you have a preferential procurement policy where you give preference The Company does not have preferential procurement
to purchase from suppliers comprising marginalised /vulnerable groups? policy where it gives preference to purchase from
(Yes/No) suppliers comprising marginalised /vulnerable groups
(b) From which marginalised /vulnerable groups do you procure? -
(c) What percentage of total procurement (by value) does it constitute? -

4.  etails of the benefits derived and shared from the intellectual properties owned or acquired by your entity
D
(in the current financial year), based on traditional knowledge:

Intellectual Property based Benefit shared Basis of calculating benefit

S. No. Owned/ Acquired (Yes/No)
on traditional knowledge (Yes / No) share
There were no benefits derived and shared from the intellectual properties owned or acquired by the Company.

5. Details of corrective actions taken or underway, based on any adverse order in intellectual property related
disputes wherein usage of traditional knowledge is involved:

Name of authority Brief of the Case Corrective action taken

This particular section does not find applicability within the context of the Company since there were no issues relating to the same.

Annual Report 2023-24 l 173

Business Responsibility and Sustainability Report (Contd.)

6. Details of beneficiaries of CSR Projects:

No. of persons % of beneficiaries

S. No. CSR Project benefitted from CSR from vulnerable and
Projects marginalised groups
1. The Program Welfare of Brick Lane Workers 150-200 students 100%
2. Let’s Feed the Needy program with the main objective to provide home cooked 150-200 people 100%
food to people in need at various places like Railway Station, Bus Stand, Road,
Beaches, children & elderly people at Orphan centers and Old Age homes
3. Santhwana Charitable Trust with the aim of coordinating social and community 100 students 100%
health care services to the poor, sick and the most neglected section of our
society in India
4. CBCI Society for Medical Education which includes payment towards medical 6 people 100%
treatment of poor and needy
5. Garbage Cleaning in and around the vicinity of the Company 14 villages 100%
6. Distributed e-learning kits in government schools 50 children 100%
7. Constructed a new building at Varahasandra government school including two 50 children 100%
classrooms with a seating capacity of 50 children each, an RO unit for clean
drinking water, and two restrooms and additional infrastructures.
8. A bore well was installed at the Vani Vilas Institute, government women’s college 700 students 100%
to meet the water needs of female students
9. Women Empowerment Projects Provided support to underprivileged women 200 women 100%
with vocational trainings
10. Conducted comprehensive health check-ups and free doctor consultations for 900 villagers 100%
underprivileged villagers

BUSINESSES SHOULD ENGAGE WITH AND PROVIDE VALUE TO THEIR CONSUMERS IN

PRINCIPLE 9 A RESPONSIBLE MANNER

The Company’s commitment to engaging with and providing value to our consumers in a responsible manner is an essential
part of our business strategy. We believe that by doing so, we can build trust and loyalty with our customers and contribute
to a sustainable future for all.

As a responsible business, we recognise the importance of engaging with and providing value to our consumers in a responsible
manner. We aim to ensure that our products and services meet the needs of our customers while minimising any negative
impacts on society and the environment.

To achieve this, we strive to understand the needs and preferences of our customers and engage with them through various
channels to provide the best possible experience. We also aim to provide accurate and transparent information about our
products and services, including their safety, quality, and environmental impact.

We believe in responsible marketing practices and avoid any form of deceptive advertising or promotion. Our pricing policies
are fair and transparent, and we do not engage in any anti-competitive behaviour.

174 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

ESSENTIAL INDICATORS:
1. Consumer Complaints and feedback:

Describe the mechanisms in place to receive and respond to consumer complaints and feedback.
The Company has a well-established system for managing consumer/customer feedback, offering various channels such as email, telephone,
website, and feedback forms for communication. Additionally, dedicated consumer response cells are available to address queries and gather
feedback, facilitating continuous product and service improvements.

1. The Company maintains a formal consumer complaint procedure, documented and approved, with all complaints routed to an internal
quality check team. Detailed registers are maintained, encompassing mitigation strategies and all relevant aspects from complaint
registration to resolution.

2. This procedure covers complaints across various areas including Customer Complaints, Customer Rejections, Warranty, and Emergency
Support, aligning with the Company’s objectives to address consumer concerns effectively.

Furthermore, the Company endeavours to implement systematic procedures for Corrective and Preventive Actions (CAPA) relevant to each
product, ensuring proactive management of risks and enhancing planning processes.

2. Turnover of products and/ services as a percentage of turnover from all products/service that carry
information about:

Category As a percentage to total turnover

Environmental and social parameters relevant to the product 100%
Safe and responsible usage 100%
Recycling and/or safe disposal 100%

3. Number of consumer complaints in respect of the following:

FY 2023-24 FY 2022-23
(Current Financial Year) (Previous Financial Year)
Category Received Pending Remarks Received Pending Remarks
during the resolution at during the resolution at
year end of year year end of year
Data privacy NIL NIL None NIL NIL None
Advertising NIL NIL None NIL NIL None
Cyber-security NIL NIL None NIL NIL None
Delivery of essential services NIL NIL None NIL NIL None
Restrictive Trade Practices NIL NIL None NIL NIL None
Unfair Trade Practices NIL NIL None NIL NIL None
Other 07 NIL All complaints 11 NIL All complaints received
received during this during this financial year
financial year were were related to general
related to general concerns, and the same
concerns, and the has been promptly
same has been resolved them with utmost
promptly resolved priority
with utmost priority.

4. Details of instances of product recalls on account of safety issues:

Particulars Number Reasons for recall

Voluntary recalls NIL NIL
Forced recalls NIL NIL

Annual Report 2023-24 l 175

Business Responsibility and Sustainability Report (Contd.)

5. Cyber security policy:

Does the entity have a framework/ policy on cyber security and risks related to data privacy? (Yes/No) If available, provide a
web-link of the policy.
The Company has implemented a robust framework and policies to ensure cybersecurity, with a primary focus on establishing a disaster
recovery site as a vital component of our cybersecurity infrastructure. This site is designed to provide redundancy and resilience, allowing for
swift recovery and restoration of operations in the event of cyber incidents or unforeseen disasters. Equipped with cutting-edge technologies
and redundant systems, it ensures secure data backups to safeguard enterprise data.
Our cybersecurity policy is paramount in protecting digital assets from cyber threats, covering information systems, networks, data security,
roles and responsibilities, and incident response procedures. Compliance with this policy is mandatory for all employees, contractors, and
interns, encompassing aspects such as safeguarding confidential data, securing devices, adhering to safe email practices, managing passwords
effectively, ensuring secure data transfer, and promptly reporting security breaches.
The IT Team is responsible for implementing security measures, providing training, and investigating breaches, while additional measures
include device security, reporting stolen equipment, and adherence to policy provisions. The System Administrator plays a key role in deploying
firewalls, anti-malware solutions, and access authentication systems, alongside conducting regular security training for employees. Overall, the
Company’s cybersecurity policy defines a comprehensive framework for addressing cybersecurity and data privacy risks.
The policy can be accessed at the given link:
https://www.sjsindia.com/investors.html#policies

6. Corrective Actions:

Provide details of any corrective actions taken or underway on issues relating to advertising, and delivery of essential services;
cyber security and data privacy of customers; re-occurrence of instances of product recalls; penalty / action taken by regulatory
authorities on safety of products / services
This particular section does not find applicability within the context of the Company since there were no issues relating to the same.

7. Provide the following information relating to data breaches:

For the Current Financial For the Previous Year

Location
Year (2023-2024) (2022-2023)
Number of instances of data breaches NIL NIL
Percentage of data breaches involving personally identifiable information of NIL NIL
customers
Impact, if any, of the data breaches NIL NIL

LEADERSHIP INDICATORS:

S. No Particulars Response
1. Channels / platforms where information on products Details about our offerings and services are available at https://www.sjsindia.
and services of the entity can be accessed (provide com/
web link, if available).
2. Steps taken to inform and educate consumers about The Company possesses relevant information for safe and responsible usage
safe and responsible usage of products and/or on the product. It provides for a marking system for recycling mechanisms.
services. This marking system serves as a crucial identification tool for end users and
recycling facilities, enabling easy sorting and processing of materials for
recycling or reuse. By ensuring efficient material separation, the Company
minimises waste and promotes environmental sustainability.
3. Mechanisms in place to inform consumers of any risk This section is not applicable to the Company.
of disruption/discontinuation of essential services.
4. (a) Does the entity display product information on The Company displays product information as mandated by local laws. The
the product over and above what is mandated Company ensures that all product information displayed complies strictly
as per local laws? (Yes/No/Not Applicable) If yes, with the legal requirements stipulated by local laws and regulations.
provide details in brief. Yes, the Company actively engages in assessing supplier satisfaction
(b) Did your entity carry out any survey with regard to ensure robust relationships and operational efficiencies. The survey
to consumer satisfaction relating to the major encompassed feedback on product quality, delivery timelines, customer
products / services of the entity, significant service, and overall satisfaction with the Company’s offerings.
locations of operation of the entity or the entity
as a whole? (Yes/No)

176 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Independent Auditor’s Report

To the Members of S.J.S. Enterprises Limited Basis for Opinion
We conducted our audit in accordance with the Standards
REPORT ON THE AUDIT OF THE STANDALONE FINANCIAL on Auditing (SAs) specified under Section 143(10) of the Act.
STATEMENTS Our responsibilities under those SAs are further described
in the Auditor’s Responsibilities for the Audit of the
Opinion
Standalone Financial Statements section of our report. We
We have audited the standalone financial statements of
are independent of the Company in accordance with the Code
S.J.S. Enterprises Limited (the “Company”) which comprise
of Ethics issued by the Institute of Chartered Accountants of
the standalone balance sheet as at 31 March 2024, and the
India together with the ethical requirements that are relevant
standalone statement of profit and loss (including other
to our audit of the standalone financial statements under
comprehensive income), standalone statement of changes
the provisions of the Act and the Rules thereunder, and we
in equity and standalone statement of cash flows for the
have fulfilled our other ethical responsibilities in accordance
year then ended, and notes to the standalone financial
with these requirements and the Code of Ethics. We believe
statements, including material accounting policies and other
that the audit evidence we have obtained is sufficient
explanatory information.
and appropriate to provide a basis for our opinion on the
standalone financial statements.
In our opinion and to the best of our information and
according to the explanations given to us, the aforesaid Key Audit Matter
standalone financial statements give the information required Key audit matters are those matters that, in our professional
by the Companies Act, 2013 (“Act”) in the manner so required judgment, were of most significance in our audit of the
and give a true and fair view in conformity with the accounting standalone financial statements of the current period. These
principles generally accepted in India, of the state of affairs matters were addressed in the context of our audit of the
of the Company as at 31 March 2024, and its profit and other standalone financial statements as a whole, and in forming
comprehensive income, changes in equity and its cash flows our opinion thereon, and we do not provide a separate
for the year ended on that date. opinion on these matters.

Revenue recognition
See Note 2(a) to standalone financial statements
The key audit matter How the matter was addressed in our audit
Revenue from sale of goods in the ordinary course is In view of the significance of the matter, we applied the
recognized at contract price after deduction of any trade following audit procedures in this area, amongst others, to
discounts, volume rebates and any taxes or duties collected on obtain audit evidence:
behalf of the government when the control of the goods has 1. We evaluated the revenue recognition accounting
been transferred to the customer and there is no unfulfilled policies by comparing it with the applicable
performance obligation. accounting standards.
Revenue from sale of goods is recognised primarily at the 2. We, together with the IT specialists, tested the design,
point in time when the goods are delivered or dispatched to implementation and operating effectiveness of key
the customer, as the case may be. controls over recognition of revenue.
The Company and its external stakeholders focus on revenue 3. On a sample basis, we tested the revenue transactions
as a key performance metric. Revenue recognition has been recorded during the year by verifying the underlying
identified as a key audit matter as there could be incentives documents such as sales orders, contractual terms
or external pressures to meet expectations resulting in of the invoice and the delivery receipts or proof of
revenue being overstated or recognized before the control has dispatch, as the case may be.
been transferred. 4. We tested, on a sample basis, specific revenue
transactions recorded before and after the financial
year-end date to determine that revenue is recognised
in the financial period in which control is transferred,
based on the terms and conditions set out in sales
orders, sales invoice and delivery receipts.
5. We scrutinised journal entries posted to revenue
account, based upon specific risk based criteria, to
identify unusual or irregular items.

Annual Report 2023-24 l 177

Independent Auditor’s Report (Contd.)

Other Information concern and using the going concern basis of accounting
The Company’s Management and Board of Directors are unless the Board of Directors either intends to liquidate the
responsible for the other information. The other information Company or to cease operations, or has no realistic alternative
comprises the information included in the Company’s Annual but to do so.
report, but does not include the financial statements and
auditor’s report(s) thereon. The Company’s Annual report is The Board of Directors is also responsible for overseeing the
expected to be made available to us after the date of this Company’s financial reporting process.
auditor’s report.
Auditor’s Responsibilities for the Audit of the Standalone
Our opinion on the standalone financial statements does not
Financial Statements
cover the other information and we will not express any form
Our objectives are to obtain reasonable assurance about
of assurance conclusion thereon.
whether the standalone financial statements as a whole
In connection with our audit of the standalone financial are free from material misstatement, whether due to fraud
statements, our responsibility is to read the other information or error, and to issue an auditor’s report that includes our
identified above when it becomes available and, in doing opinion. Reasonable assurance is a high level of assurance,
so, consider whether the other information is materially but is not a guarantee that an audit conducted in accordance
inconsistent with the standalone financial statements or our with SAs will always detect a material misstatement when it
knowledge obtained in the audit, or otherwise appears to be exists. Misstatements can arise from fraud or error and are
materially misstated. considered material if, individually or in the aggregate, they
could reasonably be expected to influence the economic
When we read the Annual report, if we conclude that there decisions of users taken on the basis of these standalone
is a material misstatement therein, we are required to financial statements.
communicate the matter to those charged with governance
and take necessary actions, as applicable under the relevant As part of an audit in accordance with SAs, we exercise
laws and regulations. professional judgment and maintain professional skepticism
throughout the audit. We also:
Management’s and Board of Directors’ Responsibilities
for the Standalone Financial Statements • Identify and assess the risks of material misstatement
The Company’s Management and Board of Directors are of the standalone financial statements, whether due to
responsible for the matters stated in Section 134(5) of the Act fraud or error, design and perform audit procedures
with respect to the preparation of these standalone financial responsive to those risks, and obtain audit evidence
statements that give a true and fair view of the state of affairs, that is sufficient and appropriate to provide a basis
profit/ loss and other comprehensive income, changes in for our opinion. The risk of not detecting a material
equity and cash flows of the Company in accordance with the misstatement resulting from fraud is higher than for
accounting principles generally accepted in India, including one resulting from error, as fraud may involve collusion,
the Indian Accounting Standards (Ind AS) specified under forgery, intentional omissions, misrepresentations, or
Section 133 of the Act. This responsibility also includes the override of internal control.
maintenance of adequate accounting records in accordance
with the provisions of the Act for safeguarding of the assets • Obtain an understanding of internal control relevant to
of the Company and for preventing and detecting frauds and the audit in order to design audit procedures that are
other irregularities; selection and application of appropriate appropriate in the circumstances. Under Section 143(3)
accounting policies; making judgments and estimates that (i) of the Act, we are also responsible for expressing our
are reasonable and prudent; and design, implementation opinion on whether the company has adequate internal
and maintenance of adequate internal financial controls, financial controls with reference to financial statements
that were operating effectively for ensuring the accuracy in place and the operating effectiveness of such controls.
and completeness of the accounting records, relevant to
the preparation and presentation of the standalone financial • Evaluate the appropriateness of accounting policies
statements that give a true and fair view and are free from used and the reasonableness of accounting estimates
material misstatement, whether due to fraud or error. and related disclosures made by the Management and
Board of Directors.
In preparing the standalone financial statements, the
Management and Board of Directors are responsible for • Conclude on the appropriateness of the Management
assessing the Company’s ability to continue as a going and Board of Directors use of the going concern basis
concern, disclosing, as applicable, matters related to going of accounting in preparation of standalone financial

178 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Independent Auditor’s Report (Contd.)

statements and, based on the audit evidence obtained, 2 A. As required by Section 143(3) of the Act, we
whether a material uncertainty exists related to events report that:
or conditions that may cast significant doubt on the
Company’s ability to continue as a going concern. If a. We have sought and obtained all the
we conclude that a material uncertainty exists, we information and explanations which to the best
are required to draw attention in our auditor’s report of our knowledge and belief were necessary
to the related disclosures in the standalone financial for the purposes of our audit.
statements or, if such disclosures are inadequate, to
modify our opinion. Our conclusions are based on b. In our opinion, proper books of account as
the audit evidence obtained up to the date of our required by law have been kept by the Company
auditor’s report. However, future events or conditions so far as it appears from our examination of
those books except for the matter stated in
may cause the Company to cease to continue as a
the paragraph 2(B)(f) below on reporting
going concern.
under Rule 11(g) of the Companies (Audit and
Auditors) Rules, 2014.
• Evaluate the overall presentation, structure and content
of the standalone financial statements, including the
c. The standalone balance sheet, the standalone
disclosures, and whether the standalone financial statement of profit and loss (including other
statements represent the underlying transactions and comprehensive income), the standalone
events in a manner that achieves fair presentation. statement of changes in equity and the
standalone statement of cash flows dealt with
We communicate with those charged with governance by this Report are in agreement with the books
regarding, among other matters, the planned scope and of account.
timing of the audit and significant audit findings, including
any significant deficiencies in internal control that we identify d. In our opinion, the aforesaid standalone
during our audit. financial statements comply with the Ind AS
specified under Section 133 of the Act.
We also provide those charged with governance with a
statement that we have complied with relevant ethical e. On the basis of the written representations
requirements regarding independence, and to communicate received from the directors as on 31 March
with them all relationships and other matters that may 2024 taken on record by the Board of
reasonably be thought to bear on our independence, and Directors, none of the directors is disqualified
where applicable, related safeguards. as on 31 March 2024 from being appointed as
a director in terms of Section 164(2) of the Act.
From the matters communicated with those charged with
governance, we determine those matters that were of most f. The modification relating to the maintenance
significance in the audit of the standalone financial statements of accounts and other matters therewith are
as stated in the paragraph 2(A)(b) above on
of the current period and are therefore the key audit matters.
reporting under Section 143(3)(b) of the Act
We describe these matters in our auditor’s report unless law
and paragraph 2(B)(f) below on reporting
or regulation precludes public disclosure about the matter or
under Rule 11(g) of the Companies (Audit and
when, in extremely rare circumstances, we determine that a
Auditors) Rules, 2014
matter should not be communicated in our report because
the adverse consequences of doing so would reasonably g. With respect to the adequacy of the internal
be expected to outweigh the public interest benefits of financial controls with reference to financial
such communication. statements of the Company and the operating
effectiveness of such controls, refer to our
Report on Other Legal and Regulatory Requirements separate Report in “Annexure B”.
1. As required by the Companies (Auditor’s Report) Order,
2020 (“the Order”) issued by the Central Government B. With respect to the other matters to be included in
of India in terms of Section 143(11) of the Act, we the Auditor’s Report in accordance with Rule 11 of
give in the “Annexure A” a statement on the matters the Companies (Audit and Auditors) Rules, 2014, in
specified in paragraphs 3 and 4 of the Order, to the our opinion and to the best of our information and
extent applicable. according to the explanations given to us:

Annual Report 2023-24 l 179

Independent Auditor’s Report (Contd.)

a. The Company has disclosed the impact of (iii) Based on the audit procedures performed
pending litigations as at 31 March 2024 on its that have been considered reasonable and
financial position in its standalone financial appropriate in the circumstances, nothing
statements - Refer Note 38 to the standalone has come to our notice that has caused us
financial statements. to believe that the representations under
sub-clause (i) and (ii) of Rule 11(e), as
b. The Company did not have any long- provided under (i) and (ii) above, contain
term contrac ts including derivative any material misstatement.
contracts for which there were any material
foreseeable losses. e. As stated in Note 15(b) to the standalone
financial statements, the Board of Directors
c. There were no amounts which were required of the Company has proposed final dividend
to be transferred to the Investor Education and for the year which is subject to the approval
Protection Fund by the Company. of the members at the ensuing Annual
General Meeting. The dividend declared is in
d (i)  The management has represented that, accordance with Section 123 of the Act to the
to the best of their knowledge and belief, extent it applies to declaration of dividend.
other than as disclosed in the Note 45 to
the standalone financial statements, no f. Based on our examination which included test
funds have been advanced or loaned or checks, the Company has used accounting
invested (either from borrowed funds or softwares for maintaining its books of account
share premium or any other sources or relating to general ledger and payroll, however,
kind of funds) by the Company to or in any the feature of recording audit trail (edit log)
other person(s) or entity(ies), including facility has not been enabled.
foreign entities (“Intermediaries”), with
the understanding, whether recorded in C. With respect to the matter to be included in the
writing or otherwise, that the Intermediary Auditor’s Report under Section 197(16) of the Act:
shall directly or indirectly lend or invest in
other persons or entities identified in any In our opinion and according to the information and
manner whatsoever by or on behalf of the explanations given to us, the remuneration paid by the
Company (“Ultimate Beneficiaries”) or Company to its directors during the current year is in
provide any guarantee, security or the like accordance with the provisions of Section 197 of the
on behalf of the Ultimate Beneficiaries. Act. The remuneration paid to one of the director of
the Company has exceeded the limit prescribed under
(ii) The management has represented that, Section 197 of the Act for which requisite shareholders
to the best of their knowledge and belief, approval has been obtained. The Ministry of Corporate
other than as disclosed in the Note 45 to Affairs has not prescribed other details under Section
the standalone financial statements, no 197(16) of the Act which are required to be commented
funds have been received by the Company upon by us.
from any person(s) or entity(ies), including
foreign entities (“Funding Parties”), with
For B S R & Co. LLP
the understanding, whether recorded in
Chartered Accountants
writing or otherwise, that the Company
Firm’s Registration No.:101248W/W-100022
shall directly or indirectly, lend or invest
in other persons or entities identified
in any manner whatsoever by or on
behalf of the Funding Parties (“Ultimate Umang Banka
Beneficiaries”) or provide any guarantee, Partner
security or the like on behalf of the Place: Bengaluru Membership No.: 223018
Ultimate Beneficiaries. Date: 20 May 2024 ICAI UDIN:24223018BKFQMZ8954

180 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Independent Auditor’s Report (Contd.)

Annexure A to the Independent Auditor’s Report on the Standalone Financial Statements of S.J.S. Enterprises Limited
for the year ended 31 March 2024
(Referred to in paragraph 1 under ‘Report on Other Legal and Regulatory Requirements’ section of our report of even date)

(i) (a) (A) The Company has maintained proper records of Benami Property Transactions Act, 1988 and rules
showing full particulars, including quantitative made thereunder.
details and situation of Property, Plant
and Equipment. (ii) (a) The inventory, except goods-in-transit and stocks
lying with third parties, has been physically verified
(B) The Company has maintained proper records by the management during the year.For stocks
showing full particulars of intangible assets. lying with third parties at the year-end, written
confirmations have been obtained and for goods-
(i) (b) According to the information and explanations given in-transit subsequent evidence of receipts has
to us and on the basis of our examination of the been linked with inventory records. In our opinion,
records of the Company, the Company has a regular the frequency of such verification is reasonable
programme of physical verification of its Property, and procedures and coverage as followed by
Plant and Equipment by which all property, plant management were appropriate. No discrepancies
and equipment are verified in a phased manner were noticed on verification between the physical
over a period of three years. In accordance with this stocks and the book records that were more than
programme, certain property, plant and equipment 10% in the aggregate of each class of inventory
were verified during the year. In our opinion, this
(b) According to the information and explanations
periodicity of physical verification is reasonable
given to us and on the basis of our examination of
having regard to the size of the Company and the
the records of the Company, the Company has been
nature of its assets. No material discrepancies were
sanctioned working capital limits in excess of five
noticed on such verification.
crore rupees, in aggregate, from banks or financial
institutions on the basis of security of current assets.
(c) According to the information and explanations
In our opinion, the quarterly returns or statements
given to us and on the basis of our examination
filed by the Company with such banks or financial
of the records of the Company, the title deeds
institutions are in agreement with the books of
of immovable properties (other than immovable
account of the Company.
properties where the Company is the lessee and
the lease agreements are duly executed in favour (iii) According to the information and explanations given to
of the lessee) disclosed in the standalone financial us and on the basis of our examination of the records
statements are held in the name of the Company. of the Company, the Company has not provided any
guarantee or security or granted any advances in the
(d) According to the information and explanations nature of loans, secured or unsecured to companies, firms,
given to us and on the basis of our examination limited liability partnership or any other parties during
of the records of the Company, the Company has the year. The Company has not made any investments in
not revalued its Property, Plant and Equipment the firm and limited liability partnership. The Company
(including Right of Use assets) or intangible assets has not granted any loans, secured or unsecured, to
or both during the year. firms and limited liability partnership during the year.
The Company has made an investment during the year
(e) According to the information and explanations given to acquire a subsidiary and has made an investment in
to us and on the basis of our examination of the other party during the year. The Company has given a
records of the Company, there are no proceedings loan to its wholly owned subsidiary and to other parties
initiated or pending against the Company for (employees) in respect of which the requisite information
holding any benami property under the Prohibition are given below.

Annual Report 2023-24 l 181

Independent Auditor’s Report (Contd.)

(a) Based on the audit procedures carried on by us and (e) According to the information and explanations
as per the information and explanations given to given to us and on the basis of our examination
us the Company has provided loans to its wholly of the records of the Company, there is no loan
owned subsidiary and other parties (employees) granted falling due during the year, which has
as below: been renewed or extended or fresh loans granted
to settle the overdues of existing loans given to
same parties. Further the Company has not given
Particulars Loans any advances in the nature of loans to any party
(` in million) during the year.
Aggregate amount during 58
the year 1.97 (f) According to the information and explanations
Wholly owned subsidiary given to us and on the basis of our examination
Others (employees) of the records of the Company, the Company has
Balance outstanding as at - not granted any loans either repayable on demand
balance sheet date 4.94 or without specifying any terms or period of
Wholly owned subsidiary repayment. Further the Company has not given any
Others (employees) advances in the nature of loans to any party during
the year.
(b) According to the information and explanations given
to us and based on the audit procedures conducted (iv) According to the information and explanations given to
by us, in our opinion the investments made during us and on the basis of our examination of the records of
the year and the terms and conditions of the grant the Company, the Company has not given any loans, or
of loans, prima facie, not prejudicial to the interest provided any guarantee or security as specified under
of the Company. The Company has not provided Section 185 of the Companies Act, 2013 (“the Act”). In
any guarantee or security or granted any advances respect of the investments made and loan given by the
in the nature of loans during the year. Company, in our opinion the provisions of Section 186
of the Act have been complied with.
(c) According to the information and explanations
given to us and on the basis of our examination (v) The Company has not accepted any deposits or amounts
of the records of the Company, in the case of loan which are deemed to be deposits from the public.
given to its wholly owned subsidiary, in our opinion, Accordingly, clause 3(v) of the Order is not applicable.
the repayment of principal and payment of interest
(vi) We have broadly reviewed the books of accounts
has been stipulated however the entire loan has
maintained by the Company pursuant to the rules
been fully repaid during the year. In case of loan
prescribed by the Central Government for maintenance
given to other parties (employees) the repayment of
of cost records under Section 148(1) of the Act in respect
principal has been regular. The loan given to other
of its manufactured goods (and/or services provided by
parties (employees) are interest free and hence
it) and are of the opinion that prima facie, the prescribed
there are no stipulation with respect to the payment
accounts and records have been made and maintained.
of interest. Further, the Company has not given any
However, we have not carried out a detailed examination
advance in the nature of loan to any party during of the records with a view to determine whether these
the year. are accurate or complete.

(d) According to the information and explanations (vii) (a) The Company does not have liability in respect
given to us and on the basis of our examination of of Service tax, Duty of excise, Sales tax and Value
the records of the Company, there is no overdue added tax during the year since effective 1 July 2017,
amount for more than ninety days in respect of these statutory dues has been subsumed into GST.
loans given. Further, the Company has not given any
advances in the nature of loans to any party during According to the information and explanations
the year. given to us and on the basis of our examination

182 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Independent Auditor’s Report (Contd.)

of the records of the Company, in our opinion Tax, Provident Fund, Employees State Insurance,
amounts deducted / accrued in the books of Income-Tax, Duty of Customs or Cess or other
account in respect of undisputed statutory dues statutory dues were in arrears as at 31 March 2024
including Goods and Service Tax, Provident Fund, for a period of more than six months from the date
Employees State Insurance, Income-Tax, Duty of
they became payable.
Customs or Cess or other statutory dues have been
generally regularly deposited by the Company with
(b) According to the information and explanations
the appropriate authorities.
given to us and on the basis of our examination of
According to the information and explanations the records of the Company, statutory dues relating
given to us and on the basis of our examination to Goods and Service Tax and Income-Tax which
of the records of the Company, no undisputed have not been deposited on account of any dispute
amounts payable in respect of Goods and Service are as follows:

Name of Nature of Amount (`) Period to which the Forum where dispute
the statute the dues amount relates is pending
The Income Tax Income Tax 159,243,177 2012-13, 2014-15, Commissioner of Income Tax
Act, 1961 and Interest 2017-18, 2020-21 and (Appeals)
2022-23
The Income Tax Income tax 900,690 2018-19 Income Tax Appellate Tribunal
Act, 1961 and Interest
The Central Excise Ineligible input 3,431,271 June 2006 to Customs, Excise and Service Tax
Act, 1944 tax availed (3,000,000)* March 2009 Appellate Tribunal, Bengaluru
The Central Goods Ineligible input 2,002,862 2017-18 Commissioner Appeals (GST)
and Service Tax tax availed
Act, 2017
* Amounts in brackets represents payment made under protest.

(viii) According to the information and explanations given to (c) In our opinion and according to the information
us and on the basis of our examination of the records and explanations given to us by the management,
of the Company, the Company has not surrendered or term loans were applied for the purpose for which
disclosed any transactions, previously unrecorded as the loans were obtained.
income in the books of account, in the tax assessments
under the Income Tax Act, 1961 as income during (d) According to the information and explanations
the year. given to us and on an overall examination of the
balance sheet of the Company, we report that no
(ix) (a) According to the information and explanations
funds raised on short-term basis have been used
given to us and on the basis of our examination of
for long-term purposes by the Company.
the records of the Company, the Company has not
defaulted in repayment of loans and borrowing or
(e) According to the information and explanations
in the payment of interest thereon to any lender.
given to us and on an overall examination of the
(b) According to the information and explanations given standalone financial statements of the Company, we
to us and on the basis of our examination of the report that the Company has not taken any funds
records of the Company, the Company has not been from any entity or person on account of or to meet
declared a wilful defaulter by any bank or financial the obligations of its wholly owned subsidiaries as
institution or government or government authority. defined under the Act.

Annual Report 2023-24 l 183

Independent Auditor’s Report (Contd.)

(f) According to the information and explanations party transactions have been disclosed in the standalone
given to us and procedures performed by us, we financial statements as required by the applicable
report that the Company has not raised loans accounting standards.
during the year on the pledge of securities held in
its subsidiaries (as defined under the Act). (xiv) (a) Based on information and explanations provided
to us and our audit procedures, in our opinion,
(x) (a) The Company has not raised any moneys by way of the Company has an internal audit system
initial public offer or further public offer (including commensurate with the size and nature of
debt instruments). Accordingly, clause 3(x)(a) of the
its business.
Order is not applicable.
(b) We have considered the internal audit reports of the
(b) According to the information and explanations
Company issued till date for the period under audit.
given to us and on the basis of our examination of
the records of the Company, the Company has not
(xv) In our opinion and according to the information and
made any private placement of shares or fully or
explanations given to us, the Company has not entered
partly convertible debentures during the year. In
into any non-cash transactions with its directors
our opinion, in respect of preferential allotment of
equity shares made during the year, the Company or persons connected to its directors and hence,
has duly complied with the requirements of Section provisions of Section 192 of the Act are not applicable
42 and Section 62 of the Act. The proceeds from to the Company.
issue of equity shares have been used for the
purposes for which the funds were raised. (xvi) (a) The Company is not required to be registered
under Section 45-IA of the Reserve Bank of India
(xi) (a) Based on examination of the books and records of Act, 1934. Accordingly, clause 3(xvi)(a) of the Order
the Company and according to the information and is not applicable.
explanations given to us, considering the principles
of materiality outlined in Standards on Auditing, (b) The Company is not required to be registered under
we report that no fraud by the Company or on the Section 45-IA of the Reserve Bank of India Act,
Company has been noticed or reported during the 1934. Accordingly, clause 3(xvi)(b) of the Order is
course of the audit. not applicable.

(b) According to the information and explanations (c) The Company is not a Core Investment Company
given to us, no report under sub-section (12) of (CIC) as defined in the regulations made by the
Section 143 of the Act has been filed by the auditors Reserve Bank of India. Accordingly, clause 3(xvi)(c)
in Form ADT-4 as prescribed under Rule 13 of the
of the Order is not applicable.
Companies (Audit and Auditors) Rules, 2014 with
the Central Government.
(d) The Company is not part of any group (as per the
provisions of the Core Investment Companies
(c) As represented to us by the management, there
(Reserve Bank) Directions, 2016 as amended).
are no whistle blower complaints received by the
Accordingly, the requirements of clause 3(xvi)(d)
Company during the year.
are not applicable.
(xii) According to the information and explanations given to
us, the Company is not a Nidhi Company. Accordingly, (xvii) The Company has not incurred cash losses in
clause 3(xii) of the Order is not applicable. the current and in the immediately preceding
financial year.
(xiii) In our opinion and according to the information and
explanations given to us, the transactions with related (xviii) There has been no resignation of the statutory
parties are in compliance with Section 177 and 188 of auditors during the year. Accordingly, clause 3(xviii)
the Act, where applicable, and the details of the related of the Order is not applicable.

184 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Independent Auditor’s Report (Contd.)

(xix) According to the information and explanations given a period of one year from the balance sheet date. We,
to us and on the basis of the financial ratios, ageing however, state that this is not an assurance as to the
and expected dates of realisation of financial assets future viability of the Company. We further state that
and payment of financial liabilities, other information our reporting is based on the facts up to the date of the
accompanying the standalone financial statements, our audit report and we neither give any guarantee nor any
knowledge of the Board of Directors and management assurance that all liabilities falling due within a period of
plans and based on our examination of the evidence one year from the balance sheet date, will get discharged
supporting the assumptions, nothing has come to our by the Company as and when they fall due.
attention, which causes us to believe that any material
uncertainty exists as on the date of the audit report that Also refer to the Other Information paragraph of our main
the Company is not capable of meeting its liabilities audit report which explains that the other information
existing at the date of balance sheet as and when they fall comprising the information included in Company’s
due within a period of one year from the balance sheet Annual Report is expected to be made available to us
date. We, however, state that this is not an assurance as after the date of this auditor’s report.
to the future viability of the Company. We further state
that our reporting is based on the facts up to the date (xx) In our opinion and according to the information and
of the audit report and we neither give any guarantee explanations given to us, there is no unspent amount
nor any assurance that all liabilities falling due within a under sub-section (5) of Section 135 of the Act pursuant
period of one year from the balance sheet date, will get to any project. Accordingly, clauses 3(xx)(a) and 3(xx)(b)
discharged by the Company as and when they fall due. of the Order are not applicable.

(xix) According to the information and explanations given to

us and on the basis of the financial ratios, ageing and
expected dates of realisation of financial assets and For B S R & Co. LLP
payment of financial liabilities, our knowledge of the Chartered Accountants
Board of Directors and management plans and based Firm’s Registration No.:101248W/W-100022
on our examination of the evidence supporting the
assumptions, nothing has come to our attention, which
causes us to believe that any material uncertainty exists Umang Banka
as on the date of the audit report that the Company Partner
is not capable of meeting its liabilities existing at the Place: Bengaluru Membership No.: 223018
date of balance sheet as and when they fall due within Date: 20 May 2024 ICAI UDIN:24223018BKFQMZ8954

Annual Report 2023-24 l 185

Independent Auditor’s Report (Contd.)

Annexure B to the Independent Auditor’s Report on the standalone financial statements of S.J.S. Enterprises Limited
for the year ended 31 March 2024

Report on the internal financial controls with reference extent applicable to an audit of internal financial controls
to the aforesaid standalone financial statements under with reference to financial statements. Those Standards
Clause (i) of Sub-section 3 of Section 143 of the Act and the Guidance Note require that we comply with ethical
requirements and plan and perform the audit to obtain
(Referred to in paragraph 2(A)(g) under ‘Report on Other
reasonable assurance about whether adequate internal
Legal and Regulatory Requirements’ section of our
financial controls with reference to financial statements were
report of even date)
established and maintained and if such controls operated
Opinion effectively in all material respects.
In our opinion, the Company has, in all material respects, Our audit involves performing procedures to obtain audit
adequate internal financial controls with reference to financial evidence about the adequacy of the internal financial controls
statements and such internal financial controls were operating with reference to financial statements and their operating
effectively as at 31 March 2024, based on the internal effectiveness. Our audit of internal financial controls with
financial controls with reference to financial statements reference to financial statements included obtaining an
criteria established by the Company considering the essential understanding of internal financial controls with reference
components of internal control stated in the Guidance Note. to financial statements, assessing the risk that a material
We have audited the internal financial controls with reference weakness exists, and testing and evaluating the design
to financial statements of S.J.S. Enterprises Limited (“the and operating effectiveness of internal control based on
Company”) as of 31 March 2024 in conjunction with our audit the assessed risk. The procedures selected depend on the
of the standalone financial statements of the Company for the auditor’s judgement, including the assessment of the risks of
year ended on that date. material misstatement of the standalone financial statements,
whether due to fraud or error.
Management’s and Board of Directors’ Responsibilities for
Internal Financial Controls We believe that the audit evidence we have obtained is
The Company’s Management and the Board of Directors are sufficient and appropriate to provide a basis for our audit
responsible for establishing and maintaining internal financial opinion on the Company’s internal financial controls with
controls based on the internal financial controls with reference reference to financial statements.
to financial statements criteria established by the Company Meaning of Internal Financial Controls with Reference to
considering the essential components of internal control Financial Statements
stated in the Guidance Note on Audit of Internal Financial A company’s internal financial controls with reference
Controls Over Financial Reporting issued by the Institute of to financial statements is a process designed to provide
Chartered Accountants of India (the “Guidance Note”). These reasonable assurance regarding the reliability of financial
responsibilities include the design, implementation and reporting and the preparation of financial statements for
maintenance of adequate internal financial controls that were external purposes in accordance with generally accepted
operating effectively for ensuring the orderly and efficient accounting principles. A company’s internal financial
conduct of its business, including adherence to company’s controls with reference to financial statements include those
policies, the safeguarding of its assets, the prevention and policies and procedures that (1) pertain to the maintenance
detection of frauds and errors, the accuracy and completeness of records that, in reasonable detail, accurately and fairly
of the accounting records, and the timely preparation of reflect the transactions and dispositions of the assets of the
reliable financial information, as required under the Act. company; (2) provide reasonable assurance that transactions
Auditor’s Responsibility are recorded as necessary to permit preparation of financial
Our responsibility is to express an opinion on the Company’s statements in accordance with generally accepted accounting
internal financial controls with reference to financial principles, and that receipts and expenditures of the company
statements based on our audit. We conducted our audit in are being made only in accordance with authorisations of
accordance with the Guidance Note and the Standards on management and directors of the company; and (3) provide
Auditing, prescribed under Section 143(10) of the Act, to the reasonable assurance regarding prevention or timely

186 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Independent Auditor’s Report (Contd.)

detection of unauthorised acquisition, use, or disposition of statements may become inadequate because of changes in
the company’s assets that could have a material effect on the conditions, or that the degree of compliance with the policies
financial statements. or procedures may deteriorate.
Inherent Limitations of Internal Financial Controls with
Reference to Financial Statements For B S R & Co. LLP
Because of the inherent limitations of internal financial Chartered Accountants
controls with reference to financial statements, including the Firm’s Registration No.:101248W/W-100022
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 Umang Banka
evaluation of the internal financial controls with reference to Partner
financial statements to future periods are subject to the risk Place: Bengaluru Membership No.: 223018
that the internal financial controls with reference to financial Date: 20 May 2024 ICAI UDIN:24223018BKFQMZ8954

Annual Report 2023-24 l 187

Balance Sheet
as at March 31, 2024

(` In Million)
Note As at As at
Particulars
No. March 31, 2024 March 31, 2023
ASSETS
Non-current assets
Property, plant and equipment 3 1,295.67 1,341.53
Capital work-in-progress 3 8.74 5.49
Right-of-use assets 22 76.32 76.68
Goodwill 4 39.51 39.51
Other intangible assets 4 9.72 17.09
Financial assets
i. Investments 5 3,086.06 676.67
ii. Loans 6 - 80.00
iii. Other non-current financial assets 7 18.27 13.87
Other non-current assets 9 21.08 59.51
Total non-current assets 4,555.37 2,310.35
Current assets
Inventories 10 318.08 319.85
Financial assets
i. Investments 5 336.10 1,351.03
ii. Trade receivables 11 848.15 551.11
iii. Cash and cash equivalents 12 107.60 56.95
iv. Bank balance other than (iii) above 13 11.41 203.06
v. Loans 6 4.94 2.97
vi. Other current financial assets 7 8.49 57.88
Other current assets 9 47.39 31.30
Total current assets 1,682.16 2,574.15
Total assets 6,237.53 4,884.50
EQUITY AND LIABILITIES
Equity
Equity share capital 14 310.38 304.38
Other equity 15 4,908.31 3,876.97
Total Equity 5,218.69 4,181.35
Liabilities
Non-current liabilities
Financial liabilities
i. Borrowings 17 314.17 -
ii. Lease liabilities 22 0.08 0.07
iii. Other financial liabilities 19 1.97 -
Deferred tax liabilities (net) 16 54.33 89.64
Total non-current liabilities 370.55 89.71
Current liabilities
Financial liabilities
i. Borrowings 17 107.83 191.14
ii. Lease liabilities 22 - 0.02
iii. Trade payables 18
a) total outstanding dues of micro enterprises and small enterprises 84.65 102.67
b)  total outstanding dues of creditors other than micro enterprises and small 152.31 101.83
enterprises
iv. Other current financial liabilities 19 230.37 133.82
Other current liabilities 20 41.54 70.78
Provisions 21 27.47 7.92
Income tax liability (net) 8 4.12 5.26
Total current liabilities 648.29 613.44
Total liabilities 1,018.84 703.15
Total equity and liabilities 6,237.53 4,884.50
Material accounting policies 2
See accompanying notes to the standalone financial statements

As per our report of even date attached for and on behalf of Board of Directors of

for B S R & Co. LLP S.J.S. Enterprises Limited

Chartered Accountants
Firm’s registration number: 101248W/W-100022

Umang Banka K A Joseph Sanjay Thapar Mahendra Kumar Naredi Thabraz Hushain. W
Partner Managing Director CEO and Executive Director Chief Financial Officer Company Secretary
Membership number: 223018 DIN: 00784084 DIN: 01029851 PAN: AEWPN9414M PAN: ABVPW4613P

Place: Bengaluru Place: Bengaluru Place: Bengaluru Place: Bengaluru Place: Bengaluru
Date: 20 May 2024 Date: 20 May 2024 Date: 20 May 2024 Date: 20 May 2024 Date: 20 May 2024

188 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Statement of Profit and Loss

for the Year Ended March 31, 2024

(` In Million)

For the year For the year

Note
Particulars ended ended
No.
March 31, 2024 March 31, 2023
Income
Revenue from operations 23 3,633.61 2,961.92
Other income 24 70.27 85.27
Total income 3,703.88 3,047.19
Expenses
Cost of materials consumed 25 1,395.33 1,136.71
Changes in inventory of finished goods and work-in-progress 26 29.85 (38.67)
Employee benefits expense 27 498.59 453.30
Finance costs 28 53.42 6.72
Depreciation and amortization expense 29 171.54 164.05
Other expenses 30 669.59 538.12
Total expenses 2,818.32 2,260.23
Profit before tax 885.56 786.96
Tax expense : 31
Current tax 250.66 195.48
Deferred tax (40.69) 3.62
Total tax expense 209.97 199.10
Profit for the year 675.59 587.86
Other comprehensive income (OCI)
Items that will not be reclassified subsequently to profit or loss
Re-measurements of defined benefit plans 40 (0.26) (9.12)
Fair value changes on equity investments through OCI 21.65 -
Income tax relating to items that will not be reclassified to profit or loss 31 (5.38) 2.29
Other comprehensive income / (expense) for the year, net of tax 16.01 (6.83)
Total comprehensive income for the year 691.60 581.03
Earnings per equity share (face value of `10 each)
Basic (in `) 32 21.86 19.31
Diluted (in `) 32 21.40 19.06
Material accounting policies 2
See accompanying notes to the standalone financial statements

As per our report of even date attached for and on behalf of Board of Directors of

for B S R & Co. LLP S.J.S. Enterprises Limited

Chartered Accountants
Firm’s registration number: 101248W/W-100022

Umang Banka K A Joseph Sanjay Thapar Mahendra Kumar Naredi Thabraz Hushain. W
Partner Managing Director CEO and Executive Director Chief Financial Officer Company Secretary
Membership number: 223018 DIN: 00784084 DIN: 01029851 PAN: AEWPN9414M PAN: ABVPW4613P

Place: Bengaluru Place: Bengaluru Place: Bengaluru Place: Bengaluru Place: Bengaluru
Date: 20 May 2024 Date: 20 May 2024 Date: 20 May 2024 Date: 20 May 2024 Date: 20 May 2024

Annual Report 2023-24 l 189

Standalone statement of cash flows
for the Year Ended March 31, 2024

(` In Million)

For the year ended For the year ended

Particulars
March 31, 2024 March 31, 2023
Cash flows from operating activities
Profit before tax 885.56 786.96
Adjusted for:
Depreciation and amortization expense 171.54 164.05
Share based payments 40.37 23.20
Loss on sale and write off of property, plant and equipment, net 1.45 1.46
Interest income (25.53) (25.56)
Finance costs 53.42 6.72
Unrealised foreign exchange gain, net (2.34) 0.52
Unrealised gain on current investments measured at fair value through profit or loss (2.30) (17.28)
Gain on sale of current investments measured at fair value through profit or loss (23.88) (27.35)
Loss allowances on financial assets, net 4.44 (0.24)
Liability towards customer claims written back 20.78 -
Provision for doubtful advances 0.60 -
Bad debt written off 0.96 0.29
Reversal of loss allowance on financial assets (4.84) -
Liabilities no longer required, written back (1.19) (0.01)
Operating cash flows before working capital changes 1,119.04 912.76
Adjustments for increase / decrease in operating assets and liabilities
Changes in trade receivables (300.49) 33.78
Changes in inventories 1.77 (40.18)
Changes in loans (1.97) (0.45)
Changes in other assets (7.63) 22.05
Changes in other financial assets 46.50 (5.91)
Changes in trade payables 33.54 61.74
Changes in other financial liabilities 12.75 (19.99)
Changes in provisions 19.29 (5.76)
Changes in other liabilities (29.24) 53.34
Cash generated from operating activities 893.56 1,011.38
Income tax paid, net of refund (250.15) (219.15)
Net cash generated from operating activities (A) 643.41 792.23
Cash flows from investing activities
Purchase of property, plant and equipment and intangible assets (90.52) (136.60)
Proceeds from sale of property, plant and equipment 2.28 1.23
Investment in mutual funds (1,374.93) (2,216.59)
Proceeds from sale of mutual funds 2,118.09 2,090.49
Investment in bonds, commercial papers and others (97.96) (721.06)
Proceeds from sale of bonds, commercial papers and others 397.66 300.00
Investment in term deposit - (150.00)
Proceeds from maturity of term deposits 191.65 -
Interest received on loan and deposits 28.06 6.38
Inter corporate loan to wholly owned subsidiary (refer Note 36) (58.00) (60.00)
Inter corporate loan repayment from wholly owned subsidiary (refer Note 36) 138.00 -
Equity investment in an enterprise (refer Note 5) (2.00) (6.00)
Payment for acquisition of subsidiary (refer Note 5) (2,325.88) -
Net cash used in investing activities (B) (1,073.54) (892.15)
Cash flows from financing activities
Issue of equity shares 300.00 -
Proceeds from borrowings 480.00 114.17
Repayment of borrowings (249.94) -
Interest paid (47.69) (6.71)
Expenses for issue of equity shares (2.08) -
Net cash generated from financing activities (C) 480.29 107.46
Net increase in cash and cash equivalents (A+ B+ C) 50.15 7.54
Cash and cash equivalents at the beginning of the year 56.95 48.12
Effects of exchange rate gain on cash and cash equivalents 0.50 1.29
Cash and cash equivalents at the end of the year 107.60 56.95

190 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Standalone statement of cash flows

for the Year Ended March 31, 2024

(` In Million)

For the year ended For the year ended

Particulars
March 31, 2024 March 31, 2023
Components of cash and cash equivalents (refer note 12)
Cash in hand 0.29 0.30
Balance with banks
- in current account 76.22 39.58
- in Exchange earner's foreign currency accounts 27.67 13.67
- Deposits with original maturity of less than 3 months 3.42 3.40
Cash and cash equivalents as per Balance Sheet 107.60 56.95

Reconciliation between opening and closing balance sheet for liabilities arising from financing activities:
(` In Million)

For the year ended Non-cash For the year ended

Particulars Cash flows
March 31, 2023 movements March 31, 2024
Borrowings 191.14 230.86 - 422.00
Interest accrued but not due - (47.69) 47.69 -
Total liabilities from financing activities 191.14 183.17 47.69 422.00

(` In Million)

As at Non-cash For the year ended

Particulars Cash flows
1 April 2022 movements March 31, 2023
Borrowings 76.97 114.17 - 191.14
Interest accrued but not due - (6.71) 6.71 -
Total liabilities from financing activities 76.97 107.46 6.71 191.14

The above cash flow statement has been prepared under the indirect method as set out in Ind AS 7 “Statement of Cash Flows”
prescribed under the Companies (Indian Accounting Standard) Rules, 2015 under the Companies Act, 2013.
Material accounting policies (refer Note 2)
See accompanying notes to the standalone financial statements

As per our report of even date attached for and on behalf of Board of Directors of

for B S R & Co. LLP S.J.S. Enterprises Limited

Chartered Accountants
Firm’s registration number: 101248W/W-100022

Umang Banka K A Joseph Sanjay Thapar Mahendra Kumar Naredi Thabraz Hushain. W
Partner Managing Director CEO and Executive Director Chief Financial Officer Company Secretary
Membership number: 223018 DIN: 00784084 DIN: 01029851 PAN: AEWPN9414M PAN: ABVPW4613P

Place: Bengaluru Place: Bengaluru Place: Bengaluru Place: Bengaluru Place: Bengaluru
Date: 20 May 2024 Date: 20 May 2024 Date: 20 May 2024 Date: 20 May 2024 Date: 20 May 2024

Annual Report 2023-24 l 191

Standalone Statement of Changes in Equity
for the Year Ended March 31, 2024

EQUITY SHARE CAPITAL

(` In Million)

As at As at
Particulars
March 31, 2024 March 31, 2023
Opening balance 304.38 304.38
Issue of equity shares (refer note 14(C)) 6.00 -
Closing balance 310.38 304.38

OTHER EQUITY (REFER NOTE 15)

Items of other
Reserves and surplus
comprehensive income Total
Share options Remeasurements of net Equity other
General Securities Retained
outstanding defined benefits liability/ instruments equity
reserve premium earnings
account (asset), net of tax through OCI
As at 1 April 2023 8.85 38.83 39.41 3,800.38 (10.51) - 3,876.97
Profit for the year - - - 675.59 - - 675.59
Share based payment to employees - 47.82 - - - - 47.82
Other comprehensive income / - - - - (0.19) 16.20 16.01
(expense)
Securities premium during the year - - 291.92 - - - 291.92
Total comprehensive income for the - 47.82 291.92 675.59 (0.19) 16.20 1,031.34
year
As at 31 March 2024 8.85 86.65 331.33 4,475.97 (10.70) 16.20 4,908.31
As at 1 April 2022 8.85 13.95 39.41 3,212.53 (3.68) - 3,271.06
Profit for the year - - - 587.86 - - 587.86
Share based payment to employees - 24.88 - - - - 24.88
Other comprehensive (expense) / - - - - (6.83) - (6.83)
income
Total comprehensive income for the - 24.88 - 587.86 (6.83) - 605.91
year
As at 31 March 2023 8.85 38.83 39.41 3,800.38 (10.51) - 3,876.97

Material accounting policies (refer Note 2)

See accompanying notes to the standalone financial statements

As per our report of even date attached for and on behalf of Board of Directors of

for B S R & Co. LLP S.J.S. Enterprises Limited

Chartered Accountants
Firm’s registration number: 101248W/W-100022

Umang Banka K A Joseph Sanjay Thapar Mahendra Kumar Naredi Thabraz Hushain. W
Partner Managing Director CEO and Executive Director Chief Financial Officer Company Secretary
Membership number: 223018 DIN: 00784084 DIN: 01029851 PAN: AEWPN9414M PAN: ABVPW4613P

Place: Bengaluru Place: Bengaluru Place: Bengaluru Place: Bengaluru Place: Bengaluru
Date: 20 May 2024 Date: 20 May 2024 Date: 20 May 2024 Date: 20 May 2024 Date: 20 May 2024

192 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Material accounting policies

1) COMPANY OVERVIEW Ind AS that are effective at the Company’s reporting
S.J.S. Enterprises Limited (“the Company”) is incorporated date, 31 March 2024.
and domiciled in India. The Company was formed as a
partnership firm in 1987 and was converted to private c) Functional currency and presentation
limited company in 2005. The Company got converted These standalone financial statements are
into public limited company with effect from 04 June presented in Indian Rupees (INR), which is also the
2021. The shares of the Company were listed on the Company’s functional currency. All amounts have
National Stock Exchange of India Limited (NSE) and the been rounded-off to the nearest millions up to two
Bombay Stock Exchange Limited (BSE) on 15 November decimal places, unless otherwise mentioned.
2021. The Company is engaged in the business of
d) Use of estimates, assumptions and judgements
manufacturing of decorative aesthetic products primarily
The preparation of standalone financial statements
for automotive and consumer appliance industry such as
in conformity with recognition and measurement
automotive dials, overlays, badges and logos.
principles of Ind AS requires management to
make judgements, estimates and assumptions
The registered office of the Company is at Sy.Nos – 28/
that affect the application of accounting policies
P16 Agra Village & 85/ P6 BM Kaval Village, Kengeri
and the reported amounts of assets, liabilities,
Hobli, Bangalore South 560082, Karnataka, India.
the disclosure of contingent liabilities on the date
of the standalone financial statements and the
a) Statement of Compliance and presentation
reported amount of income and expenses for
These standalone financial statements of the
the year reported. Actual results may differ from
Company have been prepared in accordance with these estimates.
Indian Accounting Standards as per the Companies
(Indian Accounting Standards) Rules, 2015 as The estimates and underlying assumptions are
amended and notified under Section 133 of the reviewed on an ongoing basis. They are based on
Companies Act, 2013 (the ‘Act’) and other relevant historical experience and other factors that are
provisions of the Act. believed to be reasonable under the circumstance.
Revisions to accounting estimates are recognised
These standalone financial statements for the year in the year in which the estimates are revised, and
ended 31 March 2024 were approved by the Board future periods are affected.
of Directors of the Company in their meeting held
on 20 May 2024. Judgements:
Information about judgements made in applying
b) Basis of preparation accounting policies that have most significant
The standalone financial statements have been effects on the amounts recognized in the financial
prepared on a historical cost basis (i.e. on an accrual statements is included in the following notes:
basis), except:
- Note 2 (a) – Revenue recognition;
a) Certain financial assets and liabilities (including - Note 2 (o) - Lease classification;
deferred consideration) are measured at
fair value; - Note 2(g) and Note 2(h) – Valuation
of investments
b) Net defined benefit assets/(liability) are
measured at fair value of plan assets, less - Note 2(k)(e) – Share-based payments;
present value of defined benefit obligation; and
- Note 2(p) and 2(q) - Provision for income taxes
c) Equity settled share based payments at and related tax contingencies.
fair value.
Assumptions and estimation uncertainties
 These standalone financial statements have been Information about assumptions and estimation
prepared as a going concern on the basis of relevant uncertainties that have a significant risk of resulting

Annual Report 2023-24 l 193

Material accounting policies (Contd.)

in a material adjustment in the year ending 31 •  It is due to be settled within twelve months
March 2024 is included in the following notes: after the reporting period, or

- Note 2 (c) and Note 2 (d)- Useful life of property, • There is no unconditional right to defer the
plant and equipment and intangible assets; settlement of the liability for at least twelve
months after the reporting period.
- Note 2 (m) - Measurement of defined benefit
obligations: key actuarial assumptions.
All other liabilities are classified as non-current.
- Note 2 (q) - Recognition and measurement of
provisions and contingencies: key assumptions The operating cycle is the time between the
about the likelihood and magnitude of an acquisition of assets for processing and their
outflow of resources realisation in cash and cash equivalents. The
Company has identified twelve months as its
- Note 34 - Financial instruments - fair values
operating cycle.
and risk management

- Note 2(a) – Accruals for discount, rebates and f) Fair value measurement
sales returns Certain accounting policies and disclosures of
the Company require the measurement of fair
- Note 2(i) – Measurement of ECL allowance for
values, for both financial and non-financial assets
trade and finance receivable, loans and contract
and liabilities.
assets: key assumptions in determining the
weighted-average loss rate; The Company has an established control framework
- Note 2(b) – Impairment test of intangible assets with respect to the measurement of fair values.
and goodwill: key assumptions underlying The valuation team regularly reviews significant
recoverable amounts. unobservable inputs and valuation adjustments.

e) Current and non-current classification Fair values are categorised into different levels in a
The Company presents assets and liabilities fair value hierarchy based on the inputs used in the
in the balance sheet based on current/ non- valuation techniques as follows:
current classification. - Level 1 inputs are quoted prices (unadjusted) in
An asset is treated as current when it is: active markets for identical assets or liabilities.

• Expected to be realized or intended to be sold - Level 2 inputs are inputs other than quoted
or consumed in normal operating cycle prices included in Level 1 that are observable
for the asset or liability, either directly (i.e. as
• Held primarily for the purpose of trading
prices) or indirectly (i.e. derived from prices).
• Expected to be realized within twelve months
- Level 3 inputs are inputs for the asset or
after the reporting period, or
liability that are not based on observable
• Cash or cash equivalent unless restricted market data (unobservable inputs).
from being exchanged or used to settle a
liability for at least twelve months after the When measuring the fair value of an asset or a
reporting period liability, the Company uses observable market data
as far as possible. If the inputs used to measure
All other assets are classified as non-current.
the fair value of an asset or a liability fall into
A liability is treated as current when: different levels of the fair value hierarchy, then
the fair value measurement is categorised in its
• It is expected to be settled in normal operating
entirety in the same level of the fair value hierarchy
cycle,
as the lowest level input that is significant to the
• It is held primarily for the purpose of trading, entire measurement.

194 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Material accounting policies (Contd.)

The Company recognizes transfers between levels Step 1: Identify the contract(s) with a customer
of the fair value hierarchy at the end of the reporting
period during which the change has occurred. Step 2: Identify the performance obligation
in contract
Further information about the assumptions
made in measuring fair values is included in the Step 3: Determine the transaction price
following notes:
Step 4: Allocate the transaction price to the
- Note 33 and 34: financial instruments performance obligations in the contract

2)SUMMARY OF MATERIAL ACCOUNTING POLICIES Step 5: Recognise revenue when (or as) the entity
(a) Revenue recognition satisfies a performance obligation
Sale of goods
Revenue is recognised upon transfer of control of Contracts are subject to modification to account for
promised goods to customer in an amount that changes in contract specification and requirements.
reflects the consideration the Company expects to The Company reviews modification to contract
receive in exchange for those goods or services. in conjunction with the original contract, basis
which the transaction price could be allocated
The Company recognises revenue to depict the to a new performance obligation, or transaction
transfer of promised goods or services to customers price of an existing obligation could undergo a
in an amount that reflects the consideration to change. In the event transaction price is revised
which the entity expects to be entitled in exchange for existing obligation, a cumulative adjustment is
for those goods or services. accounted for.

Revenue is measured based on the transaction Scrap sales

price, which is the consideration, net of customer Revenue from sale of scraps in the course of ordinary
incentives, discounts, variable considerations, activities is measured at the transaction price.
payments made to customers, other similar charges,
as specified in the contract with the customer. Trade receivables
Additionally, revenue excludes taxes collected from A trade receivable is recognised if the amount
customers, which are subsequently remitted to of consideration is unconditional (i.e., only the
governmental authorities. For certain contracts that passage of time is required before payment of the
permits the customer to return an item, revenue consideration is due). Refer to accounting policies
is recognised to the extent that it is probable that of financial assets in section - Financial instruments
a significant reversal in the amount of cumulative – initial recognition and subsequent measurement.
revenue recognised will not occur and is reassessed
at the end of each reporting period. Unbilled revenue
Unbilled revenue are recognised when there is
Revenue from sale of products is recognised at excess of revenue earned over billings on contracts.
the point in time when control including risks Contract assets are classified as unbilled receivables
and rewards and title of ownership is transferred (only act of invoicing is pending) when there is
to customer. unconditional right to receive cash, and only
passage of time is required, as per contractual terms.
Costs that relate directly to a contract and incurred
in securing a contract are recognized as an asset Unearned or deferred revenue is recognised when
and amortized over the contract term as reduction there are billings in excess of revenues.
in revenue
Sale of services
Further, revenue from sale of goods is recognized Revenue with respect to sale of services is
based on a 5-Step Methodology which is as follows: recognized when the services are rendered, and

Annual Report 2023-24 l 195

Material accounting policies (Contd.)

no significant uncertainty exists regarding the whether a particular set of activities and assets is a
collection of consideration. business, the Group assesses whether the set of assets
and activities acquired includes, at minimum, an input
Export incentives and substantive process and whether the acquired set
Government incentives are accrued for based has the ability to produce outputs. Acquisition related
on fulfilment of eligibility criteria for availing the costs are recognized in the statement of profit and loss
incentives and when there is no uncertainty in as incurred. The cost of acquisition also includes the
receiving the same. fair value of deferred consideration. The consideration
transferred in a business combination is measured at fair
Variable consideration value, which is calculated as the sum of the acquisition-
If the consideration in a contract includes a variable date fair values of the assets transferred by the Group,
amount, such as sales returns and discounts, the liabilities incurred by the Group to the former owners of
Company estimates the amount of consideration the acquiree and the equity interests issued by the Group
to which it will be entitled in exchange for in exchange of control of the acquiree.
transferring the goods to the customer. The
variable consideration is estimated at contract At the acquisition date (the date on which the control
inception and constrained until it is highly probable is acquired), the identifiable assets acquired and the
that a significant revenue reversal in the amount liabilities assumed are recognised at their fair value,
of cumulative revenue recognised will not occur except that:
when the associated uncertainty with the variable
consideration is subsequently resolved. • deferred tax assets or liabilities, and assets or
liabilities related to employee benefit arrangements
Other income are recognised and measured in accordance with
Other income comprises interest income on Ind AS 12 Income Taxes and Ind AS 19 Employee
deposits, gain/ (losses) on disposal of financial Benefits respectively;
assets and non-financial assets. It is recognised on
accrual basis except where the receipt of income • liabilities or equity instruments related to share-
is uncertain. based payment arrangements of the acquiree or
share-based payment arrangements of the Group
Interest income is recognised using the effective entered into to replace share-based payment
interest method. The ‘effective interest rate’ is the arrangements of the acquiree are measured in
rate that exactly discounts the estimated future accordance with Ind AS 102 Share-based Payment
cash payments or receipts over the expected life of at the acquisition date.
the financial instrument to:
Purchase consideration paid in excess of the fair value
• The gross carrying amount of the financial of net assets acquired is recognized as goodwill. Where
asset; or the fair value of identifiable assets and liabilities exceed
the cost of acquisition, after reassessing the fair values
• The amortised cost of the financial liability. of the net assets and contingent liabilities, the excess is
recognized as capital reserve.
Dividend income is accounted when the right
to receive the dividend is established, Dividend Business combinations arising from transfers of
income is included under the head “Other income” interests in entities that are under common control are
in the statement of profit and loss account. accounted at historical cost. The difference between
any consideration given and the aggregate historical
(b) Business combination carrying amounts of assets and liabilities of the acquired
In accordance with Ind AS 103, Business combinations, entity are recorded in shareholders’ equity.
the Group accounts for business combinations after
acquisition date using the acquisition method when Non-controlling interests that are present ownership
control is transferred to the Group. In determining interests and entitle their holders to a proportionate

196 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Material accounting policies (Contd.)

share of the entity’s net assets in the event of liquidation be impaired. If the recoverable amount of the cash-
may be initially measured either at fair value or at the generating unit is less than its carrying amount, the
non-controlling interests’ proportionate share of the impairment loss is allocated first to reduce the carrying
recognised amounts of the acquiree’s identifiable net amount of any goodwill allocated to the unit and then to
assets. The choice of measurement basis is made on a the other assets of the unit pro rata based on the carrying
transaction-by-transaction basis. amount of each asset in the unit. Any impairment loss
for goodwill is recognized directly in statement of profit
If the initial accounting for a business combination is and loss. An impairment loss recognised for goodwill is
incomplete by the end of the reporting period in which not reversed in subsequent periods.
the combination occurs, the Group reports provisional
amounts for the items for which the accounting is On disposal of the relevant cash-generating unit, the
incomplete. Those provisional amounts are adjusted attributable amount of goodwill is included in the
during the measurement period (see above), or determination of the profit or loss on disposal.
additional assets or liabilities are recognized, to reflect
new information obtained about facts and (c) Property, plant and equipment
Property, plant and equipment, excluding Freehold land
circumstances that existed at the acquisition date that, are carried at cost less accumulated depreciation and
if known, would have affected the amounts recognized impairment losses, if any. The cost of property, plant and
at that date. equipment comprises its purchase price net of any trade
discounts and rebates, any import duties and other taxes
Intangible assets: (other than those subsequently recoverable from the
Intangible assets acquired in a business combination tax authorities), any directly attributable expenditure on
are measured at fair value as at the date of acquisition. bringing the assets to working condition for its intended
Following initial recognition, intangible assets are carried use and estimated cost of dismantling and removing the
at cost less accumulated amortization and impairment items and restoring the site on which it is located.
losses, if any. The amortization of an intangible asset
with a finite useful life reflects the manner in which the The cost of a self-constructed item of property, plant and
economic benefit is expected to be generated and is equipment comprises the cost of materials, direct labour,
included in depreciation and amortization expenses in any other costs directly attributable to bringing the item
the statements of profit and loss. The estimated useful to working condition for its intended use and estimated
life of amortizable intangibles are reviewed and where costs of dismantling and removing them and restoring
appropriate are adjusted, annually. the site on which it is located.

Subsequent to initial recognition, intangible assets If significant parts of an item of property, plant and
acquired in a business combination are reported at equipment have different useful lives, then they are
cost less accumulated amortisation and accumulated accounted for as separate items (major components) of
impairment losses, on the same basis as intangible assets property, plant and equipment.
that are acquired separately.
Subsequent expenditure is capitalized only if it is
Goodwill: probable that the future economic benefits associated
Goodwill arising on an acquisition of a business is carried with the expenditure will flow to the Company and such
at cost as established at the date of acquisition of the expenditure can be measured reliably.
business less accumulated impairment losses, if any.
The cost and related accumulated depreciation are
For the purposes of impairment testing, goodwill is eliminated from the financial statements upon sale or
allocated to cash-generating units. The allocation is retirement of the asset and the resultant gains or losses
made to those cash generating units or groups of cash are recognized in the statement of profit and loss. Assets
generating units that are expected to benefit from the to be disposed off are reported at the lower of the
business combination in which such goodwill arose. carrying value or the fair value less cost to sell.
A cash-generating unit to which goodwill has been
allocated is tested for impairment annually, or more If significant parts of an item of property, plant and
frequently when there is an indication that the unit may equipment have different useful lives, then they are

Annual Report 2023-24 l 197

Material accounting policies (Contd.)

accounted for as separate items (major components) of Freehold land is not depreciated. The estimated useful
property, plant and equipment. lives, residual values and depreciation method are
reviewed at the end of each reporting period, with the
A property, plant and equipment are eliminated from effect of any changes in estimate accounted for on a
the standalone financial statements on disposal or when
prospective basis.
no further benefit is expected from its use and disposal.
Assets retired from active use and held for disposal are
An asset’s carrying amount is written down immediately
generally stated at the lower of their net book value and
to its recoverable amount if the asset’s carrying amount
net realizable value. Any gain or losses arising disposal
is greater than its estimated recoverable amount. Gains
of property, plant and equipment is recognized in the
and losses on disposal are determined by comparing
statement of profit and loss.
proceeds with carrying amount. These are included in
Advance paid towards the acquisition of property, plant statement of profit or loss within other gains / losses.
and equipment outstanding at each balance sheet date
classified as capital advances under other non-current (d) Other Intangible assets
assets and the cost of the assets not put to use before Intangible assets with finite useful lives that are
such date are disclosed under capital work in progress. acquired separately are carried at cost less accumulated
amortisation and accumulated impairment losses.
The cost property, plant and equipment at 1 April
Intangible assets are amortized over their respective
2019, the Company’s date of transition to Ind AS,
individual estimated useful lives on a straight-line
was determined with reference to its carrying value
basis, from the date that they are available for use. The
recognised as per the previous GAAP (deemed cost), as
estimated useful life of an identifiable intangible asset
at the date of transition to Ind AS.
is based on a number of factors including the effects of
Depreciation and useful lives obsolescence, demand, competition, and other economic
Depreciable amount for assets is the cost of asset less factors (such as the stability of the industry, and known
its estimated residual value. Depreciation on property, technological advances), and the level of maintenance
plant and equipment is calculated on a straight-line expenditures required to obtain the expected future
basis using the rates arrived at based on the useful lives cash flows from the asset. Amortization methods and
estimated by the management. Based on the internal useful lives are reviewed periodically including at each
technical assessment, the management believes that financial year end.
the useful lives as given below, which are different from
those prescribed in Part C of schedule II of the Act, best The useful lives of intangible assets that is considered for
represent the period over which Management expects amortization of intangible assets are as follows:
to use these assets.
Intangible Asset Management's estimate of
Property, Plant Management's Useful useful life (in years)
and Equipment estimate of life as per
Computer software 3
useful life (in Schedule II
Technical know how 3
years)
Customer relationship 7
Buildings 30 30 Non-compete fees 3
Electrical installations 10 10 Intellectual 3
Plant and machineries 15 15 property rights
Furniture and fixtures 10 10
Computers 3 3 The residual values, useful lives and method of
Servers 3 6 amortization of intangible assets are reviewed at each
Office equipments 5 5 financial year end and adjusted, if appropriate.
Vehicle 8 8
Leasehold improvements 5 years or - An intangible asset is derecognised on disposal, or when
lease period no future economic benefits are expected from use or
whichever
disposal. Gains or losses arising from derecognition of
is lower

198 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Material accounting policies (Contd.)

an intangible asset, measured as the difference between (f) Inventories

the net disposal proceeds and the carrying amount of Inventories are valued at the lower of cost and net
the asset, are recognised in statement of profit and loss. realisable value. Cost of inventories comprises purchase
price, costs of conversion and other costs incurred in
Subsequent expenditure is capitalized only if it is bringing the inventories to their present location and
probable that the future economic benefits associated condition. In determining the cost, weighted average
with the expenditure will flow to the Company and such cost is used. Net realizable value is the estimated selling
expenditure can be measured reliably. price in the ordinary course of business, less estimated
costs to sell. The comparison of cost and net realizable
(e) Impairment of non-financial asset value is made on an item-by-item basis.
At the end of each reporting period, the Company
reviews the carrying amounts of non-financial assets The method of determination of cost is as follows:
(other than inventories, contract asset and deferred tax • Raw materials and components– on a weighted
assets) to determine whether there is any indication that average basis
those assets have suffered an impairment loss. If any such
• Stores and spares – on a weighted average basis
indication exists, the recoverable amount is determined
on an individual asset basis unless the asset does not • Work-in-progress – includes cost of conversion.
generate cash flows that are largely independent of
• Finished goods– includes cost of conversion.
those from other assets. In such cases, the recoverable
amount is determined for the cash generating unit (CGU) • Goods in transit – at purchase cost
to which the asset belongs.
The net realizable value of work-in-progress is
Recoverable amount is the higher of fair value less costs determined with reference to the net realizable value of
of disposal and value in use. In assessing value in use, related finished goods. Raw materials and other supplies
the estimated future cash flows are discounted to their held for use in production of inventories are not written
present value using a pre-tax discount rate that reflects down below cost except in cases where material prices
current market assessments of the time value of money have declined, and it is estimated that the cost of the
finished products will exceed their net realizable value.
and the risks specific to the asset for which estimates of
Fixed production overheads are allocated on the basis
future cash flows have not been adjusted.
of normal capacity of production facilities. The provision
If such assets are considered to be impaired, the for inventory obsolescence is assessed periodically and
is provided as considered necessary.
impairment to be recognized in the statement of
profit and loss is measured by the amount by which
(g) Investment in subsidiaries
the carrying value of the assets exceeds the estimated
Investment in subsidiaries are shown at cost less
recoverable amount of the asset. An impairment loss is
impairment. Where the carrying amount of an investment
reversed in the statement of profit and loss if there has
is greater than its estimated recoverable amount, it is
been a change in the estimates used to determine the
written down immediately to its recoverable amount and
recoverable amount. the difference is transferred to the statement of profit
and loss.
When an impairment loss subsequently reverses, the
carrying amount of the asset / CGU is increased to its On disposal of investment, the difference between
revised recoverable amount, provided that this amount the net disposal proceeds and the carrying amount is
does not exceed the carrying amount that would have charged or credited to the statement of profit and loss.
been determined (net of any accumulated amortization
or depreciation) had no impairment loss been recognized (h) Investment in associates
for the asset in prior years. A reversal of impairment loss Investment in associates is under the equity method.
is recognized immediately in the statement of profit On initial recognition the investment in an associate is
and loss. recognised at cost, and the carrying amount is increased

Annual Report 2023-24 l 199

Material accounting policies (Contd.)

or decreased to recognise the investor’s share of the principal and interest on the principal
profit or loss of the investee after the date of acquisition. amounts outstanding.
The investor’s share of the investee’s profit or loss is
• A debt investment is measured at FVTOCI
recognised in the investor’s profit or loss.
if it meets both of the following conditions
and is not designated as at FVTPL:
(i)
Financial Instruments
A. Financial assets • The asset is held within a business model
i) Recognition and initial measurement whose objective is achieved by both
Trade receivables and debt securities are collecting contractual cash flow and
initially recognized when they are originated. selling financial assets; and
All other financial assets and liabilities are
• The contractual terms of the financial
initially recognized when the Company
assets give rise on a specified date to
becomes a party to contractual provisions of
cash flows that are solely payments of
the instrument.
principal and interest on the principal
All financial instruments are recognised amounts outstanding.
initially at fair value. Transaction costs that are
On initial recognition of an equity investment
attributable to the acquisition of the financial
that is not held for trading, the Company
asset (other than financial assets recorded at
may irrevocably elect to present subsequent
fair value through profit or loss) are included
changes in the investment’s fair value in OCI
in the fair value of the financial assets.
(designated as FVOCI- equity investment).
ii) Classification and subsequent This election is made on an investment-to-
measurement Financial assets investment basis.
On initial recognition, a financial instrument is
classified and measured at All financial assets not classified as amortized
cost or FVOCI as described above are measured
• Amortised cost at FVTPL. On initial recognition, the Company
• Fair value through other comprehensive may irrevocably designate a financial asset
income (FVOCI) - debt instruments; that otherwise meets the requirements to be
measured at amortized cost or at FVOCI as at
• Fair value through other comprehensive FVTPL, if doing so eliminates or significantly
income (FVOCI) - equity investments; or reduces an accounting mistake that would
• Fair value through profit and loss (FVTPL). otherwise arise.

Financial assets are not classified subsequent Financial assets: Subsequent

to their initial recognition, except if and in measurement and gains and losses
the period the Company changes its business Financial assets, at FVTPL:
model for managing financial assets. These assets are subsequently measured at
fair value. Net gains and losses, including any
A financial asset is measured at amortised cost interest or dividend income are recognized in
if it meets both the following conditions and is the statement of profit or loss.
not designated as at FVTPL:
Financial assets at amortised cost:
• The asset is held within a business model
These assets are subsequently measured at
whose objective is to hold assets to
amortised cost using the effective interest
collect contractual cash flows; and
method. The amortised cost is reduced by
• The contractual terms of the financial impairment losses. Interest income, foreign
assets give rise on a specified date to exchange gains and losses and impairment
cash flows that are solely payments of are recognized in the statement of profit and

200 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Material accounting policies (Contd.)

loss. Any gain or loss on derecognition is to provide for impairment loss. However, if
recognized in the statement of profit and loss. credit risk has increased significantly, lifetime
ECL is used. If in subsequent period, credit
Debt investments at FVTOCI: quality of the instrument improves such that
These assets are subsequently measured at fair there is no longer a significant increase in
value. Interest income under effective interest credit risk since initial recognition, then the
method, foreign exchange gains and losses and Company reverts to recognising impairment
impairment are recognized in the statement of
loss allowance based on 12 month ECL.
profit and loss. Other net gains and losses are
recognized in OCI. On derecognition, gains
iii) Derecognition of financial assets
and losses accumulated in OCI are reclassified
A financial asset is derecognized only when:
to the statement of profit and loss.
• the Company has transferred the rights to
Equity investments at FVTOCI:
receive cash flows from financial asset or
These assets are subsequently measured at
fair value. Dividends are recognized as income
• retains the contractual rights to receive
in the statement of profit and loss unless the
the cash flows from financial asset but
dividend clearly represents a recovery of part
of the cost of the investment. Other net gains assumes a contractual obligation to pay
and losses are recognized in OCI and are not the cash flows to one or more recipients.
reclassified to the statement of profit and loss.
Where the Company has transferred an
Impairment of financial assets asset, the Company evaluates whether it has
The Company assesses on a forward-looking transferred substantially all risks and rewards of
basis the expected credit losses associated ownership of the financial asset. In such cases,
with its assets carried at amortised cost. The the financial asset is derecognized. Where the
impairment methodology applied depends Company has not transferred substantially all
on whether there has been a significant risks and rewards of ownership of the financial
increase in credit risk. Note 34 details how the asset, the financial asset is not derecognized.
Company determines whether there has been
a significant increase in credit risk. Where the Company has neither transferred
a financial asset nor retains substantially all
In accordance with Ind AS 109, the Company risks and rewards of ownership of the financial
applies expected credit loss (“ECL”) model for asset, the financial asset is derecognized if
measurement and recognition of impairment the Company has not retained control of the
loss. The Company follows ‘simplified
financial asset. Where the Company retains
approach’ for recognition of impairment loss
control of the financial asset, the asset is
allowance on financial assets, trade receivables.
continued to be recognized to the extent of
The application of simplified approach does
continuing involvement in the financial asset.
not require the Company to track changes in
credit risk. Rather, it recognises impairment
B. Financial liability
loss allowance based on lifetime ECLs at each
i) Initial recognition and measurement
reporting date, right from its initial recognition.
Financial liabilities are classified, at initial
For recognition of impairment loss on recognition, as financial liabilities at fair value
other financial assets and risk exposure, the through profit or loss or amortised cost. All
Company determines that whether there has financial liabilities are recognized initially at
been a significant increase in the credit risk fair value and, in case of loans and borrowings
since initial recognition. If credit risk has not and payables, net of directly attributable
increased significantly, 12-month ECL is used transaction costs.

Annual Report 2023-24 l 201

Material accounting policies (Contd.)

ii) Subsequent measurement Amortised cost is calculated by taking

The measurement of financial liabilities depends into account any discount or premium on
on their classification, as described below: acquisition and fees or costs that are an
integral part of the EIR. The EIR amortization
Financial liabilities at fair value through is included as finance costs in the statement of
profit or loss profit and loss.
Financial liabilities at fair value through profit
or loss include financial liabilities held for Financial guarantee contracts
trading and financial liabilities designated Financial guarantee contracts issued by the
Company are those contracts that require a
upon initial recognition as at fair value through
payment to be made to reimburse the holder
profit or loss. Financial liabilities are classified
for a loss it incurs because the specified
as held for trading if they are incurred for the
party fails to make a payment when due
purpose of repurchasing in the near term.
in accordance with the terms of a debt
This category also includes derivative financial
instrument. Financial guarantee contracts are
instruments entered into by the Company that recognized initially as a liability at fair value,
are not designated as hedging instruments adjusted for transaction costs that are directly
in hedge relationships as defined by Ind AS attributable to the issuance of the guarantee.
109. Separate embedded derivatives are also Subsequently, the liability is measured at
classified as held for trading unless they are the higher of the amount of loss allowance
designated as effective hedging instruments. determined as per impairment requirements
of Ind AS 109 and the amount recognized less
Gains or losses on liabilities held for trading are cumulative amortization.
recognized in the statement of profit and loss.
Derecognition
Financial liabilities designated upon initial A financial liability is derecognized when the
recognition at fair value through profit or loss obligation under the liability is discharged or
are designated as such at the initial date of cancelled or expires. When an existing financial
recognition, and only if the criteria in Ind AS liability is replaced by another from the same
109 are satisfied. For liabilities designated as lender on substantially different terms, or the
FVTPL, fair value gains/ losses attributable to terms of an existing liability are substantially
changes in own credit risk are recognized in modified, such an exchange or modification
OCI. These gains/ losses are not subsequently is treated as the derecognition of the original
transferred to statement of profit and loss. liability and the recognition of a new liability.
The difference in the respective carrying
However, the Company may transfer the
amounts is recognized in the statement of
cumulative gain or loss within equity. All
profit or loss.
other changes in fair value of such liability are
recognized in the statement of profit or loss.
Offsetting
The Company has not designated any financial Financial assets and financial liabilities are
liability as at fair value through profit or loss. offset and the net amount reported in the
balance sheet if there is a currently enforceable
Amortised cost legal right to offset the recognized amounts
After initial recognition, interest-bearing loans and there is an intention to settle on a net
and borrowings are subsequently measured basis, to realize the assets and settle the
at amortised cost using the Effective Interest liabilities simultaneously.
Rate (“EIR”) method. Gains and losses are
recognized in profit or loss when the liabilities (j) Cash and cash equivalents
are derecognized as well as through the EIR Cash and cash equivalent includes cash in hand, demand
amortization process. deposit with bank and other short-term, highly liquid

202 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Material accounting policies (Contd.)

investments with original maturities of three months (m) Employee benefits

or less that are readily convertible to known amounts a. Defined contribution plan
of cash and which are subject to an insignificant risk of A defined contribution plan is a post-employment
changes in value, and bank overdrafts. benefit plan under which an entity pays specified
contributions to a separate entity and has no
(k) Cash dividend to equity holders of the Company obligation to pay any further amounts. The
The Company recognises a liability to make cash Company makes specified monthly contributions
distributions to equity holders of the Company when towards employee Provident Fund to Government
the distribution is authorised, and the distribution is no administered Provident Fund Scheme which
longer at the discretion of the Company. Final dividends is a defined contribution plan. The Company’s
on shares are recorded as a liability on the date of contribution is recognized as an expense in the
approval by the shareholders and interim dividends are statement of profit and loss during the period in
recorded as a liability on the date of declaration by the which the employee renders the related service.
Company’s Board of Directors.
b. Defined benefit plans
(l) Foreign Currency transactions and translations  Company’s gratuity plan is a defined benefit plan.
Foreign currency are translated into the functional The present value of gratuity obligation under
currency using the exchange rates at the dates of the such defined benefit plans is determined based on
transactions. Foreign currency denominated monetary actuarial valuations carried out by an independent
assets and liabilities are translated into relevant actuary using the Projected Unit Credit Method,
functional currency at exchange rates in effect at the which recognizes each period of service as
balance sheet date. giving rise to additional unit of employee benefit
entitlement and measure each unit separately
Foreign exchange gains and losses resulting from the to build up the final obligation. The obligation is
settlement of such transactions and from the translation measured at the present value of estimated future
of monetary assets and liabilities denominated in foreign cash flows. The discount rates used for determining
currencies at year end exchange rates are generally the present value of obligation under defined
recognized in statement of profit and loss. benefit plans, is based on the market yields on
Government securities as at the balance sheet date,
Non-monetary assets and non-monetary liabilities having maturity periods approximating to the terms
denominated in foreign currency and measured at fair of related obligations.
value are translated at the exchange rate prevalent at the
date when the fair value was determined. Non-monetary Actuarial gains or losses are recognized in other
assets and non-monetary liabilities denominated in a comprehensive income. Further, the statement of
foreign currency and measured at historical cost are profit and loss does not include an expected return
translated at the exchange rate prevalent at the date on plan assets. Instead net interest recognized
of transaction. Translation differences on assets and in profit or loss is calculated by applying the
liabilities carried at fair value are reported as part of the discount rate used to measure the defined benefit
fair value gain or loss and are generally recognized in obligation to the net defined benefit liability or
statement of profit and loss, except exchange differences asset. The actual return on plan assets above or
arising from the translation of the following items which below the discount rate is recognized as part of
are recognized in OCI: remeasurement of net defined liability or asset
through other comprehensive income.
• equity investments at fair value through OCI (FVOCI)
• a financial liability designated as a hedge of the net Remeasurements comprising actuarial gains or
investment in a foreign operation to the extent that losses and return on plan assets (excluding amounts
the hedge is effective; and included in net interest on the net defined benefit
liability) are not reclassified to profit or loss in
• qualifying cash flow hedges to the extent that the
subsequent periods.
hedges are effective.

Annual Report 2023-24 l 203

Material accounting policies (Contd.)

The Company’s gratuity scheme is administered the undiscounted amount of the benefits expected
through a third party trust and the provision for to be paid in exchange for the related service.
the same is determined on the basis of actuarial
valuation carried out by an independent actuary. e. Share-based payment transactions
Provision is made for the shortfall, if any, between The cost of equity-settled transactions is
the amounts required to be contributed to meet determined by the fair value at the date when the
the accrued liability for gratuity as determined grant is made using an appropriate valuation model
by actuarial valuation and the available corpus of and Company’s estimate of equity instruments
the funds. that will vest. That cost is recognized, together
with a corresponding increase in share-options
c. Short-term employee benefits outstanding account in equity, over the period in
All employee benefits falling due wholly within which the performance and/or service conditions
twelve months of rendering the services are are fulfilled in employee benefits expense.
classified as short term employee benefits,
which include benefits like salaries, wages and (n) Borrowing costs
performance incentives and are recognised as Borrowing costs are interest and other costs (including
exchange differences relating to foreign currency
expenses in the period in which the employee
borrowings to the extent that they are regarded as an
renders the related service.
adjustment to interest costs) incurred in connection with
Short term employee benefits are measured on the borrowing of funds. Borrowing costs allocated to
and utilized for qualifying assets pertaining to the period
an undiscounted basis and are expensed as the
from commencement of activities directly attributable to
related service is provided. A liability is recognized
the acquisition, construction or production of upto the
for the amount expected to be paid e.g. short
date of capitalisation of such asset are added to the cost
term performance incentive, if the Company has
of the assets. Qualifying asset is an asset that necessarily
a present legal or constructive obligation to pay
takes a substantial period of time to get ready for its
this amount as a result of past services provided by
intended use Borrowing cost also includes exchange
the employee and the amount of obligation can be
differences to the extent regarded as an adjustment
estimated reliably.
to the borrowing costs.. All other borrowing costs are
expensed in the period in which they occur.
When the benefits of a plan are changed or when a
plan is curtailed, the resulting change in benefit that
(o) Leases
relates to past service (‘past service cost’ or ‘past
The Company assesses at contract inception whether a
service gain’) or the gain or loss on curtailment is
contract is, or contains, a lease, that is if the contract
recognized immediately in the statement of profit conveys the right to control the use of an identified asset
and loss. The Company recognizes gains and losses for a period of time in exchange for consideration.
on the settlement of a defined benefit plan when
the settlement occurs. Company as a lessee
The Company accounts for each lease component
d. Compensated absences: within the contract as a lease separately from non-
Compensated absences which are not expected to lease components of the contract and allocates the
occur within twelve months after the end of the consideration in the contract to each lease component
period in which the employee renders the related on the basis of the relative stand-alone price of the lease
services are recognised at an actuarially determined component and the aggregate stand-alone price of the
liability at the present value of the defined benefit non-lease components.
obligation at the Balance sheet date. In respect of
compensated absences expected to occur within The Company recognises a right-of-use (ROU) asset
twelve months after the end of the period in which representing its right to use the underlying assets
the employee renders the related services, liability for the lease term and a lease liability at the lease
for short-term employee benefits is measured at commencement date. The ROU asset is initially measured

204 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Material accounting policies (Contd.)

at cost, which comprises the initial amount of the lease Deferred income tax assets and liabilities are recognized
liability adjusted for any lease payments made at or for all temporary differences arising between the tax
before the commencement date, plus any initial direct bases of assets and liabilities and their carrying amounts
costs incurred and an estimate of costs to dismantle and in the standalone financial statements except for the
remove the underlying asset or to restore the underlying cases mentioned below.
asset or the site on which it is located, less any lease
incentives received. Deferred income tax assets and liabilities are measured
using tax rates and tax laws that have been enacted or
The right-of-use assets is subsequently measured at substantively enacted by the balance sheet date and
cost less any accumulated depreciation, accumulated are expected to apply to taxable income in the years in
which those temporary differences are expected to be
impairment losses, if any and adjusted for any
recovered or settled. The effect of changes in tax rates on
remeasurement of the lease liability. The right-of-use
deferred income tax assets and liabilities is recognized
assets is depreciated using the straight-line method from
as income or expense in the period that includes the
the commencement date over the shorter of lease term
enactment or substantive enactment date.
or useful life of right-of-use asset. The estimated useful
lives of right-of-use assets are determined on the same Deferred tax is not recognized for temporary differences
basis as those of property, plant and equipment. Right- arising on the initial recognition of assets and liabilities
of-use assets are tested for impairment whenever there in a transaction that is not a business combination and
is any indication that their carrying amounts may not be that affects neither accounting nor taxable profits or loss
recoverable. Impairment loss, if any, is recognised in the at the time of the transaction, and temporary investment
statement of profit and loss.. related to investment in subsidiaries, associates and
joint agreements to the extent that the Company is
When the lease liability is remeasured in this way, a able to control the timing of reversal of the temporary
corresponding adjustment is made to the carrying differences and it is probable that they will not reverse
amount of the right-of-use asset, or is recorded in profit in the foreseeable future.
or loss if the carrying amount of the right-of-use asset
has been reduced to zero. Deferred tax assets are recognised to the extent
that it is probable that future taxable profits will be
The Company applies the short-term lease recognition available against which they can be used. The Company
exemption to all assets that have a lease term of 12 recognises a deferred tax asset only to the extent that
months or less from the commencement date. The lease it has sufficient taxable temporary differences or there
payments associated with these leases are recognized as is convincing other evidence that sufficient taxable
an expense on a straight-line basis over the lease term. profits will be available against which such deferred tax
Further, leases for which the underlying asset is of low can be realised. Deferred tax assets, unrecognised or
recognised, are reviewed at each reporting date and are
value has been recognized immediately in the Statement
recognised/reduced to the extent that it is probable/no
of Profit and Loss.
longer probable respectively that the related tax benefit
will be realised.
(p) Taxation
Income tax expense comprises current and deferred
The Company offsets, the current tax assets and liabilities
income tax. Income tax expense is recognized in net
(on a year on year basis) and deferred tax assets and
profit in the statement of profit and loss except to the
liabilities, where it has a legally enforceable right and
extent it relates to items recognized directly in equity, where it intends to settle such assets and liabilities on a
in which case it is recognized in other comprehensive net basis.
income.Current income tax for current and prior periods
is recognized at the amount expected to be paid or (q) Provisions and Contingent Liabilities
recovered from the tax authorities, using the tax rates (i) Provisions
and tax laws that have been enacted or substantively Provisions are recognised when the Company has
enacted by the reporting date. a present obligation (legal or constructive) as a

Annual Report 2023-24 l 205

Material accounting policies (Contd.)

result of a past event, it is probable that an outflow basic earnings per share and also the weighted average
of resources embodying economic benefits will number of equity shares which could have been issued
be required to settle the obligation and a reliable on the conversion of all dilutive potential equity shares.
estimate can be made of the amount of the
obligation. When the Company expects some or Dilutive potential equity shares are deemed converted
all of a provision to be reimbursed, the expense as of the beginning of the reporting date, unless they
relating to a provision is presented in the statement have been issued at a later date. In computing diluted
of profit and loss net of any reimbursement. If earnings per share, only potential equity shares that is
the effect of the time value of money is material, dilutive and which either reduces earnings per share or
provisions are discounted using a current pre- increase loss per share are included.
tax rate that reflects, when appropriate, the risks
specific to the liability. When discounting is used, (s) Segment reporting
the increase in the provision due to the passage of Operating segments are reported in a manner consistent
time is recognised as a finance cost. Expected future with the internal reporting provided to the chief operating
operating losses are not provided for. decision maker (CODM). The Company has identified
one reportable segment based on the dominant source,
(ii) Onerous contract nature of risks and return and the internal organisation
Provision for onerous contracts. i.e. contracts and management structure and for which discrete
where the expected unavoidable cost of meeting financial information is available. The CODM monitors
the obligations under the contract exceed the the operating results of the entity as a whole for the
economic benefits expected to be received under it, purpose of making decisions about resource allocation
are recognised when it is probable that an outflow and performance assessment. Refer Note 41 for segment
of resources embodying economic benefits will be information and segment reporting.
required to settle a present obligation as a result of
an obligating event based on a reliable estimate of (t) Cash flow statement
such obligation. Cash flows are reported using the indirect method,
whereby net profit before taxes for the period is adjusted
(iii) Contingent liabilities for the effects of transactions of a non-cash nature, any
A disclosure for contingent liabilities is made deferrals or accruals of past or future operating cash
where there is a possible obligation or a present receipts or payments and item of income or expenses
obligation that may probably not require an associated with investing or financing cash flows. The
outflow of resources. When there is a possible or a cash flows from operating, investing and financing
present obligation where the likelihood of outflow activities of the Company are segregated.
of resources is remote, no provision or disclosure
is made. (u) Government grants
Government grants are recognized where there is
Provisions and contingent liabilities are reviewed at reasonable assurance that the grant will be received,
each Balance Sheet date. and all attached conditions will be complied with. When
the grant relates to an expense item, it is recognized as
(r) Earnings per share income on a systematic basis over the periods that the
The basic earnings per share is computed by dividing related costs, for which it is intended to compensate,
the net profit attributable to the owners of the Company are expensed. When the grant relates to an asset, it is
for the year by the weighted average number of equity recognized as income in proportion to the depreciation
shares outstanding during reporting period. charged over the expected useful life of the related asset.

Diluted earnings per share is computed by dividing the (v) Recent pronouncements
net profit by the weighted average number of equity Ministry of Corporate Affairs (“MCA”) notifies new
shares considered for deriving basic earnings per share standards or amendments to the existing standards
and also the weighted average number of equity shares under companies (Indian Accounting Standards) Rules
that could have been issued upon conversion of all as issued from time to time. For the year ended 31
dilutive potential equity shares. The number of shares March 2024, MCA has not notified any new standards
used in computing diluted earnings per share comprises or amendments to existing standards applicable to
the weighted average shares considered for deriving the Company.

206 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Notes to the standalone financial statements

3 PROPERTY, PLANT AND EQUIPMENT AND CAPITAL WORK-IN-PROGRESS
(` In
Million)

Particulars Freehold Buildings Electrical Plant and Furniture Computers Office Vehicles Total Capital
Land installations machineries and fixtures (including equipment work-in-
servers) progress
(Note i)
Cost or deemed cost
As at 1 April 2022 278.10 510.63 158.82 1,051.36 31.40 23.79 45.94 49.58 2,149.62 1.91
Additions - 0.93 - 79.43 2.55 14.20 2.22 13.65 112.98 5.49
Deletions - - - (1.52) - (1.67) (3.23) (4.70) (11.12) -
Capitalised - - - - - - - - - (1.91)
As at 31 March 2023 278.10 511.56 158.82 1,129.27 33.95 36.32 44.93 58.53 2,251.48 5.49
Additions - - - 102.26 2.98 9.24 2.56 4.06 121.10 8.74
Deletions - - - (4.11) (0.68) (1.24) - (3.98) (10.01) -
Capitalised - - - - - - - - - (5.49)
As at 31 March 2024 278.10 511.56 158.82 1,227.42 36.25 44.32 47.49 58.61 2,362.57 8.74
Accumulated depreciation
As at 1 April 2022 - 81.55 51.10 554.15 11.22 15.19 32.83 16.52 762.56 -
Depreciation for the year - 16.12 15.41 104.47 2.61 4.81 6.51 5.92 155.85 -
Depreciation on deletions - - - (0.33) - (1.58) (3.07) (3.48) (8.46) -
As at 31 March 2023 - 97.67 66.51 658.29 13.83 18.42 36.27 18.96 909.95 -
Depreciation for the year - 16.14 15.41 109.46 2.89 8.83 4.11 6.39 163.23 -
Depreciation on deletions - - - (3.00) (0.66) (1.17) - (1.45) (6.28) -
As at 31 March 2024 - 113.81 81.92 764.75 16.06 26.08 40.38 23.90 1,066.90 -
Net carrying amount
As at 1 April 2022 278.10 429.08 107.72 497.21 20.18 8.60 13.11 33.06 1,387.06 1.91
As at 31 March 2023 278.10 413.89 92.31 470.98 20.12 17.90 8.66 39.57 1,341.53 5.49
As at 31 March 2024 278.10 397.75 76.90 462.67 20.19 18.24 7.11 34.71 1,295.67 8.74
Note (i)
(a) The ageing information for capital work in progress for the year ended 31 March 2024 and 31 March 2023 are as follows::

(` In Million)
Particulars Amount in capital work-in-progress for a period of
Less than1 year 1 - 2 Years 2-3 Years More than 3 years Total
31 March 2024
Projects in progress 8.74 - - - 8.74
Projects temporarily suspended - - - - -
8.74 - - - 8.74
31 March 2023
Projects in progress 5.49 - - - 5.49
Projects temporarily suspended - - - - -
5.49 - - - 5.49

(b) There are no capital work in progress whose completion is overdue or exceeded its cost compared to its original plan.
(c) The title deeds of all the immovable properties (other than properties where the company is the lessee and the lease
agreements are duly executed in favor of the lessee), are held in the name of the company.
(d) There has been no revaluation of property, plant and equipment done during the year.
(e) At 31 March 2024, freehold land and building amounting to ` 453.30 million (31 March 2023: ` 468.19 million) are subject
to 1st charge secured bank loans [refer Note 17]

Annual Report 2023-24 l 207

Notes to the standalone financial statements (Contd.)

4 OTHER INTANGIBLE ASSETS

(` In Million)

Particulars Other intangible assets

Goodwill Software Technical Customer Non-compete Total (B) Total
(A) Know-how relationship fees (A+B)
Cost or deemed cost
As at 1 April 2022 39.51 29.06 2.92 37.56 12.20 81.74 121.25
Additions - 1.70 - - - 1.70 1.70
Deletions - (0.70) - - - (0.70) (0.70)
As at 31 March 2023 39.51 30.06 2.92 37.56 12.20 82.74 122.25
Additions - 0.57 - - - 0.57 0.57
Deletions - - - - - - -
As at 31 March 2024 39.51 30.63 2.92 37.56 12.20 83.31 122.82
Accumulated amortization
As at 1 April 2022 - 22.33 2.92 21.03 12.19 58.47 58.47
Amortization for the year 2.47 - 5.37 - 7.84 7.84
Amortization on deletions - (0.66) - - - (0.66) (0.66)
As at 31 March 2023 - 24.14 2.92 26.39 12.19 65.65 65.65
Amortization for the year - 2.58 - 5.37 - 7.95 7.95
Amortization on deletions - - - - - - -
As at 31 March 2024 - 26.72 2.92 31.76 12.19 73.59 73.59
Net carrying amount
As at 1 April 2022 39.51 6.73 - 16.53 0.01 23.27 62.78
As at 31 March 2023 39.51 5.91 - 11.17 0.01 17.09 56.60
As at 31 March 2024 39.51 3.91 - 5.80 0.01 9.72 49.23

(a) The Company does not have any intangible assets under development.

(b) Goodwill arising upon business combination is not amortized but tested for impairment annually or more frequently
if there is any indication that the cash generating unit to which goodwill is allocated is impaired. For the purposes
of impairment assessment, the Company is considered as single Cash generating unit. Acquired business of Delta
Ram Enterprises, Sirisha Enterprises and SM Enterprises has been merged with the Company and the management
considered these acquired business with the Company as single cash-generating unit. The recoverable amounts
of the cash generating units have been assessed using a enterprise value model. Key assumptions upon which the
company has based its determination of enterprise value include:

As at As at
Particulars
31 March 2024 31 March 2023
Growth rate (%)
Volatality (%) 45.00% 48.45%
Dividend yield (%) 0.78% 0.78%
Risk free interest rate (%) 7.28% 7.15%

208 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Notes to the standalone financial statements (Contd.)

As at 31 March 2024 and 31 March 2023, the estimated recoverable amount of the CGU exceeded its carrying amount
hence no impairment is trigerred.

 he Company believes that any reasonably possible change in the key assumptions on which a recoverable amount is based
T
would not cause the aggregate carrying amount to exceed the aggregate recoverable amount of the cash-generating unit.

5 INVESTMENTS
(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Non current
Investment in equity instruments of subsidiary - Unquoted
28,00,000 (31 March 2023: 28,00,000) fully paid up equity shares of Exotech Plastics Private 640.00 640.00
Limited [refer Note (a)]
3,15,442 (31 March 2023: Nil ) fully paid up equity shares of Walter Pack Automotive 2,385.74 -
Products India Private Limited [refer Note (b)]
Investment in equity instruments carried at fair value through other comprehensive
income (FVTOCI) - Unquoted
8,00,000 fully paid up equity shares of Surya Urja Two Private Limited [refer Note (c)] 29.65 -
Investment in equity instruments of associate carried at amortised cost - Unquoted
(31 March 2023: 6,00,000) fully paid up equity shares of Surya Urja Two Private Limited - 6.00
[refer Note (c)]
Investments at amortized cost-Unquoted
Investment in bonds 30.67 30.67
Total 3,086.06 676.67
Current
Investments designated at fair value through profit or loss (FVTPL)- Unquoted
Investment in mutual funds - Unquoted 238.14 955.13
Investments at amortized cost-Unquoted
Investment in bonds, commercial papers and others 97.96 395.90
Total 336.10 1,351.03
Aggregate value of investment 3,422.16 2,027.70
Aggregate value of unquoted investment 3,422.16 2,027.70

Details for investment in mutual fund - Unquoted

As at As at
Particulars
31 March 2024 31 March 2023
Nil units (31 March 2023: 142,039.52 units) in Aditya Birla Sun Life Liquid Fund - Growth - 51.11
- Regular Plan
Nil units (31 March 2023: 11,032.57 units) in DSP Liquidity Fund - Regular Plan - Growth - 35.17
1,475,718.79 units (31 March 2023: Nil units) in Kotak Equity Arbitrage Fund - Reg 50.62 -
- Growth
Nil units (31 March 2023: 37,893.08 units) in Tata Money Market Fund - Regular Plan - 151.42
- Growth

Annual Report 2023-24 l 209

Notes to the standalone financial statements (Contd.)

As at As at
Particulars
31 March 2024 31 March 2023
2,896.47 units (31 March 2023: Nil units) in Tata Liquid Fund - Regular Plan - Growth 10.92 -
Nil units (31 March 2023: 14,666,150.63 units) in Aditya Birla Sun Life CRISIL IBX AAA - - 154.11
Jun 2023 Index Fund - Regular Growth
2,761.11 units (31 March 2023: 17,172.63 units) in SBI Liquid Fund - Regular Growth 10.34 60.04
426,284.30 units (31 March 2023: 2,228,040.87 units) in DSP Savings Fund - Regular Plan 20.53 99.96
- Growth
Nil units (31 March 2023: 43,386.85 units) in Axis Money Market Fund - Direct Growth - 52.83
Nil units (31 March 2023: 6,212,481.38 units) in HDFC Ultra Short Term Fund - - 80.28
Regular Growth
8,000.30 units (31 March 2023: 46,703.26 units) in Nippon India Money Market Fund 30.23 164.05
- Growth
974,679.80 units (31 March 2023: Nil units) in SBI Arbitrage Opportunities Fund - 30.20 -
Regular Plan - Growth
19,331.63 units (31 March 2023: NIL units) in Axis Money Market Fund - Reg - Growth 25.19 -
6,395.17 units (31 March 2023: Nil units) in HDFC Liquid Fund - Reg - Growth 30.04 -
1,027,571.11 units (31 March 2023: Nil units) in Invesco India Arbitrage Fund - Reg 30.07 -
- Growth
Nil units (31 March 2023: 27,913.51 units) in Kotak Money Market Fund - Regular Plan - 106.16
- Growth
Aggregate amount of unquoted investment and market value, thereof 238.14 955.13

Details for investment in bonds, commercial papers and others - Unquoted

As at As at
Particulars
31 March 2024 31 March 2023
30 bonds (31 March 2023: 30 units) in HDB Financial Services Ltd, interest 30.67 30.67
@7.75%
5,00,000 units (31 March 2023: Nil units) in Piramal Enterprises Ltd, interest 48.99 -
@8.40%
5,00,000 units (31 March 2023: Nil units) in Piramal Enterprises Ltd, interest 48.97 -
@8.40%
Nil units (31 March 2023: 15,00,000 units) in Piramal Enterprises Ltd, interest - 146.92
@8.40%
Nil units (31 March 2023: 100 units) in Kotak Mahindra Prime Limited, interest - 98.98
@7.40%
Inter corporate deposits in Mahindra & Mahindra Finance, interest @7.55% - 150.00
Aggregate amount of unquoted investment and market value, thereof 128.63 426.57

(a)  uring the year ended 31 March 2024, the Company has entered into a Share purchase agreement (“SPA”) dated 27 April
D
2023 with Walter Pack Automotive Products India Private Limited (“WPI”) and its shareholders, Walter Pack S.L. and Mr. Roy
Mathew and acquired 3,15,442 equity shares (90.1% of the shareholding of WPI). The effective date of the acquisition is 4 July

210 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Notes to the standalone financial statements (Contd.)

2023 and subsequent to which WPI has become the subsidiary of the Company. The purchase consideration includes deferred
consideration amounting to ` 88.22 million out of which ` 64.79 is outstanding as at 31 March 2024 [refer Note 19].

Purchase consideration (` In Million)

Cash consideration 2,297.52
Deferred consideration (recognised at fair value at the date of acquisition) 88.22
Total 2,385.74

The acquisition related cost of ₹16.01 million related to the above acquisition have been included in the legal & professional
fees in the Standalone Statement of Profit and Loss.
Reconciliation of initial cash purchase consideration as disclosed above to the statement of cashflows
(` In Million)

Particulars Amount
Initial cash purchase consideration 2,297.52
Deferred consideration paid till 31 March 2024 28.36
As per cashflow statement 2,325.88

(b) During the year ended 31 March 2023, the Company has entered into a Power Supply and Offtake Agreement (“PSOA”)
and Share Subscription and Shareholders’ Agreement (“SSSHA”) with Sunsource Energy Private Limited (“SEPL”) and
Suryaurja Two Private Limited (“STPL”) and had acquired 6,00,000 equity shares of STPL at a price of Rs. 10/- each. During
the year ended 31 March 2024, STPL has raised additional equity from other investors, which has resulted in the reduction
of shareholding of the Company below 20%. On 25th September 2023, the Company has entered into an Amendment to
Share Subscription and Shareholders’ Agreement (“ASSSHA”) with Sunsource Energy Private Limited (“SEPL”) and Suryaurja
Two Private Limited (“STPL”) and had acquired 2,00,000 equity shares of STPL at a price of Rs. 10/- each. Consequently, the
Company’s total stake in STPL now stands at 16.33%. As the Company does not exercise any significant influence, STPL is
no longer considered to be an associate of the Company and Investment in equity instruments Surya Urja is designated
as investment carried at fair value through profit or loss (FVTOCI) by the management.
Information about the Company’s exposure to credit and market risks, and fair value measurement is included in note 33
and note 34.

6 LOANS
Carried at amortised cost
(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Non-current
Unsecured, considered good
Loan to related party [refer Note 36 and 42] - 80.00
Total - 80.00
Current
Unsecured, considered good
Loans to employees 4.94 2.97
Total 4.94 2.97

Annual Report 2023-24 l 211

Notes to the standalone financial statements (Contd.)

7 Other financial assets

(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Non-current
Unsecured, considered good
Security deposit 9.14 9.14
Interest accrued but not due [refer Note 36] - 2.95
Margin money deposits* - 0.10
ESOP expenses receivable [refer Note 36] 9.13 1.68
Total 18.27 13.87
Current
Unsecured, considered good
Security deposit 0.35 0.35
Interest accrued on fixed deposits and loans 6.33 9.32
Export incentives receivables 0.85 0.30
Recoverable from insurance companies 0.96 -
Expense reimbursable receivable [refer Note 36] - 47.91
Total 8.49 57.88
* include NIl as on 31 March 2024 (Rs. 0.10 Mn as on 31 March 2023) Margin money provided as guarantee for Gurgaon Warehouse to
Value Added Tax and Central Sales Tax Department..

8 INCOME TAX ASSETS AND LIABILITIES (NET)

(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Non - current
Advance tax and tax deducted at source, net of provision for tax - -
Current
Income tax liabilities, net of tax assets 4.12 5.26

a) The gross movement in the income tax (liability) / asset for the year ended 31 March 2024 and 31 March
2023 is as follows:
(` In Million)

For the period ended For the period ended

Particulars
31 March 2024 31 March 2023
Net income tax (liability) / asset at the beginning of the year (5.26) (28.94)
Current income tax expense (250.66) (195.48)
Income tax paid (including interest) 250.15 219.15
Interest income on tax refund 1.65 -
Others - 0.01
Net income tax liability at the end of the year (4.12) (5.26)

212 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Notes to the standalone financial statements (Contd.)

9 OTHER ASSETS
(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Non - current
Unsecured, considered good
Capital advances 0.31 34.52
Prepaid expenses 4.74 0.81
Contract acquisition costs 0.62 13.61
Receivables from government authorities [refer Note (a) below] 15.41 10.57
21.08 59.51
Unsecured, considered doubtful
Indirect tax paid under protest 3.00 3.00
Less: Provision (3.00) (3.00)
- -
Receivables from government authorities - 4.84
Less: Provision [refer Note (a) below] - (4.84)
Capital advances 0.60 -
Less: Provision (0.60) -
- -
Total 21.08 59.51
Current
Unsecured, considered good
Balances with government authorities 2.56 2.50
Prepaid expenses 7.21 6.02
Contract acquisition costs 8.10 5.84
Advance to suppliers 29.42 16.67
Others 0.10 0.27
Total 47.39 31.30

a) Bangalore Metro Rail Corporation Limited (BMRCL) has acquired a portion of the freehold land for an agreed compensation
of `15.41 million (including tax deducted at source). On the above land, one of the female legal heirs of the erstwhile
owner of the freehold land has raised an allegation for separate possession of certain portion of the freehold land.
On account of the dispute, the acquisition compensation amount has been deposited by BMRCL in the Court till the final
settlement. During the year ended 31 March 2024, the matter is closed as the Company has received an order dated 9
September 2023 in its favour.

10 INVENTORIES [REFER NOTE 2(F)]

(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Raw materials [refer Note (a) and (b) below] 164.00 141.68
Work-in-progress 59.52 35.37
Finished goods [refer Note (b) below] 88.80 136.88
Stores and spares 5.76 5.92
Total 318.08 319.85

(a) Including goods in transit as on 31 March 2024 `35.09 million (31 March 2023 : `17.10 million)

Annual Report 2023-24 l 213

Notes to the standalone financial statements (Contd.)

(b) The provision for write down of inventories to net realisable value during the year amounted to `193.73 million (31
March 2023 : `192.02 million). The provision estimated by the management for slow moving and obsolete stock
during the year amounted to `112.73 million (31 March 2023 : `59.89 million). The write down, reversal and provision
for slow moving and obsolete stock are included in the costs of materials consumed or changes in inventories of
finished goods and work-in-progress.

11 TRADE RECEIVABLES
(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Trade receivables considered good - unsecured 851.92 551.53
Trade receivables - credit impaired 1.09 -
Total Trade receivables 853.01 551.53
Less: Loss allowances on financial assets (4.86) (0.42)
Net trade receivables 848.15 551.11

(i) The Company’s exposure to credit and currency risk and loss allowances related to trade receivables has been
disclosed in Note 34.
(ii) Trade receivables include due from companies in which any director of the Company is a director or member [refer
Note 36]

(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Private companies in which any director of the Company is a director
or member
Exotech Plastics Private Limited 7.99 5.08
Walter Pack Automotive Products India Private Limited 37.55 -

(iii) Ageing for trade receivables for each of the category is as follows:
(` In Million)

Particulars Outstanding for following periods from due date of payment

Not due Less than 6 Months 1 -2 Years 2 -3 Years More than Total
6 months to 1 Year 3 Years
31 March 2024
i) Undisputed trade receivable - 728.72 111.30 11.90 - - - 851.92
considered good
ii) Undisputed trade receivable - which - - - - - - -
have significant increase in credit risk
iii) Undisputed trade receivable - - - - 1.09 - - 1.09
credit impaired
iv) Disputed trade receivable - - - - - - - -
considered good
v) Disputed trade receivable - which - - - - - - -
have significant increase in credit risk
vi) Disputed trade receivable - - - - - - - -
credit impaired
Total 728.72 111.30 11.90 1.09 - - 853.01

214 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Notes to the standalone financial statements (Contd.)

(` In Million)

Particulars Outstanding for following periods from due date of payment

Not due Less than 6 Months 1 -2 Years 2 -3 Years More than Total
6 months to 1 Year 3 Years
31 March 2023
i) 
Undisputed trade receivable - 470.10 79.72 1.71 - - - 551.53
considered good
ii) 
Undisputed trade receivable - which - - - - - - -
have significant increase in credit risk
iii) 
Undisputed trade receivable - - - - - - - -
credit impaired
iv) 
Disputed trade receivable - - - - - - - -
considered good
v) 
Disputed trade receivable - which - - - - - - -
have significant increase in credit risk
vi) 
Disputed trade receivable - - - - - - - -
credit impaired
Total 470.10 79.72 1.71 - - - 551.53

(iv) There are no unbilled trade receivables as on each reporting date.

12 CASH AND CASH EQUIVALENTS

(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Balances with banks:
- in current accounts 76.22 39.58
- in Exchange earner's foreign currency accounts 27.67 13.67
- Deposits with original maturity of less than 3 months* 3.42 3.40
Cash in hand 0.29 0.30
Total 107.60 56.95
* Includes deposit amounting to ` 3.42 million which has been transferred by the bank to Depositors Education and Awareness Fund
(RBI guidelines) as per DEAF Act, 2014.

13 BANK BALANCE OTHER THAN CASH AND CASH EQUIVALENTS

(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Current
Other bank balances
In deposit accounts (with original maturity of more than 3 months and less than 12 months) 11.41 203.06
*
Total 11.41 203.06

*Includes fixed deposit of `10.00 million as on 31 March 2024 (`53.06 million as on 31 March 2023) as restricted bank
balances under lien in favour of Kotak Mahindra Bank as collateral security against overdraft facility.

Annual Report 2023-24 l 215

Notes to the standalone financial statements (Contd.)

14 EQUITY SHARE CAPITAL

(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Authorised
Equity shares
50,000,000 (31 March 2023: 35,000,000) equity shares of `10 each 500.00 350.00
Total 500.00 350.00

Issued, subscribed and fully paid-up shares

(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Equity shares
31,037,904 (31 March 2023 : 30,437,904) equity shares of `10 each, fully paid up [refer 310.38 304.38
Note (a) below]
Total 310.38 304.38

(a) Reconciliation of the shares outstanding at the beginning and end of the reporting year
(` In Million)

As at As at
31 March 2024 31 March 2023
Particulars
Number Amount Number Amount
of shares of shares
Equity shares
At the beginning of the year 30,437,904 304.38 30,437,904 304.38
Issued during the year for cash [refer Note (c) below] 600,000 6.00 - -
At the end of the year 31,037,904 310.38 30,437,904 304.38

(b) Rights, preferences and restrictions attached to equity shares

The Company has only one class of equity shares having par value of `10 each. All equity shares carry similar voting
rights of 1:1 and similar dividend rights. In the event of liquidation of the Company, the holders of equity shares will
be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amounts, if
any. The distribution will be in proportion to the number of equity shares held by the shareholders.

(c) During the year ended 31 March 2024, the Board of Directors at their meeting held on 3 May 2023, had approved
the issue of equity shares of 600,000 shares on a preferential basis at an issue price of ` 500 (Rupees Five Hundred
Only) per equity share to Mr. K.A. Joseph (“Investor”), Founder, Promoter and Managing Director of the Company.
The same had been approved by the Shareholders in their meeting held on 30 May 2023.

216 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Notes to the standalone financial statements (Contd.)

(d) Details of shareholders holding more than 5% shares of a class of shares in the Company: -
(` In Million)

As at As at
31 March 2024 31 March 2023
Particulars
Number % holding Number % holding
of shares in the class of shares in the class
Equity shares of `10 each fully paid up held by:
Evergraph Holdings Pte. Limited ** ** ** 10,600,370 34.83%
K. A. Joseph * 5,251,244 16.92% 4,651,244 15.28%
Aditya Birla Sun Life Trustee Private Limited 2,213,273 7.13% - -

* During the year ended 31 March 2024, Mr. K A Joseph and Evergraph has entered into transaction for the transfer
of 9,00,000 shares from Evergraph to Mr. K A Joseph on 29 February 2024 which got consummate on 4 April 2024.
** During the year ended 31 March 2024, Evergraph Holdings Pte. Ltd sold 9,164,033 equity shares of the Company
thereby reducing its shareholding from 34.83% to less than 5%.
(e) The Company has neither allotted any shares as fully paid up pursuant to contracts without payments being received
in cash or by way of bonus shares nor bought back any shares for the period of five years immediately preceding 31
March 2024.

(f) Details of shareholdings by the Promoter’s of the Company: -

(` In Million)

As at As at
%
31 March 2024 31 March 2023
Particulars Change in
Number % holding in Number % holding in
the year
of shares the class of shares the class
Equity shares of `10 each fully paid up held by:
Evergraph Holdings Pte. Ltd. ^ ^ 10,600,370 34.83% (34.83%)
K. A. Joseph 5,251,244 16.92% 4,651,244 15.28% 1.64%

^ During the year ended 31 March 2024, Evergraph Holdings Pte. Ltd sold 9,164,033 equity shares of the Company
thereby reducing its shareholding from 34.83% to less than 5%. Accordingly, Evergraph Holdings Pte. Ltd. does not
have a significant influence on the Group as at 31 March 2024.

(g) Shares reserved for issue under options: Nil

15 Other equity
(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Securities premium account [refer Note (a) below] 331.33 39.41
Retained earnings [refer Note (b) below] 4,475.98 3,800.39
General reserve [refer Note (c) below] 8.85 8.85
Share option outstanding account [refer Note 39 and refer Note (d) below] 86.65 38.83
Other comprehensive income [refer Note (e) below] 5.50 (10.51)
Total 4,908.31 3,876.97

Annual Report 2023-24 l 217

Notes to the standalone financial statements (Contd.)

Nature and purpose of other reserves

a) Securities premium account:
Amounts received on issue of shares in excess of the par value has been classified as securities premium. The securities
premium can be utilised in accordance with the provisions of Section 52 of the Companies Act, 2013.

(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Opening balance 39.41 39.41
Increase during the year* 291.92 -
Closing balance 331.33 39.41
*net of share issue expenses (Refer note 14(c) above)

b) Retained earnings:
Retained earnings are the profits that the Company has earned till 31 March 2024, add/(less) any transfers from/(to)
general reserve, securities premium and debenture redemption reserve, dividends or other distributions paid to
shareholders. Retained earnings includes re-measurement gain/(loss) on defined benefit obligations, net of taxes
that will not be reclassified to Profit and Loss.

(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Opening balance 3,800.39 3,212.53
Profit for the year 675.59 587.86
Closing balance 4,475.98 3,800.39

During the year ended 31 March 2024, the Board of Director of the Company at its meeting held on 20 May 2024
have proposed a final dividend of `2/- per equity shares for the year ended 31 March 2024, which is subject to the
approval of shareholders at the ensuing Annual General Meeting.

c) General reserve:
This represents appropriation of profit by the Company. General reserve is used from time to time to transfer profits
from retained earnings for appropriation purposes:

(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Opening balance 8.85 8.85
Movement - -
Closing balance 8.85 8.85

d) Share option outstanding account:

The Company has share option schemes under which options to subscribe for the Company’s shares have been
granted to employees. The share-based payment reserve is used to recognise the value of equity-settled share-based
payments provided to employees as part of employee benefit expense.

218 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Notes to the standalone financial statements (Contd.)

(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Opening balance 38.83 13.95
Increase during the year [refer Note 39] 47.82 24.88
Closing balance 86.65 38.83

e) Other comprehensive income:

(i) Remeasurement of net defined benefit liability or asset
Differences between the interest income on plan assets and the return actually achieved and any changes in
the liabilities over the year due to changes in actuarial assumptions or experience adjustments within the plans,
are recognised in ‘Other equity’ as other comprehensive income net of taxes.

(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Opening balance (10.51) (3.68)
Increase during the year (0.19) (6.83)
Closing balance (10.70) (10.51)

(ii) Equity instruments through OCI

The Company has elected to recognise changes in the fair value of certain investment in equity securities in other
comprehensive income. These changes are accumulated within the FVOCI equity investments within equity. The
Company transfers amounts therefrom to retained earnings when the equity securities are derecognised.

(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Opening balance - -
Increase during the year 16.20 -
Closing balance 16.20 -

16 DEFERRED TAX LIABILITIES (NET)*

(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Deferred tax liabilities
Property, plant and equipment and intangible assets 109.56 118.07
Others 8.74 9.18
Total deferred tax liabilities (A) 118.30 127.25
Deferred tax assets
Provision for inventory obsolescence 28.37 15.07
Provision for gratutity and compensated absences 5.19 1.07
Customer discount, returns and claims 18.82 19.37
Lease liability, net 0.02 0.02
Loss allowances on financial assets, net 1.22 0.11
Others 10.35 1.97
Total deferred tax assets (B) 63.97 37.61
Net deferred tax liabilities (A-B) 54.33 89.64
*Refer Note 31(d)

Annual Report 2023-24 l 219

Notes to the standalone financial statements (Contd.)

17 BORROWINGS
(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Non current
Secured loan
Term loan [refer Note (c) below] 314.17 -
Total 314.17 -
Current
Secured loan
Current maturities of long term borrowings
Term loan [refer Note (c) below] 36.63 -
Other secured loans
Working capital demand loan [refer Note (b) below] - 120.00
Unsecured loan
Bill discounting facility from bank [refer Note (a) below] 71.20 71.14
Total 107.83 191.14

(a) The Company has availed bill discounting facility (with recourse) from State Bank of India which carries interest in
the range of 8.22% to 10.48% per annum (31 March 2023: 6.48% to 10.11% per annum) and is payable within 45 days
from the date of discounting of bills.

(b) The Company has availed woking capital demand loan from Citi Bank which carries interest of 1 month treasury bill
+ 175 basis points per annum (31 March 2023: 1 month treasury bill + 175 basis points per annum) and is payable
within 30 days from the date of loan availed.

(c) During the year the Company had availed following term loans :

(i) ` 130 million from Citi Bank which carried interest rate of 1 month treasury bill + 175 basis points per annum
and was payable in 60 monthly installments. The loan was availed on 30 June 2023 has been fully repaid on 30
October 2023. The loan was secured by charge on moveble fixed assets of the Company

(ii) ` 350 million on 30 June 2023 from Bajaj Finserve which carries interest of 9.50% per annum linked with repo
rate of Reserve Bank of India and payable in 60 monthly installments with 12 months moratorium starting from
1 July 2024. The loan is secured by first paripassu charge on entire movable and immovable property, plant and
equipments of the Company.

(d) The Company has obtained overdraft facility from Kotak Mahindra Bank amounting to `10 million, which carries
interest at MCLR in the range of 8.60% to 8.80% and repayable on demand. This facility is not utilised as at the
year end.

(e) Information about the Company’s exposure to interest rate, foreign currency and liquidity risks is included in
Note 34

220 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Notes to the standalone financial statements (Contd.)

18 TRADE PAYABLES
(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Total outstanding dues of micro enterprises and small enterprises [refer Note (ii) below] 84.65 102.67
Total outstanding dues of creditors other than micro enterprises and small enterprises 152.31 101.83
Total 236.96 204.50

Terms and conditions of above trade payables:

(i) For explanation of Company’s credit risk management refer Note 34
(ii) Trade payables includes dues from related party [refer Note 36]

(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Trade payable to related parties
Exotech Plastics Private Limited 3.38 0.57
Walter Pack Automotive Products India Private Limited 0.38 -

(iii) Disclosure required under section 22 of Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act,
2006)

(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
(a) 
The principal amount and the interest due thereon remaining unpaid to any
supplier as at the end of each accounting year:
- Principal 84.23 102.25
- Interest 0.42 0.42
(b) 
The amount of interest paid by the buyer in terms of Section 16 of the MSMED
Act, 2006 along with the amounts of the payment made to the supplier beyond
the appointed day during each accounting year.
- Principal - -
- Interest - -
(c) 
The amount of interest due and payable for the period of delay in making - -
payment (which has been paid but beyond appointed day during the year) but
without adding the interest specified under the MSMED Act, 2006.
(d) 
The amount of interest accrued and remaining unpaid at the end of each 0.42 0.42
accounting year.
(e) 
T he amount of further interest remaining due and payable even in the - -
succeeding years, until such date when the interest dues as above are actually
paid to the small enterprise for the purpose of disallowance as a deductible
expenditure under Section 23 of the MSMED Act, 2006.

The above disclosures are provided by the Group based on the information available with the Group in respect of
the registration status of its vendors / suppliers.

Annual Report 2023-24 l 221

Notes to the standalone financial statements (Contd.)

(iii) Ageing for trade payables:

(` In Million)

Particulars Accrued Outstanding for following periods from due date of payment
expenses Not due Less than 1-2 years 2-3 years More than Total
1 year 3 years
31 March 2024
Micro enterprises and small enterprises - 84.15 0.08 0.42 - - 84.65
Creditors other than micro enterprises 22.33 106.58 23.40 - - - 152.31
and small enterprises
Disputed dues of micro enterprises and - - - - - - -
small enterprises
Disputed dues of creditors other than - - - - - - -
micro enterprises and small enterprises
Total 22.33 190.73 23.48 0.42 - - 236.96
31 March 2023
Micro enterprises and small enterprises - 102.25 - 0.42 - - 102.67
Creditors other than micro enterprises 15.42 79.02 6.87 0.52 - - 101.83
and small enterprises
Disputed dues of micro enterprises and - - - - - - -
small enterprises
Disputed dues of creditors other than - - - - - - -
micro enterprises and small enterprises
15.42 181.27 6.87 0.94 - - 204.50

19 OTHER FINANCIAL LIABILITIES

(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Non-current
Others 1.97 -
1.97 -
Current
Interest accrued
Interest accrued but not due on borrowings - -
Others
Employee related liabilities 59.38 56.04
Capital creditors 4.72 4.53
Discount Payable 67.92 73.25
Deferred consideration [refer Note 5] 64.79 -
Liability towards customer claims [refer Note 36] 20.78 -
Interest payable 12.78 -
Total 230.37 133.82

Information about the Company’s exposure to interest rate, foreign currency and liquidity risks is included in Note 34

222 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Notes to the standalone financial statements (Contd.)

20 OTHER LIABILITIES
(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Current
Statutory liabilities 36.84 69.21
Advance from customers 4.70 1.57
Total 41.54 70.78

21 PROVISIONS
(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Current
Provision for employee benefits
Provision for gratuity [refer Note 40] 16.26 3.12
Provision for compensated absence [refer Note 40] 4.38 1.11
Others
Provision for sales return* 6.83 3.69
Total 27.47 7.92
*This represents provision made for expected sales returns. Revenue is adjusted for the expected value of return and
claims. It is expected to be utilised within 12 months from the end of the year. The provision is based on estimates made
of historical data.

Movement in other provisions for the year ended 31 March 2024

(` In Million)

Particulars As at Provision made Provision Provision As at

01 April 2023 during the year utilised during reversed 31 March 2024
the year during the year
Provision for sales return 3.69 6.83 (3.69) - 6.83
3.69 6.83 (3.69) - 6.83

Movement in other provisions for the year ended 31 March 2023

(` In Million)

Particulars As at Provision made Provision Provision As at

1 April 2022 during the year utilised during reversed 31 March 2023
the year during the year
Provision for sales return 4.56 3.69 (4.05) (0.51) 3.69
Total 4.56 3.69 (4.05) (0.51) 3.69

Annual Report 2023-24 l 223

Notes to the standalone financial statements (Contd.)

22 LEASES
The Company has recognised right-of-use assets and lease liabilities as below:
(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Right of use assets – land 76.32 76.68
Lease liabilities
Non-current 0.08 0.07
Current - 0.02

When measuring lease liabilities, the Company discounted lease payments using its incremental borrowing rate at date
of commencement of lease. The weighted-average rate considered is 8.30% p.a. for the year ended 31 March 2024 (8.30%
p.a. for the year ended 31 March 2023).

Right-of-use assets: The movement of the right-of-use asset held by the Company is as follows:
(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Opening balance 76.68 77.04
Depreciation charge for the year (0.36) (0.36)
Closing balance 76.32 76.68

The Company has certain warehouse and guest house on lease with contract terms of less than one year. These leases are
classified as short-term. The Company has elected not to recognise right-of-use assets and lease liabilities for these leases.

Lease liabilities
(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Balance at the beginning 0.09 0.08
Interest on lease liabilities 0.01 0.01
Payment of lease liabilities (0.02) -
Closing balance 0.08 0.09

Carrying amount of lease liabilities

(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Lease liabilities - current - 0.02
Lease liabilities - non current 0.08 0.07
Total 0.08 0.09

224 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Notes to the standalone financial statements (Contd.)

Amounts recognised in statement of profit and loss:

(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Interest on lease liabilities 0.01 0.01
Depreciation of right of use assets 0.36 0.36
Expenses relating to short-term leases included in other expenses 5.23 4.75
Total 5.60 5.12

Amounts recognised in statement of cashflows:

During the year, the Company had no cash inflow / outflow related for right-of-use asset. (31 March 2023: Nil).
During the year, for lease including cash outflow of short-term leases, the Company had a cash outflow of `5.23 million
(31 March 2023: `4.75 million).

The table below provides details regarding the undiscounted contractual maturities of lease liabilities as at 31 March 2024
and 31 March 2023.

(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Less than one year 0.02 0.02
one to five years 0.03 0.03
more than five years 0.40 0.40
Total 0.45 0.45

The Company has no lease contracts with variable payments.

23 REVENUE FROM OPERATIONS

(` In Million)

For the year ended For the year ended

Particulars
31 March 2024 31 March 2023
Revenue from contract with customers
Sale of products 3,609.96 2,941.07
Sale of services 13.25 12.56
3,623.21 2,953.63
Other operating revenues:
Export incentive benefit 4.72 3.56
Scrap sales 5.68 4.73
10.40 8.29
Revenue from operations 3,633.61 2,961.92

Annual Report 2023-24 l 225

Notes to the standalone financial statements (Contd.)

(a) Disaggregate revenue information

(i) Disaggregation by Primary geographical markets
(` In Million)

For the year ended For the year ended

Particulars
31 March 2024 31 March 2023
Exports:
Sale of products 446.46 309.18
Sale of services 9.99 5.90
Domestic:
Sale of products 3,163.50 2,631.89
Sale of services 3.26 6.66
Total 3,623.21 2,953.63

(ii) Disaggregation by timing of revenue recognition

(` In Million)

For the year ended For the year ended

Particulars
31 March 2024 31 March 2023
Revenue from contract with customers:
Goods or services transferred at point in time 3,623.21 2,953.63
Goods or service transferred over time - -
Other operating revenues: - -
Goods or services transferred at point in time 10.40 8.29
Goods or service transferred over time - -
Total 3,633.61 2,961.92

(b) Reconciliation of revenue recognised in the statement of profit and loss with the contracted price (Sale of
products)

(` In Million)

For the year ended For the year ended

Particulars
31 March 2024 31 March 2023
Revenue as per contract price 3,676.45 2,982.12
Addition / Reduction towards discount (net) (14.12) (11.08)
Adjustment / Reduction towards sales return (net) (52.37) (29.97)
Revenue from contract with customers 3,609.96 2,941.07

(c) Contract balances

(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Trade receivables 848.15 551.11
Advance from customers (4.70) (1.57)

226 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Notes to the standalone financial statements (Contd.)

24 OTHER INCOME
(` In Million)

For the year ended For the year ended

Particulars
31 March 2024 31 March 2023
Interest income:
on deposits with bank 1.79 2.62
on loan to related party [refer Note 36] 9.32 3.14
on bonds and commercial papers 12.41 15.41
on others 2.01 4.39
Other non-operating income:
Gain on current investment measured at fair value through profit or loss 2.30 17.28
Gain on sale of current investments measured at fair value through profit or loss, net 23.88 27.35
Net gain on foreign currency transactions 4.70 14.96
Income from liquidation damages 5.95 -
Liabilities no longer required, written back 1.19 0.01
Reversal of loss allowance on financial assets, net 4.84 -
Miscellaneous income 1.88 0.11
Total 70.27 85.27

25 COST OF RAW MATERIAL CONSUMED

(` In Million)

For the year ended For the year ended

Particulars
31 March 2024 31 March 2023
Inventory of materials at the beginning of the year # 141.68 140.17
Add: Purchases during the year* 1,417.65 1,138.22
Less: Inventory of materials at the end of the year # 164.00 141.68
Total 1,395.33 1,136.71
#
Net of provision for obsolescence
* Purchase includes tooling costs
* Purchases include purchase from related party [Refer note 36]

26 CHANGES IN INVENTORY OF FINISHED GOODS AND WORK-IN-PROGRESS

(` In Million)

For the year ended For the year ended

Particulars
31 March 2024 31 March 2023
Opening stock
Finished goods 136.88 102.85
Work-in-progress 41.29 36.65
178.17 139.50
Closing Stock
Finished goods 88.80 136.88
Work-in-progress 59.52 41.29
148.32 178.17
Changes in inventory of finished goods and work-in-progress 29.85 (38.67)

Annual Report 2023-24 l 227

Notes to the standalone financial statements (Contd.)

27 EMPLOYEE BENEFITS EXPENSE

(` In Million)

For the year ended For the year ended

Particulars
31 March 2024 31 March 2023
Salaries, wages and bonus 391.08 360.52
Gratuity expenses [refer Note 40] 12.88 10.50
Compensated absences expenses 6.74 6.37
Contribution to provident fund and other fund 12.00 13.85
Share based payments [refer Note 39] 40.37 23.20
Staff welfare expenses 35.52 38.86
Total 498.59 453.30

28 FINANCE COSTS
(` In Million)

For the year ended For the year ended

Particulars
31 March 2024 31 March 2023
Interest expense on:
Borrowings 48.46 6.71
Deferred consideration 4.93 -
Lease liabilities 0.01 0.01
Other borrowing costs 0.02 -
Total 53.42 6.72

29 DEPRECIATION AND AMORTIZATION EXPENSE

(` In Million)

For the year ended For the year ended

Particulars
31 March 2024 31 March 2023
Depreciation of property, plant and equipment [refer Note 3] 163.23 155.85
Amortization of intangible assets [refer Note 4] 7.95 7.84
Depreciation of right of use assets [refer Note 22] 0.36 0.36
Total 171.54 164.05

228 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Notes to the standalone financial statements (Contd.)

30 OTHER EXPENSES
(` In Million)

For the year ended For the year ended

Particulars
31 March 2024 31 March 2023
Subcontracting charges 283.33 246.55
Power and fuel 66.78 60.42
Freight charges 64.30 48.94
Consumption of stores, spare and other supplies 22.40 27.01
Repairs and maintenance
- plant and machinery 14.40 14.27
- building 3.27 2.54
- others 11.33 9.52
Rent 5.23 4.75
Legal and professional [refer Note (a) below] 61.13 31.82
Rates and taxes 23.00 11.64
Travel and conveyance 19.63 18.98
Housekeeping charges 23.40 19.87
Corporate social responsibility [refer Note 37] 14.05 12.88
Sales promotion expenses 4.78 6.32
Liabilities towards customer claims 20.78 -
Insurance 8.14 8.14
Printing and stationery 5.96 5.88
Bank charges 2.21 2.16
Communication 1.86 1.91
Loss on sale and write off of property, plant and equipment, net 1.45 1.46
Bad debts written-off 0.96 0.29
Loss allowances on financial assets, net 4.44 (0.24)
Provision for doubtful advances 0.60 -
Donation 0.09 0.24
Miscellaneous expenses 6.07 2.77
Total 669.59 538.12

(a) Payment to auditors (excluding applicable taxes):

(` In Million)

For the year ended For the year ended

Particulars
31 March 2024 31 March 2023
Audit an limited review fee 8.15 8.15
Tax audit fee 0.20 0.20
Reimbursement of expenses 1.71 0.87
Total 10.06 9.22

Annual Report 2023-24 l 229

Notes to the standalone financial statements (Contd.)

31 TAX EXPENSES
(` In Million)

For the year ended For the year ended

Particulars
31 March 2024 31 March 2023
a) Amount recognised in the statement of profit and loss
Current tax 250.66 195.48
Deferred tax (credit) / charge
Attributable to-
Origination and reversal of temporary differences (40.69) 3.62
Income tax expense reported in the statement of profit and loss 209.97 199.10
b) Income tax recognised in other comprehensive income
On re-measurement of defined benefit obligation 0.07 2.29
On fair value changes on equity investment (5.45) -
Income tax charges / (credited) to OCI (5.38) 2.29
c) Reconciliation of tax expense and tax based on accounting profit:
Accounting profit before income tax expense 885.56 786.96
Tax at the company's domestic tax rate of 25.17% (31 March 2023: 25.17%) 222.88 198.06
Tax effect of:
Expenditure for which deduction is not allowed under Income Tax Act,1961 3.54 3.24
Tax effect on donation 0.02 0.06
Tax pertaining to previous years (18.19) -
Others 1.72 (2.26)
Income tax expense 209.97 199.10

d) Deferred tax
For the year ended 31 March 2024
(` In Million)

Recognised
Recognised in
As at in Other For the year ended
Particulars Statement of
1 April 2023 Comprehensive 31 March 2024
Profit and Loss
Income
Deferred tax liabilities
Property, plant and equipment and intangible assets 118.08 - (8.52) 109.56
Others 9.17 5.45 (5.88) 8.74
Total deferred tax liabilities (A) 127.25 5.45 (14.40) 118.30
Deferred tax assets
Provision for inventory obsolescence 15.07 - 13.30 28.37
Discount payable to customers, sales returns and 19.37 - (0.55) 18.82
customer claims
Provision for gratutity and compensated absences 1.07 0.07 4.05 5.19
Lease liability,net 0.02 - - 0.02
Loss allowances on financial assets, net 0.11 - 1.11 1.22
Others 1.97 - 8.38 10.35
Total deferred tax assets (B) 37.61 0.07 26.29 63.97
Net deferred tax liabilities (A-B) 89.64 5.38 (40.69) 54.33

230 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Notes to the standalone financial statements (Contd.)

(` In Million)

Recognised
Recognised in
As at in Other As at
Particulars Statement of
1 April 2022 Comprehensive 31 March 2023
Profit and Loss
Income
Deferred tax liabilities
Property, plant and equipment and intangible assets 125.54 - (7.46) 118.08
Provision for gratutity and compensated absences 3.46 - (3.46) -
Others 5.06 - 4.11 9.17
Total deferred tax liabilities (A) 134.06 - (6.81) 127.25
Deferred tax assets
Provision for inventory obsolescence 14.15 - 0.92 15.07
Discount payable and provision for sales returns 20.56 - (1.19) 19.37
and claim
Provision for bonus 5.37 - (5.37) -
Provision for gratutity and compensated absences - 2.29 (1.22) 1.07
Lease liability, net 0.02 - - 0.02
Loss allowances on financial assets, net 0.17 - (0.06) 0.11
Others 5.48 - (3.51) 1.97
Total deferred tax asset (B) 45.75 2.29 (10.43) 37.61
Net deferred tax liabilities (A-B) 88.31 (2.29) 3.62 89.64

The Company has elected to exercise the option of lower tax rate permitted under Section 115BAA of the Income Tax Act,
1961 as introduced by the Taxation Laws (Amendment) Ordinance, 2019.

32 EARNINGS PER SHARE [‘EPS’]

The following reflects the income and share data used in the basic and diluted EPS computations:

(` In Million)

For the year ended For the year ended

Particulars
31 March 2024 31 March 2023
Reconciliation of earnings
Basic EPS
Profit after tax attributable to equity holders of the Company (a) 675.59 587.86
Weighted average number of shares outstanding during the year for basic EPS (b) 3,09,03,478 3,04,37,904
Basic Earning per share (in `) (a/b) 21.86 19.31
Diluted EPS
Profit after tax attributable to equity holders of the Company for diluted EPS (c) 675.59 587.86
Weighted average number of shares outstanding during the year for diluted EPS (d) 3,15,63,753 3,08,41,334
Diluted Earning per share (in `) (c/d) 21.40 19.06
Weighted average number of shares outstanding during the year for basic EPS (b) 3,09,03,478 3,04,37,904
Add: Potential equity shares on employee's stock option 6,60,275 4,03,430
Total Weighted average number of shares outstanding during the year for diluted EPS (d) 3,15,63,753 3,08,41,334

Annual Report 2023-24 l 231

Notes to the standalone financial statements (Contd.)

33FINANCIAL INSTRUMENTS - FAIR VALUES AND RISK MANAGEMENT

Accounting classification and fair value
The following table shows the carrying amount and fair value of financial assets and financial liabilities including their
level of fair value hierarchy:

Fair value hierarchy

The section explains the judgement and estimates made in determining the fair values of the financial instruments that are:

a) recognised and measured at fair value

b) measured at amortised 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 Indian Accounting Standard.

The following table shows the carrying amounts of financial assets and financial liabilities as at 31 March 2024:

(` In Million)

Carrying Amount Fair Value Total

Particulars
31 March 2024 Level 1 Level 2 Level 3
Financial assets measured at amortised cost
Loans (non-current and current) 4.94 - - - -
Trade receivables 848.15 - - - -
Cash and cash equivalents 107.60 - - - -
Bank balance other than cash and cash equivalents 11.41 - - - -
Other financial assets (non-current and current) * 26.76 - - - -
Investment in bonds, commercial papers and others 128.63 - - - -
Financial assets measured at fair value through profit
or loss
Investment in mutual funds 238.14 - 238.14 - 238.14
Financial assets measured at fair value through other
comprehensive income
Investment in Surya Urja Two Private Limited 29.65 - - 29.65 29.65
Total financial assets 1,395.28 - 238.14 29.65 267.79
Financial liabilities measured at amortised cost
Lease liabilities 0.08 - - - -
Borrowings 422.00 - - - -
Trade payables 236.96 - - - -
Other financial liabilities (non-current and current excluding 167.55 - - - -
deferred consideration)
Financial liabilities measured at fair value through profit
or loss
Deferred consideration included in other financial liabilities 64.79 - - 64.79 64.79
[refer Note 19]
Total financial liabilities 891.38 - - 64.79 64.79

*Investment in equity shares of subsidiary are not appearing as financial asset in the table above being investment in subsidiary
accounted under Ind AS 27, Separate Financial Statements which is scoped out under Ind AS 109 “Financial Instruments”.

232 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Notes to the standalone financial statements (Contd.)

The following table shows the carrying amounts of financial assets and financial liabilities as at 31 March 2023:

(` In Million)

Carrying Amount Fair Value Total

Particulars
31 March 2024 Level 1 Level 2 Level 3
Financial assets measured at amortised cost
Loans (non-current and current) 82.97 - - - -
Trade receivables 551.11 - - - -
Cash and cash equivalents 56.95 - - - -
Bank balance other than cash and cash equivalents 203.06 - - - -
Other financial assets (non-current and current) ** 71.75 - - - -
Investment in bonds, commercial papers and others 426.57 - - - -
Financial assets measured at fair value through profit
or loss
Investment in mutual funds 955.13 - 955.13 - 955.13
Total financial assets 2,347.54 - 955.13 - 955.13
Financial liabilities measured at amortised cost
Lease liabilities 0.09 - - - -
Borrowings 191.14 - - - -
Trade payables 204.50 - - - -
Other financial liabilities (non-current and current) 133.82 - - - -
Total financial liabilities 529.55 - - - -

**Investment in equity shares of subsidiary are not appearing as financial asset in the table above being investment in subsidiary
accounted under Ind AS 27, Separate Financial Statements which is scoped out under Ind AS 109 “Financial Instruments”.
**Investment in equity shares of associate enterprise is not appearing as financial asset in the above table being investment in associates
accounted under Ind AS 28, which is scoped out under Ind AS 109 “Financial Instruments”.

Fair value hierarchy

Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices.

 evel 2: The fair value of financial instruments that are not traded in an active market (for example, traded bonds, over-
L
the-counter derivatives) is determined using valuation techniques which maximize the use of observable market data
and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are
observable, the instrument is included in level 2. This includes investment in mutual funds. The fair values of investments
in units of mutual fund are based on the Net Asset Value (NAV) as per the fund statement.

 evel 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in
L
level 3.

Fair valuation method

The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged
in a current transaction between willing parties, other than in a forced or liquidation sale. The following methods and
assumptions were used to estimate the fair values. Investments in mutual funds carried at fair value are generally based
on the Net Asset Value (NAV) as per the fund statement at the reporting date.

There were no transfers in either directions during the year ended 31 March 2024 and 31 March 2023.

Annual Report 2023-24 l 233

Notes to the standalone financial statements (Contd.)

Financial assets:
The Company has not disclosed the fair values for loans, trade receivables, cash and cash equivalents including other
bank balances, investments in bonds, commercial papers and others and other financial assets because their carrying
amounts are a reasonable approximation of their fair value.

Investments in mutual funds:

Fair value of unquoted mutual funds units are based on the Net Asset Value (NAV) at the reporting date.

Investment in equity instruments:

The fair value of the said investment is derived based on the estimated cashflows that is expected to be generated in
future and discounted for the present value using the risk free interest rate / weighted average cost of capital.

Financial liabilities:
Borrowing: It includes term loans, working capital demand loan and bill discounting facilities. Borrowings are classified
and subsequently measured in the standalone financial statements at amortised cost. Considering that the interest rate
on borrowings is reset on a periodic basis, the carrying amount of the borrowings would be a reasonable approximation
of its fair value.

 rade payables and other financial liabilities: Fair values of trade payables and other financials liabilities are measured
T
at balance sheet date value, as most of them are satisfied within a short period and so their fair values are assumed almost
equal to balance sheet date values.

Deferred consideration:
Discounted cash flow - The valuation model considers the present value of expected future payments discounted at risk
adjusted discount rate.

34 FINANCIAL RISK MANAGEMENT

The Company’s activities expose to a variety of financial risks: credit risk, liquidity risk and market risk.

Risk management
The Company’s Board of Directors have overall responsibility for the establishment and oversight of the Company’s risk
management framework. The Company’s risk management policies are established to identify and analyze the risks faced
by the Company, to set appropriate risk limits and controls and to monitor risks and adherence to limits. Risk management
policies and systems are reviewed regularly to reflect changes in market conditions and the Company’s activities. The
Company, through its training and management standards and procedures, aims to maintain a disciplined and constructive
control environment in which all employees understand their roles and responsibilities.

The Board of Directors has established the risk management committee, which is responsible for developing and monitor
the Company’s risk management policies. The committee reports regularly to the board of directors on its activities.

The Company’s risk management policies are established to identify and analyse the risks faced by the Company, to set
appropriate risk limits and controls and to monitor risks and adherence to limits. Risk management policies and systems
are reviewed regularly to reflect changes in market conditions and the Company’s activities. The Company, through its
training and management standards and procedure, aims to maintain a disciplined and constructive control environment
in which all employees understand their roles and obligations.

The Company’s Risk Management Committee along with Audit Committee overseas how management monitors
compliance with the Company’s risk management policies and procedures and reviews the adequacy of the risk
management framework in relation to the risks faced by the Company. The Risk Management Committee and Audit
Committee is assisted in its oversite role by the internal auditor.

234 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Notes to the standalone financial statements (Contd.)

(i) Credit Risk

Credit risk is the risk of financial loss to the Company, if a customer or counterparty to a financial instrument fails to
meet its contractual obligations, and arises principally from the Company’s receivables from customers and loans
given. Credit risk arises from cash held with banks and financial institutions, as well as credit exposure to clients,
including outstanding accounts receivables. The maximum exposure to credit risk is equal to the carrying value of
the financial assets. The objective of managing counterparty credit risk is to prevent losses in financial assets. The
Company assesses the credit quality of the counterparties, taking into account their financial position, past experience
and other factors. The carrying amount of financial asset represents the maximum credit exposure.

Trade and other receivables

The maximum exposure to credit risk at the reporting date is primarily from trade receivables. However, the
management also considers the factors that may influence the credit risk of its customer base. Customers of the
Company are spread across diverse industries and geographical areas. The Company limits its exposure to credit risk
from trade receivables by establishing a maximum credit period and takes appropriate measures to mitigate the risk
of financial loss from defaults. Recurring credit evaluation of credit worthiness is performed based on the financial
condition of respective customer.

Expected credit loss assessment for trade receivables as at 31 March 2024 and 31 March 2023 are as follows:
The Company establishes an allowance for credit loss that represents its estimate of expected losses in respect of
trade and other receivables based on past and the recent collection trend. The maximum exposure to credit risk as
at reporting date is primarily from trade receivables as at 31 March 2024 amounting to `848.15 million (31 March
2023: `551.11 million). The movement in allowance for credit loss in respect of trade and other receivables during
the year was as follows.

(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Balance as at the beginning of the year 0.42 0.66
Net measurement of loss allowance 4.44 (0.24)
Balance as at the end of the year 4.86 0.42

The following table provides information about the exposure to credit risk and expected credit loss for

trade receivables:

(` In Million)

As at 31 March 2024 Gross Weighted average Loss

carrying amount loss rate allowance
Current (not past due) 728.72 0.02% 0.15
0-90 days 104.18 0.65% 0.67
91-180 days 7.12 8.95% 0.64
181-270 days 9.33 2.96% 0.28
271-365 days 2.57 78.68% 2.03
> 365 days 1.09 100.00% 1.09
Balance as at the end of the year 853.01 4.86

Annual Report 2023-24 l 235

Notes to the standalone financial statements (Contd.)

(` In Million)

As at 31 March 2023 Gross Weighted average Loss

carrying amount loss rate allowance
Current (not past due) 470.10 0.02% 0.09
0-90 days 70.66 0.13% 0.09
91-180 days 9.06 1.33% 0.12
181-270 days 1.54 5.24% 0.08
271-365 days 0.17 21.69% 0.04
> 365 days - 100.00% -
Balance as at the end of the year 551.53 0.42

(ii) Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligation as they become due. The
Company’s approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet
its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses
or risking damage to the Company’s reputation. Management monitors rolling forecast of the Company’s liquidity
position and cash and cash equivalents on the basis of expected cash flows. This is generally carried out by the
management in accordance with practice and limits set by the Company.

In addition, the Company’s liquidity management policy involves projecting cash flows and considering the level
of liquid assets necessary to meet these, monitoring balance sheet liquidity ratios against internal and external
regulatory requirements and maintaining debt financing plans.

The Company maintains the line of credit as stated in note 17.

The Company invests its surplus funds in bank fixed deposit and liquid and liquid plus schemes of mutual funds,
which carry no/low mark to market risks.

The table below provides details regarding the contractual maturities of significant financial liabilities as at 31 March
2024 and 31 March 2023. The amounts are gross and undiscounted contractual cash flow includes contractual interest
payment and excludes netting arrangements:

As at 31 March 2024

(` In Million)

Particulars Contractual cash flows

Carrying Total 0-1 year 1-3 years 3 years
Amount and above
Borrowings 422.00 422.00 107.83 206.10 108.07
Lease liabilities 0.08 0.45 0.02 0.02 0.41
Trade payables 236.96 236.96 236.96 - -
Other financial liabilities 232.34 232.34 232.34 - -
Total 891.38 891.75 577.15 206.12 108.48

236 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Notes to the standalone financial statements (Contd.)

As at 31 March 2023

(` In Million)

Particulars Contractual cash flows

Carrying Total 0-1 year 1-3 years 3 years
Amount and above
Borrowings 191.14 191.14 191.14 - -
Lease liabilities 0.09 0.45 0.02 0.02 0.41
Trade payables 204.50 204.50 204.50 - -
Other financial liabilities 133.82 133.82 133.82 - -
Total 529.55 529.91 529.48 0.02 0.41

(iii) Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes
in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and equity price risk as
discussed below:

A) Currency risk
The Company is exposed to currency risk to the extent that there is a mismatch between the currencies in which sales
and purchases are denominated and the respective functional currency of the Company. The functional currency of
the Company is primarily INR. The currencies in which these transactions are primarily denominated are USD, EUR,
JPY etc.

Management monitors the movement in foreign currency and the Company’s exposure in each of the foreign
currency. Based on the analysis and study of movement in foreign currency, the Company decides to exchange its
foreign currency.

Exposure to currency risk

The summary quantitative data about the Company’s exposure to currency risk as reported to management is
as follows:

(` In Million)

As at 31 March 2024 As at 31 March 2023

Particulars Currency Amount in Amount in
Amount in ` Amount in `
foreign currency foreign currency
Trade receivables USD 1.91 159.64 1.10 90.79
Trade payables USD 0.14 11.36 0.34 28.01
EURO 0.05 4.08 0.02 2.23
JPY 39.23 21.61 5.23 3.24
Bank accounts - EEFC USD 0.33 27.51 0.17 13.61
EURO* - 0.16 - 0.06
Creditors for capital goods USD 0.01 0.71 - -

* The amount’s are less than €0.01 million and hence disclosed as (-)

Annual Report 2023-24 l 237

Notes to the standalone financial statements (Contd.)

Sensitivity analysis
A reasonably possible strengthening (weakening) of the USD, EURO and JPY against INR at 31 March 2024 and 31
March 2023 would have affected the measurement of financial instruments denominated in foreign currency and
affected equity and profit and loss by the amounts shown below. This analysis assumes that all other variables, in
particular interest rates, remain constant.

(` in million)

Particulars Profit and loss Equity, net of tax

Strengthening Weakening Strengthening Weakening
31 March 2024
USD (1% movement) 1.75 (1.75) 1.31 (1.31)
EURO (1% movement) (0.04) 0.04 (0.03) 0.03
JPY (1% movement) (0.22) 0.22 (0.16) 0.16
31 March 2023
USD (1% movement) 0.76 (0.76) 0.57 (0.57)
EURO (1% movement) (0.02) 0.02 (0.02) 0.02
JPY (1% movement) 0.03 (0.03) 0.02 (0.02)

B) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because
of changes in market interest rates. The Company’s borrowings comprises of bill discounting and term loan which
carries variable rate of interest, which expose it to interest rate risk.

(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Variable rate borrowings 422.00 191.14

Sensitivity analysis
(` in million)

Particulars Profit and loss Equity, net of tax

25 basis 25 basis 25 basis 25 basis
points Increase points Decrease points Increase points Decrease
31 March 2024
Variable rate borrowings 1.05 (1.05) 0.79 (0.79)
31 March 2023
Variable rate borrowings 0.48 (0.48) 0.36 (0.36)

35 CAPITAL MANAGEMENT
The Company’s policy is to maintain stable and strong capital base structure with a focus on total equity so as to
maintain investor, creditor and market confidence and to sustain future development and growth of the business. The
Company monitor’s the return on capital as well as the level of dividends on its equity shares. The Company’s objective
when managing capital is to maintain an optimal structure so as to maximize shareholder value and safeguard its ability
to continue as a going concern.

238 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Notes to the standalone financial statements (Contd.)

The Company monitors capital using a ratio of ‘adjusted net debt’ to equity’. For the purpose of Company’s capital
management, adjusted net debt is defined as short-term borrowings less cash and cash equivalent, bank balance other
than cash and cash equivalents and current investments and total equity includes issued capital and all other equity
reserves. and excludes lease liabilities.

The Company’s adjusted net debt equity ratio are as follows:

(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Borrowings(current and non-current) 422.00 191.14
Less : Cash and cash equivalent and other bank balances 119.01 260.01
Less : Current investments 336.10 1,351.03
Adjusted net debt (33.11) (1,419.90)
Total equity 5,218.69 4,181.35
Net Debt to Equity Ratio - -

No changes were made in the objectives, policies or processes for managing capital during the year ended 31 March 2024
and 31 March 2023.

36 RELATED PARTY DISCLOSURE

(i) Name of related parties and description of relationship:

Entity having a significant influence Evergraph Holdings Pte. Limited (till 30 September 2023)
Subsidiary 1) Exotech Plastics Private Limited
2) Walter Pack Automotive Products India Private Limited (w.e.f. 4 July 2023)
Wholly owned subsidiary of Walter Plastoranger Advanced Technologies Private Limited (w.e.f. 3 July 2023)
Pack Automotive Products India
Private Limited
Associate Suryaurja Two Private Limited (w.e.f. 13 April 2022 till 23 June 2023)
Key management personnel (KMP) 1. Mr. K. A. Joseph (Managing Director and Shareholder)
2. Mr. Sanjay Thapar (Executive Director, CEO and Shareholder)
3. Mr. Kevin Joseph (Executive Director)
4. Mr. Mahendra Kumar Naredi (Chief Financial Officer)
5. Mr. Thabraz Hushain. W (Company secretary and compliance officer)
6. Mr. Ramesh C Jain (Independent director)
7. Mrs. Veni Thapar (Independent director)
8. Mr. Mathias Frenzel (Independent director)
Transaction with the parties in which 1. Sanders Consulting Private Limited (Shareholder)
directors are interested
Relative of key management personnel 1. Mrs. Daisy Joseph (Wife of Mr. K. A. Joseph)
with whom the transactions took place
2. Ms. Nikita Joseph (Daughter of Mr. K. A. Joseph)

The Company does not have any holding/ultimate holding company.

Annual Report 2023-24 l 239

Notes to the standalone financial statements (Contd.)

(ii) The following table is the summary of significant transactions with related parties by the Company:
(` In Million)

For the year ended For the year ended

Particulars Type of transaction
31 March 2024 31 March 2023
Exotech Plastics Private Limited Inter-corporate loan given 58.00 60.00
Exotech Plastics Private Limited Inter-corporate loan repaid 138.00 -
Exotech Plastics Private Limited Sale of goods 14.40 14.60
Exotech Plastics Private Limited Purchase of goods 29.55 4.07
Exotech Plastics Private Limited Sale of property, plant and 0.02 -
equipment
Exotech Plastics Private Limited Interest income* 9.32 3.14
Exotech Plastics Private Limited Expenses incurred on behalf of 4.36 3.18
Exotech Plastics Private Limited Expenses towards share based payments 3.25 1.68
Walter Pack Automotive Products India Private Sale of goods 83.87 -
Limited
Walter Pack Automotive Products India Private Purchase of goods 2.87 -
Limited
Walter Pack Automotive Products India Private Sale of property, plant and equipment 0.62 -
Limited
Walter Pack Automotive Products India Private Expenses towards share based 4.19 -
Limited payments
Walter Pack Automotive Products India Private Liability towards customer claims 20.78 -
Limited
Evergraph Holdings Pte. Limited Expenses incurred on behalf of 1.67 47.91
Ramesh C Jain Directors Sitting fees 1.33 1.08
Veni Thapar Directors Sitting fees 1.73 1.50
Mathias Frenzel Directors Sitting fees 0.95 0.72

(iii) Compensation of Key Management Personnel (‘KMP’)*

(` In Million)

For the year ended For the year ended

Particulars Type of transaction
31 March 2024 31 March 2023
Mr. K.A. Joseph Employee benefits expense 29.18 26.56
Mr. Sanjay Thapar Employee benefits expense 49.07 34.66
Mr. Kevin K Joseph Employee benefits expense 3.00 1.20
Mr. Mahendra Kumar Naredi Employee benefits expense 13.96 5.50
Mr. Thabraz Hushain Employee benefits expense 1.73 1.45

*As the liability for gratuity and compensated leave absences is provided on an actuarial basis for the Company as a whole, the
amount pertaining to the directors are not included above.

The Board of Directors of the Company in its meeting held on 26 July 2023 approved the managerial remuneration
of Mr. Sanjay Thapar, which was in excess of the prescribed limits under section 197 of the Companies Act, 2013.
Subsequently, the Company has also obtained the approval of shareholders in its 18th Annual General Meeting held
on 04 September 2023.

Terms and conditions

All transactions with these related parties are at arm’s length basis

240 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Notes to the standalone financial statements (Contd.)

(iv) Balance receivable from and payable to related parties as at the balance sheet date:
(` In Million)

As at As at
Particulars Type of transaction
31 March 2024 31 March 2023
Exotech Plastics Private Limited Inter-corporate loan - 80.00
Exotech Plastics Private Limited Trade receivable 7.99 5.08
Exotech Plastics Private Limited Interest receivable - 2.95
Exotech Plastics Private Limited Trade payable 3.38 0.57
Exotech Plastics Private Limited Expenses towards share based 4.93 1.68
payments
Walter Pack Automotive Products India Private Trade receivable 37.55 -
Limited
Walter Pack Automotive Products India Private Trade payable 0.38 -
Limited
Walter Pack Automotive Products India Private Expenses towards share based 4.19 -
Limited payments
Walter Pack Automotive Products India Private Liability towards customer claims 20.78 -
Limited
Evergraph Holdings Pte. Ltd. Expense reimbursable receivable 1.67 47.91

37 CORPORATE SOCIAL RESPONSIBILITY (‘CSR’) EXPENDITURE

Details of CSR expenditure are as follows:
(` In Million)

For the year ended For the year ended

Particulars
31 March 2024 31 March 2023
Amount required to be spent by the Company during the year 14.05 12.88
Amount approved by the Board during the year 14.05 12.88
Amount spent during the year
- construction / acquisition of any asset 3.19 2.38
- on purpose other than above 10.86 10.50
Shortfall at the end of the year - -
Amount spent on account of previous year shortfall
- construction / acquisition of any asset - -
- on purpose other than above - -
Total of previous years shortfall - -
Transaction with the related party Nil Nil
Movements in provisions NA NA
Nature of CSR activity Promoting education, Sports, Save drinking
water, Healthcare, Sanitation, Rural
development and Eradicating hunger

Annual Report 2023-24 l 241

Notes to the standalone financial statements (Contd.)

38 COMMITMENTS AND CONTINGENT LIABILITIES

(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
i) Capital Commitments

Estimated amounts of contracts remaining to executed on capital account and not 7.26 1.48
provided for
ii) Contingent liabilities
Guarantee deposits with banks - 0.10
Income tax [refer Note (b) and (c) below] 18.01 17.11
Claim towards freehold land [refer Note (a) below] - 20.40

(a) The claim has been settled during the year in favour of the Company.

(b) This includes a demand notice for the assessment year 2020-21 for additional tax of `17.11 million from the Income
tax department for the disallowance of non compete fees paid to the commission agents as per termination agreement which
is considered as capital expenditure .The Company has filed an appeal against this order and the appeal is pending with the
commissioner appeals.

(c) This also includes a demand notice for the assessment year 2018-19 for additional tax of `0.90 million from the Income
tax department for the disallowance of Gratuity paid ` 2.45 million and Leave salary paid `0.04 million, due to the
error in disclosure. The Company has filed an appeal against this order and the appeal is pending with the Income
Tax Appellate Tribunal.

39
EMPLOYEE SHARE BASED PAYMENT PLAN
a) Description of share-based payment plan
The ‘SJS Enterprises - Employee Stock Option Plan 2021’ (‘SJS ESOP -2021’) plan was approved by the shareholders
at the extraordinary general meeting held on 14 July 2021 and subsequently by Nomination and remuneration
committee vide their meeting held on 19 July 2021. The Plan entitles the employees (including the employees of
subsidiary) with a right but not an obligation to purchase or subscribe at a future date the shares underlying the
option at a pre-determined price, subject to compliance with vesting conditions; all exercised options shall be settled
as provided under the SJS ESOP-2021 plan. As per the plan, holders of vested options are entitled to purchase one
equity share for every option at an exercise price as mentioned in the ESOP Offer letter.

The equity shares covered under these options vest at various dates over a period ranging from three to five years
from the date of grant based on the length of service completed by the employee from the date of grant.

The exercise period is six months from the respective date of vesting or within thirty days from the resignation of
employee whichever is earlier.

242 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Notes to the standalone financial statements (Contd.)

b) The reconciliation of the share options under the share option plan are as follows:
(` In Million)

As at 31 March 2024 As at 31 March 2023

Particulars Weighted average Weighted average
No of options No of options
exercise price exercise price
Outstanding at the beginning of the year 267.76 13,12,500 263.86 11,99,500
Granted during the year* 489.59 3,09,000 297.97 1,59,000
Forfeited and lapsed during the year** 266.90 (11,500) 270.47 (46,000)
Outstanding at the end of the year 310.37 16,10,000 267.76 13,12,500
Exercisable at the end of the year - - - -

(i) The weighted average remaining contractual life is of 1.78 years (31 March 2023: 2.39 years).

(ii) During the year, the Company has granted 2,00,000 ESOPs amounting to ` 9.30 million, under SJS ESOP-2021 to KMP.

c) The fair value per option is measured based on the Black-Scholes option pricing model, which is as below:

Measurement of fair value Number of options Range of fair value

per option
As on 1 April 2023 to 31 March 2024 16,10,000 `53.46 to `416.60
As on 1 April 2022 to 31 March 2023 13,12,500 `53.46 to `289.19

d) The fair value per options mentioned above is calculated on the grant date using the Black-Scholes option
pricing model with the following assumptions:
Fair value of share options granted during the year ended 31 March 2024:
Options were priced using a Black- Scholes method of valuation at grant date. Inputs into the model are stated
below:-

Particulars Grant ID
GT15MAY2023 GT26JULY2023 GT07NOV2023
Number of options 9,000 2,00,000 1,00,000
Fair value of the share options (`) 283.84 286.94 381.01
Grant date share price (`) 475.60 609.25 700.45
Exercise price (`) 327.98 500.00 483.32
Risk free interest rate 7.15% 7.08% 7.28%
Dividend yield 0.78% 0.78% 0.78%
Expected volatility 49.21% 44.33% 45.00%
Expected life 4.38 years 4.19 years 4.5 years

Annual Report 2023-24 l 243

Notes to the standalone financial statements (Contd.)

Fair value of share options granted during the year ended 31 March 2023:
Options were priced using a Black- Scholes method of valuation at grant date. Inputs into the model are stated
below:-

Particulars Grant ID
GT10NOV2022 GT10NOV2022A
Number of options 1,19,000 40,000
Fair value of the share options (`) 267.93 259.68
Grant date share price (`) 470.45 470.45
Exercise price (`) 289.18 324.14
Risk free interest rate 7.15% 7.15%
Dividend yield 0.78% 0.78%
Expected volatility 48.45% 49.21%
Expected life 3.89 years 4.23 years

The expenses towards share based payments incurred during the year is `40.37 million (31 March 2023: `23.20
million).

During the year, the Company recorded a share based payment expense of 31 March 2024: `40.37 million (31 March
2023: `23.20 million) in the statement of profit and loss, net off expenses recharged to subsidiaries amounting to
`7.44 million (31 March 2023: `1.68 million).

40 ASSETS AND LIABILITIES RELATING TO EMPLOYEE BENEFITS

(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Provision for compensated absence 4.38 1.11
Provision for gratuity 16.26 3.12
Total employee benefit liabilities 20.64 4.23
Non-current - -
Current 20.64 4.23

The Company operates the following post-employment defined benefit plan

(a) Defined benefit plans (funded):
The Company operates post-employment defined benefit plan that provide gratuity, governed by the Payment
of Gratuity Act,1972. Employees who are in continuous service for a period of 5 years arc eligible for gratuity.
The amount of gratuity payable on retirement/termination is the employees last drawn salary per month
computed proportionately for 15 days salary multiplied for the number of years of service or part thereof
in excess of six months. The gratuity plan is a funded plan. The Company does not fully fund the liability and
maintains a target level of funding to be maintained over a period of time based on estimations of expected
gratuity payments.

These defined benefit plans expose the Company to actuarial risks., such as longevity risk. currency risk, interest rate
risk and market (investment) risk.

A. Funding
Company’s gratuity scheme for employees is administered through a trust with the SBI Life Insurance Company
Limited. The funding requirements are based on the gratuity fund’s actuarial measurement framework set out in the

244 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Notes to the standalone financial statements (Contd.)

funding policies of the plan. The funding is based on a separate actuarial valuation for funding purposes for which
the assumptions may differ from the assumptions set out in (E). Employees do not contribute to the plan.

B. Reconciliation of net defined benefit liability

The following table shows a reconciliation from the opening balances to the closing balances for the net defined
assets / liability and its components

Reconciliation of present value of the defined benefit obligation

(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Obligation at the beginning of the year 96.32
Current service cost 11.50
Interest cost 6.80
Benefits paid (1.84)
Actuarial gain / (losses) on obligations recognised in recognised in Other
Comprehensive Income (OCI)
Changes in financial assumption (0.83)
Change in demographic assumptions (0.31)
Experience adjustment 10.62
Obligation at the end of the year 122.26
Reconciliation of present value of the plan assets
Plan assets at the beginning of the year at fair value 119.14 107.82
Interest income on plan assets 8.69 7.80
Contributions - 5.00
Benefits paid (1.64) (1.84)
Return on plan assets excluding interest income recognised in OCI (0.30) 0.36
Plan assets at the end of the year at fair value 125.89 119.14
Net defined benefit (liability) / assets (16.26) (3.12)

C. (i) Expense recognised in the statement of profit or loss

(` In Million)

For the year ended For the year ended

Particulars
31 March 2024 31 March 2023
Current service cost 12.46 11.50
Interest cost 9.11 6.80
Interest income (8.69) (7.80)
Net gratuity cost 12.88 10.50

(ii) Remeasurement recognised in other comprehensive Income

(` In Million)

For the year ended For the year ended

Particulars
31 March 2024 31 March 2023
Actuarial loss on defined benefit obligation (0.04) 9.48
Return on plan assets, excluding interest income 0.30 (0.36)
Total 0.26 9.12

Annual Report 2023-24 l 245

Notes to the standalone financial statements (Contd.)

D. Plan assets
(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Insurance fund 125.89 119.14
Total 125.89 119.14

E. Defined benefit obligation

(i) Actuarial Assumption:
(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Rate of return on plan assets 7.35% 7.13%
Discounting rate 7.18% 7.50%
Future salary growth 11.68% 12.50%
Attrition rate 14.45% 15.86%
Mortality rate Indian Assured Lives Indian Assured Lives
Mortality (2012- Mortality (2012-
14) Ultimate 14) Ultimate
Weighted average duration of Defined benefit obligation (in years) 9.22 8.70
Retirement age 58 Years 58 Years
Notes:
(i) The discount rate is based on the prevailing market yield on Governmental Securities as at the balance sheet date for
the estimate defined obligations.

(ii) The expected return on plan assets is determined considering several applicable factors mainly the composition of the
plan assets held, assessed risk of asset management. historical results of the return on plan assets and the Company’s
policy for plan asset management.

(iii) The estimate of future salary increases considered in actuarial valuation takes in to account inflation, seniority,
promotion and other relevant factors such as supply and demand in the employment market.

(ii) Sensitivity analysis

Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding other
assumptions constant, would have affected the defined benefit obligation by the amounts shown below:

(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Projected benefit obligation on Current assumption 142.15 122.26
Impact of change in discount rate by +1% (10.36) (8.87)
Impact of change in discount rate by -1% 11.78 10.08
Impact of change in salary rate by +1% 5.78 4.90
Impact of change in salary rate by -1% (6.00) (5.14)
Impact of change in employee turnover rate by +1% (1.64) (1.58)
Impact of change in employee turnover rate by -1% 1.78 1.71
Impact of change in mortality rate by +10% (0.04) (0.04)

246 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Notes to the standalone financial statements (Contd.)

F. Maturity profile of defined benefit obligation

The Defined benefit obligation shall mature after the year ended 31 March 2024 as follows:

(` In Million)

As at
Particulars
31 March 2024
Year ended:
31 March 2024 12.66
31 March 2025 11.11
31 March 2026 9.22
31 March 2027 9.70
31 March 2028 6.85
After 31 March 2028 92.61

(b) Defined contribution plan:

The Company makes contributions for qualifying employees to Provident Fund and other defined contribution
plans. During the year, the Company recognised `12.00 million (31 March 2023 : `12.93 million) towards defined
contribution plans.

41 SEGMENT INFORMATION
The Company is engaged in the business of manufacturing of decorative aesthetic products primarily for automotive
and consumer appliance industry such as automotive dials, overlays, badges and logos. The Managing Director being
the Chief Operating Decision Maker (CODM) evaluates the Company’s performance and allocates resources based on
an analysis of various performance indicators by industry classes. All operating segments operating results are reviewed
regularly by CODM to make decisions about resources to be allocated to the segments and assess their performance.
CODM believes that these are governed by same set of risks and returns hence, CODM reviews them as one component.
Further, the economic environment in which the Company operates is significantly similar and not subject to materially
different risk and rewards. The revenues, total expenses and net profit as per the Statement of profit and loss represents
the revenue, total expenses and net profit of the sole reportable segment.

A Geographical information
The geographical information analyses the Company’s revenue from external customers and non - current assets
of its single reportable segment by the Company’s country of domicile (i.e. India) and other countries. In presenting
the geographical information, segment revenue has been based on the geographical location of the customer and
segment assets which have been based on the geographical location of the assets.

Revenue from operations

(` In Million)

For the year ended For the year ended

Particulars
31 March 2024 31 March 2023
Revenue from external customers
India 3,172.43 2,643.28
Rest of the world 461.18 318.64
Total 3,633.61 2,961.92

Non current assets

All non – current assets other than financial instruments of the Company are located in India.

Annual Report 2023-24 l 247

Notes to the standalone financial statements (Contd.)

B Major customer
Following is the breakup of customer individually accounted for more than 10% of the revenue from external
customers during the year ended 31 March 2024 and 31 March 2023.

(` In Million)

For the year ended For the year ended

Particulars
31 March 2024 31 March 2023
Customer A 595.42 632.69
Customer B 574.76 398.29
Customer C 469.46 354.65
Customer D 297.06 307.85
Total 1,936.70 1,693.48

42 DETAILS OF NON - CURRENT INVESTMENTS PURCHASED AND SOLD DURING THE YEAR UNDER SECTION 186(4)
OF THE ACT
(a) Investment in equity instruments **
(` In Million)

Subsidiaries Face Value As at 01 Purchased Sold during As at 31

per unit April 2023 during the year the year March 2024
Exotech Plastics Private Limited (Subsidiary) ` 10 640.00 - - 640.00
(2,800,000)* (2,800,000)*
Surya Urja Two Private Limited (Associate) ` 10 6.00 2.00 - 8.00
(6,00,000)* (2,00,000)* (2,00,000)*
Walter Pack Automotive Products India ` 100 - 2,385.74 - 2,385.74
Private Limited (31,544,200)* (31,544,200)*
* The amounts in parenthesis represents number of shares

(b) Details of inter corporate loans given during the year under section 186(4) of the Act **
(` In Million)

Name of borrower Rate Nature of As at 01 Given Repayment As at 31

of interest relationship April 2023 during during March 2024
the year the year
Unsecured
Exotech Plastics Private Limited 9% Subsidiary 80.00 58.00 138.00 -

**Refer note 36
The inter corporate loans has been given to this subsidiary in the normal course of business for its operations.

248 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Notes to the standalone financial statements (Contd.)

43 ADDITIONAL REGULATORY INFORMATION

a) Analytical ratio
(` In Million)

Particulars Numerator Denominator For the year For the year Variance Reason for variances
ended 31 ended 31 (%)
March 2024 March 2023
Current ratio (in Total Total 2.59 4.20 -38.33% The variance is due to
times) current assets current liabilities decrease in investments
and bank balance and there
is increase in borrowing
during the year as compared
to previous financial year
due to acquisition of Walter
Pack Automotive Products
India Private Limited
Debt – equity ratio Debt, consisting Total equity 0.08 0.05 60.00% Variance due to movement
(in times) of borrowing and in borrowings for the
lease liabilities purpose of acquisition of
Walter Pack Automotive
Products India
Private Limited
Debt service Earnings available Debt Service 18.89 108.54 -82.60% Variance due to movement
coverage ratio (in for debt service in borrowings for the
times) purpose of acquisition of
Walter Pack Automotive
Products India
Private Limited
Return on equity Net Profits for the Average 14.37% 15.16% -0.78%
(in %) year – Preference total equity
Dividend (if any)
Inventory turnover Cost of goods sold Average 4.47 3.66 22.13%
ratio (in times) or sales inventory
Trade receivables Revenue Average trade 5.19 5.21 -0.38%
turnover ratio (in from operations receivables
times)
Trade payables Net Average 6.42 6.55 -1.98%
turnover ratio (in Credit Purchases Trade Payables
times)
Net capital turnover Revenue Working capital 3.51 1.51 132.45% Variance due to movement
ratio (in times) from operations in WC i.e. in investments
and bank balance and
borrowing during the year
Net profit ratio (in Net Profit for Revenue 18.59% 19.85% -1.25%
%) the year from operations
Return on capital Profit before Capital 17.45% 17.79% -0.34%
employed (in %) finance cost Employed
and taxes
Return on Realised and Average 4.38% 5.22% -0.84%
investment (in %) unrealised gain invested funds
on investment
Note
Earnings available for debt service = Net Profit after taxes + Non-cash operating expenses + Finance cost + other non
cash adjustments
Debt service = Interest and Lease Payments + Principal repayments
Working capital = Total current assets minus total current liabilities
Capital Employed = Tangible net worth + Lease liability + Deferred tax liability

Annual Report 2023-24 l 249

Notes to the standalone financial statements (Contd.)

44 No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources
or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entities (“Intermediaries”)
with the understanding, whether recorded in writing or otherwise, that the Intermediary shall lend or invest in party
identified by or on behalf of the Company (Ultimate Beneficiaries).

The Company has not received any fund from any party(s) (Funding Party) with the understanding that the Company
shall whether, directly or indirectly lend or invest in other persons or entities identified by or on behalf of the Company
(“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

45 OTHER STATUTORY INFORMATION :

i) The Company does not have any Benami property or any proceeding is pending against the Company for holding
any Benami property.
ii) The Company does not have any charges or satisfaction which is yet to be registered with Registrar of Companies
beyond the statutory period.
iii) The Company has not traded or invested in crypto currency or virtual currency during the financial year.
iv) The Company is not classified as willful defaulter.
v) The Company doesn’t have any transaction which is not recorded in the books of accounts that has been surrendered
or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 such as search or survey.
vi) The Company did not have any transactions with companies struck off under Section 248 of the Companies Act,
2013 or Section 560 of Companies Act, 1956
vii) The Company does not have any investment property during the financial year.
viii) The Company has not granted any loans or advances in the nature of loans to promoters, directors, KMPs and the
related parties (as defined under Companies Act,2013), during the financial year which are repayable on demand or
without specifying any terms or period of repayment.
ix) The Company has complied with the number of layers prescribed under the companies Act, 2013.
x) The Company has not entered into any scheme of arrangement which has an accounting impact on current or
previous financial year.
xi) The Company has borrowings from banks and financial institutions on the basis of security of current assets. The
quarterly returns or statement of current assets filled by the Company with the banks / financial institutions are in
agreement with the books of accounts.

46 EVENTS AFTER REPORTING PERIOD

There have been no material events since the end of the reporting period which would require disclosure or adjustment
to the standalone financial statements for the year ended 31 March 2024.

As per our report of even date attached for and on behalf of Board of Directors of

for B S R & Co. LLP S.J.S. Enterprises Limited

Chartered Accountants
Firm’s registration number: 101248W/W-100022

Umang Banka K A Joseph Sanjay Thapar Mahendra Kumar Naredi Thabraz Hushain. W
Partner Managing Director CEO and Executive Director Chief Financial Officer Company Secretary
Membership number: 223018 DIN: 00784084 DIN: 01029851 PAN: AEWPN9414M PAN: ABVPW4613P

Place: Bengaluru Place: Bengaluru Place: Bengaluru Place: Bengaluru Place: Bengaluru
Date: 20 May 2024 Date: 20 May 2024 Date: 20 May 2024 Date: 20 May 2024 Date: 20 May 2024

250 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Independent Auditor’s Report

To the Members of S.J.S Enterprises Limited consolidated changes in equity and consolidated cash flows
for the year then ended.
REPORT ON THE AUDIT OF THE CONSOLIDATED FINANCIAL
STATEMENTS Basis for Opinion
We conducted our audit in accordance with the Standards
Opinion
on Auditing (SAs) specified under Section 143(10) of
We have audited the consolidated financial statements of S.J.S
the Act. Our responsibilities under those SAs are further
Enterprises Limited (hereinafter referred to as the “Holding
described in the Auditor’s Responsibilities for the Audit of
Company”) and its subsidiaries (Holding Company and its
the Consolidated Financial Statements section of our report.
subsidiaries together referred to as “the Group”), which
We are independent of the Group in accordance with the
comprise the consolidated balance sheet as at 31 March 2024, ethical requirements that are relevant to our audit of the
and the consolidated statement of profit and loss (including consolidated financial statements in terms of the Code of
other comprehensive income), consolidated statement of Ethics issued by the Institute of Chartered Accountants of
changes in equity and consolidated statement of cash flows India and the relevant provisions of the Act, and we have
for the year then ended, and notes to the consolidated fulfilled our other ethical responsibilities in accordance with
financial statements, including material accounting policies these requirements. We believe that the audit evidence we
and other explanatory information (hereinafter referred to as have obtained is sufficient and appropriate to provide a basis
“the consolidated financial statements”). for our opinion on the consolidated financial statements.

In our opinion and to the best of our information and Key Audit Matters
according to the explanations given to us, the aforesaid Key audit matters are those matters that, in our professional
consolidated financial statements give the information judgment, were of most significance in our audit of the
required by the Companies Act, 2013 (“Act”) in the manner consolidated financial statements of the current period. These
so required and give a true and fair view in conformity with matters were addressed in the context of our audit of the
the accounting principles generally accepted in India, of the consolidated financial statements as a whole, and in forming
consolidated state of affairs of the Group as at 31 March 2024, our opinion thereon, and we do not provide a separate
of its consolidated profit and other comprehensive income, opinion on these matters.

Revenue recognition
See Note 2(a) to consolidated financial statements
The key audit matter How the matter was addressed in our audit
Revenue from sale of goods in the ordinary course is In view of the significance of the matter, we applied the
recognized at contract price after deduction of any trade following audit procedures in this area, amongst others, to
discounts, volume rebates and any taxes or duties collected on obtain audit evidence:
behalf of the government when the control of the goods has
been transferred to the customer and there is no unfulfilled 1. We evaluated the revenue recognition accounting
performance obligation. policies by comparing it with the applicable
accounting standards.
Revenue from sale of goods is recognised primarily at the
point in time when the goods are delivered or dispatched to 2. We, together with the IT specialists, tested the design,
the customer, as the case may be. implementation and operating effectiveness of key
controls over recognition of revenue.
The Company and its external stakeholders focus on revenue
as a key performance metric. Revenue recognition has been 3. On a sample basis, we tested the revenue transactions
identified as a key audit matter as there could be incentives recorded during the year by verifying the underlying
or external pressures to meet expectations resulting in documents such as sales orders, contractual terms
revenue being overstated or recognized before the control has of the invoice and the delivery receipts or proof of
been transferred. dispatch, as the case may be.

Annual Report 2023-24 l 251

Independent Auditor’s Report (Contd.)

Revenue recognition
See Note 2(a) to consolidated financial statements
The key audit matter How the matter was addressed in our audit
4. We tested, on a sample basis, specific revenue
transactions recorded before and after the financial
year-end date to determine that revenue is recognised
in the financial period in which control is transferred,
based on the terms and conditions set out in sales
orders, sales invoice and delivery receipts.

5. We scrutinised journal entries posted to revenue

account, based upon specific risk based criteria, to
identify unusual or irregular items.

Business Combination
See Note 2(a) to consolidated financial statements
The key audit matter How the matter was addressed in our audit
On 04 July 2023, the Group acquired 90.1% stake in Walter Pack In view of the significance of the matter we applied the
Automotive Products India Private Limited. following audit procedures in this area, amongst others, to
obtain audit evidence:
The Group has accounted for such acquisition as business
combination as per acquisition method of Ind AS 103 ‘Business 1. We tested the design, implementation and operating
Combinations’. The Group has recognised identifiable assets effectiveness of the key internal controls relating to
(including intangible assets) and liabilities at their acquisition- accounting for the business combination.
date fair values and excess of consideration transferred and
amount of non-controlling interest over the acquisition date fair 2. We read the Share Purchase Agreement and
value of identifiable assets and liabilities recognizing has been Amendment Agreement to understand the key terms
recognised as Goodwill. and conditions of the acquisition.

The fair value and allocation of the purchase price to the 3. We assessed the competence, objectivity and capability
respective assets and liabilities acquired was determined by of the external valuation expert engaged by the Group.
the Group with the assistance of an external valuation expert.
4. We evaluated the cash flow forecasts and the key
Accounting for business combinations involves judgments in assumptions such as growth rates, profitability and
relation to measurement of fair values of identifiable assets discount rate applied within the valuation model.
acquired and liabilities assumed on acquisition.
5. We involved internal valuation specialists to assess the
Given the complexity and judgment involved in fair value method and key assumptions used in determining the
measurement and significance of the acquisition made, this is fair values of identifiable assets acquired and liabilities
considered to be a key audit matter. assumed as at the acquisition date.

6. We evaluated the accounting treatment and adequacy

of the disclosures in respect of the acquisition in
accordance with the requirements of Ind AS 103
‘‘Business Combinations’’.

252 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Independent Auditor’s Report (Contd.)

OTHER INFORMATION records, relevant to the preparation and presentation of the

The Holding Company’s Management and Board of consolidated financial statements that give a true and fair
Directors are responsible for the other information. The view and are free from material misstatement, whether due
other information comprises the information included in the to fraud or error, which have been used for the purpose of
Holding Company’s Annual Report, but does not include preparation of the consolidated financial statements by the
the financial statements and auditor’s report thereon. The Management and Board of Directors of the Holding Company,
Holding Company’s Annual Report is expected to be made as aforesaid.
available to us after the date of this auditor’s report.
In preparing the consolidated financial statements, the
Our opinion on the consolidated financial statements does respective Management and Board of Directors of the
not cover the other information and we will not express any companies included in the Group are responsible for assessing
form of assurance conclusion thereon. the ability of each company to continue as a going concern,
disclosing, as applicable, matters related to going concern
In connection with our audit of the consolidated financial and using the going concern basis of accounting unless the
statements, our responsibility is to read the other information
respective Board of Directors either intends to liquidate the
identified above when it becomes available and, in doing
Company or to cease operations, or has no realistic alternative
so, consider whether the other information is materially
but to do so.
inconsistent with the consolidated financial statements or our
knowledge obtained in the audit, or otherwise appears to be
The respective Board of Directors of the companies included
materially misstated.
in the Group are responsible for overseeing the financial
reporting process of each company.
When we read the annual report, if we conclude that there
is a material misstatement therein, we are required to
AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE
communicate the matter to those charged with governance
CONSOLIDATED FINANCIAL STATEMENTS
and take necessary actions, as applicable under the relevant
Our objectives are to obtain reasonable assurance about
laws and regulations.
whether the consolidated financial statements as a whole
MANAGEMENT’S AND BOARD OF DIRECTORS’ are free from material misstatement, whether due to fraud
RESPONSIBILITIES FOR THE CONSOLIDATED FINANCIAL or error, and to issue an auditor’s report that includes our
STATEMENTS opinion. Reasonable assurance is a high level of assurance,
The Holding Company’s Management and Board of Directors but is not a guarantee that an audit conducted in accordance
are responsible for the preparation and presentation of these with SAs will always detect a material misstatement when it
consolidated financial statements in term of the requirements exists. Misstatements can arise from fraud or error and are
of the Act that give a true and fair view of the consolidated state considered material if, individually or in the aggregate, they
of affairs, consolidated profit/ loss and other comprehensive could reasonably be expected to influence the economic
income, consolidated statement of changes in equity and decisions of users taken on the basis of these consolidated
consolidated cash flows of the Group in accordance with the financial statements.
accounting principles generally accepted in India, including
the Indian Accounting Standards (Ind AS) specified under As part of an audit in accordance with SAs, we exercise
Section 133 of the Act. The respective Management and professional judgment and maintain professional skepticism
Board of Directors of the companies included in the Group throughout the audit. We also:
are responsible for maintenance of adequate accounting
records in accordance with the provisions of the Act for • Identify and assess the risks of material misstatement
safeguarding the assets of each company and for preventing of the consolidated financial statements, whether due
and detecting frauds and other irregularities; the selection to fraud or error, design and perform audit procedures
and application of appropriate accounting policies; making responsive to those risks, and obtain audit evidence
judgments and estimates that are reasonable and prudent; that is sufficient and appropriate to provide a basis
and the design, implementation and maintenance of adequate for our opinion. The risk of not detecting a material
internal financial controls, that were operating effectively for misstatement resulting from fraud is higher than for
ensuring the accuracy and completeness of the accounting one resulting from error, as fraud may involve collusion,

Annual Report 2023-24 l 253

Independent Auditor’s Report (Contd.)

forgery, intentional omissions, misrepresentations, or reasonably be thought to bear on our independence, and
the override of internal control. where applicable, related safeguards.

• Obtain an understanding of internal control relevant to From the matters communicated with those charged with
the audit in order to design audit procedures that are governance, we determine those matters that were of
appropriate in the circumstances. Under Section 143(3) most significance in the audit of the consolidated financial
(i) of the Act, we are also responsible for expressing our statements of the current period and are therefore the key
opinion on whether the company has adequate internal audit matters. We describe these matters in our auditor’s
financial controls with reference to financial statements report unless law or regulation precludes public disclosure
in place and the operating effectiveness of such controls. about the matter or when, in extremely rare circumstances,
we determine that a matter should not be communicated in
• Evaluate the appropriateness of accounting policies our report because the adverse consequences of doing so
used and the reasonableness of accounting estimates would reasonably be expected to outweigh the public interest
and related disclosures made by the Management and benefits of such communication.
Board of Directors.
REPORT ON OTHER LEGAL AND REGULATORY
• Conclude on the appropriateness of the Management REQUIREMENTS
and Board of Directors use of the going concern basis 1. As required by the Companies (Auditor’s Report) Order,
of accounting in preparation of consolidated financial 2020 (“the Order”) issued by the Central Government of
statements and, based on the audit evidence obtained, India in terms of Section 143(11) of the Act, we give in
whether a material uncertainty exists related to events the “Annexure A” a statement on the matters specified in
or conditions that may cast significant doubt on the paragraphs 3 and 4 of the Order, to the extent applicable.
appropriateness of this assumption. If we conclude that
a material uncertainty exists, we are required to draw 2 A. As required by Section 143(3) of the Act, we report, to
attention in our auditor’s report to the related disclosures the extent applicable, that:
in the consolidated financial statements or, if such
disclosures are inadequate, to modify our opinion. Our a. We have sought and obtained all the information
conclusions are based on the audit evidence obtained and explanations which to the best of our
up to the date of our auditor’s report. However, future knowledge and belief were necessary for the
events or conditions may cause the Group to cease to purposes of our audit of the aforesaid consolidated
continue as a going concern. financial statements.

• Evaluate the overall presentation, structure and content b. In our opinion, proper books of account as required
of the consolidated financial statements, including the by law relating to preparation of the aforesaid
disclosures, and whether the consolidated financial consolidated financial statements have been
statements represent the underlying transactions and kept so far as it appears from our examination of
events in a manner that achieves fair presentation. those books, except for the matters stated in the
paragraph 2(A)(g) below on reporting under Rule
We communicate with those charged with governance of 11(g) of the Companies (Audit and Auditors) Rules,
the Holding Company and such other entities included in 2014 and that the back-up of the books of account
the consolidated financial statements of which we are the and other relevant books and papers in electronic
independent auditors regarding, among other matters, the mode has not been kept on servers physically
planned scope and timing of the audit and significant audit located in India on a daily basis with respect to one
findings, including any significant deficiencies in internal subsidiary company incorporated in India.
control that we identify during our audit.
c. The consolidated balance sheet, the consolidated
We also provide those charged with governance with a statement of profit and loss (including other
statement that we have complied with relevant ethical comprehensive income), the consolidated
requirements regarding independence, and to communicate statement of changes in equity and the consolidated
with them all relationships and other matters that may statement of cash flows dealt with by this Report are

254 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Independent Auditor’s Report (Contd.)

in agreement with the relevant books of account b. The Group did not have any material foreseeable
maintained for the purpose of preparation of the losses on long-term contracts including derivative
consolidated financial statements. contracts during the year ended 31 March 2024.

d. In our opinion, the aforesaid consolidated financial c. There are no amounts which are required to be
statements comply with the Ind AS specified under transferred to the Investor Education and Protection
Section 133 of the Act. Fund by the Holding Company or its subsidiary
companies incorporated in India during the year
e. The matter described in Basis for Qualified Opinion ended 31 March 2024.
paragraph in “Annexure B” with respect to adequacy
and operating effectiveness of the internal financial d (i) The respective management of the Holding Company
controls with reference to financial statements of a and its subsidiary companies incorporated in India
subsidiary company incorporated in India. in our whose financial statements have been audited
opinion, does not have an adverse effect on the under the Act have represented that, to the best
functioning of the Holding Company. of their knowledge and belief, as disclosed in the
Note 44 to the consolidated financial statements,
f. On the basis of the written representations received no funds have been advanced or loaned or invested
from the directors of the Holding Company as (either from borrowed funds or share premium or
on 31 March 2024 taken on record by the Board any other sources or kind of funds) by the Holding
of Directors of the Holding Company and its Company or any of such subsidiary companies to
subsidiary companies incorporated in India, none or in any other person(s) or entity(ies), including
of the directors of the Group company incorporated
foreign entities (“Intermediaries”), with the
in India is disqualified as on 31 March 2024 from
understanding, whether recorded in writing or
being appointed as a director in terms of Section
otherwise, that the Intermediary shall directly or
164(2) of the Act.
indirectly lend or invest in other persons or entities
identified in any manner whatsoever by or on behalf
g. The modifications relating to the maintenance of
of the Holding Company or any of such subsidiary
accounts and other matters connected therewith
companies (“Ultimate Beneficiaries”) or provide
are as stated in the paragraph 2(A)(b) above on
any guarantee, security or the like on behalf of the
reporting under Section 143(3)(b) and paragraph
Ultimate Beneficiaries.
2(B)(f) below on reporting under Rule 11(g).

(ii) The respective management of the Holding

h. With respect to the adequacy of the internal
Company and its subsidiary companies incorporated
financial controls with reference to financial
in India whose financial statements have been
statements of the Holding Company and its
subsidiary companies incorporated in India and audited under the Act have represented that, to
the operating effectiveness of such controls, refer the best of their knowledge and belief, other than
to our separate Report in “Annexure B”. as disclosed in the Note 44 to the consolidated
financial statements, no funds have been received
B. With respect to the other matters to be included in by the Holding Company or any of such subsidiary
the Auditor’s Report in accordance with Rule 11 of the companies from any person(s) or entity(ies),
Companies (Audit and Auditors) Rules, 2014, in our including foreign entities (“Funding Parties”), with
opinion and to the best of our information and according the understanding, whether recorded in writing or
to the explanations given to us: otherwise, that the Holding Company or any of such
subsidiary companies shall directly or indirectly,
a. The consolidated financial statements disclose lend or invest in other persons or entities identified
the impact of pending litigations as at 31 March in any manner whatsoever by or on behalf of the
2024 on the consolidated financial position of Funding Parties (“Ultimate Beneficiaries”) or provide
the Group. Refer Note 38 to the consolidated any guarantee, security or the like on behalf of the
financial statements. Ultimate Beneficiaries.

Annual Report 2023-24 l 255

Independent Auditor’s Report (Contd.)

(iii) Based on the audit procedures performed that provider, we are unable to comment whether audit
have been considered reasonable and appropriate trail feature for the said software was enabled
in the circumstances, nothing has come to our and operated throughout the year for all relevant
notice that has caused us to believe that the transactions recorded in the software or whether
representations under sub-clause (i) and (ii) of Rule there were any instances of the audit trail feature
11(e), as provided under (i) and (ii) above, contain being tampered with.
any material misstatement.
C. With respect to the matter to be included in the Auditor’s
e. As stated in Note 16(b) to the consolidated financial Report under Section 197(16) of the Act:
statements, the respective Board of Directors of
the Holding Company and its subsidiary company In our opinion and according to the information and
incorporated in India have proposed final dividend explanations given to us, the remuneration paid during
for the year which is subject to the approval of the the current year by the Holding Company and its
respective members at the ensuing Annual General subsidiary company incorporated in India to its directors
Meeting. The dividend declared is in accordance is in accordance with the provisions of Section 197 of
with Section 123 of the Act to the extent it applies the Act. The remuneration paid to one of the director
to declaration of dividend. of the Holding Company and one of the director of the
subsidiary company incorporated in India has exceeded
f. Based on our examination which included test the limit as prescribed under Section 197 of the Act
checks, the Holding Company and its subsidiary for which requisite shareholder’s approvals have been
companies, which are companies incorporated in obtained. The Ministry of Corporate Affairs has not
India whose financial statements have been audited prescribed other details under Section 197(16) of the Act
under the Act, have used accounting softwares which are required to be commented upon by us.
for maintaining its books of account relating
to general ledger and payroll. In respect of the
Holding Company and one subsidiary company, For B S R & Co. LLP
the feature of recording audit trail (edit log) facility
has not been enabled for the accounting softwares Chartered Accountants
used for maintaining its books of account relating Firm’s Registration No.:101248W/W-100022
to general ledger and payroll. Further, in respect
of another subsidiary company, in the absence
of an independent auditor’s report in relation to Umang Banka
controls at a service organization for the accounting Partner
software used for maintaining its books of account, Place: Bengaluru Membership No.: 223018
which is operated by a third party software service Date: 20 May 2024 ICAI UDIN:24223018BKFQMX2475

256 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Independent Auditor’s Report (Contd.)

Annexure A to the Independent Auditor’s Report on the Consolidated Financial Statements of S.J.S Enterprises
Limited for the year ended 31 March 2024

(Referred to in paragraph 1 under ‘Report on Other Legal and Regulatory Requirements’ section of our report of even date)

(xxi) In our opinion and according to the information and explanations given to us, there are no qualifications or adverse
remarks by the respective auditors in the Companies (Auditor’s Report) Order, 2020 reports of the companies incorporated
in India and included in the consolidated financial statements.

For B S R & Co. LLP

Chartered Accountants
Firm’s Registration No.:101248W/W-100022

Umang Banka
Partner
Place: Bengaluru Membership No.: 223018
Date: 20 May 2024 ICAI UDIN:24223018BKFQMX2475

Annual Report 2023-24 l 257

Independent Auditor’s Report (Contd.)

Annexure B to the Independent Auditor’s Report on the consolidated financial statements of S.J.S Enterprises
Limited for the year ended 31 March 2024

Report on the internal financial controls with reference BASIS FOR QUALIFIED OPINION
to the aforesaid consolidated financial statements under According to the information and explanations given to us
Clause (i) of Sub-section 3 of Section 143 of the Act and based on our audit, the following material weaknesses
have been identified as at 31 March 2024:
(Referred to in paragraph 2(A)(e) and 2(A)(h) under
‘Report on Other Legal and Regulatory Requirements’ One of the subsidiary companies incorporated in India has
section of our report of even date) not established its internal financial controls with reference
to financial statements on criteria based on or considering
QUALIFIED OPINION
the essential components of internal control stated in the
In conjunction with our audit of the consolidated financial
Guidance Note. Because of this reason, we are unable to
statements of S.J.S Enterprises Limited (hereinafter referred
to as “the Holding Company”) as of and for the year ended obtain sufficient appropriate audit evidence to provide a basis
31 March 2024, we have audited the internal financial controls for our opinion whether the said subsidiary company had
with reference to financial statements of the Holding Company adequate internal financial controls with reference to financial
and such companies incorporated in India under the Act which statements and whether such internal financial controls were
is its subsidiary companies, as of that date. operating effectively as at 31 March 2024.

In our opinion, except for the effects of the material weakness MANAGEMENT’S AND BOARD OF DIRECTORS’ RESPONSIBILITIES
described in Basis for Qualified Opinion section of our FOR INTERNAL FINANCIAL CONTROLS
report below on the achievement of the objectives of the The respective Company’s Management and the Board of
control criteria, the Holding Company and such companies Directors are responsible for establishing and maintaining
incorporated in India under the Act which are its subsidiary internal financial controls based on the internal financial
companies, have maintained, in all material respects, controls with reference to financial statements criteria
adequate internal financial controls with reference to established by the respective company considering the
financial statements, based on the internal financial controls essential components of internal control stated in the
with reference to financial statements criteria established Guidance Note. These responsibilities include the design,
by such companies considering the essential components implementation and maintenance of adequate internal
of such internal controls stated in the Guidance Note on financial controls that were operating effectively for
Audit of Internal Financial Controls Over Financial Reporting ensuring the orderly and efficient conduct of its business,
issued by the Institute of Chartered Accountants of India including adherence to the respective company’s policies,
(the “Guidance Note”) and except for effects of the material the safeguarding of its assets, the prevention and detection
weaknesses described in the Basis for Qualified Opinion of frauds and errors, the accuracy and completeness of the
section of our report below, the Holding Company’s and of accounting records, and the timely preparation of reliable
such companies incorporated in India under the Act which financial information, as required under the Act.
are its subsidiary companies internal financial controls with
reference to financial statements were operating effectively AUDITOR’S RESPONSIBILITY
as of 31 March 2024. Our responsibility is to express an opinion on the internal
financial controls with reference to financial statements based
We have considered the material weaknesses identified, on our audit. We conducted our audit in accordance with the
reported above in determining the nature, timing, and extent Guidance Note and the Standards on Auditing, prescribed
of audit tests applied in our audit of the consolidated financial under Section 143(10) of the Act, to the extent applicable
statements of the Holding Company and such companies to an audit of internal financial controls with reference to
incorporated in India under the Act which are its subsidiary financial statements. Those Standards and the Guidance Note
companies for the year ended 31 March 2024, and the material require that we comply with ethical requirements and plan
weaknesses do not affect our opinion on the consolidated and perform the audit to obtain reasonable assurance about
financial statements. whether adequate internal financial controls with reference

258 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Independent Auditor’s Report (Contd.)

to financial statements were established and maintained and are recorded as necessary to permit preparation of financial
if such controls operated effectively in all material respects. statements in accordance with generally accepted accounting
principles, and that receipts and expenditures of the company
Our audit involves performing procedures to obtain audit are being made only in accordance with authorisations of
evidence about the adequacy of the internal financial controls management and directors of the company; and (3) provide
with reference to financial statements and their operating reasonable assurance regarding prevention or timely
effectiveness. Our audit of internal financial controls with detection of unauthorised acquisition, use, or disposition of
reference to financial statements included obtaining an the company’s assets that could have a material effect on the
understanding of internal financial controls with reference financial statements.
to financial statements, assessing the risk that a material
weakness exists, and testing and evaluating the design INHERENT LIMITATIONS OF INTERNAL FINANCIAL
and operating effectiveness of internal control based on CONTROLS WITH REFERENCE TO FINANCIAL STATEMENTS
the assessed risk. The procedures selected depend on the Because of the inherent limitations of internal financial
auditor’s judgement, including the assessment of the risks controls with reference to financial statements, including the
of material misstatement of the consolidated financial possibility of collusion or improper management override
statements, whether due to fraud or error. of controls, material misstatements due to error or fraud
may occur and not be detected. Also, projections of any
We believe that the audit evidence we have obtained is evaluation of the internal financial controls with reference to
sufficient and appropriate to provide a basis for our audit financial statements to future periods are subject to the risk
opinion on the internal financial controls with reference to that the internal financial controls with reference to financial
financial statements. statements may become inadequate because of

MEANING OF INTERNAL FINANCIAL CONTROLS WITH changes in conditions, or that the degree of compliance with
REFERENCE TO FINANCIAL STATEMENTS the policies or procedures may deteriorate.
A company’s internal financial controls with reference
to financial statements is a process designed to provide
reasonable assurance regarding the reliability of financial For B S R & Co. LLP
reporting and the preparation of financial statements for Chartered Accountants
external purposes in accordance with generally accepted Firm’s Registration No.:101248W/W-100022
accounting principles. A company’s internal financial
controls with reference to financial statements include those Umang Banka
policies and procedures that (1) pertain to the maintenance
Partner
of records that, in reasonable detail, accurately and fairly
reflect the transactions and dispositions of the assets of the Place: Bengaluru Membership No.: 223018
company; (2) provide reasonable assurance that transactions Date: 20 May 2024 ICAI UDIN:24223018BKFQMX2475

Annual Report 2023-24 l 259

Consolidated Balance Sheet
as at March 31, 2024

(` In Million)
Note As at As at
Particulars
No. March 31, 2024 March 31, 2023
ASSETS
Non-current assets
Property, plant and equipment 3 1,802.51 1,517.20
Capital work-in-progress 3 23.32 17.17
Right-of-use assets 22 342.22 128.75
Goodwill 4 1,744.33 289.31
Other intangible assets 4 856.29 52.69
Financial assets
i. Investments 10 60.32 36.67
ii. Loans 14 5.50 -
iii. Other non-current financial assets 5 54.86 23.14
Deferred tax assets (net) 7 42.97 8.12
Other non-current assets 8 35.79 150.46
Total non-current assets 4,968.11 2,223.51
Current assets
Inventories 9 719.63 484.14
Financial assets
i. Investments 10 336.10 1,351.03
ii. Trade receivables 11 1,624.10 905.08
iii. Cash and cash equivalents 12 121.23 79.18
iv. Bank balance other than (iii) above 13 31.97 217.97
v. Loans 14 9.15 4.28
vi. Other current financial assets 5 9.28 57.99
Other current assets 8 76.70 57.98
Total current assets 2,928.16 3,157.65
Total assets 7,896.27 5,381.16
EQUITY AND LIABILITIES
Equity
Equity share capital 15 310.38 304.38
Other equity 16 5,194.99 3,992.01
Equity attributable to owners of the Company 5,505.37 4,296.39
Non-controlling interests 16 110.63 -
Total equity 5,616.00 4,296.39
Liabilities
Non-current liabilities
Financial liabilities
i. Borrowings 17 400.36 -
ii. Lease liabilities 22 116.08 73.35
iii. Other non-current financial liabilities 19 65.59 -
Deferred tax liabilities (net) 7 257.90 89.65
Total non-current liabilities 839.93 163.00
Current liabilities
Financial liabilities
i. Borrowings 17 283.07 203.73
ii. Lease liabilities 22 42.63 27.78
iii. Trade payables 18
a) total outstanding dues of micro enterprises and small enterprises 153.72 166.30
b) total outstanding dues of creditors other than micro enterprises and small 462.44 259.03
enterprises
iv. Other current financial liabilities 19 303.83 149.89
Other current liabilities 20 130.01 91.33
Provisions 21 42.45 17.59
Income tax liabilities (net) 6 22.19 6.12
Total current liabilities 1,440.34 921.77
Total liabilities 2,280.27 1,084.77
Total equity and liabilities 7,896.27 5,381.16
Material accounting policies 2
See accompanying notes to the consolidated financial statements

As per our report of even date attached for and on behalf of Board of Directors of

for B S R & Co. LLP S.J.S. Enterprises Limited

Chartered Accountants
Firm’s registration number: 101248W/W-100022

Umang Banka K A Joseph Sanjay Thapar Mahendra Kumar Naredi Thabraz Hushain. W
Partner Managing Director CEO and Executive Director Chief Financial Officer Company Secretary
Membership number: 223018 DIN: 00784084 DIN: 01029851 PAN: AEWPN9414M PAN: ABVPW4613P

Place: Bengaluru Place: Bengaluru Place: Bengaluru Place: Bengaluru Place: Bengaluru
Date: 20 May 2024 Date: 20 May 2024 Date: 20 May 2024 Date: 20 May 2024 Date: 20 May 2024

260 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Consolidated Statement of Profit and Loss

for the Year Ended March 31, 2024

(` In Million)

Note For the year ended For the year ended

Particulars
No. March 31, 2024 March 31, 2023
Income
Revenue from operations 23 6,278.00 4,330.49
Other income 24 77.04 101.52
Total income 6,355.04 4,432.01
Expenses
Cost of raw materials consumed 25 2,873.77 1,942.65
Changes in inventory of finished goods and work-in-progress 26 (24.91) (74.79)
Employee benefits expense 27 707.65 561.29
Finance costs 28 85.21 23.11
Depreciation and amortisation expense 29 387.42 233.01
Other expenses 30 1,199.41 835.04
Total expenses 5,228.55 3,520.31
Profit before tax 1,126.49 911.70
Tax expense: 31
Current tax 355.91 240.19
Deferred tax (83.13) (1.02)
Total tax expense 272.78 239.17
Profit for the year 853.71 672.53
Other comprehensive income (OCI)
Items that will not be reclassified subsequently to profit or loss
Remeasurements of defined benefit plans 40 (1.57) (7.57)
Fair value changes on equity investments through OCI 21.65 -
Income tax relating to items that will not be reclassified to profit or loss 31 (5.04) 1.84
Other comprehensive income / (expense) for the year, net of tax 15.04 (5.73)
Total comprehensive income for the year 868.75 666.80
Profit for the year attributable to:
Owners of the Company 848.16 672.53
Non-controlling interests 5.55 -
853.71 672.53
Other comprehensive income / (expense) attributable to:
Owners of the Company 15.08 (5.73)
Non-controlling interests (0.04) -
15.04 (5.73)
Total comprehensive income attributable to:
Owners of the Company 863.24 666.80
Non-controlling interest 5.51 -
Total comprehensive income for the year 868.75 666.80
Earnings per equity share (face value of `10 each)
Basic (in `) 32 27.45 22.10
Diluted (in `) 32 26.87 21.81
Material accounting policies 2
See accompanying notes to the consolidated financial statements

As per our report of even date attached for and on behalf of Board of Directors of

for B S R & Co. LLP S.J.S. Enterprises Limited

Chartered Accountants
Firm’s registration number: 101248W/W-100022

Umang Banka K A Joseph Sanjay Thapar Mahendra Kumar Naredi Thabraz Hushain. W
Partner Managing Director CEO and Executive Director Chief Financial Officer Company Secretary
Membership number: 223018 DIN: 00784084 DIN: 01029851 PAN: AEWPN9414M PAN: ABVPW4613P

Place: Bengaluru Place: Bengaluru Place: Bengaluru Place: Bengaluru Place: Bengaluru
Date: 20 May 2024 Date: 20 May 2024 Date: 20 May 2024 Date: 20 May 2024 Date: 20 May 2024

Annual Report 2023-24 l 261

Consolidated statement of cash flows
for the Year Ended March 31, 2024

(` In Million)

For the year ended For the year ended

Particulars
March 31, 2024 March 31, 2023
Cash flow from operating activities
Profit before tax 1,126.49 911.70
Adjustments for:
Depreciation and amortisation expense 387.42 233.01
Share based payments 47.82 24.88
Loss on sale and write off of property, plant and equipment, net 0.40 0.67
Interest income (19.15) (25.02)
Finance costs 85.21 23.11
Unrealised foreign exchange gain, net (2.81) 0.52
Unrealised gain on current investments measured at fair value through profit or loss (2.30) (17.28)
Gain on sale of current investments measured at fair value through profit or loss (23.88) (27.35)
Loss allowances on financial assets, net 22.45 11.87
Liability towards customer claims written back 20.78 -
Provision for doubtful advances 0.60 -
Bad debts written off 1.90 0.30
Remeasurement of lease liabilities and ROU assets - (14.15)
Liabilities no longer required, written back (1.19) (0.01)
Reversal of loss allowance on financial assets (4.84) -
Operating cash flow before working capital changes 1,638.90 1,122.25
Other comprehensive income (OCI)
Adjustments for increase / decrease in operating assets and liabilities
Changes in trade receivables (348.31) (61.29)
Changes in inventories (73.49) (68.63)
Changes in loans (1.27) (0.97)
Changes in other assets 36.65 1.91
Changes in financial assets 28.70 (7.45)
Changes in trade payables 24.88 117.36
Changes in financial liabilities 111.74 (21.26)
Changes in provisions 18.92 1.87
Changes in other liabilities (17.48) 49.77
Cash generated from operating activities 1,419.24 1,133.56
Income taxes paid, net of refund (332.22) (263.52)
Net cash generated from operating activities (A) 1,087.02 870.04
Other comprehensive income / (expense) attributable to:
Cash flows from investing activities
Purchase of property, plant and equipment and intangible assets (301.12) (308.16)
Proceeds from sale of property, plant and equipment 5.14 2.33
Investment in mutual funds (1,374.93) (2,216.59)
Proceeds from sale of mutual funds 2,118.09 2,090.49
Investment in bonds, commercial papers and others (97.96) (721.06)
Proceeds from sale of bonds, commercial papers and others 397.66 300.00
Investment in term deposits (5.65) (150.00)
Interest received on deposits 18.41 8.94
Payment for investment in an enterprise (2.00) (6.00)
Proceeds from maturity of term deposits 193.78 -
Loan to vendor (10.00) -
Proceeds from repayment of loan from vendor 0.90 -
Payment for acquisition of subsidiary, net of cash and cash equivalents acquired (refer Note 42) (2,274.84) -
Net cash used in investing activities (B) (1,332.52) (1,000.05)
Cash flows from financing activities
Issue of equity shares 300.00 -
Proceeds from borrowings 480.00 77.88
Repayment of borrowings (322.54) -
Payment of lease liabilities (91.32) (18.54)
Expenses for issue of equity shares (2.08) -
Interest paid (77.01) (10.97)
Net cash generated from financing activities (C) 287.05 48.37

262 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Consolidated statement of cash flows

for the Year Ended March 31, 2024

(` In Million)

For the year ended For the year ended

Particulars
March 31, 2024 March 31, 2023
Net increase / (decrease) in cash and cash equivalents (A+ B+ C) 41.55 (81.64)
Cash and cash equivalents at the beginning of the year 79.18 159.54
Effect of movement in exchange rates on cash and cash equivalents 0.50 1.28
Cash and cash equivalents at the end of the year 121.23 79.18
Components of cash and cash equivalents (refer Note 12)
Cash in hand 0.30 0.30
Balance with banks
- in current account 76.92 39.58
- in cash credit account 12.92 22.23
- in Exchange earner's foreign currency accounts 27.67 13.67
- Deposits with original maturity of less than 3 months 3.42 3.40
Cash and cash equivalents as per balance sheet 121.23 79.18

Reconciliation between opening and closing balance for liabilities arising from financing activities:
(` In Million)

For the year ended Liability assumed Non-cash For the year ended
Particulars Cash flows
March 31, 2023 in acquisition movements March 31, 2024
Leases 101.13 75.51 (91.32) 73.39 158.71
Borrowings 203.73 322.24 157.46 - 683.43
Interest accrued but not due - - (77.01) 77.01 -
Total liabilities from financing activities 304.86 397.75 (10.87) 150.40 842.14

(` In Million)

As at Liability assumed Non-cash For the year ended

Particulars Cash flows
1 April 2022 in acquisition movements March 31, 2023
Leases 168.59 - (18.54) (48.92) 101.13
Borrowings 125.85 - 77.88 - 203.73
Interest accrued but not due - - (10.97) 10.97 -
Total liabilities from financing activities 294.44 - 48.37 (37.95) 304.86

The above cash flow statement has been prepared under the indirect method as set out in Ind AS 7 “Statement of Cash Flows”
prescribed under the Companies (Indian Accounting Standard) Rules, 2015 under the Companies Act, 2013.
Material accounting policies (refer Note 2)
See accompanying notes to the consolidated financial statements

As per our report of even date attached for and on behalf of Board of Directors of

for B S R & Co. LLP S.J.S. Enterprises Limited

Chartered Accountants
Firm’s registration number: 101248W/W-100022

Umang Banka K A Joseph Sanjay Thapar Mahendra Kumar Naredi Thabraz Hushain. W
Partner Managing Director CEO and Executive Director Chief Financial Officer Company Secretary
Membership number: 223018 DIN: 00784084 DIN: 01029851 PAN: AEWPN9414M PAN: ABVPW4613P

Place: Bengaluru Place: Bengaluru Place: Bengaluru Place: Bengaluru Place: Bengaluru
Date: 20 May 2024 Date: 20 May 2024 Date: 20 May 2024 Date: 20 May 2024 Date: 20 May 2024

Annual Report 2023-24 l 263

Consolidated Statement of Changes in Equity
for the Year Ended March 31, 2024

EQUITY SHARE CAPITAL

(` In Million)

As at As at
Particulars
March 31, 2024 March 31, 2023
Opening Balance 304.38 304.38
Issue of equity shares 6.00 -
Closing balance 310.38 304.38

OTHER EQUITY (REFER NOTE 16)

(` In Million)

Attributable to owners of the Company

Items of other comprehensive
Reserves and surplus
income
Total Non-
Particulars Share Remeasurement
Equity other controlling
General options Securities Retained of defined benefit
instruments equity interest Total
reserve outstanding premium earnings liability/ (asset),
through OCI
account net of tax
As at 1 April 2023 8.85 38.83 39.41 3,916.63 (11.71) - 3,992.01 - 3,992.01
Non controlling interest on acquisition - - - - - - - 105.12 105.12
Profit for the year - - - 848.16 - - 848.16 5.55 853.71
Share based payment to employees - 47.82 - - - - 47.82 - 47.82
Securities premium during the year - - 291.92 - - - 291.92 - 291.92
Other comprehensive income / - - - - (1.12) 16.20 15.08 (0.04) 15.04
(expense)
Total comprehensive income - 47.82 291.92 848.16 (1.12) 16.20 1,202.98 110.63 1,313.61
As at 31 March 2024 8.85 86.65 331.33 4,764.79 (12.83) 16.20 5,194.99 110.63 5,305.62
As at 1 April 2022 8.85 13.95 39.41 3,244.10 (5.98) - 3,300.33 - 3,300.33
Profit for the year - - - 672.53 - - 672.53 - 672.53
Share based payment to employees - 24.88 - - - - 24.88 - 24.88
Other comprehensive income / - - - - (5.73) - (5.73) - (5.73)
(expense)
Total comprehensive income - 24.88 - 672.53 (5.73) - 691.68 - 691.68
As at 31 March 2023 8.85 38.83 39.41 3,916.63 (11.71) - 3,992.01 - 3,992.01

Material accounting policies (refer Note 2)

See accompanying notes to the consolidated financial statements

As per our report of even date attached for and on behalf of Board of Directors of

for B S R & Co. LLP S.J.S. Enterprises Limited

Chartered Accountants
Firm’s registration number: 101248W/W-100022

Umang Banka K A Joseph Sanjay Thapar Mahendra Kumar Naredi Thabraz Hushain. W
Partner Managing Director CEO and Executive Director Chief Financial Officer Company Secretary
Membership number: 223018 DIN: 00784084 DIN: 01029851 PAN: AEWPN9414M PAN: ABVPW4613P

Place: Bengaluru Place: Bengaluru Place: Bengaluru Place: Bengaluru Place: Bengaluru
Date: 20 May 2024 Date: 20 May 2024 Date: 20 May 2024 Date: 20 May 2024 Date: 20 May 2024

264 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Material accounting policies

1) COMPANY OVERVIEW c) Functional currency and presentation
S.J.S. Enterprises Limited (“S.J.S” or the “Company” or the These consolidated financial statements are presented in
“Parent Company”) and its subsidiary (Parent Company Indian Rupees (INR), which is also the Parent Company’s
and its subsidiary together referred to as the “Group”) is functional currency. All amounts have been rounded-off
incorporated and domiciled in India. The Company was to the nearest millions up to two decimal places, unless
formed as a partnership firm in 1987 and was converted
otherwise mentioned.
to private limited company in 2005. The Company got
converted into public limited company with effect from
d) Use of estimates, assumptions and judgements
04 June 2021. The shares of the Company were listed
The preparation of consolidated financial statements in
on the National Stock Exchange of India Limited (NSE)
and the Bombay Stock Exchange Limited (BSE) on 15 conformity with recognition and measurement principles
November 2021. The Group is engaged in the business of of Ind AS requires management to make judgements,
manufacturing of decorative aesthetic products primarily estimates and assumptions that affect the application of
for automotive, consumer durables and consumer accounting policies and the reported amounts of assets,
appliance industry such as automotive dials, overlays, liabilities, the disclosure of contingent liabilities on the
badges and logos, spare parts, assemblies, accessories date of the consolidated financial statements and the
of plastic and other materials. reported amount of income and expenses for the year
reported. Actual results may differ from these estimates.
The registered office of the Company is at Sy.Nos – 28/
P16 Agra Village & 85/ P6 BM Kaval Village, Kengeri The estimates and underlying assumptions are reviewed
Hobli, Bangalore South 560082, Karnataka, India.
on an ongoing basis. They are based on historical
experience and other factors that are believed to
a) Statement of Compliance and presentation
These consolidated financial statements have been be reasonable under the circumstance. Revisions to
prepared in accordance with Indian Accounting accounting estimates are recognized in the year in
Standards as per the Companies (Indian Accounting which the estimates are revised, and future periods are
Standards) Rules, 2015 as amended and notified under affected.
Section 133 of the Companies Act, 2013 (the ‘Act’) and
other relevant provisions of the Act. Judgements:
Information about judgements made in applying
The Group’s consolidated financial statements for the accounting policies that have most significant effects
year ended 31 March 2024 were approved by the Board on the amounts recognized in the financial statements
of Directors of the Group in their meeting held on 20 is included in the following notes:
May 2024.
- Note 2 (a) – Revenue recognition
b) Basis of preparation
- Note 2 (o) - Lease classification;
The consolidated financial statements have been
prepared on a historical cost basis (i.e. on an accrual - Note 2(g) and Note 2(h) – Valuation of investments;
basis), except
- Note 2(k)(v) – Share-based payments;
• Certain financial assets and liabilities (including
deferred consideration) are measured at fair value; - Note 2(n) - Provision for income taxes and related
tax contingencies.
• Net defined benefit assets/(liability) are measured
at fair value of plan assets, less present value of
Assumptions and estimation uncertainties
defined benefit obligation; and
Information about assumptions and estimation
• Equity settled share based payments at fair value. uncertainties that have a significant risk of resulting in a
material adjustment in the year ending 31 March 2024 is
These consolidated financial statements have been included in the following notes:
prepared as a going concern on the basis of relevant
Ind AS that are effective at the Group’s reporting date, - Note 2 (c) and Note 2 (d)- Useful life of property,
31 March 2024. plant and equipment and intangible assets;

Annual Report 2023-24 l 265

Material accounting policies (Contd.)

- Note 2 (m) - Measurement of defined benefit All other liabilities are classified as non-current.
obligations: key actuarial assumptions
The operating cycle is the time between the acquisition
- Note 2 (q) - Recognition and measurement of
provisions and contingencies: key assumptions of assets for processing and their realisation in cash
about the likelihood and magnitude of an outflow and cash equivalents. The Group has identified twelve
of resources months as its operating cycle.

- Note 2(a) – accruals for discount, rebates and

f) Fair value measurement
sales returns
Certain accounting policies and disclosures of the Group
- Note 2(g) – measurement of ECL allowance for trade require the measurement of fair values, for both financial
and finance receivable, loans and contract assets: and non-financial assets and liabilities.
key assumptions in determining the weighted-
average loss rate;
The Group has an established control framework with
- Note 2(b) - acquisition of subsidiary: fair value of respect to the measurement of fair values. The valuation
the consideration transferred (including deferred team regularly reviews significant unobservable inputs
consideration payable) and fair value of the assets and valuation adjustments.
acquired and liabilities assumed, measured on a
provisional basis Fair values are categorised into different levels in a fair
-  Note 2(b) – impairment test of intangible assets value hierarchy based on the inputs used in the valuation
and goodwill: key assumptions underlying techniques as follows:
recoverable amounts.
- Level 1: inputs are quoted prices (unadjusted) in
e) Current and non-current classification active markets for identical assets or liabilities.
The Group presents assets and liabilities in the balance - Level 2: inputs are inputs other than quoted prices
sheet based on current/ non-current classification.
included in Level 1 that are observable for the asset
An asset is treated as current when it is: or liability, either directly (i.e. as prices) or indirectly
• Expected to be realized or intended to be sold or (i.e. derived from prices).
consumed in normal operating cycle -  evel 3: inputs are inputs for the asset or liability
L
• Held primarily for the purpose of trading that are not based on observable market data
(unobservable inputs).
• Expected to be realized within twelve months after
the reporting period, or
When measuring the fair value of an asset or a liability,
• Cash or cash equivalent unless restricted from the Group uses observable market data as far as
being exchanged or used to settle a liability for at possible. If the inputs used to measure the fair value
least twelve months after the reporting period
of an asset or a liability fall into different levels of the
fair value hierarchy, then the fair value measurement is
All other assets are classified as non-current.
categorised in its entirety in the same level of the fair
A liability is treated as current when: value hierarchy as the lowest level input that is significant
• It is expected to be settled in normal operating to the entire measurement.
cycle,
The Group recognizes transfers between levels of the fair
• It is held primarily for the purpose of trading,
value hierarchy at the end of the reporting period during
• t is due to be settled within twelve months after the which the change has occurred.
reporting period, or
Further information about the assumptions made in
• There is no unconditional right to defer the
measuring fair values is included in the following notes:
settlement of the liability for at least twelve months
after the reporting period. - Note 33 and 34: financial instruments.

266 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Material accounting policies (Contd.)

g) Basis of Consolidation initially recognised at cost which includes transaction

The Company consolidates all entities which are costs. Subsequent to initial recognition, the consolidated
controlled by it. financial statements include the Group’s share of profit
or loss and other comprehensive income (OCI) of equity
The Company establishes control when; it has power over - accounted investees until the date on which significant
the entity, is exposed, or has rights, to variable returns influence ceases.
from its involvement with the entity and has the ability
to affect the entity’s returns by using its power over The companies which are included in the consolidation
relevant activities of the entity. and the Company’s holdings therein is as under:

Entities controlled by the Company are consolidated Name of Company Date Country Ownership
from the date control commences until the date (Nature of of of interest
control ceases. Business) Acquisition incorporation as at
31
All inter-company transactions, balances and income March 2024
and expenses are eliminated in full on consolidation. Exotech Plastics 5 April 2021 India 100%
Private Limited (EPPL)
The Group combines the financial statements of the Walter Pack 4 July 2023 India 90.1%
parent and its subsidiaries line by line adding together like Automotive Products
items of assets, liabilities, equity, income and expenses. India Private Limited
(WPAPIPL/ Walter
Inter company transactions, balances and unrealized
Pack)
gains on transactions between Group Companies are
Plastoranger 3 July 2023 India 90.1%
eliminated. Unrealized losses are also eliminated unless
Advanced
the transaction provides evidence of an impairment of Technologies Private
the transferred asset. All temporary differences that arise Limited (Plastoranger)
from the elimination of profits and losses resulting from (Wholly owned
intragroup transactions are recognized as per Ind AS 12 subsidiary of
Income Taxes. Accounting policies of subsidiaries are WPAPIPL)
aligned where necessary to ensure consistency with the
policies adopted by the Group. 2) SUMMARY OF MATERIAL ACCOUNTING POLICIES
(a) Revenue recognition
Non-controlling interests (NCI) are measured initially at Sale of goods
their proportionate share of acquiree’s identifiable net Revenue is recognised upon transfer of control of
assets at the date of acquisition. Changes in the Group’s promised goods to customer in an amount that reflects
interest in a subsidiary that do not result in a loss of the consideration the Group expects to receive in
control are accounted for as equity transactions. exchange for those goods or services.

If the Group loses control over a subsidiary, it

The Group recognises revenue to depict the transfer of
derecognises the related assets (including goodwill),
promised goods or services to customers in an amount
liabilities, non-controlling interest and other components
that reflects the consideration to which the entity expects
of equity, while any resultant gain or loss is recognised
to be entitled in exchange for those goods or services.
in statement of profit and loss. Any investment retained
is recognised at fair value. Revenue is measured based on the transaction price,
The Group’s interests in equity accounted investees which is the consideration, net of customer incentives,
comprise interests in an associate. discounts, variable considerations, payments made
to customers, other similar charges, as specified in
An associate is an entity in which the Group has the contract with the customer. Additionally, revenue
significant influence, but not control or joint control, over excludes taxes collected from customers, which are
the financial and operating policies. Interest in associate subsequently remitted to governmental authorities. For
is accounted for using the equity method. They are certain contracts that permits the customer to return

Annual Report 2023-24 l 267

Material accounting policies (Contd.)

an item, revenue is recognised to the extent that it is assets are classified as unbilled receivables (only act of
probable that a significant reversal in the amount of invoicing is pending) when there is unconditional right
cumulative revenue recognised will not occur and is to receive cash, and only passage of time is required, as
reassessed at the end of each reporting period. per contractual terms.

Revenue from sale of products is recognised at the point Unearned or deferred revenue is recognised when there
in time when control is transferred to customer. are billings in excess of revenues.

Costs that relate directly to a contract and incurred Sale of services

in securing a contract are recognized as an asset and Revenue with respect to sale of services is recognized when
amortized over the contract term as reduction in revenue. the services are rendered, and no significant uncertainty
exists regarding the collection of consideration.
Further, revenue from sale of goods is recognized based
on a 5-Step Methodology which is as follows: Export incentives
Step 1: Identify the contract(s) with a customer Government incentives are accrued for based on
fulfilment of eligibility criteria for availing the incentives
Step 2: Identify the performance obligation in contract
and when there is no uncertainty in receiving the same.
Step 3: Determine the transaction price
Variable consideration
Step 4: Allocate the transaction price to the performance
If the consideration in a contract includes a variable
obligations in the contract
amount, such as sales returns and discounts, the Group
Step 5: Recognise revenue when (or as) the entity satisfies estimates the amount of consideration to which it will
a performance obligation be entitled in exchange for transferring the goods to
the customer. The variable consideration is estimated
Contracts are subject to modification to account for
at contract inception and constrained until it is highly
changes in contract specification and requirements. The
probable that a significant revenue reversal in the
Group reviews modification to contract in conjunction
amount of cumulative revenue recognized will not
with the original contract, basis which the transaction
occur when the associated uncertainty with the variable
price could be allocated to a new performance
consideration is subsequently resolved.
obligation, or transaction price of an existing obligation
could undergo a change. In the event transaction price is
Other income
revised for existing obligation, a cumulative adjustment
Other income comprises interest income on deposits,
is accounted for.
gain/ (losses) on disposal of financial assets and non-
Scrap sales financial assets. It is recognized on accrual basis except
Revenue from sale of scraps in the course of ordinary where the receipt of income is uncertain.
activities is measured at the transaction price.
Interest income is recognized using the effective interest
Trade receivables method. The ‘effective interest rate’ is the rate that exactly
A trade receivable is recognised if the amount of discounts the estimated future cash payments or receipts
consideration is unconditional (i.e., only the passage of over the expected life of the financial instrument to:
time is required before payment of the consideration is • The gross carrying amount of the financial asset; or
due). Refer to accounting policies of financial assets in
section - Financial instruments – initial recognition and • The amortized cost of the financial liability.
subsequent measurement.
Dividend income is accounted when the right to receive
Unbilled revenue the dividend is established, Dividend income is included
Unbilled revenue are recognised when there is excess under the head “Other income” in the statement of profit
of revenue earned over billings on contracts. Contract and loss account.

268 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Material accounting policies (Contd.)

(b) Business combination accounted at historical cost. The difference between

In accordance with Ind AS 103, Business combinations, any consideration given and the aggregate historical
the Group accounts for business combinations after carrying amounts of assets and liabilities of the acquired
acquisition date using the acquisition method when entity are recorded in shareholders’ equity.
control is transferred to the Group. In determining
whether a particular set of activities and assets is a Non-controlling interests that are present ownership
business, the Group assesses whether the set of assets interests and entitle their holders to a proportionate
and activities acquired includes, at minimum, an input share of the entity’s net assets in the event of liquidation
and substantive process and whether the acquired set
may be initially measured either at fair value or at the
has the ability to produce outputs. Acquisition related
non-controlling interests’ proportionate share of the
costs are recognized in the statement of profit and loss
recognised amounts of the acquiree’s identifiable net
as incurred. The cost of acquisition also includes the
fair value of deferred consideration. The consideration assets. The choice of measurement basis is made on a
transferred in a business combination is measured at fair transaction-by-transaction basis.
value, which is calculated as the sum of the acquisition-
date fair values of the assets transferred by the Group, If the initial accounting for a business combination is
liabilities incurred by the Group to the former owners of incomplete by the end of the reporting period in which
the acquiree and the equity interests issued by the Group the combination occurs, the Group reports provisional
in exchange of control of the acquiree. amounts for the items for which the accounting is
incomplete. Those provisional amounts are adjusted
At the acquisition date (the date on which the control during the measurement period (see above), or
is acquired), the identifiable assets acquired and the additional assets or liabilities are recognized, to reflect
liabilities assumed are recognised at their fair value, new information obtained about facts and
except that:
circumstances that existed at the acquisition date that,
• deferred tax assets or liabilities, and assets or
if known, would have affected the amounts recognized
liabilities related to employee benefit arrangements
at that date.
are recognised and measured in accordance with
Ind AS 12 Income Taxes and Ind AS 19 Employee
Intangible assets:
Benefits respectively;
Intangible assets acquired in a business combination
• liabilities or equity instruments related to share- are measured at fair value as at the date of acquisition.
based payment arrangements of the acquiree or Following initial recognition, intangible assets are carried
share-based payment arrangements of the Group at cost less accumulated amortization and impairment
entered into to replace share-based payment losses, if any. The amortization of an intangible asset
arrangements of the acquiree are measured in with a finite useful life reflects the manner in which the
accordance with Ind AS 102 Share-based Payment economic benefit is expected to be generated and is
at the acquisition date. included in depreciation and amortization expenses in
the statements of profit and loss. The estimated useful
Purchase consideration paid in excess of the fair value
life of amortizable intangibles are reviewed and where
of net assets acquired is recognized as goodwill. Where
appropriate are adjusted, annually.
the fair value of identifiable assets and liabilities exceed
the cost of acquisition, after reassessing the fair values
Subsequent to initial recognition, intangible assets
of the net assets and contingent liabilities, the excess is
recognized as capital reserve. acquired in a business combination are reported at
cost less accumulated amortisation and accumulated
Business combinations arising from transfers of impairment losses, on the same basis as intangible assets
interests in entities that are under common control are that are acquired separately.

Annual Report 2023-24 l 269

Material accounting policies (Contd.)

Goodwill: Subsequent expenditure is capitalized only if it is

Goodwill arising on an acquisition of a business is carried probable that the future economic benefits associated
at cost as established at the date of acquisition of the with the expenditure will flow to the Group and such
business less accumulated impairment losses, if any. expenditure can be measured reliably.

For the purposes of impairment testing, goodwill is The cost and related accumulated depreciation are
allocated to cash-generating units. The allocation is eliminated from the financial statements upon sale or
made to those cash generating units or groups of cash retirement of the asset and the resultant gains or losses
generating units that are expected to benefit from the are recognized in the statement of profit and loss. Assets
business combination in which such goodwill arose. to be disposed off are reported at the lower of the
A cash-generating unit to which goodwill has been carrying value or the fair value less cost to sell.
allocated is tested for impairment annually, or more
frequently when there is an indication that the unit may If significant parts of an item of property, plant and
be impaired. If the recoverable amount of the cash- equipment have different useful lives, then they are
generating unit is less than its carrying amount, the accounted for as separate items (major components) of
impairment loss is allocated first to reduce the carrying property, plant and equipment.”
amount of any goodwill allocated to the unit and then to
the other assets of the unit pro rata based on the carrying A property, plant and equipment are eliminated from the
amount of each asset in the unit. Any impairment loss consolidated financial statements on disposal or when
for goodwill is recognized directly in statement of profit no further benefit is expected from its use and disposal.
and loss. An impairment loss recognised for goodwill is Assets retired from active use and held for disposal are
not reversed in subsequent periods. generally stated at the lower of their net book value and
net realizable value. Any gain or losses arising disposal
On disposal of the relevant cash-generating unit, the
of property, plant and equipment is recognized in the
attributable amount of goodwill is included in the
statement of profit and loss.
determination of the profit or loss on disposal.
Advance paid towards the acquisition of property, plant
(c) Property, plant and equipment
and equipment outstanding at each balance sheet date
Property, plant and equipment, excluding Freehold land
classified as capital advances under other non-current
are carried at cost less accumulated depreciation and
assets and the cost of the assets not put to use before
impairment losses, if any. The cost of property, plant and
such date are disclosed under capital work in progress.
equipment comprises its purchase price net of any trade
discounts and rebates, any import duties and other taxes
The cost property, plant and equipment at 1 April
(other than those subsequently recoverable from the
2019, the Company’s date of transition to Ind AS, was
tax authorities), any directly attributable expenditure on
determined with reference to it carrying value recognised
bringing the assets to working condition for its intended
use and estimated cost of dismantling and removing the as per the previous GAAP (deemed cost), as at the date
items and restoring the site on which it is located. of transition to Ind AS.

The cost of a self-constructed item of property, plant and Depreciation and useful lives
equipment comprises the cost of materials, direct labour, Depreciable amount for assets is the cost of asset less
any other costs directly attributable to bringing the item its estimated residual value. Depreciation on property,
to working condition for its intended use and estimated plant and equipment is calculated on a straight-line
costs of dismantling and removing them and restoring basis using the rates arrived at based on the useful lives
the site on which it is located. estimated by the management. Based on the internal
technical assessment, the management believes that
If significant parts of an item of property, plant and the useful lives as given below, which are different from
equipment have different useful lives, then they are those prescribed in Part C of schedule II of the Act, best
accounted for as separate items (major components) of represent the period over which Management expects
property, plant and equipment. to use these assets.

270 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Material accounting policies (Contd.)

Property, Plant Management’s Useful Intangible Asset Management's estimate of

and Equipment estimate of life as per useful life (in years)
useful life Schedule II Computer software 3
(in years) Technical know how 3
Buildings 30 30 Customer relationship 7
Electrical installations 10 10 Non-compete fees 3
Plant and machineries 15 15 Intellectual 3
Furniture and fixtures 10 10 property rights
Computers 3 3
Servers 3 6 The residual values, useful lives and method of
Office equipments 5 5 amortization of intangible assets are reviewed at each
Vehicles 8 8 financial year end and adjusted, if appropriate.
Leasehold improvements 5 years or -
lease period An intangible asset is derecognised on disposal, or when
whichever no future economic benefits are expected from use or
is lower disposal. Gains or losses arising from derecognition of
an intangible asset, measured as the difference between
Freehold land is not depreciated. The estimated useful the net disposal proceeds and the carrying amount of
lives, residual values and depreciation method are the asset, are recognised in statement of profit and loss.
reviewed at the end of each reporting period, with the
effect of any changes in estimate accounted for on a Subsequent expenditure is capitalized only if it is
prospective basis. probable that the future economic benefits associated
with the expenditure will flow to the Company and such
An asset’s carrying amount is written down immediately expenditure can be measured reliably.
to its recoverable amount if the asset’s carrying amount
is greater than its estimated recoverable amount. Gains (e) Impairment of non-financial asset
and losses on disposal are determined by comparing At the end of each reporting period, the Group reviews
proceeds with carrying amount. These are included in the carrying amounts of non-financial assets (other than
statement of profit or loss within other gains / losses. inventories, contract asset and deferred tax assets) to
determine whether there is any indication that those
(d) Other Intangible assets assets have suffered an impairment loss. If any such
Intangible assets with finite useful lives that are indication exists, the recoverable amount is determined
acquired separately are carried at cost less accumulated on an individual asset basis unless the asset does not
amortization and accumulated impairment losses. generate cash flows that are largely independent of
Intangible assets are amortized over their respective those from other assets. In such cases, the recoverable
individual estimated useful lives on a straight-line amount is determined for the cash generating unit (CGU)
basis, from the date that they are available for use. The to which the asset belongs.
estimated useful life of an identifiable intangible asset
is based on a number of factors including the effects of Recoverable amount is the higher of fair value less costs
obsolescence, demand, competition, and other economic of disposal and value in use. In assessing value in use,
factors (such as the stability of the industry, and known the estimated future cash flows are discounted to their
technological advances), and the level of maintenance present value using a pre-tax discount rate that reflects
expenditures required to obtain the expected future current market assessments of the time value of money
cash flows from the asset. Amortization methods and and the risks specific to the asset for which estimates of
useful lives are reviewed periodically including at each future cash flows have not been adjusted.
financial year end.
If such assets are considered to be impaired, the
The useful lives of intangible assets that is considered for impairment to be recognized in the statement of
amortization of intangible assets are as follows: profit and loss is measured by the amount by which

Annual Report 2023-24 l 271

Material accounting policies (Contd.)

the carrying value of the assets exceeds the estimated (g) Financial Instruments
recoverable amount of the asset. An impairment loss is A. Financial assets
reversed in the statement of profit and loss if there has i) Recognition and initial measurement
been a change in the estimates used to determine the Trade receivables and debt securities are
recoverable amount. initially recognized when they are originated.
All other financial assets and liabilities
When an impairment loss subsequently reverses, the are initially recognized when the Group
carrying amount of the asset / CGU is increased to its
becomes a party to contractual provisions of
revised recoverable amount, provided that this amount
the instrument.
does not exceed the carrying amount that would have
been determined (net of any accumulated amortization
All financial instruments are recognised
or depreciation) had no impairment loss been recognized
initially at fair value. Transaction costs that are
for the asset in prior years. A reversal of impairment loss
attributable to the acquisition of the financial
is recognized immediately in the statement of profit
asset (other than financial assets recorded at
and loss.
fair value through profit or loss) are included
(f) Inventories in the fair value of the financial assets.
Inventories are valued at the lower of cost and net
realizable value. Cost of inventories comprises purchase ii) Classification and subsequent
price, costs of conversion and other costs incurred in measurement
bringing the inventories to their present location and Financial assets
condition. In determining the cost, weighted average On initial recognition, a financial instrument is
cost is used. Net realizable value is the estimated selling classified and measured at
price in the ordinary course of business, less estimated
• Amortized cost
costs to sell. The comparison of cost and net realizable
value is made on an item-by-item basis. • Fair value through other comprehensive
income (FVOCI) - debt instruments;
The method of determination of cost is as follows:
• Fair value through other comprehensive
• Raw materials and components– on a weighted income (FVOCI) - equity investments; or
average basis
• Fair value through profit and loss (FVTPL).
• Stores and spares – on a weighted average basis
• Work-in-progress – includes cost of conversion. Financial assets are not classified subsequent
to their initial recognition, except if and in the
• Finished goods – includes cost of conversion.
period the Group changes its business model
• Goods in transit – at purchase cost for managing financial assets.
• Tools – at purchase cost
A financial asset is measured at amortized cost
if it meets both the following conditions and is
The net realizable value of work-in-progress is
determined with reference to the net realizable value of not designated as at FVTPL:
related finished goods. Raw materials and other supplies • The asset is held within a business model
held for use in production of inventories are not written whose objective is to hold assets to
down below cost except in cases where material prices collect contractual cash flows; and
have declined, and it is estimated that the cost of the
finished products will exceed their net realizable value. • The contractual terms of the financial
Fixed production overheads are allocated on the basis assets give rise on a specified date to
of normal capacity of production facilities. The provision cash flows that are solely payments of
for inventory obsolescence is assessed periodically and principal and interest on the principal
is provided as considered necessary. amounts outstanding.

272 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Material accounting policies (Contd.)

• A debt investment is measured at FVTOCI Debt investments at FVTOCI:

if it meets both of the following conditions These assets are subsequently measured at fair
and is not designated as at FVTPL: value. Interest income under effective interest
method, foreign exchange gains and losses and
• The asset is held within a business model
impairment are recognized in the statement of
whose objective is achieved by both
profit and loss. Other net gains and losses are
collecting contractual cash flow and
recognized in OCI. On derecognition, gains
selling financial assets; and
and losses accumulated in OCI are reclassified
• The contractual terms of the financial to the statement of profit and loss.
assets give rise on a specified date to
cash flows that are solely payments of Equity investments at FVTOCI:
principal and interest on the principal These assets are subsequently measured at
amounts outstanding. fair value. Dividends are recognized as income
in the statement of profit and loss unless the
On initial recognition of an equity investment dividend clearly represents a recovery of part
that is not held for trading, the Group may of the cost of the investment. Other net gains
irrevocably elect to present subsequent and losses are recognized in OCI and are not
changes in the investment’s fair value in OCI reclassified to the statement of profit and loss.
(designated as FVOCI- equity investment).
Impairment of financial assets
This election is made on an investment-to-
The Group assesses on a forward-looking
investment basis.
basis the expected credit losses associated
with its assets carried at amortized cost. The
All financial assets not classified as amortized
impairment methodology applied depends
cost or FVOCI as described above are measured
on whether there has been a significant
at FVTPL. On initial recognition, the Group
increase in credit risk. Note 34 details how the
may irrevocably designate a financial asset
Group determines whether there has been a
that otherwise meets the requirements to be
significant increase in credit risk.
measured at amortized cost or at FVOCI as at
FVTPL, if doing so eliminates or significantly
In accordance with Ind AS 109, the Group
reduces an accounting mistake that would
applies expected credit loss (“ECL”) model for
otherwise arise. measurement and recognition of impairment
loss. The Group follows ‘simplified approach’
Financial assets: Subsequent
for recognition of impairment loss allowance
measurement and gains and losses on financial assets, trade receivables. The
Financial assets, at FVTPL: application of simplified approach does not
These assets are subsequently measured at require the Group to track changes in credit
fair value. Net gains and losses, including any risk. Rather, it recognises impairment loss
interest or dividend income are recognized in allowance based on lifetime ECLs at each
the statement of profit or loss. reporting date, right from its initial recognition.

Financial assets at amortized cost: For recognition of impairment loss on other

These assets are subsequently measured at financial assets and risk exposure, the Group
amortized cost using the effective interest determines that whether there has been a
method. The amortized cost is reduced by significant increase in the credit risk since initial
impairment losses. Interest income, foreign recognition. If credit risk has not increased
exchange gains and losses and impairment significantly, 12-month ECL is used to provide
are recognized in the statement of profit or for impairment loss. However, if credit risk has
loss. Any gain or loss on derecognition is increased significantly, lifetime ECL is used.
recognized in the statement of profit or loss. If in subsequent period, credit quality of the

Annual Report 2023-24 l 273

Material accounting policies (Contd.)

instrument improves such that there is no Financial liabilities at fair value through
longer a significant increase in credit risk since profit or loss
initial recognition, then the Group reverts to Financial liabilities at fair value through profit
recognising impairment loss allowance based or loss include financial liabilities held for
on 12 month ECL. trading and financial liabilities designated
upon initial recognition as at fair value through
iii) Derecognition of financial assets profit or loss. Financial liabilities are classified
A financial asset is derecognized only when: as held for trading if they are incurred for the
purpose of repurchasing in the near term.
• the Group has transferred the rights to
This category also includes derivative financial
receive cash flows from financial asset or
instruments entered into by the Group that
• retains the contractual rights to receive are not designated as hedging instruments
the cash flows from financial asset but in hedge relationships as defined by Ind AS
assumes a contractual obligation to pay 109. Separate embedded derivatives are also
the cash flows to one or more recipients. classified as held for trading unless they are
designated as effective hedging instruments.
Where the Group has transferred an asset, the
Group evaluates whether it has transferred Gains or losses on liabilities held for trading are
substantially all risks and rewards of ownership recognized in the statement of profit and loss.
of the financial asset. In such cases, the
Financial liabilities designated upon initial
financial asset is derecognized. Where the
recognition at fair value through profit or loss
Group has not transferred substantially all
are designated as such at the initial date of
risks and rewards of ownership of the financial
recognition, and only if the criteria in Ind AS
asset, the financial asset is not derecognized.
109 are satisfied. For liabilities designated as
FVTPL, fair value gains/ losses attributable to
Where the Group has neither transferred a
changes in own credit risk are recognized in
financial asset nor retains substantially all
OCI. These gains/ losses are not subsequently
risks and rewards of ownership of the financial
transferred to statement of profit and
asset, the financial asset is derecognized if the
loss. However, the Group may transfer the
Group has not retained control of the financial
cumulative gain or loss within equity. All
asset. Where the Group retains control of
other changes in fair value of such liability are
the financial asset, the asset is continued to
recognized in the statement of profit or loss.
be recognized to the extent of continuing
The Group has not designated any financial
involvement in the financial asset. liability as at fair value through profit or loss.

B. Financial liability Amortized cost

i) Initial recognition and measurement After initial recognition, interest-bearing loans
Financial liabilities are classified, at initial and borrowings are subsequently measured
recognition, as financial liabilities at fair value at amortized cost using the Effective Interest
through profit or loss or amortized cost. All Rate (“EIR”) method. Gains and losses are
financial liabilities are recognized initially at recognized in profit or loss when the liabilities
fair value and, in case of loans and borrowings are derecognized as well as through the EIR
and payables, net of directly attributable amortization process.
transaction costs.
Amortized cost is calculated by taking
ii) Subsequent measurement into account any discount or premium on
The measurement of financial liabilities depends acquisition and fees or costs that are an
on their classification, as described below: integral part of the EIR. The EIR amortization

274 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Material accounting policies (Contd.)

is included as finance costs in the statement of (i) Cash dividend to equity holders of the Group
profit and loss. The Group recognises a liability to make cash distributions
to equity holders of the Group when the distribution
Financial guarantee contracts is authorised, and the distribution is no longer at the
Financial guarantee contracts issued by the discretion of the Group. Final dividends on shares are
Group are those contracts that require a recorded as a liability on the date of approval by the
payment to be made to reimburse the holder shareholders and interim dividends are recorded as a
for a loss it incurs because the specified liability on the date of declaration by the Group’s Board
party fails to make a payment when due of Directors.
in accordance with the terms of a debt
instrument. Financial guarantee contracts are (j) Foreign Currency transactions and translations
recognized initially as a liability at fair value, Foreign currency are translated into the functional
adjusted for transaction costs that are directly currency using the exchange rates at the dates of the
attributable to the issuance of the guarantee. transactions. Foreign currency denominated monetary
Subsequently, the liability is measured at assets and liabilities are translated into relevant
the higher of the amount of loss allowance functional currency at exchange rates in effect at the
determined as per impairment requirements balance sheet date.
of Ind AS 109 and the amount recognized less
cumulative amortization. Foreign exchange gains and losses resulting from the
settlement of such transactions and from the translation
Derecognition of monetary assets and liabilities denominated in foreign
A financial liability is derecognized when the currencies at year end exchange rates are generally
obligation under the liability is discharged or recognized in statement of profit and loss.
cancelled or expires. When an existing financial
liability is replaced by another from the same Non-monetary assets and non-monetary liabilities
lender on substantially different terms, or the denominated in foreign currency and measured at fair
terms of an existing liability are substantially value are translated at the exchange rate prevalent at the
modified, such an exchange or modification date when the fair value was determined. Non-monetary
is treated as the derecognition of the original assets and non-monetary liabilities denominated in a
liability and the recognition of a new liability. foreign currency and measured at historical cost are
The difference in the respective carrying translated at the exchange rate prevalent at the date
amounts is recognized in the statement of of transaction. Translation differences on assets and
profit or loss. liabilities carried at fair value are reported as part of the
fair value gain or loss and are generally recognized in
Offsetting
statement of profit and loss, except exchange differences
Financial assets and financial liabilities are
arising from the translation of the following items which
offset and the net amount reported in the
are recognized in OCI:
balance sheet if there is a currently enforceable
legal right to offset the recognized amounts • equity investments at fair value through OCI (FVOCI)
and there is an intention to settle on a net
• a financial liability designated as a hedge of the net
basis, to realize the assets and settle the
investment in a foreign operation to the extent that
liabilities simultaneously.
the hedge is effective; and
(h) Cash and cash equivalents • qualifying cash flow hedges to the extent that the
Cash and cash equivalent includes cash in hand, demand hedges are effective.
deposit with bank and other short-term, highly liquid
investments with original maturities of three months (k) Employee benefits
or less that are readily convertible to known amounts i. Defined contribution plan
of cash and which are subject to an insignificant risk of A defined contribution plan is a post-employment
changes in value, and bank overdrafts. benefit plan under which an entity pays specified

Annual Report 2023-24 l 275

Material accounting policies (Contd.)

contributions to a separate entity and has no Provision is made for the shortfall, if any, between
obligation to pay any further amounts. The the amounts required to be contributed to meet
Group makes specified monthly contributions the accrued liability for gratuity as determined
towards employee Provident Fund to Government by actuarial valuation and the available corpus of
administered Provident Fund Scheme which is a the funds.
defined contribution plan. The Group’s contribution
is recognized as an expense in the statement of iii. Short-term employee benefits
profit and loss during the period in which the All employee benefits falling due wholly within
employee renders the related service.
twelve months of rendering the services are
classified as short term employee benefits,
ii. Defined benefit plans
The Group’s gratuity plan is a defined benefit plan. which include benefits like salaries, wages and
The present value of gratuity obligation under performance incentives and are recognised as
such defined benefit plans is determined based on expenses in the period in which the employee
actuarial valuations carried out by an independent renders the related service.
actuary using the Projected Unit Credit Method,
which recognizes each period of service as Short term employee benefits are measured on
giving rise to additional unit of employee benefit an undiscounted basis and are expensed as the
entitlement and measure each unit separately related service is provided. A liability is recognized
to build up the final obligation. The obligation is for the amount expected to be paid e.g. short
measured at the present value of estimated future term performance incentive, if the Group has a
cash flows. The discount rates used for determining present legal or constructive obligation to pay this
the present value of obligation under defined amount as a result of past services provided by the
benefit plans, is based on the market yields on employee and the amount of obligation can be
Government securities as at the balance sheet date,
estimated reliably.
having maturity periods approximating to the terms
of related obligations.
When the benefits of a plan are changed or when a
plan is curtailed, the resulting change in benefit that
Actuarial gains or losses are recognized in other
comprehensive income. Further, the statement of relates to past service (‘past service cost’ or ‘past
profit and loss does not include an expected return service gain’) or the gain or loss on curtailment is
on plan assets. Instead net interest recognized recognized immediately in the statement of profit
in profit or loss is calculated by applying the and loss. The Group recognizes gains and losses on
discount rate used to measure the defined benefit the settlement of a defined benefit plan when the
obligation to the net defined benefit liability or settlement occurs.
asset. The actual return on plan assets above or
below the discount rate is recognized as part of iv. Compensated absences:
remeasurement of net defined liability or asset Compensated absences which are not expected to
through other comprehensive income. occur within twelve months after the end of the
period in which the employee renders the related
Remeasurements comprising actuarial gains or services are recognised at an actuarially determined
losses and return on plan assets (excluding amounts
liability at the present value of the defined benefit
included in net interest on the net defined benefit
obligation at the Balance sheet date. In respect of
liability) are not reclassified to profit or loss in
compensated absences expected to occur within
subsequent periods.
twelve months after the end of the period in which
The Group’s gratuity scheme is administered the employee renders the related services, liability
through a third party trust and the provision for for short-term employee benefits is measured at
the same is determined on the basis of actuarial the undiscounted amount of the benefits expected
valuation carried out by an independent actuary. to be paid in exchange for the related service.

276 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Material accounting policies (Contd.)

v. share-based payment transactions. costs incurred and an estimate of costs to dismantle and
The cost of equity-settled transactions is determined remove the underlying asset or to restore the underlying
by the fair value at the date when the grant is made asset or the site on which it is located, less any lease
using an appropriate valuation model and Group’s incentives received.
estimate of equity instruments that will vest. That
cost is recognized, together with a corresponding The right-of-use assets is subsequently measured at
increase in share-options outstanding account in cost less any accumulated depreciation, accumulated
equity, over the period in which the performance impairment losses, if any and adjusted for any
and/or service conditions are fulfilled in employee remeasurement of the lease liability. The right-of-use
benefits expense. assets is depreciated using the straight-line method from
the commencement date over the shorter of lease term
(l) Borrowing costs or useful life of right-of-use asset. The estimated useful
Borrowing costs are interest and other costs (including lives of right-of-use assets are determined on the same
exchange differences relating to foreign currency basis as those of property, plant and equipment. Right-
borrowings to the extent that they are regarded as an of-use assets are tested for impairment whenever there
adjustment to interest costs) incurred in connection with is any indication that their carrying amounts may not be
the borrowing of funds. Borrowing costs allocated to recoverable. Impairment loss, if any, is recognised in the
and utilized for qualifying assets pertaining to the period statement of profit and loss.
from commencement of activities directly attributable to
the acquisition, construction or production of upto the When the lease liability is remeasured in this way, a
date of capitalisation of such asset are added to the cost corresponding adjustment is made to the carrying
of the assets. Qualifying asset is an asset that necessarily amount of the right-of-use asset, or is recorded in profit
takes a substantial period of time to get ready for its or loss if the carrying amount of the right-of-use asset
intended use Borrowing cost also includes exchange has been reduced to zero.
differences to the extent regarded as an adjustment
to the borrowing costs.. All other borrowing costs are The Group applies the short-term lease recognition
expensed in the period in which they occur. exemption to all assets that have a lease term of 12
months or less from the commencement date. The lease
(m) Leases payments associated with these leases are recognized as
The Group assesses at contract inception whether a an expense on a straight-line basis over the lease term.
contract is, or contains, a lease, that is if the contract Further, leases for which the underlying asset is of low
conveys the right to control the use of an identified asset value has been recognized immediately in the Statement
for a period of time in exchange for consideration. of Profit and Loss.

Group as a lessee (n) Taxation

The Group accounts for each lease component Income tax expense comprises current and deferred
within the contract as a lease separately from non- income tax. Income tax expense is recognized in net profit
lease components of the contract and allocates the in the statement of profit and loss except to the extent
consideration in the contract to each lease component it relates to items recognized directly in equity, in which
on the basis of the relative stand-alone price of the lease case it is recognized in other comprehensive income.
component and the aggregate stand-alone price of the
non-lease components. Current income tax for current and prior periods is
recognized at the amount expected to be paid or
The Group recognises a right-of-use (ROU) asset recovered from the tax authorities, using the tax rates
representing its right to use the underlying assets and tax laws that have been enacted or substantively
for the lease term and a lease liability at the lease enacted by the reporting date.
commencement date. The ROU asset is initially measured
at cost, which comprises the initial amount of the lease Deferred income tax assets and liabilities are recognized
liability adjusted for any lease payments made at or for all temporary differences arising between the tax
before the commencement date, plus any initial direct bases of assets and liabilities and their carrying amounts

Annual Report 2023-24 l 277

Material accounting policies (Contd.)

in the consolidated financial statements except for the obligation. When the Group expects some or all of
cases mentioned below. a provision to be reimbursed, the expense relating
to a provision is presented in the statement of profit
Deferred income tax assets and liabilities are measured and loss net of any reimbursement. If the effect of
using tax rates and tax laws that have been enacted or the time value of money is material, provisions are
substantively enacted by the balance sheet date and discounted using a current pre-tax rate that reflects,
are expected to apply to taxable income in the years in when appropriate, the risks specific to the liability.
which those temporary differences are expected to be When discounting is used, the increase in the
recovered or settled. The effect of changes in tax rates on provision due to the passage of time is recognised
deferred income tax assets and liabilities is recognized as a finance cost. Expected future operating losses
as income or expense in the period that includes the are not provided for.
enactment or substantive enactment date.
ii. Onerous contract
Deferred tax is not recognized for temporary differences Provision for onerous contracts. i.e. contracts
arising on the initial recognition of assets and liabilities where the expected unavoidable cost of meeting
in a transaction that is not a business combination and the obligations under the contract exceed the
that affects neither accounting nor taxable profits or loss economic benefits expected to be received under it,
at the time of the transaction, and temporary investment are recognised when it is probable that an outflow
related to investment in subsidiaries, associates and of resources embodying economic benefits will be
joint agreements to the extent that the Group is able required to settle a present obligation as a result of
to control the timing of reversal of the temporary an obligating event based on a reliable estimate of
differences and it is probable that they will not reverse such obligation.
in the foreseeable future.
iii. Contingent liabilities
Deferred tax assets are recognised to the extent that it A disclosure for contingent liabilities is made
is probable that future taxable profits will be available where there is a possible obligation or a present
against which they can be used. The Group recognises a obligation that may probably not require an
deferred tax asset only to the extent that it has sufficient outflow of resources. When there is a possible or a
taxable temporary differences or there is convincing present obligation where the likelihood of outflow
other evidence that sufficient taxable profits will be of resources is remote, no provision or disclosure
available against which such deferred tax can be realised. is made.
Deferred tax assets, unrecognised or recognised, are
reviewed at each reporting date and are recognised/ Provisions and contingent liabilities are reviewed at
reduced to the extent that it is probable/no longer each Balance Sheet date.
probable respectively that the related tax benefit will
be realised. (p) Earnings per share
The basic earnings per share is computed by dividing the
Deferred tax assets and deferred tax liabilities are offset net profit attributable to the owners of the Group for the
if a legally enforceable right exists to set off current tax year by the weighted average number of equity shares
assets against current tax liabilities and the deferred outstanding during reporting period.
taxes relate to the same taxable entity.
Diluted earnings per share is computed by dividing the
(o) Provisions and Contingent Liabilities net profit by the weighted average number of equity
i. Provisions shares considered for deriving basic earnings per share
Provisions are recognised when the Group has a and also the weighted average number of equity shares
present obligation (legal or constructive) as a result that could have been issued upon conversion of all
of a past event, it is probable that an outflow of dilutive potential equity shares. The number of shares
resources embodying economic benefits will be used in computing diluted earnings per share comprises
required to settle the obligation and a reliable the weighted average shares considered for deriving
estimate can be made of the amount of the basic earnings per share and also the weighted average

278 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Material accounting policies (Contd.)

number of equity shares which could have been issued for the effects of transactions of a non-cash nature, any
on the conversion of all dilutive potential equity shares. deferrals or accruals of past or future operating cash
receipts or payments and item of income or expenses
Dilutive potential equity shares are deemed converted associated with investing or financing cash flows. The
as of the beginning of the reporting date, unless they cash flows from operating, investing and financing
have been issued at a later date. In computing diluted activities of the Group are segregated.
earnings per share, only potential equity shares that is
dilutive and which either reduces earnings per share or (s) Government grants
increase loss per share are included. Government grants are recognized where there is
reasonable assurance that the grant will be received,
(q) Segment reporting and all attached conditions will be complied with. When
Operating segments are reported in a manner consistent the grant relates to an expense item, it is recognized as
with the internal reporting provided to the chief operating income on a systematic basis over the periods that the
decision maker (CODM). The Group has identified one related costs, for which it is intended to compensate,
reportable segment based on the dominant source, are expensed. When the grant relates to an asset, it is
nature of risks and return and the internal organisation recognized as income in proportion to the depreciation
and management structure and for which discrete charged over the expected useful life of the related asset.
financial information is available. The CODM monitors
the operating results of the entity as a whole for the (t) Recent pronouncements
purpose of making decisions about resource allocation Ministry of Corporate Affairs (“MCA”) notifies new
and performance assessment. Refer Note 41 for segment standards or amendments to the existing standards
information and segment reporting. under companies (Indian Accounting Standards) Rules
as issued from time to time. For the year ended 31
(r) Cash flow statement March 2024, MCA has not notified any new standards
Cash flows are reported using the indirect method, or amendments to existing standards applicable to
whereby net profit before taxes for the period is adjusted the Company.

Annual Report 2023-24 l 279

Notes to the consolidated financial statements
3 PROPERTY, PLANT AND EQUIPMENT AND CAPITAL WORK-IN-PROGRESS
(` In Million)

Particulars Freehold Leasehold Buildings Electrical Plant and Furniture Computers Office Vehicles Total Capital
Land Improvements* installations machineries and (including equipment work-in-
fixtures servers) progress
(Note (i))
Cost or Deemed Cost
As at 01 April 2022 278.10 18.28 510.63 158.82 1,261.35 36.11 23.82 48.42 53.39 2,388.92 1.91
Additions - 1.14 0.93 - 155.78 5.33 15.92 3.35 13.65 196.10 17.17
Deletions - - - - (28.65) - (1.67) (4.10) (4.70) (39.12) -
Capitalised - - - - - - - - - - (1.91)
As at 31 March 2023 278.10 19.42 511.56 158.82 1,388.48 41.44 38.07 47.67 62.34 2,545.90 17.17
Acquired through business - 0.19 41.21 11.18 152.22 7.16 0.90 2.63 3.25 218.74 77.52
combination [Refer note 42]
Additions - 1.03 0.09 0.24 290.32 4.09 12.60 3.73 4.06 316.16 141.81
Deletions - - - - (10.73) (1.72) (1.24) - (7.79) (21.48) (1.83)
Capitalised - - - - - - - - - - (211.35)
As at 31 March 2024 278.10 20.64 552.86 170.24 1,820.29 50.97 50.33 54.03 61.86 3,059.32 23.32
Accumulated depreciation
As at 01 April 2022 - 5.18 81.55 51.10 645.28 13.09 15.22 33.82 18.02 863.26 -
Depreciation for the year - 2.53 16.12 15.41 145.52 3.36 5.14 7.06 6.42 201.56 -
Depreciation on deletions - - - - (27.12) - (1.58) (3.94) (3.48) (36.12) -
As at 31 March 2023 - 7.71 97.67 66.51 763.68 16.45 18.78 36.94 20.96 1,028.70 -
Depreciation for the year - 2.83 17.07 16.38 180.71 4.39 10.38 5.27 6.71 243.74 -
Depreciation on deletions - - - 0.29 (9.62) (1.69) (1.17) - (3.44) (15.63) -
As at 31 March 2024 - 10.54 114.74 83.18 934.77 19.15 27.99 42.21 24.23 1,256.81 -
Net carrying amount
As at 01 April 2022 278.10 13.10 429.08 107.72 616.07 23.02 8.60 14.60 35.37 1,525.66 1.91
As at 31 March 2023 278.10 11.71 413.89 92.31 624.80 24.99 19.29 10.73 41.38 1,517.20 17.17
As at 31 March 2024 278.10 10.10 438.12 87.06 885.52 31.82 22.34 11.82 37.63 1,802.51 23.32
* Refer Note 22
Note (i)
(a) The ageing information for capital work in progress for the year ended 31 March 2024 and 31 March 2023 is as follows:

(` In Million)

Particulars Amount in capital work-in-progress for a period of

Less than1 year 1 - 2 Years 2-3 Years More than 3 years Total
31 March 2024
Projects in progress 23.32 - - - 23.32
Projects temporarily suspended - - - - -
23.32 - - - 23.32
31 March 2023
Projects in progress 17.17 - - - 17.17
Projects temporarily suspended - - - - -
17.17 - - - 17.17

(b) There are no capital work in progress whose completion is overdue or exceeded its cost compared to its original plan.

(c)  he title deeds of all the immovable properties (other than properties where the Group is the lessee and the lease
T
agreements are duly executed in favour of the lessee), are held in the name of the group.

(d) There has been no revaluation of property, plant and equipment done during the year.

280 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Notes to the consolidated financial statements (Contd.)

(e) At 31 March 2024, freehold land and building amounting to `453.30 million (31 March 2023: `468.19 million) are subject
to 1st charge secured bank loans [refer Note 17]

4 OTHER INTANGIBLE ASSETS

(` In Million)

Particulars Other intangible assets

Goodwill Software Technical Customer Non-compete Intellectual Total (B) Total
(A) Know-how relationship* fees* property rights (A+B)
Cost or Deemed Cost 289.31 30.64 2.92 76.56 25.20 - 135.32 424.63
As at 01 April 2022 - 4.31 - - - - 4.31 4.31
Additions - (0.70) - - - - (0.70) (0.70)
Deletions 289.31 34.25 2.92 76.56 25.20 - 138.93 428.24
As at 31 March 2023 1,455.02 0.92 - 764.80 88.50 - 854.22 2,309.24
Acquired through business - 3.48 - - - 58.99 62.47 62.47
combination [Refer note 42]
Additions - - - - - - - -
Deletions 1,744.33 38.65 2.92 841.36 113.70 58.99 1,055.62 2,799.95
As at 31 March 2024
Accumulated amortization
As at 01 April 2022 - 22.73 2.92 26.60 16.52 - 68.77 68.77
Acquired on acquisition - 2.86 - 10.94 4.33 - 18.13 18.13
Amortization for the year (0.66) - (0.66) (0.66)
As at 31 March 2023 - 24.93 2.92 37.54 20.85 - 86.24 86.24
Amortization for the year - 3.58 - 68.30 26.46 14.75 113.09 113.09
Depreciation on deletions - - -
As at 31 March 2024 - 28.51 2.92 105.84 47.31 14.75 199.33 199.33
Net carrying amount
As at 01 April 2022 289.31 7.91 - 49.96 8.68 - 66.55 355.86
As at 31 March 2023 289.31 9.32 - 39.02 4.35 - 52.69 342.00
As at 31 March 2024 1,744.33 10.14 - 735.52 66.39 44.24 856.29 2,600.62
*Refer note 42
(a) The Group does not have any intangible assets under development.

(b) Goodwill arising upon business combination is not amortized but tested for impairment annually or more frequently
if there is any indication that the cash generating unit to which goodwill is allocated is impaired. For the purposes
of impairment assessment, the Group is considered as single Cash generating unit. The recoverable amounts of the
cash generating units have been assessed using a value-in-use model. Value-in-use is generally calculated as the
net present value of the projected post-tax cash flows plus a terminal value of the cash generating unit. Initially, a
post-tax discount rate is applied to calculate the net present value of the post-tax cash flows. Key assumptions upon
which the Company has based its determinations of value-in-use include:

(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Growth rate (%) 12% 10%
Operating margin (%) 12% - 15% 16% - 17.4%
Terminal growth (%) 5% 5%
Discount rate (%) 19.65% 14.80%

Annual Report 2023-24 l 281

Notes to the consolidated financial statements (Contd.)

As at 31 March 2024 and 31 March 2023, the estimated recoverable amount of the CGU exceeded its carrying amount
hence no impairment is trigerred.

The Group believes that any reasonably possible change in the key assumptions on which a recoverable amount is based
would not cause the aggregate carrying amount to exceed the aggregate recoverable amount of the cash-generating unit.

5 OTHER FINANCIAL ASSETS

(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Non-current
Unsecured, considered good
Security deposit 54.86 23.04
Margin money deposits* - 0.10
Total 54.86 23.14
Current
Unsecured, considered good
Security deposit 0.35 0.35
Interest accrued on deposit 7.02 9.43
Export incentives receivables 0.85 0.30
Advance to employees 0.10 -
Recoverable from Insurance companies 0.96 -
Expense reimbursement receivable [refer Note 36] - 47.91
Total 9.28 57.99

* Includes Nil as on 31 March 2024 (` 0.10 million as on 31 March 2023) Margin money provided as guarantee for Gurgaon Warehouse
to Value Added Tax and Central Sales Tax Department.

6 INCOME TAX ASSETS AND LIABILITIES (NET)

(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Non - current
Advance tax and tax deducted at source, net of provision for tax - -
Current
Income tax liabilities, net of tax assets 22.19 6.12

a) The gross movement in the income tax liability for the year ended 31 March 2024 and 31 March 2023 is as
follows:
(` In Million)

For the period ended For the period ended

Particulars
31 March 2024 31 March 2023
Net income tax liability at the beginning of the year (6.12) (29.44)
Net Income tax asset assumed in acquisition [refer Note 42] 5.71 -
Current income tax expense (355.91) (240.19)
Income tax paid (including interest) 332.22 263.52
Interest income on tax refund 1.65 -
Others 0.26 (0.01)
Net income tax liability at the end of the year (22.19) (6.12)

282 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Notes to the consolidated financial statements (Contd.)

7 DEFERRED TAX ASSETS (NET)

(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Deferred tax assets
Provision for inventory obsolescence 32.39 15.07
Provision for gratuity and compensated absences 7.43 3.24
Customer discounts, returns and claims 25.92 19.75
Provision for bonus 2.45 0.26
Lease liability, net 39.94 29.44
Loss allowances on financial assets, net 8.20 4.22
Provision for doubtful advances and receivables 4.15 2.69
Others 13.49 3.22
Total deferred tax asset (A) 133.97 77.89
Deferred tax liabilities
Property, plant and equipment and intangible assets 109.17 125.70
Right of use assets 27.93 15.16
Intangible assets acquired in acquisition 204.21 9.38
Others 7.60 9.18
Total deferred tax liabilities (B) 348.91 159.42
Net deferred tax liabilities (A-B) (214.94) (81.53)
*Refer note 31(d)

The net deferred tax liabilities as on 31 March 2024 and 31 March 2023 is given below:
(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Non - current
Deferred tax asset, (net) 42.97 8.12
Non - current
Deferred tax liabilities, (net) 257.90 89.65
Net deferred tax liabilities (214.93) (81.53)

8 OTHER ASSETS
(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Non - current
Unsecured, considered good
Capital advances [refer Note (a) below] 12.30 125.47
Prepaid expenses 5.17 0.81
Contract acquisition costs 0.62 13.61
Receivables from government authorities [refer Note (b) below] 17.70 10.57
35.79 150.46
Unsecured, considered doubtful
Indirect tax paid under protest 3.00 3.00
Less: Provision (3.00) (3.00)
- -
Receivables from government authorities - 4.84
Less: Provision [refer Note (b) below] - (4.84)

Annual Report 2023-24 l 283

Notes to the consolidated financial statements (Contd.)

(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
- -

Capital advances 0.60 -

Less: Provision (0.60) -
- -
Total 35.79 150.46

CURRENT
(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Unsecured, considered good
Balances with government authorities 2.56 2.50
Prepaid expenses 13.64 8.85
Contract acquisition costs 8.10 5.84
Advance to suppliers 51.51 40.52
Prepaid gratuity 0.30 -
Others 0.59 0.27
76.70 57.98
Unsecured, considered doubtful 8.28 8.28
Balances with government authorities (8.28) (8.28)
Less: Provision [refer Note (c) below] - -
Total 76.70 57.98

a) During the year ended 31 March 2023, the Group had paid `90 million to Bansal Steel & Power Limited for acquisition
of leasehold rights of land. During the current year, the Group has paid the remaining consideration aggregating to
`58 million and registered the land in its name.

b) Bangalore Metro Rail Corporation Limited (BMRCL) has acquired a portion of the freehold land for an agreed compensation
of `15.41 million (including tax deducted at source). On the above land, one of the female legal heirs of the erstwhile
owner of the freehold land has raised an allegation for separate possession of certain portion of the freehold land.
On account of the dispute, the acquisition compensation amount has been deposited by BMRCL in the Court till the
final settlement. During the year ended 31 March 2024, the matter is closed as the Company has received an order
dated 9 September 2023 in its favour.

(c) During the year ended 31 March 2022, the Group had received an intimation of liability u/s 74(5) of CGST Act, 2017
amounting to `9.23 million, with regards to ineligible input tax credit availed against tax invoices issued by M/s V
Accurate Management Services Private Limited during the period July 2017 to December 2018. The Group has been
legally advised that the Group has a good case on merit as it has genuinely availed the services and paid GST to the
vendor. However, as a matter of prudence, the Group had made a provision amounting to `9.23 million (Refer note
21)

284 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Notes to the consolidated financial statements (Contd.)

9 INVENTORIES (REFER NOTE 2(F))

(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Raw materials [refer Note (a) and (b) below] 306.25 165.09
Work-in-progress 210.13 131.62
Finished goods [refer Note (b) below] 148.63 181.51
Stores and spares 6.99 5.92
Tools 47.63 -
Total 719.63 484.14

(a) Including goods in transit as on 31 March 2024 `52.59 million (31 March 2023 : `17.10 million)

(b) The provision for write down of inventories to net realisable value during the year amounted to `195.03 million (31
March 2023 : `192.02 million). The provision estimated by the management for slow moving and obsolete stock
during the year amounted to `143.19 million (31 March 2023 : `59.89 million). The write down, reversal and provision
for slow moving and obsolete stock are included in the costs of materials consumed or changes in inventories of
finished goods and work-in-progress.

10 INVESTMENTS
(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Non current
Investment in equity instruments carried at fair value through other comprehensive
income (FVTOCI) - Unquoted
8,00,000 fully paid up equity shares of Surya Urja Two Private Limited [refer Note (a)] 29.65 -
Investment in equity instruments of associate at amortised cost - Unquoted
(31 March 2023: 6,00,000) fully paid up equity shares of Surya Urja Two Private Limited - 6.00
[refer Note (a)]
Investments at amortized cost-Unquoted
Investment in bonds 30.67 30.67
Total 60.32 36.67
Current
Investments designated at fair value through profit or loss (FVTPL)- Unquoted
Investment in mutual funds - Unquoted 238.14 955.13
Investments at amortized cost-Unquoted
Investment in bonds, commercial papers and others 97.96 395.90
Total 336.10 1,351.03
Aggregate value of investments 396.42 1,387.70
Aggregate value of unquoted investments 396.42 1,387.70

Annual Report 2023-24 l 285

Notes to the consolidated financial statements (Contd.)

Details for investment in mutual fund - Unquoted

(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Nil units (31 March 2023: 142,039.52 units) - 51.11
in Aditya Birla Sun Life Liquid Fund - Growth - Regular Plan
Nil units (31 March 2023: 11,032.57 units) - 35.17
in DSP Liquidity Fund - Regular Plan - Growth
1,475,718.79 units (31 March 2023: Nil units) 50.62 -
in Kotak Equity Arbitrage Fund - Reg - Growth
Nil units (31 March 2023: 37,893.08 units) - 151.42
in Tata Money Market Fund - Regular Plan - Growth
2,896.47 units (31 March 2023: Nil units) 10.92 -
in Tata Liquid Fund - Regular Plan - Growth
Nil units (31 March 2023: 14,666,150.63 units) - 154.11
in Aditya Birla Sun Life CRISIL IBX AAA - Jun 2023 Index Fund - Regular Growth
2,761.11 units (31 March 2023: 17,172.63 units) 10.34 60.04
in SBI Liquid Fund - Regular Growth
426,284.30 units (31 March 2023: 2,228,040.87 units) 20.53 99.96
in DSP Savings Fund - Regular Plan - Growth
Nil units (31 March 2023: 43,386.85 units) - 52.83
in Axis Money Market Fund - Direct Growth
Nil units (31 March 2023: 6,212,481.38 units) - 80.28
in HDFC Ultra Short Term Fund - Regular Growth
8,000.30 units (31 March 2023: 46,703.26 units) 30.23 164.05
in Nippon India Money Market Fund - Growth
974,679.80 units (31 March 2023: Nil units) 30.20 -
in SBI Arbitrage Opportunities Fund - Regular Plan - Growth
6,395.17 units (31 March 2023: Nil units) 30.04 -
in HDFC Liquid Fund - Reg - Growth
1,027,571.11 units (31 March 2023: Nil units) 30.07 -
in Invesco India Arbitrage Fund - Reg - Growth
Nil units (31 March 2023: 27,913.51 units) 25.19 106.16
in Axis Money Market Fund - Reg - Growth
Aggregate amount of unquoted investment and market value, thereof 238.14 955.13

286 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Notes to the consolidated financial statements (Contd.)

Details for investment in mutual fund - Unquoted

(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
30 bonds (31 March 2023: 30 units) 30.67 30.67
in HDB Financial Services Ltd, interest @7.75%
5,00,000 units (31 March 2023: Nil units) 48.99 -
in Piramal Enterprises Ltd, interest @8.40%
5,00,000 units (31 March 2023: Nil units) 48.97 -
in Piramal Enterprises Ltd, interest @8.40%
Nil units (31 March 2023: 15,00,000 units) - 146.92
in Piramal Enterprises Ltd, interest @8.40%
Nil units (31 March 2023: 100 units) - 98.98
in Kotak Mahindra Prime Limited, interest @7.40%
Inter corporate deposits in Mahindra & Mahindra Finance, interest @7.55% - 150.00
Aggregate amount of unquoted investment and market value, thereof 128.63 426.57

(a) During the year ended 31 March 2023, the Company has entered into a Power Supply and Offtake Agreement (“PSOA”)
and Share Subscription and Shareholders’ Agreement (“SSSHA”) with Sunsource Energy Private Limited (“SEPL”) and
Suryaurja Two Private Limited (“STPL”) and had acquired 6,00,000 equity shares of STPL at a price of Rs. 10/- each.
During the year ended 31 March 2024, STPL has raised additional equity from other investors, which has resulted
in the reduction of shareholding of the Company below 20%. On 25th September 2023, the Company has entered
into an Amendment to Share Subscription and Shareholders’ Agreement (“ASSSHA”) with Sunsource Energy Private
Limited (“SEPL”) and Suryaurja Two Private Limited (“STPL”) and had acquired 2,00,000 equity shares of STPL at a price
of Rs. 10/- each. Consequently, the Company’s total stake in STPL now stands at 16.33%. As the Company does not
exercise any significant influence, STPL is no longer considered to be an associate of the Company and Investment in
equity instruments Surya Urja is designated as investment carried at fair value through other comprehensive income
(FVTOCI) by the management.

Information about the Group’s exposure to credit and market risks, and fair value measurement is included in note
33 and note 34.

11 TRADE RECEIVABLES
(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Trade receivables considered good - Unsecured 1,633.15 910.15
Trade receivables - credit impaired 20.94 4.63
Total Trade receivables 1,654.09 914.78
Less: Loss allowance for financial assets (39.80) (14.52)
1,614.29 900.26
Unbilled receivables 9.81 4.82
Net trade receivables 1,624.10 905.08
(i) The Group’s exposure to credit and currency risks, and loss allowances related to trade receivables is disclosed in
note 34.

(ii) Ageing for trade receivables for each of the category is as follows:

Annual Report 2023-24 l 287

Notes to the consolidated financial statements (Contd.)

(` In Million)

Particulars Unbilled Outstanding for following periods from due date of payment Total
Not due Less than 6 Months to 1 -2 Years 2 -3 Years More than
6 months 1 Year 3 Years
31 March 2024
i) 
Undisputed trade 9.81 1,276.56 335.97 20.42 0.20 - - 1,642.96
receivable -
considered good
ii) 
Undisputed trade - - - - - - - -
receivable - which have
significant increase in
credit risk
iii) 
Undisputed trade - 1.54 2.29 2.57 14.54 - - 20.94
receivable -
credit impaired
iv) 
Disputed trade - - - - - - - -
receivable -
considered good
v) 
Disputed trade - - - - - - - -
receivable - which have
significant increase in
credit risk
vi) 
Disputed trade - - - - - - - -
receivable -
credit impaired
Total 9.81 1,278.10 338.26 22.99 14.74 - - 1,663.90

(` In Million)

Particulars Outstanding for following periods from due date of payment Total
Unbilled Not due Less than 6 Months to 1 -2 Years 2 -3 Years More than
6 months 1 Year 3 Years
31 March 2023
i)  Undisputed trade 4.82 724.58 174.81 10.76 - - - 914.97
receivable -
considered good
ii) Undisputed trade - - - - - - - -
receivable - which have
significant increase in
credit risk
iii) 
Undisputed trade - - - - 4.63 - - 4.63
receivable -
credit impaired
iv) Disputed trade - - - - - - - -
receivable -
considered good
v)  Disputed trade - - - - - - - -
receivable - which have
significant increase in
credit risk
vi) Disputed trade - - - - - - - -
receivable -
credit impaired
Total 4.82 724.58 174.81 10.76 4.63 - - 919.60

288 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Notes to the consolidated financial statements (Contd.)

12 CASH AND CASH EQUIVALENTS

(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Balances with banks:
- in current accounts 76.92 39.58
- in cash credit account 12.92 22.23
- in Exchange earner's foreign currency accounts 27.67 13.67
- Deposits with original maturity of less than 3 months* 3.42 3.40
Cash on hand 0.30 0.30
Total 121.23 79.18
* Includes deposit amounting to ` 3.42 million which has been transferred by the bank to Depositors Education and Awareness Fund
(RBI guidelines) as per DEAF Act, 2014.

13 BANK BALANCE OTHER THAN CASH AND CASH EQUIVALENTS

(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Current
Other bank balances
In deposit accounts (with original maturity of more than 3 months and less than 31.97 217.97
12 months)*
Total 31.97 217.97

*Includes fixed deposit of `15.03 million as on 31 March 2024 (`14.22 million as on 31 March 2023) as restricted bank balances under
lien in favour of ICICI Bank as collateral security against cash credit facility.
*Includes `0.73 million as at 31 March 2024 (`0.69 million as at 31 March 2023), which represents restricted bank balances in favour of
Axis Bank as collateral security against bank guarantee given to Maharashtra Pollution Control Board. The amount of bank guarantee
is `0.50 million (`0.50 million as at 31 March 2023).
*Includes fixed deposit of `10.00 million as on 31 March 2024 (`53.06 million as on 31 March 2023) as restricted bank balances under
lien in favour of Kotak Mahindra Bank as collateral security against overdraft facility.

14 LOANS
(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Non-current
Unsecured, considered good
Loan to Supplier 5.50 -
Total 5.50 -
Current
Unsecured, considered good
Loans to employees 5.55 4.28
Loan to vendor 3.60 -
Total 9.15 4.28

Annual Report 2023-24 l 289

Notes to the consolidated financial statements (Contd.)

15 EQUITY SHARE CAPITAL

(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Authorised
Equity shares
50,000,000 (31 March 2023: 35,000,000) equity shares of `10 each 500.00 350.00
Total 500.00 350.00

Issued, subscribed and fully paid-up shares

(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Equity share
31,037,904 (31 March 2023 : 30,437,904) equity shares of `10 each, fully paid up 310.38 304.38
Total 310.38 304.38

(a) Reconciliation of the shares outstanding at the beginning and end of the reporting year
(` In Million)

As at As at
31 March 2024 31 March 2023
Particulars
Number Amount Number Amount
of shares of shares
Equity shares
At the beginning of the year 30,437,904 304.38 30,437,904 304.38
Issued during the year for cash (Refer Note c) 600,000 6.00 - -
At the end of the year 31,037,904 310.38 30,437,904 304.38

(b) Rights, preferences and restrictions attached to equity shares

The Group has only one class of equity shares having par value of `10 each. All equity shares carry similar voting
rights of 1:1 and similar dividend rights. In the event of liquidation of the Company, the holders of equity shares will
be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amounts, if
any. The distribution will be in proportion to the number of equity shares held by the shareholders.

(c) During the year ended 31 March 2024, the Board of Directors at their meeting held on 3 May 2023, had approved the
issue of equity shares of 600,000 shares on a preferential basis at an issue price of Rs. 500 (Rupees Five Hundred
Only) per equity share to Mr. K.A. Joseph (“Investor”), Founder, Promoter and Managing Director of the Company.
The same had been approved by the Shareholders in their meeting held on 30 May 2023.

290 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Notes to the consolidated financial statements (Contd.)

(d) Details of shareholders holding more than 5% shares of a class of shares in the Company: -
(` In Million)

As at As at
31 March 2024 31 March 2023
Particulars
Number % holding Number % holding
of shares in the class of shares in the class
Equity shares of `10 each fully paid up held by:
Evergraph Holdings Pte. Ltd.** ** ** 10,600,370 34.83%
K. A. Joseph* 5,251,244 16.92% 4,651,244 15.28%
Aditya Birla Sun Life Trustee Private Limited 2,213,273 7.13% - -
** During the year ended 31 March 2024, Evergraph Holdings Pte. Ltd sold 9,164,033 equity shares of the Company thereby reducing
its shareholding from 34.83% to less than 5%.

* During the year ended 31 March 2024, Mr. K A Joseph and Evergraph has entered into transaction for the transfer of 9,00,000 shares
from Evergraph to Mr. K A Joseph on 29 February 2024 which got consummate on 4 April 2024.

(e) The Group has neither allotted any shares as fully paid up pursuant to contracts without payments being received
in cash or by way of bonus shares nor bought back any shares for the period of five years immediately preceding 31
March 2024.

(f) Details of shareholdings by the Promoter’s of the Company: -

(` In Million)

As at As at
%
31 March 2024 31 March 2023
Particulars Change in
Number % holding in Number % holding in
the year
of shares the class of shares the class
Equity shares of `10 each fully paid up held by:
Evergraph Holdings Pte. Ltd. ^ ^ 10,600,370 34.83% (34.83%)
K. A. Joseph 5,251,244 16.92% 4,651,244 15.28% 1.64%


^ During the year ended 31 March 2024, Evergraph Holdings Pte. Ltd sold 9,164,033 equity shares of the Company thereby reducing
its shareholding from 34.83% to less than 5%. Accordingly, Evergraph Holdings Pte. Ltd. does not have a significant influence on the
Group as at 31 March 2024.

(g) Shares reserved for issue under options: Nil

16 OTHER EQUITY
(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Securities premium [refer Note (a) below] 331.33 39.41
Retained earnings [refer Note (b) below] 4,764.79 3,916.63
General reserve [refer Note (c) below] 8.85 8.85
Share option outstanding account [refer Note 39 and refer Note (d) below] 86.65 38.83
Other comprehensive income [refer Note (e) below] 3.37 (11.71)
Total 5,194.99 3,992.01

Annual Report 2023-24 l 291

Notes to the consolidated financial statements (Contd.)

Nature and purpose of other reserves

a) Securities premium :
Amounts received on issue of shares in excess of the par value has been classified as securities premium. The securities
premium can be utilised in accordance with the provisions of Section 52 of the Companies Act, 2013.

(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Opening balance 39.41 39.41
Increase during the year* 291.92 -
Closing balance 331.33 39.41
*net of share issue expenses (Refer note 15(c) above)

b) Retained earnings :
Retained earnings are the profits that the Group has earned till 31 March 2024, add/(less) any transfers from/(to)
general reserve, securities premium and debenture redemption reserve, dividends or other distributions paid to
shareholders. Retained earnings includes re-measurement gain/(loss) on defined benefit obligations, net of taxes
that will not be reclassified to Profit and Loss.

(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Opening balance 3,916.63 3,244.10
Profit for the year 848.16 672.53
Closing balance 4,764.79 3,916.63

During the year ended 31 March 2024, the Board of Director of the Company at its meeting held on 20 May 2024
have proposed a final dividend of `2/- per equity shares for the year ended 31 March 2024, which is subject to the
approval of shareholders at the ensuing Annual General Meeting.

c) General Reserve
This represents appropriation of profit by the Group. General reserve is used from time to time to transfer profits
from retained earnings for appropriation purposes.

(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Opening balance 8.85 8.85
Movement - -
Closing balance 8.85 8.85

292 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Notes to the consolidated financial statements (Contd.)

d) Share option outstanding account:

The Group has share option schemes under which options to subscribe for the Company’s shares have been granted
to employees. The share-based payment reserve is used to recognise the value of equity-settled share-based
payments provided to employees as part of employee benefit expense.

(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Opening balance 38.83 13.95
Increase during the year [refer Note 39] 47.82 24.88
Closing balance 86.65 38.83

e) Other comprehensive income:

(i) Remeasurement of net defined benefit liability or asset
Differences between the interest income on plan assets and the return actually achieved and any changes in
the liabilities over the year due to changes in actuarial assumptions or experience adjustments within the plans,
are recognised in ‘Other equity’ as other comprehensive income net of taxes.

(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Opening balance (11.70) (5.98)
Increase during the year (1.16) (5.72)
Closing balance (12.86) (11.70)

(ii) Equity instruments through OCI

The Group has elected to recognise changes in the fair value of certain investment in equity securities in other
comprehensive income. These changes are accumulated within the FVOCI equity investments within equity.
The Group transfers amounts therefrom to retained earnings when the equity securities are derecognised.

(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Opening balance - -
Increase during the year 16.20 -
Closing balance 16.20 -

17 BORROWINGS
(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Non current
Secured loans
Term loans (refer Note (a) below) 398.71 -
Vehicle loans (refer Note (b) below) 1.65 -
Total 400.36 -

Annual Report 2023-24 l 293

Notes to the consolidated financial statements (Contd.)

(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Current
Secured loans
Current maturities of long term borrowings
Term loans (refer Note (a) below) 55.37 -
Vehicle loans (refer Note (b) below) 0.51 -
Other secured loans
Working capital demand loan (refer Note (c) below) - 120.00
Cash credit facility (refer Note(d) below) 84.62 -
Unsecured loans
Bill discounting facility from bank (refer Note (e) below) 142.57 83.73
Total 283.07 203.73

(a) The Group had availed following term loans

(i) ` 130 million from Citi Bank which carried interest rate of 1month treasury bill + 175 basis points per annum
and was payable in 60 monthly installments. The loan was availed on 30 June 2023 has been fully repaid on 30
October 2023. The loan was secured by charge on moveble fixed assets of the Company.

(ii) ` 350 million on 30 June 2023 from Bajaj Finserve which carries interest of 9.5% per annum linked with repo rate
of Reserve Bank of India and payable in 60 monthly installments with 12 months moratorium starting from 1
July 2024. The loan is secured by first paripassu charge on entire movable and immovable property, plant and
equipments of the Company.

(iii) ` 163.5 million from Union Bank of India bifurcated into the following:


` 20 million which carried interest rate of EBLR+1% per annum and repayment term of 72 equal monthly
installments starting from August 2018.

` 7.5 million 7.5% per annum and repayment terms of 36 equal monthly installments starting from June 2021.


` 13.5 million EBLR+0.95% per annum and repayment terms of 57 equal monthly installments starting from
July 2022 and ` 122.5 million EBLR+0.95% per annum and repayment terms of 72 equal monthly installments
starting from February 2023. These term loans are secured by the hypothecation of plant and machinery and
inventory of the subsidiary, Walter Pack.

(b) The subsidiary, Walter Pack has availed vehicle loans from Union Bank of India. The loan is repayable in 60 monthly
installments from 31 August 2022 and carries interest rate at EBLR+0.1% per annum. The loan is secured against the
vehicles purchased out of this loan by the subsidiary, Walter Pack.

(c) The Company has availed woking capital demand loan from Citi Bank which carries interest rate of 1 month treasury
bill + 175 basis points per annum and is payable within 30 days from the date of loan availed.

(d) The subsidiary, Walter Pack has availed cash credit facility from Union Bank of India and it is secured by hypothecation
of stock and book debts and collaterally secured by mortgage of land and building including personal guarantee by
Mr. Roy Mathew (Managing Director, Walter Pack). This facility carries interest rate at EBLR + 0.6% and is repayable
on demand.

294 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Notes to the consolidated financial statements (Contd.)

(e) The Company has availed bill discounting facility (with recourse) from State Bank of India which carries interest in
the range of 8.22% to 10.48% per annum (31 March 2023: 6.48% to 10.11% per annum) and is payable within 45 days
from the date of discounting of bills. Further, the subsidiary, Walter Pack has availed bill discounting facility with
Kotak Mahindra Bank with sanctioned limit of Rs 190 million. The interest rate charged by Kotak Mahindra Bank is
2% per month and is payable within 90 days from the date of discounting of bills.

(f) The Company has obtained overdraft facility from Kotak Mahindra Bank amounting to `10 million, which carries
interest at MCLR in the range of 8.60% to 8.80% and repayable on demand. As at 31 March 2024, the bank overdraft
balance amounts to Nil (31 March 2023: Nil).

(g) Information about the Company’s exposure to interest rate, foreign currency and liquidity risks is included in Note 34

18 TRADE PAYABLES
(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Total outstanding dues of micro enterprises and small enterprises (refer Note (ii) below) 153.72 166.30
Total outstanding dues of creditors other than micro enterprises and small enterprises 462.44 259.03
Total 616.16 425.33

Terms and conditions of above trade payables:

(i) For explanation of Group’s credit risk management - refer Note 34

(ii) Disclosure required under Section 22 of Micro, Small and Medium Enterprise Development Act, 2006 (MSMED Act, 2006)

(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
(a) 
The principal amount and the interest due thereon remaining unpaid to any
supplier as at the end of each accounting year:
- Principal 152.04 165.88
- Interest 1.68 0.42
(b) 
The amount of interest paid by the buyer in terms of Section 16 of the MSMED - -
Act, 2006 along with the amounts of the payment made to the supplier beyond
the appointed day during each accounting year.
- Principal - -
- Interest - -
(c) 
The amount of interest due and payable for the period of delay in making - -
payment (which has been paid but beyond appointed day during the year) but
without adding the interest specified under the MSMED Act, 2006.
(d) 
The amount of interest accrued and remaining unpaid at the end of each 1.68 0.42
accounting year.
(e) 
T he amount of further interest remaining due and payable even in the -
succeeding years, until such date when the interest dues as above are actually
paid to the small enterprise for the purpose of disallowance as a deductible
expenditure under Section 23 of the MSMED Act, 2006.

The above disclosures are provided by the Group based on the information available with the Group in respect of
the registration status of its vendors / suppliers.

Annual Report 2023-24 l 295

Notes to the consolidated financial statements (Contd.)

(iii) Ageing for trade payable from the due date of payment for each of the category is as follows:

(` In Million)

Particulars Accrued Outstanding for following periods from due date of payment
expenses Not due Less than 1-2 years 2-3 years More than Total
1 year 3 years
31 March 2024
Micro enterprises and small enterprises - 148.76 4.54 0.42 - - 153.72
Creditors other than micro enterprises 43.75 304.05 113.17 0.26 0.01 1.20 462.44
and small enterprises
Disputed dues of micro enterprises and - - - - - - -
small enterprises
Disputed dues of creditors other than - - - - - - -
micro enterprises and small enterprises
Total 43.75 452.81 117.71 0.68 0.01 1.20 616.16
31 March 2023
Micro enterprises and small enterprises - 165.13 0.75 0.42 - - 166.30
Creditors other than micro enterprises 25.31 188.67 43.40 0.52 - 1.13 259.03
and small enterprises
Disputed dues of micro enterprises and - - - - - - -
small enterprises
Disputed dues of creditors other than - - - - - - -
micro enterprises and small enterprises
Total 25.31 353.80 44.15 0.94 - 1.13 425.33

19 OTHER FINANCIAL LIABILITIES

(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Non-current
Interest accrued but not due on borrowings 0.03 -
Payable towards acquisition of intellectual property rights 63.59 -
Others 1.97 -
Total 65.59 -
Current
Employee related liabilities 78.97 65.74
Capital creditors 34.29 10.90
Discount payable 91.21 73.25
Deferred consideration (refer Note 42) 64.79 -
Liability towards customer claims 20.78 -
Interest payable 13.79 -
Total 303.83 149.89

Information about the Group’s exposure to interest rate, foreign currency and liquidity risks is included in Note 34.

296 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Notes to the consolidated financial statements (Contd.)

20 OTHER LIABILITIES
(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Current
Statutory liabilities 68.55 79.49
Advance from customers 61.40 11.84
Others 0.06 -
Total 130.01 91.33

21 PROVISIONS
(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Current
Provision for employee benefits
Provision for gratuity (refer Note 40) 19.51 7.02
Provision for compensated absence (refer Note 40) 10.32 4.64
Others
Provision for sales return* 11.67 4.98
Provision for goods and service tax 0.95 0.95
Total 42.45 17.59
*This represents provision made for expected sales returns. Revenue is adjusted for the expected value of return and
claims. It is expected to be utilised within 12 months from the end of the year. The provision is based on estimates made
of historical data.

Movement in provisions for year ended 31 March 2024

(` In Million)

Particulars As at Provision made Provision Provision As at

1 April 2023 during the year utilised during reversed 31 March 2024
the year during the year
Provision for sales return 4.98 10.38 (3.69) - 11.67
Provision for goods and service tax 0.95 - - - 0.95
Total 5.93 10.38 (3.69) - 12.62

Movement in provisions for year ended 31 March 2023

(` In Million)

Particulars As at Provision made Provision Provision As at

1 April 2022 during the year utilised during reversed 31 March 2023
the year during the year
Provision for sales return 5.44 4.09 (4.05) (0.50) 4.98
Provision for goods and service tax 0.95 - - - 0.95
Total 6.39 4.09 (4.05) (0.50) 5.93

Annual Report 2023-24 l 297

Notes to the consolidated financial statements (Contd.)

22 LEASES
The Group has recognised right-of-use assets and lease liabilities as below:

(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Right of use assets 342.22 128.75
Lease liabilities
Non-current 116.08 73.35
Current 42.63 27.78

When measuring lease liabilities, the Group discounted lease payments using its incremental borrowing rate at date of
commencement of lease. The weighted-average rates considered in the range of 8.30% p.a. to 10.25% p.a. for the year ended
31 March 2024 (8.30% p.a. to 10.00% p.a. for the year ended 31 March 2023).

Right-of-use assets: The movement of the right-of-use asset held by the Group is as follows:
(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Opening balance 128.75 191.60
Additions during the year 167.78 -
Acquired through business combination (Refer note 42) 76.29 -
Depreciation charge for the year (30.60) (13.32)
Modifications during the year (refer Note (i) below) - (49.53)
Closing balance 342.22 128.75

The Group has certain warehouse and guest house on lease with contract terms of less than one year. These leases are
classified as short-term. The Group has elected not to recognise right-of-use assets and lease liabilities for these leases.

Lease liabilities
(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Balance at the beginning 101.13 168.59
Additions during the year 58.50 -
Acquired through business combination (Refer note 42) 75.51 -
Interest on lease liabilities 14.89 12.11
Payment of lease liabilities (91.32) (18.54)
Lease modifications during the year (refer Note (i) below) - (61.03)
Closing balance 158.71 101.13
Note (i)

During the year ended 31 March 2023, the Group had renewed its lease arrangement with lndo Global Ranjangaon
Infrastructure and Utility Services Private Limited (“lessor’) with modification in certain terms and conditions of the

298 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Notes to the consolidated financial statements (Contd.)

lease agreement Pursuant to this, the Group has accounted the modification in accordance with Ind AS 116 “Leases” and
remeasured its right to use and lease liability. The profit and loss account impact due the accounting is as below:

(` In Million)

Amount of gain/(loss)
booked in Statement of
Particulars
Profit and Loss for the year
31 March 2023
Lease liability 61.03
Right of use assets (49.53)
Security deposit 2.65
Total 14.15

Carrying amount of lease liabilities

(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Lease liabilities - current 42.63 27.78
Lease liabilities - non current 116.08 73.35
Total 158.71 101.13

Amounts recognised in statement of profit and loss:

(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Interest expense on lease liabilities 14.89 12.11
Depreciation of right-of-use assets 30.60 13.32
Expenses relating to short-term leases included in other expenses 7.03 6.86
Gain on modification of lease contract - (14.15)
Total 52.52 18.14

Amounts recognised in statement of cashflows:

During the year, the Group had cash outflow of `91.32 million (31 March 2023: `18.54 million) million related to right-of-
use asset. The Group has not made any non-cash additions to right-of-use assets and lease liabilities.

During the year, for lease including cash outflow of short-term leases and leases of low-value assets, the Group had a
cash outflow of `7.03 million (31 March 2023 `6.86 million).

The table below provides details regarding the undiscounted contractual maturities of lease liabilities as at 31 March 2024.

(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Less than one year 45.67 27.78
one to five years 163.21 97.36
more than five years 0.40 0.40
Total 209.28 125.54

The Group has no lease contracts with variable payments.

Annual Report 2023-24 l 299

Notes to the consolidated financial statements (Contd.)

23 REVENUE FROM OPERATIONS

(` In Million)

For the year ended For the year ended

Particulars
31 March 2024 31 March 2023
Revenue from contract with customers
Sale of products 6,064.67 4,307.67
Sale of services 16.24 12.56
6,080.91 4,320.23
Other operating revenues:
Sale of tools 182.62 -
Export incentive benefit 4.72 3.56
Scrap sales 9.75 6.70
197.09 10.26
Total Income 6,278.00 4,330.49

(a) Disaggregate revenue information

(i) Disaggregation by Primary geographical markets
(` In Million)

For the year ended For the year ended

Particulars
31 March 2024 31 March 2023
Exports:
Sale of product 446.46 309.18
Sale of services 9.99 5.90
Domestic:
Sale of product 5,618.21 3,998.49
Sale of services 6.25 6.66
Total 6,080.91 4,320.23

(ii) Disaggregation by timing of revenue recognition

(` In Million)

For the year ended For the year ended

Particulars
31 March 2024 31 March 2023
Revenue from contract with customers
Goods or services transferred at point in time 6080.91 4,320.23
Other operating revenues:
Goods or services transferred at point in time 197.09 10.26
Total 6,278.00 4,330.49

300 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Notes to the consolidated financial statements (Contd.)

(b) Reconciliation of revenue recognised in the statement of profit and loss with the contracted price (Sale of
products)
(` In Million)

For the year ended For the year ended

Particulars
31 March 2024 31 March 2023
Revenue as per contract price 6,147.01 4,386.65
Addition / reduction towards discount (net) (35.04) (29.28)
Adjustment / reduction towards sales return (net) (47.30) (49.70)
Revenue from contract with customers 6,064.67 4,307.67

(c) Contract balances

(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Trade receivables (including unbilled revenue) 1,624.10 905.08
Advance from customers (61.40) (11.84)

24 OTHER INCOME
(` In Million)

For the year ended For the year ended

Particulars
31 March 2024 31 March 2023
Interest income:
on deposits with bank 3.99 4.35
on bonds and commercial papers 12.41 15.41
on others 5.08 5.26
Other non-operating income:
Gain on current investment measured at fair value through profit or loss 2.30 17.28
Gain on sale of current investments measured at fair value through profit or loss, net 23.88 27.35
Net gain on foreign currency transactions 6.85 15.02
Income from government grant 6.63 0.43
Profit on sale of property plant and equipment, net 1.05 0.79
Modification of lease contract - 14.15
Income from liquidation damages 5.95 -
Reversal of loss allowance on financial assets 4.84 -
Liabilities no longer required, written back 1.19 0.01
Miscellaneous income 2.87 1.47
Total 77.04 101.52

Annual Report 2023-24 l 301

Notes to the consolidated financial statements (Contd.)

25 COST OF RAW MATERIAL CONSUMED

(` In Million)

For the year ended For the year ended

Particulars
31 March 2024 31 March 2023
Inventory of materials at the beginning of the year# 165.09 171.25
Inventory acquired on acquisition (refer Note 42) 80.03 -
Add: Purchases during the year 2,934.91 1,936.49
Less: Inventory of materials at the end of the year# 306.26 165.09
Total 2,873.77 1,942.65
# Net of provision for obsolescence

26 CHANGES IN INVENTORY OF FINISHED GOODS AND WORK-IN-PROGRESS

(` In Million)

For the year ended For the year ended

Particulars
31 March 2024 31 March 2023
Opening stock
Finished goods 181.51 127.73
Work-in-progress 137.54 116.53
319.05 244.26
Inventory acquired through business combination (refer Note 42)
Finished goods 6.55 -
Work-in-progress 8.25 -
14.80 -
Closing Stock
Finished goods 148.63 181.51
Work-in-progress 210.13 137.54
358.76 319.05
Changes in inventory of finished goods and work-in-progress (24.91) (74.79)

27 EMPLOYEE BENEFITS EXPENSE

(` In Million)

For the year ended For the year ended

Particulars
31 March 2024 31 March 2023
Salaries, wages and bonus 559.52 450.91
Gratuity expense [refer Note 40] 11.84 12.15
Compensated absences expense [refer Note 40] 6.74 6.37
Contribution to provident fund and other fund 24.13 18.24
Share based payment [refer Note 39] 47.82 24.88
Staff welfare expenses 57.60 48.74
Total 707.65 561.29

302 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Notes to the consolidated financial statements (Contd.)

28 FINANCE COSTS
(` In Million)

For the year ended For the year ended

Particulars
31 March 2024 31 March 2023
Interest expense on:
Borrowings 60.53 10.76
Income tax - 0.15
Lease liabilities 14.89 12.11
Deferred consideration 4.93 -
Other borrowing costs 4.86 0.09
Total 85.21 23.11

29 DEPRECIATION AND AMORTIZATION EXPENSE

(` In Million)

For the year ended For the year ended

Particulars
31 March 2024 31 March 2023
Depreciation of property, plant and equipment [refer Note 3] 243.74 201.56
Amortisation of intangible assets [refer Note 4] 113.08 18.13
Depreciation of Right of use assets [refer Note 22] 30.60 13.32
Total 387.42 233.01

30 OTHER EXPENSES
(` In Million)

For the year ended For the year ended

Particulars
31 March 2024 31 March 2023
Subcontracting charges 418.11 328.56
Consumption of stores, spare and other supplies 30.28 36.68
Power and fuel 155.97 109.08
Job work charges 74.76 17.07
Freight charges 94.20 75.90
Repairs and maintenance
- plant and machinery 66.97 54.74
- building 3.27 2.54
- others 29.80 19.58
Rent 7.03 6.86
Legal and professional [refer Note (a) below] 84.36 43.41
Rates and taxes 27.64 13.06
Travel and conveyance 45.86 36.36
Housekeeping charges 33.67 26.12
Corporate social responsibility [refer Note 37] 18.32 14.12
Sales promotion expenses 11.77 6.32
Liabilities towards customer claim 20.78 -
Insurance 12.75 10.90
Printing and stationery 5.96 5.88

Annual Report 2023-24 l 303

Notes to the consolidated financial statements (Contd.)

(` In Million)

For the year ended For the year ended

Particulars
31 March 2024 31 March 2023
Bank charges 2.59 2.26
Communication 6.70 3.40
Loss on sale and write off of property, plant and equipment, net 1.45 1.46
Bad debts written-off 1.54 0.30
Loss allowances on financial assets, net 22.45 11.87
Provision for doubtful advances 0.60 -
Donation 0.09 0.24
Net loss on foreign currency transactions 0.29 -
Miscellaneous expenses 22.20 8.33
Total 1,199.41 835.04

(a) Payment to auditors (excluding applicable taxes):

(` In Million)

For the year ended For the year ended

Particulars
31 March 2024 31 March 2023
Audit fees 12.60 9.65
Tax audit fees 0.35 0.35
Reimbursement of expenses 1.97 1.14
Total 14.92 11.14

31 TAX EXPENSES
(` In Million)

For the year ended For the year ended

Particulars
31 March 2024 31 March 2023
a) Amount recognised in the statement of profit and loss
Current tax 355.91 240.19
Deferred tax credit (83.13) (1.02)
Income tax expense reported in the statement of profit and loss 272.78 239.17
b) Income tax recognised in other comprehensive income
On re-measurement of defined benefit obligation 0.41 1.84
On fair value changes on equity investment (5.45) -
Income tax charges to OCI (5.04) 1.84
c) Reconciliation of tax expense and tax based on accounting profit:
Profit before income tax expense 1,126.49 911.70
Tax at the company's domestic tax rate of 25.17% / 25.36% 283.52 238.17
Tax effect of:
Permanent differences 5.09 3.80
Tax pertaining to previous years (18.19) -
Others 2.36 (2.80)
Income tax expense 272.78 239.17

304 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Notes to the consolidated financial statements (Contd.)

d) Deferred tax
For the year ended 31 March 2024
(` In Million)

Particulars As at Deferred tax Recognised Recognised As at

1 April 2023 liabilities in Other in Statement 31 March 2024
assumed Comprehensive of Profit
in acquisition Income and Loss
Deferred tax liabilities
Property, plant and equipment and 125.70 (1.52) - (15.01) 109.17
intangible assets
Right of use assets 15.16 19.20 - (6.43) 27.93
Intangible assets acquired through 9.38 218.60 - (23.77) 204.21
business combination
Others 9.18 (0.63) 5.45 (6.40) 7.60
Total deferred tax liabilities (A) 159.42 235.65 5.45 (51.61) 348.91
Deferred tax assets
Provision for inventory obsolescence 15.07 - - 17.32 32.39
Provision for gratuity and 3.24 0.97 0.41 2.82 7.43
compensated absences
Customer discounts, returns and claims 19.75 1.76 - 4.41 25.92
Provision for bonus 0.26 1.85 - 0.34 2.45
Lease liability, net 29.44 19.01 - (8.51) 39.94
Loss allowances on financial assets, net 4.22 - - 3.98 8.20
Provision for doubtful advances 2.69 0.71 - 0.75 4.15
and receivables
Others 3.22 (0.14) - 10.41 13.49
Total deferred tax asset (B) 77.89 24.16 0.41 31.52 133.97
Net deferred tax liabilities (A-B) 81.53 211.49 5.04 (83.13) 214.93

For the year ended 31 March 2023

(` In Million)

Particulars As at Recognised in Other Recognised in As at

1 April 2022 Comprehensive Statement of Profit 31 March 2023
Income and Loss
Deferred tax liabilities
Property, plant and equipment and 133.05 - (7.35) 125.70
intangible assets
Right of use assets 31.87 - (16.71) 15.16
Intangible assets acquired through 11.72 - (2.34) 9.38
business combination
Others 6.85 - 2.33 9.18
Total deferred tax liabilities (A) 183.49 - (24.07) 159.42

Annual Report 2023-24 l 305

Notes to the consolidated financial statements (Contd.)

(` In Million)

Particulars As at Recognised in Other Recognised in As at

1 April 2022 Comprehensive Statement of Profit 31 March 2023
Income and Loss
Deferred tax assets
Provision for inventory obsolescence 14.15 - 0.92 15.07
Provision for gratuity and 0.55 1.84 0.85 3.24
compensated absences
Customer discounts, returns and claims 20.96 - (1.21) 19.75
Provision for bonus 5.62 - (5.36) 0.26
Lease liability, net 46.90 - (17.46) 29.44
Loss allowances on financial assets, net 0.72 - 3.50 4.22
Provision for doubtful advances 2.57 - 0.12 2.69
and receivables
Others 7.63 - (4.41) 3.22
Total deferred tax asset (B) 99.10 1.84 (23.05) 77.89
Net deferred tax liabilities (A-B) 84.39 (1.84) (1.02) 81.53

32 EARNINGS PER SHARE [‘EPS’]

The following reflects the income and share data used in the basic and diluted EPS computations:

(` In Million)

For the year ended For the year ended

Particulars
31 March 2024 31 March 2023
Reconciliation of earnings
Profit for the year attributable to equity holders of the Group (a) 848.16 672.53
Weighted average number of shares outstanding during the year for basic EPS (b) 3,09,03,478 3,04,37,904
Basic Earning per share (in `) (a/b) 27.45 22.10
Diluted EPS
Profit for the year attributable to equity holders of the Company for diluted EPS (c) 848.16 672.53
Weighted average number of shares outstanding during the year for diluted EPS (d) 3,15,63,753 3,08,41,334
Diluted Earning per share (in `) (c/d) 26.87 21.81
Reconciliation of basic and diluted shares used in computing earnings per share :
Weighted average number of shares outstanding during the year for basic EPS (b) 3,09,03,478 3,04,37,904
Add: Potential equity shares on employee's stock options 6,60,275 4,03,430
Total weighted average number of shares outstanding during the year for diluted EPS (d) 3,15,63,753 3,08,41,334

306 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Notes to the consolidated financial statements (Contd.)

33FINANCIAL INSTRUMENTS - FAIR VALUES AND RISK MANAGEMENT

Accounting classification and fair value
The following table shows the carrying amount and fair value of financial assets and financial liabilities including their
level of fair value hierarchy:

Fair value hierarchy

The section explains the judgement and estimates made in determining the fair values of the financial instruments that are:

a) recognised and measured at fair value

b) measured at amortised 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 Group has classified its
financial instruments into the three levels prescribed under the Indian Accounting Standard.

The following table shows the carrying amounts of financial assets and financial liabilities as at 31 March 2024:

(` In Million)

Carrying Amount Fair Value Total

Particulars
31 March 2024 Level 1 Level 2 Level 3
Financial assets measured at amortised cost
Loans (non-current and current) 14.65 - - - -
Trade receivables 1,624.10 - - - -
Cash and cash equivalents 121.23 - - - -
Bank balance other than cash and cash equivalents 31.97 - - - -
Other financial assets (non-current and current) 64.14 - - - -
Investment in bonds, commercial paper and others 128.63 - - - -
Financial assets measured at fair value through profit
or loss
Investment in mutual funds 238.14 - 238.14 - 238.14
Financial assets measured at fair value through other
comprehensive income
Investment in Surya Urja Two Private Limited 29.65 - - 29.65 29.65
Total financial assets 2,252.51 - 238.14 29.65 267.79
Financial liabilities measured at amortised cost
Lease liabilities 158.71 - - - -
Borrowings 683.43 - - - -
Trade payables 616.16 - - - -
Other financial liabilities (non-current and current) (excluding 304.63 - - - -
deferred consideration)

Annual Report 2023-24 l 307

Notes to the consolidated financial statements (Contd.)

(` In Million)

Carrying Amount Fair Value Total

Particulars
31 March 2024 Level 1 Level 2 Level 3
Financial liabilities measured at fair value through profit
or loss
Deferred consideration included in other financial liabilities 64.79 - - 64.79 64.79
(refer Note 42)
Total financial liabilities 1,827.72 - - 64.79 64.79

The following table shows the carrying amounts of financial assets and financial liabilities as at 31 March 2023:

(` In Million)

Carrying Amount Fair Value Total

Particulars
31 March 2023 Level 1 Level 2 Level 3
Financial assets measured at amortised cost
Loans (non-current and current) 4.28 - - - -
Trade receivables 905.08 - - - -
Cash and cash equivalents 79.18 - - - -
Bank balance other than cash and cash equivalents 217.97 - - - -
Other financial assets (non-current and current)* 81.13 - - - -
Investment in bonds, commercial papers and others 426.57 - - - -
Financial assets measured at fair value through profit
or loss
Investment in mutual funds 955.13 - 955.13 - 955.13
Total financial assets 2,669.34 - 955.13 - 955.13
Financial liabilities measured at amortised cost
Lease liabilities 101.13 - - - -
Borrowings 203.73 - - - -
Trade payables 425.33 - - - -
Other financial liabilities (non-current and current) 149.89 - - - -
Total financial liabilities 880.08 - - - -

*Investment in equity shares of associate enterprise is not appearing as financial asset in the above table being investment in associates
accounted under Ind AS 28, which is scoped out under Ind AS 109 “Financial Instruments”.

Fair value hierarchy

Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices.

 evel 2: The fair value of financial instruments that are not traded in an active market (for example, traded bonds, over-
L
the-counter derivatives) is determined using valuation techniques which maximize the use of observable market data
and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are
observable, the instrument is included in level 2. This includes investment in mutual funds. The fair values of investments
in units of mutual fund are based on the Net Asset Value (NAV) as per the fund statement.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in

level 3.

308 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Notes to the consolidated financial statements (Contd.)

Fair valuation method

The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged
in a current transaction between willing parties, other than in a forced or liquidation sale. The following methods and
assumptions were used to estimate the fair values. Investments in mutual funds carried at fair value are generally based
on the Net Asset Value (NAV) as per the fund statement at the reporting date.

There were no transfers in either directions during the year ended 31 March 2024 and 31 March 2023.

Financial assets:
The Group has not disclosed the fair values for loans, trade receivables, cash and cash equivalents including other bank
balances, investments in bonds, commercial papers and others and other financial assets because their carrying amounts
are a reasonable approximation of their fair value.

Investments in mutual funds:

Fair value of unquoted mutual funds units are based on the Net Asset Value (NAV) at the reporting date.

Investment in equity instruments:

The fair value of the said investment is derived based on the estimated cashflows that is expected to be generated in
future and discounted for the present value using the risk free interest rate / weighted average cost of capital.

Financial liabilities:
Borrowing: It includes term loans, vehicle loans, working capital demand loan, cash credit and bill discounting facilities.
Borrowings are classified and subsequently measured in the consolidated financial statements at amortised cost.
Considering that the interest rate on borrowings is reset on a periodic basis, the carrying amount of the borrowings
would be a reasonable approximation of its fair value.

Trade payables and other financial liabilities: Fair values of trade payables and other financials liabilities are measured
at balance sheet date value, as most of them are satisfied within a short period and so their fair values are assumed almost
equal to balance sheet date values.

Deferred consideration:
Discounted cash flow- The valuation model considers the present value of expected future payments discounted at risk
adjusted discount rate.

34 FINANCIAL RISK MANAGEMENT

The Group’s activities expose to a variety of financial risks: credit risk, liquidity risk and market risk.

Risk management
The Group’s Board of Directors have overall responsibility for the establishment and oversight of the Group’s risk
management framework. The Group’s risk management policies are established to identify and analyze the risks faced
by the Group, to set appropriate risk limits and controls and to monitor risks and adherence to limits. Risk management
policies and systems are reviewed regularly to reflect changes in market conditions and the Group’s activities. The Group,
through its training and management standards and procedures, aims to maintain a disciplined and constructive control
environment in which all employees understand their roles and responsibilities.

The Board of Directors has established the risk management committee, which is responsible for developing and monitor
the Group’s risk management policies. The committee reports regularly to the board of directors on its activities.

The Group’s risk management policies are established to identify and analyse the risks faced by the Company, to set
appropriate risk limits and controls and to monitor risks and adherence to limits. Risk management policies and systems

Annual Report 2023-24 l 309

Notes to the consolidated financial statements (Contd.)

are reviewed regularly to reflect changes in market conditions and the Group’s activities. The Group, through its training
and management standards and procedure, aims to maintain a disciplined and constructive control environment in which
all employees understand their roles and obligations.

The Group’s Risk Management Committee along with Audit Committee overseas how management monitors compliance
with the Group’s risk management policies and procedures and reviews the adequacy of the risk management framework
in relation to the risks faced by the Group. The Risk Management Committee and Audit Committee is assisted in its oversite
role by the internal auditor.

(i) Credit Risk

Credit risk is the risk of financial loss to the Group, if a customer or counterparty to a financial instrument fails to
meet its contractual obligations, and arises principally from the Group’s receivables from customers and loans given.
Credit risk arises from cash held with banks and financial institutions, as well as credit exposure to clients, including
outstanding accounts receivables. The maximum exposure to credit risk is equal to the carrying value of the financial
assets. The objective of managing counterparty credit risk is to prevent losses in financial assets. The Group assesses
the credit quality of the counterparties, taking into account their financial position, past experience and other factors.
The carrying amount of financial asset represents the maximum credit exposure.

Trade and other receivables

The maximum exposure to credit risk at the reporting date is primarily from trade receivables. However, the
management also considers the factors that may influence the credit risk of its customer base. Customers of the
Group are spread across diverse industries and geographical areas. The Group limits its exposure to credit risk from
trade receivables by establishing a maximum credit period and takes appropriate measures to mitigate the risk of
financial loss from defaults. Recurring credit evaluation of credit worthiness is performed based on the financial
condition of respective customer.

Expected credit loss assessment for trade receivables as at 31 March 2024 and 31 March 2023 is as follows:
The Group establishes an allowance for credit loss that represents its estimate of expected losses in respect of trade
and other receivables based on past and the recent collection trend. The maximum exposure to credit risk as at
reporting date is primarily from trade receivables as at 31 March 2024 amounting to `1,624.10 million ( 31 March
2023 ` 905.08). The movement in allowance for credit loss in respect of trade and other receivables during the year
was as follows.

(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Balance as at the beginning of the year 14.52 2.65
Assumed in business combination 2.83 -
Net measurement of loss allowance 22.45 11.87
Balance as at the end of the year 39.80 14.52

310 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Notes to the consolidated financial statements (Contd.)

The following table provides information about the exposure to credit risk and expected credit loss for

trade receivables:

(` In Million)

As at 31 March 2024 Gross Weighted average Loss

carrying amount loss rate allowance
Current (not past due) 1,289.91 0.67% 8.69
0-90 days 324.57 1.97% 6.38
91-180 days 12.93 14.35% 1.86
181-270 days 15.10 20.28% 3.06
271-365 days 6.85 76.61% 5.25
> 365 days 14.54 100.00% 14.56
Balance as at the end of the year 1,663.90 39.80

(` In Million)

As at 31 March 2023 Gross Weighted average Loss

carrying amount loss rate allowance
Current (not past due) 729.40 0.35% 2.53
0-90 days 155.48 1.13% 1.75
91-180 days 19.33 6.62% 1.28
181-270 days 5.80 20.34% 1.18
271-365 days 4.96 63.47% 3.15
> 365 days 4.63 100.00% 4.63
Balance as at the end of the year 919.60 14.52

(ii) Liquidity risk

Liquidity risk is the risk that the Group will not be able to meet its financial obligation as they become due. The Group’s
approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities
when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage
to the Group’s reputation. Management monitors rolling forecast of the Group’s liquidity position and cash and cash
equivalents on the basis of expected cash flows. This is generally carried out by the management in accordance with
practice and limits set by the Group.

In addition, the Group’s liquidity management policy involves projecting cash flows and considering the level of liquid
assets necessary to meet these, monitoring balance sheet liquidity ratios against internal and external regulatory
requirements and maintaining debt financing plans.

The Group maintains the line of credit as stated in note 17.

The Group invests its surplus funds in bank fixed deposit and liquid and liquid plus schemes of mutual funds, which carry
no/low mark to market risks.

Annual Report 2023-24 l 311

Notes to the consolidated financial statements (Contd.)

The table below provides details regarding the contractual maturities of significant financial liabilities as at 31 March 2024
and 31 March 2023. The amounts are gross and undiscounted contractual cash flow includes contractual interest payment
and excludes netting arrangements:

As at 31 March 2024

(` In Million)

Particulars Contractual cash flows

Carrying Total 0-1 year 1-3 years 3 years
Amount and above
Borrowings 683.43 718.31 294.12 259.75 164.44
Lease liabilities 158.71 209.28 45.67 156.64 6.97
Trade payables 616.16 616.16 616.16 - -
Other financial liabilities 369.42 369.42 369.42 - -
Total 1,827.72 1,913.17 1,325.37 416.39 171.41

As at 31 March 2023

(` In Million)

Particulars Contractual cash flows

Carrying Total 0-1 year 1-3 years 3 years
Amount and above
Borrowings 203.73 203.73 203.73 - -
Lease liabilities 101.13 125.54 27.78 58.86 38.90
Trade payables 425.33 425.33 425.33 - -
Other financial liabilities 149.89 149.89 149.89 - -
Total 880.08 904.49 806.73 58.86 38.90

(iii) Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes
in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and equity price risk as
discussed below:

A) Currency risk
The Group is exposed to currency risk to the extent that there is a mismatch between the currencies in which sales
and purchases are denominated and the respective functional currency of the Group. The functional currency of the
Group is primarily INR. The currencies in which these transactions are primarily denominated are USD, EUR, JPY etc.

Management monitors the movement in foreign currency and the Group’s exposure in each of the foreign currency.
Based on the analysis and study of movement in foreign currency, the Group decides to exchange its foreign currency.

312 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Notes to the consolidated financial statements (Contd.)

Exposure to currency risk

The summary quantitative data about the Group’s exposure to currency risk as reported to management is as follows:

(` In Million)

As at 31 March 2024 As at 31 March 2023

Particulars Currency Amount in Amount in
Amount in ` Amount in `
foreign currency foreign currency
Trade receivables USD 1.91 159.64 1.10 90.79
EURO 0.11 10.00 - -
Trade payables USD 0.15 12.37 0.34 28.01
CHF 0.03 2.95 - -
EURO 0.80 73.90 0.02 2.55
JPY 66.59 36.61 5.23 3.24
Bank accounts - EEFC USD 0.33 27.51 0.17 13.61
EURO* ** 0.16 ** 0.06
Creditors for capital goods USD 0.01 0.71 - -
* The amount’s are less than `0.01 million / €0.01 million and hence disclosed as (**)

Sensitivity analysis
A reasonably possible strengthening (weakening) of the USD and EURO against INR at 31 March 2024 and 31 March
2023 would have affected the measurement of financial instruments denominated in foreign currency and affected
equity and profit and loss by the amounts shown below. This analysis assumes that all other variables, in particular
interest rates, remain constant.

(` in million)

Particulars Profit and loss Equity, net of tax

Strengthening Weakening Strengthening Weakening
31 March 2024
USD (1% movement) 1.74 (1.74) 1.30 (1.30)
EURO (1% movement) (0.64) 0.64 (0.48) 0.48
JPY (1% movement) (0.37) 0.37 (0.27) 0.27
31 March 2023
USD (1% movement) 0.76 (0.76) 0.57 (0.57)
EURO (1% movement) (0.02) 0.02 (0.02) 0.02
JPY (1% movement) 0.03 (0.03) 0.02 (0.02)

Annual Report 2023-24 l 313

Notes to the consolidated financial statements (Contd.)

B) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of
changes in market interest rates. The Group’s borrowings comprises of bill discounting which carries variable rate of
interest, which expose it to interest rate risk.

(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Variable rate borrowings 493.38 203.73

Sensitivity analysis
(` in million)

Particulars Profit and loss Equity, net of tax

25 basis 25 basis 25 basis 25 basis
points Increase points Decrease points Increase points Decrease
31 March 2024
Variable rate borrowings 1.23 (1.23) 0.92 (0.92)
31 March 2023
Variable rate borrowings 0.51 (0.51) 0.38 (0.38)

35 CAPITAL MANAGEMENT
The Group’s policy is to maintain stable and strong capital base structure with a focus on total equity so as to maintain
investor, creditor and market confidence and to sustain future development and growth of the business. The Group
monitors the return on capital as well as the level of dividends on its equity shares. The Group’s objective when managing
capital is to maintain an optimal structure so as to maximize shareholder value and safeguard its ability to continue as a
going concern.

The Group monitors capital using a ratio of ‘adjusted net debt’ to equity’. For the purpose of Group’s capital management,
adjusted net debt is defined as borrowings less cash and cash equivalent, bank balance other than cash and cash
equivalents and current investments and total equity includes issued capital and all other equity reserves and excludes
lease liabilities.

The Group’s adjusted net debt equity ratio are as follows:

(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Borrowings 683.43 203.73
Less: Cash and cash equivalents and other bank balances 153.20 297.15
Less: Current investments 336.10 1,351.03
Adjusted net debt 194.13 (1,444.45)
Total equity 5,616.00 4,296.39
Net Debt to Equity Ratio 3.46% -

No changes were made in the objectives, policies or processes for managing capital during the year ended 31 March 2024
and 31 March 2023.

314 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Notes to the consolidated financial statements (Contd.)

36 RELATED PARTY DISCLOSURE

(i) Name of related parties and description of relationship:

Entity having a significant influence Evergraph Holdings Pte. Ltd (till 30 September 2023)
Subsidiaries 1) Exotech Plastics Private Limited
2) Walter Pack Automotive Products India Private Limited (w.e.f. 4 July 2023)
Wholly owned subsidiary of Walter Pack Plastoranger Advanced Technologies Private Limited (w.e.f. 3 July 2023)
Automotive Products India Private Limited
Associate Suryaurja Two Private Limited (w.e.f. 13 April 2022 till 23 June 2023)
Key management personnel (KMP) 1. Mr. K.A. Joseph (Managing Director and Shareholder)
2. Mr. Sanjay Thapar (CEO & Executive Director)
3. Mr. Kevin Joseph (Executive Director)
4. Mr. Mahendra Kumar Naredi (Chief Financial Officer).
5. Mr. Thabraz Hushain. W (Company secretary and compliance officer)
6. Mr. Ramesh Jain (Independent director)
7. Veni Thapar (Independent director)
8. Mathias Frenzel (Independent director)
Transaction with the parties in which directors 1. Sanders Consulting Private Limited (Shareholder)
are interested
Relative of key management personnel with 1. Mrs. Daisy Joseph (Wife of Mr. K. A. Joseph)
whom the transactions have taken place 2. Mr. Kevin Joseph (Son of Mr. K.A.Joseph)
3. Ms. Nikita Joseph (Daughter of Mr. K. A. Joseph)

The Company does not have any holding/ultimate holding company.

(ii) The following table is the summary of significant transactions with related parties by the Group:
(` In Million)

For the year ended For the year ended

Particulars Type of transaction
31 March 2024 31 March 2023
Evergraph Holdings Pte. Ltd Expenses incurred on behalf of 1.67 47.91
Ramesh C Jain Directors Sitting fees 1.81 1.43
Veni Thapar Directors Sitting fees 1.73 1.50
Mathias Frenzel Directors Sitting fees 0.95 0.72

(iii) Compensation of Key Management Personnel (‘KMP’)*

(` In Million)

For the year ended For the year ended

Particulars Type of transaction
31 March 2024 31 March 2023
Mr. K.A. Joseph Employee benefits expense 29.18 26.56
Mr. Sanjay Thapar Employee benefits expense 49.06 34.66
Mr. Kevin K Joseph Employee benefits expense 3.00 1.20
Mr. Mahendra Kumar Naredi Employee benefits expense 13.96 5.50
Mr. Thabraz Hushain Employee benefits expense 1.73 1.45

*As the liability for gratuity and compensated leave absences is provided on an actuarial basis for the group as a whole, the amount
pertaining to the directors are not included above.

Annual Report 2023-24 l 315

Notes to the consolidated financial statements (Contd.)

The Board of Directors of the Company in its meeting held on 26 July 2023 approved the managerial remuneration of
Mr. Sanjay Thapar, which was in excess of the prescribed limits under section 197 of the Companies Act, 2013. Subsequently,
the Company has also obtained the approval of shareholders in its 18th Annual General Meeting held on 04 September 2023.

Terms and conditions

All transactions with these related parties are at arm’s length basis.

(iv) Balance receivable from and payable to related parties as at the balance sheet date:
(` In Million)

For the year ended For the year ended

Particulars Type of transaction
31 March 2024 31 March 2023
Evergraph Holdings Pte. Ltd. Expense reimbursement receivable 1.67 47.91

37 CORPORATE SOCIAL RESPONSIBILITY (‘CSR’) EXPENDITURE

Details of CSR expenditure are as follows:
(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Amount required to be spent by the Group during the year 19.35 14.09
Amount approved by the Board during the year 19.35 14.09
Amount spent during the year
- construction / acquisition of any asset 8.31 3.59
- on purpose other than above 10.86 10.50
Shortfall at the end of the year 0.18 -
Amount spent on account of previous year shortfall
- construction / acquisition of any asset - -
- on purpose other than above - -
Total of previous years shortfall - -
Transaction with the related party Nil Nil
Movements in provisions NA NA
Nature of CSR activity Promoting education, Sports, Save drinking
water, Healthcare, Sanitation, Rural
development and Eradicating hunger.
Combating human immunodeficiency virus,
acquired immune deficiency syndrome,
malaria and other diseases.

38 COMMITMENTS AND CONTINGENT LIABILITIES

(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
i) Capital Commitments

Estimated amounts of contracts remaining to executed on capital account and not 9.45 59.48
provided for
ii) Contingent liabilities
Guarantee deposits with banks 5.18 2.72
Income tax [refer Note (b) and (c) below] 18.01 17.11
Claim towards freehold land [refer Note (a) below] - 20.40

316 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Notes to the consolidated financial statements (Contd.)

(a) The claim has been settled during the year in favour of the Company.

(b) This includes a demand notice for the assessment year 2020-21 for additional tax of `17.11 million from the Income tax
department for the disallowance of non compete fees paid to the commission agents as per termination agreement
which is considered as capital expenditure. The Group has filed an appeal against this order and the appeal is pending
with the commissioner appeals.

(c) This also includes a demand notice for the assessment year 2018-19 for additional tax of `0.9 million from the Income
tax department for the disallowance of Gratuity paid ` 2.45 million and Leave salary paid `0.04 million, due to the
error in disclosure. The Company has filed an appeal against this order and the appeal is pending with the Income
Tax Appellate Tribunal.

39
EMPLOYEE SHARE BASED PAYMENT PLAN
a) Description of share-based payment plan
The ‘SJS Enterprises - Employee Stock Option Plan 2021’ (‘SJS ESOP -2021’) plan was approved by the shareholders
at the extraordinary general meeting held on 14 July 2021 and subsequently by Nomination and remuneration
committee vide their meeting held on 19 July 2021. The Plan entitles the employees (including the employees of
subsidiary) with a right but not an obligation to purchase or subscribe at a future date the shares underlying the
option at a pre-determined price, subject to compliance with vesting conditions; all exercised options shall be settled
as provided under the SJS ESOP-2021 plan. As per the plan, holders of vested options are entitled to purchase one
equity share for every option at an exercise price as mentioned in the ESOP Offer letter.

The equity shares covered under these options vest at various dates over a period ranging from three to five years
from the date of grant based on the length of service completed by the employee from the date of grant. The exercise
period is six months from the respective date of vesting or within thirty days from the resignation of employee
whichever is earlier.

b) The reconciliation of the share options under the share option plan are as follows:
(` In Million)

As at 31 March 2024 As at 31 March 2023

Particulars Weighted average Weighted average
No of options No of options
exercise price exercise price
Outstanding at the beginning of the year 267.76 13,12,500 263.86 11,99,500
Granted during the year 489.59 3,09,000 297.97 1,59,000
Forfeited during the year 266.90 (11,500) 270.47 (46,000)
Outstanding at the end of the year 310.37 16,10,000 267.76 13,12,500
Exercisable at the end of the year - - - -

(a) The weighted average remaining contractual life is 1.78 years (31 March 2023: 2.39 years).

(b) During the year, the Group has granted 2,00,000 ESOPs amounting to ` 9.3 million, under SJS ESOP-2021 to KMP.

Annual Report 2023-24 l 317

Notes to the consolidated financial statements (Contd.)

c) The fair value per option is measured based on the Black-Scholes option pricing model, which is as below:

Measurement of fair value Number of options Range of fair value

per option
As on 31 March 2024 16,10,000 `53.46 to `416.60
As on 31 March 2023 13,12,500 `53.46 to `289.19

d) The fair value per options mentioned above is calculated on the grant date with the following
assumptions:
Fair value of share options granted during the year ended 31 March 2024:
Options were priced using a Black- Scholes method of valuation at grant date. Inputs into the model are stated below:-

Particulars Grant ID
GT15MAY2023 GT26JULY2023 GT07NOV2023
Number of options 9,000 2,00,000 1,00,000
Fair value of the share options (`) 283.84 286.94 381.01
Grant date share price (`) 475.60 609.25 700.45
Exercise price (`) 327.98 500.00 483.32
Risk free interest rate 7.15% 7.08% 7.28%
Dividend yield 0.78% 0.78% 0.78%
Expected volatility 49.21% 44.33% 45.00%
Expected life 4.38 years 4.19 years 4.5 years

Fair value of share options granted during the year ended 31 March 2023:
Options were priced using a Black- Scholes method of valuation at grant date. Inputs into the model are stated below:-

Particulars Grant ID
GT10NOV2022 GT10NOV2022A
Number of options 1,19,000 40,000
Fair value of the share options (`) 267.93 259.68
Grant date share price (`) 470.45 470.45
Exercise price (`) 289.18 324.14
Risk free interest rate 7.15% 7.15%
Dividend yield 0.78% 0.78%
Expected volatility 48.45% 49.21%
Expected life 3.89 years 4.23 years

The expenses towards share based payments incurred during the year is `47.82 million (`24.88 million as on 31 March
2023).

318 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Notes to the consolidated financial statements (Contd.)

40 ASSETS AND LIABILITIES RELATING TO EMPLOYEE BENEFITS

(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Prepaid gratuity 0.30 -
Total employee benefit assets 0.30 -
Non-current - -
Current 0.30 -

(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Provision for compensated absence 10.32 4.64
Provision for gratuity 19.52 7.02
Total employee benefit liabilities 29.84 11.66
Non-current - -
Current 29.84 11.66

The Group operates the following post-employment defined benefit plan

(a) Defined benefit plans (funded):
The Group operates post-employment defined benefit plan that provide gratuity, governed by the Payment of
Gratuity Act,1972. Employees who are in continuous service for a period of 5 years are eligible for gratuity. The
amount of gratuity payable on retirement / termination is the employees last drawn salary per month computed
proportionately for 15 days salary multiplied for the number of years of service or part thereof in excess of six months.
The gratuity plan is a funded plan. The Group does not fully fund the liability and maintains a target level of funding
to be maintained over a period of time based on estimations of expected gratuity payments.

These defined benefit plans expose the Group to actuarial risks., such as longevity risk. currency risk, interest rate
risk and market (investment) risk.

A. Funding
Group’s gratuity scheme for employees is administered through trusts. The funding requirements are based on the
gratuity fund’s actuarial measurement framework set out in the funding policies of the plan. The funding is based
on a separate actuarial valuation for funding purposes for which the assumptions may differ from the assumptions
set out in (E). Employees do not contribute to the plan.

B. Reconciliation of net defined benefit obligation

The following table shows a reconciliation from the opening balances to the closing balances for the net defined
assets / liability and its components

Annual Report 2023-24 l 319

Notes to the consolidated financial statements (Contd.)

Reconciliation of present value of the defined benefit asset

(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Obligation at the beginning of the year 144.86 119.81
Obligations assumed on acquisition 2.74 -
Current service cost 14.54 12.77
Interest cost 10.85 8.32
Benefits paid (3.63) (4.06)
Actuarial losses on obligations recognised in Other Comprehensive Income (OCI) - -
Changes in financial assumption (1.21) (1.67)
Experience adjustment 2.04 (0.52)
Changes in demographic assumption 0.49 10.21
Obligation at the end of the year 170.68 144.86
Reconciliation of present value of the plan assets
Plan assets at the beginning of the year at fair value 137.85 127.36
Plan assets acquired on acquisition 4.44 -
Interest income on plan assets 10.34 9.05
Contributions 5.92 5.15
Mortality charges and taxes (3.21) (0.11)
Benefits paid (3.63) (4.06)
Return on plan assets excluding interest income recognised in OCI (0.25) 0.45
Plan assets at the end of the year at fair value 151.46 137.84
Net defined benefit liability (19.22) (7.02)

C. (i) Expense recognised in the statement of profit or loss

(` In Million)

For the year ended For the year ended

Particulars
31 March 2024 31 March 2023
Current service cost 14.54 12.77
Interest cost 10.85 8.32
Interest income (10.34) (9.05)
Mortality charges and taxes (3.21) 0.11
Net gratuity cost 11.84 12.15

(ii) Remeasurement recognised in other comprehensive Income

(` In Million)

For the year ended For the year ended

Particulars
31 March 2024 31 March 2023
Actuarial loss on defined benefit obligation 1.32 8.02
Return on plan assets, excluding interest income 0.25 (0.45)
Total 1.57 7.57

320 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Notes to the consolidated financial statements (Contd.)

D. Plan assets
(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Insurance fund 151.46 137.84
Total 151.46 137.84

E. Defined benefit obligation

(i) Actuarial Assumption:
(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Rate of return on plan assets 7.35% to 7.56% 6.80% to 7.13%
Discounting rate 7.18% to 7.22% 7.41% to 7.5%
Future salary growth 9% to 11.68% 9% to 12.5%
Attrition rate 14.45% to 25% 15.86% to 16.07%
Mortality Indian Assured Lives
Mortality (2012-
14) Ultimate
Weighted average duration of Defined benefit obligation (in years) 7.75 years to 7.32 years to
13.64 years 8.7 years
Retirement age 58 years 58 years
Notes:
(i) The discount rate is based on the prevailing market yield on Governmental Securities as at the balance sheet
date for the estimate defined obligations.
(ii) The expected return on plan assets is determined considering several applicable factors mainly the composition
of the plan assets held, assessed risk of asset management, historical results of the return on plan assets and
the Group’s policy for plan asset management.
(iii) The estimate of future salary increases considered in actuarial valuation takes in to account inflation, seniority,
promotion and other relevant factors such as supply and demand in the employment market.
(ii) Sensitivity analysis
Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding other
assumptions constant, would have affected the defined benefit obligation by the amounts shown below:

(` In Million)

As at As at
Particulars
31 March 2024 31 March 2023
Projected benefit obligation on Current assumption 166.76 144.87
Impact of change in discount rate by +1% (11.87) (10.23)
Impact of change in discount rate by -1% 13.45 11.59
Impact of change in salary rate by +1% 7.37 6.33
Impact of change in salary rate by -1% (7.46) (6.46)
Impact of change in employee turnover rate by +1% (1.88) (1.78)
Impact of change in employee turnover rate by -1% 2.04 1.93
Impact of change in mortality rate by +10% (0.04) (0.05)

Annual Report 2023-24 l 321

Notes to the consolidated financial statements (Contd.)

E. Maturity profile of defined benefit obligation

The Defined benefit obligation shall mature after the year ended 31 March 2024 as follows:

(` In Million)

As at
Particulars
31 March 2024
Year ended:
31 March 2024 15.55
31 March 2025 13.79
31 March 2026 11.14
31 March 2027 11.47
31 March 2028 7.99
After 31 March 2028 110.75

(b) Defined contribution plan:

The Group makes contributions for qualifying employees to provident fund and other defined contribution plans.
During the year, the Group recognised `24.13 million (31 March 2023 `18.24 million) towards defined contribution plan.

41 SEGMENT INFORMATION
The Group is engaged in the business of manufacturing of decorative aesthetic products primarily for automotive and
consumer appliance industry such as automotive dials, overlays, badges and logos. The Managing Director being the Chief
Operating Decision Maker (CODM) evaluates the Group’s performance and allocates resources based on an analysis of
various performance indicators by industry classes. All operating segments operating results are reviewed regularly by
CODM to make decisions about resources to be allocated to the segments and assess their performance. CODM believes
that these are governed by same set of risks and returns hence, CODM reviews them as one component. Further, the
economic environment in which the Group operates is significantly similar and not subject to materially different risk and
rewards. The revenues, total expenses and net profit as per the Statement of profit and loss represents the revenue, total
expenses and net profit of the sole reportable segment.

A Geographical information
The geographical information analyses the Group’s revenue from external customers and non - current assets of
its single reportable segment by the Group’s country of domicile (i.e. India) and other countries. In presenting the
geographical information, segment revenue has been based on the geographical location of the customer and
segment assets which have been based on the geographical location of the assets.

Revenue from operations

(` In Million)

For the year ended For the year ended

Particulars
31 March 2024 31 March 2023
Revenue from operations
India 5,795.03 4,011.85
Rest of the world 482.97 318.64
Total 6,278.00 4,330.49

Non current assets

All non – current assets other than financial instruments of the Group are located in India.

322 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Notes to the consolidated financial statements (Contd.)

B Major customer
Following is the breakup of customer individually accounted for more than 10% of the revenue from external
customers during the year ended 31 March 2024.

(` In Million)

For the year ended For the year ended

Particulars
31 March 2024 31 March 2023
Customer A 768.42 826.87
Customer B - 627.70
Total 768.42 1,454.57

42 BUSINESS COMBINATIONS
(a) During the year, the Company has entered into a Share Purchase Agreement on 27 April 2023 (together hereinafter
referred to as the “SPA”) for acquisition of Walter Pack Automotive Products India Private Limited including its wholly
owned subsidiary (hereinafter referred to as “Walter Pack”), Plastoranger Advanced Technologies Private Limited
(hereinafter referred to as “Plastoranger”)(together hereinafter referred to as “Walter Pack group”). Walter Pack
group is engaged in designing and manufacturing of all types of in-mould products and automotive products. The
Company has acquired 3,15,442 equity shares (90.1% of the shareholding of Walter Pack group) and the same was
consummated for a consideration of `2,385.74 million. The acquisition was made to enhance the Group’s product
portfolio, manufacturing capabilities, customer base and cross selling opportunities. The acquisition was with effect
from 4 July 2023 post which Walter Pack and Plastoranger became the subsidiary of the company.

The acquisition of Walter Pack group contributed revenue of `1,209 million and profit before tax of `163.03 million
for the year ended 31 March 2024. If the acquisition had occurred on 01 April 2023, management estimates that the
consolidated revenue for the Group would have been `6,628.21 million and the profit before tax would have been
` 1,170.3 million for the year ended 31 March 2024.

The fair value of net assets acquired on the acquisition date as part of the transaction amounted to Rs. 1,036.28
million. The excess of purchase consideration over the fair value of net assets acquired has been attributed towards
goodwill aggregating to Rs. 1,455.02 million.

The total purchase price has been allocated to the acquired assets and liabilities as follows:

(` In Million)

Particulars Acquiree's Fair value Purchase

carrying amount adjustments price allocated
Non-current assets
Property, plant and equipment 204.81 13.93 218.74
Capital work-in-progress 77.52 - 77.52
Other intangible assets * 0.92 853.30 854.22
Right-of-use assets 76.29 76.29
Other financial assets 26.36 - 26.36
Income tax assets (net) 28.22 - 28.22
Deferred tax assets (net) 7.11 - 7.11
Other non-current assets 8.22 - 8.22
Current assets

Annual Report 2023-24 l 323

Notes to the consolidated financial statements (Contd.)

(` In Million)

Particulars Acquiree's Fair value Purchase

carrying amount adjustments price allocated
Inventories 162.00 - 162.00
Financial assets
(i) Trade receivables 386.70 - 386.70
(ii) Cash and cash equivalents 51.04 - 51.04
(iii) Bank balances other than (ii) above 2.13 - 2.13
Other current assets 36.94 - 36.94
Total Assets (A) 1,068.26 867.23 1,935.49
Non-current liabilities
Financial liabilities
(i) Borrowings 95.05 - 95.05
(ii) Lease liabilities 58.17 - 58.17
(iii) Other financial liabilities 8.97 - 8.97
Deferred tax on intangibles arising on acquisition - 218.60 218.60
Current liabilities
Financial liabilities
(i) Borrowings 227.19 - 227.19
(ii) Lease liabilities 17.35 - 17.35
(iii) Trade payables
-Total outstanding dues of micro enterprises and - - -
small enterprises
-Total outstanding dues of creditors other than micro 166.83 - 166.83
enterprises and small enterprises
(iv) Other financial liabilities 11.59 - 11.59
Other current liabilities 68.84 - 68.84
Provisions 3.82 - 3.82
Current tax liabilities (net) 22.80 - 22.80
Total Liabilities (B) 680.61 218.60 899.21
Total fair value of net assets acquired (C) = (A-B) 1,036.28

* Other intangible assets include customer relationship and non compete agreements.
Goodwill arising on acquisition
(` In Million)

Particulars Amount
Purchase consideration (D) 2,385.74
NCI, based on their proportionate interest in the recognised net assets (E) 105.56
Fair value of identifiable net assets acquired (F) (1,036.28)
Goodwill (G) = (D+E-F) 1,455.02

324 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Notes to the consolidated financial statements (Contd.)

The aforesaid goodwill comprises value of acquired workforce and is not deductible under Income Tax Act, 1961. The
goodwill on acquisition can be attributable to the expected synergies of operations, cross selling opportunities and
future revenue. None of the trade receivables have been impaired and is expected that its full contractual amount
can be collected.

Purchase consideration
(` In Million)

Particulars Amount
Cash consideration 2,297.52
Deferred consideration (recognised at fair value at the date of acquisition) 88.22
Total 2,385.74

The acquisition related cost of `16.01 million related to the above acquisition have been included in the legal &
professional fees in the Consolidated Statement of Profit and Loss.

Reconciliation of initial cash purchase consideration as disclosed above to the statement of cashflows
(` In Million)

Particulars Amount
Initial cash purchase consideration 2,297.52
Deferred consideration paid till 31 March 2024 28.36
Less: cash and cash equivalents taken over as part of acquisition (51.04)
As per cashflow statement 2,274.84

(b) During the year 31 March , 2023 , the Group has entered into into a Power Supply and Offtake Agreement (“PSOA”)
and Share Subscription and Shareholders’ Agreement (“SSSHA”) with Suryaurja Two Private Limited (‘’STPL”), and
acquired 6,00,000 Equity Shares of STPL for a consideration of `6 million which has made the group owner of 48% of
the equity interest in STPL. STPL is engaged in the business of power generation from renewable sources for captive
consumption. The investment is made in order to qualify as a captive consumer in accordance with The Electricity
Act, 2003.

The following table analyses, in aggregate, the carrying amount and share of profit and OCI of these associates

(` In Million)

Particulars 31 March 2023

Carrying amount of interest in associate 6.00
Share of:
- (Loss)/Profit from continuing operations -
- OCI -
6.00

Annual Report 2023-24 l 325

Notes to the consolidated financial statements (Contd.)

43 FINANCIAL RATIOS
(` In Million)

Particulars Numerator Denominator For the year For the year Variance Reason for variances
ended 31 ended 31 (%)
March 2024 March 2023
Current ratio (in Total Total current 2.03 3.43 -40.65% The variance is primarily
times) current assets liabilities on account of acquisition
of Walter Pack through
business combination.
Debt – equity ratio Debt, consisting Total equity 0.15 0.07 111.33% The variance is
(in times) of borrowing and primarily on account of
lease liabilities borrowings assumed
as part of acquisition
of Walter Pack through
business combination.
Debt service Earnings available Debt service 2.75 31.93 -91.38% The variance is
coverage ratio (in for debt service primarily on account of
times)* borrowings assumed
as part of acquisition
of Walter Pack through
business combination.
Return on Equity Net Profits for the Average 15.20% 15.65% -0.45%
(in %) year – Preference total equity
Dividend (if any)
Inventory turnover Cost of goods sold Average 4.73 4.15 14.05%
ratio (in times) inventory
Trade receivables Revenue Average trade 4.96 4.91 1.11%
turnover ratio (in from operations receivables
times)
Trade payables Net credit Average 5.64 5.28 6.74%
turnover ratio (in purchases trade payables
times)
Net capital turnover Revenue Working capital 4.22 1.94 117.86% The variance is on account
ratio (in times) from operations of decrease in working
capital due to acquisition
of Walter Pack through
business combination.
Net profit ratio (in Net profit for Revenue 13.60% 15.53% -1.93%
%) the year from operations
Return on capital Profit before Capital 18.04% 19.93% -1.89%
employed (in %) finance cost employed
and taxes
Return on Realised and Average 23.81% 5.22% 18.59%
investment (in %) unrealised gain invested funds
on investment in mutual funds

Note
Earnings available for debt service = Net Profit after taxes + Non-cash operating expenses + Finance cost + other non
cash adjustments
Debt service = Interest and Lease Payments + Principal repayments
Working capital = Total current assets minus total current liabilities
Capital Employed = Tangible net worth + Total debt + Lease liability + Deferred tax liability

326 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Notes to the consolidated financial statements (Contd.)

44 No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources
or kind of funds) by the Group to or in any other person(s) or entity(ies), including foreign entities (“Intermediaries”) with
the understanding, whether recorded in writing or otherwise, that the Intermediary shall lend or invest in party identified
by or on behalf of the Group (Ultimate Beneficiaries).

 he Group has not received any fund from any party(s) (Funding Party) with the understanding that the Group shall
T
whether, directly or indirectly lend or invest in other persons or entities identified by or on behalf of the Group (“Ultimate
Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

45 OTHER STATUTORY INFORMATION :

i) The Group does not have any Benami property or any proceeding is pending against the Group for holding any
Benami property.

ii) The Group does not have any charges or satisfaction which is yet to be registered with Registrar of Companies beyond
the statutory period.

iii) The Group has not traded or invested in crypto currency or virtual currency during the financial year.

iv) The Group is not classified as willful defaulter.

v) The Group doesn’t have any transaction which is not recorded in the books of accounts that has been surrendered
or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 such as search or survey.

vi) The Group did not have any transactions with companies struck off under Section 248 of the Companies Act, 2013
or Section 560 of Companies Act, 1956.

vii) The Group does not have any investment property during the financial year.

viii) The Group has not granted any loans or advances in the nature of loans to promoters, directors, KMPs and the related
parties (as defined under Companies Act,2013), during the financial year which are repayable on demand or without
specifying any terms or period of repayment.

ix) The Group has complied with the number of layers prescribed under the companies Act, 2013.

x) The Group has not entered into any scheme of arrangement which has an accounting impact on current or previous
financial year.

Annual Report 2023-24 l 327

Notes to the consolidated financial statements (Contd.)

46 EVENTS AFTER REPORTING PERIOD

There have been no material events since the end of the reporting period which would require disclosure or adjustment
to the consolidated financial statements for the year ended 31 March 2024.

47 ADDITIONAL INFORMATION PURSUANT TO PARA 2 OF GENERAL INSTRUCTIONS FOR THE PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH, 2024
(` In Million)

Net assets, i.e., Share in profit Share in Share in total

total assets minus or (loss) comprehensive income comprehensive income
total liabilities
Name of the entity As % of Amount As % of Amount As % of Amount As % of Amount
consolidated consolidated consolidated consolidated total
net assets profit or loss comprehensive comprehensive
income income
Parent Company
S.J.S. Enterprises Limited 92.91% 5,218.69 79.14% 675.59 106.45% 16.01 79.61% 691.60
Subsidiary
Exotech Plastics 11.03% 619.26 16.03% 136.86 (3.66%) (0.55) 15.69% 136.31
Private Limited
Walter Pack Automotive 9.04% 507.44 13.96% 119.18 (2.79%) (0.42) 13.67% 118.76
Products India
Private Limited
Plastoranger Advanced 0.50% 27.86 (0.13%) (1.11) 0.00% - (0.13%) (1.11)
Technologies
Private Limited
Other adjustments (13.48%) (757.25) (9.00%) (76.81) 0.00% - (8.84%) (76.81)
Total 100.00% 5,616.00 100.00% 853.71 100.00% 15.04 100.00% 868.75

As per our report of even date attached for and on behalf of Board of Directors of

for B S R & Co. LLP S.J.S. Enterprises Limited

Chartered Accountants
Firm’s registration number: 101248W/W-100022

Umang Banka K A Joseph Sanjay Thapar Mahendra Kumar Naredi Thabraz Hushain. W
Partner Managing Director CEO and Executive Director Chief Financial Officer Company Secretary
Membership number: 223018 DIN: 00784084 DIN: 01029851 PAN: AEWPN9414M PAN: ABVPW4613P

Place: Bengaluru Place: Bengaluru Place: Bengaluru Place: Bengaluru Place: Bengaluru
Date: 20 May 2024 Date: 20 May 2024 Date: 20 May 2024 Date: 20 May 2024 Date: 20 May 2024

328 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Notice of Nineteenth Annual General Meeting

NOTICE is hereby given that the Nineteenth (“19th ”) Annual “RESOLVED THAT pursuant to the provisions of Section

General Meeting (“AGM”) of the Shareholders/Members 152 of the Companies Act, 2013, Mr. Kevin K Joseph,
of S.J.S. Enterprises Limited (“Company”) will be held on Director (DIN: 09206689) of the Company, who retires by
Tuesday, 20 th August, 2024 at 03.30 p.m. through Video rotation at the 19th AGM and being eligible, offers himself
Conferencing (‘’VC”)/ Other Audio Visual Means (“OAVM”) to for re-appointment, be and is hereby re-appointed as a
transact the following businesses: Director of the Company, liable to retire by rotation.”

ORDINARY BUSINESSES: SPECIAL BUSINESS:

1. To receive, consider and adopt the Audited Financial 4. Ratification of Cost Auditor’s Remuneration:
Statements (Standalone and Consolidated) of the
Company for the financial year ended 31st March To consider and if thought fit, to pass with or
2024 together with the reports of the Board of without modification(s), the following resolution as
Directors’ and Auditor’s thereon: an ORDINARY RESOLUTION:

To consider and if thought fit, to pass with or “ RESOLVED THAT pursuant to the provisions of

without modification(s), the following resolution as Section 148 and other applicable provisions, if any, of
an ORDINARY RESOLUTION: the Companies Act, 2013, read with the Companies
(Audit and Auditors) Rules, 2014, including any statutory
“RESOLVED THAT the Audited Financial Statements modification(s) or re-enactment(s) thereof for the time
(Standalone and Consolidated) of the Company for being in force, and pursuant to the recommendation
the financial year ended 31st March 2024 including of Audit Committee and approval of the Board, the
Balance Sheet, Statement of Profit and Loss Account remuneration payable to M/s PSV & Associates,
and Cash Flow Statement for the year ended as on Bengaluru, Cost Accountants, (Firm Registration Number
that date together with the notes forming part of 000304), appointed by the Board of Directors of the
accounts as audited and reported by the Auditor’s of Company to conduct the audit of the cost records of
the Company and the Directors’ Report, as circulated to the Company for the financial year ending 31st March
the Shareholders/Members be and are hereby approved 2025, amounting to ` 4,00,000 (Rupees Four Lacs Only)
and adopted.” exclusive of Goods and Services Tax & Re-imbursement
of out-of-pocket expenses in connection with the
2. Declaration of Dividend on Ordinary (Equity) Shares: aforesaid audit, be and is hereby ratified.”

To consider and, if thought fit, to pass the following

Resolution as an ORDINARY RESOLUTION:
By Order of the Board
“RESOLVED THAT a Dividend of ` 2 (20%) per Ordinary
 For S.J.S. Enterprises Limited
(Equity) Share of the face value of ` 10 per share for
the year ended 31st March, 2024, as recommended by
the Board of Directors be declared and that the said Thabraz Hushain. W
Dividend be distributed out of the Profits for the year Company Secretary
ended on 31st March, 2024.” Place: Bengaluru & Compliance Officer
Date: 20/07/2024 Membership No.: A51119
3. Re-appointment of Mr. Kevin K Joseph (DIN:
09206689), who retires by rotation and being eligible,
offers himself for re-appointment:

To consider and if thought fit, to pass with or

without modification(s), the following resolution as
an ORDINARY RESOLUTION:

Annual Report 2023-24 l 329

Notice (Contd.)

NOTES: Requirements) Regulations, 2015 (as amended), and MCA

1. The Explanatory Statement pursuant to Section 102 Circulars, the Company is providing facility of remote
of the Companies Act, 2013 and Secretarial Standards e-voting to its Shareholders/Members in respect of the
on General Meetings issued by Institute of Company business to be transacted at the AGM. For this purpose,
Secretaries of India setting out the material facts in the Company has entered into an agreement with Link
respect of the special businesses are annexed herewith Intime India Private Limited (“LIIPL”) for facilitating voting
and forms part of this Notice. through electronic means, as the authorized e-Voting
agency. The facility of casting votes by a Shareholders/
2. Pursuant to Section 20(2) of the Companies Act, 2013 Members using remote e-voting as well as the e-voting
read with Rule 35 of the Companies (Incorporation) system on the date of the AGM will be provided by LIIPL.
Rules, 2014, as amended and the Securities and
Exchange Board of India Circular Nos. SEBI/HO/CFD/ 5. The Shareholders/Members can join the AGM in the VC/
CMD1/CIR/P/2020/79 dated May 12, 2020 SEBI/HO/ OAVM mode 15 minutes before and after the scheduled
CFD/CMD2/CIR/P/2021/11 dated January 15, 2021, time of the commencement of the Meeting by following
SEBI/HO/CFD/CMD2/CIR/P/2022/62 dated May 13, the procedure mentioned in this Notice. The facility of
2022 SEBI/HO/CFD/PoD-2/P/CIR/2023/4 dated January participation at the AGM through VC/OAVM will be made
05, 2023, SEBI/HO/CFD/CFD-PoD-2/P/ CIR/2023/167 available to Shareholders/Members on first-come-first-
dated October 7, 2023, companies are permitted to send serve basis.
official documents/Annual reports to their Shareholders/
Members electronically. This will not include large Shareholders/Members
(Shareholders/Members holding 2% or more
3. In accordance with the provisions of the Act and Ministry shareholding), Promoters, Institutional Investors,
of Corporate Affair’s General Circular No. 20/2020 dated Directors, Key Managerial Personnel, the Chairpersons
May 5, 2020 read with General Circular No. 14/2020 of the Audit Committee, Nomination and Remuneration
dated April 8, 2020 and General Circular No. 17/2020 Committee and Stakeholders Relationship Committee,
dated April 13, 2020, General Circular No. 02/ 2021 Auditors etc. who are allowed to attend the AGM without
dated January 13, 2021, General Circular No. 19/ 2021 restriction on account of first-come-first-serve basis.
dated December 8, 2021, General Circular No. 21/ 2021
dated December 14, 2021, General Circular No. 02/ 2022 6. Shareholders/Members who have cast their votes by
dated May 5, 2022, General Circular No. 10/ 2022 dated remote e-voting prior to the AGM may participate in the
December 28, 2022, General Circular No. 09/ 2023 dated AGM but shall not be entitled to cast their votes again.
September 25, 2023 , (“MCA Circulars”) and the Securities The instructions for remote e-voting by Shareholders/
and Exchange Board of India Circular Nos. SEBI/HO/ Members holding shares in dematerialized mode and
CFD/CMD1/CIR/P/2020/79 dated May 12, 2020, SEBI/ for Shareholders/Members who have not registered
HO/CFD/CMD2/CIR/P/2021/11 dated January 15, 2021, their email address is provided in the e-voting section,
SEBI/HO/CFD/PoD-2/P/CIR/2023/4 dated January 05, which forms part of this Notice. The attendance of the
2023 and SEBI/HO/CFD/CFD-PoD-2/P/ CIR/2023/167 Shareholders/Members attending the AGM through VC/
dated October 7, 2023 (“SEBI Circulars”), it is permitted OAVM will be counted for the purpose of ascertaining the
to hold General Meetings through VC/OAVM, without quorum under Section 103 of the Companies Act, 2013.
the physical presence of the Shareholders/Members at a
common venue. In compliance with the provisions of the 7. 
A Shareholders/Members entitled to attend and
Companies Act, 2013, MCA Circulars and SEBI Circulars, vote, is entitled to appoint a proxy to attend and vote
the 19th AGM of the Company is being held through VC/ instead of himself/ herself and the proxy need not be
OAVM (Please see instructions/ guidelines below). a Shareholders/Members. Since the AGM is being held
through VC/OAVM, physical attendance of Shareholders/
4. Pursuant to Section 108 of the Companies Act, 2013 Members has been dispensed with. Accordingly, the
read with Rule 20 of the Companies (Management facility for appointment of proxies by the Shareholders/
and Administration) Rules, 2014 (as amended) and Members will not be available for the AGM and hence
Regulation 44 of SEBI (Listing Obligations & Disclosure the Proxy Form and Attendance Slip are not annexed to

330 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

this Notice. However, the Body Corporates are entitled Shareholders/Members to final dividend for the financial
to appoint authorized representatives to attend the year ended 31st March 2024, if approved at the AGM.
AGM through VC/OAVM and participate there at and
cast their votes. Register of Members of the Company will remain closed
from Wednesday, 14th August, 2024 to Tuesday, 20 th
8. 
Institutional/Corporate Shareholders/Members are August, 2024 (both days inclusive), for the purpose
required to send a scanned copy (in PDF/JPG format) of of determining the name of Shareholders eligible for
certified true copy of the Board resolution/authorization dividend on equity shares, if declared at AGM.
letter authorising their representative to vote through
remote e-voting and attend the AGM through VC/OAVM. The dividend of ` 2 (20%) per equity share of ` 10 each,
The said certified true copy of the Board resolution/ if declared at the AGM, will be paid subject to deduction
authorization letter should be sent to the Scrutinizer of tax at source (‘TDS’) within a period of 30 days from
by email through their respective registered email the date of approval at the meeting, as under:
addresses to the Scrutinizer at ananta.deshpande@
csdco.in with a copy marked to compliance@sjsindia. a) To all beneficial Owners as at the end of the
com and enotices@linkintime.co.in. day on Tuesday, 13th August, 2024, as per the
list of beneficial owners to be furnished by the
9. In line with the MCA Circular No. 17/2020 dated 13th April National Securities Depository Limited and Central
2020, the Notice calling the AGM has been uploaded on Depository Services (India) Limited in respect of the
the website of the Company at www.sjsindia.com. The shares held in electronic form; and
Notice can also be accessed from the websites of the
Stock Exchanges i.e. BSE Limited (“BSE”) and National
b) whose names appear as Members in the Register
Stock Exchange of India Limited (“NSE”) at www.bseindia.
of Members of the Company as at the end of the
com and www.nseindia.com respectively. The AGM
business hours on Tuesday, 13th August, 2024
Notice is also disseminated on the website of LIIPL at
after giving effect to valid request(s) received for
https://instavote.linkintime.co.in.
transmission/transposition of shares.
10. In compliance with the aforesaid MCA Circulars, Notice
SEBI vide its circular dated 03rd November 2021
of the AGM and Annual Report as well as the weblink for
(subsequently amended by circulars dated 14th December
joining the meeting is being sent only through electronic
2021, 16th March 2023 and 17th November 2023 has
mode to those Shareholders/Members whose email
mandated that with effect from 01st April 2024 dividend
addresses are registered with the Company.
to shareholders holding shares in physical form shall be
11. The Register of Directors and Key Managerial Personnel paid only through electronic mode. Such payment shall
and their shareholding maintained under Section 170 of be made only if the folio is KYC complaint i.e. the details
the Companies Act, 2013, the Register of Contracts or of PAN, choice of nomination, contact details, mobile
arrangements in which the directors are interested under no. complete bank details and specimen signatures
Section 189 of the Companies Act, 2013 and a Certificate are registered
from the Secretarial Auditor of the Company as required
under Regulation 13 of the SEBI (Share Based Employee In case of non-updation of PAN or Choice of Nomination
Benefits & Sweat Equity) Regulations, 2021 regarding or Contact Details or Mobile Number or Bank Account
compliance with the same will be available electronically Details or Specimen Signature in respect of physical
for inspection by the Shareholders/Members, without folios, dividend/interest etc. shall be paid upon furnishing
any fee, from the date of circulation of this Notice up all the aforesaid details in entirety.
to the date of AGM. The Shareholders/Members can
inspect the same up to the date of AGM, by sending an 13. To receive the dividend on time, Members holding shares
e-mail to the Company at compliance@sjsindia.com. in physical form should be KYC complaint and receive
the dividends directly in their bank accounts through
12. Company has fixed Tuesday, 13th August 2024 as the Electronic Clearing Service or any other means. Members
‘Record Date’ for determining the entitlement of are requested to send the following documents to our

Annual Report 2023-24 l 331

Notice (Contd.)

RTA – Link Intime India Private Limited, so as to reach the Resident Individual Shareholder with PAN who is not
RTA before the record date i.e. 13th August 2024. liable to pay income tax can submit a yearly declaration
in Form no 15 G/ 15 H to avail the benefit of non-
a. Form No. ISR-1 duly filled and signed by the holders deduction of tax at source by uploading the forms on
stating their name, folio number, complete address https://liiplweb.linkintime.co.in/formsreg/submission-
with pin code, and the following details relating of-form-15g-15h.html by 05th August, 2024 (up to 7.00
to the bank account in which the dividend is to p.m.) to enable the Company to determine the
be received: appropriate TDS/withholding tax rate applicable,
I. Name of Bank and Bank Branch; verify the documents and provide exemption. For
detailed procedure on Tax Deduction, please refer the
II. Bank Account Number & Type allotted by communication mail sent to the shareholders on 08th
your bank after implementation of Core
July 2024.
Banking Solutions;
III. 11digit IFSC Code; and Shareholders/Members are requested to note that if the
PAN is not correct/ invalid/inoperative or have not filed
IV. 9-digit MICR Code.
their income tax returns, then tax will be deducted at
b. 
Original copy of cheque bearing the name of higher rates prescribed under Sections 206AA or 206AB
the Member or first holder, in case shares are of the Income-tax Act, as applicable and in case of invalid
held jointly; PAN, they will not be able to get credit of TDS from the
c. Self-attested copy of the PAN Card of all holders; and Income Tax Department.

d. 
Self-attested copy of any document (such as 
Non-resident shareholders [including Foreign
AADHAR Card, Driving License, Election Identity Institutional Investors (FIIs)/Foreign Portfolio Investors
Card, Passport) in support of the address of the (FPIs)] can avail beneficial rates under tax treaty between
Member as registered with the Company. India and their country of tax residence, subject to
e. Form ISR2 duly filled signed. The signature of providing the following necessary documents:
holders should be attested by the Bank Manager
i. Self-attested copy of the PAN card allotted by the
f. Form SH 13 – Nomination form or ISR3 – to opt out Indian Income Tax authorities.
from Nomination
ii. Self-attested copy of Tax Residency Certificate (TRC)
The above Investor Service Request Forms (ISR) are for the period April 1, 2024 to March 31, 2025 which
available at RTA’s website at https://www.linkintime.co.in is to be obtained from the tax authorities of the
Resources Downloads KYC Formats country of which the shareholder is a resident.
for KYC
iii. Form 10F filed on the Indian Income-tax
14. According to the Finance Act, 2020, dividend income will e-filing portal.
be taxable in the hands of the Shareholders w.e.f. April
iv. Self-declaration by shareholder having no taxable
01, 2020, and the Company is required to deduct tax at
presence, fixed base or permanent establishment
source (TDS) from the dividend paid to the Members at
in India in accordance with applicable Tax
prescribed rates in the Income Tax Act 1961 (‘the IT Act’).
In general, to enable compliance with TDS requirements, Treaty and Beneficial Ownership by the non-
Members are requested to complete and/or update resident shareholder.
their Residential Status, valid PAN linked to Aadhar,
For this purpose, the shareholder may submit a copy of
and Category as per the IT Act with their Depository
Form 10F (along with other documents as mentioned
Participants (‘DPs’) or in case shares are held in physical
above) (PDF/JPG Format) by uploading same at https://
form, with the Company
liiplweb.linkintime.co.in/formsreg/submission-of-form-
15g-15h.html and e-mail to compliance@sjsindia.com by
on or before 05th August, 2024 (up to 7.00 p.m.).

332 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

For detailed procedure on Tax Deduction, please refer remote e-voting process and voting through electronic
the communication mail sent to the shareholders on 08th voting system at the AGM in a fair and transparent manner.
July 2024.
19. Process for registration of e-mail ID for obtaining Annual
The above Investor Service Request Forms (Form Report in electronic mode and User ID / password for
no 15G/15H/10F) are available at RTA’s website at E-voting is annexed to this Notice.
https://www.linkintime.co.in Resources
20. All documents referred to in the Notice will be open
Downloads KYC #Form15G/15H/10F.
for inspection through electronic mode. Shareholders/
15. 
Shareholders/Members are requested to note that Members can inspect the same up to the date of AGM,
dividends, if not encashed for a consecutive period of 7 by sending an e-mail to the Company at compliance@
years from the date of transfer to the Unpaid Dividend sjsindia.com.
Account of the Company, are liable to be transferred
to the Investor Education and Protection Fund (“IEPF”). 21. Shareholders/Members holding shares as on cut-off
Further, the shares in respect of such unclaimed dividends date, i.e., Tuesday, 13th August, 2024, may cast their votes
are also liable to be transferred to the Demat account of electronically. A Shareholder/Member will not be allowed
the IEPF Authority. In view of this, members/claimants to vote again on any resolution on which his/her vote has
are requested to claim their dividends from the Company already been cast. The voting rights of Shareholders/
within the stipulated timeline Members shall be proportionate to their share of the
paid-up equity share capital of the Company as on the
16. Shareholders/Members holding shares in electronic
cut-off date. A person who is not a Shareholder/Member
form may please note that their bank details as furnished
as on the cut-off date is requested to treat this Notice
by the respective Depositories to the Company will
be considered for remittance of dividends as per the for information purposes only.
applicable regulations of the Depositories and the
22. 
Shareholders/Members who have acquired shares
Company will not entertain any direct request from
after the dispatch of this Notice and before the cut-off
such Members for change/ addition/deletion in such
date may approach the Company/ LIIPL for issuance
bank details. Accordingly, the Members holding shares
in Demat form are requested to update their Electronic of User ID and Password for exercising their votes by
Bank Mandate with their respective DPs. Further, please electronic means.
note that instructions, if any, already given by Members
23. SEBI vide its Circular dated January 25, 2022 has
in respect of shares held in physical form, will not be
mandated that all requests for transfer of securities
automatically applied to the dividend paid on shares
including transmission and transposition requests shall
held in electronic form.
be processed only in dematerialized form. In view of
17. Pursuant to Section 152 of the Companies Act, 2013, the above, members holding shares in physical form
Mr. Kevin K Joseph (DIN: 09206689), retires by rotation are advised to dematerialize the shares with their
at this AGM and being eligible, offers himself for re- Depository Participant.
appointment. The Board of Directors of the Company
recommends his re-appointment. Details of the Director 24. Since the AGM will be held through VC/OAVM, the Route
proposed to be re-appointed as required in terms of Map is not annexed to this Notice.
SEBI (Listing Obligations & Disclosure Requirements)
Regulations, 2015 and Secretarial Standards on General VOTING RESULTS:
Meetings (SS - 2) issued by The Institute of Company 1. The Scrutinizer shall, after the conclusion of the AGM,
Secretaries of India, is provided as “Annexure - A”.
electronically submit the Consolidated Scrutinizer’s
18. Pursuant to Rule 22(5) of the Companies (Management Report (i.e. votes cast through Remote e-voting and
and Administration) Rules, 2014, the Board of Directors of e-voting during AGM) of the total votes cast in favour or
the Company have appointed Mr. Ananta R Deshpande against the resolution and invalid votes, to the Chairman
(Membership No. FCS 11869; CP No. 20322), Company of the AGM or to any other person authorised by the
Secretary in Practice, as a Scrutinizer to scrutinize the Chairman of the Company.

Annual Report 2023-24 l 333

Notice (Contd.)

2. Based on the Scrutinizer’s Report, the result will be attend the meeting but shall not be entitled to cast their
declared within two working days of the conclusion of votes again at the AGM.
the AGM and the details of result along with Scrutinizer’s
Report will be placed on the website of the Company at iv. 
Pursuant to SEBI Circular No. SEBI/HO/CFD/CMD/
www.sjsindia.com and on the website of LIIPL at https:// CIR/P/2020/242 dated 09 th December 2020, under
instavote.linkintime.co.in and the same will also be Regulation 44 of SEBI (Listing Obligations and Disclosure
communicated to BSE and NSE. Requirements) Regulations, 2015, listed entities are
required to provide remote e-voting facility to its
THE INSTRUCTIONS FOR SHAREHOLDERS/MEMBERS FOR Shareholders/Members, in respect of all Shareholders’/
REMOTE E-VOTING AND E-VOTING DURING AGM AND Members’ resolutions. However, it has been observed
JOINING MEETING THROUGH VC/OAVM ARE AS UNDER: that the participation by the public non-institutional
i. In compliance with the provisions of Section 108 of the Shareholders/Members, retail Shareholders/ Members is
Companies Act, 2013 and Rule 20 of the Companies at a negligible level. Currently, there are multiple e-voting
(Management and Administration) Rules, 2014 and service providers (ESPs) providing e-voting facility to
Regulation 44 of the SEBI (Listing Obligations & listed entities in India. This necessitates registration on
Disclosure Requirements) Regulations, 2015, the various ESPs and maintenance of multiple user IDs and
Company provides to the Shareholders/Members the passwords by the Shareholders/Members. In order to
facility of exercising their right to cast vote(s) at the increase the efficiency of the voting process, pursuant
AGM by electronic means and the businesses may be to a public consultation, it has been decided to enable
transacted through e-voting services. e-voting to all the demat account holders, by way of a
single login credential, through their demat accounts/
ii. The voting period begins on Saturday, 17th August websites of Depositories/ Depository Participants.
2024 at 9.00 am IST and ends on Monday, 19th August Demat account holders would be able to cast their vote
2024 at 5.00 pm IST. During this period, Shareholders/ without having to register again with the ESPs, thereby,
Members of the Company, holding shares either in not only facilitating seamless authentication but also
physical form or in dematerialized form, as on the cut- enhancing ease and convenience of participating in
off date i.e. Tuesday, 13th August 2024 may cast their vote e-voting process.
electronically. The e-voting module shall be disabled by
LIIPL for voting thereafter. v. 
In terms of SEBI circular no. SEBI/HO/CFD/CMD/
CIR/P/2020/242 dated 09th December 2020, on e-Voting
iii. The facility for electronic voting system, shall also be facility provided by Listed Companies, Individual
made available at the AGM. The Shareholders/Members Shareholders/Members holding securities in demat
attending the AGM, who have not cast their votes mode are allowed to vote through their demat
through remote e-voting and are otherwise not barred
account maintained with Depositories and Depository
from doing so, shall be able to exercise their voting
Participants. Shareholders/Members are advised to
rights at the AGM. The Shareholders/Members who have
update their mobile number and email Id in their demat
already casted their votes through remote e-voting may
accounts in order to access e-Voting facility.

334 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Pursuant to above said SEBI Circular, Login method for e-Voting and joining virtual meetings for Individual
Shareholders/Members holding securities in Demat mode is given below:
Shareholders/Members will be able to attend the AGM through VC/OAVM through InstaMeet provided by LIIPL.

A. REMOTE E-VOTING INSTRUCTIONS:

The instructions and other information relating to remote e-voting are as under:

Type of shareholders Login Method

Individual Shareholders METHOD 1 - If registered with NSDL IDeAS facility
holding securities in Users who have registered for NSDL IDeAS facility:
demat mode with NSDL
a) Visit URL: https://eservices.nsdl.com and click on “Beneficial Owner” icon under
“Login”.
b) Enter user id and password. Post successful authentication, click on “Access to
e-voting”.
c) Click on “LINKINTIME” or “evoting link displayed alongside Company’s Name”
and you will be redirected to Link Intime InstaVote website for casting the vote
during the remote e-voting period.
OR
User not registered for IDeAS facility:
a) To register, visit URL: https://eservices.nsdl.com and select “Register Online for
IDeAS Portal” or click on https://eservices.nsdl.com/SecureWeb/IdeasDirectReg.
jsp“
b) Proceed with updating the required fields.
c) Post registration, user will be provided with Login ID and password.
d) After successful login, click on “Access to e-voting”.
e) Click on “LINKINTIME” or “evoting link displayed alongside Company’s Name”
and you will be redirected to Link Intime InstaVote website for casting the vote
during the remote e-voting period.
METHOD 2 - By directly visiting the e-voting website of NSDL:
a) Visit URL: https://www.evoting.nsdl.com/
b) Click on the “Login” tab available under ‘Shareholder/Member’ section.
c) Enter User ID (i.e., your sixteen-digit demat account number held with NSDL),
Password/OTP and a Verification Code as shown on the screen.
d) Post successful authentication, you will be re-directed to NSDL depository website
wherein you can see “Access to e-voting”.
e) Click on “LINKINTIME” or “evoting link displayed alongside Company’s Name”
and you will be redirected to Link Intime InstaVote website for casting the vote
during the remote e-voting period.

Annual Report 2023-24 l 335

Notice (Contd.)

Type of shareholders Login Method

Individual Shareholders METHOD 1 – From Easi/Easiest
holding securities in Users who have registered/ opted for Easi/Easiest
demat mode with CDSL
a) Visit URL: https://web.cdslindia.com/myeasitoken/Home/Login or www.cdslindia.
com.
b) Click on New System Myeasi
c) Login with user id and password
d) After successful login, user will be able to see e-voting menu. The menu will have
links of e-voting service providers i.e., LINKINTIME, for voting during the remote
e-voting period.
e) Click on “LINKINTIME” or “evoting link displayed alongside Company’s Name”
and you will be redirected to Link Intime InstaVote website for casting the vote
during the remote e-voting period.
OR
Users not registered for Easi/Easiest
a) To register, visit URL: https://web.cdslindia.com/myeasitoken/Registration/
EasiRegistration / https://web.cdslindia.com/myeasitoken/Registration/
EasiestRegistration
b) Proceed with updating the required fields.
c) Post registration, user will be provided Login ID and password.
d) After successful login, user able to see e-voting menu.
e) Click on “LINKINTIME” or “evoting link displayed alongside Company’s Name”
and you will be redirected to Link Intime InstaVote website for casting the vote
during the remote e-voting period.

METHOD 2 - By directly visiting the e-voting website of CDSL.

a) Visit URL: https://www.cdslindia.com/
b) Go to e-voting tab.
c) Enter Demat Account Number (BO ID) and PAN No. and click on “Submit”.
d) System will authenticate the user by sending OTP on registered Mobile and Email
as recorded in Demat Account
e) After successful authentication, click on “LINKINTIME” or “evoting link displayed
alongside Company’s Name” and you will be redirected to Link Intime InstaVote
website for casting the vote during the remote e-voting period.

336 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Type of shareholders Login Method

Individual Shareholders Individual shareholders can also login using the login credentials of your demat account
(holding securities through your depository participant registered with NSDL/CDSL for e-voting facility.
in demat mode) &
a) Login to DP website
login through their
depository participants b) After Successful login, members shall navigate through “e-voting” tab under
Stocks option.
c) Click on e-voting option, members will be redirected to NSDL/CDSL Depository
site after successful authentication, wherein you can see e-voting menu.
d) After successful authentication, click on “LINKINTIME” or “evoting link displayed
alongside Company’s Name” and you will be redirected to Link Intime InstaVote
website for casting the vote during the remote e-voting period.
Login method for Individual Shareholders/Members of the company, holding shares in physical form /
Individual shareholders Non-Individual Shareholders/Members holding securities in demat mode as on the
holding securities in cut-off date for e-voting may register for e-Voting facility of Link Intime as under:
physical form/ Non-
1. Open the internet browser and launch the URL: https://instavote.linkintime.co.in.
Individual Shareholders
holding securities in 2. Click on “Sign Up” under ‘SHARE HOLDER’ tab and register with your following
demat mode details: -
A. User ID:
Shareholders/Members holding shares in physical form shall provide Event
No. + Folio Number registered with the Company.
Shareholders/Members holding shares in NSDL demat account shall
provide 8 Character DP ID followed by 8 Digit Client ID; Shareholders/
Members holding shares in CDSL demat account shall provide 16 Digit
Beneficiary ID.
B. PAN: Enter your 10-digit Permanent Account Number (PAN) Shareholders/
Members who have not updated their PAN with the Depository Participant
(DP)/ Company shall use the sequence number provided to you, if applicable.
C. DOB/DOI: Enter the Date of Birth (DOB) / Date of Incorporation (DOI) (As
recorded with your DP / Company - in DD/MM/YYYY format).
D. Bank Account Number: Enter your Bank Account Number (last four digits),
as recorded with your DP/Company.
* Shareholders/Members holding shares in physical form but have not recorded
‘C’ and ‘D’, shall provide their Folio number in ‘D’ above
* Shareholders/Members holding shares in NSDL form, shall provide ‘D’ above.
Set the password of your choice (The password should contain
▶

minimum 8 characters, at least one special Character (@!#$&*), at least

one numeral, at least one alphabet and at least one capital letter).
▶ Click “confirm” (Your password is now generated).
3. Click on ‘Login’ under ‘SHARE HOLDER’ tab.
4. Enter your User ID, Password and Image Verification (CAPTCHA) Code and click
on ‘Submit’.

Annual Report 2023-24 l 337

Notice (Contd.)

Type of shareholders Login Method

Cast your vote electronically:
1. After successful login, you will be able to see the notification for e-voting. Select
‘View’ icon.
2. E-voting page will appear.
3. Refer the Resolution description and cast your vote by selecting your desired
option ‘Favour / Against’ (If you wish to view the entire Resolution details, click
on the ‘View Resolution’ file link).
4. After selecting the desired option i.e. Favour / Against, click on ‘Submit’. A
confirmation box will be displayed. If you wish to confirm your vote, click on
‘Yes’, else to change your vote, click on ‘No’ and accordingly modify your vote.
Guidelines for STEP 1 – Registration
Institutional a) Visit URL: https://instavote.linkintime.co.in
Shareholders/Members
(“Corporate Body/ b) Click on Sign up under “Corporate Body/ Custodian/Mutual Fund”
Custodian/Mutual c) Fill up your entity details and submit the form.
Fund”):
d) A declaration form and organization ID is generated and sent to the Primary
contact person email ID (which is filled at the time of sign up). The said form is to
be signed by the Authorised Signatory, Director, Company Secretary of the entity
& stamped and sent to insta.vote@linkintime.co.in.
e) Thereafter, Login credentials (User ID; Organisation ID; Password) will be sent to
Primary contact person’s email ID.
f) While first login, entity will be directed to change the password and login process
is completed.
STEP 2 –Investor Mapping
a) Visit URL: https://instavote.linkintime.co.in and login with credentials as received
in Step 1 above.
b) Click on “Investor Mapping” tab under the Menu Section
c) Map the Investor with the following details:
a. ‘Investor ID’ -
i. Members holding shares in NSDL demat account shall provide 8
Character DP ID followed by 8 Digit Client ID i.e., IN00000012345678
ii. Members holding shares in CDSL demat account shall provide 16 Digit
Beneficiary ID.
b. ‘Investor’s Name - Enter full name of the entity.
c. ‘Investor PAN’ - Enter your 10-digit PAN issued by Income Tax Department.
d. ‘Power of Attorney’ - Attach Board resolution or Power of Attorney. File
Name for the Board resolution/Power of Attorney shall be – DP ID and
Client ID. Further, Custodians and Mutual Funds shall also upload specimen
signature card.

338 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

Type of shareholders Login Method

d) Click on Submit button and investor will be mapped now.
e) The same can be viewed under the “Report Section”.

STEP 3 – Voting through remote e-voting.

The corporate shareholder can vote by two methods, once remote e-voting is activated:
METHOD 1 - VOTES ENTRY
a) Visit URL: https://instavote.linkintime.co.in and login with credentials as received
in Step 1 above.
b) Click on ‘Votes Entry’ tab under the Menu section.
c) Enter Event No. for which you want to cast vote. Event No. will be available on the
home page of InstaVote before the start of remote evoting.
d) Enter ‘16-digit Demat Account No.’ for which you want to cast vote.
e) Refer the Resolution description and cast your vote by selecting your desired
option ‘Favour / Against’ (If you wish to view the entire Resolution details, click
on the ‘View Resolution’ file link).
f) After selecting the desired option i.e., Favour / Against, click on ‘Submit’.
g) A confirmation box will be displayed. If you wish to confirm your vote, click on
‘Yes’, else to change your vote, click on ‘No’ and accordingly modify your vote.
(Once you cast your vote on the resolution, you will not be allowed to modify or
change it subsequently).
OR
VOTES UPLOAD:
a) Visit URL: https://instavote.linkintime.co.in and login with credentials as received
in Step 1 above.
b) You will be able to see the notification for e-voting in inbox.
c) Select ‘View’ icon for ‘Company’s Name / Event number ‘. E-voting page
will appear.
d) Download sample vote file from ‘Download Sample Vote File’ option.
e) Cast your vote by selecting your desired option ‘Favour / Against’ in excel and
upload the same under ‘Upload Vote File’ option.
f) Click on ‘Submit’. ‘Data uploaded successfully’ message will be displayed. (Once
you cast your vote on the resolution, you will not be allowed to modify or change
it subsequently).

Annual Report 2023-24 l 339

Notice (Contd.)

HELPDESK: registered e-mail address. Shareholders/Members

Helpdesk for Individual Shareholders/ can set the password of his/her choice by providing
Members holding securities in physical mode/ the information about the particulars of the Security
Institutional Shareholders/Members: Question and Answer, PAN, DOB/DOI, Bank
Shareholders/Members facing any technical issue in Account Number (last four digits) etc. as mentioned
login may contact Link Intime INSTAVOTE helpdesk above. The password should contain minimum 8
by sending a request at enotices@linkintime.co.in characters, at least one special character (@!#$&*),
or contact on: - Tel: 022 – 4918 6000. at least one numeral, at least one alphabet and at
least one capital letter.
Helpdesk for Individual Shareholders/Members
holding securities in demat mode: User ID for Shareholders holding shares in Physical
Individual Shareholders/Members holding Form (i.e. Share Certificate): Your User ID is Event
securities in demat mode may contact the respective No + Folio Number registered with the Company
helpdesk for any technical issues related to login
through Depository i.e. NSDL and CDSL. User ID for Shareholders holding shares in NSDL
demat account is 8 Character DP ID followed by 8
Login type Helpdesk details Digit Client ID
Individual Shareholders/Members facing
Shareholders any technical issue in login can User ID for Shareholders holding shares in CDSL
holding securities contact NSDL helpdesk by sending demat account is 16 Digit Beneficiary ID.
in demat mode a request at evoting@nsdl.co.in or
with NSDL call at toll free no.: 1800 1020 990
and 1800 22 44 30 Institutional shareholders (“Corporate Body/
Individual Shareholders/Members facing
Custodian/Mutual Fund”) has forgotten the
Shareholders any technical issue in login can password:
holding securities contact CDSL helpdesk by sending
If a Non-Individual Shareholders holding securities
in demat mode a request at helpdesk.evoting@
with CDSL cdslindia.com or contact at 022- in demat mode has forgotten the USER ID [Login
23058738 or 22- 23058542-43. ID] or Password or both then the shareholder can
use the “Forgot Password” option available on the
FORGOT PASSWORD: e-Voting website of Link Intime: https://instavote.
Individual Shareholders/Members holding linkintime.co.in
securities in Physical mode has forgotten the
password: • Click on ‘Login’ under ‘Corporate Body/
If an Individual Shareholders/Members holding Custodian/Mutual Fund’ tab and further Click
securities in Physical mode has forgotten the ‘forgot password?’
USER ID [Login ID] or Password or both then
the Shareholders/Members can use the “Forgot • Enter User ID, Organization ID and Enter
Password” option available on the e-Voting website Image Verification code (CAPTCHA). Click on
of Link Intime: https://instavote.linkintime.co.in: “SUBMIT”.

• Click on ‘Login’ under ‘SHARE HOLDER’ tab In case shareholders is having valid email address,
and further Click ‘forgot password?’ Password will be sent to his / her registered e-mail
address. Shareholders can set the password of his/
• Enter User ID, select Mode and Enter Image her choice by providing the information about the
Verification code (CAPTCHA). Click on particulars of the Security Question and Answer,
“SUBMIT”. PAN, DOB/DOI, Bank Account Number (last four
digits) etc. as mentioned above. The password
In case a Shareholders/Members is having valid should contain a minimum of 8 characters, at
email address, Password will be sent to his / her least one special character (@!#$&*), at least one

340 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

numeral, at least one alphabet and at least one Mobile • Enter your mobile number
capital letter. No. and
• Enter your e-mail ID, as recorded with
Email ID
your DP/ Company.
Individual Shareholders/Members holding
securities in demat mode with NSDL/ CDSL has 3. Click “Go to Meeting” (You are now registered
forgotten the password: for InstaMeet and your attendance is marked
Shareholders/Members who are unable to retrieve for the meeting).
User ID/ Password are advised to use Forget
User ID and Forget Password option available 4. Please refer the instructions for the software
at abovementioned depository/ depository requirements given in point ‘E’ below and
participant’s website. kindly ensure to install the same on the device
which would be used to attend the meeting.
• It is strongly recommended not to share your Please read the instructions carefully and
password with any other person and take participate in the meeting. You may also call
utmost care to keep your password confidential. upon the InstaMeet Support Desk for any
support on the dedicated number provided
• For Shareholders/Members holding shares to you in the instruction/ InstaMEET website.
in physical form, the details can be used only
for voting on the resolutions contained in C. 
INSTRUCTIONS FOR SHAREHOLDERS/
this Notice. MEMBERS TO SPEAK DURING THE AGM
THROUGH INSTAMEET:
• During the voting period, Shareholders/
1. Shareholders/Members who would like to
Members can login any number of times till
express their views/ask questions during the
they have voted on the resolution(s) for a
AGM may register themselves as a speaker by
particular “Event”.
sending their request atleast 3 days before the
AGM mentioning their name, demat account
B. 
PROCESS AND MANNER FOR ATTENDING
number/folio number, e-mail ID, mobile
THE ANNUAL GENERAL MEETING (“AGM”)
number at compliance@sjsindia.com.
THROUGH INSTAMEET:
1. Open the internet browser and launch the URL: 2. Shareholders/Members will get confirmation
https://instameet.linkintime.co.in & Click on on first-come-first-serve basis depending on
“Login”. the availability of time at the AGM.

2. Select the “Company” and “Event Date” and 3. Shareholders/Members will receive “speaking
register with your following details:- serial number” once they mark attendance for
Demat • S hareholders/Members holding shares the meeting.
Account in CDSL: 16 Digit Beneficiary ID;
No. or 4. 
Shareholders/Members are requested to
• S hareholders/Members holding shares
Folio
No.
in NSDL: 8 Character DP ID followed by remember speaking serial number and start
8 Digit Client ID; and your conversation only when moderator of
• S hareholders/Members holding the meeting/ management will announce the
shares in physical form: Folio Number
name and serial number for speaking.
registered with the Company
PAN • E nter your 10-digit Permanent Account
Number (PAN) 5. The Shareholders/Members who do not wish
to speak during the AGM but have queries
• S hareholders/Members who have not
updated their PAN with the Depository may send their queries in advance 3 (three)
Participant (DP)/ Company shall use days prior to the AGM mentioning their name,
the sequence number provided to you, demat account number/folio number, e-mail ID,
if applicable.
mobile number at compliance@sjsindia.com.

Annual Report 2023-24 l 341

Notice (Contd.)

The Company will give response to the queries N ote: Shareholders/Members, who will
suitably by email. be present in the AGM through InstaMeet
facility and have not casted their vote on the
Shareholders/Members may note that the Resolutions through Remote e-voting and
Company reserves the right to restrict the are otherwise not barred from doing so, shall
number of questions and number of speakers be eligible to vote through e-Voting facility
during the AGM, depending upon availability during the meeting. Shareholders/Members
of time and for conducting the proceedings of
who have voted through Remote e-voting
the meeting smoothly. However, the Company
prior to the AGM will be eligible to attend/
will suitably respond to the questions which
participate in the AGM through InstaMeet.
have remained unanswered during the
However, they will not be eligible to vote again
meeting, over email.
during the meeting.
D. 
INSTRUCTIONS FOR SHAREHOLDERS/
MEMBERS TO VOTE DURING THE AGM 2. 
Shareholders/Members are encouraged
THROUGH INSTAMEET: to join the Meeting through Tablets/
Laptops connected through broadband for
1. Once the electronic voting is activated
better experience.
by the scrutinizer/ moderator during the
meeting, Shareholders/Members who have
3. Shareholders/Members are required to use
not exercised their vote through the remote
Internet with a good speed (preferably 2 MBPS
e-Voting can cast the vote as under:
download stream) to avoid any disturbance
Sr. no. Steps during the meeting.
1. On the Shareholders/Members VC page,
click on the link for e-Voting “Cast your 4. 
Please note that Shareholders/Members
vote” connecting from Mobile Devices or Tablets
2. Enter your 16 digit Demat Account No. or through Laptops connecting via Mobile
/ Folio No. and OTP (received on the
Hotspot may experience Audio/Visual loss
registered mobile number/ registered
email Id) received during registration for due to fluctuation in their network. It is
InstaMeet and click on ‘Submit’. therefore recommended to use stable Wi-Fi
3. After successful login, you will see or LAN connection to mitigate any kind of
“Resolution Description” and against the aforesaid glitches.
same the option “Favour / Against” for
voting
4. Cast your vote by selecting appropriate
5. In case Shareholders/Members have any
option i.e. “Favour / Against” as desired. queries regarding login/ e-voting, they may
Enter the number of shares (which send an email to instameet@linkintime.co.in
represents no. of votes) as on the cut-off
or contact on: 022-49186175.
date under “Favour/ Against”.
5. After selecting the appropriate option
i.e. Favour/ Against as desired and you E. 
INSTRUCTIONS FOR THE SOFTWARE
have decided to vote, click on “Save”. REQUIREMENTS AND OTHER GENERAL
A confirmation box will be displayed. If INSTRUCTIONS:
you wish to confirm your vote, click on
“Confirm”, else to change your vote, click For a smooth experience of viewing the AGM
on “Back” and accordingly modify your proceedings of Link Intime India Pvt. Ltd. InstaMEET,
vote.
shareholders/ members who are registered as
6. Once you confirm your vote on the
resolution, you will not be allowed
speakers for the event are requested to download
to modify or change your vote and install the Webex application in advance by
subsequently. following the instructions as under:

342 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

1. Please download and install the Webex F. 

INSTRUCTIONS PROCESS FOR THOSE
application by clicking on the link https://www. SHAREHOLDERS/MEMBERS WHOSE EMAIL
webex.com/downloads.html/ ADDRESSES ARE NOT REGISTERED WITH
THE DEPOSITORIES FOR OBTAINING LOGIN
OR CREDENTIALS FOR E-VOTING FOR THE
RESOLUTIONS PROPOSED IN THIS NOTICE:
2. If you do not want to download and install the
Webex application, you may join the meeting Shareholders/Members who have not registered
by following the process mentioned as under: their e-mail addresses are requested to register
the same with the Company’s Registrars and
• Enter your First Name, Last Name and Transfer Agents / Depository Participant(s) for
Email ID and click on Join Now. sending future communication(s) in electronic
form. The email addresses can be registered with
• If you have already installed the Webex the Depository Participant (“DP”) in case the shares
application on your device, join the are held in electronic form and with the Registrar
meeting by clicking on Join Now. and Transfer Agent of the Company (“RTA”) in case
the shares are held in physical form.
• If Webex application is not installed,
a new page will appear giving you an For any assistance regarding share transfers,
option to either Add Webex to chrome transmissions, change of address or bank mandates,
or Run a temporary application. duplicate / missing share certificates and other
related matters, the RTA of the Company may be
• Click on Run a temporary application, an contacted at the following address:
exe file will be downloaded. Click on this
exe file to run the application and join the Link Intime India Private Limited
meeting by clicking on Join Now. C 101, 247 Park, L.B.S. Marg, Vikhroli (West),
Mumbai - 400083.
Tel.: 022 - 4918 6270/ 4918 6200 / 1800 1020 878
Fax: 022 - 4918 6060
Email: rnt.helpdesk@linkintime.co.in
Website: www.linkintime.co.in

Annual Report 2023-24 l 343

Notice (Contd.)

EXPLANATORY STATEMENT PURSUANT TO THE In terms of the provisions of Section 148(3) of the Companies
PROVISIONS OF SECTION 102 OF THE COMPANIES ACT, Act, 2013 read with Rule 14(a)(ii) of the Companies (Audit
2013 ANNEXED TO THE NOTICE OF THE 19TH AGM OF and Auditors) Rules, 2014, the remuneration payable to the
THE COMPANY IN RESPECT OF ITEM NO. 4 OF THE SAID Cost Auditor is required to be ratified by the Shareholders/
NOTICE: Members of the Company.
ITEM NO.4
Accordingly, consent of the Shareholders/Members is sought
Ratification of Cost Auditor’s Remuneration:
to ratify the remuneration payable to the Cost Auditors for
Section 148 of the Companies Act, 2013 read with Rule 14 of the financial year ending 31st March 2025.
the Companies (Audit and Auditors) Rules, 2014 provides for:
The Board recommends the Ordinary Resolution set out at
• appointment of a Cost Accountant in Practice, to Item No. 4 for the approval of the Shareholders/Members.
conduct audit of cost records of a Company, by the
Board of Directors on the recommendation of Audit Interest of directors & key managerial personnel:
Committee; and
None of the Directors or key managerial personnel of the
Company or their relatives is/ are directly or indirectly
• ratification of remuneration payable to him by the
concerned or interested, financially or otherwise, in
Shareholders/Members of the Company.
this resolution.
In terms of the aforesaid provisions, the Board of Directors of
By Order of the Board
the Company at its meeting held on 20 th May 2024, based on
For S.J.S. Enterprises Limited
the recommendation of Audit Committee who has approved
the appointment of M/s. PSV & Associates, Bengaluru, Cost
Thabraz Hushain. W
Accountants (Registration Number: 000304), to conduct the
Company Secretary &
audit of the cost records of the Company for the financial
Place: Bengaluru Compliance Officer
year ending 31st March 2025. The remuneration fixed for
Date: 20/07/2023 Membership No.: A51119
their appointment is ` 4,00,000 (Rupees Four Lacs only) plus
applicable Goods and Services Tax (GST) and reimbursement
of out-of-pocket expenses incurred in connection with the
aforesaid audit.

344 l S.J.S. Enterprises Limited

 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE
01-45 46-176 177-328 329-346

ANNEXURE-A
Details of Directors seeking appointment/re-appointment at the 19th Annual General Meeting to be held on 20th
May, 2024
[Pursuant to Regulation 36(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Secretarial
Standards on General Meeting (SS-2)]
Agenda Item No. 3
Name of the Director Kevin K Joseph
Category Executive Director
Director Identification Number (DIN) 09206689
Date of Birth and Age 09/03/1992 & 32 years
Nationality Indian
Residential Address (along with Phone, Fax and Email) No. 514, 1st Cross, 12th Main, 4th Block, Koramangala, Bangalore 560
034, Karnataka, India
Educational/ Professional Qualifications He holds a bachelor’s degree in mechanical engineering from the
Visvesvaraya Technological University, Belgaum
Expertise in specific functional area Automotive Industry
First appointment on the Board of the Company 19th July, 2021
Date of appointment in current designation 19th July, 2021
Terms and Conditions of Appointment Liable to retire by rotation
Remuneration details 30,00,000/- PA
Number of shares held in the Company (including
shareholding as a beneficial owner) as on:
a) 31st March 2024
100
b) 20th May 2024
100
Relationship with other Directors/Manager/Key Mr. Kevin K Joseph is related to Mr. KA Joseph the Managing Director
Managerial Personnel of the Company.
Number of Board Meetings attended during the
I. Financial Year 2022-23 I. 05 out of 05
II. Financial Year 2023-24 II. 08 out of 08
Directorships held in other Companies in India Nil
Directorships held in other Listed Companies in India Nil
Name(s) of other organizations or entities or associations Nil
or Unincorporated entities in which the person has held
the post of Chairman or Managing Director or Director
or Chief Executive Officer or associated with the above
entities in any other capacity. Indicating the activity of
the Company and regulators, if any

Annual Report 2023-24 l 345

Notice (Contd.)

Chairmanships/Memberships of the Committees of other Listed and public limited companies as on March 31, 2024:
a. Audit Committee NA
b. Stakeholders’ Relationship Committee NA
c. Nomination and Remuneration Committee NA
d. CSR Committee NA
e. Other Committee(s) NA
Brief Resume of Director He holds a bachelor’s degree in mechanical engineering from
the Visvesvaraya Technological University, Belgaum. Started his
career as a design engineer at Tata Elxsi in the passenger vehicles
segment which shows his technical expertise and familiarity with
automotive design and engineering processes. At SJS, he is driving
manufacturing excellence and product innovation ensuring that
the company remains competitive and stays at the forefront of its
industry. He is also overseeing the day-to-day operations of the
company, which involve managing teams, coordinating different
departments, and ensuring that the company runs efficiently on a
daily basis.
Listed entities from which the person has resigned in Nil
the past three years

346 l S.J.S. Enterprises Limited

S.J.S. Enterprises Limited
Sy. Nos. – 28/P16 Agra Village & 85/P6 BM
Kaval Village, Kengeri Hobli,
Bengaluru South 560082,
Karnataka, India.

P: +91 80 6194 0777 / 2842 5055

www.sjsindia.com