It is a analysis o Annual report of SRF ltd. It is useful for those who want to learn how to see details in annual report.

1. MANAGERIAL ACCOUNTING-1
Assignment-1
Himanshu Patel
himanshupatel_15@nirmauni.ac.in
Section – D, Roll No - 151419
Abstract
To read and analyzecompany’s (SRF Ltd.) annual reports and attempt the given problems to seek solution
To: Mr. Parag Rijwani

2. 1
 What is the company’s business? 2. What are its main products and services? Name
some of the company’s brands, if any.
SRF Ltd. is a multi-business entity. It is engaged in the manufacture of chemical
based intermediates. From the beginning the business was diversified in the different
segment such as Technical Textiles, Chemicals, Packaging Films and Engineering Plastics.
SRF is market leaders in India in some of the business as well as it has also expanded its
business over the globe.
Here is overview of its business.
 Technical Textiles
SRF's product basket for technical textiles contains nylon tyre, cord fabrics,
polyester tyre cord fabrics, belting fabrics, coated fabrics, laminated fabrics,
fishnet twines and industrial yarns.
It has its own R & D center located in Manali. Apart from India manufacturing
plants are also located in Thailand and South Africa.

3. 2
 Chemicals
SRF’s Chemicals Business caters to diverse applications across industries.
Starting with the refrigerant production facility in Bhiwadi near New Delhi in
1989, SRF has grown to become a highly backward integrated producer of
refrigerants, chlorinated solvents and fluorospecialities.
As a proud winner of the 2012 Deming Prize, the Chemicals Business of
SRF Ltd. caters to the exacting quality requirements of the Automobile,
Refrigerator, Air-conditioner, Laundry, Pharmaceutical and Agrochemical
industries amongst others.
 Packaging Films
Packaging Films Business has emerged as one of the most preferred
Packaging arena. Engaged in manufacturing of Bi-axially Oriented Poly-
Ethylene Terephthalate (BOPET) Films commonly known as Polyester (PET)
Films.
During a span of ten years, Packaging Films Business has crafted a significant
presence in EU, Americas, Middle East, ANZ, Russia & CIS, Africa, West Asia &
South Asian regions and continues to expand its list of highly satisfied clientele
across the world.
 Engineering Plastics
Established in 1979, the Engineering Plastics Business of SRF enjoys the
status of being the first company in India to start polymer compounding.
Initially focused on manufacturing and compounding of Polyamide 6 resin, today
the business offers several engineered compounds under brands TUFNYL,
TUFBET, TUFPC.
 Who are likely to be the company’s major suppliers?
Since SRF are Multi-business entity, here is the list of most likely major suppliers.
In the Technical Textile Business, the common raw material required is mostly Cotton,
Jute, Coir, Silk etc. For that IndarsenShamlal (p) Ltd., Excel Composites Pvt Ltd., NAT Fiber etc.
are likely to be the major suppliers.
For its Chemical business Bhoruka Gases Ltd., Ekasila Chemicals Ltd., TATA Chemicals,
etc. could be the major suppliers to the SRF. Though SRF has collaborated with
Arkema(Previously known as Atofina) for its raw material supply.
For its Plastics business and Packaging Films Businessthe producers of raw Plastic
manufactures are likely to be the major suppliers of SRF Ltd.

4. 3
 Who are likely to be the company’s major customers? Does the company export its
products? To which countries?
SRF Ltd is in major business of production of Technical Textile, Packaging Films,
Chemicals mostly used for the refrigeration and Engineering Plastics. The major customers for
the company could be all the business that are into Refrigerators or other Cooling tools
manufacturing business, for its Plastic business serving markets as varied as Automobiles,
Electrical & Electronics, Telecom, Railways, Consumer etc.
SRF ltd has also expand its serving market beyond India. EU, Americas, Middle East,
Russia, Africa, West & Southern Asia are the areas where it serves.
 Read the ‘Contents’ page. Mark the items that relate to financial statements as ‘FS’
(Financial Statement) and the rest as ‘NFS’ (Non-Financial Statement). What
information does the company provide in items that you have marked as ‘NFS’? Is
this information useful? How? Who is the intended audience? Will they be able to
understand the information? Give highlights of ANY THREE major ‘NFS’ items.
Content page of SRF ltd. Annual Report.
Contents
Chairman’s Message : NFS
Company Information : NFS
Notice : NFS
Board’s Report : NFS
Management Discussion & Analysis : NFS
Corporate Governance : NFS
Standalone Financial Statements : FS
Consolidated Financial Statements : FS

5. 4
 When was the annual general meeting to be held? What were the items to be
discussed?
The 44th Annual General Meeting of SRF Limited will be held on Thursday, the 6 August
2015 at 3.30 p.m. at the LaxmipatSinghania Auditorium, PHD House, 4/2 Siri Institutional Area,
August Kranti Marg, New Delhi.
The following items were to be discussed in the Annual General Meeting.
Ordinary Business
 To receive, consider and adopt the standalone and consolidated audited financial
statements of the Company for the financial year ended 31 March 2015, the Reports
of the Auditors’ and Board of Directors’ thereon.
 To appoint a Director in place of Mr.Arun Bharat Ram (DIN 00694766), who retires
by rotation and being eligible, offers himself for re-election.
 To ratify appointment of auditors of the Company as approved by the members at
the Forty Third Annual General Meeting.
Special Business
 Appointment of DrMeenakshiGopinathas a Director, liable to retire by rotation.
 DrMeenakshiGopinath ,who was appointed as an additional Director of the
Company with effect from 28 October 2014 be and is hereby appointed as aDirector
of the Company liable to retire by rotation.”
 Appointment and Remuneration of DrMeenakshiGopinath)as Director of CSR.
Functions
 DrMeenakshiGopinath shall be designated as Director(CSR). She shall be responsible
for planning, guiding andensuring implementation of CSR projects of the Company
inaccordance with the CSR Policy approved by the Board andsuch other
responsibilities as may be entrusted to her by theChairman and/or the Board, from
time to time.

6. 5
Fee
 She will be entitled to consolidated fees of ` 1 lakh permonth (subject to deduction
of applicable taxes) plus servicetax. She will also be entitled to a Company
maintained car.
Sitting Fees
 DrMeenakshiGopinath would be entitled to sitting feesfor attending the Board
meetings and/or meetings ofother Committees on which she is nominated except
theCorporate Social Responsibility Committee.
Termination
 The services of DrMeenakshiGopinath as Director (CSR) may be terminated by either
party giving to the other three calendar month’s notice in writing. “RESOLVED
FURTHER THAT subject to the overalllimit of remuneration payable to all the
Directors (other than Executive Directors) taken together, the aforesaid
remuneration payable to DrMeenakshiGopinath shall be within an overall ceiling of
1% of the net profits of the Company computed in the manner laid down in Section
197 of the Companies Act, 2013.”
 To consider and if thought fit, to pass with or withoutmodification(s), the following
resolution as an OrdinaryResolution:
Re-appointment of Mr Ashish Bharat Ram (DIN– 00671567) as Managing Director:
With tenure of Five years with effect from 23 May 2015.
Functions
 Subject to the direction, control and superintendence ofthe Board of Directors, Mr.
Ashish Bharat Ram shall havethe overall responsibility for looking after the day to
daymanagement of the Company.
Remuneration
 Subject to the overall limit on remuneration payable to allthe managerial personnel
taken together, the remunerationpayable to Mr Ashish Bharat Ram shall comprise
salary, perquisites and commission, as may be decided bythe Board/Nomination
and Remuneration Committeein accordance with the Nomination, Appointment
andRemuneration Policy within an overall ceiling of 5% of the netprofits of the
Company, computed in the manner laid downin Section 198 of the Companies Act,
2013.
Remuneration for a part of the YearRemuneration for a part of the year shall be computed
onpro-rata basis.

7. 6
Minimum Remuneration
 In the event of absence or inadequacy of profits in anyfinancial year, the
remuneration payable to Mr. Ashish BharatRam shall be decided by the Nomination
and RemunerationCommittee.
Termination
 The appointment of Mr. Ashish Bharat Ram as ManagingDirector may be
terminated by either party giving to the otherthree calendar months notice in
writing.
 compensation in accordance with the provisions of theCompanies Act, 2013 or any
statutory amendment or reenactment
 To consider and if thought fit, to pass with or withoutmodification(s), the following
resolution as a SpecialResolution:
 Re-appointment of Mr.RavichandraKambhampatycompanies Act, 2013and the
CompaniesForThree years with effect from 1 October 2015.
Minimum Remuneration
 In the event of absence or inadequacy of profits in anyfinancial year, the
remuneration payable to MrRavichandraKambhampaty shall be decided by the
Nomination andRemuneration Committee subject to the provisions of theCompanies
Act, 2013 and such approval, if any, as may berequired.
Termination
 The appointment of MrRavichandraKambhampaty as Director(Safety & Environment)
may be terminated by either partygiving to the other three calendar months’ notice
in writing.

8. 7
 Identify the company’s reporting entities.
Indian Subsidiaries
∞ SRF Transnational Holdings Limited India
∞ SRF Properties Limited India
∞ SRF Holiday Home Limited India
∞ SRF Energy Limited India
∞ SRF Fluorochemicals Limited
Foreign Subsidiaries
∞ SRF Fluor Private Limited^ Mauritius
∞ SRF Global BV Netherlands
∞ SRF Overseas Limited
Government Body
Share Holders
 How is the information in the notes to the financial statements useful? Give five
examples of how the notes explain the items in the financial statement.
1. The information consists in notes may or may not be related to financial reports of
the company. But if there is any, it is useful in preparing financial reports.
For example, In notes it is given that the company has paid two interim dividends on
share, 10 per share, 5 at each time amounting into INR 68.05 Crore (Inclusive of Taxes). This
information is useful when we prepare Balance Sheet.
The financial statements of these foreign subsidiaries have been converted into Indian
Rupees on the basis of following exchangerates:
(I) 1 AED = ` 17.008
(ii) 1 USD = ` 62.47
(iii) 1 Baht = ` 1.92
(iv) 1 Rand = ` 5.118
Above information is also useful in making Financial Statements of its Foreign
Subsidiaries. Exchange Rate of Currency give the clarity at what rate the currencies were
recorded.

9. 8
2. The following information is required for the amount spent towards CSR.
Average Net Profit of SRF Ltd for last three financial years.
2013-14:` 272.22 crores
2012-13:` 329.62 crores
2011-12:` 554.74 crores
Average Net Profit:385.53 crores
2% of Avg. Net Profit:771 lakh
Prescribed CSR Expenditure - ` 771 lakh
Details of CSR Spent during the Financial Year
a. Total Amount to be spent for the financial year - ` 771 lakh
b. Amount Unspent - ` 329.05 lakh
c. Manner in which the amount spent during the financial year:
3. DEPRECIATION AND AMORTISATION
Depreciable amount for assets is the cost of anasset, or other amount substituted for
cost, less itsestimated residual value.
Depreciation on tangible fixed assets has beenprovided on the straight line method on
the basisof useful life of assets determined by the Company.Manufacturerswarranties and
maintenance support, etc. and are asUnder:
Roads - 40–50 years
Buildings - 30–60 years
Plant & Machinery - 2–30 years
Furniture & Fixtures - 15 years
Office Equipment - 3–20 years
Vehicles - 4 years
Intangible assets are amortized over their estimateduseful life considering the terms of
the businesspurchase agreements on straight line method as
follows:-
Goodwill - 10 years
Trademarks / Brand - 10–30 years
Technical Knowhow - 10–30 years
Software - 3 years
Other intangibles - 2.5–10 years

10. 9
 Identify ANY THREE matters covered by the accounting policies/estimates and write
their current year ending balances.
Fixed assets such as Plant & Machinery, Intangible assets such as Goodwill was covered
under the accounting estimate.
Current Year 2014-15 Ending Balance of
o Life of Buildings is estimated to be 30-60 years;
Closing Balance as on 31st March, 2015 was 58479.85 Lakh INR
o Life of Plant and Machinery is expected to be 2-30 years;
Closing Balance as on 31st march, 2015 was 388450.23 Lakh INR
o Life of Vehicles was estimated at 4 years
Closing Balance as on 31t March, 2015 was 2784.02 Lakh INR
 Who is/are responsible for the information in the financial statements? Write
names(s).
Members of the Board of Directors are responsible for the information in the financial
statements.
o Arun Bharat Ram – Chairman
o Ashish Bharat Ram – Managing Director
o Kartik Bharat Ram – Deputy Managing Director
o Vinayak Chatterjee – Director
o Rajendra Prasad - President & Chief Financial Officer
o Anoop K Joshi - President & Company Secretary
 Think of information that you think would be useful but not disclosed in the financial
statements. Why do you think the information is not disclosed?
Major suppliers of the company as well as major buyers of the company would be very
useful but not disclosed in the financial statements.
 Who are the company’s auditors?
Deloitte Haskins & Sells Chartered Accountants are the company’s auditors.
 To whom is the auditor’s report addressed? Why?
The auditor’s report is addressed to the members of SRF Limited.

11. 10
 List the main items on which the auditor’s report. Give details of three items that
significantly affect the financial statements.
The main items on which the auditor’s report
o Report on the Standalone Financial Statements
o Management’s Responsibility for the Standalone
Financial Statements
o Report on Other Legal and Regulatory
Requirements
o Auditors’ Responsibility
o Emphasis of Matter
Here are three items that significantly affect the financial statements.
Following are the instances of delay in transferringamounts, required to be transferred, to the
InvestorEducation and Protection Fund by the Company –
Refer Note 31 (b) to the financial statements:
Nature of Amounts Amount (INR in
Lakhs)
Date by which
amount should have
been credited to
fund
Date of Deposit
Matured Unclaimed
Fixed Deposits
0.15 20-12-2012 23-06-2014
Interest on Above 0.02 20-12-2012 23-06-2014
 How much was the auditor’s remuneration? Give the detailed breakup of the same.
The total auditor’s remuneration paid was 204.92 Lakhs INR. (Including fees paid to auditors
of subsidiary companies)
Detailed breakup of the auditor’s remuneration
Particulars Amount (INR in Lakhs)
Audit Fees 103.00
For limited review of unaudited financial
results
76.07
For corporate governance, Consolidated
financial statements and other certifications
15.85
For tax audit 10.0
Total 204.92

12. 11
 Highlight the concerns raised by the auditors in their report. Give details of such items.
Details of dues of Income-tax, Wealth Tax, Sales Tax, Value Added Tax, Service Tax,
Excise Duty, Customs Duty and Cesswhichhave not been deposited as on 31 March 2015 on
account of disputes by the aforesaid entities are given below:
The following matters, which have been excluded from the above table, have been decided in
favor of the aforesaid entities but the
Department has preferred appeals at higher levels. The details are given below

13. 12
The Statement of Profit and Loss
 What are the company’s major items of revenues? How these items have changed in
percentage terms as compared to the previous financial year?
Major Items of Revenue Current Year
Income (in
lakh INR)
Previous Year
Income
( in lakh INR)
% change on
Previous Year
Sales of Product 357020.80 340210.26 4.95%
Export incentives 1624.57 126.70 1182.22%
o Dividend/Profit on
investment
o Exchange currency
fluctuation
o Interest Income
4735.64 2471.42 91.62%
 State the revenue recognition policy of the company for sales revenue.
REVENUE RECOGNITION
Sale of goods is recognized, net of returns and tradediscounts on the transfer of
significant risks and rewardsof ownership to the buyer which generally coincideswith the
dispatch of goods to customers. Gross salesare inclusive of excise duty and net of value added
tax /sales tax.
Other income includes interest income which isaccounted on accrual basis, dividend
income isaccounted for when the right to receive is established.
 Identify the sources of company’s gains and other non-operating income. What is the
proportion of these items in relation to the total income and Net Profit after Tax?
Source of company’s gain are
o Sales of Goods
o Scrap sales
o Export incentives
Non-operating income source
o Dividend on current investments
o Profit on sale of current investments
o Profit on sale of investment in subsidiaries
o Dividend on non-current investments
o Provision / Liabilities no longer required written back
o Provision for long term investments no longer required

14. 13
o Profit on sale of fixed assets
o Exchange currency fluctuation
o Interest income
 Locate any references to accounting principles related to revenues in the financial
statements and related information. Write the details of the same.
Revenue is recorded on the realization of the revenue. Accounting principle of
Realization is considered here.
 When does the company recognize revenue from services? Why?
The company recognized revenue at the time of realization. Sale of goods is recognized,
net of returns and tradeDiscounts. Because of the accounting principle of Realization.
 When does the company recognize dividend income? Why?
Dividend income is accounted for when the right to receive is established. Since the
right to receive dividend is established, according to accounting principle of Realization
it is recorded as an asset on the balance sheet.
 What are the major items of expenses? How these items have changed in percentage
terms as compared to the previous financial year?
Major item of expenses are Cost of materials consumed, Employee benefit expense,
other expenses such as Power and Fuel expense, Repairing and maintenance expense,
Freight, Travel expense etc.
 Identify the company’s losses and other non-operating expenses. What is the
proportion of these items in relation to the total expenses and Net Profit after Tax?
Company’s losses and other non-operating expenses are Loss on sale of Fixed assets,
Bad debts written off, Corporate social Responsibility, Professional and Legal Expenses,
Director’s sitting Fees, Provision for Investments, Auditor’s remuneration etc.
Total of abovementioned losses &expenses are 73228.03 Lakh INR while Net Profit after
tax was 30773.05 Lakh INR.
Losses & expenses other than operating expense proportion to the Net Profit after tax is
(73228.03*100/30773.05) 238.16% that means it is 138.16% more.

15. 14
 What was the total amount spent on employees? What is the percentage change in
this amount as compared to the previous year?
The amount spent under Employee Benefit Expense is 26528.02 Lakh INR. It was
23272.27 Lakh INR last year. The percentage change in this amount as compared to
previous year is 13.99%.
 How much did the company spend on advertising, sales promotion and general
marketing? What is the proportion of these items in relation to the total expenses,
Net Profit after Tax and sales revenues?
Company spent no amount on advertising, sales promotion and general marketing
though as internal marketing firm spent amount of INR 754.52 Lakh as selling
commission.
 What is the absolute amount and proportion of finance costs to the total revenues?
What is the change in this absolute amount and proportion as compared to the
previous year?
Total Financial cost during the year was 9955.51 Lakh INR compare to last year’s
7002.01 Lakh INR.
 Identify the top three weighing expense-heads in relation to the sales revenues. What
are the accounting policies pertaining to these three heads of expenses?
Three heads are Cost of materials consumed, Raw Material Consumption, Employee
benefits expenses.
EMPLOYEE BENEFITS
Company’s contributions paid / payable during theyear to provident fund administered
through RegionalProvident Fund Commissioner, Superannuation Fundand Employees’ State
Insurance Corporation arerecognized in the Statement of Profit and Loss.
Provision for gratuity, compensated absences, providentfund for certain category of
employees administeredthrough a recognized provident fund trust and long termretention pay
are determined on an actuarial basis at theend of the year and charged to Statement of Profit
andLoss for each year.
INVENTORIES
Inventories are valued at cost or net realizable value,whichever is lower. The basis of
determining the cost forvarious categories of inventory are as follows:
Stores, spares and rawmaterials- Weighted averagerateStock in trade,Stock in process
andfinished goods- Direct cost plusappropriate shareof overheads andexcise duty,
whereverApplicableBy products - At estimatedrealizable value.

16. 15
 What is the percentage of depreciation/amortization expense in relation to the gross
block value of the fixed assets and total expenses? What is the depreciation method
and accounting estimates involved in charging depreciation in fixed assets?
04.24% is the percentage depreciation/amortization expense in relation to the gross
block value of the fixed assets and total expenses. Straight Line method is used for
depreciation and accounting estimates involved in charging depreciation in fixed assets.
The Balance Sheet
 List three assets having highest proportion in the total assets of the company. Write
their percentage weight in the total assets.
Three assets are Fixed Assets, Inventories, and Trade Receivable.
Particulars Total assets % in Total Asset
Fixed assets - 303179.17 486790.06 62.28%
Inventories - 63758.78 486790.06 13.10%
Trade receivable - 47854.84 486790.06 09.83%
 How does the company measure its fixed assets? What is the amount of fixed assets
purchased during the year? What is its proportion in the total assets? Is this
proportion significant? Why?
77370.91 lakh INR purchased of new assets were bought. Its proportion to the total
assets (486790.06) is 15.89%.
Of course the proportion is important as it shows the trends towards reinvestment in
the assets for the company.
 34. What is the amount of fixed assets sold/discarded during the year? What is its
proportion in the total assets? Is this proportion significant? Why?
2 002.09 lakh INR amount of fixed assets were sold during the year. Its proportion to the
fixed assets (303179.17 lakh INR) is 0.67%.This proportion is not much significant.
 What is amount of capital work in progress finished and transferred to the fixed assets
during the year?
10411.61 L INR is amount of capital work in progress finished and transferred to the
fixed assets during the year.

17. 16
 What is the proportion of Intangible assets in the total assets of the company? How
does the company measure Intangible assets? Give two examples of the company’s
intangible assets.
Intangible assets of the company are Goodwill, Trademark, Software, etc. Proportion of
intangible assets in the total assets were 14149.53 L INR.
 What is the proportion of long term investments in the total assets? What is the
change in this proportion as compared to the previous year?
Total long term investments are 8364.51 L INR last year 9318.72
 List three most significant investment venues. What is the book value and market
value of these investments?
ICICIprudential saving fund regular plan growth, Equity share of SRF Global BV, SBI Debt
fund series.
Particulars Book value (in Lakh INR) Market value ( in Lakh INR)
ICICI prudential saving fund 8000 9155.48
SBI Debt fund series 1000
Equity share of SRF global BV 7959.51
 What is the proportion of Investments in Subsidiary Companies in the total
investments? Is there any change in the amount of Investments in Subsidiary
Companies in the current year as compared to the previous year?
Total investments in Subsidiary Companies in total investments (Current + Non-current
investment) is (8364.51*100/17786.66) 47.03%.
Last year total investments in subsidiary Companies was 9318.72 lakh INR
compare to this year is 8364.51 lakh INR. So here there is decrease in the investments
by 954.21 lakh INR.
 What is the proportion of current assets in the total assets? What is the change in this
proportion as compared to the previous year?
Total current assets as on 31st March 2015 was 139852.23 lakh INR compare to Total
assets of INR 486790.06 lakh.
So, the change in proportion of current
Particulars Year ending on 31st March
2015(Amount in lakh INR)
(A)
Year ending on 31st
March 2014 (
Amount in lakh INR)
(B)
Change (A-B)
Current assets 139852.23 140922.08
Total assets 486790.06 446519.94
% 28.73% 31.56% -2.83%

18. 17
Change in the proportion of current assets in the total assets is -2.83% compared to previous
year.
 What is the proportion of cash in the total assets? What is the change in this
proportion as compared to the previous year? Is there any cash in transit? How much?
Particulars Year ending on 31st
March 2015 (Amount
in lakh INR) (A)
Year ending on 31st
March 2014 (B)
Change (A-B)
Cash 6515.79 7463.92
Total assets 486790.06 446519.94
% 1.34% 1.67% -0.33%
The proportion change in cash to the total assets compared to previous year, it is lower by
0.33% current year.
 What percentage of the company’s receivables is due for more than six months? What
is the change in this proportion as compared to the previous year?
Particulars As on 31st
March,2015
As on 31st
March,2014
Receivables > 6
Months
61065.42 69149.11
Total Assets 595396.23 551855.45
Prop.
Receivables to
Total Assets
10.26% 12.53%
Proportion of the company’s receivables to the Total assets of the respective years over the
year has gone down by approx. 2.2%.
 What is the proportion of Inventories in the total assets? What is the change in this
proportion as compared to the previous year?
Particulars As on 31st
March,2015 (A)
As on 31st
March,2014
(B)
Change (A-B)
Inventories (X) 63758.78 63116.13
Total Assets (Y) 486790.06 446519.94
% (X*100/Y) 13.10% 14.14% -1.04
Proportion of Inventories in total assets over the year has not changed significantly though
there was decrease of 1% approx.

19. 18
 How does company measure its Inventories? Is there any change in the inventory
measurement as compared to the previous year? If yes, give details.
Company measures Inventories at cost or net realizablevalue, whichever is lower. The
basis of determining the cost for various categories of inventory are as follows:
 Stores, spares and raw materials - Weighted average rate
 Stock in trade, Stock in process and finished goods - Direct cost plus
 Appropriate share of overheads and excise duty, wherever applicable By
products - At estimated realizable value
 What is the absolute amount and proportion in relation to sales revenues of raw
materials consumed during the year? What is the change in such amount and
proportion as compared to the previous year?
Particulars As on 31st
March,2015
(A)
As on 31st March,2014
(B)
Change (A-B)
raw materials (X) 196206.22 201683.79 -5477.57
Net sales revenues (Y) 357020.80 340210.26 16810.54
% (X*100/Y) 54.96% 59.28% -4.32%
There is a decrease of 4.32% over the previous year in proportion in relation to sales revenue of
raw materials consumed during the year.
 What is the amount of short term investments? What is the percentage change in
short term investments as compared to the previous year? How does the company
measure short term investment? List three venues of short term investments for the
company?
The amount of short term investments is 9422.15 Lakh INR as on 31st March 2015
Current year amount of short term investments is 9422.15 Lakh INR while it was
2648.02 LakhINR.So the percentage change of current investments over the previous year is
(9422.15*100/2608.02) 361.28%. Increase in percentage is 261.28%.
Three venues of short term investments for the company
1. Trade investments Investments in equity instruments
2. INVESTMENTS IN MUTUAL FUNDS
3. Other Short term investments

20. 19
 What is the proportion of current liabilities in the total liabilities? What is the change
in this proportion as compared to the previous year?
Particulars As on 31st
March,2015 (A)
As on 31st
March,2014
(B)
Change (A-B)
current liabilities 96538.19 115355.06
total liabilities 486790.06 446519.94
% (X*100/Y) 19.83% 25.83% -6.00%
The proportion of current liabilities in the total liabilities of respective years were almost
same though there was a decrease of the proportion compared to previous year about 6%.
 List three most significant current liabilities? What is the percentage change in these
three current liabilities as compared to the previous year?
Three most significant current liabilities are
 Short-term borrowings
 Trade payables
 Other current liabilities
Percentage change in these current liabilities as compared to previous year
Particulars As on 31st March
2015
As on 31st March
2014
% Change compare
to previous year
Short-term
borrowings
23623.28 31990.40 26.16% decrease
Trade payables 58144.58 78860.68 26.27% decrease
Other current
liabilities
56408.67 27147.72 107.78% increase
Overall (Total) 138176.53 137998.80 0.13% increase
 What is the proportion of trade (accounts) payables in the total liabilities? What is the
change in this proportion as compared to the previous year?
Particulars As on 31st March
2015 (A)
As on 31st March
2014 (B)
Change (A-B)
trade (accounts)
payables (X)
42136.85 58266.30
total liabilities (Y) 486790.06 446519.94
% (X*100/Y) 08.66% 13.05% -4.39%

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As compare to previous year Proportion of trade payable to total liabilities decreased by around
4.5%.
 . What are the company’s contingent liabilities?
Company’s contingent liabilities areExcise duty, customs duty and service taxSales Tax and
entry tax Income TaxStamp Duty etc.
 What is the proportion of long term liabilities in the total liabilities? What is the
change in this proportion as compared to the previous year? List the three most
significant source of long term liability?
Particulars As on 31st March
2015 (A)
As on 31st March
2014 (B)
Change (A-B)
long term liabilities
(X)
109363.83 84457.86
total liabilities (Y) 486790.06 446519.94
% (X*100/Y) 22.47% 18.91% 3.56%
Proportion of Long term liabilities in the total liabilities increases by 03.56% compared to
previous year.
Three most significant source of the long term liabilities are
1. Redeemable Non-convertible Debenture
2. Rupee term loans
3. Foreign Currency term loans
 What is the proportion of share capital in the total liability? Is there any change in the
amount of share capital as compared to the previous year? What is the source of this
change?
Particulars As on 31st March
2015 (A)
As on 31st March
2014 (B)
Change (A-B)
share capital (X) 5843.56 5843.56
total liabilities (Y) 486790.06 446519.94
% (X*100/Y) 01.20% 01.30% -0.10%
There is no change in the amount of share capital as compared to the previous year.

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 What is the face value of the equity share? Has the company issued any shares for
services or non-cash assets? If yes, give details.
The face value of the equity share of the company is 10 INR per share. The company has
not issued any equity shares for the services or non-cash assets.
 What is the proportion of Reserves in the total liabilities? What is the change in this
proportion as compared to the previous year?
Particulars As on 31st March
2015 (A)
As on 31st March
2014 (B)
Change (A-B)
Reserves in the total
liabilities (X)
233948.17 210507.63
total liabilities (Y) 486790.06 446519.94
% (X*100/Y) 48.06% 47.14% 0.92%
There was a decrease of 0.92% in the proportion of Reserves in the total liabilities.
 How much is the basic and Diluted EPS and dividend per share?
Basic and Diluted EPS were 53.59 INR. Interim Dividend per share was declared 10 INR
per share although annual dividend was not declared.

23. 22
Corporate Governance Report
 Read carefully through this section and give details of three most significant items
mentioned therein

Remuneration of Directors
Interim Dividend Payment 5per share each (50 per cent) onthe paid up capital of the
Company absorbing ` 68.04 croresapprox. (inclusive of tax) were paid on 3 September 2014and
24 February 2015 respectively.

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Stock Market Data
Corporate Social Responsibility Report
 Read carefully through this section and give details of three most significant items
mentioned therein
Corporate Governance
Certificate of the auditors of your Company regarding complianceof the conditions of
corporate governance as stipulated inClause 49 of the Listing Agreement with the stock
exchanges isattached to the report as Annexure IV.In compliance with the requirements of
Clause 49(V), a certificatefrom Managing Director and the President & Chief FinancialOfficer
was placed before the Board.All Board members and Corporate Leadership Team (CLT) have
affirmed compliance with the Code of Conduct for Board andSenior Management Personnel. A
declaration to this effect dulysigned by the Managing Director is enclosed as a part of the
Corporate Governance Report.Annual Report on CSR for the financial year ended 31 March,
2015
1) A brief outline of the Company’s CSR Policy, including overview of projects or programs
proposed to be undertaken and areference to the web-link to the CSR Policy and projects or
programs.

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As per the requirement of Section 135, Companies Act, 2013, the Company had laid down a CSR
Policy which has identifiedprojects as per the Schedule VII of The Act in the following areas :-
• Promotion of Education: Improving Quality of Education and Developing School infrastructure
of Govt. Schools;
• Employment enhancing vocational skills : Focusing on imparting appropriate skills as per the
market and industry needs andproviding a platform to the youth trained to be gainfully self-
employed or linking them with potential employers to increasetheir employability and
livelihood;
• Promoting gender equality and empowering women :Focusing on providing special skill
trainings and confidence building soas to make them self-reliant and improve their
employability and income;
• Preventive Healthcare: Regular check-ups and diagnosis for prevalent ailments in the
community present in and around plantlocations of SRF;
• Ensuring Environment Sustainability: Conversion of barren undulated lands into cultivable
lands, promoting alternativeplantation, building check dams, rainwater harvesting and water
conservation to prevent depletion of underground andsurface water sources; and
• Promoting Rural Sports: Coaching for sports such as Kho-Kho, Kabadi etc. and to provide a
platform where athletes cancompete at various level and proceed to state and national level.
2) The Composition of the CSR Committee
DrMeenakshiGopinath, Chairperson
Mr.Kartik Bharat Ram, Deputy Managing Director
Mr. L Lakshman, Independent Director
3) Average Net Profit of SRF Ltd for last three financial years
2013-14 :` 272.22 crores
2012-13 :` 329.62 crores
2011-12 :` 554.74 crores
Average Net Profit :` 385.53 crores
2% of Avg. Net Profit :` 771 lakh
4) Prescribed CSR Expenditure - ` 771 lakh
5) Details of CSR Spent during the Financial Year
a. Total Amount to be spent for the financial year - ` 771 lakh
b. Amount Unspent - ` 329.05 lakh6) Reason for not spending the two percent of the average
net profit of the last three financial years or any part thereofThe Company and SRF Foundation
(the implementation agency) were unable to fully incur the CSR expenditure due to the factthat
this was the first year of CSR implementation and this required considerable time in
identification and detailing of relevantprojects, conducting baseline surveys, planning the
implementation and mobilization of resources which led to the shortfall.

26. 25

27. 26
Management Discussion and Analysis (MDA)
 Read carefully through this section and give details of three most significant items
mentioned therein
SRF maintained its momentum of growth during 2014-15 in spite of a global economy
thatremained sluggish. The year saw the Company reporting marginal increase in its revenue
from3402.10 crores in 2013-14 to 3520.21 crores in 2014-15. The increase in revenue numbers
must be seen in the context of softening crude oil prices which resulted in lower realizations for
most of SRF products.
BUSINESSES
As a multi-business entity SRF remains committed to its strategic focus of continuous
improvement and achieving excellence in meeting the diverse requirements of customers
across multiple segments, globally. The Company remains the market leader in most of its
products and continues to enjoy significant global presence in some of its businesses, with
operations in three countries namely India, Thailand and South Africa and commercial interests
in more than 75 countries. It classifies its main businesses as Technical Textiles Business (TTB),
Chemicals & Polymers Business (CPB) and Packaging Films Business (PFB).
Technical Textiles Business
 Tyre Cord Fabrics
 Belting Fabrics
 Coated & Laminated Fabrics
 Industrial Yarn
Chemicals & Polymers Business
 Fluorochemicals
 Refrigerants
 Solvents
 Specialty Chemicals

Engineering Plastics
 Chemicals Technology Group

Packaging Films Business

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Reference
 www.srf.com
 www.wikipedia.org
 Annual report for the year 2014-15

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THANK YOU