BATA INDIA

LIMITED

BATA INDIA LTD.

ANNUAL REPORT
2020-2021

ANNUAL REPORT 2020-21

 CONTENTS

 Auditor’s report
 Balance sheet
 Statement of profit and loss
 Statement of changes in Equity
 Cash flow statement
 Note to the financial statement
 Ratio Analysis

INDEPENDENT AUDITOR’S REPORT

2 BATA INDIA LIMITED

 BATA INDIA
To the Members of Bata India Limited LIMITED
Report on the Audit of the Standalone Financial Statements
Opinion
We have audited the standalone financial statements of Bata India Limited (“the Company”), which comprises the standalone balance sheet as at 31
March 2021, the standalone statement of profit and loss (including other comprehensive income), standalone statement of changes in equity
and standalone statement of cash flows for the year then ended, and notes to the standalone financial statements, including a summary
of the significant accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements
give the information required by the Companies Act, 2013 (“Act”) in the manner so required and give a true and fair view in conformity with
the accounting principles generally accepted in India, of the state of affairs of the Company as at 31 March 2021, and loss and other
comprehensive income, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Act. Our responsibilities
under those SAs are further described in the Auditor’s Responsibilities for the Audit of the Standalone Financial Statements section of our
report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India
together with the ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act
and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of
Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on the Standalone
financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone financial statements
of the current period. These matters were addressed in the context of our audit of the standalone financial statements as a whole, and in
forming our opinion thereon, and we do not provide a separate opinion on these matters.

Description of Key Audit Matter

The key audit matter How the matter was addressed in our audit
Revenue recognition In view of the significance of the matter we applied the following
audit procedures in this area, among others to obtain sufficient
See Note 2.2(h) and Note 18 to the standalone financial
appropriate audit evidence:
statements
A) Assessed the appropriateness of the accounting policy for
Revenue from the sale of goods is recognised when
revenue recognition as per relevant accounting standard.
control in goods is transferred to the customer and is
measured net of rebates, discounts and returns. B) Evaluated the design and implementation of key internal
financial controls with respect to the revenue recognition
A substantial part of Company’s revenue relates to retail
and tested the operating effectiveness of such controls
sales through a large number of company owned outlets
including those related to the reconciliation of sales records
and comprises high volume of individually small
to cash / credit card / online receipts, preparation, posting
transactions which increases the risk of revenue being
and approval of journal entries on the basis of selected
recognised inappropriately and which highlights the
transactions.
criticality of sound internal processes of summarising and
recording sales revenue to mitigate error and fraud risk. C) For samples selected using statistical sampling, performed
detailed testing of retail sale transactions during the year
by examining the underlying documents and agreeing them
with the cash / credit card / online receipts and deposit of
cash amounts recorded in daily cash reports with bank
deposits.

ANNUAL REPORT 2020-21

 The key audit matter How the matter was addressed in our audit
Standards on Auditing presume that there is fraud risk D) Tested on sample basis, the periodic reconciliation of the
with regard to revenue recognition. We focused on this retail sales recognised during the period with the underlying
area since there is a risk that revenue may be overstated collections made by the Company and sales as per indirect
because of fraud, resulting due to the pressure from tax records.
Management and Board of Directors who may strive to
E) Performed cash counts, on a test basis, at selected stores
achieve performance targets. Also, revenue is a key and examined whether the cash balances are in agreement
performance indicator for the Company which makes it with the cash receipts reported in the daily collection report.
susceptible to misstatement.
F) Tested sample journal entries affecting revenue recognised
In view of the above, we have identified revenue during the year, selected based on specified risk-based
recognition as a key audit matter. criteria, to identify unusual items.
G) Involved our IT specialists to assist us in testing of general IT
controls and key IT application controls relating to retail
revenue recognition.
H) We carried out analytical procedures on revenue recognised
during the year to identify unusual variances.
Net realisable value (NRV) of Inventories of finished In view of the significance of the matter we applied the following
goods audit procedures in this area, among others to obtain sufficient
appropriate audit evidence:
See Note 2.2(g) and Note 8 to the standalone financial
statements A) Assessed the appropriateness of the accounting policy for
The major part Company’s inventory comprises finished inventories as per relevant accounting standards.
goods which are geographically spread across multiple B) Evaluated the design and implementation of key internal
locations such as retail stores, depots and factories. These
inventories are counted by the Company on a cyclical financial controls with respect to determination of NRV for
basis and determination of NRV is made based on slow and non-moving inventory as well as inventory with
various estimates (including those related to low or negative gross margins and tested the operating
obsolescence of slow and non-moving inventory) by the effectiveness of such controls on selected transactions.
Company as at end of reporting period.
C) On a sample basis, assessed whether items in the inventory
The Company manufactures and sells goods which are ageing report prepared by the Company were classified
subject to changing consumer demands and fashion
trends. Significant degree of judgment is thereby required within the appropriate ageing bracket.
to assess the NRV of the inventories and appropriate write D) Assessed the methodology and assumptions adopted by
down of items which may be ultimately sold below their the management including retrospective review of the write
cost. Such judgment includes Company’s expectations down of slow and non-moving inventory by comparing the
for future sale volumes, inventory liquidation plans and selling prices of goods sold during the year with opening
future selling prices less cost to sell. carrying values.
In view of the above, assessment of NRV and its E) Assessed, on a sample basis, the net realisable value of
consequential impact, if any on the carrying value of slow-moving and obsolete inventories and inventories with
inventories of finished goods has been identified as a key low or negative gross margins as calculated by the Company
audit matter. by comparing the carrying value with their subsequent
selling prices and costs to sell subsequent to the year-end.
F) We carried out analytical procedures on inventory to identify
unusual variances.

Other Information
The Company’s management and Board of Directors are responsible for the other information. The other information comprises the
information included in the Company’s annual report, but does not include the financial statements and our auditor’s report thereon.
Our opinion on the standalone financial statements does not cover the other information and we do not express any form of assurance conclusion
thereon.
 In connection with our audit of the standalone financial statements, our responsibility is to read the other information and, in doing so, consider
whether the other information is materially inconsistent with the standalone financial statements or our knowledge obtained in the audit or
otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of
this other information, we are required to report that fact. We have nothing to report in this regard.

Management's and Board of Director’s Responsibility for the Standalone Financial Statements
The Company’s Management and Board of Directors are responsible for the matters stated in section 134(5) of the Act with respect to the preparation
of these standalone financial statements that give a true and fair view of the state of affairs, profit/ loss and other comprehensive income, changes
in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting
Standards (Ind AS) specified under section 133 of the Act. This responsibility also includes maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring
accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial statements that
give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the standalone financial statements, the Management and Board of Directors are responsible for assessing the Company’s ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the
Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors is also responsible for overseeing the Company’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material misstatement,
whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is
not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can
arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these standalone financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We
also:

 Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or error, design and perform
audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The
risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the override of internal control.

 Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances.
Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial
controls with reference to financial statements in place and the operating effectiveness of such controls.

 Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures in the
standalone financial statements made by the Management and Board of Directors.

 Conclude on the appropriateness of the Management and Board of Directors use of the going concern basis of accounting and, based on the
audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s
ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s
report to the related disclosures in the standalone financial statements or, if such disclosures are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the
Company to cease to continue as a going concern.
  Evaluate the overall presentation, structure and content of the standalone financial statements, including the disclosures, and whether the
standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit
findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence,
and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where
applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit
of the standalone financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s
report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter
should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public
interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors’ Report) Order, 2016 (“the Order”) issued by the Central Government in terms of section 143 (11) of
the Act, we give in the “Annexure A” a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

2. (A) As required by Section 143(3) of the Act, we report that:

a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for
the purposes of our audit.

b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination
of those books.

c) The standalone balance sheet, the standalone statement of profit and loss (including other comprehensive income), the standalone
statement of changes in equity and the standalone statement of cash flows dealt with by this Report are in agreement with the books
of account.

d) In our opinion, the aforesaid standalone financial statements comply with the Ind AS specified under section 133 of the Act.
e) On the basis of the written representations received from the directors as on 31 March 2021 taken on record by the Board of Directors,
none of the directors is disqualified as on 31 March 2021 from being appointed as a director in terms of Section 164(2) of the Act.

f) With respect to the adequacy of the internal financial controls with reference to financial statements of the Company and the operating
effectiveness of such controls, refer to our separate Report in “Annexure B”.

(B) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations as at 31 March 2021 on its financial position in its standalone financial
statements - Refer Note 30 to the standalone financial statements;

ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses;
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by
the Company.

iv. The disclosures in the standalone financial statements regarding holdings as well as dealings in specified bank notes during the
period from 8 November 2016 to 30 December 2016 have not been made in these financial statements since they do not pertain to
the financial year ended 31 March 2021.
 (C) With respect to the matter to be included in the Auditor’s Report under section 197(16):
In our opinion and according to the information and explanations given to us, the remuneration paid by the company to its
directors during the current year is in accordance with the provisions of Section 197 of the Act. The remuneration paid to directors
is in excess of the limit laid down under Section 197 of the Act. Accordingly, the Company has obtained shareholder’s approval by
way of special resolution for such payments. The Ministry of Corporate Affairs has not prescribed other details under Section 197(16)
which are required to be commented upon by us.

For B S R & Co. LLP

Chartered Accountants
ICAI Firm Registration No.- 101248W/W-100022

Rajiv Goyal
Partner
Place : Gurugram Date : Membership No.: 094549
9 June 2021 ICAI UDIN – 21094549AAAACY4777
Annexure A referred to in our Independent Auditor’s Report to the Members of Bata India Limited on the
standalone financial statements for the year ended 31 March 2021

(i) (a) According to the information and explanations given to us, the Company has maintained proper records showing full particulars, including
quantitative details and situation of fixed assets.

(b) According to the information and explanations given to us, the Company has a regular programme of physical verification of its
fixed assets, by which all fixed assets are verified in a phased manner over a period of three years, which in our opinion, is reasonable
having regard to the size of the Company and the nature of its assets. Pursuant to the aforesaid programme, a portion of the fixed
assets has been physically verified by the management during the year. As informed to us, no material discrepancies were noticed on
such verification.

(c) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the
title deeds of the immovable properties included in the fixed assets are held in the name of the Company.
In respect of the immovable properties taken on lease and disclosed as right-of-use-assets in the standalone financial statements, the
lease agreements are in the name of the Company.

(ii) According to the information and explanations given to us, the inventories (excluding stocks with third parties and goods- in-transit) have
been physically verified by the management during the year. For goods in transit in respect of sale and purchase, all goods are substantially
delivered or received until the date of issuance of this report or confirmed by third parties in possession of these goods. In respect of other
inventories lying with third parties, these have substantially been confirmed by them. In our opinion, the frequency of verification is
reasonable. Further, as informed, the discrepancies noticed on verification between the physical inventory and the book records were not
material and have been properly dealt with in the books of account.

(iii) According to the information and explanations given to us, the Company has not granted any loans, secured or unsecured, to
companies, firms, limited liability partnerships, or other parties covered in the register maintained under Section 189 of the Companies Act,
2013 (“the Act”). Accordingly, paragraph 3(iii) of the Order is not applicable to the Company.

(iv) According to the information and explanations given to us, the Company has not provided any guarantee or security as specified under
Section 185 and 186 of the Companies Act, 2013. Further, in respect of the loans given and investments made by the Company, requirements
of Section 185 and 186 of the Companies Act, 2013 have been complied with.

(v) According to the information and explanations given to us, the Company has not accepted any deposits covered under Section 73 to 76 of the
Act. Accordingly, paragraph 3(v) of the Order is not applicable.

(vi) According to the information and explanations given to us, the Central Government has not specified the maintenance of cost records under
Section 148(1) of the Companies Act, 2013, for the products of the Company.

(vii) (a) According to the information and explanations given to us and on the basis of our examination of the records of the Company,
amounts deducted/ accrued in the books of account in respect of undisputed statutory dues including provident fund, employees’
state insurance, income-tax, sales tax, services tax, duty of customs, duty of excise, goods and services tax (‘GST’), value added tax,
cess and any other material statutory dues, to the extent applicable, have generally been regularly deposited with the appropriate
authorities during the year. As explained to us, the company did not have any dues on account of sales tax, service tax, duty of excise,
value added tax and cess.
According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, employees’ state
insurance, income-tax, GST, sales tax, service tax, duty of customs, duty of excise, value added tax, cess and other material statutory
dues, to the extent applicable, were in arrears as at 31 March 2021 for a period of more than six months from the date they became
payable.

(b) According to the information and explanations given to us, and on the basis of the records of the company examined by us,
there are no dues of income-tax, sales-tax, service tax, duty of customs, duty of excise, value
 added tax and GST which have not been deposited with the appropriate authorities on account of any dispute, except as mentioned
below:-

Name of Nature of dues Amount Period

the of to Forum
Statue demand which where
(in INR the dispute is
millions) amount pending

Revenue recovery against 1994-1995

Various non-payment of demand 1998-1999
6.70 STAT, Kerala
state sales in assessment 2000-2001
tax Acts

Duty demanded for sale

Central of footwear at domestic CESTAT,
3.35 1997-99
Excise tariff area. Chennai
Act,1944

Non-compliance of the
condition of the notification
Central for marking MRP on factory July 2004 to CESTAT-
Excise 21.48 Jan 2008 Kolkata
seconds cleared on payment
Act,1944 of appropriate C.E. duty

Disallowance of service
tax input credit on input CESTAT-
Finance Act, 1994 service availed for 4.34 2006-2010 Kolkata
outward transportation

Wrong availment of
Custo CESTAT-
concessional rate of customs 81.20 1998-2003
ms duty etc. Kolkata
Act,19
42
* Amount as per demand orders including interest and penalty, wherever indicated in the order and is net of amount deposited.

(viii) According to the information and explanations given to us, the Company has neither taken any loans from financial institutions or
banks or government nor issued any debentures, therefore, the provision of clause (viii) of the Order is not applicable.

(ix) According to the information and explanations given to us, the Company has not raised any money by way of initial public offer or
further public offer (including debt instrument) and any term loans during the year. Accordingly, paragraph 3 (ix) of the Order is not
applicable.

(x) According to the information and explanations given to us, no material fraud by the Company or on the Company by its officers or
employees has been noticed or reported during the year.

(xi) According to the information and explanations given to us and based on our examination of the records of the Company, the
managerial remuneration has been paid or provided by the Company in accordance with the provisions of Section 197 read with
Schedule V to the Act.
(xii) According to the information and explanations given to us, the Company is not a Nidhi Company. Accordingly, paragraph 3(xii) of the
Order is not applicable.

(xiii) According to information and explanations given to us and on the basis of our examination of the records of the Company, all
transactions with the related parties are in compliance with Section 177 and 188 of the Act, where applicable, and the details have
been disclosed in the Ind AS financial statements, as required by the applicable accounting standard.
 (xiv) According to information and explanations given to us, and on the basis of our examination of the records of the Company, the
Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the
year. Accordingly, paragraph 3(xiv) of the Order is not applicable.

(xv) According to information and explanations given to us, the Company has not entered into any non-cash transactions with directors or
persons connected with him. Accordingly, paragraph 3(xv) of the Order is not applicable.

(xvi) According to information and explanations given to us, the Company is not required to be registered under Section 45-IA of the
Reserve Bank of India Act, 1934.

For B S R & Co. LLP

Chartered Accountants
ICAI Firm Registration No.- 101248W/W-100022

Rajiv Goyal
Partner
Place : Gurugram Date : 9 Membership No.: 094549 ICAI
June 2021 UDIN – 21094549AAAACY4777
Annexure B to the Independent Auditor’s report on the standalone financial statements of Bata India Limited
for the year ended 31 March 2021
Report on the internal financial controls with reference to the aforesaid standalone financial statements under Clause
(i) of Sub-section 3 of Section 143 of the Companies Act, 2013
(Referred to in paragraph 2 (A) (f) under ‘Report on Other Legal and Regulatory Requirements’ section of our report of even date)
Opinion
We have audited the internal financial controls with reference to financial statements of Bata India Limited (“the Company”) as of 31 March 2021 in
conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.
In our opinion, the Company has, in all material respects, adequate internal financial controls with reference to financial statements and such
internal financial controls were operating effectively as at 31 March 2021, based on the internal financial controls with reference to financial
statements criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit
of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India (the “Guidance Note”).

Management’s Responsibility for Internal Financial Controls

The Company’s management and the Board of Directors are responsible for establishing and maintaining internal financial controls based on the
internal financial controls with reference to financial statements criteria established by the Company considering the essential components of
internal control stated in the Guidance Note. These responsibilities include the design, implementation and maintenance of adequate
internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to
company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the
accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013 (hereinafter referred
to as “the Act”).

Auditor’s Responsibility
Our responsibility is to express an opinion on the Company's internal financial controls with reference to financial statements based on our audit. We
conducted our audit in accordance with the Guidance Note and the Standards on Auditing, prescribed under section 143(10) of the Act, to the
extent applicable to an audit of internal financial controls with reference to financial statements. Those Standards and the Guidance Note
require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate
internal financial controls with reference to financial statements were established and maintained and whether such controls operated
effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls with reference to financial
statements and their operating effectiveness. Our audit of internal financial controls with reference to financial statements included
obtaining an understanding of such internal financial controls, assessing the risk that a material weakness exists, and testing and evaluating
the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor’s
judgement, including the assessment of the risks of material misstatement of the standalone financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company’s internal
financial controls with reference to financial statements.

Meaning of Internal Financial controls with Reference to Financial Statements

A company's internal financial controls with reference to financial statements is a process designed to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted
accounting principles. A company's internal financial controls with reference to financial statements include those policies and procedures that
(1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets
of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements
in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in
accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or
timely detection of unauthorised acquisition, use, or disposition of the company's assets that could have a material effect on the standalone
financial statements.

BATA INDIA LIMITED

 BATA INDIA
LIMITED
Inherent Limitations of Internal Financial controls with Reference to Financial Statements
Because of the inherent limitations of internal financial controls with reference to financial statements, including the possibility of collusion or improper
management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation
of the internal financial controls with reference to standalone financial statements to future periods are subject to the risk that the internal
financial controls with reference to standalone financial statements may become inadequate because of changes in conditions, or that the degree
of compliance with the policies or procedures may deteriorate.

For B S R & Co. LLP

Chartered Accountants
ICAI Firm Registration No.- 101248W/W-100022

Place : Gurugram Date : 9 June 2021 Rajiv Goyal

Partner
Membership No.: 094549 ICAI UDIN – 21094549AAAACY4777

ANNUAL REPORT 2020-21

STANDALONE BALANCE SHEET AS AT 31 March 2021
(Amount in INR million)
As at As at
Notes 31 March 2021 31 March 2020
ASSETS
Non-current assets
Property, plant and 4 2,815. 3,275.
equipment Capital work-in- a 336. 198.
progress Intangible assets 11
67.43 62
70.39
Right-of-use 4 8,293. 10,328.
assets Financial c 51 90
assets 49.51 49.51
Investme 4 1,163. 1,229.
nts Loans b 11
1,383. 35
1,109.
Deferred tax assets (net) 99558. 86934.
Other non-current tax 4 99
101. 12
156.
assets Other non-current d 41
14,769. 67
17,353.
assets 38 41
5 6,082. 8,736.
Current assets a 80 81
Inventories 793. 612.
Financial 5 544.
66 150.
31
assets b 33
10,391. 14
9,473.
Trade receivables 31 123. 36
71.79
Cash and cash equivalents 6 69
221. 477.
Bank Balances other than those included in cash and cash equivalents 7 64
412. 87
473.
Loans 91
18,570. 72
19,996.
b
Other financial 34
33,339. 00
37,349.
assets Other current 7 72 41
assets a
642. 642.
Total assets 16,955. 18,323.
8 09
17,597. 15
18,965.
EQUITY AND LIABILITIES
Equity 73 79
Equity share 9
capital Other 10
equity 11 8,596. 10,353.
5 20.64 25.07
LIABILITIES b 8,617. 10,378.
29 53
Non-current liabilities
Financial 5
liabilities c 1,726. 2,137.
Lease liability 11 68
Provisions 7 288. 188.
a 4,107.
03 4,843.
92
66440. 40444.
Current liabilities
50
299. 63
241.
Financial
87
85.79 16
82.64
liabilities
176. 66.66
Lease liability 74
Trade 7,124. 8,005.
12 70
33,339. 09
37,349.
payables 13
Significant accounting policies 2&3 72 41
The accompanying notes are an integral part of these standalone financial statements

As per our report of even date attached For and on behalf of the Board of Directors of Bata India Limited

For B S R & Co. LLP Rajeev Gopalakrishnan Sandeep Kataria Ashok Kumar Barat
ICAI Firm Registration number: 101248W/W-100022 Managing Director Whole Time Diretor & CEO Independent
Chartered Accountants DIN: 03438046 DIN: 05183714 Director
DIN: 00492930

Rajiv Goyal Ram Kumar Gupta Vidhya Srinivasan Nitin Bagaria

Partner Director Finance & CFO Director Finance & CFO Company Secretary
Membership no.: 094549 DIN: 01125065 DIN: 06900413 Membership no. ACS 20228
Place: Gurugram
Date: 09 June 2021
STANDALONE STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED 31 MARCH 2021
(Amount in INR million)

For the For the

Not year year
es ended ended
REVENUE
Revenue from 17,072. 30,534.
operations Other 18 940. 688.
35
18,013. 41
31,222.
income 19
34 92
Total revenue

EXPENSES 1,099. 2,569.

4,658. 10,736.
Cost of raw materials and components 2 65
2,617. 15(342.
consumed Purchase of stock-in-trade 0 29
3,398. 71)
3,764.
Changes in inventories of finished goods, work-in-progress and stock-in-trade a 22
1,035. 22
1,177.
Employee benefits expense 45
2,647. 41
2,957.
Finance costs 2 23
3,688. 65
5,509.
Depreciation and amortization expense 0 30
19,144. 84
26,372.
Other expenses 17 15
b
Total expenses (1,130. 4,850.
46.10 -
Profit before income tax 2 (1,176. 4,850.
Exceptional 1 93) 77
Items Profit 22 - 1,170.
before tax Tax 23 (274. 15411.
24 13)
(902. 47
3,269.
expense:
25 80) 15
Current tax
Deferred tax
Profit for the
year 65.28 (27.
26(a) (16. 6.81
43)
Other comprehensive income 48.85 (20.
Items that will not to be reclassified to profit or loss in subsequent periods: 27)
Re-measurement (losses)/ gains on defined benefit plans 6
6 (853. 3,248.
Income tax effect 95) 88

Other comprehensive income for the year, net of income tax

(7. 25.44
(7. 25.44
Total comprehensive income for the year, net of income tax 02)
26(b)
26(b)
The accompanying notes are an integral part of these standalone financial statements

As per our report of even date attached For and on behalf of the Board of Directors of Bata India Limited

For B S R & Co. LLP Rajeev Gopalakrishnan Sandeep Kataria Ashok Kumar Barat
ICAI Firm Registration number: 101248W/W-100022 Managing Director Whole Time Diretor & CEO Independent
Chartered Accountants DIN: 03438046 DIN: 05183714 Director
DIN: 00492930

Rajiv Goyal Ram Kumar Gupta Vidhya Srinivasan Nitin Bagaria

Partner Director Finance & CFO Director Finance & CFO Company Secretary
Membership no.: 094549 DIN: 01125065 DIN: 06900413 Membership no. ACS 20228
Place: Gurugram
Date: 09 June 2021
STANDALONE STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2021
(Amount in INR million)

(a) Equity share capital

No. of shares Amount

Equity shares of INR 5 each issued, subscribed and fully paid At 31
March 2019 128,527,540
Issue of share
capital At 31 March 128,527,540
2020 Issue of share
128,527,540
capital At 31 March
2021

(b) Other equity

Attributable to owners of the company
Reserves and Surplus
Total
Securiti Retain
General Other
es ed
reserve (Refer equity
premiu earnin
Note 13b)
As at 31 March 2020 501.36 1,498.83 16,322.96
Profit/ (loss) for the year 18,323.15
Other comprehensive income, net of tax (Note 26) - - (902.80)
Total comprehensive income 501.36 1,498.83 15,469.01
17,469.20
Cash dividends (Note 27)
As at 31 March 2021 501.36 1,498.83 14,954.90

For the year ended 31 March 2020:

Attributable to owners of the company
Reserves and Surplus
Total
Securiti Retain
General Other
es ed
reserve (Refer equity
premiu earnin
Note 1,498.83
13b)
As at 31 March 2019 501.36 14,822.50 16,822.69
Profit for the year - - 3,269.15 3,269.15
Other comprehensive income (Note 26) - - (20.27) (20.27)
Total comprehensive income 501.36 1,498.83 18,071.38 20,071.57
Cash Dividends (Note 27) - - (803.32) (803.32)
Dividend distribution tax (Note - - (165.12) (165.12)
27) - (779.98) (779.98)
As at 31 March 2020 501.36 1,498.83 16,322.96 18,323.15

The accompanying notes are an integral part of these standalone financial statements

As per our report of even date attached For and on behalf of the Board of Directors of Bata India Limited

For B S R & Co. LLP Rajeev Gopalakrishnan Sandeep Kataria Ashok Kumar Barat
ICAI Firm Registration number: 101248W/W-100022 Managing Director Whole Time Diretor & CEO Independent
Chartered Accountants DIN: 03438046 DIN: 05183714 Director
DIN: 00492930

Rajiv Goyal Ram Kumar Gupta Vidhya Srinivasan Nitin Bagaria

Partner Director Finance & CFO Director Finance & CFO Company Secretary
Membership no.: 094549 DIN: 01125065 DIN: 06900413 Membership no. ACS 20228
Place: Gurugram
Date: 09 June 2021
 STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021
(Amount in INR million)

Notes For the year For the year

ended ended
31 March 2021 31 March 2020
A Cash flow from operating activities

1 Profit/ (Loss) before tax (1,176.9 4,850.

3) 77
2 Adjustments to reconcile profit before tax to net cash flows:

2,627. 2,944.
Depreciation of property, plant & equipment and Right of Use Assets 24
20.02 13.31
Amortisation of intangible assets 24
22.01 31.30
Loss on sale/ discard of fixed assets (net) 25
31.69 5.01
Allowance for doubtful debt, loans, advances 25 1,035. 1,177.
Finance cost (including fair value change in financial instruments) 23 45
(630.0 41
(684.1
Finance income (including fair value change in financial instruments) 19 0) - 9)8.44
Net unrealised foreign exchange loss/ (gain) 1,929. 8,346.
3 Operating profit before working capital changes (1+2) 45 39

4 Movements in Working Capital:

(220.7 6.30
Decrease/(Increase) in trade & other receivables 2,654. (345.9
Decrease /(Increase) in inventories 01
(636.6 2)
35.55
2)
68.43 (101.1
Increase/(Decrease) in trade and Other Payables
65.07 1)
(308.2
Increase/(Decrease) in short term provisions
43.03 0)(25.
Decrease/(Increase) in other current assets Decrease/
58.72 19)
32.16
(Increase) in other current financial assets
15.27 (12.
Increase/(Decrease) in other current liabilities 10)
2,047. (718.
Increase/(Decrease) in other financial liabilities 15 51)
Change in Working Capital
81.88 (127.9
5 Changes in non current assets and liabilities (4.43) 2.21
Decrease/(Increase) in loans & advances 58.13 165.
Increase/(Decrease) in provisions 135. 21
39.49
Decrease/(Increase) in other non-current assets 58
Changes in non current assets and liabilities 4,112. 7,667.
18 37
6 Cash Generated From Operations (3+4+5) 468. (1,869.4
78 5)
7 Less : Taxes paid 4,580. 5,797.
96 92
8 Net cash flow from operating activities (6-7) B
(367.5 (854.9
Cash flow from investing activities: 10.52 (1.92)
Purchase of property, plant and equipment Proceeds (917. (1,668.9
96) 4)
from sale of property, plant and equipment 29.36 14.47
Repayments/(Investments) in bank deposits (having original maturity of more than 749. 638.
three months) 76
(495. 76
(1,872.5
Loan received back from subsidiary (net) 82) 5)
(Amount in INR million)

Note For the year For the year

s ended Ended
31 March 2021 31 March 2020
C Net cash flow from financing activities:
Dividend paid to equity shareholders 27 (514.8 (803.8
Dividend distribution tax 27 - (165.1
(3,151.7 2)
(3,361.3
Payment of lease liability (including interest on lease liability)
5) (12. 4) (17.
Payment of initial direct cost recognised as Right-of-use asset
88)
(11. 87)
(12.
Interest paid
43)
(3,690.9 54)
(4,360.7
Net cash used in financing activities: 5) 6)
394. (435.
D Net change in cash & cash equivalents (A+B+C) 19 39)

544. 150.
E - 1 Cash & cash equivalents as at end of the year 150. 585.
E - 2 Cash & cash equivalents as at the beginning of year 14
394. 53
(435.
NET CHANGE IN CASH & CASH EQUIVALENTS (E 1- E 2) 19 39)

As As
at at
31 March 31 March
Components of cash and cash equivalents 0.55 34.49
Cash on
hand With 543. 115.
78
544. 65
150.
banks
33 14
Significant accounting policies 2&3
The accompanying notes are an integral part of these standalone financial statements

As per our report of even date attached For and on behalf of the Board of Directors of Bata India Limited

For B S R & Co. LLP Rajeev Gopalakrishnan Sandeep Kataria Ashok Kumar Barat
ICAI Firm Registration number: 101248W/W-100022 Managing Director Whole Time Diretor & CEO Independent
Chartered Accountants DIN: 03438046 DIN: 05183714 Director
DIN: 00492930

Rajiv Goyal Ram Kumar Gupta Vidhya Srinivasan Nitin Bagaria

Partner Director Finance & CFO Director Finance & CFO Company Secretary
Membership no.: 094549 DIN: 01125065 DIN: 06900413 Membership no. ACS 20228
Place: Gurugram
Date: 09 June 2021
 RATIO ANALYSIS
1. Liquidity Ratio
Ratio 31st March2021 31st March2020
Current ratio 2.61 2.50
Quick Ratio 1.75 1.41

2. Profitability Ratio
Ratio 31st March2021 31st March2020
Net Profit margin -5.28 10.70
Return on capital employed -0.36 20.54

3. Per share Ratio

Ratio 31st March2021 31st March2020
Revenue from 132.83
237.87
Operations/Share
Net profit/share -7.02 25.44