To the Members
Your Board of Directors are pleased to present the 30th Annual Report and
Audited Accounts for the year ended 31st March, 2023.
FINANCIAL PERFORMANCE
(Rs. In Lakhs)
| Particulars |
Current Year (2022-23) |
Current Year (2021-22) |
| Total Revenue |
283029.79 |
235046.16 |
| Total Expenses |
265023.10 |
206922.13 |
| Profit before Exceptional items & Tax |
18006.69 |
28124.03 |
| Less: Provision for taxation including Deferred tax |
5786.89 |
9398.60 |
| Profit/ (Loss) after tax |
12219.80 |
18725.43 |
| Basic EPS |
42.43 |
65.01 |
| Diluted EPS |
42.39 |
65.01 |
PERFORMANCE OVERVIEW
During the year under review the company reported a growth of 20% in revenue as compare
to previous year and PBT has been decreased by Rs.101crores from the previous year and
also PAT has been decreased by Rs.65crores from the previous year. The Basic EPS of the
Company is Rs.42.43/- as compared to Rs.65.01/- in the previous year and the Diluted EPS
of the Company is Rs.42.39/- as compared to Rs.65.01/- in the previous year.
THE YEAR IN PERSPECTIVE
The Fiscal 2023 was a year full of uncertainties like policy tightening aimed at
containing very high inflation, worsening financial conditions, and continued disruptions
from the Russian Federations invasion of Ukraine. Despite this, your company has been
able to deliver robust top-line growth. In Fiscal 2023, your
Company reported a growth of 34% in net revenues to reach Rs.2,109 crore due to strong
performance in the manufacturing and consumer segment, and EBITDA stood at Rs.253 Crores.
EBITDA margins were at 12% due to the higher input costs, and investments in the IMFL
segment. Net profit stood at Rs.122 Crores in the year under review.
The share of consumer business was 35% in Fiscal 2023. The Company continued to perform
well in its key markets like Rajasthan with higher growth in the Value Plus (Medium
Liquor) segment despite the change in policy set by the excise department; in the Haryana
market we took a step back and cut down on our trade spending, and the West Bengal market
continues to offer significant headroom for growth. Our market share remained stable in
Rajasthan at ~33% and in Haryana, we are gaining back our lost market share. In the
financial year, the sales from the IMFL segment picked up and contributed 5% of the top
line of consumer revenue. Your company believes the premium segment will contribute to its
next phase of growth and currently contributes 2% of the top line.
Your Company has been working on building a strong portfolio of premium segment brands
and currently has 09 brands spread across 07 states. There are several launches of new
products in select markets and existing products in new markets that are being planned in
the forthcoming year.
The share of the manufacturing business was 65% in Fiscal 2023. It witnessed a growth
of 51% as the greenfield capex at Jharkhand was commissioned in Q2FY23 and incremental
capacity expansion at the West Bengal facility operated at optimum utilisation throughout
the year. Your companys strong presence in the manufacturing segment is the backbone of
the business.
The strong roots of the manufacturing segment give us the confidence to explore
opportunities in the consumer business which will aid the companys growth.
DIVIDEND
Your Directors are pleased to recommend dividend of Re.6/- , i.e. 60% per equity share
of the company for the year 2022-23.
PUBLIC DEPOSITS
The Company has not accepted or invited deposits covered under the provisions of
Section 73 of the Companies Act, 2013 read with the Companies (Acceptance of Deposit)
Rules 2014 from any person during the year under Report.
DIRECTORS AND KEY MANAGERIAL PERSONNEL
Sh. Shekhar Swarup, Joint Managing Director of the company, retire by rotation and
being eligible offer himself for reappointment. The Board recommends his re-appointment.
SUBSIDIARY COMPANIES
As on date the company do not have any subsidiary company
CORPORATE GOVERNANCE
As per requirement of SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, a Compliance Report on Corporate Governance has been annexed as part of
the Annual Report.
CORPORATE SOCIAL RESPONSIBILITY (CSR)
The CSR Policy of the Company and the details about the initiatives taken by the
Company on CSR during the year as per the Companies (Corporate Social Responsibility
Policy) Rules, 2014 have been disclosed in Annexure-II to this Report. Further
details of composition of the Corporate Social Responsibility Committee and other details
are provided the Corporate Governance Report which forms part of this report. The policy
on Corporate Social Responsibility as approved by the Board of Directors is available on
the website of the Company www. globusspirits.com.
NOMINATION AND REMUNERATION POLICY
The Nomination & Remuneration Policy as approved by the Board on recommendation of
the Nomination & Remuneration Committee is available on website of the Company www.
globusspirits.com.
AUDITORS
The Statutory Auditors of the company, M/s Deloitte Haskins & Sells, Firm Regn No.
015125N, Chartered Accountants, having their office at 7th Floor, Building 10,
DLF Cyber City Complex, DLF City Phase-II, Gurgaon-122002, Haryana, whose tenure of 2nd
consecutive term of 4 year will be completed at the ensuing AGM of the company and
accordingly, pursuant to the recommendations of the Audit Committee and Board, it is being
proposed to appoint M/s Walker Chandiok & Co. LLP, Chartered Accountants, New Delhi,
having ICAI Firm Registration No. 001076N/N500013, as Statutory Auditors of the Company to
hold office from the conclusion of the upcoming Annual General Meeting (AGM) till the
conclusion of 35th AGM of the Company at the remuneration to be fixed by the
Board of Directors / senior management of the Company, in addition to applicable taxes and
actual out of pocket expenses incurred in connection with the audit of the accounts of the
Company.
AUDITORS REPORT
The notes on accounts appearing in the schedule and referred to in the Auditors Report
are self-explanatory and therefore do not call for any further comments or explanations.
There are no adverse remarks/qualifications in the auditors report.
COST AUDIT
The board subject to the approval of the Central Government, if required, has appointed
M/s JSN & Co., Cost Accountants, having Firms registration no. 455, its office at
462/1, 1st Floor, Old MB Road, Lado Sarai, New Delhi-110030, as Cost Auditor
for conducting the Cost Audit for the financial year 2023-24. The audit committee
recommended his appointment and remuneration. The Company has also received necessary
certificate under Section 141 of the Act 2013 conveying his eligibility for
re-appointment. The remuneration fixed by the board, based on the recommendation of the
audit committee is required to be ratified by the members at the AGM as per the
requirement of Section 148(3) of the Act 2013.
SECRETARIAL AUDIT
Secretarial Audit Report has been annexed herewith & forms part of the Annual
Report.
PARTICULARS OF EMPLOYEES
Statement pursuant to u/s 197 (12) of the Companies Act, 2013 read with the Companies
(Appointment and Remuneration of
Managerial Personnel) Rules, 2014, the particulars of top ten employees are as follows
:-
Particulars of Top Ten Employees:
| Name |
Designation |
Nature of Employment |
Age |
Date of Joining |
Qualifications & Experience |
Previous Employment |
%age of Equity shares held |
Gross Remuneration |
| Ajay Kumar Swarup |
Managing Director |
Permanent |
64 |
16-Jan-1993 |
PGDBM (39 years of experience) |
M/s SVP Industries Ltd. |
6.68% |
31500000 |
| Shekhar Swarup |
Joint Managing Director |
Permanent |
37 |
27-Oct-2008 |
Degree in Business & Management (16 years of experience) |
N.A. |
2.66% |
27000000 |
| Paramjit Singh Gill |
CEO- Consumer Division |
Permanent |
62 |
01-Nov-2020 |
M.Phil – Decision making, knowledge management & values (33 years of
experience) |
M/s Allied Blenders & Distillers Ltd. |
0.00 |
22400004 |
| Bhaskar Roy |
Executive Director & COO |
Permanent |
61 |
04-Oct-2005 |
Mcom, FCA, PHD (34 years of experience) |
M/s Saraya Industries Limited |
0.00% |
9500000 |
| R.K. Malik |
President (Operation- North) |
Permanent |
66 |
15/Aug/2000 |
MBA (45 years of experience) |
M/s Golden Bottling |
0.00% |
9000000 |
| Nilanjan Sarkar |
CFO |
Permanent |
52 |
01-Sep-2021 |
ICWA (27 years of experience) |
M/s Allied Blenders & Distillers Private Limited |
0.00% |
9000000 |
| Rajesh Fanda |
Business Head – Emerging Market |
Permanent |
52 |
24-Nov-2022 |
PG- Deploma in Retail Management (29 years of experience) |
M/s Alcobrew Distilleries India Limited |
0.00% |
8000004 |
| Akhil Arora |
Sr. V.P- Commercial |
Permanent |
42 |
30-May-2022 |
PG in IRMA (over 20 years of experience) |
M/s Suguna Foods |
0.00% |
7000008 |
| Amitabh Singh |
Vice President |
Permanent |
56 |
16-Apr-2013 |
B.Sc. Engineering (32 years of experience) |
M/s Radico Khaitan Limited |
0.00% |
7000000 |
| Pankaj Tyagi |
Vice President |
Permanent |
49 |
14-May-2015 |
B.Sc. Engineering (25 years of experience) |
M/s Brahamaputra Biochem Pvt. Ltd. |
0.00% |
6200000 |
Notes:
1. The percentage of equity share holding mentioned as above is as on 31st
March 2023.
2. None of the Directors or employees are inter related to each other except Sh. Ajay
K. Swarup, Managing Director of the company is the father of Sh. Shekhar Swarup, Joint
Managing Director of the company.
EMPLOYEE STOCK OPTION SCHEME
The Employee Stock Option Scheme was approved by the shareholders in the Annual General
Meeting held on September 24, 2021. Total 2,87,992 Options were approved under the
Employee Stock Option Scheme. Disclosure under SEBI (Share Based Employees Benefits and
Sweat Equity) Regulations, 2021 regarding details of the "ESOP 2021" is given in
Annexure-III. The Employee Stock Option Scheme containing all the relevant terms
& conditions can be access at https://www.globusspirits.
com/investors_corporate_governance.php.
ANNUAL RETURN
Annual Return of the Company in Form MGT-7, in accordance with Section 92(3) of the
Companies Act, 2013 read with the Companies (Management and Administration) Rules, 2014,
is available on Companys website www.globusspirits.com and can be accessed through link
https://www.globusspirits.com/ investors_corporate_governance.php.
CONSERVATION OF ENERGY / TECHNOLOGY ABSORPTION / RESEARCH & DEVELOPMENT ETC.
Particulars as required under Rule 8 (3) of the Companies (Accounts) Rules, 2014 are
given in Annexure I and form part of this report.
MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
Managements Discussion and Analysis Report has been annexed & forms part of the
Annual Report.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 134 (5) of the Companies Act, 2013, with
respect to Directors Responsibility Statement, it is hereby confirmed
1. That in preparation of the Annual Accounts for the financial year 2022-23, the
applicable Accounting Standards have been followed along with explanation relating to
material departures, if any.
2. That the Directors have selected such accounting policies and applied them
consistently and made judgments and estimates that are reasonable and prudent so as to
give a true and fair view of the State of Affairs of the Company as at 31st
March, 2023 and of the results of the Company for that period.
3. That the directors had taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of the Companies Act, 2013,
for safeguarding the assets of the Company and for preventing and detecting fraud and
other irregularities.
4. That the directors had prepared the Annual Accounts for the financial year 2022-23
on a going concern basis.
5. That they have laid down internal financial controls to be followed by the Company
and that such internal financial controls are adequate and operating properly ; and
6. That they have devised proper systems to ensure compliance with the provisions of
all applicable laws and that such systems were adequate and operating effectively.
NUMBER OF MEETINGS OF THE BOARD
4 meetings of the Board of Directors of the Company were held during the year. For
detail of the meetings, please refer to the Corporate Governance Report, which forms part
of this Report.
VARIOUS COMMITTEES OF THE BOARD
Composition and other details pertaining to various Committees of the Board of
Directors have been disclosed in the Corporate Governance Report.
INDEPENDENT DIRECTORS DECLARATION
Mr. Santosh Kumar Bishwal, Mr. Vivek Gupta, Mr. Kunal Agarwal, Mr. Sunil Chadha and Ms.
Ruchika Bansal, who are Independent Directors, have submitted a declaration that each of
them meets the criteria of independence as provided in Sub-Section (6) of Section 149 of
the Act and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Further, there has been no change in the circumstances which may affect their status as
independent director during the year.
POLICY OF DIRECTORS APPOINTMENT AND REMUNERATION
Companys policy on Directors appointment and remuneration including criteria for
determining qualifications, positive attributes, independence of a director and other
matters provided under section 178(3) of the Act are covered in Corporate Governance
Report which forms part of this Report.
CODE OF CONDUCT FOR DIRECTORS AND SENIOR MANAGEMENT
The Directors and members of Senior Management have affirmed compliance with the Code
of Conduct for Directors and Senior Management of the Company. A declaration to this
effect has been signed by the Managing Director and forms part of the Annual Report.
CODE FOR PREVENTION OF INSIDER TRADING
Your Company has adopted a comprehensive ‘Code of Conduct to Regulate, Monitor and
Report of Trading by Insidersand also a ‘Code of Practices and Procedures for Fair
Disclosure of Unpublished Price Sensitive Information relating to the Company, under the
provisions of the Securities Exchange Board of India (Prohibition of Insider Trading)
Regulations, 2015. The Board of Directors have approved and adopted the ‘Code of
Conduct to Regulate, Monitor and Report of Trading by Insiders and a ‘Code of
Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information.
RELATIONSHIP BETWEEN DIRECTORS INTER-SE
None of the Directors are related to each other within the meaning of the term
"relative" as per Section 2(77) of the Act and SEBI (Listing Obligations &
Disclosure Requirements) Regulations, 2015 except Sh. Shekhar Swarup (Joint Managing
Director) is the son of Sh. Ajay Kumar Swarup (Managing Director) of the Company.
ANNUAL PERFORMANCE EVALUATION
The company has a mechanism for annual performance evaluation of every Individual
Directors and the Board as a whole as well as its various committees.
PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS
There have been no loans, guarantees and investments under Section 186 of the Act
during the financial year 2022-23.
SECRETARIAL STANDARDS
All the provisions of Secretarial standards has been complied by the Company during
Financial Year 2022-23.
TRANSACTIONS WITH RELATED PARTIES
The Company has entered into contract / arrangements with the related parties in the
ordinary course of business and on arms length basis. The details are mentioned in the
notes to accounts of the financial statements. Policy on materiality of Related Party
Transactions can be accessed on the companys website www. globusspirits.com.
INTERNAL CONTROL
The information about internal controls is set out in the Management Discussion &
Analysis report which is attached and forms part of this Report.
RISK MANAGEMENT
The Company has a Risk Management Committee & also it has in place a Risk
Management Policy to deal with various risks arising in the course of business. The key
responsibilities of Risk Management Committee are namely, Identification of risks,
Implementing and monitoring the risk management plan for the Company and reframe the risk
management plan and policy as it may deem fit, lay down procedures to inform Board members
about the risk assessment and minimization procedures, Monitoring and reviewing of the
risk management plan from time to time and activities as may be required to be done under
the Companies Act 2013 or SEBI listing Regulations.
ANTI-SEXUAL HARASSMENT POLICY
The Company has in place an Anti-Sexual Harassment Policy in line with the requirements
of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal)
Act, 2013. Internal Complaints Committee has been set up to redress complaints received on
sexual harassment. All employees (permanent, contractual, temporary, trainees) are covered
under this policy. No complaint on sexual harassment was received during the period under
review.
VIGIL MECHANISM
The Company has established a vigil mechanism for Directors and employees to report
their genuine concerns.
DIVIDEND DISTRIBUTION POLICY
As required under Regulation 43A of the Listing Regulations, the Company has formulated
a Dividend Distribution Policy. This policy can be viewed on the Companys website at www.
globusspirits.com.
PARTICULARS OF REMUNERATION
The information required under section 197 of the Companies Act, 2013 and the rules
made there under, in respect of employees of the Company, is follows :-
(a) The ratio of the remuneration of each director to the median remuneration of the
employees of the Company :
| Executive Directors |
Ratio to the Median Remuneration* |
| Mr. Ajay Kumar Swarup |
126.39 |
| Mr. Shekhar Swarup |
108.33 |
| Dr. Bhaskar Roy |
38.12 |
| Non-Executive Directors (Sitting Fees only) |
|
| Sh. Santosh Kumar Bishwal |
1.39 |
| Sh. Vivek Gupta |
1.30 |
| Sh. Kunal Agarwal |
1.74 |
| Sh. Sunil Chadha |
1.60 |
| Ms. Ruchika Bansal |
4.17 |
| Mr. Ajay Baliga |
10.44 |
* for the purpose of comparison 12 months salary has been considered for all the
employees even though any employee has worked for less than 12 months
(b) The percentage increase in remuneration of each Director, Chief Executive Officer,
Chief Financial Officer, Company Secretary or Manager, if any, in the financial year :
| Name of the Person |
% increase in Remuneration |
| Mr. Ajay Kumar Swarup (Managing Director) |
20% |
| Mr. Shekhar Swarup (Joint Managing Director) |
20% |
| Dr. Bhaskar Roy (Executive Director) |
8% |
| Sh. Santosh Kumar Pattanayak (Company Secretary) |
15% |
| Sh. Nilanjan Sarkar (CFO) |
NA |
(c) The percentage increase in the median remuneration of employees in the financial
year : 25.66% (Since there is lot of variation in the no. of employees during the current
year as compare to previous year, comparison of the exact median remuneration may not be
accurate.)
(d) The number of permanent employees on the rolls of Company as on 31/03/2023 :
892
(e) The 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 :
The average increase in salaries of employees other than managerial personnel in
2022-23 was 9% approximately. Percentage increase in the managerial remuneration for the
year was also approximately 16%.
(f) The affirmation that the remuneration is as per the remuneration policy of the
Company : The Companys remuneration policy is driven by the success and performance of
the individual employees and the Company. Through its compensation package, the Company
endeavors to attract, retain, develop and motivate a high performance staff. The Company
follows a compensation mix of fixed pay, benefits and performance based variable pay.
Individual performance pay is determined by business performance and the performance of
the individuals measured through the annual appraisal process. The Company affirms
remuneration is as per the remuneration policy of the Company.
PECUNIARY RELATIONSHIP OR TRANSACTIONS OF NON-EXECUTIVE DIRECTORS
During the year, the Non-Executive Directors of the Company had no pecuniary
relationship or transactions with the Company.
ACKNOWLEDGEMENT
The Board wishes to place on record its appreciation for the wholehearted support and
valuable co-operation extended to the Company by the Central & the State Governments,
Bankers, Suppliers, Associates, Contractors, employees and shareholders.
For and on behalf of the Board of Directors
| (Dr. Bhaskar Roy) |
(Ajay K. Swarup) |
| Executive Director & COO |
Managing Director |
| (Santosh Kumar Pattanayak) |
(Shekhar Swarup) |
| Company Secretary |
Joint Managing Director |
Place : New Delhi
Date : May 25, 2023
Annexure -I
to the Directors Report 2022-23
Particulars required under Rule 8 (3) of the Companies (Accounts) Rules, 2014.
(A) Conservation of Energy
Conservation of energy is a high priority area for the Company and the Company has
proper system for reduction of consumption of energy.
a) Energy Conservation Measures Taken:
1) Setting up evaporators for all plants to concentrate effluent which will give value
addition of final product as cattle feed, zero discharge for environmental protection and
water availability as hot condensate for process reuse, saving on use of fresh cold water
and heat/energy saving.
2) Recycle of hot high temperature spent lyes and hot condensate streams for
process/boiler and saving fresh cold DM water and energy in terms of heat saving with hot
spent lyes.
3) Lowering the steam pressure in jet cookers to enable generation of power from steam
used and reduce steam consumption to 50% of the present usage.
b) Additional Investments & Proposals, if any, being implemented for reduction of
consumption of Energy:
1) Increasing alcohol percentage in fermentation thereby lowering effluent quantity
generation and production at lower steam consumption per liter of product.
2) Reconfiguration of high temperature streams to reduce steam consumption in process
such as liquefaction & evaporation.
c) Impact of measures at (a) & (b) above for reduction or energy consumption &
consequent impact on the cost of production of goods:
-As mentioned in point (a)
(B) Technology Absorption
FORM - B
(Form for Disclosure of Particulars with respect to Absorption.)
(i) The Companys plants are based on indigenous technology which has been fully
absorbed.
(ii) The Company does not have separate Research & Development Section. However,
steps are being taken continuously for: a Improvement in product quality b Improvement in
productivity c Improvement in cost effectiveness
(iii) Expenditure of R & D ................Nil
| (C) Foreign Exchange earnings & Outgo |
2022-2023 |
2021-2022 |
| Foreign Exchange earnings (Export Sale) |
INR52.02crores |
INR26.26crores |
| Foreign Exchange used (Import of Machine) |
NIL |
NIL |
For and on behalf of the Board of Directors
|
(Dr. Bhaskar Roy) |
(Ajay K. Swarup) |
|
Executive Director & COO |
Managing Director |
| Place : New Delhi |
(Santosh Kumar Pattanayak) |
(Shekhar Swarup) |
| Date : May 25, 2023 |
Company Secretary |
Joint Managing Director |
Annexure -III
to the Directors Report 2022-23
ESOP Disclosures pursuant to Securities and Exchange Board of India (Share Based
Employee Benefits and Sweat Equity) Regulations, 2021 Details related to ESOP
(i) Brief terms and conditions of ESOP, including -
(a) Date of shareholders approval : 24th Sep 2021
(b) Total number of options approved under ESOP: 2,87,992 shares
(c) Vesting requirements : It is mandatory
(d) Exercise price or pricing formula : Rs.10/- per share
(e) Maximum term of options granted : Minimum One year
(f) Source of shares (primary, secondary or combination) : Additional shares.
(g) Variation in terms of options : Yes, as may be determined by the Nomination and
Remuneration Committee
(ii) Method used to account for ESOP - Fair Value.
(iii) Where the company opts for expensing of the options using the intrinsic value
of the options, the difference between the employee compensation cost so computed and the
employee compensation cost that shall have been recognized if it had used the fair value
of the options shall be disclosed. The impact of this difference on profits and on EPS of
the company shall also be disclosed.: --Not Applicable---
(iv) Option movement during the year (For each ESOP):
| Particulars |
Details |
| Number of options outstanding at the beginning of the period |
2,87,992 |
| Number of options granted during the year |
20,284 |
| Number of options forfeited / lapsed during the year |
- |
| Number of options vested during the year |
- |
| Number of options exercised during the year |
- |
| Number of shares arising as a result of exercise of options |
- |
| Money realized by exercise of options (INR), if scheme is implemented directly by the
company |
- |
| Loan repaid by the Trust during the year from exercise price received |
- |
| Number of options outstanding at the end of the year |
2,67,708 |
| Number of options exercisable at the end of the year |
- |
(v) Weighted-average exercise prices and weighted-average fair values of options shall
be disclosed separately for options whose exercise price either equals or exceeds or is
less than the market price of the stock. – Not Applicable--
(vi) Employee wise details (name of employee, designation, number of options granted
during the year, exercise price) of options granted to - (a) senior managerial
personnel as defined under Regulation 16(d) of the Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements) Regulations, 2015;
| Name of Employee |
No. of shares for which options has been granted |
| Paramjit Singh Gill |
14450 |
| Bhaskar Roy |
1000 |
| Rajesh Kumar Malik |
1000 |
| Amitabh Singh |
1000 |
| Pankaj Tyagi |
1000 |
| Nilanjan Sarkar |
500 |
(b) any other employee who receives a grant in any one year of option amounting to
5% or more of option granted during that year; and
| Name of Employee |
No. of shares for which options has been granted |
| Paramjit Singh Gill |
14450 |
(c) Identified employees who were granted option, during any one year, equal to or
exceeding 1% of the issued capital (excluding outstanding warrants and conversions) of the
company at the time of grant. ----- Nil----
(vii) A description of the method and significant assumptions used during the year
to estimate the fair value of options: ESOP valuation was done by estimating the
companys equity instruments fair value using Income, Asset or Market Approach (like
Business Valuation) and thereafter applying Option Pricing valuation method including
Black Scholes or Binomial method to value the option. The fair value of the equity of the
company was considered basis the equity valuation conducted and the valuation report as
made available to us for period in which the options are granted. Accordingly, the same
has been considered for the purpose of valuation of ESOPs. Using the fair value of the
equity of the company which is the price of the equity shares of the company, Black
Scholes model is applied to arrive at the valuation of the ESOPs issued/ to be issued by
the company.
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