BOROS II: Borosil Limited (Formerly known as Hopewell ...

Borosil Limited BOROS II: (Formerly known as Hopewell Tableware Limited) CIN~~~}( U361 00MH201 0PLC292722 Registered & Corporate Office : 1101, Crescenzo, G-Siock. Opp. MCA Club, Sandra Kurla Complex,

Sandra (E). Mumbai- 400 051, India.

August 15, 2020

The DCS- CRD BSE Limited

T +91 22 6740 6300

F +91 22 6740 6514 E [email protected] W www.borosil.com

Corporate Relationship Department 1st Floor, New Trading Ring, Rotunda Building, P. J. Towers, Dalal Street, Mumbai- 400 001

Dear Sir / Madam,

National Stock Exchange of India Ltd Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051

Scrip Code : 543212 Symbol : BOROL TD Series : EQ IS IN: INE02PY01013

Sub: Copy of Advertisement Published in Newspaper(s)- Extract of Statement of Unaudited Standalone and Consolidated Financial Results for the quarter ended 30th June, 2020

Pursuant to the provisiOn of Regulation 47 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed copies of advertisement published in Business Standard (all editions) newspaper and Loksatta (Mumbai) newspaper in Marathi translation both on August 15, 2020, for Extract of Statement of Unaudited Standalone and Consolidated Financial Results for the quarter ended 30th June, 2020.

You are requested to take note of the same.

Yours faithfully, For Borosil Limited (Formerly known as Hopewell Tableware Limited)

t:k Company Secretary & Compliance Officer FCS No. 7652

SOHINI DAS & ABHIJIT LELEMumbai, 13 August

The expert committee on Covid-19 vaccineadministration is likely to meet local man-ufacturers on August 17 to discuss procure-ment, pricing, distribution, and a scale-upin production.

Sources said the national expert groupon vaccine administration, which is chairedby NITI Aayog member V K Paul and whichmet for the first time on Wednesday, willhold a second meeting next week, this timewith the manufacturers.

An official who attended the meetingsaid: “We met for the first time. There aremany things to discuss. It is a work inprogress.”

Health care experts said it was abouttime the government set the ball rolling forscaling up manufacturing because therewould not be much time left after the worldhad a vaccine candidate.

Sujay Shetty, PwC India partner (healthindustries), said it was imperative the gov-ernment invested in the risk of developingdrugs or vaccines.

“The development and scale-up of man-ufacturing cannot only be from the com-mercial sector. It’s a boon that in India wehave one of the largest manufacturing basesof affordable vaccines,” he said.

Another source close to the develop-ment said the government was trying tohave clarity on which candidate had a high-er chance of success before it invested inscaling up manufacturing.

“Firms may be asked to collaborate tomake the vaccine and chances are high thata conventional technology vaccine may bechosen by the government because manu-facturing collaboration would then be eas-

ier. Bharat Biotech’s Covaxin, which is usingan inactivated virus to make the vaccine, isa likely candidate only if it is successful,” theperson added.

A State Bank of India executive said,going by the current scenario, the discus-sion about the funding for the vaccine, cov-ering manufacture, distribution, and logis-tics, was expected next month. By then,there will be much clarity from the trialsunderway. This (manufacturing) is seen ascost-effective for companies and so fundingwill be handy. Also, given the importance ofsuch a vaccine, low-cost funding is in theworks internationally.

Those engaged in vaccine making andrelated activities have low debt on theirbooks. This will give banks comfort infinancing them, he added

An industry source indicated thatHyderabad-based leading vaccine makersmight come together to scale up manufac-

turing. This could be Bharat Biotech,Biological E, and Indian Immunologicals. Avaccine maker which is in the race toldBusiness Standard the firm was not scalingup, but once its candidate reached Phase 3,it would not take much time to add capac-ity. “There is a risk in developing such acandidate. The government is sharing somecost on clinical trials and we have grantsfrom the Department of Biotechnology. Weare confident about our candidate, but wecannot scale up by millions of doses beforewe are sure,” he said.

Some like Pune’s Serum Institute havegot $150-million worth risk-funding tomake and supply the Oxford-AstraZenecavaccine to Gavi, the vaccine alliance.

Meanwhile, India is planning to createdigital infrastructure for inventory man-agement and last-mile delivery of vaccines.It will also leverage its manufacturing abil-ities to supply the vaccine globally.

8 ECONOMY MUMBAI | 15 AUGUST 2020 1>

Tax dept undergoes overhaulDILASHA SETHNew Delhi, 14 August

The income tax (I-T) departmentis undergoing an overhaul toimplement the faceless assess-

ment scheme launched by PrimeMinister Narendra Modi on Thursday.

It will eliminate the physical inter-face between an assessee and the taxofficer. At least 3,500 posts of assess-ment officers across the country havebeen diverted to the national e-assess-ment centre and the regional centres, intwo sets of orders issued barely hoursafter the announcement.

However, there is lack of claritywith respect to functions like reassess-ment, transfer of existing cases,domestic transfer pricing cases anddispute resolution process for trans-fer pricing cases, among others, leav-ing tax officers perplexed.

Amid the largescale overnight tran-sition, doubts have also emerged over

the system’s load taking capacity to han-dle heavy assessment documents.

Investigation, international tax andtax deduction at source (TDS) havebeen kept out of the transition processand will continue in their old formats.

While faceless assessment cameinto effect on Thursday, faceless

appeals will be rolled out on September25. Faceless e-assessment eliminatesterritorial jurisdiction and substitutesindividual discretion with team-basedassessment. It aims to bring trans-parency and objectivity to the process.

“Roughly, half the assessment offi-cers have been moved to the faceless

asseessment function and the remain-ing will not be doing any assessmentnow. They may be entrusted with car-rying out functions under the taxpay-ers’ services head. Clarity is still await-ed on what will be their role andfunction,” said a tax officer.

The power to conduct regular sur-veys has been limited to only the inves-tigation or the TDS unit.

This, the tax officers say, will negatetheir work of the last 2-3 years wherethey found incriminating evidenceagainst certain assesses during pre-ventive surveys carried out by them.Those will no longer be of use as theassessments will now only be done bythe faceless assessment mechanism.

“Clarity is still awaited on whathappens to the incriminating evi-dences that we have collected againstcertain taxpayers over the last coupleof years. We were waiting for returns tobe filed to check income mismatch,”said another tax officer.

With faceless assessment, a case maynever get picked up by the system forincome mismatch, causing loss of rev-enue to the department, he added.

The CBDT has said that all orderswill be passed by the NAEC through thefaceless assessment scheme only, bar-ring those assigned to central chargesand international charges. There is alsolack of clarity over who will carry outreassessment, since the NEAC or region-al offices will only carry out regularassessment. “At present, about 30-40per cent are reassessment cases only.Who will look at those? Moreover, whowill perform that function, since no sur-veys will be allowed now for anyone oth-er than the investigation or TDS units?”asked a Jaipur-based tax officer.

Reassessment means reopening thealready completed assessment andreassessing the total income of theassessee by including the income whichhas escaped earlier assessment. It is doneunder Section 147 of the Income Tax Act.

ABHIJIT LELEMumbai, 14 August

State Bank of India (SBI) is adopting an aggressiveapproach in the retail and MSME gold business-es, targeting 3x growth in this portfolio to ~20,000crore by March. It will leverage YONO, the digitalbanking platform, to cut down on response timeand scale up activity. Cheap deposit money,which helps offer low lending rates, gives banksthe edge over gold loan companies.

Yet, they have lost out because of a longer turn-around time — time taken to sanction loans — whilethe likes of Muthoot and Manappuram act quickly,being close to customers.

C S Setty, managing director (retail and digitalbanking) of SBI, said bank loans are cheaper by 200-300 bps (compared to gold loan companies). Usingthe digital lending platform, the turnaround time

now is 30 minutes, comparedto two hours earlier.

The lending rate for per-sonal gold loan is 7.5 per cent.For SME gold loans and agri-culture gold credit, the rate is7.65 per cent on YONO.

The pandemic haschanged customer preference.It is a big opportunity as thereis greater acceptability of dig-

ital channels for doing banking transactions now. SBIwill scale up YONO and further strengthen the plat-form through new product offerings like personalgold loans, says the FY20 annual report.

SBI is already processing 4,400 applications forpersonal gold loans on YONO, plus manual opera-tions each day. Besides personal loans, SBI has begungold loans for SMEs on YONO. It has extended loansto 3,400 borrowers. The gold loan portfolio — retailand SME — is ~6,000 crore now, which banks expectto ramp up to ~20,000 crore by March, said Setty.

Further, about 15,000 applications for agricul-tural gold loans are being executed on YONO.

The agri loan portfolio is of ~57,000 crore. Theseare short-term loans for 3-6 months’ tenure.Therefore, the outstanding loan book in agriculturegold credit does not show a sharp rise. The volumeof loans per month is an important indicator forfarm gold advances, added Setti. With gold prices rul-ing at dizzy heights, lenders have been exposed toprice volatility. In this regard, SBI has put in place asystem of dynamic monitoring of gold prices (on adaily basis) to enable prompt decision making.

Recently, the RBI raised the cap on loan-to-valueratio (LTV) to 90 per cent from 75 per cent for goldloans by banks.

SBI eyes 3xgrowth inretail, MSMEgold loans

INDIVJAL DHASMANANew Delhi, 14 August

The taxpayers’ charter, unveiledby Prime Minister Narendra Modion Thursday, is meant to buildtrust between the income-taxdepartment and taxpayers but thegovernment needs to reformadministration to make it work.

Faceless assessment, whichwas extended to the entire coun-try, is likely to reduce litigation,but it would work in a differentmanner in complex cases.

The charter has many goodpoints such as the one about thedepartment treating every tax-payer as honest unless there isreason to believe otherwise, pro-viding fair, courteous, and rea-sonable treatment, etc.

However, these are state-ments of intent and unlessreforms are done to change thebehaviour of officials, not muchwill happen.

Also, officials are tasked withunreasonable collection targets,

mainly as the year ends, and that isthe source of aggressive demands.

One of the things the chartertalks about is that the departmentwould be accountable to taxpay-ers. “We have seen on severaloccasions high-pitched assess-ments being quashed by courtswith no implication for the taxofficer who made an unsustain-able tax demand in the firstplace,” said Amit Maheshwari,tax partner at AKM Global.

But taxpayers lost time andmoney in litigation all thesame, he said.

While there are many taxpay-ers’ rights in the charter, onething missing is their right tonegotiate a settlement with thetax office of paying the out-standing demand in instalments.

“Many a time taxpayers faceliquidity issues and suchenforcement of tax demandsaffects their business activity,”Maheshwari said.

Another important rightmissing in the charter is that the

taxpayer should not be subjectedto retrospective taxation in anycase, the tax consultant said.

So far as expanding facelessassessment to the entire country isconcerned, tax experts say while itwill reduce normal tax litigation,some complex ones that requirebetter understanding and interac-tion with taxpayers might rise.

A tax expert said before issu-ing showcause notice, there wasno face-to-face interactionbetween the tax official and theassessee concerned, and once

notice had been given, the officermight not listen to the taxpayer.

Kapil Rana, founder and chair-man of HostBooks, said facelessassessment might not changefriction arising out of law and pro-cedures laid down under provi-sions of the Income Tax Act.

“There will be some reductionin litigation. But the ones whichare directly related to contraven-tions of law or in contention ofthe law will remain,” he said.

However, Naveen Wadhwa,tax expert at Taxmann, said

corruption would come downand so would the harassmentof taxpayers.

Abhishek Rastogi, partner atKhaitan & Co, agrees on the mat-ter of harassment. But he said itmight not curb litigation becausethe assessing officer was likelyto be pro-revenue department.

The government has changedsome aspects of the faceless assess-ment scheme, which was operat-ing in eight jurisdictions. The mostimportant aspect of the new pro-cedure is the coverage of the “best

judgment assessment” in the caseof non-cooperating assessees.

The earlier faceless schemedid not have this provision. Andin the normal assessmentprocess, it could be done onlyby the jurisdictional assessingofficer. Jurisdictional officersmay sometimes be familiarwith taxpayers and contact andconvince them to cooperatewith assessment proceedings,especially in cases where tax-payers would miss the noticesinadvertently.

Now, even in these cases,assessment can be done on theinstructions of the National E-assessment Centre (NeAC).

“Taxpayers need to be extracareful in complying with thenotices issues by the NeACbecause missing them mayresult in adverse best-judgmentorders, without the tax officercontacting and convincingthem to complete the proceed-ings,” said Shailesh Kumar, part-ner at Nangia & Co LLP.

Steps may not reduce litigation, harassment: Experts

Centre sets the ball rolling on vaccineprocurement, may hold meet Monday

N INCOME TAX REFORMS: A DAY LATER N

Nearly 70k Covid-related claimsworth ~700 crore settled: IrdaiT E NARASIMHANChennai, 14 August

Nearly 70,000 coronavirus-related claims worth ~700 crorewere settled by insurance com-panies since the pandemic hitIndia in March, the InsuranceRegulatory and DevelopmentAuthority of India (Irdai) said.

The regulator also askedcompanies to look at more stan-dard products to increase thecoverage and allowed cus-tomers to pay premium in

installments to reduce the bur-den during the pandemic.

During his inauguraladdress at the Confederation of

Indian Industry’s (CII’s)Southern Region HealthInsurance Conclave on Friday,Subhash C Khuntia (pictured),chairman, Irdai, said the pan-demic will lead to a change inhealth insurance. In 20 days,450,000 individuals were cov-ered under the Corona Kavachpolicy, which was launched onJuly 10, noted Khuntia, statingthat there are tremendousopportunities for the industry.

“Standardisation of prod-ucts is key and India has taken a

huge leap by bringing standardproducts,” Khuntia said.

Out-of-pocket expense forhealth in India is around 60 percent, which is much less indeveloping countries. Nearlyfour per cent of the householdsspend 25 per cent of their annu-al income on health care, while17 per cent spend about 10 percent of their annual income onhealth care. “We really need toaddress this to make medicalinsurance more affordable andaccessible,” said Khuntia.

Cases Amount locked pending up (~ crore)

Total 82,643 4,42,825ITATs 37,353 2,34,999High Courts 39,066 1,96,053Supreme Court 6,224 11,773*as of March 31, 2018Source: CAG report on direct taxes, 2017-18

STATUS CHECKAppeals/writs and other matters pending with ITATs/high courts/Supreme Court

Note: Total casesinclude 1 migration;figures as of 08:00pm IST; Sources:Ministry of Healthand Family Welfare;Johns HopkinsCoronavirusResource Centre

Total

20,956,158Deaths760,318

VIRUSTRACKER

INDIA

WORLD

Deaths48,040

Active cases661,595

INDIA'S CASESPASS 2.4 MNMARK

Recovered1,751,555

Total 2,461,190

3,500 posts of assessment officers diverted to other centres; officers flag transitional challenges in implementing scheme

ILLUSTRATION: BINAY SINHA

Cheap depositmoney, whichhelps offer lowlending rates,gives banks theedge over goldloan firms

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