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Notes to Accounts of Grindwell Norton Ltd.

Mar 31, 2016

Note : 1.

There is no movement in the number of shares outstanding during the year ended 31st March 2015 & year ended 31st March 2016.

Note : 2.

Rights and restrictions attached to the shares

Equity Shares: The Company has only one class of equity shares having a par value ofRs.5 per share. Each shareholder is eligible for one vote per share held. The shareholders have rights in proportion to their shareholding for dividend as well as for assets, in case of liquidation.

Note : 3.

The company has decided to follow the Accounting for Fixed asset at historical cost as per the amended Accounting Standard - 10. Accordingly, Revaluation Reserve of Rs.3,18.60 lacs is adjusted against the carrying amount of the fixed asset as on 31st March, 2016.

Note : 4.

The Company has revised the depreciation rate on certain fixed assets as per useful life specified in the Companies Act,2013. Depreciation of Rs.1,80.60 lacs (net of deferred taxRs.92.99 lacs) on account of assets whose useful life is already exhausted as on 1st April, 2014 have been adjusted to General Reserve.

Note : 5.

Excise duty deducted from turnover represents amount of excise duty collected by the Company on sale of goods manufactured by the Company. Excise duty of ?2,37.08 Lacs (Previous Year-?2,19.43 Lacs), being the difference between the opening and closing stock of finished goods is debited to Miscellaneous Expenses.

Note : 6.

(a) Amount prescribed under the Companies Act, 2013 to be spent during the year on CSR activities is Rs.2,70.10 Lacs.

(b) The amount spent on purposes other than construction / acquisition of any assets during the year is Rs.70.86 Lacs.

(c) The contribution to Saint-Gobain India Foundation ( Related Party as per AS -18 ) is Rs.70.86 Lacs.

Note : 7.

Exchange difference arising on foreign currency transactions amounting to net gain -Rs.5,94.77 Lacs (Previous Year-Rs.5,37.76 Lacs) has been accounted under respective heads.

Note : 8.

The segment information is presented under the Notes forming part of the Consolidated Financial Statements Accounts as required under the Accounting Standard – 17 on "Segment Reporting".

Note : 9.

Previous year''s figures have been recast and rearranged wherever necessary.


Mar 31, 2013

Note : 1.1

Rights and restrictions attached to the shares

Equity Shares: The Company has only one class of equity shares having a par value of Rs. 5 per share. Each shareholder is eligible for one vote per share held. The shareholders have rights in proportion to their shareholding for dividend as well as for assets, in case of liquidation.

Note : 2.1

Excise duty deducted from turnover represents amount of excise duty collected by the Company on sale of goods manufactured by the Company. Excise duty of Rs. 2,15.99 Lacs (Previous Year – Rs. 3,14.22 Lacs), being the difference between the opening and closing stock of fnished goods is debited to Miscellaneous Expenses.

Note : 3

Exchange difference arising on foreign currency transactions amounting to Rs. 62.79 Lacs (Net Loss) (Previous Year – Rs. 21.06 Lacs) has been accounted under respective heads.

Note : 4

The segment information is presented under the Notes forming part of the Consolidated Accounts as required under the Accounting Standard – 17 on "Segment Reporting".

Note : 5

RELATED PARTY DISCLOSURE :

1. Relationships :

(i) HOLDING COMPANY : Compagnie de Saint-Gobain

(ii) FELLOW SUBSIDIARIES :

Saint-Gobain Abrasives Inc., USA

Societe de Participations Financieres et Industrielles

Saint-Gobain Glass India Ltd.

ABC Superabrasives, USA

Certainteed Corporation, USA

L.M.Van Moppes Diamond Tools India Pvt. Ltd.

Norton Abrasives PTY Ltd.

PT Saint-Gobain Norton Hamplas, Indonesia

PT Saint-Gobain Winter Diamas, Indonesia

PT Saint-Gobain Abrasives Indonesia

Placopatre

Point.P Development

Saint-Gobain Ceramics & Plastics Inc.

Saint-Gobain Abrasives, France

Saint-Gobain Abrasives, Poland

Saint-Gobain Ceramiques Informatique Et Organisation

Saint-Gobain DSI Groupe

Saint-Gobain Industriekeramik Rodental GMBH

Saint-Gobain Abrasifs Dubai

Saint-Gobain Abrasifs Maroc, Morocco

Saint-Gobain Abrasifs, France

Saint-Gobain Abrasifs UAE

Saint-Gobain Abrasives International Trading (Shanghai)

Saint-Gobain Abrasives (Australia) PTY Ltd.

Saint-Gobain Abrasives (PTY) Ltd., South Africa

Saint-Gobain Abrasives (Sea) Pte. Ltd.

Saint-Gobain Abrasives (Shanghai) Co Ltd., Shanghai

Saint-Gobain Abrasives (Suzhou) Co. Ltd.

Saint-Gobain Abrasives BV., Netherlands

Saint-Gobain Abrasives GMBH (CORA)

Saint-Gobain Abrasives GMBH, Gerolzhofen., Germany

Saint-Gobain Abrasives International Trading (HK) Ltd.

Saint-Gobain Abrasives Inc, Worcester USA

Saint-Gobain Diamantwerkzeuge GMBH & Co

Saint-Gobain Distribution Denmark

Saint-Gobain Do Brasil Produtos Ind. E Para Const Ltda

Saint-Gobain Formula Thai Gypsum Product

Saint-Gobain Gelva, BV

Saint-Gobain Glass Egypt

Saint-Gobain Gyproc India Ltd.

Saint-Gobain High Performance Materials, France

Saint-Gobain HPM Polska Sp. z o.o

Saint-Gobain Isover G H AG

Saint-Gobain ICASA S.A.

Saint-Gobain Industrial Ceramics Pty Ltd.

Saint-Gobain Industrial Ceramics, UK

Saint-Gobain Industrie Keramik Dusseldorf GMBH

Saint-Gobain Materials Ceramicos Ltda. Brazil

Saint-Gobain Materials Ceramicos, Venezuela

Saint-Gobain Materiaux Ceramics, Belgium

Saint-Gobain PAM, France

Saint-Gobain Performance Plastics Portage

Saint-Gobain Performance Plastics, New Jersey, USA

Saint-Gobain Performance Plastics, Worcester, USA

Saint-Gobain Performance Plastics, Taunton, USA

Saint-Gobain PPL Corporation Mexico

Saint-Gobain PPL Shanghai

Saint-Gobain Performance Plastics, Korea

Saint-Gobain Produtos Industriais E Para Construcao Ltda

Saint-Gobain Sekurit India Ltd

Saint-Gobain Sekurit (Thailand) Co., Ltd

Saint-Gobain Seva Engineering India Limited

Saint-Gobain Seva, France

Saint-Gobain Tech Fab Hongfa (Changzhou) Ltd.

Saint-Gobain Technical Fabrics, S.A

Saint-Gobain Universal Superabrasives, Inc

Saint-Gobain Abrasives Korea

Saint-Gobain Abrasives Ltd. – Stafford-UK

Saint-Gobain Abrasives Ltd., New Zealand

Saint-Gobain Abrasives Ltda., Brazil

Saint-Gobain Abrasives Ltda., Portugal

Saint-Gobain Abrasives Singapore (PTE) Ltd.

Saint-Gobain Abrasives SP. Z.O.O

Saint-Gobain Abrasives SP.Z

Saint-Gobain Abrasives Thailand

Saint-Gobain Abrasives Indonesia

Saint-Gobain Abrasives Netherlands B.V.

Saint-Gobain Abrasivi S.P.A.(Micromold)

Saint-Gobain Abrasivi S.P.A.(Ral-Sud)

Saint-Gobain Abrasivi S.P.A., Italy

Saint-Gobain Abrasivos SA, Argentina

Saint-Gobain Achats

Saint-Gobain Advanced Ceramics, Niagara

Saint-Gobain Advanced Materials (M) SDN BHD

Saint-Gobain Advanced Materials (Taiwan) Co. Ltd.

Saint-Gobain Building Distribution

Saint-Gobain Ceramic Materials (Liyanguang) Co. Ltd., China

Saint-Gobain Ceramic Materials (Mudanjiang) Co. Ltd., China

Saint-Gobain Ceramic Materials (Zhengzhou) Co. Ltd., China

Saint-Gobain Ceramic Materials, Australia

Saint-Gobain Ceramic Materials AS., Norway

Saint-Gobain Ceramic Materials Weilerswist GMBH

Saint-Gobain Ceramic Materials, USA

Saint-Gobain Ceramicas Industrialces S.A, Spain

Saint-Gobain Ceramicas Industriales S.A.

Saint-Gobain Ceramics & Plastics,Brazil

Saint-Gobain Ceramics Inc, USA

Saint-Gobain Construction Products Vietnam Ltd.

Saint-Gobain Crystals & Detectors India Ltd.

Saint-Gobain Vibros S.A. Savoi Refractories SEPR Refractories India Ltd. SEPR, France

Saint-Gobain Advanced Ceramics (Shanghai) Co Ltd Saint-Gobain Materiaux Ceramiques Benelux SA Saint-Gobain Performance Plastics – Bristol Saint-Gobain Performance Plastics (Shanghai) Co. Ltd. Saint-Gobain Performance Plastics Corby, UK Saint-Gobain Performance Plastics KK, JAPAN Saint-Gobain Performance Plastics, Les Macon, France Saint-Gobain Performance Plastics Pampus GMBH Saint-Gobain Performance Plastics Verneret, France Saint-Gobain Performance Plastics, Akron, USA Saint-Gobain Performance Plastics, Beaverton, USA Saint-Gobain Performance Plastics, Chaineux, Belgium Saint-Gobain Performance Plastics, Florida, USA Saint-Gobain Performance Plastics, Garden Groove, USA Saint-Gobain Performance Plastics, Granville, USA Saint-Gobain Performance Plastics, Ireland Saint-Gobain Performance Plastics, Kontich, Belgium Saint-Gobain Performance Plastics, Mickleton, USA Saint-Gobain Performance Plastics, New York, USA Saint-Gobain Performance Plastics, Pittsburg, USA Saint-Gobain Performance Plastics, Poestenkill, USA Saint-Gobain Performance Plastics, Rencol., UK Saint-Gobain Performance Plastics, Taiwan Saint-Gobain Performance Plastics, Gembloux, Belgium Saint-Gobain Research India Ltd. Saint-Gobain Technical Fabrics (Changzhou) Co. Ltd. Weber Netservices Universal Superabrasives., USA

(iii) SUBSIDIARY COMPANY :

Saint-Gobain Ceramic Materials Bhutan Pvt. Ltd.

(iv) KEY MANAGEMENT PERSONNEL : A. Y. Mahajan - Managing Director J.A.J. Pereira - Executive Director - Human Resources & Corporate Services

Note : 6

Previous year''s fgures have been recast and rearranged wherever necessary.


Mar 31, 2012

Note : 1.2

There is no movement in the number of shares outstanding during the year ended 31st March 2011 & year ended 31st March 2012.

Note : 1.2

Rights and restrictions attached to the shares

Equity Shares: The Company has only one class of equity shares having a par value of Rs 5 per share. Each shareholder is eligible for one vote per share held. The shareholders have rights in proportion to their shareholding for dividend as well as for assets, in case of liquidation.

Note : 2.1

The Company has not provided any loans and advances in the nature of loans to its subsidiary during the year (Previous Year - Rs Nil) and hence disclosure under clause 32 of the listing agreement is not made.

I. Defined Benefit Plan

Contribution to Gratuity Fund

The Company makes annual contributions to the Employees' Group Gratuity-cum-Life Assurance Scheme of the Life Insurance Corporation of India, a funded defined benefit plan for qualifying employees. Gratuity is payable to all eligible employees on superannuation, death or on separation/termination in terms of the provisions of the Payment of Gratuity Act or as per the Company's policy whichever is beneficial to the employees. .

Note :3.1

Excise duty deducted from turnover represents amount of excise duty collected by the Company on sale of goods manufactured by the Company. Excise duty of Rs 3,14.22 Lacs (Previous Year - Rs 2,22.42 Lacs), being the difference between the opening and closing stock of finished goods is debited to Miscellaneous Expenses.

As at As at

31st March,2012 31st March, 2011 (Rs Lacs) (Rs Lacs)

Note : 4 CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF :

(a) Excise & Custom Duty demands/show cause notices pending with the appropriate authorities and disputed by the Company 8,35.62 7,33.18

(b) Sales Tax demands pending with the Commissioner ate/High Court and disputed by the Company 2,49.42 2,90.78

(c) Claims against the Company under the Labour Laws for disputed cases 1,00.73 90.00

(d) Guarantees given by Banks, of which Rs 4,28.44 Lacs (Previous Year - Rs 2,86.37 Lacs) are counter guaranteed by the Company 4,28.44 2,86.37

(e) Guarantees given on behalf of Subsidiary Company 8,39.08 8,39.08

(f) Letters of credit issued by banks on behalf of the Company 1.89 1,18.14

(g) Non-Agricultural Land Cess 37.79 35.97

(h) Other Claims against the Company not acknowledged as debts 1,12.04 2,94.39

(i) Demand raised by A.P Transco on increase in power cost, disputed by the Company & subjudice in Honourable Supreme Court 26,27.55 24,40.22

(j)Demand raised by A.P Transco on surplus units allocated, disputed by the Company & subjudice in High Court (Net) 6,95.48 6,01.01

(k) Demand raised by A.P Transco for fuel surcharge adjustment for FY 2008-09, disputed by the Company & subjudice in Honourable Supreme Court 1,64.00 -

(I) Income Tax liability on account of disputed disallowances 91.25 20.17

Note : 5

Exchange difference arising on foreign currency transactions amounting to Rs 21.06 Lacs (Net Loss) (Previous Year - Rs 1,69.78 Lacs Net Gain) has been accounted under respective heads.

Note : 6

Consequent to the notification of Revised Schedule VI under the Companies Act, 1956, the financial statements for the year ended 31st March, 2012 are prepared as per Revised Schedule VI. Accordingly, the figures of financial statements for the year ended 31st March, 2011 have been reclassified as per Revised Schedule VI, to conform to current year's classification.

NOTES : 1. The Company has undrawn borrowing facilities amounting to Rs 26,00 Lacs (Previous Year - Rs 26,00 Lacs).

2. Previous Year's figures have been regrouped to conform with the current year's presentation.


Mar 31, 2011

1. The Company has changed its accounting year from January – December to April – March with effect from the previous period. Accordingly, the current years financial statements relate to 12 months ended 31st March, 2011 and the previous periods fgures are for fifteen months from 1st January, 2009 to 31st March, 2010. Hence the current years fgures are not strictly comparable to the previous period.

2. Contingent liabilities not provided for in respect of :

As at As at 31st March, 31st March, 2011 2010 (Rs. Lacs) (Rs. Lacs)

a. Excise & Custom Duty demands/show cause notices pending with the appropriate authorities and disputed by the Company 7,33.18 3,20.60

b. Sales Tax demands pending with the Commissionerate/High Court and disputed by the Company 2,90.78 2,41.04

c. Claims against the Company under the Labour Laws for disputed cases 90.00 26.44

d. Demand raised by A.P. Transco on surplus units allocated, disputed by the Company & subjudice in High Court (Net) 6,01.01 4,84.72

e. Guarantees given by Banks, of which Rs. 286.37 Lacs (Previous Period – Rs. 223.13 Lacs) are counter guaranteed by the Company 2,86.37 2,23.13

f. Guarantees given on behalf of Subsidiary Company 8,39.08 8,39.08

g. Letters of credit issued by banks on behalf of the Company 1,18.14 19.83

h. Non-Agricultural Land Cess 35.97 35.97

i. Other Claims against the Company not acknowledged as debts 2,94.39 48.24

j. Demand raised by A.P. Transco on increase in power cost, disputed by the Company & subjudice in Honourable Supreme Court 24,40.22 21,44.32

3. The Company has Cash Credit facilities from bankers secured by first charge by way of hypothecation of inventories and book debts, both present and future, wherever situated and subservient mortgage on immovable properties situated at Mora, Bangalore and Nagpur.

4. The Company has been in possession of land at Tirupati, on which its Silicon Carbide Plant was erected, since 1978. The transfer formalities for the said land were not completed because of a dispute relating to the lease rent payable. The Company had paid lease rental (inclusive of penalty upto 1997) of Rs. 30.00 Lacs for the period 1978 to 2004. The Company has also provided for lease rent in respect of 90 acres of land for the period 2004 to date at the rates prevailing for 2004, pending the fnalisation of the lease agreement.

5. Estimated amount of capital commitments (net of advances – Rs. 1,92.00 Lacs) not provided for Rs. 7,61.63 Lacs (Previous Period – Rs. 4,95.11 Lacs net of advances of Rs. 91.74 Lacs).

6. Exchange difference arising on foreign currency transactions amounting to Rs. 1,69.78 Lacs (Net Gain) (Previous Period – Rs. 1,82.98 Lacs Net Gain) has been accounted under respective heads.

7. Excise duty deducted from turnover represents amount of excise duty collected by the Company on sale of goods manufactured by the Company. Excise duty of Rs. 2,22.42 Lacs (Previous Period – Rs. 1,72.46 Lacs), being the difference between the opening and closing stock of fnished goods is debited to Miscellaneous Expenses under Schedule 9.


Mar 31, 2010

1. The Company has changed its accounting year from january – December to April – March with effect from the current year. Accordingly, the current period’s fnancial statements are for ffteen months from 1st January, 2009 to 31st March, 2010. The previous year’s fgures relate to 12 months ended 31st December 2008 and hence current period’s fgures are not strictly comparable to previous year.

2. Contingent liabilities not provided for in respect of :

As at As at 31st March, 31st December, 2010 2008 (Rs. Lacs) (Rs. Lacs) a. Excise Duty demands/show cause notices pending with the appropriate authorities and disputed by the Company 3,20.60 3,09.35 b. Sales Tax/VAT demands pending with the Commissionerate/high Court and disputed by the Company 2,41.04 3,56.15 c. Custom Duty demands pending with Appellate Tribunal and disputed by the Company - 10.43 d. Claims against the Company under the Labour Laws for disputed cases 26.44 5.12 e. Demand raised by A.P. Transco on surplus units allocated, disputed by the Company & subjudice in high Court (Net) 4,84.72 2,95.70 f. Guarantees given by Banks, of which Rs. 2,23.13 Lacs (Previous Year Rs. 3,39.67 Lacs) is counter guaranteed by the Company 2,23.13 18,39.67 g. Guarantees given on behalf of Subsidiary Company 8,39.08 6,29.34 h. Letters of credit issued by banks on behalf of the Company 19.83 - i. Non-Agricultural Land Cess 35.97 35.97 j. other Claims against the Company not acknowledged as debts 48.24 48.24

3. The Company has Cash Credit facilities from bankers secured by frst charge by way of hypothecation of inventories and book debts, both present and future, wherever situated and subservient mortgage on immovable properties situated at Mora, Bangalore and Nagpur.

Court and the matter is still subjudice. Based on the legal advice, the Company discontinued making further provision from january 2005. After internal review of the matter and based on the legal advice, the Company is now of the view that the earlier provision of Rs. 7,72.11 lacs is no longer required and hence the same has been reversed and disclosed under the head “Exceptional Item”.

4. The Company has been in possession of land at Tirupati, on which its Silicon Carbide Plant was erected, since 1978. The transfer formalities for the said land were not completed because of a dispute relating to the lease rent payable. The Company had paid lease rental (inclusive of penalty upto 1997) of Rs. 30 lacs for the period 1978 to 2004. The Company has also provided for lease rent in respect of 90 acres of land for the period 2004 to date at the rates prevailing for 2004, pending the fnalisation of the lease agreement.

5. Estimated amount of capital commitments (net of advances of Rs. 91.74 Lacs) not provided for Rs. 4,95.11 Lacs [Previous Year – Rs. 10,14.26 Lacs (net of advances of Rs. 5,47.31 Lacs)].

6. Exchange difference arising on foreign currency transactions amounting to Rs. 1,82.98 Lacs (Net Gain) (Previous Year – Rs. 56.16 Lacs – Net Loss) has been accounted under respective heads.

9. During the period, the Company has amended the terms and conditions of the Group Gratuity Scheme. Consequent to this, the impact of Rs. 2,76.15 Lacs has been charged under the head “Salaries, Wages, Bonus and Gratuity”.

7. Excise duty deducted from turnover represents amount of excise duty collected by the Company on sale of goods manufactured by the Company. Excise duty of Rs. 1,72.46 Lacs (Previous Year – Rs. 2,88.09 Lacs), being the difference between the opening and closing stock of finished goods is debited to Miscellaneous Expenses under Schedule 9.

8. The Company has not provided any loans and advances in the nature of loan to its subsidiary during the period (Previous Year Rs. Nil) and hence disclosure under clause 32 of the listing agreement is not made.

9. The Company uses forward contracts to hedge its risk associated with foreign currency fuctuations relating to frm commitments and forecasted transactions. The Company does not enter into forward exchange contracts which are intended for speculative purposes. Previous Year’s fgures are in brackets.

The Indian Rupee equivalent is arrived at by converting the forward contracts at the spot rate as at 31st March, 2010. Foreign currency exposure (net) not hedged by forward contracts as on 31st March, 2010 is Rs. 2,91.97 Lacs (Previous Year – Rs. 3,05.91 Lacs).

II. Defned Beneft Plan :

Contribution to Gratuity Fund :

The Company makes annual contributions to the Employees’ Group Gratuity-cum-Life Assurance Scheme of the Life Insurance Corporation of India, a funded defned beneft plan for qualifying employees. Gratuity is payable to all eligible employees on superannuation, death or on separation/termination in terms of the provisions of the Payment of Gratuity Act or as per the Company’s policy whichever is benefcial to the employees.

10. Previous Years fgures have been recast and rearranged wherever necessary.

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