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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.

 
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