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Notes to Accounts of GRP Ltd.

Mar 31, 2013

General company profile :

GRP Limited (the ''Company'') is engaged mainly in Reclaim Rubber. Its other business include Power generation from Windmill, Manufacturing of Thermo Plastic Elastomers and Punch & Split products. The Company has manufacturing plants in India and sales in Domestic as well as International market. The Company is a public limited company and is listed on the Stock Exchange, Mumbai (BSE).

1 Related parties disclosure

(A) Names of the related parties :

(i) Parties where control exists :

Subsidiary Company Grip Polymers Ltd

( 99.80 % of total shareholdings held by the company)

(ii) Associate Concern Alphanso Netsecure Pvt Limited

(46% of total shareholdings held by the company)

(iii) Directors of the company :-

- Key Management Personnel Rajendra V.Gandhi, Vice Chairman & Managing Director

Harsh R. Gandhi , Executive Director

- Non executive directors Kandathil M.Philip, Mahesh V. Gandhi, Dr.Peter Philip,

Bhagwandas T. Doshi, Atul S. Desai, Nikhil M. Desai and Rajeev Pandia

(iv) Relatives of Key Management Personnel Nayna R. Gandhi, Hemal H. Gandhi, Vaishali R. Gandhi and

Nehal R. Gandhi, Rajendra V. Gandhi HUF,Harsh R. Gandhi HUF,

Aarav Trust and Aayushi & Aashini Trust, Nehal Trust

(v) Enterprises owned or significantly influenced by Key Management Personnel or their relatives

(a) Enarjee Investments Pvt. Ltd.

R.V.Gandhi (Vice Chairman & Managing Director) is the Chairman

(b) Enarjee Consultancy & Trading Company LLP R.V.Gandhi (Vice Chairman & Managing Director) is the designated partner.

(c) Industrial Development and Investment Co.Pvt. Ltd.

M.V.Gandhi (Director) is the Chairman

(d) Ghatkopar Estate & Finance Corporation Pvt Ltd.

R V Gandhi & M V Gandhi are directors

2 Other Notes

(a) The Ministry of Corporate Affairs, Government of India vide general circular no. 2 & 3 dated 8th February, 2011 and 21st February, 2011 respectively has granted a general exemption from compliance with section 212 of the Companies Act, 1956 subject to fulfillment of conditions stipulated in the circular.

The company has satisfied the condition stipulated in the circular and hence is entitled to the exemption. Necessary information relating to the subsidiary has been included in the Consolidated Financial Statement.

(b) Expenses debited to Profit & Loss account include prior period expenses Rs. 7.94 lakhs (March 31, 2012 : Rs. 20.08 lakhs)

(c) Closing stock of Finished Goods include excise duty of Rs. 98.53 lakhs (March 31, 2012 : Rs. 66.52 lakhs)

(d) In the opinion of the Board, the Current Assets, Loans & Advances are approximately of the value stated, if realised, in the ordinary course of the business. The provision for depreciation and for all known liabilities is adequate and not in excess of the amount reasonably necessary.

(e) The company has opted for Companies (Accounting Standards) Amendment Rules 2009 on Accounting Standard 11 (AS 11), as notified by the Ministry of Corporate Affairs on 31st March, 2009, for accounting of exchange differences arising from revaluation of long term foreign currency loans.


Mar 31, 2012

(a) Rights, preferences and restrictions attached to shares

(i) The Company has only one class of shares referred to as equity shares having a par value of Rs. 10/-. Each holder of equity shares is entitled to one vote per share.

(ii) The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

(iii) In the event of liquidation of the Company, the holders of the equity shares of the Company will be entitled to receive the remaining assets of the Company, after distribution of all preferential amounts in proportion to their shareholding.

A Nature of security and terms of repayment for secured borrowings:

1 Rupee loan of Rs. Nil (March 31, 2011 : Rs. 28.34 lakhs) for Capital expenditure at Panoli factory

First exclusive charge by way of hypothecation of entire current assets, both present and future,including inventories,book debts,bills receivables and entire movable fixed assets and mortgage of immovable fixed assets of the Company.

Repayble in 54 equal quarterly instalments from the date of loan (June 1, 2006) along with interest of 10% p.a.

2 Rupee loan of Rs. 1296.70 lakhs (March 31, 2011 : Rs. 882.58 lakhs) for Factory (Phase I) at Chincholi, Solapur

First exclusive charge by way of hypothecation of entire movable fixed assets of the Company located at Chincholi,Solapur,both present and future and by way of mortgage of Land together with factory building and structures situated at Chincholi factory, Solapur.

Repayble in 20 equal quarterly instalments beginning from June,2011, along with interest of 13 % p.a.

3 Rupee loan of Rs. 750.00 lakhs (March 31, 2011 : Rs. Nil) for Factory (Phase II) at Chincholi, Solapur

First exclusive charge by way of hypothecation of entire movable fixed assets of the Company located at Chincholi,Solapur,both present and future and by way of mortgage of Land together with factory building and structures situated at Chincholi factory, Solapur.

Repayble in 20 equal quarterly instalments beginning from April,2013, along with interest of 13 % p.a.

4 Foreign currency loan of Rs. 160.73 lakhs (March 31, 2011 : Rs. 193.06 lakhs) for Wind Mill project.

First exclusive charge by way of hypothecation of entire current assets, both present and future,including inventories,book debts,bills receivables and entire movable fixed assets and mortgage of immovable fixed assets of the Company.

Repayble in 20 equal quarterly instalments beginning from November 5, 2009, along with interest of 5 % p.a.

5 Foreign currency loan of Rs. 297.64 lakhs (March 31, 2011 : Rs. 357.53 lakhs) for Kurla Office I premises at Mumbai

First exclusive charge by way of hypothecation of entire current assets, both present and future,including inventories,book debts,bills receivables and entire movable fixed assets and mortgage of immovable fixed assets of the Company.

Repayble in 60 equal monthly instalments beginning from November 5, 2009, along with interest of 5 % p.a.

6 Foreign currency loan of Rs. 367.04 lakhs (March 31, 2011 : Rs. 400 lacs) for Kurla Office premises II at Mumbai

First exclusive charge by way of hypothecation of entire current assets, both present and future,including inventories,book debts,bills receivables and entire movable fixed assets and mortgage of immovable fixed assets of the Company. During the year Rupee term loan converted into Foreign currency term loan

Repayble in 20 equal quarterly instalments beginning from September'11 along with interest of 8 % p.a.

7 Foreign currency loan of Rs. 2295.67 lakhs (March 31, 2011 : Nil) for Perundurai factory, in Tamil Nadu

First exclusive charge by way of hypothecation of entire movable fixed assets of the Company located at Perundurai,Tamilnadu,both present and future and by way of mortgage of Land together with factory building and structures situated at Perundurai,Tamilnadu.

Repayble in 15 equal quarterly instalments beginning from April 1, 2013 along with interest @ 5.61% p.a.

B Terms of repayment for unsecured borrowings:

1 Deferred sales-tax payments

Deferred sales-tax payment is interest free loan and repayable from financial year 2006-07 to 2016-17.

2 Loans from Bank

Repayable in 36 monthly instalments from the date of respective loans. Bank loan includes a loan of Rs. 16.30 lakhs (March 31, 2011 : Rs. 25.53 lakhs) taken in the name of the director for purchase of car.

(a) Working Capital Loan from HDFC Bank Ltd of Rs. 1433.31 lakhs (March 31, 2011 : Rs. 1745.47 lakhs)

First exclusive charge by way of hypothecation of entire current assets, both present and future, including inventories, book debts, bills receivables and entire movable fixed assets and mortgage of immovable fixed assets of the Company.

(b) Working Capital loan from Citi Bank N. A. of Rs. 715.61 lakhs (March 31, 2011 : Rs. 226.29 lakhs)

Secured by first pari passu charge in favour of Citi Bank N.A. by way of hypothecation of entire current assets including inventories and such other movables, books debts, bills receivables and second subservient charge on entire movable fixed assets and mortgage of immovable fixed assets of the Company, both present and future. However the security creation was pending in previuos year, hence it was considered as unsecured.

(c) Fixed Deposits (unsecured) carry interest @ 12.50% p.a. and with maturity period of 12 months from the date of deposit.

(d) Deposits accepted from the related parties of Rs. 74.75 lakhs (March 31, 2011 : Rs. 83.00 lakhs) included in fixed deposits.

Under the Micro, Small, and Medium Enterprises Development Act, 2006 (MSMED Act), certain disclosures are required to be made relating to Micro, Small and Medium Enterprises. The Company is in the process of compiling relevant information from its suppliers about their coverage under the said Act. Since the relevant information is not readily available, no disclosures have been made in the accounts. However , in view of the management , the impact of interest , if any , that may be payable in accordance with the provision of this Act is not expected to be material.

(a) Addition to fixed assets and capital work-in-progress includes exchange difference of Rs. 208.17 lakhs (March 31, 2011 : Rs. 10.87 lakhs) arising on revaluation of foreign currency term loan as per amended AS11 (notified by Ministry of Corporate Affairs)

(b) Additions during the year and capital work-in-progress include Rs. 39.92 lakhs (March 31, 2011 : Rs. 44.63 lakhs) being borrowing cost capitalised. During the year, the company has parked unutilised portion of loan taken for the capital expenditure in fixed deposit on which interest earned of Rs. 38.14 lakhs (March 31, 2011 : Rs. Nil) and the same has been reduced from the borrowing cost.

(c) Capital work-in-progress include Capital Stores Rs. 86.11 lakhs (March 31, 2011 : Rs. 34.98 lakhs).

(d) Vehicles include one car of the company acquired in the name of Directors and corresponding vehicle loan for one car is included in unsecured loan.

( Rs. in Lakh)

8 Contingent Liabilities 31-03-2012 31-03-2011

(a) Guaranteed by Banks not provided for (Net) 226.62 127.73

(b) Claims against the company (Including Sales tax, Excise duty, etc.) not acknowledged as debts

- Maharastra Sales Tax 0.52 0.52

- Excise Duty 129.24 120.30

- Income Tax liability 174.16 95.01

(c) Estimated amount of contracts remaining to be executed on capital account. 1,084.74 1,048.65

9 Other Notes

(a) The Ministry of Corporate Affairs, Government of India vide general circular no. 2 & 3 dated 8th February, 2011 and 21st February, 2011 respectively has granted a general exemption from compliance with section 212 of the Companies Act, 1956 subject to fulfilment of conditions stipulated in the circular. The company has satisfied the condition stipulated in the circular and hence is entitled to the exemption. Necessary information relating to the subsidiary has been included in the Consolidated Financial Statement.

(b) Administrative and other expenses include Professional fee paid of Rs..12.44 lakhs (March 31, 2011 : Rs. 108.69 lakhs) for compliance with REACH norms as laid down by the European Union and made compulsory for export of goods to European countries and Expenses debited to Profit & Loss account include prior period expenses Rs. 20.08 lakhs (March 31, 2011 : Rs. 10.42 lakhs)

(c) Closing stock of Finished Goods include excise duty of Rs. 66.52 lakhs (March 31, 2011 : Rs. 30.52 lakhs)

(d) In the opinion of the Board, the Current Assets, Loans & Advances are approximately of the value stated, if realised, in the ordinary course of the business. The provision for depreciation and for all known liabilities is adequate and not in excess of the amount reasonably necessary.

(e) The company has opted for Companies (Accounting Standards) Amendment Rules 2009 on Accounting Standard 11 (AS 11), as notified by the Ministry of Corporate Affairs on 31st March, 2009, for accounting of exchange differences arising from revaluation of long term foreign currency loans.


Mar 31, 2011

As at As at 31.03.2011 31.03.2010 Rs. Rs.

1 Contingent liabilities :

(a) Guarantees by Banks not provided for (Net) 12,773,312 11,389,125

(b) Claims against the company ( Including Sales tax, Excise duty, etc. ) not acknowledged as debts

-Maharastra Sales Tax 51,956 51,956

-Excise Duty 12,029,580 3,608,611

-Income Tax liability 9,500,606 4,530,610

2 (a) The loans and advances also include deposit of Rs.1,575,000/-(Previous year Rs.1,575,000/-) with a company in which some of the directors are interested and a loan of Rs.2,650,000/- (Previous year Rs.5,100,000/-) to an associate concern.

(b) Administrative and other expenses include Professional fee paid of Rs.10,869,331/- (Previous year Rs.Nil) for compliance with REACH norms as laid down by the European Union and made compulsory for export of goods to European countries and Auditors out of pocket expenses Rs.15,491/- (Previous year Rs. 16,188/-) , Raw Materials Purchases include incidental expenses of Rs4,855,723/- (Previous year Rs.2,903,611/-), Expenses debited to Profit & Loss account include prior period expenses Rs.1,042,476/- (Previous year Rs.812,598/-).

Miscellaneous Income include refund of Electricity Duty of Rs.Nil (previous year Rs.9,445,064/- )

(c) Finished Goods stock include excise duty of Rs.3,052,000/- (Previous year Rs. 2,265,576/-)

3 (a) Long Term Investments include investment of Rs. 2,005,600/- by way of 10,028 Equity Shares of Rs. 100/- each fully paid in Alphanso Netsecure Pvt Limited. As per audited Balance Sheet for the year ended 31st March, 2011, intrinsic value of the same is Rs. Nil per share (Previous year Rs Nil). The diminution in value of Rs. 2,005,600/- (Previous year Rs 2,005,600/-) has not been provided in books considering strategic investment of a long term nature and future expectation of the company.

(b) During the year, a loan given to M/s Alphanso Netsecure Pvt Ltd., an associate company of Rs 5,100,000/- has been written off as not recoverable. This amount was provided for by way of doubtful loan in previous year.

4 Micro, Small, and Medium Enterprises Development Act, 2006 (MSMED Act):

Under the MSMED Act which came into force from 2nd October 2006, certain disclosures are required to be made relating to Micro, Small and Medium Enterprises. The Company is in the process of compiling relevant information from its suppliers about their coverage under the said Act. Since the relevant information is not readily available, no disclosures have been made in the accounts.

However, in view of the management, the impact of interest, if any , that may be payable in accordance with the provision of this Act is not expected to be material.

5 Employee Benefits:

(a) The Company has with effect from 1st April, 2007 adopted Accounting Standard 15, Employee Benefits (revised 2005), issued by the Institute of Chartered Accountants of India.

The disclosure required as per the revised AS 15 is as under:

(i) Brief description of the plans.

The Company has various schemes for long term benefits such as provident fund , superannuation, gratuity. The Companys defined contribution plans are Superannuation, Gratuity and Employees Pension Scheme (under the provision of the Employees Provident Funds and Miscellaneous Provisions Act, 1952) since the company has no further obligation beyond making the contributions.

The employees of the company are also entitled to leave encashment and compensated absences as per Companys policy.

(iii) The liability for leave encashment and compensated absences (unfunded) as at year end is Rs 5,326,333./- (Previous year Rs. 4.244,967/-).

6 Current taxation in Loans & Advances represents payments in excess of provision of Rs.293,072,000/- (Previous year Rs Nil) Current taxation in Provisions represents provision in excess of advance payment of taxes of Rs. Nil (Previous year Rs 219,527,768/-) and current FBT in provision represents provision in excess of advance payment of Rs 965,000/- (Previous year Rs 2,559,170/-)

7 The company has opted for Companies (Accounting Standards) Amendment Rules 2009 on Accounting Standard 11 (AS 11), as notified by the Ministry of Corporate Affairs on 31st March, 2009, for accounting of exchange differences arising from revaluation of long term foreign currency loans.

8 Related parties disclosure :

(a) Names of the related parties :

(i) Parties where control exists :

Subsidiary Company Grip Polymers Ltd (99.80 % of total shareholdings held by the company)

(ii) Associate Concern Alphanso Netsecure Pvt Limited (46% of total shareholdings held by the company)

(iii) Directors of the company :-

(a) Key Management Personnel Rajendra V.Gandhi, Vice Chairman & Managing Director

Harsh R. Gandhi, Executive Director

(b) Non executive directors KandathilM.Philip, Mahesh V.Gandhi, Dr. Peter Philip,

Bhagwandas T. Doshi, Atul S. Desai, Nikhil M. Desai and Rajeev Pandia (iv) Relatives of Key Management Nayna R. Gandhi, Hemal H. Gandhi, Vaishali P. Shah and Nehal R. Gandhi Personnel Rajendra V. Gandhi HUF.Harsh R. Gandhi HUF, Aarav Trust and Aayushi & Aashini Trust, Nehal Trust

(v) Enterprises owned or significantly (a) Enarjee Investments Pvt. Ltd. influenced by Key Management R.V.Gandhi (Vice Chairman & Managing Director) is the Chairman Personnel or their relatives (b) Industrial Development and Investment Co.Pvt. Ltd. M.V.Gandhi (Director) is the Chairman (c) Ghatkopar Estate & Finance Corporation Pvt Ltd. R. V. Gandhi & M. V. Gandhi are directors

9 Segment Reporting :

Information about Secondary Segments

ii) The Company has common fixed assets for producing goods for Domestic Market and Overseas Market. Hence separate figures for fixed assets / additions to fixed assets cannot be furnished

10 In view of the Notification No.SO 301(E), dated 8-2-2011 issued by the Ministry of Corporate Affairs under Section 211 of the Companies Act,1956, and with the consent of the Board of Directors, the Company being export oriented company (export is more than 20% of the turnover), does not disclose details of quantity and total value of turnover, and the value and quantity of raw material consumed.

11 Foreign currency exposures:

The company uses forward contracts in previous year to mitigate its risk associated with foreign currency fluctuations having underlying transactions in relation to sale of goods. The company doesnt enter into any forward contract which is intended for trading or speculative purposes.

12 In the opinion of the Board, the Current Assets, Loans & Advances are approximately of the value stated, if realised, in the ordinary course of the business. The provision for depreciation and for all known liabilities is adequate and not in excess of the amount reasonably necessary.

13 Figures in respect of previous year have been rearranged, regrouped,reclassified & reworked wherever necessary, to make them comparable with that of the year under audit.


Mar 31, 2010

As at As at 31.03.2010 31.03.2009 Rs. Rs. 1 Contingent liabilities : Estimated amount of contracts remaining to be executed on capital account. 9,107,385 9,245,354

Claims against the company (Including Sales tax, Excise duty, etc. ) not acknowledged as debts

1 Maharastra Sales Tax 51,956 51,956

2 Excise Duty 3,608,611 4,829,471

3 Income Tax liability 4,530,610 653,103 Guaranteed by Banks not provided for (Net) 11,389,125 3,171,833

4 (a) The loans and advances also Include deposit of Rs.1,575,000/-(Previous year Rs.1,575,000/-) with a company in which some of the directors are interested and a loan of Rs.5,100,000/-(Previous year Rs.3,511,240/-) to an associate concern.

(b) Other expenses include Auditors out of pocket expenses Rs.16,188/- (Previous year Rs. 23,853/-) , and expenditure incurred for a project which has been abandoned during the year amounting to Rs Nil (Previous year 28,622,511).

Raw Materials Purchases include incidental expenses of Rs. 2,903,611/- (Previous year Rs.2,763,395/-), Expenses debited to Profit & Loss account include prior period expenses Rs. 812,598/- (Previous year Rs.510,991/-).

Miscellaneous Income include refund of Elecricity duty of Rs 9,445,064/- of earlier period.

(c) Finished Goods stock include excise duty of Rs.2,265,576/- (Previous year Rs. 2,570,050/-)

5 Long Term Investments include investment of Rs. 2,005,600/- by way of 10,028 Equity Shares of Rs. 100/- each fully paid in Alphanso NetSecure Pvt. Ltd. As per audited Balance Sheet for the year ended 31st March, 2010, intrinsic value of the same is Rs. Nil per share (Previous year Rs Nil). The diminution in value of Rs. 2,005.600/- (Previous year Rs 2,005,600/-) has not been provided in books considering strategic investment of a long term nature and future expectation of the company.

6 Micro, Small, and Medium Enterprises Development Act, 2006 (MSMED Act):

Under the MSMED Act which came into force from 2nd October 2006, certain disclosures are required to be made relating to Micro, Small and Medium Enterprises. The Company is in the process of compiling relevant information from its suppliers about their coverage under the said Act. Since the relevant information is not readily available, no disclosures have been made in the accounts. However, in view of the management, the impact of interest, if any, that may be payable in accordance with the provision of this Act is not expected to be material.

7 (a) The loans and advances also include deposit of Rs.1,575,000/-(Previous year Rs. 1,575,000/-) with a company in which some of the directors are interested and a loan of Rs.5,100,000/-(Previous year Rs.3,511,240/-) to an associate concern.

(b) Other expenses include Auditors out of pocket expenses Rs.16,188/- (Previous year Rs. 23,853/-) , and expenditure incurred for a project which has been abandoned during the year amounting to Rs Nil (Previous year 28,622,511).

Raw Materials Purchases include incidental expenses of Rs. 2,903,611/- (Previous year Rs.2,763,395/-), Expenses debited to Profit & Loss account include prior period expenses Rs. 812,598/- (Previous year Rs.510,991/-).

Miscellaneous Income include refund of Elecricity duty of Rs 9,445,064/- of earlier period.

(c) Finished Goods stock include excise duty of Rs.2,265,576/- (Previous year Rs. 2,570,050/-)

8 Long Term Investments include investment of Rs. 2,005,600/- by way of 10,028 Equity Shares of Rs. 100/- each fully paid in Alphanso NetSecure Pvt. Ltd. As per audited Balance Sheet for the year ended 31st March, 2010, inlrinsic value of the same is Rs. Nil per share (Previous year Rs Nil). The diminution in value of Rs. 2,005.600/- (Previous year Rs 2,005,600/-) has not been provided in books considering strategic investment of a long term nature and future expectation of the company.

9 Micro, Small, and Medium Enterprises Development Act, 2006 (MSMED Act):

Under the MSMED Act which came into force from 2nd October 2006, certain disclosures are required to be made relating to Micro, Small and Medium Enterprises. The Company is in the process of compiling relevant information from its suppliers about their coverage under the said Act. Since the relevant information is not readily available, no disclosures have been made in the accounts. However, in view of the management, the impact of interest, if any. that may be payable in accordance with the provision of this Act is not expected to be material.

10 Employee Benefits:

(a) The Company has with effect from 1st April , 2007 adopted Accounting Standard 15, Employee Benefits (revised 2005), issued by the Institute of Chartered Accountants of India. The disclosure required as per the revised AS 15 is as under:

(i) Brief description of the plans. The Company has various schemes for long term benefits such as provident fund , superannuation, gratuity. The Companys defined contribution plans are Superannuation, Gratuity and Employees Pension Scheme (under the provision of the Employees Provident Funds and Miscellaneous Provisions Act, 1952) since the company has no further obligation beyond making the contributions.

11 Current taxation in provisions represents provision in excess of advance payment of taxes of Rs. 219.527,768/- (Previous year Rs. 147,311,531/-) and provision of FBT of Rs. 2,559,170/- (Previous year Rs. 2,559,170/-)

12 The company has opted for Companies (Accounting Standards) Amendment Rules 2009 on Accounting Standard 11 (AS 11), as notified by the Government of India on 31st March, 2009, for accounting of exchange differences arising from revaluation of long term foreign currency loans with retrospective effect. Accordingly, the effect of exchange difference on long term foreign currency loan borrowed by the company for the acquisition of capital asset is accounted by addition or reduction in cost of the respective assets, to the extent it pertains to depreciable assets. Consequently, the profit arising from the effect of changes in foreign exchange rate on foreign currency loans relating to acquisition of depreciable capital assets, amounting to Rs. 10,020,520/- for the year ended 31st March,2010 is reduced from the cost of such assets (Previous year foreign currency loss added to capital assets of Rs 13,253,286/-). Accordingly, the depreciation for the year is lower by Rs.747,728/- (Previous year, depreciation was higher by Rs. 2,213,402/-) and profit for the year is lower by Rs.9,272,792/- ( Previous year, profit was higher by Rs. 11,039,884/-).

13 Related parties disclosure :

(a) Names of the related parties :

(i) Parties where control exists :

Subsidiary Company Grip Polymers Ltd ( 99.80 % of total shareholdings held by the company)

(ii) Associate Concern Alphanso Netsecure Pvt Limited (46% of total shareholdings held by the company)

(iii) Directors of the company :-

(a) Key Management Personnel

Rajendra V.Gandhi, Managing Director

Harsh R. Gandhi , Executive Director

(b) Non executive directors

Kandathil M.Philip, Mahesh V.Gandhi, Dr.Peter Philip,

Bhagwandas T. Doshi, Atul S. Desai and Nikhil M. Desai

(iv) Relatives of Key Management Nayna R. Gandhi, Hemal H. Gandhi, Vaishali P. Shah and Nehal R. Gandhi

Personnel Rajendra V. Gandhi HUF, Harsh R. Gandhi HUF, Aarav Trust and Aayushi & Aashini Trust

(v) Enterprises owned or significantly (a) Enarjee Investments Pvt. Ltd.

influenced by Key Management R.V.Gandhi (Managing Director) is the Chairman

Personnel or their relatives Industrial Development and Investment Co.Pvt. Ltd.

M.V.Gandhi (Director) is the Chairman

(c) Ghatkopar Estate & Finance Corporation Pvt Ltd. R V Gandhi & M V Gandhi are directors

14 In the opinion of the Board, the Current Assets, Loans & Advances are approximately of the vaJue stated, if realised, in the ordinary course of the business. The provision for depreciation and for all known liabilities is adequate and not in excess of the amount reasonably necessary.

15 Figures in respect of previous year have been rearranged, regrouped, reclassified & reworked wherever necessary, to make them comparable with that of the year under audit

 
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