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Notes to Accounts of India Motor Parts & Accessories Ltd.

Mar 31, 2023

Rights, Preferences and restrictions

The Company has only one class of equity shares having a par value of Rs. 10/- per share. Each member is entitled to one vote by e-voting (remote e-voting / e-voting at the meeting), every shareholder is entitled to vote in proportion to their holdings.

Trade Receivables, Trade Payables, Cash and Cash equivalents, Cash Credits, Trade Payables, other financial assets and liabilities are stated at amortised cost which approximates their fair values.

Fair value hierarchy

The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable and consists of the following three levels::

Level 1 hierarchy - Includes Financial Instruments measured using quoted prices in the active market.

Level 2 hierarchy - The Fair value of Financial Instruments that are not traded in an active market, is determined using valuation techniques which maximise the use of observable market data.

Level 3 hierarchy - includes Financial Instruments for which one or more of the significant inputs are not based on observable market data. This is applicable for unlisted securities.

Financial risk management

The Company''s business activities are exposed to liquidity risk and credit risk. The Risk management policies have been established to identify and analyse the risks faced by the Company, to set and monitor appropriate risk limits and controls, periodically review and reflect the changes in the policy accordingly.

a) Management of Liquidity risk

Liquidity risk is the risk that the Company will face in meeting its obligations associated with its financial liabilities. The Company''s approach in managing liquidity is to ensure that it will have sufficient funds to meet its liabilities. In doing this, management considers both normal and stressed conditions.

The Company regularly monitors the rolling forecasts and the actual cash flows to service the financial liabilities on a day-to-day basis through cash generation from business and by having adequate banking facilities.

The following table shows the maturity analysis of the Company''s financial liabilities based on contractually agreed undiscounted cash flows along with its carrying value as at the Balance sheet date.

Management of Credit risk

Credit risk is the risk of financial loss to the Company if the other party to the financial assets fails to meet its contractual obligations.

a) Trade receivables:

Concentration of credit risk with respect to trade receivables are limited as the customers are reviewed, assessed and monitored regularly on a monthly basis with pre determined credit limits assessed based on their payment capacity. Our historical experience of collecting receivables demonstrates that credit risk is low. Hence, trade receivables are considered to be a single class of financial assets.

b) Expected Credit Loss:

We have in place, a rigorous process of followup for collecting long outstanding receivables and write off identified unrecoverable amounts. Over and above the bad debts written off, we have additionally provided an amount of Rs. 13.56 lakhs as Expected Credit Loss (ECL) in compliance with IND AS.

c) Other financial assets:

The Company has exposure in Cash and cash equivalents and term deposits with banks and others. The Company''s maximum exposure to credit risk as at 31st March, 2023 is the carrying value of each class of financial assets as on that date.

. Capital Management

The Company''s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business. The Company monitors the return on capital as well as the level of dividends on its equity shares. The Company''s objective when managing capital is to maintain an optimal structure so as to maximize shareholder value.

The Company is predominantly equity financed which is evident from the capital structure table. Further, the Company has generally been a net cash surplus Company with cash and bank balances along with investment in liquid and short term mutual funds and equity shares.

Dividend:

The Board of Directors have declared an interim dividend of Rs.9/- (90%) per equity share of Rs.10/- each for the Financial Year 2022-23. A final dividend of Rs.15/- (150%) per equity share was recommended by the board, which, together with the interim dividend, aggregates to a total dividend of Rs.24/- (240%) per equity share on the paid-up share capital of 12.48 crores. This will totally result in a sum of Rs. 29.95/- Crores as dividend paid. The Register of Members and Share Transfer Book of the Company shall remain closed from 22/07/2023 to 31/07/2023.

Amalgamation:

The Board has approved the amalgamation of the wholly owned Subsidiary, CAPL Motor Parts Private Limited with India Motor Parts and Accessories Limited, subject to regulatory approvals. The companies are in the process of filing the application with NCLT.

Associate becoming Non-Associate:

During the year, the company sold a part of its holding in Transenergy Private Limited. Consequent to this, with effect from 24th March, 2023. Transenergy Private Limited ceased to be an Associate of the Company. The Investment has been valued as per applicable Accounting Standards.

35(a) Additional Regulatory Disclosures under Schedule III

a. The Company has no transactions with the companies struck off under Companies Act, 2013 or Companies Act, 1956.

b. The title deeds of all the immovable properties, (other than immovable properties where the Company is the lessee and the lease agreements are duly executed in favour of the Company) disclosed in the financial statements included in property, plant and equipment are held in the name of the Company as at the balance sheet date.

c. The Company has not revalued its property, plant and equipment (including right-of-use assets) or intangible assets or both during the current or previous year.

d. The Company has not traded or invested in crypto currency or virtual currency during the financial year.

e. No proceedings have been initiated on or are pending against the Company for holding benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder.

f. The Company has not entered into any derivative contracts during the year.

g. The Company has Workings Capital Limits from banks on the basis of security of current assets. The returns or statements of current assets filed by the Company with banks are in agreement with the books of accounts.

h. The Company has not been declared a wilful defaulter by any bank or financial institution or government or any government authority.

i. The Company has complied with the number of layers prescribed under clause (87) of Section 2 of the Companies Act, 2013 read with Companies (Restriction on number of Layers) Rules, 2017.

j. There is no income surrendered or disclosed as income during the current or previous year in the tax assessments under the Income Tax Act, 1961, that has not been recorded in the books of account.

k. The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall:

(i) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (ultimate beneficiaries).

(or)

(ii) provide any guarantee, security or the like to or on behalf of the ultimate beneficiary.

l. The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

(i) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries).

(or)

(ii) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

Mar 31, 2021

Trade Receivables, Trade Payables, Cash and Cash equivalents and other financial assets and liabilities are stated at amortised cost which approximates their fair values.

Fair value hierarchy

The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable and consists of the following three levels:

Level 1 hierarchy - Includes Financial Instruments measured using quoted prices in the active market.

Level 2 hierarchy - The Fair value of Financial Instruments that are not traded in an active market, is determined using valuation techniques which maximise the use of observable market data.

Level 3 hierarchy - includes Financial Instruments for which one or more of the significant inputs are not based on observable market data. This is applicable for unlisted securities.

a) Management of Liquidity risk

Credit risk is the risk of financial loss to the Company if the other party to the financial assets fails to meet its contractual obligations.

a) Trade receivables:

Concentration of credit risk with respect to trade receivables are limited as the customers are reviewed, assessed and monitored regularly on a monthly basis with pre determined credit limits assessed based on their payment capacity. our historical experience of collecting receivables demonstrates that credit risk is low. Hence, trade receivables are considered to be a single class of financial assets.

b) other financial assets:

The Company has exposure in Cash and cash equivalents and term deposits with banks and others. The Company''s maximum exposure to credit risk as at 31st March, 2021 is the carrying value of each class of financial assets as on that date.

34. In terms of Clause 4 (i) (b) of the General Instructions for preparation of financial statements as per Schedule III of the Companies Act, 2013, the Financials are rounded off to the nearest crores with decimals thereof for the current financial year. accordingly, the comparative numbers are also rounded off. Previous year''s figures have been regrouped wherever necessary to conform to this year''s classification.

35. Capital Management

36. Dividend:

On June 18, 2021, the Board of Directors of the Company have recommended a final dividend of '' 10/- per equity share in respect of the year ended March 31, 2021, subject to approval of Shareholders at the Annual General meeting. If approved, the dividend would result in cash outflow of '' 12.48 Crores during the current year.

38 Disclosure Statement on COVID-19 Update

management has evaluated the possible impact of known events arising from CoVID-19 situation in the preparation of these financial statements and believes that there will not be any material effect on the carrying values of the assets and liabilities of the Company on the reporting date and there is no change in its ability to continue as a Going Concern.

Mar 31, 2018

1. Provisions: Provisions are recognized when the company has a present obligation as a result of past events, it is probable, but the outflow of economic benefits will be required to settle the obligation, and a reliable estimate can be made out of the amount of obligation.

2. Cash Flow Statement: Cash Flow Statement is prepared under âIndirect Methodâ as per Ind AS 7.

3. FIRST TIME ADOPTION OF IND AS

The adoption of Ind AS has been carried out in accordance with Ind AS 101, First Time Adoption of Indian Accounting Standards. Ind AS 101 requires that all Ind AS standards and interpretations that are issued and effective for the first Ind AS financial statements be applied retrospectively and consistently for all financial years presented. Accordingly, the Company has prepared financial statements which comply with Ind AS for year ended 31st March, 2018, together with the comparative information as at and for the year ended 31st March, 2017 and the opening Ind AS Balance Sheet as at 1st April, 2016, the date of transition to Ind AS.

In preparing these Ind AS financial statements, the Company has availed certain exemptions and exceptions in accordance with Ind AS 101, as explained below. The resulting difference between the carrying values of the assets and liabilities in the financial statements as at the transition date under Ind AS and Previous GAAP have been recognized directly in equity (retained earnings or another appropriate category of equity). This note explains the adjustments made by the Company in restating its financial statements prepared under previous GAAP, including the Balance Sheet as at 1st April, 2016 and the financial statements as at and for the year ended 31st March, 2017.

Optional exemptions from retrospective application

Ind AS 101 permits first time adopters certain exemptions from retrospective application of certain requirements under Ind AS. The Company has elected to apply the following optional exemptions from retrospective application.

i) Deemed cost of property, plant and equipment and intangible assets:

The Company has elected to measure all its property, plant and equipment and intangible assets at the Previous GAAP carrying amounts as its deemed cost on the date of transition to Ind AS.

ii) Estimates:

On assessment of the estimates made under the Previous GAAP financial statements, the Company has concluded that there is no necessity to revise the estimates under Ind AS, as there is no objective evidence of an error in those estimates. However, estimates that were required under Ind AS but not required under Previous GAAP are made by the Company for the relevant reporting dates reflecting conditions existing as at that date.

iii) Classification and measurement of financial assets:

The classification of financial assets to be measured at amortized cost, Fair Value Through Profit and Loss or Fair Value Through Other Comprehensive Income is made on the basis of the facts and circumstances that existed on the date of transition to Ind AS.

iv) Investment in associate

The company has elected to measure its investment in associate at the previous GAAP carrying amount as its deemed cost on the date of transition.

Reconciliations:

The following reconciliations provide the explanations and quantification of differences arising from the transition from Previous GAAP to Ind AS in accordance with Ind AS 101:-

a. Reconciliation of Equity as at 01/04/2016

b. Reconciliation of Equity as at 31/03/2017

c. Reconciliation of Statement of Profit and Loss for the year ended 31/03/2017

d. Adjustments to Statement of Cash Flows for the year ended 31/03/2017

Previous year figures have been reclassified/regrouped wherever necessary to conform with financial statements prepared under Ind AS.

Notes to reconciliation between previous GAAP and Ind AS

1) Fair valuation of Investments in mutual funds:

Under previous GAAP, current investments in mutual funds were measured at lower of cost or fair value. Under Ind AS, these investments in mutual funds have been classified as FVTPL (Fair Value through Profit and Loss statement).This has resulted in increase of equity by Rs.10,29.65 lakhs and Rs.5,49.05 lakhs as at 31st March 2017 and 1st April, 2016 respectively.

2) Fair valuation of Investments in equity shares:

Under previous GAAP, current investments in equity shares were measured at lower of cost or fair value. Under Ind AS, investments in equity shares have been classified as FVTOCI (Fair Value through Other Comprehensive Income statement). This has resulted in increase of equity by Rs.483,08.62 lakhs and Rs.375,16.88 lakhs as at 31st,March 2017 and 1st April, 2016 respectively.

3) Employee benefits:

Under Ind AS, the actuarial gains and losses form part of re-measurement of net defined benefit liability/ asset which is recognized in Other Comprehensive Income in the respective years. This has resulted in increase in profit for the year ended 31st March 2017 by Rs. 1.50 lakhs. Actuarial loss accounted for the year ended 31st,March 2017 is Rs. 26.59 lakhs.

(iii) Reconciliation of Statement of Cash Flow

Ind AS 7 specifically includes bank overdrafts which are repayable on demand as a part of cash and cash equivalents. Accordingly, Cash and cash equivalents comprises cash credit availed from bank.

4. General

The Company operates only in one business segment. Viz âSale and Distribution of Automotive Sparesâ Related Party Disclosure

1. Related Parties:

a. Subsidiaries:

CAPL Motor Parts Private Limited

b. Entity having significant influence by shareholding:

T V Sundaram Iyengar & Sons Private Limited

c. Associates:

Transenergy Limited

d. Key Management Personnel:

Sri. N. Krishnan, Managing Director.

e. Post Employees Benefit Plan Trust

India Motor Parts and Accessories Employeesâ Provident Fund Trust

Fair value hierarchy

The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable and consists of the following three levels:

Level 1 hierarchy - Includes Financial Instruments measured using quoted prices in the active market.

Level 2 hierarchy - The Fair value of Financial Instruments that are not traded in an active market, is determined using valuation techniques which maximize the use of observable market data.

Level 3 hierarchy - includes Financial Instruments for which one or more of the significant inputs are not based on observable market data. This is applicable for unlisted securities.

Financial risk management

The Companyâs business activities are exposed to liquidity risk and credit risk. The Risk management policies have been established to identify and analyse the risks faced by the Company, to set and monitor appropriate risk limits and controls, periodically review and reflect the changes in the policy accordingly.

a) Management of Liquidity risk

Liquidity risk is the risk that the Company will face in meeting its obligations associated with its financial liabilities. The Companyâs approach in managing liquidity is to ensure that it will have sufficient funds to meet its liabilities. In doing this, management considers both normal and stressed conditions.

The following table shows the maturity analysis of the Companyâs financial liabilities based on contractually agreed undiscounted cash flows along with its carrying value as at the Balance sheet date.

b) Management of Credit risk

Credit risk is the risk of financial loss to the Company if the other party to the financial assets fails to meet its contractual obligations.

a) Trade receivables:

Concentration of credit risk with respect to trade receivables are limited as the customers are reviewed, assessed and monitored regularly on a monthly basis with pre-determined credit limits assessed based on their payment capacity. Our historical experience of collecting receivables demonstrates that credit risk is low. Hence, trade receivables are considered to be a single class of financial assets.

b) Other financial assets:

The Company has exposure in Cash and cash equivalents and term deposits with banks. The Companyâs maximum exposure to credit risk as at 31st March, 2018 is the carrying value of each class of financial assets as on that date.

Mar 31, 2017

The present value of obligation towards compensated absences and entitlement of leave, as per actuarial certificate, as on 31-03-2017 is Rs.40.76 lakhs (previous year Rs.34.64 Lakhs) and is provided for in the books of accounts.

1) General

i) Segment Reporting

The company operates only in one business segment. viz. âSale and Distribution of Automotive sparesâ.

ii) Related Party Disclosure 1. Related parties:

a. Associates:

T V Sundram Iyengar & Sons Private Limited

Transenergy Limited

b. Key Management Personnel:

Sri. N. Krishnan, Managing Director.

This information has been given in respect of such vendors to the extent they could be identified as âMicro, Small and Medium Enterprisesâ on the basis of information available with the Company on which the Auditors have relied upon.

vii) In accordance with the Notification No. G.S.R 308(E), dated 31st March, 2017 issued by Ministry of Corporate Affairs, the details of Specified Bank Notes (SBN) held and transacted during the period from 8th November 2016 to 30th December 2016 is provided in the Table below:

viii) Previous yearâs figures have been re-grouped wherever necessary, to make them comparable.

Mar 31, 2016

Defined Benefit Plan

a) Gratuity

The Company makes contribution to gratuity fund, (as per actuarial valuation), which is administered by trustees and managed by the Life Insurance Corporation of India (LIC).

b) Leave Encashment

Liability on account of encashment of leave to employees is provided on the basis of actuarial valuation.

The expenses and actuarial gain / loss on account of the above benefit plans are recognized in the profit and loss statement.

C) Other Long Term Employee Benefits:

The estimated liability in respect of other long term benefits like entitlement of leave has been provided on the basis of actuarial valuation.

The above contributions are charged to the Profit and Loss Statement.

(f) Insurance claims are accounted as and when the claims are settled.

(g) Deferred tax resulting from timing differences between book and tax profits is accounted for at the current rate of tax to the extent that the timing differences are expected to crystallize.

2. Profit and Loss Statement

i) Employee Benefits:

Defined Contribution Plans:

During the year, the Company has recognized the following amounts in the Profit and Loss Statement, which are included in Employees benefits expenses in Note : 23

3) General

i) Segment Reporting

The company operates only in one business segment. viz. âSale and Distribution of Automotive sparesâ.

ii) Related Party Disclosure

1. Related parties:

a. Associates:

T V Sundram Iyengar & Sons Private Limited.

Transenergy Limited

b. Relative of Key Management Personnel:

Sri. S. Narayanan, who was Chairman, until 17.12.2014 (Father of Sri. N. Krishnan, Managing Director)

c. Key Management Personnel:

Sri. N. Krishnan, Managing Director.

Mar 31, 2015

1) General

i) Segment Reporting

The company operates only in one business segment. viz. "Sale and Distribution of Automotive spares".

ii) Related Party Disclosure

1. Related parties:

a. Associates:

T V Sundram Iyengar & Sons Private Limited.

Transenergy Limited

b. Relative of Key Management Personnel:

Sri. S. Narayanan, who was Chairman, until 17.12.2014 (Father of Sri. N. Krishnan, Managing Director)

c. Key Management Personnel:

Sri. N. krishnan, Managing Director.

Sri. S. Ramasubramanian, Chief Financial Officer.

Sri. S. Kalyanaraman, Company Secretary.

2. The disclosure of related party transactions during the year and balances as on 31/03/2015 are as follows.

Mar 31, 2014

1. Profit and Loss Statement

i) Employee benefits:

Defined Contribution Plans:

During the year, the Company has recognized the following amounts in the Profit and Loss Statement, which are included in Employees benefits expenses in Note : 23

The present value of obligation towards compensated absences and entitlement of leave, as per actuarial certifcate, as on 31-03-2014 is Rs.18.93 lakhs (previous year Rs.22.51 Lakhs) and is provided for in the books of accounts.

2) General

i) Segment Reporting

The company operates only in one business segment. viz. "Sale and Distribution of Automotive spares".

ii) Related Party Disclosure

1. Related parties:

a. Associates: T V Sundram Iyengar & Sons Ltd.,

b. Relative of Key Management Personnel: Sri. S. Narayanan, Chairman. (Father of Sri. N. Krishnan, Managing Director)

c. Key Management Personnel: Sri. N. krishnan, Managing Director.

iii) Disclosures required under the "Micro" Small and Medium Enterprises Act, 2006"

Particulars 2013-2014 2012-2013

a) Principal amount due to Suppliers under the Act Nil Nil

b) Interest accrued and due to Suppliers under the Act, on the above amount Nil Nil

c) Payment made to Suppliers (Other than interest) beyond the apionted day during the year Nil Nil

d) Interest paid to Suppliers under the Act (Other than Section 16) Nil Nil

e) Interest paid to Suppliers under the Act (Section 16) Nil Nil

f) Interest due and payable to suppliers under the Act, for payments already made Nil Nil

g) Interest accrued and remaining unpaid at the end of the year to Suppliers under the Act Nil Nil

This information has been given in respect of such vendors to the extent they could be identified as "Micro, Small and Medium Enterprises" on the basis of information available with the Company on which the Auditors have relied upon.

Mar 31, 2013

1) General

i) Segment Reporting:

The company operates only in one business segment. viz. "Sale and Distribution of Automotive sparesÂ.

ii) Related Party Disclosures

1. Related parties:

a. Associates:

T V Sundram Iyengar & Sons Ltd.,

b. Relative of Key Management Personnel:

Sri. S. Narayanan, Chairman. (Father of Sri. N. Krishnan, Managing Director)

c. Key Management Personnel:

Sri. N. Krishnan, Managing Director.

Rs. In Lakhs v) Expenditure in foreign currency -Travelling & Subscription 0.66 0.22

vi) Contingent Liability not provided for

- Tax Liability under dispute at various forums of appeal - paid in earlier years Nil 274.82

- Based on the Order of the ITAT, liability has been created for necessary tax provision.

- The matter is further contested at the High Court

vii) Previous year''s fgures have been re-grouped wherever necessary, to make them comparable.

Mar 31, 2012

1. Balance Sheet

Liability provided for but contested in appeal - ESI Contribution Rs.19.16 Lakhs (Previous year Rs.19.16 lakhs).

2) General

i) Segment Reporting:

The company operates only in one business segment, viz. "Sale and Distribution of Automotive spares".

ii) Related Party Disclosures 1. Related parties:

a. Associates:

T V Sundram Iyengar & Sons Ltd.,

b. Key Management Personnel:

Sri. N. Krishnan, Managing Director.

iii) There are no dues to micro enterprises and small enterprises in terms of section 16 of the Micro, Small & Medium Enterprises Development Act, 2006, based on the information available with the Company.

vi) Contingent Liability not provided for

- Tax Liability under dispute at various forums of appeal

- paid in earlier years 274.82 274.82

vii) The revised schedule VI is effective from the financial year commencing on or after 1st April 2011, and accordingly the Balance Sheet and Profit and Loss Statement for the year ended 31st March 2012 comply with the requirements.

viii) Previous year's figures have been re-grouped wherever necessary, to make them comparable.

a. Terms / Rights attached to equity shares

The Company has only one class of shares - equity having a par value of Rs.10/- per share.

The Company declares and pays dividend in Indian Rupees. Interim Dividend is declared and paid as recommended by the Board of Directors.

Final Dividend is subject to the approval of the shareholders in the Annual General Meeting.

The Board of Directors, in May 2012 declared and paid an interim dividend of Rs.19 /- (190%) per equity share for the year ended 31st March, 2012, amounting to Rs. 918.58 Lakhs including Dividend Distribution Tax amounting to Rs.128.22 Lakhs.

Mar 31, 2011

1. Balance Sheet

i) Balance with Scheduled Banks include:

(a) Guarantee Deposits of Rs.2.65 lakhs (previous year Rs.2.65 lakhs).

(b) Unclaimed Dividend Bank Account Balance of Rs.44.42 Lakhs (previous year Rs.56.35 lakhs).

ii) Liability provided for but contested in appeal - ESI Contribution Rs.19.16 Lakhs (Previous year Rs.19.16 lakhs).

The present value of obligation towards compensated absences and entitlement of sick leave, as per actuarial certificate, as on 31-03-2011 is Rs.22.17 lakhs (previous year Rs.23.38 Lakhs) and is provided for in the books of accounts.

iv) Computation of Net Profit in accordance with Section 198 read with sections 349 and 350 of the Companies Act, 1956 for the purpose of managerial remuneration. Net Profit as per Accounts

2) General

i) Segment Reporting:

The company operates only in one business segment. viz. "Sale and Distribution of Automotive spares".

ii) Related Party Disclosures 1. Related parties:

a. Associates:

T V Sundram Iyengar & Sons Ltd.,

b. Key Management Personnel:

Sri. N. Krishnan, Managing Director.

iii) There are no dues to micro enterprises and small enterprises in terms of section 16 of the Micro, Small & Medium Enterprises Development Act, 2006, based on the information available with the Company.

vi) Contingent Liability not provided for

- Tax Liability under dispute at various forums of appeal Rs. in Lakhs 274.82 278.49

vii) Previous year's figures have been re-grouped wherever necessary, to make them comparable.

Mar 31, 2010

1. Balance Sheet

i) Balance with Scheduled Banks include:

(a) Guarantee Deposits of Rs.2.65 lakhs (previous year Rs.2.54 lakhs).

(b) Unclaimed Dividend Bank Account Balance of Rs.56.35 Lakhs (previous year Rs.32.82 lakhs).

ii) Liability provided for but contested in appeal - ESI Contribution Rs.19.16 Lakhs (previous year Rs.19.16 lakhs).

2) General

i) Segment Reporting:

The company operates only in one business segment. viz. "Sale and Distribution of Automotive spares".

ii) Related Party Disclosures

1.Related parties:

a. Associates:

T V Sundram Iyengar & Sons Ltd.,

b. Key Management Personnel:

Sri. N. Krishnan, Managing Director.

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