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Notes to Accounts of Rane (Madras) Ltd.

Mar 31, 2015

Corporate Information

The Company is engaged in manufacturing of Steering and suspension linkage products, Steering gear products, and high precision aluminium of die casting products. the company is a significant supplier to major manufacturers of passenger cars, utility vehicles and farm tractors across the globe. the company has manufacturing locations at tamilnadu, pondicherry,Karnataka, Uttarkhand and Hyderabad.

2.1 Rights, preferences and restrictions attached to Shares mentioned above:

The company has only one class of equity shares having a par value of Rs.10 per share. Each shareholder is eligible for one vote per share held. the dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the company, in proportion to their shareholding.

The preference shares shall have a face value of Rs. 10 and is entitle to receive a cumulative dividend at the rate of 6.74%. the preference share shall have a tenure of maximum 20 years. the preference shares are redemable before 20 years at the option of the share holders.

2.2 Secured

Nature of Security

1. ECB Loans from Standard Chartered Bank (SCB) and DBS Bank Limited (DBS) and an INR term loan from HDFc is secured on a pari passu basis by a first charge created on the company's immovable properties both present and future and are also secured by hypothecation of the company's movable properties both present and future, subject to prior charge on the book debts and inventories in favour of the bankers for working capital facilities. Terms of Repayment

2. The INR Term Loans from ING Vysya and Yes Bank

is secured on a pari passu basis by a first charge created on the company's Diecast Business's immovable properties both present and future and are also secured by hypothecation of the company's Diecast Business's movable properties both present and future, subject to prior charge on the book debts and inventories in favour of the bankers for working capital facilities.

3. rupee loan from Rane TRw Steering Systems limited (RTSSL) is secured on the repective machinery of Diecast business . a) HDFc Bank - INR long term loan amounting Rs. 20 crores is repayable in 8 quarterly instalments commencing from December 2014 with 1 Year of Moratarium along with an interest at the rate of 11.25% per annum ( Base Rate 125 Bps). the Balance outstanding as at 31 march 2015 is Rs. 15 crores (As at 31 march 2014 - Rs. 20 crores).

Terms of REpayment :

a) ScB - EcB loan amounting to Rs.14.45 crores is repayable in 16 equal quarterly installments commencing from February 2012 along with interest at the rate of 8.85 % per annum. The balance outstanding as at 31 March 2015 is Rs. 2.71 crores (As at 31 march 2014 - Rs. 6.33 crores).

b) ScB - EcB loan amounting to Rs.16.80 crores is repayable in 16 equal quarterly installments commencing from December 2012 along with interest at the rate of 7.95% per annum. the balance outstanding as at 31 march 2015 is Rs. 6.30 crores (As at 31 march 2014 - Rs.10.49 crores).

c) DBS - EcB loan amounting to Rs. 15.29 crores is repayable in 8 equal half yearly installments commencing from September 2012 along with interest at the rate of 8.98 % per annum. the balance outstanding as at 31 march 2015 is Rs. 3.82 crores (as at 31 march 2014 - Rs. 7.65 crores).

b) ING vysya Bank - INR long term loan amounting to Rs. 3.20 crores is repayable in 13 Quarterly Instalments commencing from September 2014 with 6 months of moratarium period along with a interest rate of 11.15% per annum. the Balance outstanding as on 31 march 2015 is Rs. 2.70 crores (As at 31 march 2014 - Rs. 2.70 crores).

c) Yes Bank ltd - INR long term loan amounting to Rs. 16 crores is repayable in 12 equal quarterly instalments commencing from September 2011 with 2 years moratarium period along with a interest of 12% per annum. the balance outstanding as on 31 march 2015 is Nil (As at 31 march 2014 - Rs. 1.33 crores).

d) Yes Bank ltd - INR long term loan amounting to Rs. 3.5 crores is repayable in 17 equal quarterly instalments commencing from august 2013 with 9 months moratarium period along with a interest of 12% per annum. the Balance outstanding as on 31 march 2015 is Rs. 2.26 crores (As at 31 march 2014 -Rs. 3.08 crores).

e) Yes Bank ltd- INR long term loan of Rs. 3.00 crores is repayable in 14 equal quarterly instalments commencing from may 2011 with 6 months moratarium period along with a interest of 12% per annum. the balance outstanding as on 31 march 2015 is Nil (As at 31 march 2014 - Rs. 0.44 crores).

f) Kotak mahindra Bank ltd - INR long term loan amounting Rs. 45 crores is repayable in 16 equal quarterly Instalments commencing from September 2015 with 1 Year of moratarium period along with an Interest at the rate of 10.25% per annum ( Base Rate 25 Bps). the Balance outstanding as at 31st march 2015 is Rs. 35.69 crores.

g) canara Bank ltd - INR long term loan amounting Rs. 45 crores is repayable in 20 equal quarterly Instalments commencing from march 2016 with 1.5 Years of moratarium period along with an Interest at the rate of 10.45% per annum ( Base Rate 25 BpS). the Balance outstanding as at 31st march 2015 is Rs. 7.76 crores.

i) RTSSL loan - INR loan from Rane TRw Steering Systems limited amounting to Rs.10 crores which is repayable in 16 equal instalments commencing from September 2013 with an interest of 9% per annum. The balance outstanding as on 31 march 2015 is Rs. 5.90 crores ( As on 31 march 2014 - Rs. 9.15 crores) which is secured on the respective machinery of Diecasting Business.

Unsecured

Nature of Security

1. Term Loan from IDBI Bank Limited amounting to Rs. 1.70 crores 2. Advance from TRw Automotive US LLc amounting to Rs. 2.92 crores (USD 5,50,000 equivalent)

3. long term loan from related party - RHL amounting to Rs. 7.50 crores at the rate of 12 % per annum. The Balance outstanding as at 31st March 2015 is Nil (As at 31 March 2014 - Rs. 4.50 crores).

3. Fixed Deposits Terms of Repayment

it is repayable in 20 equal quarterly installment commencing from october 2010 along with interest at the rate of 14.25 % per annum. the Balance outstanding as at 31 march 2015 is Rs. 0.17 crores (As at 31 march 2014 Rs. 0.51 crores).

It is repayable in 22 Equal instalments commencing from November 2013 with an interest of 1.74% per annum based on the supply forecast. the Balance outstanding as at 31st march 2015 is Rs. 1.05 crores (As at 31 march 2014 - Rs. 2.75 crores). nil

In respect of the Fixed Deposits which has not fallen due for repayment as at 31 march 2015 as per the original terms of acceptance of such deposits, aggregating Rs. 4.62 crores, the company has in pursuance of McA circular dated 28 January 2015 filed an application before the company Law Board, chennai (cLB), on 27 march, 2015, seeking permission to repay the deposits on the respective maturity dates in accordance with the terms of acceptance of these deposits, as stipulated under Section 74 of the companies Act 2013. the approval of the cLB is still awaited.

* Secured loans include cash credit, packing credit, commercial paper and working capital demand loan from banks and are secured on a pari passu basis by a first charge by way of hypothecation of inventories and book debts and are also secured by a second charge on all immovable properties and movable fixed assets of the company both present and future.

* There are no amounts due and outstanding to be credited to investor Education and Protection Fund under Section 125 of the Companies Act, 2013 as at the year end.

Employee Benefits

A. Gratuity : In keeping with the Company's Gratuity Scheme (defined benefit plan) eligible employees are entitled to gratuity benefit (at one half month's eligible salary for each completed year of service) on retirement/death/incapacitation/ termination etc. Also refer Note 1. 12(b) (iii) for accounting policy relating to gratuity.

* Experience adjustment has been disclosed upto FY 2011-12 based on the information available in the actuarial valuation report.

The company has invested the plan assets with the insurer managed funds. The insurance company has invested the plan assets in Government Securities, Debt Funds, equity shares, Mutual Funds, Money Market instruments and time Deposits. The expected rate of return on plan asset is based on expectation of the average long term rate of return expected on investments of the fund during the estimated term of the obligation.

The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market. the expected rate of return on plan assets is based on the composition of plan assets held (through LiO), historical results of the return on plan assets, the company's policy for plan asset management and other relevant factors.

* include interest paid/payable to Directors @ Net of borrowing cost capitalized ( Refer note 44)

'Amount is below the rounding off norm adopted by the Company.

The company has incurred an amount of Rs.0.60 crores towards corporate Social Responsibility activities during the current year ended 31 March 2015.

Note : 4

Related Party Disclosures

(a) List of related parties where control exists Holding Company

(b) Key Management personnel

(c) Relative of KMp

(d) Enterprises over which KMp or relatives of KMp can exercise significant influence

(e) other related parties where transactions has taken place (Fellow Subsidiaries)

(f) The above information regarding related parties have been determined to the extent such parties have been identified on the basis of information available with the company 2014-15

Rane Holdings limited (RHL) S parthasarathy - Manager under the companies Act, 2013

L Ganesh, chairman

L Lakshman

Meenakshi Ganesh

Aditya Ganesh

Aparna Ganesh

Shanthi Narayan

vanaja aghoram

L Ganesh HUF

Rane Foundation L Lakshman HUF L Ganesh HUF

Rane engine valve Limited (REvL)

Rane Holdings america inc. (RHAI)

Rane Brake Lining Limited (RBL)

2013-14

Rane Holdings Limited (RHL)

S parthasarathy - Manager under the companies AcL 2013

L Ganesh, chairman

L Lakshman

Meenakshi Ganesh

Aditya Ganesh

Aparna Ganesh

Shanthi Narayan

Hema c Kumar

vanaja aghoram

L Ganesh HUF

Rane Foundation

Kar Mobiles Limited

L Lakshman HUF

Rane Engine valve Limited (REvL)

Rane Brake Lining Limited (RBL)

Rane Holdings america inc. (RHAI)

Rs Crores

As at As at 31 March 2015 31 March 2014 Note : 5

Contingent Liabilities, Guarantees and Commitment Contingent Liabilities

Claims against the company not acknowledged as debts:

(i) income Tax matters under appeal by the company 13.43 12.98

(ii) central Excise and Service tax matters under appeal by the company 3.46 1.68

(iii) Labour related matters under appeal by the company 1.67 1.18

(iv) corporate license fee under appeal by the company 0.11 0.11

others

(i) income tax matters under appeal by the 0.31 0.31 Department Future cash flows in respect of the above matters are determinable only on receipts of judgments/decisions pending at various authorities

Guarantees and Letter of Credit outstanding bank 0.79 2.34 guarantees

Letter of credit 2.87 4.40

Bill Discounting

Outstanding 21.28 6.20

Commitment

Estimated amount of contracts remaining to be executed on capital account and not provided for [net of advance Rs.8.77 crores (previous year Rs.6.48 crores)] tangible asset 8.06 11.00

Total 51.98 40.20

The Company's operations comprise of only one business segment viz., components for transportation industry. The geographical segments considered for disclosure are - india and Rest of the world. All the manufacturing facilities are located in india.

Note : 6 Exceptional item

Exceptional items represents amount paid to employees who opted for voluntary retirement scheme extended to employees during the year.

Note: The above expenditure has been incurred by all the units of the company . However deduction under Section 35(2AB) of the income tax act , 1961. is being claimed only for puducherry and velachery unit. in respect of puducherry unit the company has made an applicatio to obtain approval from the Department of Scientific and industrial research in respect of its R&D unit. the approval is awaited

Details on derivative instruments and unhedged foreign currency exposures

I. The following derivative positions are open as at 31 March 2015.

(a) Forward exchange contracts and options (being derivative instruments), which are not intended for trading or speculative purposes but for hedge purposes to establish the amount of reporting currency required or available at the settlement date of certain payables and receivables.

(i) outstanding forward exchange contracts entered into by the company as on 31 march 2015

Rupees

During the year, pursuant to the notification of Schedule ii to the Companies Act, 2013 with effect from April 1, 2014, the Company has changed its estimated useful life of certain categories of assets to align the useful life with those prescribed in Schedule ii. The details of previously applied and currently adpoted depreciation method, rates / useful life are as follows:

pursuant to the transition provisions prescribed in Schedule ii to the companies act, 2013, the company has fully depreciated the carrying value of assets, net of residual value, where the remaining useful life of the asset was determined to be nil as on april 1, 2014, and has adjusted an amount of Rs. 63 lakhs (net of deferred tax of Rs. 32 lakhs) against the opening Surplus balance in the Statement of profit and Loss.

The depreciation expense in the Statement of profit and Loss for the year is higher by Rs.306 lakhs consequent to the change in the useful life of the assets.

The position of Chief Financial Officer fell vacant on 30th January 2015 and a new appointment is yet to be made Note : 46

Previous Year Figures

previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification / disclosure.

Note: N.A- Not Applicable

(i) None of the other directors receive any remuneration from the Company except sitting fees for attending meeting of the Board / committee(s) thereof.

(ii) Mr p Krishnamoorthy, cFo resigned effective January 30, 2015.

(iii) Remuneration of Secretary is part of the secretarial services availed by the company from Rane Holdings Limited.

2. median remuneration of the employees of the company for FY 2014-15 is Rs. 3.43 lakhs. Increase in median remuneration during the year: 15%.

3. number of permanent employees on the rolls of the company as on march 31,2015 was 1018 as against 1022 as on march 31,2014.

4. Relationship between average increase/decrease in remuneration and company performance:

(i) The average remuneration increased by 15%.

(ii) During FY 2014-15, the sales grew by 7.2% and profit before tax (pBT) declined by 14%. the decline in pBT is on account of change in depreciation due to revision in estimated useful life of assets as per companies AcL 2013 and exceptional expenditure incurred towards separation benefits under the voluntary retirement Scheme (vRS).

5. Comparison of remuneration of the Key Managerial Personnel(s) (KMP) against the performance of the Company:

the total remuneration of Key managerial personnel increased by 11% in 2014-15. the details of performance of the company is discussed in 4 (ii) above.

6. Average percentile increase made in salary of employees other than the managerial personnel in last financial year as against percentile increase in managerial remuneration average percentile increase made in salary of employees other than the managerial personnel in last financial year : 7%, the percentile increase in managerial remuneration: 11%. the increase in managerial remuneration is in line with the present industry standards.

7. Ratio of remuneration of the highest paid director to that of employees who are not directors but receive remuneration in excess of highest paid director during the year:

Not applicable. No remuneration is paid to directors except sitting fees for attending meetings of the Board/ committee(s) thereof and commission to chairman (non-executive). Hence, not comparable with the remuneration paid to the employees.

8. Key parameters for any variable component of remuneration availed by the directors

There are no key variable components in the remuneration paid to the non-executive directors except in the case of Chairman (Non-Executive) who is entitled to receive commission on the profits as per the approval of shareholders and decided by the Board of Directors of the company based on the recommendation of the nomination and Remuneration committee.

(ii) Percent increase over/decrease in the market quotations of shares of the company as compared to the rate at which company came out with last public offer: not applicable since the company has not made any public offer and the last issued equity share capital represents shares allotted to the shareholders of demerged company on account of Scheme of arrangement under Section 391-394 of the companies Act, 1956, as sanctioned by the Hon'ble High court of Judicature at Madras vide its order dated April 25, 2005.

9. it is hereby affirmed that the remuneration paid is in accordance with the remuneration policy.

A. Details as per Rule 5 (2) & 5 (3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014

i. Employed throughout the financial year with remuneration not less than Rs.60 lakhs per annum.


Mar 31, 2013

Note : 1

Segment Reporting

The entire operations of the Company relate only to one segment viz.''Components for Transportation Industry''. Company''s operation in different territories does not have significantly different risks and returns.

Note 2:

Details on derivative instruments and unhedged foreign currency exposures

I. The following derivative positions are open as at 31 March 2013.

(a) Forward exchange contracts and options (being derivative instruments), which are not intended for trading or speculative purposes but for hedge purposes to establish the amount of reporting currency required or available at the settlement date of certain payables and receivables.

(b) Cross Currency interest rate swaps to hedge against fluctuations in exchange rate and fluctuations in interest rate. No. of contracts: 3 (As at 31 March 2013)

Note 3:

Previous Year Figures

Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure.


Mar 31, 2012

Note 1

External Commercial Borrowings and related swap contracts

Yearend balance of foreign currency External Commercial Borrowings (ECBs) amounting to Rs.45.64 Crores are fully hedged through related swap contracts and are accounted as INR loan. The Company has been consistently treating the ECBs and the associated swap contracts as composite transactions.

Consequently,

(i) notional loss on restatement of ECBs aggregating to Rs. 5.03 Crores relating to depreciable fixed assets have not been adjusted to the carrying amount of fixed assets and

(ii) unrealized notional mark to market gain of Rs. 4.49 Crores relating to outstanding swap contracts has not been recognized in the Statement of Profit and Loss

(vi) Kignts, preferences and restrictions attached to equity bhares mentioned above:

The Company has only one class of equity shares having a par value of Rs.10 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company, in proportion to their shareholding.

Nature of Security

Long-term loans from SCB and DBS are secured on a pari passu basis by a first charge created on the Company's immovable properties both present and future and are also secured by hypothecation of the Company's movable properties both present and future, subject to prior charge on the book debts and inventories in favors of the bankers for working capital facilities.

Terms of Repayment for secured borrowings:

a) SCB - ECB loan availed Rs. 14.45 crores is repayable in 16 equal quarterly installments commencing from February, 2012 along with interest of 8.85 % per annum. Yearend balance is Rs. 13.55 crores (previous year Rs. 14.45 crores).

b) SCB-ECB loan availed Rs. 16.80 crores is repayable in 16 equal quarterly installments commencing from December, 2012 along with interest of 7.95% per annum. Yearend balance is Rs. 16.80 crores (previous year Rs.Nil).

c) SCB - ECB loan availed Rs. 13.64 crores is repayable in 16 equal quarterly installments commencing from April, 2008 along with interest of 3.00 % per annum. Yearend balance is Rs. Nil (previous year Rs. 3.92 crores)

d) DBS - ECB loan availed Rs. 15.29 crores is repayable in 8 equal half yearly installments commencing from September, 2012 along with interest of 8.98 % per annum. Yearend balance is Rs. 15.29 crores (previous year Rs. 15.29 crores).

Terms of Repayment for unsecured borrowings:

a) Term Loan from IDBI Bank Limited availed Rs. 1.70 crores is repayable in 20 equal quarterly installments commencing from October, 2010 along with interest of 14.25 % per annum. Yearend balance is Rs. 1.19 crores (previous year Rs.1.53 crores).

Note : 2

The financial statements for the year ended March 31, 2011 had been prepared as per the then applicable, pre-revised Schedule VI to the Companies Act, 1956. Consequent to the notification of Revised Schedule VI under the Companies Act, 1956, the financial statements for the year ended March 31, 2012 are prepared as per Revised Schedule VI. Accordingly, the previous year figures have also been reclassified to conform to this year's classification. The adoption of Revised Schedule VI for previous year figures does not impact recognition and measurement principles followed for preparation of financial statements.


Mar 31, 2011

1 Share Capital

1.1 5,438,125 (previous year - 5,438,125) equity shares of Rs.10 each are held by Rane Holdings Limited, the holding company.

1.2 8,131,316 (previous year-8,131,316) equity shares of Rs.10 each were allotted for consideration other than cash.

2 Secured Loans

2.1 Term loans from Banks are secured (Canara Bank and Standard Chartered Bank)/ to be secured (DBS Bank Limited) on a pari passu basis by a first charge created on the Company's immovable properties both present and future and are also secured by hypothecation of the Company's movable properties both present and future, subject to prior charge on the book debts and inventories in favour of the bankers for working capital facilities.

2.2 Cash credit, packing credit facilities and short term loans are secured on a pari passu basis by a first charge by way of hypothecation of inventories and book debts and are also secured by a second charge on all immovable properties and movable fixed assets of the Company both present and future.

3 Unsecured Loan

3.1 Fixed Deposits maturing within a period of one year amount to Rs.28,470 thousands (previous year - Rs. 18,390 thousands).

3.2 Loan from IDBI Bank repayable within one year is Rs.3,409 thousands (previous year - Rs. 2,557 thousands)

4 Cash and Bank Balances

Current Accounts include Interest Warrant Account Rs.796 thousands (previous year - Rs.1,018 thousands) and Unpaid Dividend Account Rs.765 thousands (previous year - Rs. 746 thousands)

The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors such as supply and demand in the employment market. The expected rate of return on plan assets is based on the composition of plan assets held (through LIC), historical results of the return on plan assets, the Company's policy for plan asset management and other relevant factors.

This being the fourth year of implementation of Accounting Standard 15 on 'Employee Benefits', figures of immediately preceding three years only have been given.

5 Segment Reporting

The entire operations of the Company relate only to one segment viz. 'Components for Transportation Industry'. Company's operation in different territories does not have significantly differing risks and returns.

6 Related Party Disclosures

(a) List of related parties where control exists

Holding Company Rane Holdings Limited (RHL)

(b) Key Management Personnel Harish Lakshman-Manager under the Companies Act, 1956 L Ganesh, Chairman

(c) Relatives of KMP Malavika Lakshman

L Lakshman (including L Lakshman HUF)

Pushpa Lakshman

Vanaja Aghoram

Shanthi Narayan

Aditya Ganesh

(d) Enterprises over which KMP can Rane TRW Steering Systems Limited (RTSSL) exercise significant influence Rane Foundation

Kar Mobiles Limited (KML)

(e) Other Related parties where Rane Engine Valve Limited (REVL) transactions has taken place Rane Diecast Limited (RDL) (Fellow Subsidiaries) Rane Brake Lining Limited (RBL)

(f) The above information regarding related parties have been determined to the extent such parties have been identified on the basis of information available with the Company.

7. Previous year's figures have been regrouped/re-arranged wherever necessary to conform to current year's presentation.


Mar 31, 2010

1 Change in Accounting Estimate

Based on the reassessment of the provisioning norms for debtors and inventory, all debts in excess of 180 days have been provided as doubtful debts as against 270 days in the previous year. In respect of raw materials and finished goods inventory ageing more than one year and semi-finished goods inventory ageing more than three months have been provided as slow-moving inventory as against two years for raw materials, one year for finished goods inventory and six months for semi-finished goods inventory in the previous year. As a result of this change, the provision for doubtful debts and slow moving inventory has increased by Rs. 2,037 thousands and Rs. 15,515 thousands respectively and the profit for the year ended March 31, 2010 has decreased by Rs.17,552 thousands.

2 Share Capital

2.1 5,438,125 equity shares of Rs.10 each are held by Rane Holdings Limited, the holding company.

2.2 8,131,316 equity shares of Rs.10 each were allotted for consideration other than cash.

3 Secured Loans

3.1 Term loans from Banks are secured on a pari passu basis by a first charge created on the Companys immovable properties both present and future and are also secured by hypothecation of the Companys movable properties both present and future, subject to prior charge on the book debts and inventories in favour of the bankers for working capital facilities.

3.2 Cash credit, packing credit facilities and short term loans are secured on a pari passu basis by a first charge by way of hypothecation of inventories and book debts and are also secured by a second charge on all immovable properties and movable fixed assets of the Company both present and future.

4 Unsecured Loan

4.1 Fixed Deposits maturing within a period of one year amount to Rs. 18,390 thousands (previous year -Rs. 8,295 thousands).

4.2 Amount repayable in respect of Interest free sales tax loan within one year is Rs. Nil thousands (previous year- Rs. 2,471 thousands).

5 Cash and Bank Balances

The above information and that given in Schedule L-"Liabilities" regarding Micro, Small and Medium Enterprises have been determined to the extent such parties have been identified on the basis of information available with the Company.

6 Capital Commitment

7 Contingent Liabilities

Claims against the Company not acknowledged as debts 74,891 29,341

8 Disclosure as per AS15 revised

9 Managerial Remuneration

* Company follows depreciation rates higher than the rates prescribed under Section 350 and accordingly the same has been considered for the purpose of managerial remuneration.

10 Segment Reporting

The entire operations of the Company relate only to one segment viz. Components for Transportation Industry. As the exports are predominantly to developed countries, geographical risk is not different from domestic market and hence no separate secondary segment disclosure is required.

11 Related Party Disclosures

(a) List of related parties where control exists

Holding Company Rane Holdings Limited (RHL)

Fellow Subsidiaries Rane Engine Valve Limited (REVL) Rane Diecast Limited (RDL) Rane Brake Lining Limited (RBL)

(b) Key Management Personne l (KMP) Harish Lakshman-Manager under The Companies Act, 1956 L Ganesh, Chairman S Parthasarathy, President

(c) Relatives of KMP Malavika Lakshman L Lakshman Pushpa Lakshman Vanaja Aghoram

(d) Enterprises over which KMP can Rane TRW Steering Systems Limited (RTSSL) exercise significant influence

(e) The above information regarding related parties have been determined to the extent such parties have been identified on the basis of information available with the Company.

12 Previous years figures have been regrouped wherever necessary.

 
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