Notes to Accounts of Gujarat Lease Financing Ltd.

Mar 31, 2015

1) Corporate Information

The Company is a registered Non-banking finance Company ("NBFC"). However, the Company has ceased to carry on business as NBFC since 1999-2000. During the year, the Company has earned income from fixed deposits and sale of fixed asset.

During the year the Company has incurred loss amounting to Rs.6.96 lacs (2013-14: Rs.13.41 lacs). As at March 31, 2015, its negative net worth (excluding borrowing from and investments in subsidiaries) is Rs. 2,236.65 Lacs (March 31, 2014: Rs. 2,239.23 lacs) which is mainly represented by, borrowing from one of the promoter group company of Rs. 1,500 lacs, (which as per the scheme of Compromise and arrangement (refer note 2.19) sanctioned by High Court in 2004 would not be repaid before repayment of all other liabilities). Further, the interest received of Rs. 1,060.94 lacs on Income tax refund of Rs.3,102.74 lacs and short provision of tax of Rs. 277.21 lacs resulting therefrom, is pending adjustment/accounting consequent to appeals filed by the Income tax Authorities against the refund order.

In view of the above, these financial statements have been prepared on going concern basis and do not include any adjustment relating to recorded amounts and the classification of asset and liabilities that might be necessary should the company be unable to continue as a going concern.

2.SHARE CAPITAL:

1. Rights, preferences and restrictions attaching to each class of shares including restrictions on the distribution of dividends and the repayment of capital;

The Company has only one class of equity shares having a par value of Rs. 10 per share. Each Shareholder is entitled to one vote per share. The dividend proposed by the Board of Directors, if any, is subject to the approval of shareholders, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amounts, in proportion of their shareholding.

3. Contingent Liabilities

a) Uncalled liability on partly paid-up shares amounts to Rs.141.08 lacs (As at March 31,2014 Rs.141.08 lacs).

b) Disputed demand of Sales Tax not provided for in respect of which appeals have been preferred Rs. NIL (As at March 31, 2014 Rs.0.94 lacs)

c) Disputed income-tax amounting to Rs. 277.21 lacs (As at March 31, 2014 Rs.284.96 lacs).

(Ref. Note No. 2.20 (c))

Future cash outflows in respect of the above matters are determinable only on receipt of judgements / decisions pending at various forums / authorities.

4. Hon'ble High Court of Gujarat had sanctioned the scheme of compromise and arrangement between the Company and a consortium of 16 banks on 27th July,2004 under section 391 of the Companies Act,1956 and the Company has made the payment in the accounting year 2004-05 to the banks as per the Court's order.However, the final deed of Assignment of the charged assets in favour of banks is yet to be made.

5. Income Tax

(a) In view of unabsorbed losses and in the absence of taxable income under the provisions of the Income Tax Act, 1961 in the current year, the company believes that there will be no tax liability. Accordingly, no provision for income tax for the year has been made in the accounts.

(b) The Company has unabsorbed depreciation and carry forward losses under the Income Tax Act, 1961. In the absence of virtual certainty of sufficient future taxable income, deferred tax assets are not recognized in the accounts.

(c) The Company has already received refund of tax pertaining to earlier assessment year amounting to Rs.3,102.74 lacs (As at March 31, 2014 Rs.3,067.45 lacs) which includes interest on refund amounting to Rs.1,060.94 lacs (As at March 31, 2014 Rs.1,033.66 lacs). In view of opinion received from the Tax Consultants and pendency of appeals, the Company has, as a matter of prudence neither adjusted the short provision for tax of Rs.277.21 lacs (As at March 31, 2014 Rs.284.96 lacs) nor recognised the interest received on tax refund amounting to Rs.1,060.94 lacs (As at March 31, 2014 Rs.1,033.66 lacs). Necessary entries for the same shall be made on settlement of pending matters/disputes with the tax/appellate authorities.

6. As at March 31, 2015 the Company has investments in its three wholly owned subsidiaries with an aggregate carrying value of Rs. 1,120.91 lacs (net of provision of diminution in value of investments). These subsidiaries have ceased to carry on business. Provision has been made for the diminution in the value of investments in these subsidiaries based on the assessment of the realizable value of their assets.

7. As the net-worth of the Company has been fully eroded, the Company has not been able to meet with the requirements that were stipulated under the Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007 relating to Capital Adequacy and Concentration of Credit/Investment. As per the Revised Regulatory Framework for NBFC issued by RBI in November 2014, the Company being an NBFC - ND (Non-Deposit Accepting) having asset size of less than Rs. 500 crore is exempted from the requirement of maintaining CRAR and complying with Credit Concentration Norms.

8. As the company has ceased operations there are no reportable segments in accordance with the requirement of Accounting Standard (AS-17) " Segment Reporting" specified under Section 133 of the Companies Act, 2013, read with Rule 7 of the Companies (Accounts) Rules, 2014.

9. In accordance with the Memorandum of Understanding dated 9th January, 2008 entered into between the company and banks, 179,520 equity shares of Competent Automobiles Ltd of Rs 10/- each, belonging to the banks will be sold / transferred by the Company as per the advice of the banks. Till such time, GLFL will hold the shares on behalf of the bankers in its Demat Account.

10. The Company has taken a policy with the Life Insurance Corporation of India to cover the above liability of gratuity and fair value of plan assets at the beginning of the year was Rs. 12.65 lacs and the same at the end of the year is Rs 13.79 lacs. No benefits have been paid out of the said plan assets during the year. The Company has three employees but none of the employee is presently eligible for the Gratuity under the rules of the Payment of Gratuity Act.

11. On the basis of information available with the Management there are no dues payable to Micro and Small Enterprises. This has been relied upon by the auditors.

12. Related Party Disclosures:

Names of related parties and description of relationship:

1 Subsidiaries GLFL Housing Finance Ltd.

GLFL Securities Ltd.GLFL International Ltd.

2. Controlling Company Torrent Private Limited

3. Enterprises controlled Torrent Power Limited by the entity exercis ing significant influence over the Torrent Pharmaceuticals Limited company Torrent Cables Limited

Torrent Power Services Private Limited

Heumann Pharma GmbH & Co. Generica KG

Torrent Do Brasil Ltda.

Zao Torrent Pharma

Torrent Pharma GmbH.

Torrent Pharma Inc.

Torrent Pharma Philippines Inc.

Torrent Australasia Pty Ltd.

Laborotrios Torrent SA de CV

Torrent Pharma (UK) Ltd.

Torrent Pharma Canada Inc.

Torrent Pharma (Thailand) Co. Ltd.

Norispharm GmbH.

Heunet Pharma GmbH.

Torrent Financiers

AEC Cements & Constructions Limited

Torrent Power Grid Limited

Torrent Pipavav Generation Limited

Torrent Energy Limited

Torrent Solargen Limited (Earlier known as Torrent PowerBhiwandi Limited)

Torrrent Pharma S.R.L.

Laborotrios Torrent (Malaysia) Sdn Bhd.

Tidong Hydro Power Ltd

Torrent Fincorp Pvt Ltd.

Torrent Pharmaceuticals ( Sikkim)

Opening Pharma France

Aptil Pharma Limited UK

Tornascent Care Institute

3. Enterprise controlled GLFL Employees Gratuity Fund by the company

4. Key Management a)Shri Pradip J.Mehta - Up to 20th January, Personnel (KMP) 2015. b) Shri Anil Jhaveri-CEO With effect from 20th January,2015

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

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Mar 31, 2013

1. 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. The dividend proposed by the Board of Directors is subject to the approval of shareholders, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amounts, in proportion of their shareholding.

2.1 Contingent Liabilities

a) Uncalled liability for partly paid-up shares amounts to Rs.141.08 lacs (Rs.141.08 lacs).

b) Disputed demand of Sales Tax for which appeals have been preferred Rs.21.12 lacs ( Rs.36.22 lacs)

2.3 The company''s net worth had been fully eroded. However, the accounts have been prepared on going concern basis. The ability of the company to continue as a going concern depends upon the full implementation of the sanctioned scheme.

2.4 Hon''ble High Court has sanctioned the scheme of compromise and arrangement between GLFL and consortium of 16 banks on 27"'' July,2004 under section 391 of the Companies Act,1956 and made the payment in the accounting year 2004-05 to banks as per High Court order. However, the final deed of Assignment of the charged assets in favor of banks is yet to be entered into.

2.5 Income Tax

(a) In view of unabsorbed losses and in the absence of taxable income under the provisions of the Income Tax Act, 1961 in the current year, the company believes that there will be no tax liability. Accordingly, no provision for income tax has been made in the accounts under review.

(b) The company has unabsorbed depreciation and carry forward losses under the Income Tax Act, 1961. In the . absence of virtual certainty of sufficient future taxable income, net deferred tax assets are not recognized in the accounts.

(c) The company received refund of tax pertaining to earlier assessment year amounting to Rs.3067.45 lacs which includes interest on refund amounting to Rs. 1033.66 lacs. In view of opinion received from the Tax Consultants and pendency of appeals, the company has, as a matter of prudence neither adjusted the book provisions nor recognized the interest on tax refund amounting to Rs.1033.66 lacs as income and short provision of tax and interest there on of Rs.284.96 lacs. Necessary entries for the same shall be made on settlement of pending matters/disputes with the tax/appellate authorities.

2.6 Provision for Non Performing Assets and compliances to guidelines issued by RBI.

(a) As net-worth of the company has been fully eroded, the company has not been able to meet with the requirement of Capital Adequacy and Concentration of Credit/Investment.

(b) Apart from the above, the company has complied with the guidelines issued by the Reserve Bank of India in respect of Prudential Norms for Provision for Bad and Doubtful Debts, Income Recognition and Accounting standards.

2.7 The company has only one revenue segment- Lease and Hire purchase income. Accordingly, segment reporting disclosure as envisaged in accounting standard (AS-17) " Segment Reporting" issued by Institute of the Chartered Accounts of India is not applicable to the Company.

2.8 In accordance with the Memorandum of Understanding dated 9 January, 2008-entered into between the company and banks, 179520 equity shares of Competent Automobiles Ltd of Rs 10/- each, belonging to the banks will be sold / transferred by the Company as per the advice of the banks. Till such time, GLFL will hold the shares. The said shares are kept in Demat Account of the company with HDFC Bank.

2.9 The Company''s opening defined benefit obligation in the form of Gratuity towards the one employee is Rs. 0.87 iacs. The Closing balance of the said obligation is Rs. 0.95 lacs. The Company has taken a policy with the Life Insurance Corporation of India to cover the above liability of gratuity and fair value of plan assets at the beginning of the year was Rs. 10.87 lacs and the same at the end of the year is Rs11.85 lacs. No benefits have been paid out of the said plan assets during the year.

The full liability for leave encashment as at the yearend amounting to Rs 0.17 lacs has been provided.

(3) Transaction with related parties which are not material in nature and carried out in normal course of business such as payment of electricity bills, contribution to the employees fund etc. are not shown.

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Mar 31, 2012

A: 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. The dividend proposed by the Board of Directors is subject to the approval of shareholders, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amounts, in proportion of their shareholding.

1.1 Contingent Liabilities

A) Uncalled liability for partly paid-up shares amounts toRs.l41.08Iacs (Rs.141.08lacs).

B) Disputed demand of Sales Tax for which appeals have been preferred is Rs.36.22 lacs (Rs.36.22 lacs)

1.2 The company's net worth had been fully eroded. However, the accounts have been prepared on going concern basis. The ability of the company to continue as a going concern depends upon the full implementation of the sanctioned scheme.

1.3 Hon'ble High Court has sanctioned the scheme of compromise and arrangement between GLFL and consortium of 16 banks on 27* July,2004 under section 391 of the Companies Act,1956 and made the payment in the accounting year 2004-05 to banks as per High Court order. However, the final deed of Assignment of the charged assets in favor of banks is yet to be entered into.

1.4 Income Tax

(a) In view of unabsorbed losses and in the absence of taxable income under the provisions of the Income Tax Act, 1961 in the current year, the company believes that there will be no tax liability. Accordingly, no provision for income tax has been made in the accounts under review,

(b) The company has unabsorbed depreciation and carry forward losses under the Income Tax Act,1961. In the absence of virtual certainty of sufficient future taxable income, net deferred tax assets are not recognized in the accounts.

(c) The company received refund of tax pertaining to earlier assessment year amounting to Rs.3067.45 lacs which includes interest on refund amounting to Rs.1033.66 lacs. In view of opinion received from the Tax Consultants and pendency of appeals, the company has, as a matter of prudence neither adjusted the book provisions nor recognized the interest on tax refund amounting to Rs.1033.66 lacs as income and short provision of tax and interest there on of Rs.284.96 lacs. Necessary entries for the same shall be made on settlement of pending matters/disputes with the tax/appellate authorities.

1.5 Provision for Non Performing Assets and compliances to guidelines issued by RBI.

(a) As net-worth of the company has been fully eroded, the company has not been able to meet with the requirements of Capital Adequacy and Concentration of Credit/Investment.

(b) Apart from the above, the company has complied with the guidelines issued by the Reserve Bank of India in respect of Prudential Norms for Provision for Bad and Doubtful Debts, Income Recognition and Accounting standards.

1.6 The company has only one revenue segment- Lease and Hite purchase income. Accordingly, segment reporting disclosure as envisaged in accounting standard (AS-17) " Segment Reporting'' issued by Institute of Chartered Accounts of India is not applicable to the Company.

1.7. In accordance with the Memorandum of Understanding dated 9* January, 2008 entered into between the company and banks, 179520 equity shares of Competent Automobiles Ltd of Rs 10/- each, belonging to the banks will be sold / transferred by the Company as per the advice of the banks. Till such time, GLFL will hold the shares. The said shares are kept in Demat Account of the company with HDFC Bank Ltd.

1.8 The Company's opening defined benefit obligation in the form of Gratuity towards the only one employee is Rs. 0.45 lacs. The Closing balance of the said obligation is Rs. 0.87 lacs. The Company has taken a policy with the Life Insurance Corporation of India to cover the above liability of gratuity and fair value of plan assets at the beginning of the year was Rs. 9.98 lacs and the same at the end of the year is Rs 10.87 lacs. No benefits have been paid out of the said plan assets during the year.

The full liability for leave encashment as at the year end amounting to Rs 0.85 lacs has been provided.

1.9 The Revised Schedule VI has become effective from 1st April, 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification / disclosure.

1.10 Figures in bracket indicate previous year figures.

1.11 The amounts in Balance sheet and Profit & Loss Statement are rounded off to nearest thousand and indicated in lacs of rupees.

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Mar 31, 2011

1. Contingent Liabilities

A) Uncalled liability for partly paid-up shares amounts to Rs.l41.081acs (Rs. 141.08 lacs):

B) Disputed demand of Sales Tax for which appeals have been preferred Rs.36.22 1acs (Rs.36.221acs) .

2. The companys net worth had been fully eroded. However, the accounts have been prepared on going concern basis. The ability of the company to continue as a going concern depends upon the full implementation of the sanctioned scheme.

3. Honble High Court has sanctioned the scheme of compromise and arrangement between GLFL and consortium of 16 banks on 27th July,2004 under section 391 of the Companies Act, 1956 and made the payment in the accounting year 2004-05 to banks as per High Court order. However, the final deed of Assignment of the charged assets in favour of banks is yet to be entered into.

4. Income Tax

(a) In view of unabsorbed losses and in the absence of taxable income under the provisions of the Income Tax Act, 1961 in the current year, the company believes that there will be no tax liability. Accordingly, no provision for income tax has been made in the accounts under review.

(b) The company has unabsorbed depreciation and carry forward losses under the Income Tax Act, l961. In the absence of virtual certainty of sufficient future taxable income, net deferred tax assets are not recognized in the accounts.

(c) The company received refund of tax pertaining to earlier assessment year amounting to Rs.3067.45 lacs which includes interest on refund amounting to Rs.1033.66 lacs. In view of opinion received from the Tax Consultants and pendency of appeals, the company has, as a matter of prudence neither adjusted the book provisions nor recognised the interest on tax refund amounting to Rs. l033.66 lacs as income and short provision of tax and interest there on of Rs.284.96 lacs. Necessary entries for the same shall be made on settlement of pending matters/disputes with the tax/appellate authorities.

5. Provision for Non Performing Assets and compliances to guidelines issued by RBI.

(a) As net-worth of the company has been fully eroded, the company has not been able to meet with the requirement of Capital Adequacy and Concentration of Credit/Investment.

(b) Apart from the above, the company has complied with the guidelines issued by the Reserve Bank of India in respect of Prudential Norms for Provision for Bad and Doubtful Debts, Income Recognition and Accounting standards.

6. The company has only one revenue segment- Lease and Hire purchase income. Accordingly, segment reporting disclosure as envisaged in accounting standard (AS-17) " Segment Reporting" issued by Institute of Chartered Accounts of India is not applicable to the Company.

7. In accordance with the Memorandum of Understanding dated 9th January,2008 entered into between the company and banks, 179520 equity shares of Competent Automobiles Ltd of Rs 10/- each, belonging to the banks will be sold / transferred by the Company as per the advice of the banks. Till such time, GLFL will hold the shares. The said shares are kept in Demat Account of the company with HDFC Bank.

8. The Companys opening defined benefit obligation in the form of Gratuity towards the only one employee is Rs.0.45 lacs. The Closing balance of the said obligation is Rs.0.45 lacs. The Company has taken a policy with the Life Insurance Corporation of India to cover the above liability of gratuity and fair value of plan assets at the beginning of the year was Rs. 9.15 lacs and the same at the end of the year is Rs 9.98 lacs. No benefits have been paid out of the said plan assets during the year.

The full liability for leave encashment as at the year end amounting to Rs 1.03 lacs has been provided.

10. Previous years figures have been regrouped and rearranged, wherever necessary.

11. Figures in bracket indicate previous year figures.

12. The amount in Balance sheet and Profit & Loss Account are rounded off to nearest thousand and indicated in lacs of rupees.

13. Related Party Transactions:

Names of related parties and description of relationship:

1 Subsidiaries GLFL Housing Finance Ltd.

GLFL Securities Ltd.

GLFL International Ltd.

2 Controlled by Company Torrent Private Limited

3. Enterprises controlled by Torrent Power Ltd. the controlling Company Torrent Pharmaceuticals Limited

Torrent Cables Limited

Torrent Power Services Private Limited

Heumann Pharma GmbH & Co. Generica KG

Torrent Do Brasil Ltda.

Zao Torrent Pharma

Torrent Pharma GmbH.

Torrent Pharma Inc.

Torrent Pharma Philippines Inc.

Torrent Australasia Pty Ltd.

Laborotrios Torrent SA de CV

Torrent Pharma (UK) Ltd.

Torrent Pharma Canada Inc.

Torrent Pharma (Thailand) Co. Ltd.

Norispharm GmbH.

Heunet Pharma GmbH.

Torrent Financiers

AEC Cements & Constructions Limited

Torrent Power Grid Limited

Torrent Pipavav Generation Limited

Torrent Energy Limited Torrent

Power Bhiwandi Limited

Torrrent Pharma S.R.L.

Laborotrios Torrent (Malaysia) Sdn Bhd.

Tidong hydro power Ltd

4. Enterprises controlled by the company GLFL Employees Gratuity Fund

5. Key Management Personnel Harnish Patel

(2) Transaction with related parties which are not material in nature and carried out in normal course of business such as payment of electricity bills, contribution to the employees fund etc. are not shown.

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Mar 31, 2010

1. Contingent Liabilities

A) Uncalled liability for partly paid-up shares amounts toRs.l41.08lacs (Rs. 141.08 lacs).

B) Disputed demand of Income Tax for which appeals have been preferred NIL(Rs. 1369.27lacs)

C) Disputed demand of Sales Tax for which appeals have been preferred Rs.36.22 lacs (Rs. 186.811acs)

2. The companys net worth had been fully eroded. However, the accounts have been prepared on going concern basis. The ability of the company to continue as a going concern depends upon the full implementation of the sanctioned scheme.

3. Honble High Court has sanctioned the scheme of compromise and arrangement between GLFL and consortium of 16 banks on 27" July ,2004 under section 391 of the Companies Act,1956 and made the payment in the accounting year 2004-05 to banks as per High Court order. However, the final deed of Assignment of the charged assets in favour of banks is yet to be entered into.

4. Income Tax

(a) In view of unabsorbed losses and in the absence of taxable income under the provisions of the Income Tax Act, 1961 in the current year, the company believes that there will be no tax liability. Accordingly, no provision for income tax has been made in the accounts under review.

(b) The company has unabsorbed depreciation and carry forward losses under the Income Tax Act,1961. In the absence of virtual certainty of sufficient future taxable income, net deferred tax assets are not recognized in the accounts.

(c) The company received refund of tax pertaining to earlier assessment year amounting to Rs.3067.45 lacs which includes interest on refund amounting to Rs. 1033.66 lacs. In view of opinion received from the Tax Consultants and pendency of appeals, the company has, as a matter of prudence neither adjusted the book provisions nor recognised the interest on tax refund amounting to Rs.1033.66 lacs as income and short provision of tax and interest there on of Rs.284.96 lacs. Necessary entries for the same shall be made on settlement of pending matters/disputes with the tax/appellate authorities.

5. Provision for Non Performing Assets and compliances to guidelines issued by RBI.

(a) As net-worth of the company has been fully eroded, the company has not been able to meet with the requirement of Capital Adequacy and Concentration of Credit/Investment.

(b) Apart from the above, the company has complied with the guidelines issued by the Reserve Bank of India in respect of Prudential Norms for Provision for Bad and Doubtful Debts, Income Recognition and Accounting standards.

6. The company has only one revenue segment- Lease and Hire purchase income. Accordingly, segment reporting disclosure as envisaged in accounting standard (AS-17) " Segment Reporting" issued by Institute of Chartered Accounts of India is not applicable to the Company.

8. In accordance with the Memorandum of Understanding dated 9th January,2008 entered into between the company and banks, the banks has agreed to receive 1,79,520 equity shares being the 60% share of 2,99,200 equity shares of Competent Automobiles Ltd of Rs 10/- each held by GLFL groups i.e the company and GLFL Securities Ltd each holding 1,49,600 equity shares. During the year 2009-10 GLFL has acquired 29920 equity shares from GLFL Securities Ltd. The 179520 equity shares belonging to the banks will be sold / transferred by the Company as per the advice of the banks. Till such time, GLFL will hold the shares which are in Demat Account with HDFC Bank, on behalf of Banks.

9. The Companys opening defined benefit obligation in the form of Gratuity towards the only one employee is Rs.0.40 lacs. The Closing balance of the said obligation is Rs.0.40 lacs. The Company has taken a policy with the Life Insurance Corporation of India to cover the above liability of gratuity and fair value of plan assets at the beginning of the year was Rs. 8.39 lacs and the same at the end of the year is Rs.9.15 lacs. No benefits have been paid out of the said plan assets during the year.

The full liability for leave encashment as at the year end amounting to Rs 0.92 lacs has been provided.

10. Previous years figures have been regrouped and rearranged, wherever necessary.

11. Figures in bracket indicate previous year figures.

12. The amount in Balance sheet and Profit & Loss Account are rounded off to nearest thousand and indicated in lacs of rupees.

Names of related parties and description of relationship:

1 Subsidiaries GLFL Housing Finance Ltd.

GLFL Securities Ltd.

GLFL International Ltd.

2 Controlled by Company Torrent Private Limited

3. Enterprises controlled by Torrent Power Ltd.

the controlling Company Torrent Pharmaceuticals Limited

Torrent Cables Limited

Torrent Power Services Private Limited

Heumann Pharma GmbH & Co. Generica KG

Torrent Do Brasil Ltda. .

Zao Torrent Pharma

Torrent Pharma GmbH.

Torrent Pharma Inc.

Torrent Pharma Philippines Inc.

Torrent Australasia Pty Ltd.

Laborotrios Torrent SA de CV

Torrent Pharma Japan Co. Ltd.

Torrent Pharma Canada Inc.

Torrent Pharma (Thailand) Co. Ltd.

Norispharm GmbH.

Heunet Pharma GmbH.

Torrent Financiers

AEC Cements & Constructions Limited

Torrent Power Grid Limited

Torrent Pipavav Generation Limited

Torrent Energy Limited

Torrent Power Bhiwandi Limited

4. Enterprises controlled by the company GLFL Employees Gratuity Fund

5. Key Management Personnel Shri Harnish Patel



(2) Transaction with related parties which are not material in nature and carried out in normal course of business such as payment of electricity bills, contribution to the employees fund etc. are not shown.