FUTURE GODREJ INDUSTRIES Notes to Accounts

1. Offsetting of financial instruments


Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet if there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, to realize the assets and settle the liabilities simultaneously.


2. Derivative financial instruments


The Company uses derivative financial instruments, such as forward currency contracts and interest rate swaps, to hedge its foreign currency risks and interest rate risks respectively. The Company also uses commodity futures contracts to hedge the exposure to oil price risks. Such derivative financial instruments are initially recognized at fair value on the date on which a derivative contract is entered into and are subsequently re-measured at fair value at the end of each reporting period. The accounting for subsequent changes in fair value depends on whether the derivative is designated as a hedging instrument, and if so, the nature of item being hedged and the type of hedge relationship designated.


Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.


3. Provisions and Contingent Liabilities


Provisions are recognized when the Company has a present obligation as a result of a past event; it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and when a reliable estimate of the amount of the obligation can be made. Provisions are measured at the best estimate of the expenditure required to settle the present obligation at the Balance Sheet date. The expenses relating to a provision is presented in the Statement of Profit and Loss net of any reimbursement.


If the effect of the time value of money is material, provisions are determined by discounting the expected future cash flows specific to the liability. The unwinding of the discount is recognized as finance cost.


Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company or a present obligation that arises from past events where it is either not probable that an outflow of resources will be required to settle the obligation or a reliable estimate of the amount cannot be made.


A contingent asset is not recognized but disclosed in the financial statements where an inflow of economic benefit is probable.


Commitments includes the amount of purchase orders (net of advance) issued to parties for acquisition of assets. Provisions, contingent assets, contingent liabilities and commitments are reviewed at each balance sheet date.


4. Revenue Recognition


Sales are recognized when goods are supplied and significant risks and rewards of ownership in the goods are transferred to the buyer as per the terms of contract and no significant uncertainty exists regarding the amount of the consideration that will be derived from the sale of the goods. Sales are inclusive of excise duty and net of returns, trade discounts, rebates and sales taxes.


Income from processing operations is recognized on completion of production / dispatch of the goods, as per the terms of contract.


Dividend income is recognized when the right to receive the same is established, it is probable that the economic benefits associated with the dividend will flow to the Company and the amount of dividend can be measured reliably.


For all financial instruments measured at amortized cost, interest income is recorded using the effective interest rate (EIR), which is the rate that discounts the estimated future cash payments or receipts through the expected life of the financial instruments or a shorter period, where appropriate, to the net carrying amount of the financial assets. Interest income is included in other income in the Statement of Profit and Loss.


Income on assets given on operating lease is recognized on a straight line basis over the lease term in the Statement of Profit and Loss.


5. Employee Benefits


(i) Short-Term Employee Benefits


All employee benefits payable wholly within twelve months of rendering the service are classified as short term employee benefits. Benefits such as salaries, performance incentives, etc., are recognized as an expense at the undiscounted amount in the Statement of Profit and Loss of the year in which the employee renders the related service.


The Company has a scheme of Performance Linked Variable Remuneration (PLVR) which rewards its employees based on Economic Value Added (EVA) or Profit before Tax (PBT). The PLVR amount is related to actual improvement made in EVA or PBT over the previous year when compared with expected improvements.


(ii) Post Employment Benefits


(a) Defined Contribution Plans


Payments made to a defined contribution plan such as Provident Fund and Family Pension maintained with Regional Provident Fund Office are charged as an expense in the Statement of Profit and Loss as they fall due.


(b) Defined Benefit Plans


The Company’s net obligation in respect of defined benefit plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned in the current and prior periods, after discounting the same. The calculation of defined benefit obligations is performed annually by a qualified actuary using the projected unit credit method. Re-measurement of the net defined benefit liability, which comprise actuarial gains and losses are recognized immediately in Other Comprehensive Income (OCI). Net interest expense (income) on the net defined liability (assets) is computed by applying the discount rate, used to measure the net defined liability (asset). Net interest expense and other expenses related to defined benefit plans are recognized in Statement of Profit and Loss. When the benefits of a plan are changed or when a plan is curtailed, the resulting change in benefit that relates to past service or the gain or loss on curtailment is recognized immediately in Statement of Profit and Loss. The Company recognizes gains and losses on the settlement of a defined benefit plan when the settlement occurs.


Pension plan for eligible employees are considered as defined benefit obligations and are provided for on the basis of an actuarial valuation, using the Projected Unit Credit Method, as at the date of the Balance Sheet.


(iii) Other Long-Term Employee Benefits


The Company’s net obligation in respect of long-term employee benefits is the amount of future benefit that employees have earned in return for their service in the current and prior periods. That benefit is discounted to determine its present value. Re-measurement are recognized in Statement of Profit and Loss in the period in which they arise.


(iv) Terminal Benefits


All terminal benefits are recognized as an expense in the period in which they are incurred.


6. Share-Based Payments


Employees of the Company also receive remuneration in the form of share based payments in consideration of the services rendered.


Under the equity settled share based payment, the fair value on the grant date of the awards given to employees is recognized as ‘employee benefit expenses’ with a corresponding increase in equity over the vesting period. The fair value of the options at the grant date is calculated basis Black Scholes model. At the end of each reporting period, apart from the non market vesting condition, the expense is reviewed and adjusted to reflect changes to the level of options expected to vest. When the options are exercised, the Company issues fresh equity shares.


When the terms of an equity-settled award are modified, an additional expense is recognized for any modification that increases the total fair value of the share-based payment transaction, or is otherwise beneficial to the employee as measured at the date of modification.


7. Operating Leases


Leases of assets under which all the risks and rewards of ownership are effectively retained by the less or are classified as operating leases. Lease payments under operating leases are recognized on a straight line basis over the lease term as an expense in the Statement of Profit and Loss.


8. Research and Development Expenditure


Revenue expenditure on Research & Development is charged to the Statement of Profit and Loss of the year in which it is incurred. Capital expenditure incurred during the year on Research & Development is included under additions to fixed assets.


9. Borrowing Costs


Borrowing costs are interest and other costs that the Company incurs in connection with the borrowing of funds and is measured with reference to the effective interest rate applicable to the respective borrowing. Borrowing costs that are directly attributable to the acquisition of an asset that necessarily takes a substantial period of time to get ready for its intended use are capitalized as part of the cost of that asset till the date it is put to use. Other borrowing costs are recognized as an expense in the period in which they are incurred.


10. Foreign Exchange Transactions


(i) The financial statements of the Company are presented in Indian Rupee (INR), which is Company’s functional and presentation currency.


(ii) Transactions in foreign currency are recorded at exchange rates prevailing on the day of the transaction. Monetary assets and liabilities denominated in foreign currency, remaining unsettled at the period end are translated at closing rates. The difference in translation of monetary assets and liabilities and realized gains and losses on foreign currency transactions are recognized in the Statement of Profit and Loss. Non-monetary items that are measured based on historical cost in a foreign currency are translated at the exchange rate at the date of the transaction.


(iii) The difference in translation of long term monetary assets acquired and liabilities incurred prior to April 01, 2016 and realized gains and losses on foreign currency transactions relating to acquisition of depreciable capital assets are added to or deducted from the cost of the asset and depreciated over the balance life of the asset; and in other cases, accumulated in a Foreign Currency Monetary Item Translation Difference Account and amortized over the balance period of such long term asset / liability, by recognition as income or expense but not beyond March 31, 2020.


11. Taxes on Income


ncome tax expense comprises current and deferred tax and is recognized in the Statement of Profit and Loss except to the extent that it relates to items recognized directly in equity or in OCI.


(i) Current Tax


Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to the tax payable or receivable in respect of previous years. It is measured using tax rates enacted or substantively enacted at the reporting date.


(ii) Deferred Tax


Deferred tax is recognized in respect of temporary differences arising between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes.


Deferred tax assets are recognized for unused tax losses, unused tax credits and deductible temporary differences to the extent that it is probable that future taxable profits will be available against which they can be used. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized; such reductions are reversed when the probability of future taxable profits improves.


Unrecognized deferred tax assets are reassessed at each reporting date and recognized to the extent that it has become probable that future taxable profits will be available against which they can be used.


Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date.


The measurement of deferred tax reflects the tax consequences that would follow from the manner in which the Company expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities.


12. Earnings Per Share


Basic Earnings per share is calculated by dividing the net profit / (loss) for the period attributable to the equity shareholders by the weighted average number of equity shares outstanding during the period. For the purpose of calculating diluted earnings per share, the net profit / (loss) for the period attributable to the equity shareholders and the weighted average number of equity shares outstanding during the period is adjusted for the effects of all dilutive potential equity shares.


Note13 : Capital Work-in-Progress


Capital work-in-progress includes '''' Nil (March 31, 2016 - '''' 35.29 crore and April 01, 2015 - '''' 16.31 crore) on account of Exchange Difference arising on conversion of Long Term Foreign Currency Monetary Items relating to acquisition of depreciable assets. Capital work-in-progress also includes net borrowing cost capitalized amounting to '''' Nil (March 31, 2016 - '''' Nil and April 01, 2015 - '''' 76.06 crore).


Notes :


1. The Company has availed the deemed cost exemption in relation to the Investment Property on the date of transition and hence the net block carrying amount has been considered as the gross block carrying amount on that date. Refer note below for the gross block value and the accumulated depreciation on April 01, 2015 under the previous GAAP.


3. The Company’s investment properties consist of 10 properties in India. The management has determined that the investment property consists of two class of assets - Land and building - based on the nature, characteristics and risks of each property.


4. The Company has no restriction on the reliability of its investment properties and no contractual obligations to purchase, construct or develop investment properties or for repairs, maintenance and enhancements.


5. The fair valuation is based on current prices in the active market for similar properties. The main input used are quantum, area, location, demand, age of building and trend of fair market rent in the location of the property.


The fair value is based on valuation performed by an accredited independent valuer. Fair valuation is based on replacement cost method. The fair value measurement is categorized in level 2 fair value hierarchy.


6. Reconciliation of Fair Value


Note


The Company has availed the deemed cost exemption in relation to Intangible Assets on the date of transition and hence the net block carrying amount has been considered as the gross block carrying amount on that date. Refer note below for the gross block value and the accumulated depreciation on April 01, 2015 under the previous GAAP.


a. During the Financial Year 2015-16, the Company had invested '''' 152 crore in its 100% subsidiary, GIL Vikhroli Real Estate Limited (GVREL). GVREL was admitted as a 40% stake partner in Godrej Vikhroli Properties LLP (GVPLLP), in respect of which it invested an amount of '''' 147.45 crore. The Company retired from GVPLLP and received from GVPLLP a sum of '''' 147.45 crore for its 40% stake in GVPLLP The Board of Directors of GVREL and Godrej Properties Limited (GPL) approved the Scheme of Amalgamation of GVREL with GPL under the provisions of Sections 391 to 394 of the Companies Act, 1956. The Honourable High court of Judicature at Bombay, vide order dated February 26, 2016, sanctioned a Scheme of Amalgamation of GVREL with GPL. The appointed date for the Amalgamation was August 01, 2015 and the effective date was March 15, 2016. Upon the scheme becoming effective, 16,745,762 equity shares of face value '''' 5 each of GPL were allotted to the Company.


b. The Investment value includes share application money of '''' 1.99 crore as at March 31, 2017 for which allotment of shares is pending.


a. The said shares have been refused for registration by the investee company.


b. Uncalled Liability on partly paid shares


- Tahir Properties Ltd. - Equity - '''' 80 per share (Previous year - '''' 80 per share).


c. In the year ended March 31, 2015, the outstanding principal amount of Optionally Convertible Notes (OCN) amounting to '''' 3.98 crore along with accrued interest thereon amounting to '''' 6.64 crore have been converted into Class B Preferred Shares. The entire investment in Verseon Corporation is measured at fair value.


In the year ended March 31, 2016, the Company’s holding of 2,631,578 Class A Preferred Shares and 715,668 Class B Preferred Shares were converted into 6,694,492 New Common Shares in Verseon Corporation. The Company invested in warrants in respect of 85,587 Class B Preferred shares which were converted into 171,174 New Common Shares in Verseon Corporation.


Verseon Corporation was listed on Alternate Investment Market on London Stock Exchange. The entire Investment in Common Shares was sold during the year ended March 31, 2016.


d. View Group LP has been dissolved on December 14, 2012, however, the Company has still not received an approval from RBI for writing-off the investment.


1. The Company had advanced an amount of '''' 10.33 crore to certain individuals who also pledged certain equity shares as security against the said advance. The Company has enforced its security and lodged the shares for transfer in its name. The said transfer application was rejected and Company has preferred an appeal to the Company Law Board (CLB). The CLB rejected the application and advised the parties to approach the High Court. The Company had filed an appeal before the Honorable High Court against the order of the Company Law Board under Section 10 F of the Companies Act, which was disposed off with the direction to keep the transfer of shares in abeyance till the arbitration proceedings between the parties are on. The Honorable Bombay High Court passed an interim order dated September 18, 2012, restraining the Company from interalia, dealing, selling or creating third party rights, etc. in the pledged shares and referred the matter to arbitration. The Company had filed a Special Leave Petition (SLP) before the Supreme Court against this interim order of the Honorable Bombay High Court which the Supreme Court has dismissed and the matter is presently before the Arbitrator.


The Management is confident of recovery of this amount as underlying value of the said shares is substantially greater than the amount of loan and interest thereon. However, on a conservative basis, the Company has provided for the entire amount of '''' 10.33 crore in the books of account.


2. Details of Loans under Section 186 (4) of Companies Act, 2013.


Notes


1. Interest on loan referred to in sub note (1) under Note 5 - Non-Current Loans, amounting to '''' 3.15 crore was accrued up to March 31, 2000 and has been fully provided for, no interest is being accrued thereafter.


2. Fixed Deposit as at April 01, 2015 of '''' 0.10 crore was held by bank as security against guarantees issued.


1. The Optionally Convertible Promissory Notes (15%) of Boston Analytics Inc. in respect of which the Company did not exercise the conversion option and Boston Analytics Inc. promissory notes (20%) where there was a partial conversion option which the Company did not exercise, were due for redemption on June 30, 2009 and August 21, 2009, respectively. The said promissory notes have not been redeemed as of the Balance Sheet date and have been fully provided for.


2. 12% promissory notes were repayable on or before December 31, 2011, along with interest on maturity. The said promissory notes have not been redeemed as of the Balance Sheet date and have been fully provided for.


In the FY 2014-15, the Honorable Bombay High Court and High Court of Madhya Pradesh, Indore Bench, approved a Scheme of Amalgamation (“Scheme”) of Wadalba Commodities Limited (WCL) with the Company effective from April 1, 2014, being the appointed date. The Effective Date was November 21, 2014, being the date of filing the approval of the Respective High Courts with the ROC. Accordingly, the Company had issued 200,243 equity shares of the Company in lieu of the equity shares in WCL and 10 equity shares of the Company in lieu of the preference shares in WCL held by the shareholders of the erstwhile WCL and also issued 67,504 bonus equity shares of the Company to the non-promoter shareholders of the Company.


In current year, the Company has issued 38 (previous year 85) bonus equity shares of the Company to the non-promoter shareholders on exercise of ESGS options.


Refer Statement of Changes in Equity for detailed movement in Equity balance


B. Nature and purpose of reserve


1. Capital Redemption Reserve : The Company recognized Capital Redemption Reserve on buyback of equity shares from its retained earnings.


2. Securities Premium Account : The amount received in excess of face value of the equity shares is recognized in Securities Premium Reserve. In case of equity-settled share based payment transactions, the difference between fair value on grant date and nominal value of share is accounted as securities premium reserve.


3. Capital Reserve : During amalgamation, the excess of net assets taken, over the cost of consideration paid is treated as capital reserve.


4. Foreign Currency Translation Reserve : Exchange differences arising on reporting of long term foreign currency monetary items at rates different from those at which they were initially recorded during FY 2015-16.


5. Employee Stock Grants Outstanding : The fair value of the equity-settled share based payment transactions with employees is recognized in Statement of Profit and Loss with corresponding credit to Employee Stock Options Outstanding Account.


6. General Reserve : The Company has transferred a portion of the net profit of the Company before declaring dividend to general reserve pursuant to the earlier provisions of Companies Act, 1956. Mandatory transfer to general reserve is not required under the Companies Act, 2013.


7. Retained Earnings : Retained earnings are the profits that the Company has earned till date, less any transfers to general reserve, dividends or other distributions paid to shareholders.


C. Other Comprehensive Income accumulated in Other Equity, net of tax


Notes


1. Detail of Guarantee given covered under Section 186 (4) of the Companies Act, 2013 :


The Corporate surety bond of '''' 26.88 crore ('''' 24.88 crore as on March 31, 2016 and '''' 19.86 crore as on April 01, 2015) is in respect of refund received from excise authority for exempted units (North East) of Godrej Consumer Products Limited, an associate company.


2. The Company has reviewed all its pending litigations and proceedings and has adequately provided for where provisions are required and disclosed as contingent liabilities where applicable, in its financial statements. The Company does not expect the outcome of these proceedings to have a materially adverse effect on its financial results.


3. It is not practicable for the Company to estimate the timings of cash outflows, if any, in respect of the above pending resolution of the respective proceedings as it is determinable only on receipt of judgments/decisions pending with various forums/authorities.


The applicable statutory tax rate for the years ended March 31, 2017 and March 31, 2016 is 34.61%. The Company pays income taxes under MAT. The Company has not recognized Deferred tax assets on unused tax losses, unused tax credits and deductible temporary differences as there is no reasonable certainty of availing the same in future years against normal taxes.


The Company offsets tax assets and liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same tax authority.


Significant Management judgment is required in determining provision for income tax, deferred income tax assets and liabilities and recoverability of deferred income tax assets. The recoverability of deferred income tax assets is based on estimates of taxable income in which the relevant entity operates and the period over which deferred income tax assets will be recovered.


Deferred tax assets are recognized for unused tax losses, unused tax credits and deductible temporary differences to the extent that it is probable that future taxable profits will be available against which they can be used. Details of unused tax losses and unused tax credit is given in note 5 & 6 below


As the Company does not have any intention to dispose investments in unlisted subsidiaries and associates in the foreseeable future, deferred tax asset on indexation benefit in relation to such investments has not been recognized. During the year, the Company has not accounted for tax credits in respect of Minimum Alternative Tax (MAT credit) of '''' Nil (previous year '''' 6.01 crore). The Company is not reasonably certain of availing the said MAT credit in future years against the normal tax expected to be paid in those years and accordingly has not recognized a deferred tax asset for the same.


Note 14 : Leases


1. Operating Leases Granted by the Company


The Company has entered into Leave and Licence agreements in respect of its commercial and residential premises. The non-cancelable portion of the leases range between 3 months to 60 months and are renewable by mutual consent on mutually acceptable terms. Leave and Licence arrangements are similar in substance to operating leases. The Company has also granted lease for freehold land. The aggregate future minimum lease receipts are as under :


2. Lease taken by the Company


The Company’s significant leasing arrangements are in respect of operating lease for land, office premises, residential premises, machinery and storage tanks. The aggregate lease rentals paid by the Company are charged to the Statement of Profit and Loss.


Note 15 : Employee Benefits


1. Defined Contribution Plan Provident Fund :


The contributions to the Provident Fund and Family Pension Fund of certain employees are made to a Government administered Provident Fund and there are no further obligations beyond making such contribution.


2. Defined benefit Plan Gratuity :


The Company participates in the Employees’ Group Gratuity-cum-Life Assurance Scheme of ICICI Prudential Life Insurance Co. Ltd., HDFC Standard Life Insurance Co. Ltd. and SBI Life Insurance Co. Ltd., a funded defined benefit plan for qualifying employees. Gratuity is payable to all eligible employees on death or on separation / termination in terms of the provisions of the Payment of Gratuity (Amendment) Act, 1997, or as per the Company’s scheme whichever is more beneficial to the employees.


The liability for the Defined Benefit Plan is provided on the basis of a valuation, using the Projected Unit Credit Method, as at the Balance Sheet date, carried out by an independent actuary.


Provident Fund :


The Company manages the Provident Fund plan through a Provident Fund Trust for a majority of its employees which is permitted under The Employees’ Provident Fund and Miscellaneous Provisions Act, 1952. The plan envisages contribution by the employer and employees and guarantees interest at the rate notified by the Provident Fund authority. The contribution by employer and employee, together with interest, are payable at the time of separation from service or retirement, whichever is earlier.


Pension :


The Company has Pension plan for eligible employees. The liability for the Defined Benefit Plan is provided on the basis of a valuation, using the Projected Unit Credit Method, as at the Balance Sheet date, carried out by an independent actuary.


3. Basis Used to Determine Expected Rate of Return on Assets :


The expected return on plan assets of 7.39% p.a. has been considered based on the current investment pattern in Government securities.


4. Amounts Recognized as Expense :


i) Defined Contribution Plan


Employer’s Contribution to Provident Fund amounting to Rs, 2.55 crore (previous year Rs, 2.55 crore) has been included in Note 32 Employee Benefits Expenses.


ii) Defined Benefit Plan


Gratuity cost amounting to Rs, 1.60 crore (previous year Rs, 1.83 crore) has been included in Note 32 Employee Benefits Expenses.


Employer’s Contribution to Provident Fund amounting to Rs, 2.04 crore (previous year Rs, 2.85 crore) has been included in Note 32 Employee Benefits Expenses.


Pension cost amounting to Rs, 0.14 crore (previous year Rs, 0.28 crore) has been included in Note 32 Employee Benefits Expenses.


1. Employee Stock Option Plans


In December 2005, the Company had instituted an Employee Stock Option Plan I (GIL ESOP I) as approved by the Board of Directors and the Shareholders, for the allotment of 15,00,000 options, increased to 90,00,000 options on split of shares convertible into 90,00,000 equity shares of Rs, 1 each to eligible employees of participating companies. The maximum number of options that may be granted per employee per year shall not exceed 600,000 options.


In July 2009, the Company had instituted an Employee Stock Option Plan II (GIL ESOP II) as approved by the Board of Directors and the Shareholders, for the allotment of 90,00,000 options convertible into 90,00,000 shares of Re.1 each to eligible employees of participating companies. The maximum number of options that may be granted per employee per year shall not exceed 10,00,000 options.


The Plans are administered by an independent ESOP Trust created with IL&FS Trust Co. Ltd. which purchased from the market shares equivalent to the number of options granted by the Compensation Committee. Pursuant to SEBI notification dated January 17, 2013, no further securities of the Company will be purchased from the open market. The particulars of the plans and movements during the year are as under :


(*) The Wt. average exercise price stated above is the price of the equity shares on the grant date increased by the interest cost to the ESOP Trust at the prevailing rates up to March 31, 2012.


The total excess shares at the yearend are 66,250 (Previous year 5,66,298).


The weighted average balance life of ESOP I options outstanding as on March 31, 2017 is 0.14 years.


The Options granted shall vest after three / five years from the date of grant of option, provided the employee continues to be in employment and the option is exercisable within two / four years after vesting.


2. Employee Stock Grant Scheme


a) The Company had set up the Employees Stock Grant Scheme 2011 (ESGS) pursuant to the approval by the Shareholders at their Meeting held on January 17, 2011.


b) The ESGS Scheme is effective from April 01, 2011, (the “Effective Date”) and shall continue to be in force until


(i) its termination by the Board or (ii) the date on which all of the shares to be vested under Employee Stock Grant Scheme 2011 have been vested in the Eligible Employees and all restrictions on such Stock Grants awarded under the terms of ESGS Scheme, if any, have lapsed, whichever is earlier.


c) The Scheme applies to the Eligible Employees who are in whole time employment of the Company or its Subsidiary Companies. The entitlement of each employee would be decided by the Compensation Committee of the respective Company based on the employee’s performance, level, grade, etc.


d) The total number of Stock Grants to be awarded under the ESGS Scheme are restricted to 25,00,000 (Twenty Five Lac) fully paid up equity shares of the Company. Not more than 5,00,000 (Five Lac) fully paid up equity shares or 1% of the issued equity share capital at the time of awarding the Stock Grant, whichever is lower, can be awarded to any one employee in any one year.


e) The Stock Grants shall vest in the Eligible Employees pursuant to the ESGS Scheme in the proportion of 1/3rd at the end of each year from the date on which the Stock Grants are awarded for a period of three consecutive years, or as may be determined by Compensation Committee, subject to the condition that the Eligible Employee continues to be in employment of the Company or the Subsidiary company as the case may be.


f) The Eligible Employee shall exercise her / his right to acquire the shares vested in her / him all at one time within 1 month from the date on which the shares vested in her / him or such other period as may be determined by the Compensation Committee.


g) The Exercise Price of the shares has been fixed at Rs, 1 per share. The fair value of the employee share options has been measured using the Black-Scholes Option Pricing Model and charged to the Statement of Profit and Loss. The value of the options is treated as a part of employee compensation in the financial statements and is amortized over the vesting period.


Note 16 : Related Party Information


1. Names of related parties and description of relationship Parties where control exists


Godrej & Boyce Mfg. Co. Ltd., (Holding Co. up to March 29, 2017)


Vora Soaps Ltd. (Holding Co. w.e.f. March 30, 2017)


Subsidiary companies


Godrej Agrovet Ltd.


Godvet Agrochem Ltd.


Godrej Seeds & Genetics Ltd. (up to March 18, 2017)


Astec Life Sciences Ltd.


Behram Chemicals P. Ltd.


Astec Europe Sprl


Comercializadora Agricola Agroastrachem Cia Ltda Creamline Dairy Products Ltd.


Nagavalli Milkline P. Ltd.


Godrej Properties Ltd.


City Star Infraprojects Ltd. (w.e.f. January 12, 2017)


Godrej Real Estate P. Ltd.


Godrej Buildcon P. Ltd.


Godrej Projects Development P. Ltd.


Godrej Garden City Properties P. Ltd.


Godrej Green Homes Ltd.


Godrej Home Developers P. Ltd.


Godrej Hill Side Properties P. Ltd.


Godrej Fund Management Pte. Ltd.


Godrej Greenview Housing Private Limited (up to June 29, 2016)


Wonder Projects Development P. Ltd. (up to Septemer 18,2016)


Godrej Real View Developers P. Ltd. (w.e.f. September 1, 2016 and up to March 28, 2017)


Pearlite Real Properties P. Ltd. (w.e.f. September 2, 2016 and up to March 29, 2017)


Godrej Prakriti Facilities P. Ltd.


Godrej Genesis Facilities Management P. Ltd.


Godrej Investment Advisers P. Ltd.


Godrej Highrises Properties P. Ltd.


Godrej Residency P. Ltd. (w.e.f. March 16, 2017)


Godrej Skyline Developers P. Ltd. (w.e.f. November 22, 2016)


Godrej Vikhroli Properties India Ltd. (w.e.f. January 25, 2017) formerly known as Godrej Vikhroli Properties LLP (up to January 24, 2017)


Note 17 : Related Party Information (Contd.)


Prakritiplaza Facilities Management P. Ltd. (w.e.f. July 28, 2016)


Godrej Highrises Realty LLP Godrej Land Developers LLP Godrej Developers & Properties LLP Godrej Project Developers & Properties LLP Godrej Highview LLP (w.e.f. September 29, 2016)


Godrej Skyview LLP (w.e.f. October 19, 2016)


Godrej Green Properties LLP (w.e.f. October 27, 2016)


Godrej Projects (Pune) LLP (w.e.f. February 5, 2017)


Godrej Projects (Soma) LLP (w.e.f. March 6, 2017)


Godrej Projects (Bluejay) LLP (w.e.f. March 2, 2017)


Godrej Century LLP (w.e.f. March 14, 2017)


Natures Basket Ltd.


Godrej One Premises Management P. Ltd.


Ensemble Holdings & Finance Ltd.


Godrej International Ltd. (incorporated in the Isle of Man)


Godrej International Trading & Investments Pte Ltd. (Incorporated in Singapore)


Godrej International Ltd. (Labuan, Malaysia)


Fellow Subsidiaries (Upto March 29, 2017)


Godrej (Malaysia) Sdn Bhd (Incorporated in Malaysia)


Godrej (Singapore) Pte Ltd. (Incorporated in Singapore)


JT Dragon Pte. Ltd. (Incorporated in Singapore)


Godrej (Vietnam) Co. Ltd. (Incorporated in Vietnam)


Godrej Infotech Ltd.


Godrej Infotech Americas Inc. (a wholly-owned subsidiary incorporated in North Carolina, USA) Godrej Infotech (Singapore) Pte. Ltd. (a wholly-owned subsidiary incorporated in Singapore) LVD Godrej Infotech NV (incorporated in Belgium)


Veromatic International BV (Incorporated in Netherlands)


Mercury Mfg. Co. Ltd.


Busbar Systems (India) Ltd. (a Wholly-owned subsidiary)


Godrej Americas Inc. (a Wholly-owned subsidiary incorporated in the USA)


MiracleTouch Developers P. Ltd. (a Wholly-owned subsidiary)


India Circus Retail P. Ltd.


Godrej South Africa Pty Ltd.


Laboratoria Cuenca S.A.


Other related parties with whom the Company had transactions during the year Associate / Joint Venture Companies


Godrej Consumer Products Ltd. (also a fellow subsidiary)


Godrej Global Mideast FZE, Sharjah PT Megasari Makmur, Indonesia Bhabhani Blunt Hairdressing P. Ltd.


Companies under common control (w.e.f. March 30, 2017)


Godrej & Boyce Mfg. Co. Ltd.


Godrej (Malaysia) Sdn Bhd (Incorporated in Malaysia)


Godrej (Singapore) Pte Ltd. (Incorporated in Singapore)


JT Dragon Pte. Ltd. (Incorporated in Singapore)


Godrej (Vietnam) Co. Ltd. (Incorporated in Vietnam)


Godrej Infotech Ltd.


Godrej Infotech Americas Inc. (a wholly-owned subsidiary incorporated in North Carolina, USA) Godrej Infotech (Singapore) Pte. Ltd. (a wholly-owned subsidiary incorporated in Singapore) LVD Godrej Infotech NV (incorporated in Belgium)


Veromatic International BV (Incorporated in Netherlands)


Mercury Mfg. Co. Ltd.


Busbar Systems (India) Ltd. (a Wholly-owned subsidiary)


Godrej Americas Inc. (a wholly-owned subsidiary incorporated in the USA)


MiracleTouch Developers P. Ltd. (a wholly-owned subsidiary)


India Circus Retail P. Ltd.


Godrej South Africa Pty Ltd.


Laboratoria Cuenca S.A.


Key Management Personnel Executive Directors


Mr. A. B. Godrej - Chairman


Mr. N. B. Godrej - Managing Director


Ms. T. A. Dubash - Executive Director & Chief Brand Officer


Mr. N. S. Nabar - Executive Director & President (Chemicals)


Mr. P. Ganesh - Chief Financial Officer & Company Secretary (up to April 30, 2016)


Mr. C. G. Pinto - Chief Financial Officer (w.e.f. April 30, 2016)


Ms. Nilufer Shekhawat - Company Secretary (w.e.f. May 25, 2016)


Independent Non-Executive Directors


Mr. J.N. Godrej Mr. V.M. Crishna Mr. K.K. Dastur Mr. K.M. Elavia Mr. K.N. Petigara Mr. S.A. Ahmadullah Mr. A.B. Choudhury


Mr. A.D. Cooper (w.e.f. October 28, 2015)


Mr. N.D. Forbes (up to August 11, 2015)


Relatives of Key Management Personnel


Late Ms. P. A. Godrej - Wife of Mr. A. B. Godrej


Ms. N. A. Godrej - Daughter of Mr. A. B. Godrej


Mr. P. A. Godrej - Son of Mr. A. B. Godrej


Ms. R. N. Godrej - Wife of Mr. N. B. Godrej


Mr. B. N. Godrej - Son of Mr. N. B. Godrej


Mr. S. N. Godrej - Son of Mr. N. B. Godrej


Mr. H. N. Godrej - Son of Mr. N. B. Godrej


Mr. A. D. Dubash - Husband of Ms. Tanya Dubash


Ms. N. N. Nabar - Wife of Mr. N. S. Nabar


Enterprises over which key management personnel exercise significant influence


Anamudi Real Estates LLP Godrej Investments P. Ltd.


Vora Soaps Ltd. (Upto March 29, 2017)


Godrej Tyson Foods Ltd.


Enterprises over which relative of key management personnel exercise significant influence


Shata Trading & Finance P. Ltd.


Shilawati Trading & Finance P. Ltd.


Post Employment Benefit Trust where the company exercises significant influence


Godrej Industries Employees Provident Fund Godrej Industries Ltd. Group Gratuity Trust Godrej Industries Ltd. Employee Stock Option Trust


* The fair value in respect of the unquoted equity investments cannot be reliably estimated. The Company has currently measured them at net book value as per the latest audited financial statements available.


The Fair value of cash and cash equivalents, other bank balances, trade receivables, trade payables approximated their carrying value largely due to short term maturities of these instruments.


Financial instruments with fixed and variable interest rates are evaluated by the Company based on parameters such as interest rates and individual creditworthiness of the counterparty. Based on this evaluation, allowances are taken to account for expected losses of these receivables. Accordingly, fair value of such instruments is not materially different from their carrying amounts.


Note 18 : Fair Value Measurement (Contd.)


2. Measurement of fair values


The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:


Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities.


Level 2: Other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly


Level 3: Techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market data.


The following tables show the valuation techniques used in measuring Level 2 and Level 3 fair values, as well as the significant unobservable inputs used.


Type Valuation technique


Preference shares The preference shares were converted into equity and listed in the near future and accordingly we have used the listing price as fair value on the date of reporting.


Fixed rates long term borrowings The valuation model considers present value of expected payments discounted using an appropriate discounting rate.


Forward contracts The fair value is determined using forward exchange rates at the reporting date.


Interest rate swaps Present value of the estimated future cash flows based on observable yield curves.


Note 43 : Financial Risk Management


1. Financial Risk Management objectives and policies


The Company’s business activities are exposed to a variety of financial risks, namely Credit risk, Liquidity risk, Currency risk, Interest risks and Commodity price risk. The Company’s Senior Management has the overall responsibility for establishing and governing the Company’s risk management framework. The Company has constituted a Risk Management Committee, which is responsible for developing and monitoring the Company’s risk management policies. The committee reports regularly to the Board of Directors on its activities.


The Company’s risk management policies are established to identify and analyze the risks faced by the Company, to set appropriate risk limits and controls and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Company’s activities.


The audit committee oversees how Management monitors compliance with the Company’s risk management policies and procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by the Company. The audit committee is assisted in its oversight role by internal audit. Internal audit undertakes both regular and adhoc reviews of risk management controls and procedures, the results of which are reported to the audit committee.


2. Credit risk


Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Company’s receivables from customers and loans and advances.


The carrying amount of following financial assets represents the maximum credit exposure:


Trade receivables and loans and advances.


The Company’s exposure to credit risk is influenced mainly by the individual characteristics of each customer and the geography in which it operates. Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to which the Company grants credit terms in the normal course of business.


The Company has a policy under which each new customer is analyzed individually for creditworthiness before offering credit period and delivery terms and conditions. The Company’s export sales are backed by letters of credit and insured through Export Credit Guarantee Corporation. The Company bifurcates the Domestic Customers into Large Corporate, Distributors and others for Credit monitoring.


The Company maintains adequate security deposits for sales made to its distributors. For other trade receivables, the Company individually monitors the sanctioned credit limits as against the outstanding balances. Accordingly, the Company makes specific provisions against such trade receivables wherever required and monitors the same at periodic intervals.


The Company monitors each loans and advances given and makes any specific provision wherever required.


Based on prior experience and an assessment of the current economic environment, Management believes there is no credit risk provision required. Also Company does not have any significant concentration of credit risk.


Note 19: Financial Risk Management (Contd.)


3. Liquidity risk


Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company’s approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company’s reputation.


Management monitors rolling forecasts of the Company’s liquidity position on the basis of expected cash flows. This monitoring includes financial ratios and takes into account the accessibility of cash and cash equivalents.


The Company has access to funds from debt markets through loan from banks, commercial papers, fixed deposits from public and other Debt instrument. The Company invests its surplus funds in bank fixed deposits and debt based mutual funds.


Maturity profile of financial liabilities


The following are the remaining contractual maturities of financial liabilities as at the Balance Sheet dates:


Note 43 : Financial Risk Management (Contd.)


4. Market risk


Market risk is the risk that changes in market prices - such as foreign exchange rates, interest rates and equity prices - will affect the Company’s income or the value of its holdings of financial instruments. Market risk is attributable to all market risk sensitive financial instruments including foreign currency receivables and payables and long term debt. The Company’s exposure to market risk primarily related to foreign exchange rate risk, interest rate risk and the market value of our investments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimizing the return.


i. Currency risk


The Company is exposed to currency risk on account of its borrowings, Receivables for Exports and Payables for Imports in foreign currency. The functional currency of the Company is Indian Rupee. The Company manages currency exposures within prescribed limits, through use of forward exchange contracts. Foreign exchange transactions are covered with strict limits placed on the amount of uncovered exposure, if any, at any point in time.


Uncovered Foreign Exchange Exposure on Long Term Borrowings as at balance sheet dates includes External Commercial Borrowings (ECB) and Foreign Currency Term Loan (FCTL) taken for Capital Expenditure except for Rs, 51.74 crore as on March 31, 2016. Impact of fluctuation in Foreign Currency Rates on these borrowings relating to Capital Expenditure will be capitalized to Fixed Assets and would not impact the Statement of Profit and Loss.


The following significant exchange rates have been applied as at the Balance Sheet dates:


Sensitivity analysis


A reasonably possible strengthening / (weakening) of the Indian Rupee against the foreign currencies at March 31 would have affected the measurement of financial instruments denominated in foreign currencies and affected equity and profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant and ignores any impact of forecast sales and purchases.


ii. Interest rate risk


Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Interest rate risk can be either fair value interest rate risk or cash flow interest rate risk. Fair value interest rate risk is the risk of changes in fair values of fixed interest bearing investments because of fluctuations in the interest rates. Cash flow interest rate risk is the risk that the future cash flows of floating interest bearing investments will fluctuate because of fluctuations in the interest rates.


The Management is responsible for the monitoring of the Company’s interest rate position. Various variables are considered by the Management in structuring the Company’s borrowings to achieve a reasonable, competitive, cost of funding.


Fair value sensitivity analysis for fixed-rate instruments


The Company does not account for any fixed-rate financial assets or financial liabilities at fair value through profit or loss. Therefore, a change in interest rates at the reporting date would not affect profit or loss.


Cash flow sensitivity analysis for variable-rate instruments


A reasonably possible change of 100 basis points in interest rate would have resulted in variation in the interest expense for the Company by the amounts indicated in the table below. This analysis assumes that all other variables, in particular foreign currency exchange rates, remain constant. This calculation also assumes that the change occurs at the balance sheet date and has been calculated based on risk exposures outstanding as at that date. The year end balances are not necessarily representative of the average debt outstanding during the period.


For the purpose of the Company’s capital management, capital includes issued capital and other equity reserves. The primary objective of the Company’s Capital Management is to maximize shareholders value. The Company manages its capital structure and makes adjustments in the light of changes in economic environment and the requirements of the financial covenants.


The Company monitors capital using Adjusted net debt to equity ratio. For this purpose, adjusted net debt is defined as total debt less cash and bank balances.


1. Transition to Ind AS


The Company has adopted Indian Accounting Standards (Ind AS) as notified by the Ministry of Corporate Affairs with effect from April 01, 2016, with a transition date of April 01, 2015. These financial statements for the year ended March 31, 2017 are the first financial statements the Company has prepared under Ind AS. For all periods upto and including the year ended March 31, 2016 , the Company prepared its financial statements in accordance with the accounting standards notified under the Section 133 of the Companies Act 2013, read together with the relevant Rules there under (‘Previous GAAP’).


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 March 31, 2017, together with the comparative information as at and for the year ended March 31, 2016 and the opening Ind AS Balance Sheet as at April 01, 2015, 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 and 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 April 01, 2015 and the financial statements as at and for the year ended March 31, 2016.


2. Optional Exemptions Availed


(i) Deemed cost


The Company has elected to continue with the carrying value for all of its property, plant and equipment, intangible assets and investment property as recognized in the financial statements as the deemed cost at the date of transition to Ind AS, measured as per the previous GAAP.


(ii) Share based payments


The Company has elected not to apply Ind AS 102 Share-based payment to equity instruments that vested before the date of transition to Ind AS. Accordingly, the Company has measured only the unvested stock options on the date of transition as per Ind AS 102.


(iii) Deemed cost for investments in Subsidiaries, Jointly Controlled Entities and Associates


The Company has elected to continue with the carrying value of its investments in subsidiaries, joint ventures and associates as recognized in the financial statements as at the date of transition to Ind AS. Accordingly, the Company has measured all its investments in subsidiaries, joint ventures and associates at their previous GAAP carrying value.


(iv) Long Term Foreign Currency Monetary Items


The Company has elected to continue accounting for exchange differences arising from translation of long-term foreign currency monetary items recognized in the financial statements for the period ending immediately before the beginning of the first Ind As financial reporting period as per the previous GAAP.


(v) Business Combination


Ind AS 101 provided the option to apply Ind AS 103 prospectively from the transition date or specific date prior to the transition date. The Company has elected to apply Ind AS 103 prospectively to business combination occurring after its transition date. Business combination prior to the transition date have not been restated.


3. Mandatory Exceptions from retrospective application


The Company has applied the following exceptions to the retrospective application of Ind AS as mandatorily required under Ind AS 101:


(i) 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.


(ii) De-recognition of financial assets and liabilities


Ind AS 101 requires a first-time adopter to apply the de-recognition provisions of Ind AS 109 prospectively for transactions occurring on or after the date of transition to Ind AS. However, Ind AS 101 allows a first-time adopter to apply the de-recognition requirements in Ind AS 109 retrospectively from a date of the entity’s choosing, provided that the information needed to apply Ind AS 109 to financial assets and financial liabilities derecognized as a result of past transactions was obtained at the time of initially accounting for those transactions.


(iii) Classification and measurement of financial assets


The Company has classified and measured the financial assets on the basis of the facts and circumstances that exist at the date of transition to Ind AS.


6. There were no material differences between the Statement of Cash Flows presented under Ind AS and the Previous


GAAP.


7. Notes to the Reconciliations:


1. Fair valuation of investments: Under Indian GAAP, the Company accounted for long term investments at cost less provision for other than temporary diminution in the value of investments. Under Ind AS, the Company has designated such investments as FVTPL , which are measured at fair value. At the date of transition to Ind AS, difference between the instruments’ fair value and Indian GAAP carrying amount has been recognized in the statement of profit and loss.


2. Deferral of Revenue: Revenue from sale of goods has been recognized only when the risk and rewards in the goods passes to the buyer, hence, cost corresponding to the revenue has been deferred.


3. Loans and borrowings : Under Indian GAAP, transaction costs incurred in connection with loans and borrowings are recognized upfront and charged to Statement of Profit or Loss for the period. Under Ind-AS, transaction costs are included in the initial recognition of financial liability and charged to Statement of Profit or Loss using the effective interest method.


4. Proposed dividend : Under Indian GAAP, proposed dividends are recognized as a liability in the period to which they relate, irrespective of when they are declared. Under Ind-AS, a proposed dividend is recognized as a liability in the period in which it is declared by the company (usually when approved by shareholders in a general meeting) or paid.


5. Deferred tax asset/liability: Indian GAAP requires deferred tax accounting using the income statement approach, which focuses on differences between taxable profits and accounting profits for the period. Ind-AS 12 requires entities to account for deferred taxes using the balance sheet approach, which focuses on temporary differences between the carrying amount of an asset or liability in the balance sheet and its tax base. The application of the balance sheet approach has resulted in recognition of deferred tax on new temporary differences which was not required under Indian GAAP.


6. Share based payments : Under Indian GAAP, the Group recognized only the intrinsic value for the long-term incentive plan as an expense. Ind-AS requires the fair value of the share options to be determined using an appropriate pricing model recognized over the vesting period. An additional expense has been recognized in Statement of Profit or Loss for the year ended March 31, 2016.


7. Discounting of trade payables: The trade payables for which the payments contractually have extended credit have been fair valued as per the requirements of Ind AS 109.


8. Derivative contracts: Under Indian GAAP, the premium and discount on forward contracts were amortized over the contract period. For other derivative contracts only mark to market losses were recognized based on prudence. However, under Ind AS all derivatives are measured at fair value at each reporting period and changes therein are recognized in Statement of Profit and Loss.


9. Employee benefit: Both under Indian GAAP and Ind AS the Company recognized costs related to postemployment defined benefit plan on an actuarial basis. Under Indian GAAP, actuarial gains and losses are charged to Statement of Profit or Loss, however in Ind AS the actuarial gains and losses are recognized through other comprehensive income.


(*) Proposed Dividend is subject to Shareholders’ approval in the ensuing Annual General Meeting and has not been recognized as a liability as at Balance Sheet date.


As on March 31, 2017, the tax liability with respect to the dividends proposed is Rs, 11.98 crore (March 31, 2016 : Rs, Nil).


Note 20


Managerial Remuneration paid for the year exceeded the permissible limit as prescribed under Schedule V of the Companies Act 2013 by Rs, 4.54 crore. The Company is in the process of obtaining approval from Central Government of India for such excess remuneration paid. Pending such approvals, the amount is held in trust for the Company.


Note 21


The Company has presented segment information in the consolidated financial statements which are presented in the same financial report. Accordingly, in terms of Ind AS 108 ‘Operating Segments’, no disclosures related to segments are presented in this standalone financial statements.


Note 22


Corporate Social Responsibility contribution required to be made as per provisions of Section 135 of the Companies Act, 2013 is Rs, NIL for the current year and previous year.


Note 23 : Subsequent Events


There are no significant subsequent events that would require adjustments or disclosures in the financial statements as on the balance sheet date.


Note 24


The Company has a process whereby periodically all long term contracts are assessed for material foreseeable losses. At the year end, the Company has reviewed and ensured that adequate provision as required under any law / accounting standards for material foreseeable losses on such long term contracts, if any, has been made in the books of accounts.


Note 54


Figures for the previous years have been regrouped / restated wherever necessary to conform to current year’s presentation.

CIN: U67190WB2003PTC096617. Trading in Commodities is done through our Group Company Dynamic Commodities Pvt. Ltd. The company is also engaged in Proprietory Trading apart from Client Business.
“2019 © COPYRIGHT DYNAMIC EQUITIES PVT. LTD.”

Disclaimer: There is no guarantee of profits or no exceptions from losses. The investment advice provided are solely the personal views of the research team. You are advised to rely on your own judgment while making investment / Trading decisions. Past performance is not an indicator of future returns. Investment is subject to market risks. You should read and understand the Risk Disclosure Documents before trading/Investing.

Disclosure: We, Dynamic Equities Private Limited are also engaged in Proprietory Trading apart from Client Business. In case of any complaints/grievances, clients may write to us at compliance@dynamiclevels.com

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