Get Updates

Get notified about market trends, financial advice, and investment tips!

A Oneindia Venture

Nifty 25,966.40 +0.58%

22k Gold ₹ 12,300 /gm

Sensex 84,929.36 +0.53%

Nifty 25,966.40 +0.58%

22k Gold ₹ 12,300 /gm

Sensex 84,929.36 +0.53%

Nifty 25,966.40 +0.58%

22k Gold ₹ 12,300 /gm

Notes to Accounts of Atul Auto Ltd.

Mar 31, 2025

1.11 Provisions and Contingent Liabilities

The Company creates a provision when there is present
obligation as a result of a past event that probably
requires an outflow of resources and a reliable estimate
can be made of the amount of the obligation such as
product warranty costs. A disclosure for a contingent
liability is made when there is a possible obligation or
a present obligation that may, but probably will not,
require an outflow of resources. When there is a possible
obligation or a present obligation in respect of which the
likelihood of outflow of resources is remote, no provision
or disclosure is made.

1.12 Operating lease including Investment Properties
As a Lessor

The company has leased out its assets and such leases
where the company has substantially retained all the risks
and rewards of ownership are classified as operating leases.
Lease income on such operating leases are recognised in
the statement of profit & loss on a straight line basis over
the lease term in a manner which is representative of the
time pattern in which benefit derived from the use of the
leased asset is diminished. Initial direct costs are recognised
as an expense in the statement of profit & loss in the period
in which they are incurred.

Under operating lease, the asset is capitalised within
property plant & equipment and depreciated over its
useful economic life. Therefore, Ind AS 116 does not have an
impact for leases where the company is the lessor.

As a Lessee

Ind AS 116 requires lessees to determine the lease term as
the non-cancellable period of a lease adjusted with any
option to extend or terminate the lease. The Company''s
lease asset primarily consists of building. The company
assesses whether a contract contains a lease, at inception
of contract. A contract is, or contains, a lease if the contract
conveys the right to control the use of an identified asset
for a period of time in exchange for consideration. To assess
whether a contract conveys the right to control the use of an
identified asset, the Company assesses whether:

(i) the contract involves the use of an identified asset

(ii) the Company has substantially all the economic
benefits from use of the asset through the period
of the lease and

(iii) the Company has the right to direct the use of the asset.

At the date of commencement of the lease, the Company
recognizes a right-of-use (ROU) asset and a corresponding
lease liability for all lease arrangements in which it is a
lessee, except for leases with a term of 12 months or less
(short-term leases), and lease contract for which the
underlying asset is of low value (low-value assets). For these
short-term, the Company recognizes the lease payments
as an operating expense on a straight-line basis over the
term of the lease.

The lease liability is initially measured at the present value
of the future lease payments. The lease payments are
discounted using the interest rate of cost of capital. The
lease liability is subsequently remeasured by increasing
the carrying amount to reflect interest on the lease
liability, reducing the carrying amount to reflect the
lease payments made.

In calculating the present value of lease payments, the
Company uses its incremental borrowing rate at the lease
commencement date because the interest rate implicit in
the lease is not readily determinable.

1.13 Government Grants

Grants and subsidies from the government are recognized
when there is reasonable assurance that

(i) the company will comply with the conditions attached
to them, and

(ii) the grant/subsidy will be received.

When the grant or subsidy relates to revenue, it is
recognized as income on a systematic basis in the
statement of Profit and Loss over the periods necessary
to match them with the related costs, which they are
intended to compensate. Where the grant relates to an
asset, it is recognized as deferred income and transfer
to income in equal amounts over the expected useful
life of the related asset.

Where the company receives non-monetary grants,
the asset is accounted for on the basis of its acquisition
cost. In case a non-monetary asset is given free of cost,
it is recognized at a nominal value.

1.14 Dividends

Provision is made for the amount of any dividend
declared, being appropriately authorised and no longer
at the discretion of the entity, on or before the end of the
reporting period but not distributed at the end of the
reporting period.

1.15 Cash and Cash Equivalents

For the purpose of presentation in the Statement of Cash
Flows, cash and cash equivalents includes cash on hand,
balance with banks.

1.16 Employee benefits

Employee benefits include salaries, wages, contribution
to provident fund, gratuity, leave encashment towards
un-availed leave, compensated absences, and other
terminal benefits.

(i) Gratuity

Payment for present liability of future payment of
gratuity is being made to approved gratuity fund,
which fully covers the same under Cash Accumulation
Policy and Debt fund of the Life Insurance Corporation
of India (LIC). However, any deficit in plan assets
managed by LIC as compared to the liability based
on an independent actuarial valuation is recognised
as a liability.

The liability or asset recognised in the Balance Sheet in
respect of defined benefit gratuity plans is the present
value of the defined benefit obligation at the end of
the reporting period less the fair value of plan assets.
The defined benefit obligation is calculated annually
by actuaries using the projected unit credit method
in conformity with the principles and manner of
computation specified in Ind AS 19.

amounts included in net interest on the net defined
benefit liability), are recognised immediately in the
Balance Sheet with a corresponding debit or credit to
retained earnings through OCI in the period in which
they occur. Remeasurements are not reclassified to
profit or loss in subsequent periods.

The net interest cost is calculated by applying the
discount rate to the net balance of the defined benefit
obligation and the fair value of plan assets. This
cost is included in employee benefit expense in the
Statement of Profit and Loss.

(ii) Provident fund contributions are made to Company''s
Provident Fund . The contributions are accounted
for as defined benefit plans and the contributions
are recognised as employee benefit expense
when they are due.

(iii) Defined contribution to superannuation fund is
being made as per the scheme of the Company and
recognised as expense as and when due.

1.17 Power Generation Income

The Company having solar and wind power plants which
is separately shown in Note no. 2 for Property, Plant
and Equipment, primarily for the purpose of captive
consumption of electricity in its manufacturing and
operational processes. The power generated and consumed
internally is netted off against power and fuel expenses.

1.18 Earnings per Share

Basic earnings per share is calculated by dividing the
net profit or loss for the period attributable to equity
shareholders by the weighted average number of equity

shares outstanding during the period. Earnings considered
in ascertaining the Company''s earnings per share is the
net profit for the period. The weighted average number of
equity shares outstanding during the period and all periods
presented is adjusted for events, such as bonus shares, other
than the conversion of potential equity shares, that have
changed the number of equity shares outstanding, without
a corresponding change in resources. For the purpose
of calculating diluted earnings per share, the net profit
or loss for the period attributable to equity shareholders
and the weighted average number of share outstanding
during the period is adjusted for the effects of all dilutive
potential equity shares.

1.19 Segment Reporting

The company is engaged mainly in the business of
automobile products. These, in the context of Indian
Accounting Standard 108 on Operating Segment, as
specified in the Companies (Indian Accounting Standards)
Rules, 2015, are considered to constitute one single primary
segment. Operating segments are reported in a manner
consistent with the internal reporting provided to the Core
Management Committee which includes the Managing
Director who is the Chief Operating Decision Maker.

1.20 Recent Pronouncements

Ministry of Corporate Affairs ("MCA") notifies new standards
or amendments to the existing standards under Companies
(Indian Accounting Standards) Rules as issued from time
to time. During the year ended 31^st March, 2025, MCA has
notified Ind AS 117 - Insurance Contracts and amendments
to Ind As 116 - Leases, relating to sale and lease back
transactions, applicable from April 1,2024. The amendment
notified by MCA is not applicable to the company.

20.3 Provision for Expected Credit Loss on Risk Sharing Arrangement 1.0

The company has entered into risk sharing arrangement with Cholamandalam Investment and Finance Co. Limited (""Chola"") for
sales of vehicle on finance. On account of this arrangement company has agreed to pay non-refundable delinquency fund (''Fund'')
of ? 2000/- per vehicle to Chola towards each of the vehicle sold under this arrangement, irrespective of the loan granted on the said
vehicles which shall be used for setting off loss arising out of sale of vehicle repossessed/commission of default by customers.

In event of any vehicle financed under this arrangement is repossessed/surrendered due to non-payment of loan & default as per loan
agreement and on sale of vehicle or on making 100% provisioning towards loan accounts than AAL agrees to share loss with Chola
on the outstanding (principal & instalment) of loan accounts over and above 20% of such outstanding. Company has recognized the
provision based on Ind AS - 109 ''Financial Instruments''.

NOTE - 41 EMPLOYEE BENEFITS

a. Gratuity

Payment for present liability of future payment of gratuity is being made to approved gratuity fund, which fully covers the same
under Cash Accumulation Policy of the Life Insurance Corporation of India (LIC).However, any deficit in plan assets managed by LIC as
compared to the liability on the basis of an independent actuarial valuation is recognised as a liability.

The liability or asset recognised in the Balance Sheet in respect of defined benefit gratuity plans is the present value of the defined
benefit obligation at the end of the reporting period less the fair value of plan assets. The defined benefit obligation is calculated
annually by actuaries using the projected unit credit method in conformity with the principles and manner of computation
specified in Ind AS 19.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value
of plan assets. This cost is included in employee benefit expense in the Statement of Profit and Loss.

Sensitivity Analysis

The sensitivity analysis have been determined based on reasonably possible changes of the respective assumptions occurring at the
end of the reporting period, while holding all other assumptions constant.

The sensitivity analysis presented above may not be representative of the actual change in the projected benefit obligation as it is
unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be correlated.

Furthermore, in presenting the above sensitivity analysis, the present value of the projected benefit obligation has been calculated
using the projected unit credit method at the end of the reporting period, which is the same method as applied in calculating the
projected benefit obligation as recognised in the balance sheet. There was no change in the methods and assumptions used in
preparing the sensitivity analysis from prior years.

b. Provident Fund

Retirement benefit in the form of provident fund is a defined contribution scheme. The Company has no obligation, other than the
contribution payable to the provident fund. The Company recognizes contribution payable to the provident fund scheme as an
expenditure, when an employee renders the related service. If the contribution payable to the scheme for service received before the
balance sheet date exceeds the contribution already paid, the deficit payable to the scheme is recognized as a liability after deducting
the contribution already paid. If the contribution already paid exceeds the contribution due for services received before the balance
sheet date, then excess is recognized as an asset to the extent that the pre payment will lead to, for example, a reduction in future
payment or a cash refund. Amount recognised in statement of Profit & Loss is '' 419 lacs (Previous year ''334 lacs).

NOTE - 43 FINANCIAL INSTRUMENTS

a. Capital Management

The Company manages its capital to ensure that the Company will be able to continue as going concern, while maximising the
return to stakeholders through efficient allocation of capital towards expansion of business, optimisation of working capital
requirements. The Company is currently utilizing term loan to meet long term requirements and have adequate sanctioned
limits available to meet its short term capital requirements. The Company is not subject to any externally imposed capital
requirements. The management of the Company reviews the capital structure of the Company on regular basis.

The following table summarises the capital of the Company:

NOTE - 44 FAIR VALUE MEASUREMENT

This section explains the judgements and estimates made in determining the fair value of the financial instruments that are (a)
recognized and measured at fair value and (b) measured at amortised cost and for which fair values are disclosed in the financial
statements. To provide an indication about the reliability of the inputs used in determining fair value, the company has classified its
financial instruments into the three levels prescribed the Indian accounting standards. Explanation of each level as follows :-

Level - 1 Hierarchy includes financial instruments measured using quoted price. This includes mutual funds & listed Equity shares that
have quoted price. The mutual funds are valued using the closing NAV.

Level - 2 The fair value of financial instruments that are not traded in an active market (for example trade bond, over-the-counter
derivatives) is determined using valuation technique which maximise the use of observable market data and rely as little as
possible on entity -specific estimates. If all significant inputs required to fair value of instrument are observable, the instrument is
included in Level-2.

Level - 3 If one or more of the significant inputs are not based on observable market data, the instrument is included in level 3.

During the year under consideration there is no transfer between level 1, level 2 and level 3 hierarchy.

Valuation Techniques used to Determine Fair Value

Mutual funds are valued at the price quoted in active market at the closing of reporting date.

Fair Value of Financial Assets and Liabilities Measured at Amortised Cost :-

The carrying amounts of trade receivables, trade payable, other financial assets/liabilities, loans and cash & cash equivalents are
considered to be the same as their fair values.

NOTE - 45 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

Financial risk management objectives

The Company''s management monitors and manages the financial risks relating to the operations of the Company. These risks
include market risk (including currency risk, interest rate risk and other price risk), credit risk and liquidity risk. The Company''s risk
management is done in close co-ordination with the board of directors and focuses on actively securing the Company''s short, medium
and long-term cash flows by minimizing the exposure to volatile financial markets. The Company does not enter into or trade financial
instruments, including derivative financial instruments, for speculative purposes. The most significant risks to which the Company is
exposed are described below

a. Credit Risk

Credit Risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the
Company. The company usually deals with creditworthy counterparties and obtain sufficient collateral, where appropriate, as a
means of mitigating the risk of financial loss from defaults. The exposure is continuously monitored.

(i) Trade Receivable

The Company applies the simplified approach to provide for expected credit losses prescribed by Ind AS 109, which permits
the use of the lifetime expected loss provision for all trade receivables. The Company has computed expected credit losses
based on a provision matrix which uses historical credit loss experience of the Company. Forward-looking information
(including macroeconomic information) has been incorporated into the determination of expected credit losses.

b. Liquidity Risk :-

The Company''s principal sources of liquidity are ''cash and cash equivalents'' and cash flows that are generated from operations.
The Company has no outstanding term borrowings. The Company believes that its working capital is sufficient to meet its current
requirements. Additionally, the Company has sizeable surplus funds given as Inter Corporated Deposit receivable on demand to
subsidiary companies ensuring safety of capital and availability of liquidity if and when required. Hence the Company does not
perceive any liquidity risk.

C. Market Risk

(i) Interest Risk

Company has obtained Term Loan from Exim Bank. Interest Risk refers to change in interest rate due to change in benchmark
interest rate in case of floating rate loan. During the year company has not used facility. Hence, there will be no impact on
the profitability of the company due to change in external benchmark interest rate.

(ii) Foreign Currency Risk

The Company operates, in addition to domestic markets, significantly in international markets through its exports and is
therefore exposed to foreign exchange risk arising from foreign currency transactions, primarily with respect to the US$.
Foreign exchange risk arises from highly probable forecast transactions and recognised assets and liabilities denominated
in a currency that is not the Company''s functional currency (?).

NOTE - 47 OTHER REGULATORY NOTES

1. The Title deeds of the immovable properties (other than Common Approach Road As referred to Note No 2 & other properties
where the Company is the lessee and the lease agreements are duly executed in favour of the lessee) are held in the name
of the Company.

2. As per the Company''s accounting policy, Property, Plant and Equipment (including Right of Use Assets) and intangible assets are
carried at historical cost (less accumulated depreciation & impairment, if any), hence the revaluation related disclosures required
as per Additional Regulatory Information of Schedule III (revised) to the Companies Act, is not applicable.

3. The Company has not granted Loans or Advances in the nature of loan to any promoters, Directors, KMPs and the related parties
(As per Companies Act, 2013) , which are repayable on demand or without specifying any terms or period of repayments.

4. No proceedings have been initiated or pending against the Company for holding any Benami property under the Benami
Transactions (Prohibition) Act, 1988 (45 of 1988) and the rules made thereunder.

5. The Company has sanctioned facilities from banks on the basis of security of current assets. The deviations in Periodic returns
and the books of accounts are given in Note No 10.

6. The Company has adhered to debt repayment and interest service obligations on time. Wilful defaulter related disclosures
required as per Additional Regulatory Information of Schedule III (revised) to the Companies Act, is not applicable.

7. There are no transactions with the Companies whose name are struck off under Section 248 of The Companies Act, 2013 or
Section 560 of the Companies Act, 1956 during the year ended 31^st March 2025.

8. All applicable cases where registration of charges or satisfaction is required to be filed with Registrar of Companies have been
filed. No registration or satisfaction is pending at the year ended 31^st March 2025.

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

10. No scheme of arrangement has been approved by the competent authority in terms of Section 230 to 237 of the
Companies Act, 2013.

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

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

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

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

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

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

13. The Company has not operated in any crypto currency or Virtual Currency transactions.

14. During the year the Company has not disclosed or surrendered, any income other than the income recognised in the books of
accounts in the tax assessments under Income Tax Act, 1961.

Reasons for Variances :

* During the Current year there is a significant increase in Profits of the Company compared to previous year. Hence, debt coverage ratio of the
Company has improved.

** on account of increase in sales and reduction in material cost. Further, on account of increase in capacity utilisation the Company overall return on Rquity
and Capital Rmployed is increased. Hence, Return on equity,Return on Capital Employed and Net Profit Ratio has improved.

The accompanying notes are an integral part of these financial statements
As per our report of even date

For Maharishi & Co. For and on behalf of the Board of Directors

Chartered Accountants ATUL AUTO LIMITED

FRN 124872W

NEERAJ J CHANDRA MAHENDRA J PATEL

Managing Director Whole-time Director & CFO

DIN :00065159 DIN :00057735

KAPIL SANGHVI PARAS J. VIRAMGAMA

Partner Company Secretary & Compliance Officer

Membership No. 141168
UDIN : 25141168BMJHZI1992

Signed at Jamnagar on 10^th May, 2025 Signed at Bhayla (Dist. Ahmedabad) on 10^th May, 2025

Mar 31, 2024

1.11 Provisions and Contingent Liabilities

costs. A disclosure for a contingent liability is made when there is a possible obligation or a present obligation that may, but probably will not, require an outflow of resources. When there is a possible obligation or a present obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made.

1.12 Operating lease including Investment Properties

As a Lessor

The company has leased out its assets and such leases where the company has substantially retained all the risks and rewards of ownership are classified as operating leases. Lease income on such operating leases are recognised in the statement of profit & loss on a straight line basis over the lease term in a manner which is representative of the time pattern in which benefit derived from the use of the leased asset is diminished. Initial direct costs are recognised as an expense in the statement of profit & loss in the period in which they are incurred.

Under operating lease, the asset is capitalised within property plant & equipment and depreciated over its useful economic life. Therefore, Ind AS 116 does not have an impact for leases where the company is the lessor.

As a Lessee

Ind AS 116 requires lessees to determine the lease term as the non-cancellable period of a lease adjusted with any option to extend or terminate the lease. The Company''s lease asset primarily consists of Building. The company assesses whether a contract contains a lease, at inception of contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Company assesses whether:

(i) the contract involves the use of an identified asset

(ii) the Company has substantially all the economic benefits from use of the asset through the period of the lease and

(iii) the Company has the right to direct the use of the asset.

At the date of commencement of the lease, the Company recognizes a right-of-use (ROU) asset and a corresponding lease liability for all lease arrangements in which it is a lessee, except for leases with a term of 12 months or less (short-term leases), and lease contract for which the underlying asset is of low value (low-value assets). For these short-term, the Company recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease.

The lease liability is initially measured at the present value of the future lease payments. The lease payments are

discounted using the interest rate of cost of capital. The lease liability is subsequently remeasured by increasing the carrying amount to reflect interest on the lease liability, reducing the carrying amount to reflect the lease payments made.

In calculating the present value of lease payments, the company uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable.

Transition

Effective from April 1,2019, the Company adopted Ind AS 116, Leases and applied the standard to all lease contracts existing on April 1, 2019 using the modified retrospective method, on the date of initial application. Consequently, the Company recorded the lease liability at the present value of the lease payments discounted at the incremental cost of capital and the ROU asset at its carrying amount as if the standard had been applied since the commencement date of the lease, but discounted at the Company''s incremental cost of capital at the date of initial application. Comparatives as at and for the year ended March 31,2019 have not been retrospectively adjusted and therefore will continue to be reported under the accounting policies included as part of our Annual Report for year ended March 31, 2019.

On transition, the adoption of the new standard resulted in recognition of ''Right of Use'' asset of 112 lakhs, and a lease liability of 112 lakhs. The effect of this adoption is not significant on the profit before tax, profit for the period and earnings per share. Ind AS 116 has resulted in an increase in cash inflows from operating activities and an increase in cash outflows from financing activities on account of lease payments. Lease liability and ROU asset have been separately presented in the Balance Sheet.

1.13 Government Grants

Grants and subsidies from the government are recognized when there is reasonable assurance that

(i) the company will comply with the conditions attached to them, and (ii) the grant/subsidy will be received.

When the grant or subsidy relates to revenue, it is recognized as income on a systematic basis in the statement of profit and loss over the periods necessary to match them with the related costs, which they are intended to compensate. Where the grant relates to an asset, it is recognized as deferred income and transfer to income in equal amounts over the expected useful life of the related asset.

Where the company receives non-monetary grants, the asset is accounted for on the basis of its acquisition cost. In case a non-monetary asset is given free of cost, it is recognized at a nominal value.

1.14 Dividends

Provision is made for the amount of any dividend declared, being appropriately authorised and no longer at the discretion of the entity, on or before the end of the reporting period but not distributed at the end of the reporting period.

1.15 Cash and Cash Equivalents

For the purpose of presentation in the Statement of Cash Flows, cash and cash equivalents includes cash on hand, balance with banks.

1.16 Employee benefits

Employee benefits include salaries, wages, contribution to provident fund, gratuity, leave encashment towards un-availed leave, compensated absences, and other terminal benefits.

(i) Gratuity

Payment for present liability of future payment of gratuity is being made to approved gratuity fund, which fully covers the same under Cash Accumulation Policy and Debt fund of the Life Insurance Corporation of India (LIC). However, any deficit in plan assets managed by LIC as compared to the liability based on an independent actuarial valuation is recognised as a liability.

The liability or asset recognised in the Balance Sheet in respect of defined benefit gratuity plans is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets. The defined benefit obligation is calculated annually by actuaries using the projected unit credit method in conformity with the principles and manner of computation specified in Ind AS 19.

Remeasurements, comprising of actuarial gains and losses, the effect of the asset ceiling, excluding amounts included in net interest on the net defined benefit liability and the return on plan assets (excluding amounts included in net interest on the net defined benefit liability), are recognised immediately in the Balance Sheet with a corresponding debit or credit to retained earnings through OCI in the period in which they occur. Remeasurements are not reclassified to profit or loss in subsequent periods

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is included in employee benefit expense in the Statement of Profit and Loss.

(ii) Provident fund contributions are made to Company''s Provident Fund . The contributions are accounted for as defined benefit plans and the contributions are recognised as employee benefit expense when they are due.

(iii) Defined contribution to superannuation fund is being made as per the scheme of the Company and recognised as expense as and when due.

1.17 Earnings per Share

Basic earnings per share is calculated by dividing the net profit or loss for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the period. Earnings considered in ascertaining the Company''s earnings per share is the net profit for the period. The weighted average number of equity shares outstanding during the period and all periods presented is adjusted for events, such as bonus shares, other than the conversion of potential equity shares, that have changed the number of equity shares outstanding, without a corresponding change in resources. For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of share outstanding during the period is adjusted for the effects of all dilutive potential equity shares.

1.18 Segment Reporting

The company is engaged mainly in the business of automobile products. These, in the context of Indian Accounting Standard 108 on Operating Segment, as specified in the Companies (Indian Accounting Standards) Rules, 2015, are considered to constitute one single primary segment. Operating segments are reported in a manner consistent with the internal reporting provided to the Core Management Committee which includes the Managing Director who is the Chief Operating Decision Maker.

1.19 Recent Pronouncements

The Ministry of Corporate Affairs has vide notification dated 23^rd March 2022 notified Companies (Indian Accounting Standards) Amendment Rules, 2022 which amends certain accounting standards, and are effective from 1^st April 2022. Below is a summary of such relevant amendments and requirements. No significant impact is expected on adoption of these amendments.

i) Ind AS 16, Property, Plant and Equipment (PPE):

The amendment clarified that an entity shall deduct from the cost of an item of PPE any proceeds received from selling items produced while the entity is preparing the asset for its intended use.

ii) Ind AS 37, Provisions, Contingent Liabilities and Contingent Assets:

Onerous Contracts - Cost of fulfilling a contract: The amendment explains that the cost of fulfilling a contract comprises the incremental costs and an allocation of other costs that relate directly to fulfilling contracts.

iii) Ind AS 109 Financial Instruments:

Ind AS 109 Financial Instruments: The amendment clarifies any cost or fees that an entity includes when it applies the ''10 percent'' test of Ind AS 109 in assessing whether to derecognise a Financial Liability.

17.1 Terms & Conditions of Term Loan

i) The company has part financed its Greenfield project at Bhayla Ahmedabad by way of sanction of Term Loan from EXIM Bank. The said loan is a Reimbursement basis Term Loan i.e, the company had to first spend its own funds on the project out of which 32.14% will be reimbursed by the Bank on capitalisation of the project.

Further company had spent its own fund and availed reimbusrement of 31% from the bank

ii) Term Loan is secured by First Charge on the entire movable and immovable fixed assets of AAL at plant at Bhayla, Ahmedabad, both present & future, Second pari passu charge on entire current assets of AAL, both present & future and personal gaurantee of Mr Jayantibhai J Chandra and Mr Mahendrabhai J. Patel.

iii) Rate of Interest was 7.75% p.a. which was subject to reset at yearly basis and accordingly was revised to 8.75% p.a. for F.Y. 2022-23.

iv) Loan was foreclosed by the company in FY 2023-2024 from the proceeds of prefential issue of equity shares.

17.2 Terms & Conditions of WCTL

i) The Company has been sanctioned facility of Working Capital Term Loan along with Pre shipment and Post Shipment credit from EXIM Bank to meet it''s working capital requirement. total loan amount is capped at USD 3.5 Million

ii) Working Capital Term Loan is secured by first Pari-Passu charge on entire Current Assets of the company, Second charge on entire Fixed Asset of the company situated at Shapar, Rajkot Pari-Passu with IDBI Bank, Second Pari-Passu charge on entire Fixed Asset of the company situated at Bhayla, Ahemdabad and Unconditional and irrevocable personal guarantee of the promoters namely Mr. Jayantibhai J. Chandra & Mr. Mahendrabhai J. Patel.

iii) Interest is payable on current o/s at 8.40% wih monthly rest

iv) Lending will be on pre/post shipment terms which is fully inter changeable with working capital term loan

20.3 PROVISION FOR EXPECTED CREDIT LOSS ON RISK SHARING ARRANGEMENT

The company has entered into risk sharing arrangement with Chotamandalam Investment and Finance Co. Limited ("Chola") for sates of vehicle on finance. On account of this arrangement company has agreed to pay non-refundabte delinquency fund (''Fund'') of '' 2000/- per vehicle to Chola towards each of the vehicle sold under this arrangement, irrespective of the loan granted on the said vehicles which shall be used for setting off loss arising out of sale of vehicle repossessed/commission of default by customers.

In event of any vehicle financed under this arrangement is repossessed/surrendered due to non-payment of loan & default as per loan agreement and on sale of vehicle or on making 100% provisioning towards loan accounts than AAL agrees to share loss with Chola on the outstanding (principal & instalment) of loan accounts over and above 20% of such outstanding. Company has recognized the provision based on Ind AS - 109 ''Financial Instruments''.

NOTE - 41 EMPLOYEE BENEFITS a. Gratuity

Payment for present Liability of future payment of gratuity is being made to approved gratuity fund, which fully covers the same under Cash Accumulation Policy of the Life Insurance Corporation of India (LIC).However, any deficit in plan assets managed by LIC as compared to the liability on the basis of an independent actuarial valuation is recognised as a liability.

The liability or asset recognised in the Balance Sheet in respect of defined benefit gratuity plans is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets. The defined benefit obligation is calculated annually by actuaries using the projected unit credit method in conformity with the principles and manner of computation specified in Ind AS 19.

Sensitivity Analysis

The sensitivity analysis have been determined based on reasonably possible changes of the respective assumptions occurring at the end of the reporting period, while holding all other assumptions constant.

The sensitivity analysis presented above may not be representative of the actual change in the projected benefit obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be correlated.

Furthermore, in presenting the above sensitivity analysis, the present value of the projected benefit obligation has been calculated using the projected unit credit method at the end of the reporting period, which is the same method as applied in calculating the projected benefit obligation as recognised in the balance sheet. There was no change in the methods and assumptions used in preparing the sensitivity analysis from prior years.

b. Provident Fund

Retirement benefit in the form of provident fund is a defined contribution scheme. The company has no obligation, other than the contribution payable to the provident fund. The company recognizes contribution payable to the provident fund scheme as an expenditure, when an employee renders the related service. If the contribution payable to the scheme for service received before the balance sheet date exceeds the contribution already paid, the deficit payable to the scheme is recognized as a liability after deducting the contribution already paid. If the contribution already paid exceeds the contribution due for services received before the balance sheet date, then excess is recognized as an asset to the extent that the pre payment will lead to, for example, a reduction in future payment or a cash refund. Amount recognised in statement of Profit & Loss is '' 334 lacs (Previous year ''277 lacs).

This section explains the judgements and estimates made in determining the fair value of the financial instruments that are (a) recognized and measured at fair value and (b) measured at amortised cost and for which fair values are disclosed in the financial statements. To provide an indication about the reliability of the inputs used in determining fair value, the company has classified its financial instruments into the three levels prescribed the Indian accounting standards. Explanation of each level as follows :-

Level - 1 Hierarchy includes financial instruments measured using quoted price. This includes mutual funds & listed Equity shares that have quoted price. The mutual funds are valued using the closing NAV.

Level - 2 The fair value of financial instruments that are not traded in an active market (for example trade bond, over-the-counter derivatives) is determined using valuation technique which maximise the use of observable market data and rely as little as possible on entity -specific estimates. If all significant inputs required to fair value of instrument are observable, the instrument is included in Level-2.

NOTE - 45 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES Financial risk management objectives

The Company''s management monitors and manages the financial risks relating to the operations of the Company. These risks include market risk (including currency risk, interest rate risk and other price risk), credit risk and liquidity risk. The Company''s risk management is done in close co-ordination with the board of directors and focuses on actively securing the Company''s short, medium and long-term cash flows by minimizing the exposure to volatile financial markets. The Company does not enter into or trade financial instruments, including derivative financial instruments, for speculative purposes. The most significant risks to which the Company is exposed are described below

Credit Risk :-

Credit risk arises from cash and cash equivalents, financial assets measured at amortised cost and fair value through profit or loss and trade receivables.

Credit Risk Management

For other financial assets the Company has an investment policy which allows the Company to invest only with counterparties having credit rating equal to or above AA and P1 . The company reviews the creditworthiness of these counterparties on an ongoing basis. Another source of credit risk at the reporting date is from trade receivables as these are typically unsecured. This credit risk has always been managed through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to whom credit is extended in the normal course of business. The Company estimates the expected credit loss on the basis of past data and experience. Expected credit losses of financial assets receivable in the next 12 months are estimated on the basis of historical data provided the Company has reasonable and supportable data. On such an assessment the expected losses are nil or negligible, as evidenced in the table below, and hence no further provision than that already made is considered necessary.

Liquidity Risk :-

The Company''s principal sources of liquidity are ''cash and cash equivalents'' and cash flows that are generated from operations. The Company has no outstanding term borrowings. The Company believes that its working capital is sufficient to meet its current requirements. Additionally, the Company has sizeable surplus funds invested in fixed income securities or instruments of similar profile ensuring safety of capital and availability of liquidity if and when required. Hence the Company does not perceive any liquidity risk.

Interest Risk

Company has obtained Term Loan from Exim Bank. Interest Risk refers to change in interest rate due to change in benchmark interest rate in case of floating rate loan. As at 31^st March, 2023 company''s borrowing carries fixed interest rate hence, there will be no impact on the profitability of the company due to change in external benchmark interest rate.

Market Risk Foreign Currency Risk

The Company operates, in addition to domestic markets, significantly in international markets through its exports and is therefore exposed to foreign exchange risk arising from foreign currency transactions, primarily with respect to the US$. Foreign exchange risk arises from highly probable forecast transactions and recognised assets and liabilities denominated in a currency that is not the Company''s functional currency ('').

1. The Title deeds of the immovable properties (other than Common Approach Road As referred to Note No 2 & other properties where the Company is the lessee and the lease agreements are duly executed in favour of the lessee) are held in the name of the Company.

2. As per the Company''s accounting policy, Property, Plant and Equipment (including Right of Use Assets) and intangible assets are carried at historical cost (less accumulated depreciation & impairment, if any), hence the revaluation related disclosures required as per Additional Regulatory Information of Schedule III (revised) to the Companies Act, is not applicable.

3. The Company has not granted Loans or Advances in the nature of loan to any promoters, Directors, KMPs and the related parties (As per Companies Act, 2013) , which are repayable on demand or without specifying any terms or period of repayments.

4. No proceedings have been initiated or pending against the Company for holding any Benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and the rules made thereunder.

5. The Company has sanctioned facilities from banks on the basis of security of current assets. The periodic returns filed by the Company with such banks are in agreement with the books of accounts of the Company.

6. The Company has adhered to debt repayment and interest service obligations on time. Wilful defaulter related disclosures required as per Additional Regulatory Information of Schedule III (revised) to the Companies Act, is not applicable.

7. There are no transactions with the Companies whose name are struck off under Section 248 of The Companies Act, 2013 or Section 560 of the Companies Act, 1956 during the year ended 31^st March 2023.

8. All applicable cases where registration of charges or satisfaction is required to be filed with Registrar of Companies have been filed. No registration or satisfaction is pending at the year ended 31^st March 2023.

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

10. No scheme of arrangement has been approved by the competent authority in terms of Section 230 to 237 of the Companies Act, 2013.

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

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

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

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

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

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

13. The Company has not operated in any crypto currency or Virtual Currency transactions.

14. During the year the Company has not disclosed or surrendered, any income other than the income recoginsed in the books of accounts in the tax assessments under Income Tax Act, 1961.

15. The Code on Social Security, 2020 which received the President''s assent on 28^th September 2020 subsumes nine laws relating to Social security, retirement and employee benefits, including the Provident Fund and Gratuity. The effective date of the Code and rules thereunder are yet to be notified. The impact of the changes, if any, will be assessed and recognised post notification of the relevant date.

Reasons for Variances :

During the previous year company had received Rs 5,750 lacs on issue of share warrants which has been utilised for prepayment of term loan of Rs 3,214 lacs and balace amount is utlised for working capital Hence DSCR, debt equity ratio and current ratio of the company have improved.

Due to foreclosure of term loan the finance cost of the company has reduced significantly also the cost of comsumption has reduced resulting into improved return on capital employed, return on equity and net profit ratio .

NOTE - 49 OTHERS

Figures relating to corresponding/previous periods have been regrouped/reclassified wherever necessary to confirm to current period figures.

As per our report of even date

FOR, Maharishi & Co. For an on behalf of Board of Directors of

Chartered Accountants ATUL AUTO LIMITED

FRN 124872W

KAPIL SANGHVI NEERAJ J CHANDRA MAHENDRA J PATEL

Partner Managing Director Whole-time Director &CFO

Membership No. 141168 DIN : 00065159 DIN : 00057735

Signed at Bhayla (Dist. Ahmedabad) on May 17, 2024

UDIN : 24141168BKAGAN5675 PARAS J. VIRAMGAMA

Company Secretary & Compliance Officer

Mar 31, 2023

Provisions and Contingent Liabilities

The Company creates a provision when there is present obligation as a result of a past event that probably requires an
outflow of resources and a reliable estimate can be made of the amount of the obligation such as product warranty costs. A
disclosure for a contingent liability is made when there is a possible obligation or a present obligation that may, but
probably will not, require an outflow of resources. When there is a possible obligation or a present obligation in respect of
which the likelihood of outflow of resources is remote, no provision or disclosure is made.

1.12 Operating lease including Investment Properties
As a Lessor

The company has leased out its assets and such leases where the company has substantially retained all the risks and
rewards of ownership are classified as operating leases. Lease income on such operating leases are recognised in the
statement of profit & loss on a straight line basis over the lease term in a manner which is representative of the time
pattern in which benefit derived from the use of the leased asset is diminished. Initial direct costs are recognised as an
expense in the statement of profit & loss in the period in which they are incurred.

Under operating lease, the asset is capitalised within property plant & equipment and depreciated over its useful economic
life. Therefore, Ind AS 116 does not have an impact for leases where the company is the lessor.

As a Lessee

Ind AS 116 requires lessees to determine the lease term as the non-cancellable period of a lease adjusted with any option
to extend or terminate the lease. The Company''s lease asset primarily consists of Building. The company assesses
whether a contract contains a lease, at inception of contract. A contract is, or contains, a lease if the contract conveys the
right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a
contract conveys the right to control the use of an identified asset, the Company assesses whether:

(i) the contract involves the use of an identified asset

(ii) the Company has substantially all the economic benefits from use of the asset through the period of the lease and

(iii) the Company has the right to direct the use of the asset.

At the date of commencement of the lease, the Company recognizes a right-of-use (ROU) asset and a corresponding lease
liability for all lease arrangements in which it is a lessee, except for leases with a term of 12 months or less (short-term
leases), and lease contract for which the underlying asset is of low value (low-value assets). For these short-term, the
Company recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease.

The right-of-use assets are initially recognised at cost, which comprises the initial measurement of the lease liability
adjusted plus any initial direct costs less any lease incentives. They are subsequently measured at cost less accumulated
depreciation and impairment losses, if any. Right-of-use assets are depreciated from the commencement date on a
straight-line basis over the shorter of the lease term and useful life of the underlying asset.The lease liability is initially
measured at the present value of the future lease payments. The lease payments are discounted using the interest rate of
cost of capital. The lease liability is subsequently remeasured by increasing the carrying amount to reflect interest on the
lease liability, reducing the carrying amount to reflect the lease payments made.

In calculating the present value of lease payments, the company uses its incremental borrowing rate at the lease
commencement date because the interest rate implicit in the lease is not readily determinable.

1.13 Government Grants

Grants and subsidies from the government are recognized when there is reasonable assurance that

(i) the company will comply with the conditions attached to them, and (ii) the grant/subsidy will be received.

When the grant or subsidy relates to revenue, it is recognized as income on a systematic basis in the statement of profit and
loss over the periods necessary to match them with the related costs, which they are intended to compensate. Where the
grant relates to an asset, it is recognized as deferred income and transfer to income in equal amounts over the expected
useful life of the related asset.

Where the company receives non-monetary grants, the asset is accounted for on the basis of its acquisition cost. In case a
non-monetary asset is given free of cost, it is recognized at a nominal value.

1.14 Dividends

Provision is made for the amount of any dividend declared, being appropriately authorised and no longer at the discretion
of the entity, on or before the end of the reporting period but not distributed at the end of the reporting period.

1.15 Cash and Cash Equivalents

For the purpose of presentation in the Statement of Cash Flows, cash and cash equivalents includes cash on hand, balance
with banks.

1.16 Employee benefits

Employee benefits include salaries, wages, contribution to provident fund, gratuity, leave encashment towards un-availed
leave, compensated absences, and other terminal benefits.

(i) Gratuity

Payment for present liability of future payment of gratuity is being made to approved gratuity fund, which fully covers the
same under Cash Accumulation Policy and Debt fund of the Life Insurance Corporation of India (LIC). However, any deficit
in plan assets managed by LIC as compared to the liability based on an independent actuarial valuation is recognised as a
liability.

The liability or asset recognised in the Balance Sheet in respect of defined benefit gratuity plans is the present value of the
defined benefit obligation at the end of the reporting period less the fair value of plan assets. The defined benefit obligation
is calculated annually by actuaries using the projected unit credit method in conformity with the principles and manner of
computation specified in Ind AS 19.

Remeasurements, comprising of actuarial gains and losses, the effect of the asset ceiling, excluding amounts included in
net interest on the net defined benefit liability and the return on plan assets (excluding amounts included in net interest on
the net defined benefit liability), are recognised immediately in the Balance Sheet with a corresponding debit or credit to
retained earnings through OCI in the period in which they occur. Remeasurements are not reclassified to profit or loss in
subsequent periods.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the
fair value of plan assets. This cost is included in employee benefit expense in the Statement of Profit and Loss.

(ii) Provident fund contributions are made to Company''s Provident Fund . The contributions are accounted for as defined
benefit plans and the contributions are recognised as employee benefit expense when they are due.

(iii) Defined contribution to superannuation fund is being made as per the scheme of the Company and recognised as expense
as and when due.

1.17 Earnings per Share

Basic earnings per share is calculated by dividing the net profit or loss for the period attributable to equity shareholders by
the weighted average number of equity shares outstanding during the period. Earnings considered in ascertaining the
Company''s earnings per share is the net profit for the period. The weighted average number of equity shares outstanding
during the period and all periods presented is adjusted for events, such as bonus shares, other than the conversion of
potential equity shares, that have changed the number of equity shares outstanding, without a corresponding change in
resources. For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to
equity shareholders and the weighted average number of share outstanding during the period is adjusted for the effects of
all dilutive and anti-dilutive potential equity shares.

1.18 Segment Reporting

The company is engaged mainly in the business of automobile products. These, in the context of Indian Accounting
Standard 108 on Operating Segment, as speci ed in the Companies (Indian Accounting Standards) Rules, 2015, are
considered to constitute one single primary segment. Operating segments are reported in a manner consistent with the
internal reporting provided to the Core Management Committee which includes the Managing Director who is the Chief
Operating Decision Maker.

1.19 Borrowing Cost

Borrowing cost includes interest, amortization of ancillary costs incurred in connection with the arrangement of
borrowings and exchange differences arising from foreign currency borrowings to the extent they are regarded as an
adjustment to the interest cost.

Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a
substantial period of time to get ready for its intended use or sale are capitalized as part of the cost of the respective asset.
All other borrowing costs are expensed in the period they occur.

Mar 31, 2018

Note 2: Investment Property

Under the previous GAAP, investment properties were presented as part of Fixed Assets. under Ind AS, investment properties are required to be separately presented on the face of the Balance Sheet. There is no impact on the total equity or profit as a result of this adjustment.

Note 3: Proposed dividend and tax thereon

Under the previous GAAP, dividends proposed by the Board of Directors after the Balance Sheet date but before the approval of the financial statements were considered as adjusting events. Accordingly, provision for proposed dividend and tax thereon was recognized as a liability. Under Ind AS, such dividends are recognized when the same is approved by the shareholders in the general meeting. Accordingly, the liability for proposed dividend and tax thereon, included under provisions has been reversed with corresponding adjustment to retained earnings.

Note 4: Excise duty

Under the previous GAAP, revenue from sale of products was presented inclusive of excise duty. under Ind AS, revenue from sale of goods is presented inclusive of excise duty for the first quarter. The excise duty paid is presented on the face of the Statement of Profit and Loss as part of expenses. There is no impact on the total equity and profit.

Note 5: Remeasurements of post-employment benefit obligations

Under Ind AS, remeasurements i.e. actuarial gains and losses and the return on plan assets, excluding amounts included in the net interest expense on the net defined benefit liability are recognized in other comprehensive income instead of profit or loss. under the previous GAAP, these remeasurements were forming part of the Statement of Profit and Loss for the year. There is no impact on the total equity.

Note 6 : Unpaid Dividend & Expense Payable

Under Indian GAAP these are presented as current liabilities but under Ind AS these are presented as other Financial liabilities so, there is no impact on the total equity and profit.

Note 7 : Deferred Tax Liability

Under Indian GAAP, deferred tax accounting was done using the income statement approach, which focuses on differences between taxable profits and accounting profits for the period. Ind AS 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 Ind AS 12 approach has resulted in recognition of deferred tax on new temporary differences which was not required under Indian GAAP. According to the accounting policies, the Company has to account for such differences. Deferred tax adjustments are recognized in correlation to the underlying transaction in retained earnings on the date of transition.

Note 8 : Provision for expected credit loss

Under Ind AS provision for expected credit loss on financial assets which measured at amortized cost is required to be made but there is no provision in Indian GAAP for this so, as per Ind AS 101 provision for ECL is recognized and corresponding effect is recognized in retained earnings.

Note 9 : Other comprehensive income

Under Ind AS, all items of income and expense recognized in a period should be included in the Statement of Profit and Loss for the period, unless a standard requires or permits otherwise. Items of income and expense that are not recognized in profit or loss but are shown in the Statement of Profit and Loss as âother comprehensive incomeâ includes remeasurements of defined benefit plans. The concept of other comprehensive income did not exist in Indian GAAP.

Note :

1 On transition to Ind AS, the company has elected to continue with the carrying value of its property, plant and equipments recognized as at April 01, 2016 measured as per previous GAAP, which in case of the company, corresponds with carrying costs measured in accordance with Ind AS - 16 property, plant and equipments. as on date of transition gross block and accumulated depreciation was Rs.12,394.51 Lacs. and Rs. 3,971.36 Lacs.

2 As per Ind AS - 40 ''Investment Property'' assets which is held to earn rentals or for capital appreciation or both is treated as investment property. During the year certain lease agreement for rental of building is modified with reduction in floor area so, certain Investment property amounting Rs. 44.61 Lacs. is transferred to Property Plant & Equipments.

Note : Investment property has been carried at the cost less accumulated depreciation as at April 01, 2016, as the cost and depreciation determined under the previous GAAP, in case of the company, is in line with the principles of Ind AS 40.

(v) Estimation of fair value

The best evidence of fair value is current prices in an active market for similar properties. Since investment properties leased out by the Company are cancellable, the market rate for sale/purchase of such premises are representative of fair values. Company''s investment properties are at a location where active market is available for similar kind of properties. Hence fair value is ascertained on the basis of market rates prevailing for similar properties in those location determined by an independent registered valuer and consequently classified as a level 2 valuation.

(c) Terms/Rights attached to Equity Shares

The company has only one class of equity shares having a value of Rs. 5/- per share. Each holder of equity shares is entitled to one vote per share.

The company declares and pays dividend in Indian Rupees. Interim Dividend declared by the Board of Directors and paid by the company during the year is Rs.2.75/- per equity share of Rs. 5 each. Final dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing General Meeting of Rs 2.50/- Per Share. (March 31, 2017 : Rs.4.25 per equity share of Rs.5 each).

In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

Note - 10Employee Benefits

(a) Gratuity

Payment for present liability of future payment of gratuity is being made to approved gratuity fund, which fully covers the same under Cash Accumulation Policy of the Life Insurance Corporation of India (LIC). However, any deficit in plan assets managed by LIC as compared to the liability on the basis of an independent actuarial valuation is recognized as a liability.

The liability or asset recognized in the Balance Sheet in respect of defined benefit gratuity plans is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets. The defined benefit obligation is calculated annually by actuaries using the projected unit credit method in conformity with the principles and manner of computation specified in Ind AS 19.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is included in employee benefit expense in the Statement of Profit and Loss.

Sensitivity Analysis

The sensitivity analysis have been determined based on reasonably possible changes of the respective assumptions occurring at the end of the reporting period, while holding all other assumptions constant.

The sensitivity analysis presented above may not be representative of the actual change in the projected benefit obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be correlated.

Furthermore, in presenting the above sensitivity analysis, the present value of the projected benefit obligation has been calculated using the projected unit credit method at the end of the reporting period, which is the same method as applied in calculating the projected benefit obligation as recognized in the balance sheet. There was no change in the methods and assumptions used in preparing the sensitivity analysis from prior years.

(b) Provident Fund

Retirement benefit in the form of provident fund is a defined contribution scheme. The company has no obligation, other than the contribution payable to the provident fund. The company recognizes contribution payable to the provident fund scheme as an expenditure, when an employee renders the related service. If the contribution payable to the scheme for service received before the Balance Sheet date exceeds the contribution already paid, the deficit payable to the scheme is recognized as a liability after deducting the contribution already paid. If the contribution already paid exceeds the contribution due for services received before the Balance Sheet date, then excess is recognized as an asset to the extent that the pre payment will lead to, for example, a reduction in future payment or a cash

(ii) Fair value hierarchy

This section explains the judgments and estimates made in determining the fair value of the financial instruments that are (a) recognized and measured at fair value and (b) measured at amortized cost and for which fair values are disclosed in the financial statements. To provide an indication about the reliability of the inputs used in determining fair value, the company has classified its financial instruments into the three levels prescribed the Indian Accounting Standards. Explanation of each level as follows :

Level - 1 Hierarchy includes financial instruments measured using quoted price. This includes mutual funds & listed Equity shares that have quoted price. The mutual funds are valued using the closing NAV.

Level - 2 The fair value of financial instruments that are not traded in an active market (for example trade bond, over-the-counter derivatives) is determined using valuation technique which maximize the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in Level-2.

Level - 3 If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.

Valuation Techniques used to determine fair value :

Opened ended Mutual funds are valued at closing NAV''s declared by its Assets Management Companies .

Fair Value of Financial Assets and Liabilities measured at amortized cost:

The carrying amounts of trade receivables, trade payable, other financial assets/liabilities, loans and cash & cash equivalents are considered to be the same as their fair values.

The company''s activities expose it to credit risk, liquidity risk and market risk.

This note explains the sources of risk which the entity is exposed to and how the entity manages the risk.

The Board provides guiding principles for overall risk management, as well as policies covering specific areas, such as foreign exchange risk, credit risk and investment of surplus liquidity. The Companyâs risk management is carried out by a finance department as per the policies approved by the Board of Directors.

Credit Risk :

Credit risk arises from cash and cash equivalents, financial assets measured at amortized cost and fair value through profit or loss and trade receivables.

Credit Risk Management

- Credit Insurance Policy

During the year company has taken credit insurance policy for covering default risk from trade receivable which reduces default risk at reasonable level.

Review of outstanding trade receivables and financial assets is carried out by Management at every month end. Company has a practice to provide for doubtful debts on a case to case basis after considering inter-alia customer''s credibility etc. Provision is made in the books if they are considered to be doubtful.

- Liquidity Risk:

The Companyâs principal sources of liquidity are cash and cash equivalents and cash flows that are generated from operations. The Company has no outstanding term borrowings. The Company believes that its working capital is sufficient to meet its current requirements. Additionally, the Company has sizeable surplus funds invested in fixed income securities or instruments of similar profile ensuring safety of capital and availability of liquidity if and when required. Hence the Company does not perceive any liquidity risk.

Market Risk:

Foreign Currency Risk

The Company operates, in addition to domestic markets, significantly in international markets through its exports and is therefore exposed to foreign exchange risk arising from foreign currency transactions, primarily with respect to the US$. Foreign exchange risk arises from highly probable forecast transactions and recognized assets and liabilities denominated in a currency that is not the Companyâs functional currency (INR).

Note - 11 Recent Indian Accounting Standards (Ind AS)

Ministry of Corporate Affairs (âMCA") through Companies (Indian Accounting Standards) Amendment Rules, 2018 has notified the following new and amendments to Ind ASs which the Company has not applied as they are effective for annual periods beginning on or after April 01, 2018:

Ind AS 115 Revenue from Contracts with Customers

Ind AS 21 The Effect of Changes in Foreign Exchange Rates

Ind AS 115 â Revenue from Contracts with Customers

Ind AS 115 establishes a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. Ind AS 115 will supersede the current revenue recognition standard Ind AS 18 - Revenue, Ind AS 11 - Construction Contracts when it becomes effective.

The core principle of Ind AS 115 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Specifically, the standard introduces a 5-step approach to revenue recognition :-

Step 1: Identify the contract(s) with a customer

Step 2: Identify the performance obligation in contract

Step 3: Determine the transaction price

Step 4: Allocate the transaction price to the performance obligations in the contract

Step 5: Recognise revenue when (or as) the entity satisfies a performance obligation

Under Ind AS 115, an entity recognizes revenue when (or as) a performance obligation is satisfied, i.e. when âcontrolâ of the goods or services underlying the particular performance obligation is transferred to the customer.

The Company has completed its evaluation of the possible impact of Ind AS 115 and will adopt the standard with all related amendments to all contracts with customers retrospectively with the cumulative effect of initially applying the standard recognized at the date of initial application. Under this transition method, cumulative effect of initially applying Ind AS 115 is recognized as an adjustment to the opening balance of retained earnings of the annual reporting period. The standard is applied retrospectively only to contracts that are not completed contracts at the date of initial application. The Company does not expect the impact of the adoption of the new standard to be material on its retained earnings and to its net income on an ongoing basis.

Ind AS 21 â The Effect of Changes in Foreign Exchange Rates

The amendment clarifies on the accounting of transactions that include the receipt or payment of advance consideration in a foreign currency. The appendix explains that the date of the transaction, for the purpose of determining the exchange rate, is the date of initial recognition of the non-monetary prepayment asset or deferred income liability. If there are multiple payments or receipts in advance, a date of transaction is established for each payment or receipt. Company is evaluating the impact of this amendment on its financial statements.

Note - 12 Other Notes

Previous year figures are regrouped, re arranged & re casted wherever necessary.

Mar 31, 2016

A. Terms/Rights attached to Equity Shares

The company has only one class of equity shares having a per share value of Rs, 5/- per share. Each holder of equity shares is entitled to one vote per share.

The company declares and pays dividend in Indian Rupees. Interim Dividend declared by the Board of Directors and paid by the company during the year is Rs, 2.75/- per equity share of Rs, 5 each. Final dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuring General Meeting of Rs, 2.5/- Per Share. During the year ended 31 March, 2016 the amount of per share dividend recognized as distributed to equity shareholders was Rs, 5.25/- per equity share of Rs, 5/- each. (31 March 2015 : Rs, 5 per equity share of Rs, 5 each).

In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

Details of dues to Micro, small and Medium Enterprises as per MSMED Act, 2006

The information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the company. The amount of principal and interest outstanding as at 31st March, 2016 is given below:

The overall expected rate of return on assets is determined based on the market prices prevailing on that date, applicable to the period over which the obligation is to be settled.

(a) Provision for Warranties

A provision is recognized for expected warranty claims for last 24 months based on past experience of the level of repairs and returns. It is expected that significant portion of these costs will be incurred in the next financial year. Assumption used to calculate the provision for warranties were based on current sales levels and current information available about returns based on the warranty period for all products sold. The table given below gives information about movements in warranty provisions.

Provision for After Sales Service is made on the basis of estimation of balance of unutilized service coupon proportionate to the balance of free service period.

Excise duty on sales amounting to Rs, 64,54,01,041/- (31 March 2015: Rs, 45,02,05,120/-) has been reduced from sales in statement of Profit and loss and excise duty on increase/decrease in stock amounting to (49,04,750/-) (31 March 2015: (21,50,543/-) has been considered as (income)/expense in note 25 of financial statements.

1. OPERATING LEASE - COMPANY AS A LEASEE

The company has entered into commercial leases on Office building. These leases have an average life of between one and three years with no renewal option included in the contracts. There are no restrictions placed upon the company by entering into these leases.

Mar 31, 2015

1 Comparative figures have been regrouped wherever necessary.

2 The cash flow statement has been prepared under the indirect method as set out in the Accounting Standard - 3 on Cash Flow Statement

3 Cash and Bank Balance as per Note 15 includes Rs. 34,89,530/- (previous year Rs. 31,97,973/-) which are not available for use by the company as they represent corresponding unpaid dividend liabilities

1 NATURE OF OPERATIONS

ATUL ATUL LIMITED (the company) is a public company domiciled in India, incorporated on 18-06-1986. Its shares are listed on two stock exchanges in India - BSE Limited and National Stock Exchange of India Limited (NSE). The Company is engaged in manufacturing and selling of reputed brand of Auto Rickshaw. the Company caters both domestic and international market. The Company is also engaged in the generation of Electricity with wind Turbine Generator at Village Gandhavi, Gujarat.

2 BASIS OF PREPARATION

The financial statements have been prepared to comply in all material respects with the standards specified under Section 133 of the Companies Act, 2013 ("Act"), read with Rule 7 of the Companies (Accounts) Rules, 2014 and the relevant provisions of the Act. The financial statements have been prepared under historical cost convention on an accrual basis except in case of assets for which provision for impairment is made. The accounting policies have been consistently applied by the Company and except for the changes in accounting policy discussed below, are consistent with those used in the previous year.

c Terms/Rights attached to Equity Shares

The company has only one class of equity shares having a value of Rs. 5 per Share (previous year Rs.10/- per share). Each holder of equity shares is entitled to one vote per share.

The company declares and pays dividend in Indian Rupees. Interim Dividend declared by the Board of Directors and paid by the company during the year is Rs.2.5/- per equity share of Rs. 5 each. Final dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuring General Meeting of Rs. 2.5 per Share. During the year ended March 31, 2015 the amount of per share dividend recognized as distributed to equity shareholders was Rs. 5/- per equity share of Rs.5/- each. (March 31, 2014 : Rs.7.5 per equity share of Rs.10 each).

In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

As per records of the company, including its register of shareholders/members and other declaration received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownership of shares.

e Disclosure of Aggregate number and class of shares allotted as fully paid up by way of bonus shares during the period of five years immediately preceding the reporting date

Details of dues to Micro, small and Medium Enterprises as per the MSMED Act, 2006

The information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the company. The amount of principal and interest outstanding as at 31st March, is given below:

(C) PROVISION FOR GRATUITY

The company has a defined benefit gratuity plan. Every employee who has completed five years or more service gets a gratuity on departure at 15 days salary (last drawn salary) for each completed year of service. The scheme is funded with an insurance company in the form of a qualifying insurance policy.

The following table summaries the components of net benefit expense recognized in the statement of profit and loss and the funded status and amounts recognized in the balance sheet for the respective plans.

The major categories of plan assets as a percentage of the fair value of total plan assets are as follows

Investments with Insurer 100% 100%

The overall expected rate of return on assets is determined based on the market prices prevailing on that date, applicable to the period over which the obligation is to be settled.

The principal assumptions used in determining gratuity benefit obligations for the company's plan are shown below:

Discount rate 8.00% 8.00%

Expected rate of return on assets 9.15% 9.15%

The estimates of future salary increase, considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors, such as supply and demand of the employment market.

Amounts for the current and previous periods are as follows

(D) PROVISION FOR WARRANTIES

A provision is recognized for expected warranty claims for last 24 months based on past experience of the level of repairs and returns. It is expected that significant portion of these costs will be incurred in the next financial year. Assumption used to calculate the provision for warranties were based on current sales levels and current information available about returns based on the warranty period for all products sold. The table given below gives information about movements in warranty provisions.

During the year one equity share of Rs.10 each is subdivided into two equity shares of Rs.5 each by passing special resolution in AGM dated August 12, 2014. Hence no. of equity share for the current year and previous year is taken after sub-division of shares.

3 CONTINGENT LIABILITIES NOT ACKNOWLEDGED AS DEBT

2014-15 2013-14

a CST 202,531 202,531

b Sales Tax 2,538,334 1,183,791

c Excise Duty 3,588,481 1,784,610

d Service Tax 6,435,246 474,336

e Income Tax 14,720,590 16,789,223

f Case Pending before Consumer Forum 3,454,375 1,733,875

g Case filed by investor for non allotment of right issue shares 1,346,259 1,346,259

h Case filed by the Supplier in the Court - 111,179,796

TOTAL CONTINGENT LIABILITIES 32,285,816 134,694,421

Mar 31, 2014

1 NATURE OF OPERATIONS

Atul Auto Limited, incorporated on 18-06-1986 is a manufacturer of Three Wheeler Auto Rickshaw (Passenger / Loading) and its spare parts. It produces Auto Rickshaw under Atul Shakti, Atul Gem, Atul Smart & Atul Gemini brand names. The Company is also engaged in the generation of Electricity with Wind Turbine Generator at Village Gandhavi, Gujarat.

2 BASIS OF PREPARATION

The financial statements have been prepared to comply in all material respects with the standards notifed under the Companies (Accounting Standards) Rules, 2006 and the relevant provisions of the Companies Act, 1956. The financial statements have been prepared under historical cost convention on an accrual basis except in case of assets for which provision for impairment is made. The accounting policies have been consistently applied by the Company and except for the changes in accounting policy discussed more fully below, are consistent with those used in the previous year.

C. Terms/Rights attached to Equity Shares

The company has only one class of equity shares having a value of Rs. 10/- per share. Each holder of equity shares is entitled to one vote per share.

The company declares and pays dividend in Indian Rupees. Interim Dividend declared by the Board of Directors and paid by the company during the year is Rs. 4/- per share. Final dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing General Meeting of Rs. 3.5 Per Share. During the year ended 31 March, 2014 the amount of per share dividend recognized as distributed to equity shareholders was Rs. 7.5/- (31 March 2013 : Rs. 6).

In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

As per records of the company, including its register of shareholders/members and other declaration received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownership of shares.

E. Disclosure of Aggregate number and class of shares allotted as fully paid up by way of bonus shares

B. PROVISION FOR GRATUITY

The company has a defined benefit gratuity plan. Every employee who has completed five years or more service gets a gratuity on departure at 15 days salary (last drawn salary) for each completed year of service. The scheme is funded with an insurance company in the form of a qualifying insurance policy.

The following table summaries the components of net benefit expense recognized in the Profit and loss account and the funded status and amounts recognized in the balance sheet for the respective plans.

The overall expected rate of return on assets is determined based on the market prices prevailing on that date, applicable to the period over which the obligation is to be settled.

D. PROVISION FOR WARRANTIES

A provision is recognized for expected warranty claims for ATUL SHAKTI & ATUL SMART sold for last 6 months and for ATUL GEM & ATUL GEMINI sold for last 24 months based on past experience of the level of repairs and returns. It is expected that significant portion of these costs will be incurred in the next financial year. Assumption used to calculate the provision for warranties were based on current sales levels and current information available about returns based on the warranty period for all products sold. The table given below gives information about movements in warranty provisions.

Details of dues to Micro, small and Medium Enterprises as per MSMED Act, 2006

The information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the company. The amount of principal and interest outstanding as at 31.03.14 is given below:

34 RELATED PARTY DISCLOSURE

(a) Associate Company Khushbu Auto Finance Limited

Key Management Personnel

Chandra Jayantilal Jagjivan Chairman & Managing Director

Patel Mahendra Jamnadas Wholetime Director & CFO

Chandra Niraj Jayantilal Wholetime Director

Enterprises owned or significantly influenced by key personal management or their relatives

Atul Auto Agency

Atul Auto Industries

Atul Automotives

Atul Motors Pvt. Ltd.

Atul Petroleum

Khushbu Auto Private Limited

New Chandra Motor Cycle Agency

New Chandra Motor Cycle House

Mar 31, 2013

1 Nature of Operations

Atul Auto Limited, incorporated on 18-06-1986 is a manufacturer of Three Wheeler Auto Rickshaw (Passenger /Loading) and its spare parts. It produces Auto Rickshaw under Atul Shakti &Atul Gem brand names. The Company is also engaged in the generation of Electricity with wind Turbine Generator at Village Gandhavi, Gujarat.

2 Basis of Preparation

The financial statements have been prepared to comply in all material respects with the standards notified under The Companies (Accounting Standards) Rules, 2006 and the relevant provisions of the Companies Act, 1956. The financial statements have been prepared under historical cost convention on an accrual basis except in case of assets for which provision for impairment is made. The accounting policies have been consistently applied by the Company and except for the changes in accounting policy discussed more fully below, are consistent with those used in the previous year.

Mar 31, 2012

1 Nature of Operations

Atul Auto Limited, incorporated on 18-06-1986 is a manufacturer of Three Wheeler Auto Rickshaw (Passenger /Loading) and its spare parts. It produces Auto Rickshaw under Atul Shakti, Atul Smart & Atul Gem brand names. The Company is also engaged in the generation of Electricity with wind Turbine Generator at Village Soda Mada, Rajasthan and at Village Gandhavi, Gujarat.

2 Basis of Preparation

The financial statements have been prepared to comply in all material respects with the standards notified under The Companies (Accounting Standards) Rules, 2006 and the relevant provisions of the Companies Act, 1956. The financial statements have been prepared under historical cost convention on an accrual basis except in case of assets for which provision for impairment is made. The accounting policies have been consistently applied by the Company and except for the changes in accounting policy discussed more fully below, are consistent with those used in the previous year.

a Terms/Rights attached to Equity Shares

The company has only one class of equity shares having a per share value of Rs. 10/- per share. Each holder of equity shares is entitled to one vote per share.

The company declares and pays dividend in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing General Meeting. During the year ended 31 March, 2012 the amount of per share dividend recognized as distributed to equity shareholders was Rs.5 (31 March 2011 : Rs.4)

In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

(a) Term Loan from IDBI was secured by equitable mortgage of immovable properties and hypothecation of plant and machinery etc and personal guarantee of some of the directors of the company . The term loan was repayable within 24 months by 8 quarterly installment of Rs.75,00,000/- each. During the year the company has repaid the term loan out of fund received from Right Issue and internal accrual.

(b) Provision for Gratuity

The company has a defined benefit gratuity plan. Every employee who has completed five years or more service gets a gratuity on departure at 15 days salary (last drawn salary) for each completed year of service. The scheme is funded with an insurance company in the form of a qualifying insurance policy.

The following table summaries the components of net benefit expense recognized in the profit and loss account and the funded status and amounts recognized in the balance sheet for the respective plans.

The overall expected rate of return on assets is determined based on the market prices prevailing on that date, applicable to the period over which the obligation is to be settled. There has been significant change in expected rate of return on assets due to the improved stock market scenario.

(c) Provision for Warranties

A provision is recognized for expected warranty claims for ATUL SHAKTI & ATUL SMART sold for last 6 months and for ATUL GEM sold for last 8 months, based on past experience of the level of repairs and returns. It is expected that significant portion of these costs will be incurred in the next financial year. Assumption used to calculate the provision for warranties were based on current sales levels and current information available about returns based on the warranty period for all products sold. The table given below gives information about movements in warranty provisions.

Mar 31, 2011

Nature of Operations

Atul Auto Limited, incorporated on 18-06-1986 is a manufacturer of Three Wheeler Auto Rickshaw (Passenger /Loading) and its spare parts. It produces Auto Rickshaw under Atul Shakti & Atul Gem brand names. The Company is also engaged in the generation of Electricity with Wind Turbine Generator at Village Soda Mada, Rajasthan and at Village Gandhavi, Gujarat.

a Contingent Liabilities not provided for 2010-11 2009-10

Claims against the Company not acknowledged as debts

Sales Tax 202531 202531

CST 1183791 1183791

Excise Duty 2312273 102510

Income Tax 6945823 0

Case Pending before consumer forum 4114375 4791000

Case filed by the supplier in the Court 111729796 111729796

Guarantees and counter guarantees given by the company 0 594000000

TOTAL 126488589 712009628

b Gratuity and other post-employment benefit plans:

The company has a defined benefit gratuity plan. Every employee who has completed five years or more service gets a gratuity on departure at 15 days salary (last drawn salary) for each completed year of service. The scheme is funded with an insurance company in the form of a qualifying insurance policy.

The overall expected rate of return on assets is determined based on the market prices prevailing on that date, applicable to the period over which the obligation is to be settled. There has been significant change in expected rate of return on assets due to the improved stock market scenario.

c Supplementary Statutory Information

Note: As the future liability for gratuity and leave encashment is provided on an actuarial basis for the company as whole, the amount pertaining to the directors is not ascertainable and, therefore, not included above.

Out of above Remuneration paid to Whole time director Rs. Nil (PY : Rs. 2,19,544/-) is capitalized as Product Development expenses included in Capital Work-in-Progress.

Computation of net Profit in accordance with section 349 of the Companies Act, 1956 for calculation of commission payable to directors

Company has been advised that the computation of net profits for the purpose of directors remuneration under section 349 of the Companies Act, 1956 need not be enumerated since commission have not been paid to the director Fixed monthly remuneration has been paid to the directors as per schedule XIII to the Companies Act 1956.

d Related Party disclosure as required under clause 32 of The Listing Agreement

a > Names of Related Parties

Associates Khushbu auto Finance Limited

Key Management Personnel 1. Chandra Jayantilal Jagjivan Chairman & Managing director

2. Patel Mahendra Jamnadas Wholetime director 3. Mittal Sunilkumar Wholetime director

Relatives of 1. Chandra Dharmendra Jagjivan Brother of Chairman & Managing Key Management Director Personnel Shri Chandra Jayantilal

2. Chandra Harish Jagjivan Brother of Chairman & Managing Director Shri Chandra Jayantilal

3. Chandra Mahesh Jagjivan Brother of Chairman & Managing Director Shri Chandra Jayantilal

4. Chandra Bharat Jagjivan Brother of Chairman & Managing Director Shri Chandra Jayantilal

5. Chandra Niraj Jayantilal Son of Chairman & Managing Director Shri Chandra Jayantilal Jagjivan

6. Chandra Prafulla Jayantilal Wife of Chairman & Managing Director Shri Chandra Jayantilal Jagjivan

7. Patel Ashok Jamnadas Brother of Wholetime Director Shri Mahendra Jamnadas

8. Patel Manisha Mahendra Wife of Wholetime Director Shri Mahendra Jamnadas

Enterprises owned or significantly influenced by 1. Atul Auto Agency Key Management Personnel or their relatives 2. Atul Auto Industries

3. Atul Automotives

4. Atul Motors Pvt. Ltd.

5. Atul Petroleum

6. Khushbu Auto Private Limited

7. New Chandra Motor Cycle Agency

8. New Chandra Motor Cycle House

9. Atul Automobiles

e Other Note

Previous Year Comparatives

Previous years figures have been regrouped wherever necessary to confirm to this years classification.

Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article