1 Corporate Information
 
 Gratex Industries Limited is a listed public limited Company domiciled
 in India, incorporated under the Companies Act, 1956. The Company is a
 trader, reseller and a wholeseller of wall papers and related products.
 
 2.1 Terms / Right attached to Ordinary Equity Shares :
 
 The company has a single class of equity shares having a par value of 7
 10/- per share. Each holder of equity share 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 shareholders in the ensuing annual general meeting.
 
 In the event of liquidation of the company, the holders of equity
 shares will be entitled to receive the remaining assets of the company
 in proportion to the number of equity shares held by each shareholder,
 after the settlement of all preferential obligations.
 
 3.  CONTINGENT LIABILITY (Not Provided for)
 
 In the opinion of the management, the company does not have any
 liabilities, which have not been provided for.
 
 4. The financial statements for the year ended March 31, 2011 had been
 prepared as per the then applicable, pre-revised Schedule VI to the
 Companies Act, 1956. Consequent to the notification of Revised Schedule
 VI under the Companies Act, 1956, the financial statements for the year
 ended March 31,2012 are prepared as per Revised Schedule VI.
 Accordingly, the previous year figures have also been reclassified to
 conform to this year''s classification. The adoption of Revised Schedule
 VI for previous year figures does not impact recognition and
 measurement principles followed for preparation of financial
 statements.