(A) General Company Profile
 
 GRP Limited ( The ''Company'') is engaged mainely in Reclaim Rubber and
 also in Windmill business. The Company has manufacturing plants in
 India and sales in Domestic as well as International Market. The
 Company is a public limited company and is listed on the Stock
 Exchange, Mumbai (BSE).
 
 The name of the Company has been changed from Gujarat Reclaim & Rubber
 Products Limited to GRP Limited w.e.f. 21st June, 2012.
 
 (B) Basis of accounting :
 
 The financial statements have been prepared under the historical cost
 convention on the accrual basis of accounting and in accordance with
 the Accounting Standards prescribed in the Companies (Accounting
 Standards) Rules, 2006 and relevant provisions of the Companies Act,
 1956. The accounting policies have been consistently applied by the
 company and are consistent with those used in the previous year.
 
 All the assets and liabilities have been classified as current or
 non-current as per the Company''s normal operating cycle and other
 criteria set-out in Schedule VI to the Companies Act, 1956. Based on
 the nature of products and the time between the acquisition of assets
 for processing and the realisation in cash and cash equivalent, the
 company has ascertained its operating cycle less than 12 months.
 
 (C) Change in accounting policy :
 
 During the year ended 31 March 2012, the revised Schedule VI notified
 under the Companies Act 1956, has become applicable to the company, for
 preparation and presentation of its financial statements. Except
 accounting for dividend on investments in subsidiary companies (see
 below), the adoption of revised Schedule VI does not impact recognition
 and measurement principles followed for preparation of financial
 statements. However, it has significant impact on presentation and
 disclosures made in the financial statements. The company has also
 reclassified the previous year figures in accordance with the
 requirements applicable in the current year.
 
 (D ) Dividend on investment in subsidiary companies:
 
 The company recognizes dividend as income only when the right to
 receive the same is established by the reporting date.
 
 (E) Accounting Estimates :
 
 The preparation of financial statements in conformity with the
 generally accepted accounting principles (GAAP) requires management to
 make estimates and assumptions that affect the reported amounts of
 assets and liabilities and the disclosure of contingent liabilities on
 the date of the financial statements. Actual results could differ from
 those estimates. Any difference between the actual result and estimates
 are recognized in the period in which the results are known /
 materialised. Any revision to accounting estimates is recognized
 prospectively in current and future periods.
 
 (F) Fixed assets & Depreciation :
 
 (i) Tangible fixed assets
 
 Fixed assets are stated at cost, net of accumulated depreciation and
 accumulated impairment losses, if any. The cost comprises purchase
 price, borrowing costs if capitalization criteria are met and directly
 attributable to cost of bringing the asset to its working condition for
 the intended use. Any trade discounts and rebates are deducted in
 arriving at the purchase price.
 
 Subsequent expenditure related to an item of fixed asset is added to
 its book value only if it increases the future benefits from the
 existing asset beyond its previously assessed standard of performance.
 All other expenses on existing fixed assets, including day-to-day
 repair and maintenance expenditure and cost of replacing parts, are
 charged to the statement of profit and loss for the period during which
 such expenses are incurred.
 
 From accounting periods commencing on or after 7th December 2006, the
 company adjusts exchange differences arising on translation/settlement
 of long-term foreign currency monetary items pertaining to the
 acquisition of a depreciable asset to the cost of the asset and
 depreciates the same over the remaining life of the asset.
 
 Gains or losses arising from derecognition of fixed assets are measured
 as the difference between the net disposal proceeds and the carrying
 amount of the asset and are recognized in the statement of profit and
 loss when the asset is derecognized.
 
 (ii) Depreciation and Amortisation
 
 Depreciation on fixed assets is provided on straight line method for
 the period for which the assets have been used as under:
 
 (1) In respect of assets acquired prior to 02-04-1987, at the rates
 prevailing at that time.
 
 (2) In respect of assets acquired subsequent to 02-04-1987, at the rate
 prescribed in schedule XIV of the Companies Act,1956. (Also refer to
 policy on Impairment of Assets and Foreign Currency Transactions).
 
 (3) The rate of Depreciation on certain temporary structures (Building)
 has been provided @100%.
 
 (4) Certain Plant & machinery have been considered as continuous
 process plant on the basis of technical assessment and depreciation on
 the same is provided for accordingly.
 
 (5) Leasehold land is amortised over the period of lease.
 
 (iii) Intangible Assets and Amortisation
 
 Intangible Assets are stated at acquisition cost, net of accumulated
 amortization and accumulated impairment losses, if any. Intangible
 assets are amortised on a straight line basis over their estimated
 useful lives. The amortisation period and the amortisation method are
 reviewed at least at each financial year end. If the expected useful
 life of the asset is significantly different from previous estimates,
 the amortisation period is changed accordingly. Gain or losses arising
 from the retirement or disposal of an intangible asset are determined
 as the difference between the net disposal proceeds and the carrying
 amount of the asset and recognized as income or expense in the
 Statement of Profit and Loss. The amortisation rates used are :
 
 Asset Period of amortisation
 
 Computer Software 6 years
 
 (G) Impairment of Assets :
 
 An asset is treated as impaired when the carrying cost of asset exceeds
 its recoverable value. An impairment loss is charged to the Profit and
 Loss Account in the year in which an asset is identified as impaired.
 The impairment loss recognized in prior accounting period is reversed
 if there has been a change in the estimate of recoverable amount.
 
 (H) Borrowing Costs :
 
 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. The borrowing cost eligible
 for capitalization is being netted off against any income arising on
 temporary investment of those borrowing. All other borrowing costs are
 recognized as an expense in the period in which they are incurred.
 
 (I) Govertment Grants and Subsidy :
 
 Special capital incentive and subsidy received from the government for
 setting up or expansion of an industrial undertaking in undeveloped
 area of state, is credited to Special capital incentive and subsidy
 account under Capital Reserve Account.
 
 (J) Investments :
 
 Investments, which are readily realizable and intended to be held for
 not more than one year from the date on which such investments are
 made, are classified as current investments. All other investments are
 classified as long-term investments.
 
 Long term investments are carried at cost. However provision for
 diminution is made to recognize a decline, other than temporary, in the
 value of the investments, such reduction being determined and made for
 each investment individually.  Current investments are valued at cost
 or market value whichever is lower.
 
 (K) Taxes :
 
 Provision for tax is made for both current and deferred taxes.
 Provisions for current income tax (including Wealth tax) is made at
 current tax rates based on assessable income/wealth. The Company
 provides for deferred tax based on the tax effect of timing difference
 resulting from the recognition of items in the financial statement and
 in estimating its current tax provision.  Deferred tax assets are
 recognized if there is a reasonable certainty of realisation. The
 effect on deferred taxes of a change in tax rates is recognized in the
 Profit & Loss Account in the period in which it has been enacted.
 
 (L) Inventories :
 
 Items of inventories are measured at lower of cost or net realisable
 value after providing for obsolesence , if any. Cost of Inventories
 comprises of cost of purchase , cost of conversion and other costs
 incurred in bringing them to their respective present location and
 condition . Cost of raw materials, stores & spares, packing materials
 are determined on weighted average basis.
 
 Work in - progress and finished goods are valued at lower of cost and
 net realisable value. Cost of work in progress and finished goods is
 determined on absorption costing method which include cost of
 conversion and other costs incurred in bringing the inventories to
 their present location and condition. Excise duty is included in the
 value of finished goods.
 
 (M) Income Recognition :
 
 (i) Domestic Sales are recognized at despatch of goods from factory and
 export Sales on the basis of date of bill of lading.  Sales are
 recorded net of sales tax, excise duty and sales return.
 
 (ii) Income from Power generation is accounted on the basis of
 certification of Gujarat Electricity Development Authority.
 
 (iii) Commission on sales (other than consignment sales) is accounted
 on realisation of sales proceeds and commission on consignment sales is
 accounted on receipt of statement of consignment sale.
 
 (iv) Rentals and all other expenses in respect of leased assets are
 treated as revenue expenditure.
 
 (v) Export Incentives are accounted on wherever there is certainty of
 receipt of the same.
 
 (vi) Interest income is recognized on a time proportion basis taking
 into account the amount outstanding and the rate applicable.
 
 (vii) Dividend income is recognized when the right to receive dividend
 is established.
 
 (N) Foreign currency transactions :
 
 (i) Transactions denominated in foreign currencies are recorded at the
 exchange rates prevailing on the date of the transaction. Transaction
 not covered by forward contracts and outstanding at year end are
 translated at exchange rates prevailing at the year end and the profit
 / loss so determined, is recognized in the Profit and Loss account.
 
 (ii) Monetary items denominated in foreign currencies at the year end
 are restated at the year end rates. In case of items covered by forward
 exchange contracts, the difference between the year end rate and rate
 on the date of the contracts recognized as exchange difference and the
 premium/discount on forward contract is recognized over the life of the
 contract.
 
 (iii) Any income or expense on account of exchange difference either on
 settlement or on translation is recognized in the profit and loss
 account except in case of long term liabilities, where they relate to
 acquisition of fixed assets, in which case they are adjusted to the
 carrying cost of such assets in line with notification dated 31.03.2009
 issued by Ministry of Corporate Affairs.
 
 (O) Employees Benefits :
 
 1 Long Term Employee Benefits:
 
 (a) Defined Contribution Plans:
 
 Provident Fund
 
 The company makes contribution to statutory provident fund in
 accordance with the Employees Provident Fund & Miscellaneous Provisions
 Act, 1952, which is a defined contribution plan & contribution paid or
 payable is recognized as an expense in the period in which services are
 rendered by the employee.
 
 (b) Defined Benefit Plans:
 
 (i) Gratuity
 
 The company has a defined benefit employee retirement scheme in the
 form of gratuity trust. The Trustees of the scheme have entrusted the
 administration of the related fund to the Life Insurance Corporation of
 India (LIC).  Charge for the year is determined on the basis of
 actuarial valuation made as at the balance sheet date on projected unit
 credit method of the company''s year-end obligation in this regard and
 the value of year-end assets of the scheme. Actuarial gains and losses
 for the year are recognized in the statement of profit and loss account
 as income or expense. Contributions were deposited with the LIC based
 on intimation received by the company.
 
 (ii) Leave Encashment
 
 Provision for leave encashment , which is a defined benefit , is made
 based on actuarial valuation done by an independent agency of notified
 actuaries.
 
 (iii) Superannuation
 
 Liability towards Superannuation is funded in accordance with the
 scheme with LIC.
 
 2 Short Term Benefits :
 
 Expense in respect of other short term benefits is recognized on the
 basis of the amount paid or payable for the period during which
 services are rendered by the employee.
 
 (P) Provisions, Contingent Liabilities and Contingent Assets
 
 Provisions involved substantial degree of estimation in measurement are
 recognized when there is a present obligation as a result of past
 events and it is probable that there will be an outflow of resources.
 Contingent Liabilities are not recognized but are disclosed in the
 notes. Contingent Assets are neither recognized nor disclosed in the
 financial statements.
 
 (Q) Earning per Share
 
 The company reports basic and diluted earning per share (EPS) in
 accordance with the Accounting Standard 20 as specified in the
 Companies (Accounting Standard) Rules-2006. The Basic EPS has been
 computed by dividing the income available to equity shareholders by the
 weighted average number of equity shares outstanding during the
 accounting year. The diluted EPS has been computed using the weighted
 average number of equity shares and dilutive potential equity shares
 outstanding at the end of the year.
 
 (R) Segment reporting
 
 Identification of segments
 
 The company''s operating businesses are organized and managed separately
 according to the nature of products and services provided, with each
 segment representing a strategic business unit that offers different
 products and serves different markets.  The analysis of geographical
 segments is based on the areas in which major operating divisions of
 the company operate.
 
 Allocation of common costs
 
 Common allocable costs are allocated to each segment according to the
 relative contribution of each segment to the total common costs.
 
 Unallocated items
 
 Unallocated items include gerenal corporate income and expense items
 which are not allocated to any business segment.  Segment accounting
 policies
 
 The company prepares its segment information in conformity with the
 accounting policies adopted for preparing and presenting the financial
 statements of the company as a whole.
 
 (S) Cash and cash equivalents
 
 Cash and cash equivalents for the purposes of cash-flow statement
 comprise cash at bank and in hand and short-term investments with an
 original maturity of three months or less.