Detailed Project Report on Tutti Frutti processing
Transcript of Detailed Project Report on Tutti Frutti processing
RAJASTHAN AGRICULTURAL
COMPETITIVENESS PROJECT
Detailed Project Report on Tutti-
Frutti processing
Prepared by:
AGRI BUSINESS PROMOTION FACILITY
Tutti Frutti Unit 1
Table of Contents
List of Figures 2
List of Table 3
Chapter 1-Introduction of Papaya and Tutti-Frutti 4
Chapter 2- Tutti-frutti Processing 9
Chapter 3-Technical Process Flow 13
Chapter 4: Technology Options Available 16
Tutti Frutti Unit 2
Figure 1 Major papaya producing states in India (2017-18) ............................................................ 6 Figure 2: Papaya production in India............................................................................................... 7 Figure 3 Major papaya producing places in Rajasthan ................................................................... 8 Figure 4 Ingredients for Tutti Frutti .................................................................................................. 9 Figure 5 Supply Chain of Tutti-frutti............................................................................................... 11 Figure 6 Process flow chart of tutti frutti processing ...................................................................... 14 Figure 7 Process Flow with plant and machinery .......................................................................... 15
List of Figures
Tutti Frutti Unit 3
Table 1:Major papaya producing countries ..................................................................................... 5 Table 2 Major papaya producing states in India (2017-18) ............................................................. 6 Table 3: Assumptions for Operating Capacity utilization ............................................................... 16 Table 4: Project Cost Summary .................................................................................................... 16 Table 5: Means of Finance Summary ........................................................................................... 17 Table 6: Civil Cost Summary ......................................................................................................... 17 Table 7: Utilities and other project components ............................................................................ 17 Table 8: Plant and Machinery ....................................................................................................... 18 Table 9 Assumptions sheet ........................................................................................................... 19 Table 10 Profit and Loss statement .............................................................................................. 20 Table 11 Balance Sheet ................................................................................................................ 21
List of Table
Tutti Frutti Unit 4
Tutti Frutti is referred as candied raw papaya as it made from the extraction of
raw papaya. These small-sized cubical titbits have a fruity and sweet taste and
come in different colours such as red yellow and green.
Major uses of tutti-frutti as a candy are mentioned below:
The primary ingredient includes raw papaya which is then mixed with sugar and
artificial colouring to form these tiny colourful cubicles. Papaya originated in
tropical America while Portuguese introduced papaya in India from Malacca
during 1611. At present it is cultivated throughout the world in tropical and sub-
tropical climate. It is the second most nutritive fruit as it has a high nutritional
value. It is a good source of folate, vitamin A, magnesium, copper, pantothenic
acid and fibre. In terms of calories it only gives about 39 calories per 100 grams.
Production of Tutti-frutti is directly linked to the availability and cultivation of
papaya. Being a tropical crop, papaya needs a high level of humidity and
temperature and relatively sensitive to frost and heavy rains. As far as the soil is
concerned, it can grow in a variety of soils, preferably a rich and sandy loam.
The economic life of papaya plant is only 3 to 4 years. The yield varies widely
according to variety, soil, climate and management of the orchard. The yield of
75-100 tonnes /ha. is obtained in a season from a papaya orchard depending
on spacing and cultural practices.
Bakery products such as milk-breads, cookies and buns
Cold desserts as topping for ice-creams and sundaes
Sweet pans for flavouring and adding texture
Various dishes such as idli, pizza, dosa etc.
Chapter 1-Introduction of Papaya and
Tutti-Frutti
Tutti Frutti Unit 5
1.1 Global scenario – Papaya
Papayas are the fourth most traded tropical fruit following bananas, mangoes,
and pineapples. Approximately 75 percent of the world’s papayas are produced
in only ten countries. India leads the world in papaya production followed by
Brazil, Indonesia, Nigeria, and Mexico.
According to the Tridge intelligence report, total papaya production in the world
is 1,30,05,000 MT out of which India is the largest producer of papaya in year
2016-17, with an annual production of 57,00,000 MT followed by Brazil with less
than half of the total papaya produced by India. The table below shows the
major papaya producing countries:
Table 1:Major papaya producing countries
# Country Production ('000 MT ) Production
share in %
1 India 5900 43.7%
2 Brazil 1420 10.9%
3 Mexico 951.92 7.3%
4 Indonesia 904.28 6.9%
5 Dominican Republic 863.20 6.6%
6 Nigeria 836.70 6.4%
7 Democratic republic of Congo 215.26 1.6%
8 Cuba 212.58 1.6%
Source: https://www.tridge.com/intelligences/papaya/production
1.2 Indian Scenario – Papaya
India is the largest producer of papaya in the world and has exported 9,990 MT
of papaya in the Year 2017-2018. It produces a variety of papaya such as Pusa
Delicious, Pusa Majesty, Pusa Dwarf, Pusa Giant, Co. 1 to Co. 6, Surya, Pusa
Nanha, etc.
The area under papaya cultivation in India and its production grew at a
compound annual growth rate (CAGR) of 6.2% and 7.1%, respectively, during
last five decades. Furthermore, the yield of papaya has also increased at CAGR
of 6.8% in the last two decades. It is estimated that the production of papaya
will hit 10 million MT by 2030.
The major states of India that produce Papayas are highlighted in the diagram
given below:
Tutti Frutti Unit 6
Figure 1 Major papaya producing states in India (2017-18)
Table 2 Major papaya producing states in India (2017-18)
# Country Production('000 MT ) Production
share in %
1 Andhra Pradesh 1687.82 28.18%
2 Gujarat 1256.51 21%
3 Karnataka 593.69 9.91%
4 Madhya Pradesh 421.55 7.03%
5 Maharashtra 408.30 6.81%
Source: Agricoop National Horticulture statistic 2018
From the table above, it can be seen that the top 5 papaya producing states
account for 73% of the total papaya in production India as of 2017-18. Andhra
Pradesh is the largest producer of papaya, contributing 28% to the production of
papaya in India.
Highlights Major papaya
producing states in India
Tutti Frutti Unit 7
Figure 2: Papaya production in India
Source: Agricoop National Horticulture statistic 2018
The diagram showcases that production of papaya has slightly increased from
56,67,060 MT in 2015-16 to 59,88,830 in 2017-18. While the area of production
has also increased form 1,32,000 Ha in 2015-16 to 1,38,000 ha in 2017-18.
1.3 Rajasthan Scenario –Papaya
Rajasthan, the largest state of India (3,42,239 sq. km.) situated in the north-
western part of the Indian Union is largely an arid state. A significant portion of
the economy of Rajasthan is agrarian.
It is a key state in terms of production of horticultural produce particularly
spices, medicines and aromatic plants. The state has produced 7,36,350 MT of
fruits in the year 2017-18. The state has diverse profile for fruits production
which includes lemon, orange, kinnow, pomegranate etc.
Production of papaya stands at 4370 MT and production area of 510 ha as of
2017-18. The produce is less than 1% of the total production of papaya in the
country. The lack of papaya production indicates unfavourable soil and climatic
conditions leading to a minimal produce. The productivity of papaya in the state
stand at 8.57 MT/Ha which is amongst the lowest in comparison with other
states.
128.00
130.00
132.00
134.00
136.00
138.00
140.00
5,500.00
5,600.00
5,700.00
5,800.00
5,900.00
6,000.00
6,100.00
2014-15 2015-16 2016-17
Pro
duction in ' 0
00 H
a
Pro
duction in '000 M
T
Papaya Production in India
Production Area
Tutti Frutti Unit 8
Figure 3 Major papaya producing places in Rajasthan
The map above highlights the major places where papaya cultivation takes
place. Although production of papaya in the state is minimal, it is still growing
year on year with expansion in the production area as well.
Although RACP clusters particularly does not have significant Papaya
production but based on recent Horticulture plan area under Papaya will
increase. Currently the Papaya producing districts having RACP clusters in
Rajasthan are Jaipur and Chittorgarh.
Tutti Frutti Unit 9
2.1. Introduction to Tutti Frutti
Tutti frutti is a jelly like cubical which is made by impregnating fruits with flavour
& taste along with attractive colour. It is useful in the preparation of other food
items such as toppings for bread, ice cream, fruit bar, pulao, cakes, pastries,
custard shrikhand & fruit salads etc. It provides attractiveness as well as
nutritive value to many food items.
Figure 4 Ingredients for Tutti Frutti
The flowchart above shows a list of the ingredients that required to make tutti-
frutti. The process of making tutti-frutti is rather simple and can be even made at
home without the use of manufacturing equipment.
There are two main types of tutti-frutti: Western (European/American) version
and the Indian version. Western tutti frutti refers to a fruit mixture that is
preserved in brandy and prepared over several months. Indian tutti frutti is a
type of candied papaya commonly used in fruit cakes and various Indian
recipes.
Preservatives
Water
Red,yellow and green food coloring
Vanilla extract
Granulated sugar
Raw papaya
Chapter 2- Tutti-frutti Processing
Tutti Frutti Unit 10
With emergence western food taste preferences, this has led to increase in the
demand bakery items, cold desserts etc. In fact, certain brands such as red
mango and coco berry have developed their entire market on these desserts i.e.
frozen yogurts. it is important to note that tutti-frutti is a complimentary item to
bakery and cold desserts. Therefore, an increase in the sales for these items
would also lead to increase in sales for tutti-frutti.
Other value added products from Papaya:
2.2. Global and Indian scenario
Tutti-frutti is a niche flavouring item that is consumed majorly all around the
world. However, since it is just a flavouring add on, the quantity of production
and consumption will be relatively less compared to other processed agricultural
crops. The countries with largest production of tutti-frutti are India, Brazil
followed by Nigeria, Indonesia and Mexico. It is important to note that these
countries are one top papaya producing states too.
The primary problem with manufacturing Tutti-frutti is the availability and
perishability of raw material. It requires unripe papayas but at the same time
they should be fully grown in size and it cannot have stored for more than 2-3
days. Therefore, the production of tutti-frutti is closer to where the papayas are
produced.
The following are the leading producers on Tutti Frutti India:
Nakodas Group
Jadli foods
Aditi food Pvt. Ltd
Papain Leather
Candy Jam
Jelly
Sauce
Tutti Frutti Unit 11
Ecotech Agri & Dairy care
Various stages of supply chain in the process of Tutti-frutti, from the
manufacturers to the consumers is explained below in the given diagram:
Figure 5 Supply Chain of Tutti-frutti
2.3. Rajasthan Scenario
As of now, the production of papaya is very low in the state of Rajasthan. This
highlights limited opportunity for the processing of the Tutti-frutti as it usually
made near to the production centres. However, considering the investment plan
of state in the papaya, this can be a good opportunity for the early movers in
adopting tutti frutti processing technology as bakery sector in the state obtain
tutti frutti from other states which increases their cost of production.
Manufacturer
Distributors
Wholesalers
End consumers Retailers
Tutti Frutti Unit 12
Tutti Frutti Unit 13
3.1 Process of Manufacturing
There are various steps involved in the manufacturing of Tutti-frutti:
1. The first step is to wash unripe papayas with clean water and then
remove their peel with a help of peeling machine.
2. Cut the papaya lengthwise and remove seeds and fibre.
3. Blanch the pieces in boiling water for 8-10 minutes and then cool them.
4. Prepare a sugar syrup with 30% sugar solution and 3% citric acid.
5. Then add the pieces of papaya in boiling syrup and keep for about 10
minutes.
6. Add colouring and other flavours to the syrup and keep these pieces
soaked for about 8-10 hours.
7. Further cut the dried pieces into smaller sizes and the put them in a
dryer a temperature of around 60° C for about 10 minutes.
8. Further cool the pieces and then pack with moisture-proof packaging
materials.
3.2 Tutti-frutti Manufacturing Plant & Machinery
A manufacture can choose to either set up a semi-automated or a fully
automatic plant. The plant & machinery varies depending on investment,
capacity and production output. The following is a list basic machinery
requirement in order to set up the plant:
Papaya peeling machine
Papaya slicing and cubing machine of SS with double rollers and SS
hopper
Diesel Furnace (Bhatti) with burners, fire bricks, oil cock, blower etc.
Stainless steel working tools
Electrically-operated drier with aluminium trays
Chapter 3-Technical Process
Flow
Tutti Frutti Unit 14
Weighing scale
Heat-sealing Machine
Laboratory equipment
Manufacturing quality specification:
The moisture content of the product at the time of packing should not
exceed 6%.
Mould and fungal growth should be absent. It should also test negative
for coliforms, salmonella, streptococci.
The manufacturer must obtain a ‘Fruit Products Order’ license to
manufacture the product.
3.3 Process Flow Chart for the Semi-Automatic Plant
Figure 6 Process flow chart of tutti frutti processing
Papaya Washing Peeling and
cutting of unripe papaya
Seasoning Soaking in
sugar syrup Blanching and
pricking
Cutting cleaning and
drying Cooling & Packing
Tutti Frutti Unit 15
3.4 Process Flow Chart for Tutti-Frutti
Figure 7 Process Flow with plant and machinery
Tutti-frutti
Papaya
Band Sealer
Dicing & Cubing Machine Papaya Peeler
Steam Jacketed Kettle
Tutti Frutti Unit 16
We propose a medium end technology option for tutti frutti. The medium end
option includes a Semi-Automatic processing plant of 2 MT per day input
capacity.
4.1. Business Assumption
The business plan has assumed that the business model operates under
captive mode that involves direct selling of final product.
The assumptions for the model are as follows:
Table 3: Assumptions for Operating Capacity utilization
Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10
Operating Capacity 0 70% 70% 80% 90% 90% 90% 90% 90% 90%
4.1.1. Project Cost
The total cost of the project is estimated at Rs.41.31 Lakh, out of which civil
cost constitutes Rs 12.60 Lakhs, plant and machinery constitutes Rs.16.10
Lakhs, utilities & support of Rs. 5.95 Lakhs, Interest during construction of Rs.
1.66 Lakhs and Preliminary & pre-operating expenses of Rs. 5.00 Lakhs. The
detailed description of each component of project cost is depicted in the tables
below.
Table 4: Project Cost Summary
Capex Components Amount (Rs. Lakh)
Civil Cost 12.60
Plant & Machinery 16.10
Utility & Support 5.95
Preliminary & Pre-operative expenses 5.00
IDC 1.66
Total Capex 41.31
Note: We have not considered the land cost in this business model
Chapter 4: Technology Options
Available
Tutti Frutti Unit 17
4.1.2 Proposed Means of Finance
The promoter’s equity in the project is Rs 21.31 Lakhs which is 52% of the total
project cost. The term loan considered for the project is estimated at Rs. 20
Lakhs which is 48% of the total project cost.
Table 5: Means of Finance Summary
Means of Finance (INR Lacs) Amount (Rs. Lakh)
Total Project Cost 41.31
Funding
Equity (Promoters Cost) 21.31
Debt 20.00
Total Funding Required 41.31
Note: We have not considered grant in aid being offered by National
Horticulture Board or any other government entity/ institutions, which may have
an impact on the overall profitability of the project in a positive way.
4.1.3 Civil Work
The total cost of civil work has been estimated to be Rs 12.60 lakhs. Cost of
civil work comprises of the built-up cost of core plant and machinery area, raw
material storage & finished goods storage.
Table 6: Civil Cost Summary
Civil Cost Total Area
Required
(SQM)
Total Civil Cost
(Rs. Lakh)
Core plant and machinery area, raw material
storage & finished goods storage 150 12.60
4.1.4 Utilities and other project components
The total cost of Utilities has been estimated to be Rs 5.95 lakhs, which
includes 2 water storage tanks of 10,000 LT, generator set of 30 KVA, weighing
scale, and electrical wires & panel.
Table 7: Utilities and other project components
Utility & Support Infrastructure Capacity
(No. of Units)
Overall Cost
(INR Lacs)
Water Storage 2x10000 LT 1.785
Generator 30 KVA 1.785
Weighing Scale 4 1.19
Transformer / Electrical wires and Panel 1.19
Total Utility & Support
5.95
Tutti Frutti Unit 18
4.1.5. Plant and Machinery
The total cost of plant and machinery has been arrived on the basis of quotation
received from various suppliers of equipment and machinery. The total cost of
P&M is considered as Rs. 16.10 Lakhs (including IGST). The following table
captures the components under Plant & Machinery.
Table 8: Plant and Machinery
Plant & Machinery Amount (Rs. Lakh)
Plant & Machinery
Papaya Peeler 1.50
Vegetable Dicing & Cubing Machine 3.21
Steam Jacketed Kettle 2.14
Steam Boiler 5.36
Band Sealer 0.32
Soaking Trays 3.57
Total Cost of Plant & Machinery 16.10
Tutti Frutti Unit 19
4.2 Financial model
4.2.1. Assumptions
Table 9 Assumptions sheet
Revenue Assumptions Units Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10
Installed Capacity
Hours in a Day 8
Number of Shifts per day number 1 1 1 1 1 1 1 1 1
Installed Capacity -Tonnes per hour tonnes/hour 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25
Installed Capacity -Tonnes per day tonnes/day 2 2 2 2 2 2 2 2 2 2
Actual Available Capacity tonnes/day 2 2 2 2 2 2 2 2 2
Capacity Utilisation (%) percentage 70% 70% 80% 90% 90% 90% 90% 90% 90%
Quantity of Papaya tonnes/day 45% 1.40 1.40 1.60 1.80 1.80 1.80 1.80 1.80 1.80
Sugar (30% of sugar syrup) tonnes/day 55% 0.51 0.51 0.59 0.66 0.66 0.66 0.66 0.66 0.66
Processing Losses percentage 40% 0.77 0.77 0.87 0.98 0.98 0.98 0.98 0.98 0.98
Total quantity after processing loss tonnes/day 1.15 1.15 1.31 1.48 1.48 1.48 1.48 1.48 1.48
Product Mix Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10
Tutti Frutti 100% 30% 50% 35% 60% 70% 80% 70% 60%
No. of Days of operation no. 150 150 150 150 150 150 150 150 150
Operational Cost Assumptions Units YoY Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10
Papaya Rs/kg 1% 18 18 18 18 18 18 19 19 19
Sugar Rs/kg 1% 30 30 31 31 31 32 32 32 32
Selling Price Assumptions Units YoY Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10
Tutti Frutti Rs/kg 1% 55.00 55.28 55.55 55.83 56.11 56.39 56.67 56.95 57.24
Tutti Frutti Unit 20
4.2.2. Profit and Loss statement
Table 10 Profit and Loss statement
Particulars (Rs. Lakhs) Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10
Tutti Frutti
94.71 95.18 109.33 123.61 124.22 124.84 125.47 126.10 126.73
Total Income - 94.71 95.18 109.33 123.61 124.22 124.84 125.47 126.10 126.73
Raw material
60.90 61.32 70.56 79.93 80.49 81.04 81.60 82.17 82.74
Power
0.69 0.71 0.73 0.74 0.76 0.78 0.80 0.82 0.84
Packing Cost
3.44 3.62 4.13 4.65 4.65 4.65 4.65 4.65 4.65
Water
0.22 0.22 0.23 0.23 0.24 0.24 0.25 0.26 -
Total Direct Expenses
65.25 65.87 75.65 85.56 86.14 86.72 87.30 87.90 88.23
Gross Profit
29.46 29.32 33.68 38.05 38.09 38.13 38.16 38.20 38.50
Manpower
9.74 10.23 11.69 13.15 13.15 13.15 13.15 13.15 13.15
Repairs & Maintenance
0.17 0.18 0.19 0.20 0.21 0.22 0.23 0.24 0.26
Insurance
0.09 0.09 0.09 0.10 0.10 0.11 0.12 0.12 0.13
Admin Expenses
2.00 2.10 2.21 2.32 2.43 2.55 2.68 2.81 2.95
Travelling Expenses
1.52 0.87 1.05 1.98 2.08 2.19 2.30 2.41 2.53
Total In-Direct Expenses - 13.52 13.48 15.23 17.75 17.98 18.23 18.48 18.75 19.02
EBITDA
15.94 15.84 18.44 20.29 20.10 19.90 19.69 19.45 19.47
Depreciation for Civil Works - 1.26 0.81 0.75 0.70 0.65 0.60 0.56 0.52 0.48
Depreciation on P&M - 1.73 1.54 1.38 1.23 1.10 0.98 0.87 0.78 0.70
Depreciation on Others Components - 0.43 0.39 0.37 0.34 0.32 0.29 0.27 0.25 0.16
Amortization (IDC, Pre-ops, Contingency) - 1.33 1.33 1.33 1.33 1.33 - - - -
Sub-Total - 4.74 4.08 3.83 3.60 3.39 1.87 1.71 1.55 1.34
EBIT - 11.20 11.76 14.62 16.69 16.71 18.03 17.98 17.90 18.13
Interest on Term Loan
1.79 1.46 1.11 0.72 0.29 Interest on Working Capital - Normal
0.70 0.60 0.96 1.08 1.09 1.09 1.10 0.46 0.28
PBT - 8.71 9.71 12.55 14.90 15.34 16.94 16.88 17.44 17.85
Tax - 0.31 0.57 1.89 2.59 2.73 3.21 3.19 3.36 3.48
PAT - 8.40 9.14 10.66 12.30 12.61 13.73 13.69 14.08 14.37
Tutti Frutti Unit 21
4.2.3 Balance Sheet
Table 11 Balance Sheet
PARTICULARS (Amount in Rs. Lakh) Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10
LIABILITIES and SHAREHOLDER'S EQUITY
A) Promoters Funds
Capital Contribution 21.3 21.3 21.3 21.3 21.3 21.3 21.3 21.3 21.3 21.3
PAT - 8.4 9.1 10.7 12.3 12.6 13.7 13.7 14.1 14.4
PAT after appropriations - 8.4 17.5 28.2 40.5 53.1 66.8 80.5 94.6 109.0
Sub-Total 21.3 29.7 38.9 49.5 61.8 74.4 88.2 101.9 115.9 130.3
B) Debt Long Term Loans Term Loan - Outstanding 20.0 16.7 13.1 9.1 4.8 - - - - -
Sub-Total 20.0 16.7 13.1 9.1 4.8 - - - - -
C)Current Liabilities Creditors - others - 0.2 0.2 0.2 0.3 0.3 0.3 0.3 0.3 0.3
Creditors - Raw Material - 2.0 2.0 2.4 2.7 2.7 2.7 2.7 2.7 2.8
Bank Finance - Working Capital - 4.4 5.2 6.0 6.8 6.8 6.8 6.9 2.9 1.7
Total Current Liabilities - 6.6 7.5 8.6 9.7 9.7 9.8 9.8 5.9 4.8
TOTAL LIABILITIES 41.3 53.0 59.4 67.2 76.3 84.2 98.0 111.7 121.8 135.1
ASSETS D)Land - - - - - - - - - -
Fixed Assets Gross Block (Civil + P&M) 20.5 34.7 31.2 28.5 26.0 23.7 21.7 19.8 18.1 16.5
Purchases 14.2 - - - - - - - - -
Less: Depreciation - 3.4 2.7 2.5 2.3 2.1 1.9 1.7 1.6 1.3
Sub-Total 34.7 31.2 28.5 26.0 23.7 21.7 19.8 18.1 16.5 15.2
E)Current Assets Net Debtors - 4.3 4.3 4.9 5.6 5.6 5.6 5.7 5.7 5.7
Tutti Frutti Unit 22
PARTICULARS (Amount in Rs. Lakh) Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10
Cash & Bank Balance - 9.0 19.5 30.0 41.5 52.8 68.4 83.8 95.4 109.9
Stock - 3.2 3.2 3.6 4.1 4.1 4.2 4.2 4.2 4.2
Sub-Total - 16.5 26.9 38.6 51.2 62.5 78.2 93.6 105.3 119.9
F)IDC, Pre-ops written off 6.7 5.3 4.0 2.7 1.3
TOTAL ASSETS 41.3 53.0 59.4 67.2 76.3 84.2 98.0 111.7 121.8 135.1
Tutti Frutti Unit 23
© 2019 Grant Thornton India LLP. All rights reserved.
“Grant Thornton in India” means Grant Thornton India LLP, a member firm within Grant Thornton International Ltd, and those legal entities which are its related parties as defined by the Companies Act, 2013.
Grant Thornton India LLP is registered with limited liability with identity number AAA-7677 and has its registered office at L-41 Connaught Circus, New Delhi, 110001.
References to Grant Thornton are to Grant Thornton International Ltd (Grant Thornton International) or its member firms. Grant Thornton International and the member firms are not a worldwide partnership. Services are delivered independently by the member firms.
www.grantthornton.in