| Note 1(I) Reconciliation of the number of shares outstanding at the
beginning and at the end of the reporting year
Note 1(II) During the year the Company has been issued 500000 equity
share at a Premium of Rs. 11/- each.
Note 1(III) Detail of Sharehoders holding more than 5% Shares.
* The Company has not received information from vendors regarding their
status under the MSME Act and hence the disclosure relating to amounts
unpaid as at the year end cannot be ascertained.
** Trade Payables Included Creditors for Raw Material, Capital
Expenditure, Cosumables and other Expenses
Depreciation has been provided on the basis of Straight line Method.
Assets has been regrouped & rearranged wherever considered necessary.
Depreciation has been calculated on the basis of useful life of the
Assets as given in Schedule II of the Companies Act 2013.
Upto financial year 2013-14, Depreciation was provided on the basis of
rates of Depreciation given in Schedule XIV of Companies Act 1956.
Due to change in useful life of the assets, there is incremental effect
of Rs. 132.79 Lacs in depreciation for the year in compare to
depreciation as per earlier rates used upto fin year 2013-14.
Note-14(I) Balance With Bank Includes Unpaid Divided amounting to
Rs.Nil (previous Year 11.44 lacs) and Fixed Deposit with Bank Includes
Margin Money amounting to Rs. 78.42 Lacs (Previous Year 62.89 Lacs).
* Includes Loan & Advances to Employee.
** Includes Interest Receivable and Claim Receivable.
* The Company has incurred Rs 75.28 lacs during the year and Rs. 266.32
Lacs during the FY 2013-14 on Research & Development Expenses. 20% of
totals amount i.e. Rs 68.31 Lacs has to be Written off in Profit & Loss
A/c, but company has not written off this amount as the products for
which these R& D expenses has been incurred have not been come under
commercial production till end of current year.
* Gratuity Fund
The employee's Gratutity fund scheme is managed by a Trust (Life
Insurance Corp. of India) is a defined Benefit Plan. The present value
of obligation is determined based on Acturial valuation, carreid out by
an independent actuary from the Balance sheet for the year ended 31st
March 2008 and premium recalculated by LIC on the basis of employees
data provided to them on annualy basis for subsequent years.
Contribution to the Provident funds are made monthly at a Predetermined
rate to the regional Provident Fund Commissioner and Debited to Profit
and Loss account on an accurial basis.
Particulars As at As at
31.03.2015 31.03.2014
Notes 2 - to financial statements
for the year ended 31 March 2015
Contingent liabilities
1 Bank Guartanees 43.63 643.70
2 Letter of Credit issue by Banks 59.44 23.88
3 Estimated amount of contract
remaining to be executed on capital
account and not provided for 115.42 261.14
4 Case Pending before additional
session Judge,Punjab against the
company filed by M/s kisco Casting
against the debit notes raised by
company for supply of
defetive Raw Material by the Party. 11.39 11.39
5 Stamp Duty payable for their premises
at 19,Udyog Vihar,Greater Noida.
the appeal for the same is pending
before Revenue Board.Allahabad (UP). 12.73 12.73
6 Demand Raised by Sales tax Department,
Khatima(Uttarakhand) against the
company on account of penalty for late
payment of sales tax in F/y 2009-10.
The Company goes for the appeal against
this demand to joint Commissioner
(sales Tax), the Case has been remandeed
to the Assessing Authority. 6.03 6.03
7 Demand Raised by Sales Tax Department,
Khatima (Uttarakand against the
company on account of non filing of "C"
forms and "F" Forms for the AY 2009-10 10.21 -
8 Demand Raised by Sales Tax Department,
Khatima (Uttarakand against the
company on account of non filing of "C"
forms and "F" Forms for the AY 2010-11
(net demand after adjust of excess VAT
deposited by company) 6.61 -
9 Demand Raised by Sales Tax Department,
Khatima (Uttarakand against the
company on account of non filing of "C"
forms and "F" Forms for the AY 2011-12 6.22 -
10 Case Pending before Commissioner VAT
(Appeal), Kolkata in Which the WBVAT
Department raised the demands for
assessment U/s 46(1) of the WBVAT act 2003. 25.31 25.31
11 Sales Tax Demand for Entry Tax in Ajmer
appeal before ajmer/Jaipur sales Tax for
the year 2005.06 0.40 0.40
12 Sales Tax Demand for Entry Tax in Ajmer
appeal before ajmer/Jaipur sales Tax for
the year 2006-07 7.84 7.84
13 Sales Tax Demand for Entry Tax in Ajmer
appeal before ajmer/Jaipur sales Tax for
the year 2007-08 7.06 7.06
14 Sales Tax Demand for Entry Tax in Ajmer
appeal before ajmer/Jaipur sales Tax for
the year 2008-09 3.74 3.74
15 Sales Tax Demand for Entry Tax in Ajmer
appeal before ajmer/Jaipur sales Tax for
the year 2009-10 2.10 2.10
16 Income Tax Demad against order u/s 143(3)
for AY 2010-11, against which the
company has filed an appeal with CIT (A)
-IV,New Delhi 8.71 8.71
17 Income Tax Demad against order u/s 143(3)
for AY 2011-12 ,against which the
company has filed an appeal with CIT (A) -
Circle 2(2), New Delhi 7.68 -
18 M/s Credence Logistics Pvt. Ltd, filed a
case for claim of Warranty etc. for Trailers
supplied by ANG Industries before Civil
Court,Thane, Mumbai 72.91 72.91
19 Case Filled by Steel Strips Wheels Ltd
before Delhi High Court 14.82 14.82
20 Case Filled by Steel Strips Wheels Ltd
before Additional Session Judge, Tis Hazari 14.82 -
21 Case filled by Sandeep Electrode (P) Ltd
before Session Court, Hapur 0.53 0.53
22 Appeal filled by the Company before
Joint Commissioner (Appeal) Haldwani
for non filling of C Form and F Form
for the year 07-08, Case has been
remandeed to the Assessing Authority. 17.14 17.14
23 Appeal filled by the Company before Joint
Commissioner (Appeal) Haldwani
for non filling of C Form and F Form for
the year 08-09, Case remandeed to
the Assessing Authority. 70.58 70.58
24 Dataram, Ex-Employee Filed a case for
some labour dispute and the same is
pending before civil court Noida 5.10 5.00
25 Case filled by Ex employee Amit Gupta
before Civil Judge, Saket 2.50 2.50
26 Mahipal Singh - Ex- Employee filed a
case for wages under payment of wages Act. 6.64 6.54
27 Rajbeer Singh - Ex- Employee filed a
case for wages under payment of wages Act. 0.96 0.87
28 Case filled by ex exployee Ashtoo
Manjhi for reinsstate on duty and demand
under Industrial Dispute Act, 1947 2.11 3.45
29 Case filled by ex exployee Nand Kishore
Singh for reinsstate on duty and demand
under Industrial Dispute Act 1947 2.33 3.65
30 Case filled by ex exployee Pramod Kumar
for reinsstate on duty and demand
under Industrial Dispute Act, 1947 1.94 3.14
31 Case filled by ex exployee Harish Kumar
for reinsstate on duty and demand under
Industrial Dispute Act, 1947 2.04 3.34
32 Case filled by ex exployee Nagendra Sharma
for reinsstate on duty and demand
under Industrial Dispute Act, 1947 1.18 2.90
33 Case filled by ex exployee Mukesh Kumar
for reinsstate on duty and demand
under Industrial Dispute Act, 1947 0.89 2.67
34 Case filled by ex exployee Vidhya for
reinsstate on duty and demand under
Industrial Dispute Act, 1947 0.34 0.59
35 Case filled by Ex Employee Manish
Kumar in Labour Court 6.66 6.56
36 Case filled by Ex Employee Raju Kumar
in Labour Court 1.70 1.60
37 Case filled by Ex Employee Ajit Pandey
in Labour Court 1.75 -
3. (a) Debit and Credit Balances appearing under the head current
liabilities, sundry debtors and loans and advances are subjected to
confirmation / reconciliation. The Company does not have
intimation/information on creditors with respect to their SSI
registration; hence requisite figures are not given.
4. (b) In the opinion of the Management, the value on realization of
current assets, loan and advances in the ordinary course of business
would not be less than the amount at which they are stated in the
Balance Sheet.
5. (c) Segment Reporting :
The Company operates in three segments i.e. Manufacturing of Auto
Components and assemblies, Transportation and heavy Fabrication. During
the year the company has started a new segment of manufacturing and
exports of Agriculture parts used in Agriculture Equipment and Forestry
Equipment. Out of these, Agriculture Parts and Transportation
constitute less than 10% and hence as per the principle of AS-17,
issued by The Chartered Accountants of India , segment reporting is not
applicable for these businesses. The figures for the Transportation
business are being consolidated in business of Automotive Component &
parts and figures for the Agriculture parts are being consolidated in
business of Heavy Fabrication. The operating segments reported below are
the segments of the group for which separate financial information is
available and for which operating profit / loss amounts are evaluated
regularly by executive Management in deciding how to allocate resources
and in assessing performance. Management evaluate performance based on
consolidated revenues and net income.
6. (d) During the year the Company has issued 5,00,000 ( Five Lacs)
Equity Share of Rs.10/- each at the premium of Rs.11/- per share on a
preferential basis to Promoters.
The Shares being allotted to promoters shall be locked in for a period
of 3 ( three ) years from the date of their allotment consistent with
SEBI Regulation 2009.
7. (e) The Company has taken key-man insurance policy to insure the
loss of profit on non-availability of Managing Director's services to
the Company.
8. (f) List of related parties (As certified by the management)
Enterprises in which Key
Personnel have substantial Interest : ANG Structure and Energy Pvt.
Ltd.
(Formerly Knowm as ANG Forgings (P) Ltd. : ANG Logistics Pvt. Ltd.
: ANG Automotive Industries
Pvt. Ltd.
Wholly owned overseas
Subsidiary Companies : ANG Auto (USA) Inc.
Joint Venture : Towerworx India Pvt. Ltd.
Individual having significant : Mr. Premjit Singh (Managing
Director)
influence over the Company : Mr. O.P. Sharma
Key Managerial Personnel : Mr. Rajiv Malik
Mr.Arun Jain
9. (h) In Compliance with Accounting Standard-22 relating to
"Accounting for taxes on Income" issued by The Institute of Chartered
Accountants of India, the company has adjusted the deferred tax
liability (net) arising out of timing difference for the period upto
31st March, 2015 accruing during the year aggregating to Rs.43.33 Lacs
has been recognized in the Profit and Loss Account.
10. Previous year figures have been regrouped and rearranged wherever
considered necessary This is the Balance Sheet referred to our report
of even date attached
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