| 1. Defined Benefit Plan
The Present Value of obligation of Gratuity is determined based on
actuarial valuation.
2. Fixed Assets
Pursuant to the enactment of Companies Act 2013, the company has
applied the estimated useful lives as specified in schedule II, except
in respect of certain assets as disclosed in accounting policy on
Depreciation, amortisation and depletion. Accordingly the
unamortisation carrying value is being depreciated/ amortisation over
the revised/ remaining useful lives. The written down value of fixed
assets whose lives have expired as at 1st April 2014 have been adjusted
net of tax, in the opening balance of profit and loss account amounting
to Rs.9,85,642/-
3. Related paraty discloures as per Accounting Standard
(a) Related Parties and their relationships (I) Related Companies and
Other Juristic Entities
M/s Kamdhenu Steels & Alloys Ltd.
M/s Ashiana Commodities & Derivatives P Ltd M/s I Dreams Impex Pvt.
Ltd.
M/s Ashiana Fincap Pvt Ltd
M/s Saurabh Gases
M/s Ashiana Manufacturing India Ltd.
Chandi Prasad Sukhbir Singh Jain (HUF)
Naresh Chand (HUF)
Puneet Jain (HUF)
Neeraj Kumar Jain HUF Sanjay Kumar Jain HUF
(ii) Key Managerial Personnel Naresh Chand (Managing Director)
Neeraj Kumar Jain (Whole Time Director)
Sanjay Kumar Jain (Whole Time Director)
Puneet Jain (Whole Time Director)
(iii) Relatives of Key Managerial Personnel
Disha Jain Divya Jain Kiran Mala Jain Kritika Jain Naman Jain Renu Jain
Sudha Jain Swati Jain Tripti Agarwal Uma Jain Vandana Jain
The Company is manufacturing TMT Bars and Ingots, but M.S. Ingots is
used as raw material of TMT Bars I.e. captively consumed, as both the
product are inter related cover in single segment of Iron & Steel.
Hence, Accounting Standard -17 "Segment Reporting" issued by ICAI is
not applicable on the Company.
4. Provisions for Deferred Tax
Deferred Tax Assets & Liabilities in accordance with the AS-22
"Accounting for Taxes on Income" issued by the Council of ICAI.The
major component of deferred tax assets and deferred tax liabilities as
at 31st March 2015 subject to the consideration of prudency of timing
differences are shown in note no 4.
5. The Company has not received information from vendors regarding
their status under the micro, small and medium 2006 and hence
disclosures enterprises development Act, relating to amounts unpaid as
at the year end together with interest paid/payable under this Act,
have not been given.
6. Contingent Liabilities : Claims against the company / disputed
demands not acknowledged as debts.
Provisions invlolving substantial degree of estimation in measurement
are recognised when there is a present obligation as a result of past
event and it is pobable that there will be an outflow of resources.
Contingent Liabilities are not recognised but are disclosed in the
notes as given below:-
Particulars 2014-15 2013-14
Sales Tax 0 1545392
Income Tax 17133470 89463795
Excise Duty 102000 102000
Service Tax 3855348 3855348
7. Financial figures are rounded off to nearest rupees and figures
have been regrouped/rearranged/reclassified whereever necessary
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