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Notes to Accounts of A Infrastructure Ltd.

Mar 31, 2016

1. During the year, there is no change in Authorized Share Capital of Preference Shares & Equity Shares of the company.

2. During the year, there is no change in issued, subscribed and paid up Preference Share Capital and Equity Share Capital.

3. The Company has only one class of equity shares having a par value of Rs. 10 per share. Each Shareholder is eligible for one vote per share. The dividend proposed by the Board of Directors is subject to the approval of shareholders, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amounts, in proportion of their shareholding.

4. Nature of Security

All term loan Secured by way of first charge on fixed assets of the company to consortium banks and second charge ranking pari-passu on all present and future inventories and book-debts and other current assets and personal guarantees of two Directors of the company Vehicle loans are secured by hypothecation of Vehicles.

5. Terms of Repayment

Term Loan amounting to Rs.1570 lacs repayable in 120 equal monthly installments. Unsecured Term loan amounting to Rs. 1000.00 lacs repayable in 115equal monthly installment & Unsecured Term loan amounting to Rs.343 lacs repayable in 81 equal monthly installment.

Vehicle loans are repayable over a period of 1 to 5 years.

Note 6- Disclosure in respect of Related Parties pursuant to Accounting Standard-18 List of Related Parties

_DISCLOSURE__RELATED PERSON_

A. Key Managerial Personnel i) Shri Sanjay Kumar Kanoria, Managing Director

ii) Smt. Priyadarshinee Kanoria, Director.

iii) Shri Darvindar Ambardar, Director.

iv) Shri S.B.Vijay, Chief Financial Officer

v) Shri Lokesh Mundra, Company Secretary

B. Relatives of Directors i) Shri B. K. Kanoria

ii) Smt. Prabha Devi Kanoria Shri Anish Kumar Kanoria

C. Enterprises over which Directors i) Kanoria Sugar and General Manufacturing and Relatives of such personnel Company Limited

exercise significant influence ii) B.S. Traders Private Limited

iii) Ganga Projects Private Limited

iv) Lalit Polymers and Electronics Ltd.

v) Mohindra Udhyog Ltd.

vi) Ekta Tie- up Pvt. Ltd..

vii) Radha Kesari Spinning Mills Ltd.

viii) Aakruti Investments Ltd.

ix) Indira Buildcon Pvt. Ltd.

x) Satyatej Investments and Finance Pvt Ltd

Note 7 - Managerial remuneration

1) The Company has been advised that the computation of net profits for the purpose of directors remuneration under section 197 of the Companies Act, 2013 need not be enumerated since no commission has been paid to the directors during the year 2015-16. In view of inadequacy of profits, only fixed monthly remuneration has been paid to directors.

2) Details of Managerial remuneration is as under :

*The Company has initiated the process of identification of suppliers registered under Micro and Small Enterprise Development Act, 2006, by obtaining confirmations from all suppliers. Information has been collated only to the extent of information received.

Note 8

The Company has entered into a License Agreement with Gujarat Composite Limited (GCL - Licensor) on 07.04.2005 for running their unit for manufacturing of AC Sheet and Cement manufacturing units at Digvijay nagar, Ranip, Ahmadabad for a period of 84 month on license basis, extendable to further period of 84 months on mutual consent. As per the License Agreement, upon expiry of license period, the GCL (Licensor) would be under obligation to take over all the current assets of A Infrastructure Ltd. (Licensee) pertaining to or in connection with the operation of AC Sheet and Cement manufacturing units at their book value and make the payment if any for this to the Licensee forthwith. Further, after expiry of the license period or the extended period, the Licensee shall vacate and handover the possession of AC Sheet and Cement manufacturing units to the Licensor upon receipt of payment if any due to be received from the Licensor under this agreement.

The company served notice in March, 2012 to GCL (Licensor) to pay all dues including book value of current assets pertaining to or in connection with the operation of AC sheet and Cement manufacturing unit as per the License Agreement. However the Licensor has failed to take over the possession of unit by making payment of dues on expiry of the license period.

Subsequently an application dated 23.05.12 was filed by Labour Union viz Gujarat Mazdoor Panchayat , the Hon''ble Industrial Tribunal Ahmadabad, has directed vide its order dated 07.06.2012 to A Infrastructure Ltd. to run the production activities & continue to pay wages, in the same manner to all those workers who are employed and utilized by A Infrastructure Ltd. for the production activities at the factory situated at Digvijay Nagar, Ranip, Ahmedabad provided that no hindrance, obstructions and the like is caused by M/s GCL and/or other authorities. M/s GCL is party in the said proceedings and had given an undertaking to the Industrial Tribunal to this effect.

In spite of several notices being served to Licensor from time to time, possession of the unit has not been taken back by GCL by making payment of dues amounting to Rs 1903.73 Lakh as on 31.3.2015 to the Company. These dues have been shown under Current Assets sub heading short term loans and advances as per accounting policies consistently followed by the company.

Based on the above facts and circumstances, the company has decided not to charge interest amounting to Rs 347.76 Lakh in the books on the balance recoverable from GCL in the financial year 2015-16. Further bonus amounting to Rs 204.22 Lakh recoverable from GCL as per terms of license agreement has also not been provided in the books in the financial year 2015-16. These will be provided in the books upon its receipt from GCL. However the GCL licensor is liable to pay amount recoverable Rs. 2741.10 Lakhs to us as on 31.03.2016 based on terms of licence agreement as amended from time to time. As there is uncertainty of time regarding taking back of the possession of the unit by making payment of dues in terms of the License Agreement.

Note 9

Interest expenses are net of Income of Interest Rs.204.24 Lakh (Previous year Rs.231.93 Lakh).

Note 10

In the opinion of the management, all the Current Assets, Loans & Advances have a value on realization in the ordinary course of business equal to an amount at which they are stated.

Note 11- Tax Assessment

Liability, if any, arises on completion of pending assessment in respect of VAT, Service Tax, Income Tax, etc. will be provided in the year of completion of such assessment.

*No Instrument has been issued which is likely to dilute the earnings per share.

Note 12

Current tax represents normal tax.

Note 13

Consequent to the Notification under the Company''s Act, 2013; the Financial Statements for the year ended on 31st March 2016 are prepared under the Schedule III of the Companies Act, 2013.

Note 14

Previous Year''s figures have been regrouped/reclassified wherever necessary to correspond with the current year''s classification/disclosure.


Mar 31, 2013

1. During the year, there is no change in Authorized Share Capital of Preference Shares & Equity Shares of the Company.

2. During the year, there is no change in issued. Subscribed and paid up Preference Share Capital and Equity Share Capital.

3. The Company has only one class of equity shares having at par value of Rs. 10 per share. Each Shareholder is eligible for one vote per share. The dividend proposed by the Board of Directors is subject to the approval of share- holders, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amounts, in proportion of their shareholding.

Nature of security and terms of repayment for Long Term Secured/Unsecured Borrowings:

4. Nature of Security

All term loan Secured by way of first charge on fixed assets of the company to consortium banks and second charge ranking pan-passu on all present and future inventories and book-debts and other current assets and personal guarantees of two Directors of the company.

Vehicle loans are secured by hypothecation of Vehicles.

5. Terms of Repayment

Term loan amounting to Rs. 1800.00 lacs repayable in 24 equal quarterly installments , Term loan amounting to Rs.260.00 lacs repayable in 17 equal quarterly installments & Unsecured Term loan amounting to Rs 633 14 lacs repayable in 120 equal monthly installments.

Vehicle loans are repayable over a period of 1 to 5 years.

Note 6. - Contingent liabilities

a) Estimated amount of Outstanding Capital Commitment and not provided for Rs.NIL (Previous year Rs. 13.39 lacs] (Net of Advances paid).

b) Claims against the Company not acknowledged as debts.

Excise duty, Sales Tax and Income Tax demand (Net of amount charged to Statement of Profit & Loss-Rs. 430.641 lacs) under Appeal Rs.1163.06 lacs (Previous year Rs.219.87 lacs).

c) Corporate guarantee given to bank aggregating Rs.1075 lacs in respect of working capital facilities granted to other body corporate.

Note 7.

Municipal Corporation, Ahmadabad had demanded octroi @ 4% in place of @ 2.25% on imported mineral fibre while clearance of first consignment after imposition of octroi, against which Company has filed civil suit. The Company has deposited the demand under protest. For subsequent clearances, Municipal Corporation had accepted octroi @2.25%.

Note 8.

In earlier years, Company had provided Property Tax liability in the books amounting to Rs. 45.20 lacs as per demand I raised by Ranip Nagar Palika. However, Company has filed Legal suit with Tribunal of the Municipal Corporation, Ahmadabad. I The same is still pending.

Note 9.

Based on assessment about the current value of similar assets as per valuation report submitted by the value appointed for the purpose, the Company had valued Plant & Machinery & other Fixed Assets as on 1st April, 2002. Full amount of Depreciation on the amount added on account of revaluation of Fixed Assets, had been charged to Profit and Loss Account instead of equal amount being transferred from Revaluation Reserve Account up to Financial Year 2004-05. However, from the Financial Year 2005-06, the depreciation on the amount added on account of revaluation of Fixed Assets has been charged to Revaluation Reserve Account. This has resulted into lower profit for the year by Rs. NIL (Cumulative Rs.803.97 lacs)

Note 10. - Related Party Disclosure

A) Transactions with related Parties

SJJa DISCLOSURE RELATED PERSON

A. Name of the Related persons - Director s Shri Sanjay Kumar Kanoria

B. Relatives of Directors Smt. Priyadarshini Kanoria

Shri B. K. Kanoria

C. Name of the Related Enterprises in Kanoria Sugar & General Mfg. Co. Ltd. which Directors are interested Reliance Steel Limited

B.S.Traders Pvt. Limited

Landmark Dealers Pvt. Limited

Ekta Tie-Up Pvt. Limited

Aakruti Investment Limited 1

Satyatej Investment & Fin. Pvt. Limited

Indira Buildcon Pvt. Ltd.

Tarouni Const. & Fin. Pvt. Ltd.

Anchal Fintrade Pvt. Ltd.

Ganga Projects Pvt. Ltd.

Lalit Polymers and Electronics Ltd.

Chiraj Stock & Securities Pvt.Ltd.

Vishvjyoti Trading Co. Ltd. I

Pranjal Investment Pvt.Ltd.

Chirag Fiscal Services Pvt. Ltd.

S.K.Kanoria (HUF)

Note 11.

Balances of Sundry debtors and creditors are subject to confirmation,

Note 12. - Micro, Small & Medium Scale business entities

There are Micro, Small and Medium Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days as at 31st March, 2013. This information is required to be disclosed under the Micro, Small and Medium Enter- prises Development Act, 2006, and have been determined to the extent such parties have been identified on the basis of information available with the Company. The outstanding dues are amounting to Rs 0.19 lacs to the following parties:

M/s Gilt Pack Ltd., Indore

M/s Hari Industries, Jaipur

M/s Shiv Shakti Industrial Corpn., Jaipur

M/s Shri Krishna Ind., Jaipur

M/s Agarwai Industries, Jaipur

M/s Sievetech India Pvt. Ltd., Jaipur Note 41

The Company has entered into License Agreement with Gujarat Composite Limited on 07.04.2005 for running their unit for manufacturing of AC Sheet and Cement manufacturing units at Digvijaynagar, Ranip, Ahmadabad for a period of 84 month on license basis, extendable to further period of 84 months on mutual consent.

Income accrued from operations of manufacturing units taken on lease from Gujarat Composite Ltd. Shown as other operating income.

As per the License Agreement upon expiry of license period, the Gujarat Composite Ltd. (Licensor) Would be under obligation to take over all the current assets of A Infrastructure Ltd. (Licensee) pertaining to or in connection with the operation of AC Sheet and Cement manufacturing units at their book value and make the payment if any for this to the Licensee forthwith. Further, after expiry of the license period or the extended period, the Licensee shall vacate and handover the possession of AC Sheet and Cement manufacturing units to the Licensor upon receipt of payment if any due to be received from the Licensor under this agreement.

The Licensor has failed to pay the dues to the Licensee as per the License Agreement signed by the Licensor with Licensee in spite of notices being served to Licensor. Further, based on application dated 23.05.12 filed by Labour Union viz Gujarat Mazdoor Panchayat ,The Hon'ble Industrial Tribunal Ahmedabad, has directed vide its order dated 07.06.2012 to A Infrastructure Ltd. to run the Production activities & continue to pay wages, in the same manner to all those workers who

*No Instrument has been issued which is likely to dilute the earnings per share.

Note 13

Current tax represents MAT.

Note 14.

Consequent to the Notification under the Company's Act, 1956; the Financial Statements for the year ended on 31st March 2013 are prepared under the Revised Schedule VI. Accordingly, the previous year figures have also been reclassified to confirm this year's classifications.

are employed and utilized by A Infrastructure Ltd for the production activities at the factory situated at Digvijay Nagar, Ranip, Ahmadabad provided that no hindrance, obstructions and the like is caused by M/s Gujarat Composite Limited and/ or other authorities.

Note 15.

The Company has entered into license agreement with Chirag Fiscal Services Private Limited w.e.f. 01.01.2009 for running j their unit for manufacturing of AC Pipes at Kanyakheri, Bhilwara for a period of 36 months. The license agreement has been extended ud to 31.12.2013 bv suDDlementarv aareement.


Mar 31, 2012

1. During the year, the Authorized Share Capital of Preference shares of the company has been increased to Rs.1100 lakhs (Previous year Rs.100 lakhs) consisting of 11,00,000(previous year 1,00,000) Preference shares of Rs.100 each.

2. During the year, there is no change in issued, subscribed and paid up Preference Share Capital and Equity Share Capital.

3. The Company has only one class of equity shares having a par value of Rs. 10 per share. Each Shareholder is eligible for one vote per share. The dividend proposed by the Board of Directors is subject to the approval of shareholders, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amounts, in proportion of their shareholding.

4. Nature of Security

All term loan Secured by way of first charge on fixed assets of the company to consortium banks and second charge ranking pari-passu on all present and future inventories and book-debts and other current assets and personal guarantees of two Directors of the company. Vehicle loans are secured by hypothecation of Vehicles.

5. Terms of Repayment

Term loan amounting to Rs.3,190.00 lacs repayable in 24 equal quarterly installments and Term loan amounting to Rs. 175.00 lacs repayable in 17 equal quarterly installments. Vehicle loans are repayable over a period of 1 to 5 years.

Note 6. Contingent liabilities

a) Estimated amount of Outstanding Capital Commitment and not provided for Rs. 13.39 lacs (Previous year Rs. 182.29 lacs) (Net of Advances paid).

b) Claims against the company not acknowledged as debts.

Sales Tax and Income Tax demand (Net of Tax deposited) under Appeal = 219.87 lacs (Previous year Rs. 198.20 lacs).

c) Corporate guarantee given to bank aggregating Rs.1175.00 lacs in respect of working capital facilities granted to other body corporate.

Note 7.

Municipal Corporation, Ahmadabad had demanded octroi @ 4% in place of @ 2.25% on imported mineral fiber while clearance of first consignment after imposition of octroi. Against which company has filed civil suit. The Company has deposited the demand under protest. For subsequent clearances, Municipal Corporation had accepted octroi @2.25%.

Note 8.

In earlier years, Company had provided Property Tax liability in the books amounting to Rs. 45.20 lacs as per demand raised by Ranip Nagar Palika. However Company has filed Legal suit with tribunal of the Municipal Corporation, Ahmadabad. The same is still pending.

Note 9.

Worker union had filed a case at labour court for recovery against uniform & shoes. Amount for the same has not been ascertained. The company is contesting the case.

Note 10.

Based on assessment about the current value of similar assets as per valuation report submitted by the valuer appointed for the purpose, the company has valued Plant & Machinery & other Fixed Assets as on 1 st April, 2002. Full amount of Depreciation on the amount added on revaluation of Fixed Assets, have been charged to profit and loss account instead of equal amount transferring from Revaluation Account up to financial year 2004-05. However, from the year 2005-06, the depreciation on the amount added on revaluation of fixed assets has been charged to revaluation reserve amount. This has resulted into lower profit for the year by Rs. NIL (Cumulative Rs.642.45 lacs)

The estimates of future salary increase considered in actuarial valuation has been made after taking into account the inflation, seniority, promotions and other relevant factors on long term basis.

Note 11.

The Company is engaged in the business of manufacturing and laying & jointing of Asbestos Cement Products, which as per Accounting Standard -17 and in the opinion of the management, is considered to be the only reportable business segment. The geographical segmentation is not relevant as there were no exports.

Note 12. - Related parties disclosures

A) Transactions with related Parties

S.NO. DISCLOSURE RELATED PERSON

A Name of the Related persons - Director Sh. Sanjay Kumar Kanoria - Director

B. Relatives of Directors Smt. Priyadarshini Kanoria

Sh. B. K. Kanoria

C. Name of the Related Enterprises in Kanoria Sugar & General Mfg. Co. Ltd. which Directors are interested Reliance Steel Limited

B.S.Traders Pvt. Limited

Landmark Dealers Pvt. Limited

Ekta Tie-Up Pvt. Limited

Aakruti Investment Limited

Satyatej Investment & Fin. Pvt. Limited

Indira Buildcon Pvt. Ltd.

Tarouni Const. & Fin. Pvt. Ltd.

Anchal Fintrade Pvt. Ltd.

Ganga Projects Pvt. Ltd.

Lalit Polymers and Electronics Ltd.

Chiraj Stock & Securities Pvt.Ltd.

Note 13.

Balances of Sundry debtors and creditors are subject to confirmation.

Note 14. - Micro, Small & Medium Scale business entities

There are Micro, Small and Medium Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days as at 31st March, 2012. This information is required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006, and have been determined to the extent such parties have been identified on the basis of information available with the Company. The outstanding dues are amounting to Rs.0.19 lacs to the following parties

M/s Gilt Pack Ltd., Indore

M/s Hari Industries, Jaipur

M/s Shiv Shakti Industrial Corpn., Jaipur

M/s Shri Krishna Ind., Jaipur

M/s Agarwal Industries, Jaipur

M/s Sievetech India Pvt. Ltd., Jaipur

Note 15.

The Company has entered into License Agreement with Gujarat Composite Limited (GCL) on 07.04.2005 for running their unit for manufacturing of AC Sheet and Cement manufacturing units at Digvijaynagar, Ranip, Ahmadabad for a period of 84 months on license basis, extendable to further period of 84 months on mutual consent.

Income accrued from operations of manufacturing units taken on lease from GCL shown as other operating income.

As per the License Agreement, on expiry of license period, the GCL (Licensor) would be under obligation to take over all the current assets of A Infrastructure Ltd. (Licensee) pertaining to or in connection with the operation of AC Sheet and Cement manufacturing units at their book value and make the payment if any for this to the Licensee forthwith. Further, after expiry of the license period or the extended period, the Licensee shall vacate and handover the possession of AC Sheet and Cement manufacturing units to the Licensor upon receipt of payment if any due to be received from the Licensor under this agreement.

Since the Licensor has failed to pay dues to the Licensee as per the License Agreement signed by the Licensor with Licensee in spite of notices served to Licensor. Further Based on application dated 23.05.12 filed by Labour Union viz Gujarat Mazdoor Panchayat ,The Hon'ble Industrial Tribunal Ahmadabad, has directed vide its order dated 07.06.2012 to A Infrastructure Ltd to run the Production activities & continue to pay wages, in the same manner to all those workers who are employed and utilized by A Infrastructure Ltd for the production activities at the factory situated at Digvijay Nagar ,Ranip, Ahmadabad provided that no hindrance, obstructions and the like is caused by M/s Gujarat Composite Limited and/or other authorities.

Note 16.

The Company has entered into license agreement with Chirag Fiscal Services Private Limited w.e.f. 01.01.2009 for running their unit for manufacturing of AC Pipes at Kanyakheri, Bhilwara for a period of 36 months. The license agreement has been extended up to 31.12.2013 by supplementary agreement.

Note 17.

Interest expenses are net of Income of Interest Rs.283.00 lacs (Previous year Rs.239.19 lacs ). Note 45

In the opinion of the management, all the Current Assets, Loans & Advances have the Value on realization in the ordinary course of business and equal to the amount at which they are stated.

Note 18. - Tax Assessment

Liability, if any arises on completion of pending assessment in respect of VAT, Service Tax and Income Tax etc. will be provided in the year of completion of such assessment.

Note 19.

In respect of Namakkal work contract, revenue and expenses has been accounted for on estimated basis. Note 48 - Earning per Share

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