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Notes to Accounts of ANG Industries Ltd.

Mar 31, 2015

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


Mar 31, 2014

As at 31.03.2014 As at 31.03.2013 Notes to financial statements for the year ended 31 March 2014

Contingent liabilities

1 Bank Guartanees 643.70 334.98

2 Letter of Credit issue by Banks 23.88 183.01

3 Estimated amount of contract remaining to be executed on capital account and not provided for 261.14 54.83

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),Khatima after paying 10% Penalty under Protest. The Company take the stay for the balance 90% of the penalty amount. 6.03 6.03

7 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

8 Sales Tax Demand for Entry Tax in Ajmer appeal before ajmer/Jaipur sales Tax for the year 2005.06 0.40 0.40

9 Sales Tax Demand for Entry Tax in Ajmer appeal before ajmer/Jaipur sales Tax for the year 2006-07 7.84 7.84

10 Sales Tax Demand for Entry Tax in Ajmer appeal before ajmer/Jaipur sales Tax for the year 2007-08 7.06 7.06

11 Sales Tax Demand for Entry Tax in Ajmer appeal before ajmer/Jaipur sales Tax for the year 2008-09 3.74 3.74

12 Sales Tax Demand for Entry Tax in Ajmer appeal before ajmer/Jaipur sales Tax for the year 2009-10 2.10 2.10

13 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

14 M/s RSI filed a case against the Compnay in Civil court of Detroit, Michigan,USA for claim of Services Charges against the said services provided by them for exports by M/s ANG Industries Ltd. 127.13 127.13

15 Case filled by Duggal Enterprises before Civil Judge, Phagwara - 5.85

16 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

17 Case Filled by Steel Strips Wheels Ltd before Delhi High Court 14.82 -

18 Case filled by P Raj & Co.before Additional Session Judge, Tis Hazari 3.65 -

19 Case filled by P Raj & Co.before Additional Session Judge, Tis Hazari 2.65 -

20 Case filled by P Raj & Co.before Additional Session Judge, Tis Hazari 9.48 -

21 Case filled by Arcelor Mittal Distribution Solution India (P) Ltd. before Additional Session Judge, Tis Hazari 13.22 -

22 Case filled by Sandeep Electrode (P) Ltd before Session Court, Hapur 0.53 -

23 Appeal filled by the Company before Joint Commissioner (Appeal) Haldwani for non filling of C Form and F Form for the year 07-08 17.14 -

24 Appeal filled by the Company before Joint Commissioner (Appeal) Haldwani for non filling of C Form and F Form for the year 08-09 70.58 -

25 Dataram,Ex-Employee Filed a case for some labour dispute and the same is pending before civil court Noida 5.00 5.00

26 Mahipal Singh - Ex- Employee filed a case for wages under payment of wages Act. 6.54 6.54

27 Rajbeer Singh - Ex- Employee filed a case for wages under payment of wages Act. 0.87 0.87

28 Case filled by ex exployee Ashtoo Manjhi for reinsstate on duty and demand under Industrial Dispute Act, 1947 3.45 -

29 Case filled by ex exployee Nand Kishore Singh for reinsstate on duty and demand under Industrial Dispute Act 1947 3.65 -

30 Case filled by ex exployee Pramod Kumar for reinsstate on duty and demand under Industrial Dispute Act, 1947 3.14 -

31 Case filled by ex exployee Harish Kumar for reinsstate on duty and demand under Industrial Dispute Act, 1947 3.34 -

32 Case filled by ex exployee Nagendra Sharma for reinsstate on duty and demand under Industrial Dispute Act, 1947 2.90 -

33 Case filled by ex exployee Mukesh Kumar for reinsstate on duty and demand under Industrial Dispute Act, 1947 2.67 -

34 Case filled by ex exployee Panna Lal for reinsstate on duty and demand under Industrial Dispute Act, 1947 2.11 -

35 Case filled by ex exployee Radhey Shyam for reinsstate on duty and demand under Industrial Dispute Act, 1947 0.91 -

36 Case filled by ex exployee Dhanesh Prasad for reinsstate on duty and demand under Industrial Dispute Act, 1947 0.82 -

37 Case filled by ex exployee Channu Lal for reinsstate on duty and demand under Industrial Dispute Act, 1947 0.94 -

38 Case filled by ex exployee Manoj Kumar for reinsstate on duty and demand under Industrial Dispute Act, 1947 1.02 -

39 Case filled by ex exployee Rakesh Ram for reinsstate on duty and demand under Industrial Dispute Act, 1947 0.62 -

40 Case filled by ex exployee Vidhya for reinsstate on duty and demand under Industrial Dispute Act, 1947 0.59 -

41 Case filled by ex exployee Mohan Lal for reinsstate on duty and demand under Industrial Dispute Act, 1947 0.90 -

42 Case filled by Ex employee Amit Gupta before Civil Judge, Saket 2.50 -

43 Case filled by Duggal Enterprises before Civil Judge, Phagwara 5.85 -

44 Case filled by Ex Employee Manish Kumar in Labour Court 6.56 -

45 Case filled by Ex Employee Eaju Kumar in Labour Court 1.60 -

2( 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.

2(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.

2(c) Segment Reporting :

The Company operates in three segments i.e. Manufacturing of Auto Components and assemblies, Transportation and heavy Fabrication . Out of these, 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 Transportation business and the figures for the same are being consolidated in business of Automotive Component & parts. 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.

2(d) During the year the Company has converted 2,75,000 ( Two Lacs Seventy Five Thousand) Share warrants into Equity shares 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.

2(e) The Company has taken key-man insurance policies to insure the loss of profit on non-availability of Managing Director''s services to the Company.

2(g) Related Party Transaction :

During the period, the Company has entered into transaction with following related parties. The balances of these related parties as at March 31st, 2014 and the aggregate of transactions for the period then ended are presented herein below :

2(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, 2014 with the Balance of Deferred Tax Assets (Net) accruing during the year aggregating to Rs.6662276 /- has been recognized in the Profit and Loss Account.

Previous year figures have been regrouped and rearranged wherever considered necessary


Mar 31, 2013

1( 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.

1(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.

1(c) The Subsidiary Company in Hongkong has been winding up, and all the remaining Assets and Liabilities of Subsidiary Company has been taken up in the books of Holding Company.

1(d) Segment Reporting :

The Company operates in three segments i.e. Manufacturing of Auto Components and Assemblies, Transportation and Heavy Fabrication. Out of these, Transportation constitute less than 10% and hence as per the principle of AS-17, issued by The Institute of Chartered Accountants of India, segment reporting is not applicable for Transportation business and the figures for the same are being consolidated in business of Automotive Component & parts. 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.

1(e) During the year the Company has converted 3,75,000 (Three Lacs Seventy Five Thousand) Share Warrants into Equity Shares 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.

During the year the Company had issued 13,50,000 (Thirteen Lac Fifty Thousand) Equity Shares of Rs.10/- each at the premium of Rs.11/- per share on Prefential basis to Strategic Investors. These share are also locked in for a period of one year.

1(f) The Company has taken key-man insurance policies to insure the loss of profit on non-availability of Managing Director''s services to the Company.

1(g) List of related parties (As certified by the management)

Investing party in respect of which the reporting enterprises is an associate.

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 Affordable Housing Development

: Krisp Auto & General Credit Pvt. Ltd.

: GIC Global International Business Inc.

Wholly owned overseas

Subsidiary Companies : ANG Auto (USA) Inc.

: ANG Auto ( Hongkong) Ltd. Joint Venture : Towerworx India Pvt.Ltd.

Individual having significant : Mr. Premjit Singh ( Managing Director)

influence Over the Company : Mr. O.P.Sharma

Previous year figures have been regrouped and rearranged wherever considered necessary This is the Balance Sheet referred to our report of even date attached


Mar 31, 2012

NOTES: (1) Securities offered to Banks to secure Term Loan:-

(a) State Bank of India:

- First pari-passu charge on company's fixed assets (including land & building) situated at A-197, Eldeco SIDCUL Industrial Park, Sitarganj, Uttrakhand.

- First charge on company's land & building situated at following locations

- B-48,Phase-ll,Noida,U.P.

- 19 - A, Udyog Vihar, Greater Noida, U.P.

- Personal Guarantee of Mr. Premjit Singh, Managing Director

(b) Yes Bank Ltd.:

- First pari-passu charge on company's fixed assets (including land & building) situated at A-197, Eldeco SIDCUL Industrial Park, Sitarganj, Uttrakhand.

- First charge on company's fixed assets (including land & building) situated at 150-A, SEZ, Noida, U.P.

- Personal Guarantee of Mr. Premjit Singh, Managing Director

(c) Development Credit Bank Ltd.:

- First pari-passu charge on company's fixed assets (including land & building) situated at A-197, Eldeco SIDCUL Industrial Park, Sitarganj, Uttrakhand.

- Personal Guarantee of Mr. Premjit Singh, Managing Director

(2) Securities offered to Banks (viz. State Bank of India, Bank of Baroda, Development Credit Bank Ltd., Yes Bank Ltd. and Citibank N. A.) to secure working capital facilities under multiple banking arrangement, on pari-passu basis:-

(a) Hypothecation of inventories viz raw material, stock in process, finished goods, stores and spares etc. including the stock in transit, stocks lying with processors & in third party godown consisting of automotive components, trailers, trailer components, receivables and other current assets, both present and future, except vehicles exclusively hypothecated to banks.

(b) Second charge on gross block (including Land & Building) ofthe company on pari-passu basis.

(c) Personal Guarantee of Mr. Premjit Singh, Managing Director.

(3) Securities offered to Factoring Companies (viz. SBI Global Factors Ltd. and IFCI Factors Ltd.):

(a) First charge on receivables factored by factoring companies.

(b) Personal Guarantee of Mr. Premjit Singh, Managing Director

(4) GNIDA dues amount is for the deferred instalments on the land at 19-A, Udyog Vihar, Greater Noida, U.P.

*Defined Benefit Plan

The employee's Gratutity fund scheme is managed by a Trust ( Life Insurance Corp.of India) in a defined Benefit Plan .The present value of obligation is determined based on Accurial valuation, carried out by an independent actuary as at the Balance sheet for the year ended 31st March 2008 and premium recalculated by LIC on the basis of employees data provided to them .

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 .

A(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.

A(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.

A(c) Duringthe year under report the Company had sold one of its unit i.e Axle Manufacturing Division to M/s Automotive Axles Ltd and M/s Merritor Heavy Vehicles Systems India Limited vide agreements dated 31-Aug'2011. The total consideration for the above sale was amounted to Rs.1476.47 lacs for Plant and Machineries and Intangible Assets.

The Company decided to exit this business as there was a competition with its own customers being the Trailers Manufacturers and this was effecting both the Business of the Company i.e Trailers as well as Axle Business. Further there were other opportunities which the Company decided to invest in the same. The Substantial part of the receipt was used for debt reduction and meeting long term Working Capital requirement ofthe company. There is Exceptional Income to the tune of Rs. 39.98 Lacs which is shown separately in Profit and loss Statement.

A (d) Investment in the Subsidiary company in United States of America:

During the year the Company has also received Management service charges amounting to USD 531871.76 Equivalent to INR 240.88 Lacs from the wholly owned overseas subsidiary.

A(e) The Company operates in three segments i.e. Manufacturing of Auto Components and assemblies, Transportation and heavy Fabrication .Out of these, 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 Transportation business and the figures for the same are being consolidated in business of Automotive Component & parts. 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 revenuesand netincome.

A(f) During the year the Company has converted 10,50,000 (Ten Lacs fifty Thousand) Share warrants into Equity shares of Rs.10/-each at the premium of Rs.38/- per share on a preferential basis to Promoters/Promoter Group. The Shares being allotted to promoters/promoter group shall be locked in for a period of 3 (three) years from the date of allotment.

A(g) The Company has taken key-man insurance policies to insure the loss of profit on non-availability of Managing Director's services to the Company.

A(h) List of related parties (As certified by the management)

Investing party in respect of which the reporting enterprises is an associate.

Enterprises in which Key : ANG Automotive Industries (P) Ltd.

Personnel have substantial Interest : ANG Structure & Energy Pvt. Ltd.

( Formerly known as ANG Forgings ( P) Ltd.)

: ANG Automotive Components (P) Ltd.

: ANG Logistics Pvt. Ltd.

: GIC Global International Business Inc.

: Krisp Auto & General credit Pvt. Ltd.

:PSAutotech International LLP.

Wholly owned overseas Subsidiary Companies:

: ANG Auto(HongKong) Ltd. :ANG Auto (USA) Inc.

Joint Venture :Towerworx India Pvt.Ltd.

Individual having significant influence : Mr. PremjitSingh

Overthe Company

A(i) 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 31- March, 2011 with the Balance of Deferred Tax Liability (Net) accruing during the year aggregating to Rs.(4047142) /- has been recognized in the Profit and Loss Account. No Deferred Tax is being provided on the timing difference for the units availed exemption of IncomeTax under section 80-1C, and Deferred Tax has been provided 50% on the units situated at Special EconomicZone.

Previous year figures have been regrouped and rearranged wherever considered necessary This is the part ofthe Balance Sheet referred to our report of even date attached

 
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