Notes to Accounts of Ashoka Refineries Ltd.

Mar 31, 2015

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

2. There is no claim against the company not acknowledged as debts.

3. Balance shown under the headings sundry creditors for Goods, expenses & others, sundry debtors, other current assets, banks and advances to suppliers are subject to confirmations. Necessary adjustment, if any will be made when the accounts are reconciled and settled.

4. In the opinion of the management there is no such events occurred after the date of Balance sheet that needs discloser in these accounts.

5. In the Opinion of the board of directors, the loans, advances and current assets have a value on realization in the ordinary course of business, at least equal to the amounts of which these are stated and that the provisions for the known liabilities are adequate and not in excess of the amount reasonably necessary.

6. Valuation & consumption of inventories has been taken as valued and certified by the management.

7. There were no employee at any time during the year drawing Rs.500000/- or more per month.

8. SEGMENT REPORTING

(a) Business Segment: - The Company has considered business segment as the primary segment to disclose. The company is engaged in rendering services which is the context of AS-17 issued by the Institute of Chartered Accountant of India, is considered the only business segment..

(b) Geographical Segment: - The Company sells its products within India. The condition prevailing in India being Uniform, no Separate geographical segment disclosure is considered necessary.

9. Related party disclosures under accounting standard 18

i. Other related parties with whom transactions have taken place during the year

Subsidiaries - NIL

ii. Key management personnel Board of Directors

a. Shri Sudhir Dixit

b. Shri Shabir Memon

c. Shri Ravi Kamra

d. Shri Deepak Tyagi

iii. Relative of Key management personnel where transaction have been taken place- NIL

iv. Transaction with related parties referred to above in ordinary course of business.

11. Details of Employee benefits as required by the Accounting Standard 15 "Employee Benefits" are given below:-

10. Defined Contribution Plans:-

During the year the company has not employed more than 10 employees and therefore no Statutory Act Related employee are applicable. However company has not recognized any amount for Defined Contribution in the profit & loss Accounts as the employee's are not permanent.

11. Defined benefit plan:-

No Provision of Gratuity and encashment of leave has been made for the employees up to 31.03.2015.

12. In respect of Micro / Small / Medium Enterprises Development Act, 2006, certain disclosure is required to made relating to Micro / Small / Medium Enterprises. The company could not get relevant information from its supplier about their coverage under the Act since the relevant information is not readily available, no disclosure have been made in the account. Hence disclosure, if any, relating to amounts unpaid as at the year end together with interest paid/ payable as required under the said act have not been made.

13. Significant accounting policies adopted by the Company are disclosed in the statement annexed to these financial statements as Annexure I.

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Mar 31, 2014

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

2. There is no claim against the company not acknowledged as debts.

3. Balance shown under the headings sundry creditors for Goods, expenses & others sundry debtors other current assets, banks and advances to suppliers are subject to confirmations'' NeceTary adjustment, if any will be made when the accounts are reconciled and settled.

4.in the opinion of th management there is no such events occurred after the date of Balance sheet that needs discloser in these accounts.

5. In the Opinion of the board of directors, the loans, advances and current assets have a value on realization in the ordinary course of business, at least equal to the amounts of Which these are stated and that the provisions for the known liabilities are adequate and not in excess of the amount reasonably necessary.

6. Valuation & consumption of inventories has been taken as valued and certified by the management.

7. There ware no employee at any time during the year drawing Rs.500000/- or more per month

8. SEGMENT REPORTING

(a) Business Segment: - The Company has considered business segment as the primary segment to disclose. The gom-pany is engaged in rendering services which is the context of AS-17 issued by the Institute of Chartered Accountant of India is considered the only business segment..

(b) Geographical segment:- the company sells its products within India. The condition prevailing in India being Uniform, no Separate geographical segment disclosure is considered necessary. geographical segment disclosure is considered necessary.

9. Related party disclosures under accounting standard 18

i. Other related parties with whom transactions have taken place during the year

Subsidiaries - NIL

ii. Key management personnel Board of Directors

a. Shri Sudhir Dixit

b. Shri Shabir Memon

c. Shri Ravi Kamra

d. Shri Deepak Tyagi

iii. Relative of Key management personnel where transaction have been taken place- NIL

10. Details of Employee benefits as required by the Accounting Standard 15 "Employee Benefits" are given below:-

(a) Defined Contribution Plans;-

During the year the company has not employed more than 10 employees and therefore no Statutory Act Related employee are applicable. However company has not recognized any amount for Defined Contribution in the profit & loss Accounts as the employee''s are not permanent.

(b) Defined benefit plan:-

No Provision of Gratuity and encashment of leave has been made for the employees up to 31.03.2014,.

11.In respect of Micro / Small / Medium Enterprises Development Act, 2006, certain disclosure is required to made relating to Micro / Small / Medium Enteiprises The company could not get relevant information from its supplier about their coverage under the Act since the relevant infomiation is no, readily available, no disclosure have been made in the account. Hence disclosure, if any, relating to amounts unpaid as at the year end together with interest paid/ payable as required under the said act nave not been made.

12.During the year company has credited income amounting Rs. 37722.00 pertaining to the FY 2012-13 not taken in earlier year.

13.No provision has been made for listing fees to be to Bombay Stock Exchange and Madhya Pradesh Stock Exchange for the FY 2013-14. Consequently the loss has been understated by Rs. 136517.00 for the FY 2013-14.consequently the loss has been understated by Rs. 136517.00 for the FY 2013-14

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Mar 31, 2013

1. Earning per Share:-

Net Profit for the Year _ RS.44609/-

No. of Equity Shares - 3401900

Earning Per Share _ Rs.0.01

2 Figures of previous year has been rearanged and regrouped wherever considered necessary.

3 Balances shown under the head sundry creditors, debtors 7 other balances are subject to Comfirmation, adjustment if any will be done after reconciliation.

4. In the opinion of the board, the value on realization of loans, advances and current assets in the ordinary course of business will not br=e less than the amount of which they were atated in the balance sheet.

5. In the opinion of the board, the value on realization of loans, advances and current assets in the ordinary course of business will not be less than the amount of which they were stated in the balance sheet.

6. There was no employee at any time during the year drawing RS.5,00,000/- or more per month.

7. Related party disclosure as required in terms of accounting standard-18 are given below:-

1 Relationship:-

a Key management personnel:-

Shri Sudhir Dixit

Shri Shabir Memon

Shri Ravi Kamra

Shri Deepak Tyagi

b. Relative of key management personnel when transaction have been taken place.

Nil

8. Provisions for the liability of gratuity are not made as there is no employee who is Completed the required period of service.

9. In respect of Micro/Small/Medium Enterprises Development Act, 2006, certain disclosure is required to made relating to Micro/Small/Medium Enterprises. The company could not get relevant information from its supplier about their coverage under the Act since the relevant information is not readily available, no disclosure have been made in the account. Hence disclosure, if any, relating to amounts unpaid as at the year end together with interest paid/payable as required under the said act have not been made.

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Mar 31, 2012

1. Figures of previous year has been rearranged and regrouped wherever considered necessary.

2. Balances shown under the head sundry creditors, debtors & other balances are subject to Confirmation, adjustment if any will be done after reconciliation.

3. In the opinion of the board, the value on realization of loans, advances and current assets in the ordinary course of business will not be less than the amount of which they were stated in the balance sheet.

4. In the opinion of the management there is no such event occurred after the date of Balance Sheet which needs disclosure in these accounts.

5. There was no employee at any time during the year drawing Rs. 5,00,000/- or more per month.

6. Related party disclosure as required in terms of accounting standard - 18 are given below:-

1. Relationship:-

a. Key management personnel:-

Shri Sudhir Dixit

Shri Shabir Memon

Shri Ravi Kamra

Shri Deepak Tyagi

b. Relative of key management personnel where transaction have been taken place.

Nil

Note:-

1. Related party relationship are identified by the company and relied upon by the auditors.

2. Transaction carried out by related parties referred to above in ordinary course of business.

7. Provisions for the liability of gratuity are not made as there is no employee who is completed the required period of service.

8. In respect of Micro/Small/Medium Enterprises Development Act, 2006, certain disclosure is required to made relating to Micro/Small/Medium Enterprises. The company could not get relevant information from its supplier about their coverage under the Act since the relevant information is not readily available, no disclosure have been made in the account. Hence disclosure, if any, relating to amounts unpaid as at the year end together with interest paid/payable as required under the said act have not been made.

9. Significant accounting policies adopted by the Company are disclosed in the statement annexed to these financial statements as Annexure I.

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Mar 31, 2011

1. Balances shown under the head sundry creditors, debtors & other balances are subject to confirmation, adjustment if any will be done after reconciliation. Balance confirmation from Sunil Polypack & Black Diamond Explosives Pvt. Ltd. Are not received

2. In the opinion of the board, the value on realizattions loans, advances aad-et^ent assets in the ordinary course of business will not be less then the amout of they were stated in the balance sheet.

3. Figures of previous year has been rearranged and regrouped wherever considered necessary.

4 In the opinion of the management there is no such event occurred after the date of Balance Sheet which needs disclosure in these accounts.

5. There was no employee at any time during the year drawing Rs. 2,00,000/- or more per month.

6. Related party disclosure as required in terms of accounting standard - 18 are given below :-

1. Relationship:-

a. Key management personnel:- Shri Sudhir Dixit

Shri Shabir Memon Shri Ravi Kamra Shri Deepak Tyagi

b. Relative of key management personnel where transaction have been taken place.

Nil Note:-

1. Related party relationship are identified by the company and relied upon by the auditors.

2. Transaction carried out by related parties referred to above in ordinary course of business.

7. Provisions for the liability of gratuity are not made as there is no employee who is completed the required period of service.

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Mar 31, 2010

1. Balances shown under the head sundry creditors, debtors & other balances are subject to confirmation, adjustment if any will be done after reconciliation. Balance confirmation from Sunil Polypack & Black Diamond Explosives Pvt. Ltd. Are not received

2. In the opinion of the board, the value on realization of loans, advances and current assets in the ordinary course of business will not be less than the amount of which they were stated in the balance sheet.

3. Figures of previous year has been rearranged and regrouped wherever considered necessary.

4 In the opinion of the management there is no such event occurred after the date of Balance Sheet which needs disclosure in these accounts.

5. Earning per Share- Net Profit for the Year - 2463680.29 No. of Equity Shares - 3401900 Earning Per Share - Rs. 0.72/-

6. There was no employee at any time during the year drawing Rs. 2,00,000/- or more per month.

7. Related party disclosure as required in terms of accounting standard - 18 are given below :-

1. Relationship :-

a. Key management personnel :-

Shri Sudhir Dixit

Shri Shabir Memon Shri Ravi Kamra Shri Deepak Tyagi

b. Relative of key management personnel where transaction have been taken place.

Nil

8. Provisions for the liability of gratuity are not made as there is no employee who is completed the required period of service.