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Notes to Accounts of Asian Granito India Ltd.

Mar 31, 2016

1 Term Loan Rs. 13.55 Crore are secured by way of First Pari Passu charge over the movable & immovable properties of the Company situated at Block No.160, 147A paiki, 162 at village Dalpur, Taluka-Prantij, Disct: Sabarkantha, Gujarat, over the movable assets including Plant & Machineries situated at Survery No.16 (paiki) Village: Jawanpura, Tal: Idar, Dist: Sabarkantha, Gujarat and over the One Wind Mill No.V-20 at survey No.204/1, Paiki, Village Vanku, Tal.Abdasa, Dist: Kutch, Gujarat AND Second Pari passu charge over entire current Assets situated at Block No.160, 147A paiki, 162 at village Dalpur, Taluka-Prantij, Disct: Sabarkantha, Gujarat and over entire current assets situated at Survery No.16 (paiki) Village: Jawanpura, Tal: Idar, Dist: Sabarkantha, Gujarat.

2 Term Loan Rs. 3.48 Crore are secured by way of First Charge by way of Hyp. In favour of Punjab National Bank of the plant m/c, equipments, tools, spares, accessories and all other assets which have been or proposed to be acuired under the project/scheme. Exclusive charge on the mortgage of the factory land and building of the company at Plot no. 766/A/1.766/a/2 and 767 admeasuring about 20133.00 Sq.m. Mouje ; Radhu, tal:Kheda. Dist ; Kheda together with the building and other structures rejections and god owns.

3 Vehicle loans are secured by hypothecation of vehicles in favour of Bank.

4 Working capital loans are secured by hypothecation of present and future stock of Raw Materials,Stock in Process, Semi-finished goods, stores and spares and Book debts, receivables And second Pari Passu charge over entire movable assets and Immovable Properties of the Company situated at Block No.160, 147A paiki, 162 at village Dalpur, Taluka-Prantij, Disct:Sabarkantha, Gujarat (Vitrified/Wall /Marble Division) And Survey No.16 (paiki), Village : Jawanpura, Taluka: Idar, District: Sabarkantha, Gujarat (Ceramic Division).

5 Working capital loans from Punjab National Bank First Charge by way of hypothecation on entire current assets (present and future) of the company including stocks of Raw Materials, Stock in Process, finished goods, Consumables, stores and spares and receivables etc. of the Company situated at Plot no. 766/A/1.766/a/2 and 767Mouje ; Radhu, tal:Kheda. Dist ; Kheda.

6. Scheme of Amalgamation of Artistique Ceramics Pvt. Ltd (The Transferor Company) with Asian Granito India Limited (The Transferee Company):

A) Pursuant to the Shareholders'' approval at the Court convened meeting of the Transferee Company held on 18-03-2016 and the sanction of the Hon. High Court of Gujarat to the Scheme of Amalgamation vide its order dated 16-06-2016, the entire business and the Whole of the undertaking of the Transferor Company whose principal business was to manufacture of ceramic glaze tiles were transferred to and vested in the Transferee Company as a going concern, pursuant to the provisions of Sections 391 to 394 and other applicable provisions of the Act with effect from the Appointed Date viz. 1st July,2015 in accordance with the scheme so sanctioned. The Scheme has become effective from 2nd July,2016 accordingly was given effect to in the Accounts.

Further upon the Scheme and as consideration of the Scheme, The Transferee Company without any further application, act, instrument or deed, has to issue and allot to each Equity shares, credited as fully paid up, to the extent indicated below, to the Equity Shareholders of Transferor Company, and whose name appear in the register of members of the Transferor Company on the Record Date.

"157 (One Hundred and Fifty Seven) Equity Shares of face value of Rs.10/- at par each fully paid-up of Transferee Company for every 100 (One Hundred) Equity Shares of face value of Rs.10/- each fully paid-up held in Transferor Company"

B) The Transferee Company has account for amalgamation in accordance with the ''Pooling of Interest Method of Accounting'' laid down by Accounting Standard 14 (Accounting For Amalgamation). Accordingly w.e.f Appointed Date 1st July,2015, all the Assets and Liabilities, including reserves of Transferor Company is recorded in the books of the Transferee Company at their existing carrying values and in the same form. Intercompany balances if any has been cancelled. The difference between the share capital of the Transferor Company and Face value of new equity shares issued in the scheme to the shareholders of Transferor company is adjusted in Reserves of the Transferee Company. As a result effect of Rs.1046.44 Lacs is added in reserves of the Transferee company Certified copy of the amalgamation order dated 16th June.2016 received on 2nd July, 2016 hence pending allotment of these shares, as refers here in above under [ A ] has been reflected under "Share suspense Account". So EPS is calculated considering share suspense account on weighted average basis.

7. During the year, Expenditure incurred of Rs. 3,79,79,409/- (P.Y.Rs. Nil) towards Brand Promotion & Exhibition Exp of new products are deferred as the benefit out of it is expected to occur in future year also.

8. The quantity of inventories is based upon physical verification by the management and the valuation is also based on details of cost and realizable value (wherever applicable) considering the quality & other relevant factors ascertained by management. The quantities of inventories, Sales, and purchases are taken on the basis of details worked out from the bills and the stock records maintained by the company (wherever applicable).

9. In the opinion of the Board of Directors,

(1) Current Assets, Loans & Advances are realizable in the ordinary course of business, at the value at which they are stated.

(2) The provision for all known liabilities are adequate and not in excess of the amount reasonably necessary.

10. In sample sale, Only Excise, EDU and HEDU payable on sample sale value is charged as expenses considering no commercial value of samples.

11. Balance of Sundry creditors, debtors, debit/credit balance of loans and advances are subject to confirmation from the respective parties.

12. Figures of the previous year have been regrouped / rearranged wherever necessary to make them comparable with the current year figures.

13. Earnings Per Share :- (AS-20)

i) The amount used as numerator in calculating basic and diluted earnings per share is the profit after depreciation and taxes i.e. Rs. 18,93,21,276/-

ii) The number of ordinary shares used as the denominator in calculating the basic earnings per share is 2,82,11,220 i.e. weighted number of equity shares as on the date of balance sheet 31St March, 2016. Diluted earnings per share is arrived by taking weighted number of equity shares outstanding as on the date of balance sheet i.e. 2,82,11,220 /rs jn Lacs)

14. Borrowing Cost :- (AS-16)

Based on the guiding principle given in Accounting standard on "Borrowing Cost" (AS-16) issued by the ICAI, the Company has capitalized Rs. Nil/-, (P.Y. Rs. Nil/-) during the year to the Fixed Assets

15. Related Party Disclosures under :- (AS-18)

During the year the company entered into transaction with the related parties. Those transactions along with related balances as at 31st March, 2016 and for the year then ended are presented in the following.

Subsidiaries :-

AGL Industries Limited Amazon Ceramics Limited

Kediya Ceramics Crystal Ceramic Industries P Ltd

Joint Venture :-

AGL Panaria Pvt. Limited -Associates : -

Astron Paper & Board Mill Ltd. Affil Vitrified Pvt. Ltd Key Management Personnel :-

Kamleshbhai Bhagubhai Patel Kanubhai Bhikhabhai Patel

Mukeshbhai Jivabhai Patel Bhaveshbhai Vinodbhai Patel

Sureshbhai Jivabhai Patel Bhogibhai Bhikhabhai Patel

Relatives of Key Management Personnel:-

Heenaben Kamleshbhai Patel Hiren Sureshbhai Patel

Bhagubhai Punjabhai Patel Sureshbhai Bhikhabhai Patel

Hiraben Bhaguben Patel Asmitaben Bhaveshbhai Patel

Saunak Mukeshbhai patel Vipulbhai Vinodbhai Patel

Bhanuben Mukeshbhai Patel Vinodbhai Lalabhai Patel

Dhuliben Jivabhai Patel Rameshbhai Bhikhabhai Patel

Chhayaben Sureshbhai Patel -

16. During the year the company has taken short term unsecured Loan Rs. 37.03 Crore for working capital requirement against domestic receivable from Axis Bank. Instead of showing the same under the Balance sheet head current liabilities in short term borrowing. The company has deducted the same amount from trade receivable in current assets.

17. Contingent Liabilities :- (AS-29)

In view of the Accounting Standard issued by ICAI "Provisions and Contingent Liabilities" (AS-29), following contingent liabilities have been identified which have not been provided for in the books of accounts. ids n i_acs)

The company has filed appeal before The Joint Commissioner of Commercial Tax - Appeals for demand of Sales Tax of Rs. 45.07 Lacs and Rs. 19.63 Lacs for the financial year 2003-04 & 2004-05 respectively. The Dispute is regarding set off against the purchase of fuel not allowed by the Sales tax Department. However, Gujarat High Court has given the decision in favour of M/s Ami pigment Ltd and hence the company has filed appeal on the basis of this decision

The company has also filed an appeal before The Deputy Commissioner of Commercial Tax-Appeals-III, Gandhinagar against demand of VAT for Rs. 49.28 Lacs raised in provisional assessment made by The Asst. Commissioner of Commercial Tax Enforcement Division, wing-III, Gandhinagar for the financial year 2007-08 on account of issue of input VAT credit reduction method on OGS Branch Transfer and Sample Sales.

The company has also filed first appeal before The Joint Commissioner of Commercial Tax-Appeals-I, Ahmadabad against demand of CST for Rs.109.20 Lacs raised in the regular assessment made by The Deputy Commissioner of Commercial Tax, Circle-7, Gandhinagar for the financial year 2010-11 for pending "C" forms

Disputed Income Tax Liability of Rs. 2746.20 Lacs for various Asst. Years for which department has preferred appeals at higher levels. Out of these, Liabilities to the extent of Rs. 192.74 Lacs have remained pending after CIT (Appeals) order effect. The Company has already paid Rs. 192.74 Lacs towards remaining disputed liabilities and there is no disputed amount remains unpaid. Company has preferred an appeal before Gujarat High court.

Disputed Income tax Liability of Rs. 336.68 Lacs for A.Y.2006-07 Re-Assessment for which Company has preferred an appeal before the Income Tax Appellate Tribunal - Ahmadabad Benches

Disputed Income tax Liability of Rs. 19.40 Lacs of A.Y. 2010-11 for which the Company has preferred an appeal before the Income Tax Appellate Tribunal - Ahmadabad Benches

Disputed Income tax Liability of Rs. 27.66 Lacs of A.Y. 2011-12 for which the Department has preferred an appeal before the Income Tax Appellate Tribunal - Ahmadabad Benches.

Disputed Income tax Liability of Rs. 10.14 Lacs of A.Y. 2012-13 for which the company has preferred an appeal before the Income Tax Appellate Tribunal - Ahmadabad Benches.

Disputed Income tax Liability of Rs. 32.18 Lacs of A.Y. 2013-14 for which the company has preferred an appeal before the CIT (Appeal) Ahmadabad.

18. Derivative Instruments :-

The outstanding position of derivatives instruments as on 31-03-16 NIL


Mar 31, 2015

1. During the year, Expenditure incurred of Rs. Nil (P. Y.Rs.3,66,90,351) towards Advertisement, Brand Promotion & Exhibition Exp of new products are deferred as the benefit out of it is expected to occur in future year also.

2. The quantity of inventories is based upon physical verification by the management and the valuation is also based on details of cost and realizable value (wherever applicable) considering the quality & other relevant factors ascertained by management. The quantities of inventories, Sales, and purchases are taken on the basis of details worked out from the bills and the stock records maintained by the Company (wherever applicable).

3. In the opinion of the Board of Directors,

(1) Current Assets, Loans & Advances are realizable in the ordinary course of business, at the value at which they are stated.

(2) The provision for all known liabilities are adequate and not in excess of the amount reasonably necessary.

4. In sample sale, Only Excise, EDU and HEDU payable on sample sale value is charged as expenses considering no commercial value of samples.

5. Balance of Sundry creditors, debtors, debit/credit balance of loans and advances are subject to confirmation from the respective parties.

6. Figures of the previous year have been regrouped/rearranged wherever necessary to make them comparable with the current year figures.

7. We have verified the vouchers and documentary evidences wherever made available. Where no documentary evidences were available we relied on the authentication given by the management.

8. Earnings Per Share :- (AS-20)

i) The amount used as numerator in calculating basic and diluted earnings per share is the profit after depreciation and taxes i.e.Rs. 1446.75/- Lac

ii) The number of ordinary shares used as the denominator in calculating the basic earnings per share is 2,25,82,541 i.e. weighted number of equity shares as on the

9. Borrowing Cost:- (AS-16)

Based on the guiding principle given in Accounting standard on "Borrowing Cost" (AS-16) issued by the ICAI, the Company has capitalized Rs. Nil/-, (P.Y. Rs. Nil/-) during the year to the Fixed Assets

10. Segment Reporting :- (AS-17)

Based on the guiding principle given in Accounting Standard on "Segment Reporting" (AS-17) issued by the ICAI, the Company's primary business is manufacturing of Tiles, the tiles business of the Company incorporate product groups i.e. Ceramic Tiles which mainly have similar risk and returns, accordingly there are no separately segment,

11. Related Party Disclosures under:-(AS-18)

During the year the Company entered into transaction with the related parties. Those transactions along with related balances as at 31 st March, 2015 and for the year then ended are presented in the following.

List of related parties with whom transaction have taken place during the year along with nature and volume of transactions.

12. During the year the Company has taken short term unsecured Loan Rs. 20 Crore for working capital requirement against domestic receivable from Axis Bank. Instead of showing the same under the Balance sheet head current liabilities in short term borrowing. The Company has deducted the same amount from trade receivable in current assets.

The Company has filed appeal before The Joint Commissioner of Commercial Tax- Appeals for demand of Sales Tax of Rs. 45,07,857 and Rs. 19,62,743 for the financial year 2003-04 & 2004-05 respectively. The Dispute is regarding set off against the purchase of fuel not allowed by the Sales tax Department. However, Gujarat High Court has given the decision in favour of M/s Ami Pigment Ltd and hence the Company has filed appeal on the basis of this decision.

The Company has also filed an appeal before The Deputy Commissioner of Commercial Tax-Appeals-lll, Gandhi agar against demand of VAT for Rs. 49,27,910 raised in provisional assessment made byThe Asst. Commissioner of Commercial Tax Enforcement Division ,wing-lll, Gandhi agar for the financial year 2007-08 on account of issue of input VAT credit reduction method on OGS Branch Transfer and Sample Sales.

The Company has also filed first appeal before The Joint Commissioner of Commercial Tax - Appeals against demand of CST (Net) for Rs. 48,23,126 for the financial year 2008-09 for pending " C" forms.

The Company has also filed first appeal before The Joint Commissioner of Commercial Tax-Appeals-l, Ahmedabad against demand of CST for Rs. 8,83,893 raised in regular assessment made by The Deputy Commissioner of Commercial Tax, Corporate Cell-1, Gandhi agar for the financial year 2009-10 for pending "C" forms

The Company has also filed first appeal before The Joint Commissioner of Commercial Tax-Appeals-I, Ahmadabad against demand of CST for 1,24,20,314 raised in the regular assessment made by The Deputy Commissioner of Commercial Tax, Circle-7, Gandhi agar for the financial year 2010-11 for pending "C" forms

Disputed Income Tax Liability of Rs. 2746.20 Lacs for various Asst. Years for which department has preferred appeals at higher levels. Out of these, Liabilities to the extent of Rs. 192.74 Lacs have remained pending after CIT (Appeals) order effect. The Company has already paid Rs. 192.74 Lacs towards remaining disputed liabilities and there is no disputed amount remains unpaid. Company has preferred an appeal before Gujarat High Court.

Disputed Income tax Liability of Rs. 336.68 Lacs for A.Y.2006-07 Re-Assessment for which the Company has preferred an appeal before the CIT (Appeal) Ahmadabad.

Disputed Income tax Liability of Rs. 118.77 Lacs of A.Y.2010-11 for which the Company has preferred an appeal before the CIT (Appeal) Ahmadabad.

Disputed Income tax Liability of Rs. 27.66 Lacs of A.Y.2011-12 for which the Company has preferred an appeal before the CIT (Appeal) Ahmadabad.

Disputed Income tax Liability of Rs. 636.39 Lacs of A.Y.2012-13 for which the Company has preferred an appeal before the CIT (Appeal) Ahmadabad.


Mar 31, 2014

TOTAL OF LONG TERM BORROWING

1 Term Loan Rs. 1816.39 lacs are secured by way of First Pari Passu charge over the movable & immovable properties of the Company situated at Block No.160, 147A paiki, 162 at village Dalpur, Taluka-Prantij, Dist: Sabarkantha, Gujarat, over the movable assets including Plant & Machineries situated at Survey No.16 (paiki) Village: Jawanpura, Tal: Idar, Dist: Sabarkantha, Gujarat and over the One Wind Mill No.V-20 at survey No.204/1, Paiki, Village Vanku, Tal: Abdasa, Dist: Kutch, Gujarat AND Second Pari passu charge over entire current assets situated at Block No.160, 147A paiki, 162 at village Dalpur, Taluka-Prantij, Dist: Sabarkantha, Gujarat and over entire current assets situated at Survey No.16 (paiki) Village: Jawanpura, Tal: Idar, Dist: Sabarkantha, Gujarat.

2 Term Loan Rs. 62.74 lacs are secured by way of First Charge on all current assets and fixed assets including movable assets of the Agro Tech Division of the Company situated at Block No.533 at Village Dalpur, Taluka: Prantij, Dist: Sabarkantha, Gujarat.

3 Vehicle loans are secured by hypothecation of vehicles in favour of Bank.

TOTAL OF SHORT TERM BORROWING

1 Working capital loans are secured by hypothecation of present and future stock of Raw Materials,Stock in Process, Semi-finished goods, stores and spares and Book debts, receivables And second Pari Passu charge over entire movable assets and Immovable Properties of the Company situated at Block No.160, 147A paiki, 162 at village Dalpur, Taluka-Prantij, Dist: Sabarkantha, Gujarat (Vitrified/Wall /Marble Division) And Survey No.16 (paiki), Village: Jawanpura, Taluka: Idar, Dist: Sabarkantha, Gujarat (Ceramic Division).

Bill Discounting Limit is guaranteed by Directors of the Company.

OTHER NOTES ON ACCOUNT

1. During the year, Expenditure incurred of Rs. 3,66,90,351 (P.Y.Rs. Nil) towards Advertisement, Brand Promotion & Exhibition Expenses of new products are deferred as the benefit out of it is expected to occur in future year also.

2. The quantity of inventories is based upon physical verification by the management and the valuation is also based on details of cost and realizable value (wherever applicable) considering the quality & other relevant factors ascertained by management. The quantities of inventories, Sales, and purchases are taken on the basis of details worked out from the bills and the stock records maintained by the Company (wherever applicable).

3. In the opinion of the Board of Directors,

(1) Current Assets, Loans & Advances are realizable in the ordinary course of business, at the value at which they are stated.

(2) The provision for all known liabilities are adequate and not in excess of the amount reasonably necessary.

4. In sample sale, Only Excise, EDU and HEDU payable on sample sale value is charged as expenses considering no commercial value of samples.

5. Balance of Sundry creditors, debtors, debit/credit balance of loans and advances are subject to confirmation from the respective parties.

6. Figures of the previous year have been regrouped / rearranged wherever necessary to make them comparable with the current year figures.

7. We have verified the vouchers and documentary evidences wherever made available. Where no documentary evidences were available we relied on the authentication given by the management.

8. Segment Reporting :- (AS-17)

Based on the guiding principle given in Accounting standard on *Segment Reporting” (AS-17) issued by the ICAI, the Company''s primary business is manufacturing of Tiles, the tiles business of the Company incorporate product groups i.e. Ceramic Tiles which mainly have similar risk and returns, accordingly there are no separately segment,

9. Related Party Disclosures under :- (AS-18)

During the year the Company entered into transaction with the related parties. Those transactions along with related balances as at March 31, 2014 and for the year then ended are presented in the following.

List of related parties with whom transaction have taken place during the year along with nature and volume of transactions.

10. Contingent Liabilities :- (AS-29)

In view of the Accounting Standard issued by ICAI *Provisions and Contingent Liabilities” (AS-29), following contingent liabilities have been identified which have not been

provided for in the books of accounts. (Rs. in Lacs)

Sr No Particular Amount

1 Bank Guarantee 1994.29

2 Custom Duty which may arise if obligation for exports is not fulfilled against import of capital goods under EPCG. 970.85

3 Claims against the Company / Disputed Liabilities not acknowledged as Debts

i) Sales Tax demands against which Company has preferred appeal. 210.88

ii) Excise Duty claim by DGCEI-Ahmedabad 2043.18

iii) Income tax 3010.62

iv) Consumer / Legal Cases 40.62

v) Letters of Credit opened with Bank 1493.44

The Company has filed appeal before The Joint Commissioner of Commercial Tax - Appeals for demand of Sales Tax of Rs. 5,07,857 and Rs.19,62,743 for the financial year 2003-04 & 2004-05 respectively. The Dispute is regarding set off against the purchase of fuel not allowed by the Sales tax Department. However, Gujarat High Court has given the decision in favour of M/s Ami Pigment Ltd and hence the Company has filed appeal on the basis of this decision

The Company has filed first appeal before The Deputy Commissioner of Commercial Tax-Appeals-III, Gandhinagar against demand of CST (Net) for Rs. 2,68,730 for the financial year 2006-07 for pending *C” forms

The Company has also filed an appeal before The Deputy Commissioner of Commercial Tax-Appeals-III, Gandhinagar against demand of VAT for Rs. 9,27,910 raised in provisional assessment made by The Asst. Commissioner of Commercial Tax Enforcement Division, wing-III, Gandhinagar for the financial year 2007-08 on account of issue of in put VAT credit reduction method on OGS Branch Transfer and Sample Sales.

The Company has also filed first appeal before The Joint Commissioner of Commercial Tax - Appeals against demand of CST (Net) for 55,83,126 for the financial year 2008- 09 for pending *C” forms.

The Company has also filed first appeal before The Joint Commissioner of Commercial Tax-Appeals-I, Ahmedabad against demand of CST for Rs.11,83,893 raised in regular assessment made by The Deputy Commissioner of Commercial Tax, Corporate Cell-1, Gandhinagar for the financial year 2009-10 for pending *C* forms

The Company has also filed an appeal before The Deputy Commissioner of Commercial Tax-Appeals-III, Gandhinagar against demand of VAT / CST for Rs. 26,53,636 raised in provisional assessment made by The Asst. Commissioner of Commercial Tax Enforcement Division, wing-III, Gandhinagar for the period from Apr-11 to Jul-11 (financial year 2011-12) on account of issue of in put VAT credit reduction method on OGS Branch Transfer and Sample Sales and OGS Sales.

Disputed Income Tax Liability of Rs. 2746.20 lacs for various Asst. Years for which department has preferred appeals at higher levels. Out of these, Liabilities to the extent of Rs. 192.74 lacs have remained pending after CIT (Appeals) order effect. The Company has already paid Rs. 192.74 lacs towards remaining disputed liabilities and there is no disputed amount remains unpaid. Company has preferred an appeal before Tribunal Ahmedabad.

Disputed Income tax Liability of Rs. 336.68 lacs for A.Y. 2006-07 Re-Assessment for which the Company has preferred an appeal before the CIT (Appeal) Ahmedabad. Disputed Income tax Liability of Rs. 92.82 lacs of A.Y. 2010-11 for which the Company has preferred an appeal before the CIT (Appeal) Ahmedabad.

Disputed Income tax Liability of Rs. 27.66 lacs of A.Y. 2011-12 for which the Company has preferred an appeal before the CIT (Appeal) Ahmedabad.


Mar 31, 2013

1. During the year, Expenditure incurred of Rs. NIL (P.Y Rs. 33, 33,333/-) towards Exhibition of new products are deferred.

2. The quantity of inventories is based upon physical verification by the management and the valuation is also based on details of cost and realizable value (wherever applicable) considering the quality & other relevant factors ascertained by management. The quantities of inventories, Sales, and purchases are taken on the basis of details worked out from the bills and the stock records maintained by the company (wherever applicable).

3. In the opinion of the Board of Directors,

(1) Current Assets, Loans & Advances are realizable in the ordinary course of business, at the value at which they are stated.

(2) The provision for all known liabilities are adequate and not in excess of the amount reasonably necessary.

4. In sample sale only Excise and EDU payable on sample sale value is charged as expenses considering no commercial value of samples.

5. Balance of Sundry creditors, debtors, debit/credit balance of loans and advances are subject to confirmation from the respective parties.

6. Figures of the previous year have been regrouped / rearranged wherever necessary to make them comparable with the current year figures.

7. We have verified the vouchers and documentary evidences wherever made available. Where no documentary evidences were available we relied on the authentication given by the management.

8. Value of Export calculated at F.O.B. valued: Rs. 2337.47 Lacs (P.Y. Rs. 1417.60 Lacs)

9. Earning Per Share :- (AS-20)

i) The amount used as numerator in calculating basic and diluted earning per share is the profit after depreciation and

taxes i.e. Rs. 17,10,84,702.67/- ii) The number of ordinary shares used as the denominator in calculating the basic earning per share is 2,21,15,458 i.e. weighted number of equity shares as on the date of balance sheet 31st March, 2013. Diluted earning per share is arrived by taking weighted number of equity shares outstanding as on the date of balance sheet i.e. 2,21,15,458

10. Borrowing Cost :- (AS-16)

Based on the guiding principle given in Accounting standard on "Borrowing Cost" (AS-16) issued by the ICAI, the Company has capitalized Rs. Nil/-, (P.Y. Rs. Nil /-) during the year to the Fixed Assets.

11. Segment Reporting :- (AS-17)

Based on the guiding principle given in Accounting standard on "Segment Reporting" (AS-17) issued by the ICAI, the Company''s primary business is manufacturing of Tiles, the tiles business of the company incorporate product groups i.e. Ceramic Tiles which mainly have similar risk and returns, accordingly there are no separately segment,

12. Contingent Liabilities :- (AS-29)

In view of the Accounting Standard issued by ICAI "Provisions and Contingent Liabilities" (AS-29), following contingent liabilities have been identified which have not been provided for in the books of accounts.

The company has filed appeal before The Joint Commissioner of Commercial Tax – Appeals for demand of Sales Tax of Rs. 45,07,857 and Rs. 19,62,743 for the financial year 2003-04 & 2004-05 respectively. The Dispute is regarding set off against the purchase of fuel not allowed by the Sales tax Department. However, Gujarat High Court has given the decision in favour of M/s Ami pigment Ltd and hence the company has filed appeal on the basis of this decision

The company has filed first appeal before The Deputy Commissioner of Commercial Tax–Appeals-III, Gandhinagar against demand of CST (Net) for Rs. 2,68,730 for the financial year 2006-07 for pending " C" forms

The company has also filed first appeal before The Joint Commissioner of Commercial Tax – Appeals against demand of CST (Net) for Rs. 55,83,126 for the financial year 2008-09 for pending " C" forms.

The company has also filed an appeal before The Deputy Commissioner of Commercial Tax–Appeals-III, Gandhinagar against demand of VAT for Rs. 49,27,910 raised in provisional assessment made by The Asst. Commissioner of Commercial Tax Enforcement Division ,wing-III, Gandhinagar for the financial year 2007-08 on account of issue of in put VAT credit reduction method on OGS Branch Transfer and Sample Sales.

The company has also filed an appeal before The Deputy Commissioner of Commercial Tax–Appeals-III, Gandhinagar against demand of VAT for Rs. 53,79,049 raised in provisional assessment made by The Asst. Commissioner of Commercial Tax Enforcement Division ,wing-III, Gandhinagar for the financial year 2009-10 on account of issue of in put VAT credit reduction method on OGS Branch Transfer and Sample Sales.

The company has also filed an appeal before The Deputy Commissioner of Commercial Tax–Appeals-III, Gandhinagar against demand of VAT / CST for Rs. 60,51,080 raised in provisional assessment made by The Asst. Commissioner of Commercial Tax Enforcement Division ,wing-III, Gandhinagar for the financial year 2010-11 on account of issue of in put VAT credit reduction method on OGS Branch Transfer and Sample Sales and OGS Sales.

The company has also filed an appeal before The Deputy Commissioner of Commercial Tax–Appeals-III, Gandhinagar against demand of VAT / CST for Rs. 26,53,636 raised in provisional assessment made by The Asst. Commissioner of Commercial Tax Enforcement Division ,wing-III, Gandhinagar for the period from Apr-11 to Jul-11 (financial year 2011-12 ) on account of issue of in put VAT credit reduction method on OGS Branch Transfer and Sample Sales and OGS Sales.

Excise duty show cause notice from DGCEI-Ahmedabad against the company and the company has filed a reply to show cause notice but the matter is yet pending with the department and till no order is being received.

Disputed Income Tax Liability of Rs. 2746.20 lacs for various Asst. Years for which department has preferred appeals at higher levels. Out of these, liabilities to the extent of Rs. .192.74 lacs have remained pending after CIT (Appeals) order effect. The Company has already paid Rs. 192.74 lacs towards remaining disputed liabilities and there is no disputed amount remains unpaid.

Disputed Income tax liability of Rs. 133.05 lacs of A.Y. 2009-10 for which CIT (Appeals) have already in favour of assesses but department has preferred appeals at higher levels

Disputed Income tax Liability of Rs. 118.77 lacs of A.Y.2010-11 for which the company has preferred an appeal before the CIT (Appeal) Ahmedabad.


Mar 31, 2012

(1.1) 1,40,61,291 Shares out of the issued, subscribed and paid up share capital were allotted as Bonus Shares in the last five years by capitalisation of Reserves.

(1.2) The Company has not issued any shares during the year.

(1.3) The details of shareholders holding more than 5% shares :

(2.1) Rs 240.24 Crore are secured by way of First Mortgage / Charge on the immovable properties of the company situated at Block No.: 160,147A paiki, 162 at Village Dalpur, Taluka-Prantij, Dist: Sabarkantha, Gujarat together with Building and other structure, erection and godowns, fixtures and fittings standing theron and by way of hypothecation on entire current assets and movable assets of the company.

(2.2) Rs 11.75 Crore are secured by way of first pari passu mortgage / charge our land and buildings, plants and machineries, fixd assets of the company situated at Block No: 160,147A paiki, 162 at Village Dalpur, Taluka-Prantij, Dist: Sabarkantha, Gujarat and exclusive First charge over entire Current Assets of the company.

(2.3) Rs 3.50 C rore are secured by way of First Charge on the current Assets and Fixed Assets of the Agro tech Division of the company situated at Block No: 533, at village dalpur, Taluka Prantij, Dist: Sabarkantha by way of Hypho.

(2.4) Rs 3.33 Crore are secured by way of equitable mortgage on freehold Non Agriculture Land bearing survey No.16/paiki 23472 sq.mtrs. At Jawanpura, Tal Idar including Plant & Machinery situated thereon.

(3.1) Working Capital loans are secured by hypothecation of present and future stock of raw materials, stock-in process, finished goods, stores & spares book debts, receivables, etc.

(3.2) Other Loans & Advances from Banks include WCDL and Foreign Currency Loan guaranteed by Directors of the Company.

(3.3) There has been no defaults in repayment of any of the loans or interest thereon as at the end of the year.

OTHER NOTES ON ACCOUNTS

4. During the year, Expenditure incurred of Rs 33,33,333/- (P.Y. Rs 33,52,409/-) towards Exhibition of new products are deferred.

5. The quantity of inventories is based upon physical verification by the management and the valuation is also based on details of cost and realizable value (wherever applicable) considering the quality & other relevant factors ascertained by management. The quantities of inventories, sales, and purchases are taken on the basis of details worked out from the bills and the stock records maintained by the company (wherever applicable).

6. In the opinion of the Board of Directors,

(1) Current Assets, Loans & Advances are realizable in the ordinary course of business, at the value at which they are stated.

(2) The provision for all known liabilities are adequate and not in excess of the amount reasonably necessary.

7. In sample sale only excise and EDU payable on sample sale value is charged as expenses considering no commercial value of samples.

8. Balance of Sundry creditors, debtors, debit/credit balance of loans and advances are subject to confirmation from the respective parties.

9. Figures of the previous year have been regrouped / rearranged wherever necessary to make them comparable with the current year figures.

The details of amounts outstanding to Micro, Small and Medium Enterprises under the Micro, Small and Medium Enterprises Development Act, 2006 are as per available information with the Company.

10. We have verified the vouchers and documentary evidences wherever made available. Where no documentary evidences were available we relied on the authentication given by the management.

11. Value of Export calculated at F.O.B. valued: Rs 1417.60 Lacs /-

12. Earning per Share : (AS-20)

i) The amount used as numerator in calculating basic and diluted earning per share is the profit after depreciation and taxes i.e. Rs 18,05,38,579.15/-

13. Borrowing Cost:

Based on the guiding principle given in Accounting standard on "Borrowing Cost" (AS-16) issued by the ICAI, the Company has capitalized Rs Nil/- P.Y. (Rs 1 2, 86,921/-) during the year to the Fixed Assets.

14. Segment Reporting : (AS-17)

Based on the guiding principle given in Accounting standard on "Segment Reporting" (AS-17) issued by the ICAI, the Company's primary business is manufacturing of Tiles, the tiles business of the company incorporate product groups i.e. Ceramic Tiles which mainly have similar risk and returns, accordingly there are no separately segment,

The operation of the Company is in India and all Assets and Liabilities are located in India. And analysis of the sales by Geographical market is given below.

15. Related Party Disclosures under : (AS-18]

During the year the company entered into transaction with the related parties. Those transactions along with related balances as at 31st March, 2012 and for the year then ended are presented in the following.

List of related parties with whom transaction have taken place during the year along with nature and volume of transactions.

16. Contingent Liabilities : (AS-29]

In view of the Accounting Standard issued by ICAI "Provisions and Contingent Liabilities" (AS-29), following contingent liabilities have been identified which have not been provided for in the books of accounts.

Sr. Amount. No. Particulars (Rs In Lacs)

1 Bank Guarantee 1277.18

2 Custom Duty which may arise if obligation for exports is not fulfilled against import of capital goods under EPCG. 3410.41

3 Claims against the Company / Disputed Liabilities not acknowledged as Debts

Sales Tax demands against which Company has preferred appeal. 10709.51

Excise Duty claim by DGCEI-Ahmedabad 2043.18

Income tax 2879.26

Consumer Cases 9.56

4 Letters of Credit opened with Bank 1015.26 The company has filed appeal with Joint Commercial Tax commissioner Appeals for sales tax of Rs 45,07,857 and Rs 19,62,743 of the year 2003-04 and 2004-05 respectively. The dispute is regarding set off against the purchase of fuel not allowed by the Sales Tax Department; however Gujarat High Court has given the decision in favour of M/s Ameepigment Ltd and hence the Company has filed appeal on the basis of this decision.

Further the company has filed appeal with First Appellate Authority for VAT/CST of Rs 55,57,590/- for the year 2006-07 relating to the Input Vat Credit receivable and pending "C" and "F" form.

The company has also filed second appeal before Honorable Gujarat Value Added Tribunal against first appeal orders for the F.Y.2006-07 & F.Y.2007-08 passed under Gujarat Value Added Tax,2003 and the Central Sales Tax Act, 1956 for vat of Rs 4,54,31,883/- & Rs 5,59,12,849/- respectively and for CST of Rs 59,24,51,588/- & Rs 36,51,26,441/- respectively. The hearing of these matters are going on and presently the Honourable Gujarat Value added Tax Tribunal, Ahmedabad has directed to the Sales Tax Department not to take coercive measures against Appellant till 31st August, 2012

Disputed Income Tax liability of Rs 2746.20 lacs for various assessment years for which department has preferred appeals at higher levels. Out of these, liabilities to the extent of Rs 192.74 lacs have remained pending after CIT (Appeals) order effect. The Company has already paid Rs 192.74 lacs towards remaining disputed liabilities and there is no disputed amount remains unpaid.

Disputed Income Tax liability of Rs 133.05 lacs of A.Y.2009-10 for which the company has preferred an appeal before the CIT (Appeal) Ahmedabad. The company has already paid Rs 20 lacs towards disputed liability.


Mar 31, 2011

1 Advertisement expenditure of Rs. NIL/- (P.Y.Rs.56,63,186/-) is deferred during the year. During the year, Printing & Stationery Expense incurred for New Catalogue & Folder printing of Rs NIL/- (P.Y. Rs.23,53,205) and Expenditure incurred of Rs.33,52,409/-(P.Y.Rs.56,95,151) towards Exhibition of new products are deferred.

2 The quantity of inventories is based upon physical verification by the management and the valuation is also based on details of cost and realizable value (wherever applicable) considering the quality & other relevant factors ascertained by management. The quantities of inventories, sales, and purchases are taken on the basis of details worked out form the bills and the stock records maintained by the Company (wherever applicable).

3. In the opinion of the Board of Directors

a) Current Assets, Loans & Advances are realizable in the ordinary course of business, at the value at which they are stated.

b) The provision for all known liabilities are adequate and not in excess of the amount reasonably necessary.

4 In sample sale only excise and EDU payable on sample sale value is charged as expenses considering no commercial value of samples.

5 Balance of Sundry creditors, debtors, debit/credit balance of loans and advances are subject to confirmation from the respective parties.

6 Figures of the previous year have been regrouped / rearranged wherever necessary to make them comparable with the current year figures.

7 We are unable to categories the dues to Small Scale Industries (SSI) separately due to lack of information regard to the status of the creditors for goods outstanding above 30 days as on the balance sheet date.

8 We have verified the vouchers and documentary evidences wherever made available. Where no documentary evidences were available we relied on the authentication given by the management.

03. Earning per Share : (AS-20)

i. The amount used as numerator in calculating basic and diluted earning per share is the profit after depreciation and taxes i.e. Rs.20,09,44,093/-

4. Borrowing Cost:-

Based on the guiding principle given in Accounting standard on "Borrowing Cost" (AS-16) issued by the ICAI, the Company has capitalized Rs. 12,86,921/-P.Y. (Rs. 34,46,031 /-) during the year to the Fixed Assets.

5. Segment Reporting : (AS-17)

Based on the guiding principle given in Accounting standard on "Segment Reporting" (AS-17) issued by the ICAI, the Company's primary business is manufacturing of Tiles, the tiles business of the Company incorporate product groups i.e. Ceramic Tiles which mainly have similar risk and returns, accordingly there are no separateble segment,

6. Related Party Disclosures under : (AS-18)

During the year the Company entered into transaction with the related parties. Those transactions along with related balances as at 31st March, 2011 and for the year then ended are presented in the following.

List of related parties with whom transaction have taken place during the year along with nature and volume of transactions.

Associates and Subsidiaries

Subsidiaries : NIL

Relatives of Key Management Personnel

Bhogibhai B Patel Punjabhai Patel

Dhuliben Jivabhai Patel Bhagubhai Punjabhai Patel

Sureshbhai Jivabhai Patel Hiraben Bhagubhai Patel

Chhayaben Sureshbhai Patel Heenaben Kamleshbhai Patel

Bhanuben Mukeshbhai Patel Danjibhai P Ppatel

Saunak Mukeshbhai Patel

Key Management Personnel

Hasmukhbhai D. Patel Kamleshbhai B. Patel

Mukeshbhai J. Patel Rameshbhai B. Patel

7. Contingent Liabilities : (AS-29)

In view of the Accounting Standard issued by ICAI "Provisions and Contingent Liabilities" (AS-29), following contingent liabilities have been identified which have not been provided for in the books of accounts.

Particulars Amount (RS.In Lacs)

a Bank Guarantee 1216.50

b Custom Duty which may arise if obligation for exports is not fulfilled 435.59 against import of capital goods under EPCG.

c Claims against the Company / Disputed Liabilities not acknowledged as Debts Sales Tax demands against which Company has preferred appeal. 120.28

Excise Duty claim by DGCEI-Ahmedabad 2043.18

Income tax 2746.20

Consumer Cases 16.51

d Letters of Credit opened with Bank 78.16

1) The Company has filed appeal with Joint Commercial Tax commissioner Appeals for sales tax of Rs.4507857 and Rs.1962743 of the year 2003-04 and 2004-05 respectively. The dispute is regarding set off against the purchase of fuel not allowed by the Sales Tax Department; however Gujarat High Court has given the decision in favour of M/s Ameepigment Ltd and hence the Company has filed appeal on the basis of this decision.

Further the Company has filed appeal with First Appellate Authority for VAT/CST of Rs.55,57,590/-for the year 2006-07 relating to the Input Vat Credit receivable and pending "C"and "F" form.

Disputed Income Tax liability of Rs.2746.20 lacs for various assessment years for which department has preferred appeals at higher levels. Out of these, liabilities to the extent of Rs.192.74 lacs have remained pending after CIT (Appeals) order effect. The Company has already paid Rs.192.74 lacs. towards remaining disputed liabilities and there is no disputed amount remains unpaid.


Mar 31, 2010

1. Advertisement expenditure of Rs. 1,50,80,752 /- (P.Y.Rs.56,63,186/- ) is deferred during the year. During the year, Printing & Stationery Expense incurred for New Catalogue & Folder printing of Rs23,53,205/- (P.Y. NIL) and Expenditure incurred of Rs.56,95,151/-(P.Y.NIL) towards Exhibition of new products are deferred.

2. The quantity of inventories is based upon physical verification by the management and the valuation is also based on details of cost and realizable value (wherever applicable) considering the quality & other relevant factors ascertained by management. The quantities of inventories, sales, and purchases are taken on the basis of details worked out form the bills and the stock records maintained by the company (wherever applicable).

3. In the opinion of the Board of Directors,

(1) Current Assets, Loans & Advances are realizable in the ordinary course of business, at the value at which they are stated.

(2) The provision for all known liabilities are adequate and not in excess of the amount reasonably necessary.

4. In sample sale only excise and EDU payable on sample sale value is charged as expenses considering no commercial value of samples.

5. Balance of Sundry creditors, debtors, debit/credit balance of loans and advances are subject to confirmation from the respective parties.

6. Figures of the previous year have been regrouped / rearranged wherever necessary to make them comparable with the current year figures.

7. We are unable to categories the dues to Small Scale Industries (SSI) separately due to lack of information regard to the status of the creditors for goods outstanding above 30 days as on the balance sheet date.

8. We have verified the vouchers and documentary evidences wherever made available. Where no documentary evidences were available we relied on the authentication given by the management.

9. Capital Reserve of Rs.70/- was arise due to Amalgamation is shown under Reserves & Surplus but due to amount in Lacs it does not reflect.

10. Earning per Share : (AS-20)

i) The amount used as numerator in calculating basic and diluted earning per share is the profit after depreciation and taxes i.e. Rs.19,03,89,609/-

ii) The number of ordinary shares used as the denominator in calculating the basic earning per share is 2,10,61,291 i.e. weighted number of equity shares as on the date of balance sheet 31ST March,2010. Diluted earning per share is arrived by taking weighted number of equity shares outstanding as on the date of balance sheet i.e. 2,10,61,291.

04. Borrowing Cost:-

Based on the guiding principle given in Accounting standard on "Borrowing Cost" (AS-16) issued by the ICAI, the Company has capitalized Rs. 34,46,031/- P.Y. (Rs. 1,41,65,461 /-) during the year to the Fixed Assets.

05. Segment Reporting : (AS-17)

Based on the guiding principle given in Accounting standard on “Segment Reporting” (AS-17) issued by the ICAI, the Companys primary business is manufacturing of Tiles, the tiles business of the company incorporate product groups i.e. Ceramic Tiles which mainly have similar risk and returns, accordingly there are no separateble segment,

6. Related Party Disclosures under : (AS-18)

During the year the company entered into transaction with the related parties. Those transactions along with related balances as at 31st March, 2010 and for the year then ended are presented in the following.

List of related parties with whom transaction have taken place during the year along with nature and volume of transactions.

Associates and Subsidiaries

Subsidiaries : - NIL

Relatives of Key Management Personnel

Sureshbhai J.Patel Prop.of Asian Plus – Abad

Key Management Personnel

Hasmukhabhai D.Patel Kamleshbhai B.Patel

Mukeshbhai J.Patel Rameshbhai B.Patel

7. Contingent Liabilities : (AS-29)

In view of the Accounting Standard issued by ICAI “Provisions and Contingent Liabilities” (AS-29), following contingent liabilities have been identified which have not been provided for in the books of accounts.

Particulars Amount (RS.In Lacs)

1 Bank Guarantee 680.76

2 Custom Duty * 199.98 3 Claims against the Company / Disputed Liabilities not acknowledged as Debts Sales Tax 64.71

Excise Duty claim by DGCEI-Ahmedabad 2043.18

Income tax 2746.20

4 Letters of Credit opened with Bank 860.68

1) Kerala Sales Tax of Rs. 1,00,000/- issued under the Kerala General Sales Tax Act, 1963 by SBI.

The company has also given bank guarantee of SBI to Excise and taxation officer, for Value Added Tax of Rs. 6,67,566/-.

The company has given Bank Guarantee to Sabarmati Gas Ltd of Rs 6,70,83,525/- for Gas supply.

The Company has given Bank Guarantee for Value Added Tax at Cochin of Rs.75,000/- issued by Bank of Baroda. Further the Company has given Bank Guarantee to the Joint Commissioner of Sales Tax Ahmedabad Appeal F.Y.2005-06 of Rs.1,50,000/- issued by Bank of Baroda.

2) * The Company has saved custom duty of Rs.1,99,97,705/- on purchase of Plant & Machinery imported in year 2009-10 under condition that Company is under obligation to export its product worth US $ 33,82,275.80 within a period of eight years from the date of licence i.e.12.11.2009. If the said export is not made within stipulated time period, the Company is required to pay the said saved custom duty together with interest @ 15% P.A. Till 31st March,2018.

3) The company has file appeal with Joint Commercial Tax commissioner Appeals for sales tax of Rs.4507857 and Rs.1962743 of the year 2003-04 and 2004-05 respectively. The dispute is regarding set off against the purchase of fuel not allowed by the Sales Tax Department; however Gujarat High Court has given the decision in favour of M/ S Ameepigment Ltd and hence the Company has filed appeal on the basis of this decision.

Disputed Income Tax liability of Rs.2746.20 lacs for various assessment years for which department has preferred appeals at higher levels. Out of these, liabilities to the extent of Rs.192.74 lacs have remained pending after CIT (Appeals) order effect. The Company has already paid Rs.130.37 lacs towards remaining disputed liabilities and disputed amount remains unpaid is of Rs 62.37 lacs only.

8. Derivative Instruments:

The company has entered into forward contracts to offset foreign currency risks arising from the amounts denominated in currencies other than the India Rupee. The counter parties to such forward contracts are banks.


Mar 31, 2009

1 Scheme of Amalgamation of Asian Tiles Limited (ATL) with Asian Granito India Limited. (The Company):

Pursuant to the Shareholders’ approval at the Court convened meeting of the company held on 05-08-2008 and the sanction of the Hon.High Court of Gujarat to the Scheme of Amalgamation vide its order dated 17-09-2009 the assets and liabilities of the erstwhile ATL whose principal business was manufacture of Ceramic Tiles, were transferred to and vested in the Company with effect from the appointed date, viz. 1st April, 2008 in accordance with the Scheme so sanctioned. The scheme has become effective from 01-04-2008 accordingly was given effect to in the Accounts. Further no Equity Shares of the Company would be issued to erstwhile ATL, as all the Equity Shares issued by erstwhile ATL were held by the Company except few nominee seven shares held by other shareholders on behalf of the company have been adjusted in Capital Reserve in the Company.

The Amalgamation has been accounted for under the “Pooling of interests method” as prescribed by Accounting Standard 14 (AS-14) issued by the Institute of Chartered Accountants of India. Accordingly, the assets and liabilities and other reserves of the erstwhile ATL as at 1st April 2008 have been taken over at their book values. As a result, reserves of the erstwhile ATL aggregating to Rs.954.75 Lacs have been added to the Reserves of the Company. Pursuant to the scheme, 4031261 Equity Shares of Rs.10 each held by the Company in the erstwhile ATL have been cancelled.

2. Details of utilization of funds received on Intial Public Offer (IPO) :

Consequent to an Initial Public Offer in the Financial Year 2007-08, the Company issued and allotted 70,00,000 Equity shares of Rs.10/- each at a premium of Rs.87/- per share. The issued Share Capital was increased by Rs.700 lac and Rs.6090 lac had been credited to the Share Premium Account.

Out of the Initial Public Offer (IPO) proceeds of Rs.67.90 crore, a sum of Rs.64.82 crore has been utilized till 31st March, 2008 and remaining amount has been utilized for the General Corporate Business Purpose as stated in Object clause in Prospectus.

3. Advertisement expenditure of Rs. 93,63,186/-(P.Y.Rs.51,87,468/- ) is deferred during the year.

4. The quantity of inventories is based upon physical verification by the management and the valuation is also based on details of cost and realizable value (wherever applicable) considering the quality & other relevant factors ascertained by management. The quantities of inventories, sales, and purchases are taken on the basis of details worked out form the bills and the stock records maintained by the company (wherever applicable).

5. In the opinion of the Board of Directors,

(1) Current Assets, Loans & Advances are realizable in the ordinary course of business, at the value at which they are stated.

(2) The provision for all known liabilities are adequate and not in excess of the amount reasonably necessary.

6. In sample sale only excise and EDU payable on sample sale value is charged as expenses considering no commercial value of samples.

7. On the basis of Vat Audit report for previous year, excess vat paid was now set off during the year and accordingly shown as vat credit adjustment.

8. Balance of Sundry creditors, debtors, debit/credit balance of loans and advances are subject to confirmation from the respective parties.

9. Previous year’s figures have been reworked, reclassified, regrouped and rearranged wherever necessary however the figures for the previous year do not include figures for the erstwhile ATL and accordingly the current year’s figures are not comparable to those of the previous year.

10. We are unable to categories the dues to Small Scale Industries (SSI) separately due to lack of information regard to the status of the creditors for goods outstanding above 30 days as on the balance sheet date.

11. We have verified the vouchers and documentary evidences wherever made available. Where no documentary evidences were available we relied on the authentication given by the management.

12. The un provided depreciation on SLM rates considering three shift of earlier years amounting to Rs.2,21,24,709/- is charged during the year by reducing the Reserve & surplus and Fixed Assets of he company to that extent.

B. DISCLOSURES:

01. Accounting for taxes of Income: (AS-22)

(a) Deferred tax assets/liabilities charge/credit during the year been given in Schedule E of the Balance Sheet.

(b) The Provision for current taxes has been made in the account as per the provisions of Income Tax Act, 1961.

02. Earning per Share : (AS-20)

i) The amount used as numerator in calculating basic and diluted earning per share is the profit after depreciation and taxes i.e. Rs. 25,01,35,993/-

03. Borrowing Cost :

Based on the guiding principle given in Accounting standard on “Borrowing Cost” (AS-16) issued by the ICAI, the Company has capitalized Rs. 1,41,65,461/- P.Y. (Rs. NIL /-) during the year to the Fixed Assets.

04. Segment Reporting : (AS-17)

Based on the guiding principle given in Accounting standard on “Segment Reporting” (AS-17) issued by the ICAI, the Company’s primary business is manufacturing of Tiles, the tiles business of the company incorporate product groups i.e. Ceramic Tiles which mainly have similar risk and returns, accordingly there are no separateble segment,

05. Related Party Disclosures under : (AS-18)

During the year the company entered into transaction with the related parties. Those transactions along with related balances as at 31st March, 2009 and for the year then ended are presented in the following.

List of related parties with whom transaction have taken place during the year along with nature and volume of transactions.

Associates and Subsidiaries

Subsidiaries : - NIL

Relatives of Key Management Personnel

Sureshbhai J.Patel Prop.of Asian Plus - A-bad Bhogibhai B.Patel

Key Management Personnel

Hasmukhabhai D.Patel Kamleshbhai B.Patel

Mukeshbhai J.Patel Rameshbhai B.Patel

Maganlal Prajapati Mahesh Chander Julka

Shankarlal Patel Ajendrakumar Patel

06. Contingent Liabilities : (AS-29)

In view of the Accounting Standard issued by ICAI “Provisions and Contingent Liabilities” (AS-29), following contingent liabilities have been identified which have not been provided for in the books of accounts.

Particulars Amount (RS.)

1 Bank Guarantee 4,51,27,566

2 Sales Tax 64,70,600

3 Letters of Credit 7,80,940

4 Excise Duty 2,93,55,003

1) Kerala Sales Tax of Rs. 1,00,000/- issued under the Kerala General Sales Tax Act, 1963 by SBI.

2) BOB Bank Guarantee OF Rs. 17,85,000/- issued to Assistant /Deputy Commissioner of Customs for Export obligation.

3) The company has also given bank guarantee of SBI to Excise and taxation officer, for Value Added Tax of Rs. 6,17,566/-.

4) The company has given Bank Guarantee to Sabarmati Gas Ltd and Gujarat State Petronet Ltd of Rs.4,00,00,000/ - and Rs.24,00,000/- respectively for Gas supply.

5) The company has given Bank Guarantee for Value Added Tax at Cochin of to Rs. 75,000/- issued by Bank of Baroda, Ashram Road Branch. Further the Company has given Bank Guarantee to the Joint Commissioner of Sales Tax Ahmedabad Appeal F.Y.2005-2006 of Rs.1,50,000/- Issued by Bank of Baroda-Ashram Road Branch.

6) The company has file appeal with Joint Commercial Tax commissioner Appeals for sales tax of Rs.4507857 and Rs.1962743 of the year 2003-04 and 2004-05 respectively.

7) The department has issued show cause notice of Rs. 2,93,55,003/- from The Office of the Commissioner of Central Excise –Ahmedabad-III Regarding availment of Cenvat Credit on Allumina Grinding Ball considering it as capital goods item.

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