Ashiana Ispat Limited
Your Directors have pleasure in presenting their 29th Annual Report on theaffairs of the company together with Audited Financial Statements for the financial yearended 31st March 2021.
The standalone financial performance of the company for the financial year ended March31 2021 in summarized below.
|Particulars ||Rs. in lacs ||Rs. in lacs |
| ||2020-21 ||2019-20 |
|Revenue from operations ||29498.38 ||30960.61 |
|Other Income ||16.31 ||19.34 |
|Total Revenue ||29514.69 ||30979.94 |
|Profit/(loss) before taxes ||143.83 ||-1179.95 |
|Total Expenditure ||29370.86 ||32159.89 |
|Tax Expense/(Benefit) ||28.50 ||-7.77 |
|Profit/(Loss) after Tax ||115.34 ||-1172.18 |
|Earning per equity shares in Rs. ||1.45 ||-14.72 |
State of Company's affairs:
World is witnessing the second wave of the COVID-19 pandemic. Businesses are once againfeeling the heat with the uncertainty of restrictions and lockdowns amid the rising numberof cases. In FY 2020-21 the pandemic landed a severe blow to the construction industry aswell as Iron and Steel industries. Despite the difficult year we registered a positiveEBITD of 8.66 Crores. During the tear under consideration company's profit jumped to 1.15Crores from (11.72) in the previous year.
Disruptive forces (environmental issues) that caused loss in the year 2019-20 andpandemic COVID 19 that damaged the foundation of business globally could not shook ourspirit. In the midst of tsunami we have reorganised our untapped potential and haveincorporated it into our business processes. Among the secondary steel producers in theRIICO Industrial Area Bhiwadi we are the first to bring in automation and several otherinnovations that set new benchmarks for the industry Ashiana has always been a pioneer inadapting to technological advancements. Automation lead to
a. Substantial Expansion of production capacity: Installed capacity increased from134000 MT to 240000 MT per annum.
b. Launching two new cost effective products to serve the need of every segment ofcustomers:
KAMDHENU NXT KAY2XENOX
KAMDHENU NXT AND KAY2 XENOX aspires to occupy a preeminent position in the steelindustry by achieving manufacturing excellence and having a consistently satisfiedcustomer base. Automation of plants will reduced the production costs to the ext of Rs.150ent to 200/- Per ton.
IMPACT OF COVID-19 PANDEMIC
Ashiana Ispat Limited is the manufacturer of Steel TMT Bars used in construction andinfrastructure sector. Weak demand from infrastructure on account of lower capex byGovernment and gradually decrease in purchasing power of buyer will hurt steel demand. Thelower infrastructure capex in on account of diversion of funds towards health and publicwelfare will be the main concern before steel industry.
As we all are aware that population of 1.3 billion stays indoors to fight the Covid-19virus India is facing very difficult situation and worry about the economy as the entireindustrial activity has been jeopardized.
The lockdown has brought the entire domestic manufacturing supply chain to a grindinghalt. "Ramifications of a massive lockdown are manifold. It is assumed that steeldemand in India would contract 14-17% this fiscal. Extended vulnerability on the otherhand will increase the demand contraction to 22-25%. On a quarterly basis steel demandwould be a washout in the first quarter of this fiscal given the pan-India lockdown thatwould hurt construction.
Since this situation is exceptional and changing dynamically the Company is not ableto gauge with certainty the future impact on its operations. However the Company isconfident about adapting to the changing business environment and respond suitably tofulfil the needs of its customers.
Demand of the product being manufactured is expected to be remain less. Sales below theBEP will impact the revenues and profitability. However actual impact would be ascertainedin due course of time.
The Company believes that good corporate governance is one of the vital tools indirecting and controlling the affairs of the Company in an efficient manner and helps inachieving the goal of maximizing value of Company's stakeholders in a sustained manner. Itrecognizes Transparency Integrity Honesty and Accountability as core values and themanagement believes that practice of each of these creates the right corporate culturefulfilling the purpose of Corporate Governance. However it is to be recognized thatCorporate Governance is not just a destination but a consistent journey to consolidate andenhance sustainable value creation to the company by adhering to the core values. Aseparate section on Corporate Governance and a Certificate regarding compliance ofconditions of Corporate Governance forms part of the Annual Report as Annexure-"E".
The directors have not recommended any dividend for the financial year 2020-21.
SHARES WITH DIFFERENTIAL RIGHTS EMPLOYEE STOCK OPTION SWEAT EUITYSHARES:
During the year the company has not issued any Equity Shares with Differential RightsEmployee Stock Options and/or Sweat Equity Shares.
During the year your Company has not accepted any fixed deposits under the provisionsof the Companies Act 2013 and the Rules made there under.
The Company has complied with applicable secretarial Standards.
DIRECTORS & KMP:
The Board of directors of your company is duly constituted. There was no resignation ofDirectors this year.
The following appointments to the Board are proposed:
Mr. Puneet Jain Director of the Company retires by rotation at this Annual GeneralMeeting and being eligible offer himself for re-appointment.
Further the continuation of Mr. Puneet Jain Managing Director of the Company on theboard of the Company Board also proposed for his reappointment as Managing Director andapproval of the members in the ensuing Annual General Meeting by Special Resolution beingsought.
Also re-appointment of Mr. Naresh Chand as Executive Director-cum-Chairman of theCompany for a period of three years is also being proposed subject to the approval of themembers by Special Resolution.
The Board also proposed the appointment of Ms. Anu Bansal as an Executive Director(Whole-time) on the Board w.e.f. 30.06.2021 and sought the requisite approval of themembers in the ensuing AGM by way of special resolution.
The Board of Ashiana Ispat Ltd. has an appropriate mix of Executive and Non-Executivedirectors with all the directors having vast area of expertise skills and knowledgenecessary to run the operations of the Company in a highly efficient manner.
Appropriate resolutions for the appointment/ re-appointment of Directors are beingplaced before you for your approval at the ensuing Annual General Meeting. The briefresume of the aforesaid Directors and other information have been detailed in the Notice.Your Directors recommend their appointment/reappointment as Director of your Company.
LISTING WITH EXCHANGE AND LISTING FEES:
The Equity Shares of the Company are presently listed with Bombay Stock ExchangeLimited (BSE). Further the Company has paid listing fees to the exchange (i.e. BSE) up tofinancial year 2021-22.
AUDIT REORT & AUDITORS:
The Statutory Audit report doesn't contain any qualifications or adverse remarks and isenclosed with the financial statements. As per the provisions of Listing RegulationsAuditor's certificate on Corporate Governance forms part of this report and don't containany qualifications or adverse remarks related to compliance with the conditions/provisionsof corporate governance.
A. STATUTORY AUDITORS
M/s. D.V. Aggarwal & Co. LLP Chartered Accountants (Firm registration No 001263C)were appointed as Statutory Auditors of the Company to hold office from the conclusion of25th Annual General Meeting of the Company held on 31 August 2017 till the conclusion ofthe 30th Annual General Meeting of the Company subject to ratification by members everyyear as prescribed under then prevailing provisions of the Companies Act 2013.
In view of the changes in provisions of section 139 of the Companies 2013 ratificationof appointment is not proposed.
B. COST AUDITORS:
In terms of the Section 148 of the Companies Act 2013 read with Companies (CostRecords and Audit) Rules 2014 the Company is required to maintain cost accountingrecords and get them audited every year and accordingly such accounts and records are madeand maintained. The Board appointed M/s. Mithlesh Gupta & Co. Cost Accountants ascost auditors of the Company for the financial year 2021-22 at a fee of INR 25000 plusapplicable taxes and out of pocket expenses subject to the ratification of the said feesby the shareholders at the ensuing annual general meeting. The cost audit report for thefinancial year ended March 31 2021 would be filed with the Central Government.
The cost audit report for the financial year ended March 31 2020 was filed on23.12.2020 within prescribed timelines.
C. SECRETARIAL AUDITOR
As per the provisions of Section 204 of the Companies Act 2013 and Rules thereunderM/s Bir Shankar & Co. Practicing Company Secretary was appointed as the SecretarialAuditor of the Company for the year 2021-22.
D. INTERNAL AUDITOR
As per the provisions of Section 138 of the Companies Act 2013 and Rules thereunderMs Ashita Jain Company Secretary was appointed as the Internal Auditor of the Company forthe year 2021-22.
NUMBER OF BOARD MEETINGS HELD DURING THE YEAR:
The Board met 11 times during the financial year 2020-21 the details of which aregiven in corporate Governance section.
ANNUAL EVALUATION OF THE PERFORMANCE OF THE BOARD ITS COMMITTEES AND OF INDIVIDUALDIRECTORS:
The Board of Directors has evaluated the performance of the Board its Committees andthe Individual Directors as per the Nomination and Remuneration Policy. The IndependentDirectors of the Company also review the performance of Non-Independent Directors of theBoard.
DECLARATION BY INDEPENDENT DIRECTORS AS REQUIRED UNDER SECTION 149(7) OF THE COMPANIESACT 2013
All the Independent directors of the company have given their statement of declarationunder Section 149(7) of the Companies Act 2013 ("the Act") that they meet thecriteria of independence as provided in Section 149(6) of the Act and their Declarationshave been taken on record.
POLICY ON DIRECTORS' APPOINTMENT REMUNERATION
The Company strives to maintain an appropriate combination of executive non-executiveand independent Directors including at least one woman Director. The Nomination &Remuneration Committee of the Company leads the process for Board appointments inaccordance with the requirements of Companies Act 2013 listing agreement/regulations andother applicable regulations or guidelines. All the Board appointments are based onmeritocracy. The potential candidates for appointment to the Board are inter aliaevaluated on the basis of highest level of personal and professional ethics standingintegrity values and character; appreciation of the Company's vision mission values;prominence in business institutions or professions; professional skill knowledge andexpertise; financial literacy and such other competencies and skills as may be considerednecessary.
In addition to the above the candidature of an independent Director is also evaluatedin terms of the criteria for determining independence as stipulated under Companies Act2013 listing agreement/regulations and other applicable regulations or guidelines. Incase of re-appointment of Independent Directors the Board shall take into considerationthe results of the performance evaluation of the Directors and their engagement level.
The Board of Directors of the Company has adopted a Remuneration Policy for DirectorsKMPs and other employees. The policy represents the overarching approach of the Company tothe remuneration of Director KMPs and other employees.
LOANS GUARANTEES AND INVESTMENTS BY THE COMPANY:
Details of loans guarantees and investments by the Company to other body corporates orpersons are given in Financial Statements/Notes to the financial statements.
MATERIAL CHANGES & COMMITMENTS:
Apart from the frequently interruption in production due to rigorous environmentalpolicy adopted by the Government during the Stubble burning season in NCR causingfinancial crisis COVID-19 has also brought material changes and commitments affectingthe financial position of the Company after the end of the financial year 2018-19 and tillthe date of this report.
THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE:
Your Company has always believed in providing a safe and harassment free workplace forevery individual working in AIL through various interventions and practices. The Companyhas complied with provisions relating to the constitution of Internal Complaints Committeeunder the Sexual Harassment of Women at Workplace (Prevention Prohibition and Redressal)Act 2013. The Company always endeavours to create and provide an environment that is freefrom discrimination and harassment including sexual harassment.
The Company believes in prevention of harassment of employees as well as contractors.During the year ended 31 March 2021 no complaints pertaining to sexual harassment werereceived.
RELEVANT EXTRACT OF THE ANNUAL RETURN:
The details forming part of the extract of the Annual Return in Form MGT-9 as requiredunder the provisions of the Companies Act 2013 forms an integral part of Board Report asAnnexure- "G". Form MGT-9 is available on the website of the Company andcan be accessed at www.ashianaispat.in
Pursuant to the provisions of Section 204 of the Companies Act 2013 and the Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 the Company appointedM/s Bir Shankar & Co. Company Secretaries in practice to undertake the SecretarialAudit of the Company. The report of the Secretarial Audit is annexed to this report as Annexure"F". "Secretarial Auditors" report is self-explanatory andtherefore does not require further comments and explanation.
CONTRACTS/ ARRANGEMENTS WITH RELATED PARTIES
All Related Party Transactions are placed before the Audit Committee for review andapproval. All Related Party Transactions entered during the year were in Ordinary Courseof the Business and on Arm's Length basis. No Material Related Party Transactions i.e.transactions exceeding ten percent of the annual consolidated turnover as per the lastaudited financial statements were entered during the year by your Company. Accordinglythe relevant disclosures of Related Party Transactions in Form AOC 2 forms part of thisAnnual Report as Annexure- "C".
RELATED PARTY TRANSACTIONS:
The Board has adopted a policy to regulate the transactions of the Company with itsrelated parties. As per policy all related party transactions require approval as per theprovisions of the Companies Act 2013 and SEBI (LODR) Regulations. The said policy isavailable on the Company's website viz. www.ashianaispat.in.
The Company has in place a whistleblower policy to support the Code of BusinessEthics. This policy documents the Company's commitment to maintain an open workenvironment in which employees consultants and contractors are able to report instancesof unethical or undesirable conduct actual or suspected fraud or any violation ofCompany's Code of Business Ethics at a significantly senior level without fear ofintimidation or retaliation. Individuals can also raise their concerns directly to thechairman of the Audit Committee of the Company. Any allegations that fall within the scopeof the concerns identified are investigated and dealt with appropriately. Further duringthe year no individual was denied access to the Audit Committee for reporting concernsif any. The details of establishment of vigil mechanism for Directors & employees toreport genuine concerns are available at the website of the Company viz.www.ashianaispat.in.
INTERNAL FINANCIAL CONTROLS AND ITS ADEQUACY:
AIL continuously invests in strengthening its internal control processes. The Companyhas put in place an adequate system of internal financial control commensurate with itssize and nature of business which helps in ensuring the orderly and efficient conduct ofits business. These systems provide a reasonable assurance in respect of providingfinancial and operational information complying with applicable statutes safeguarding ofassets of the Company prevention & detection of frauds accuracy & completenessof accounting records and ensuring compliance with corporate policies.
FAMILIARISATION PROGRAM FOR DIRECTORS:
The Company provides an orientation and business overview to all its new Directors andIndependent Directors and provides materials and briefing sessions periodically whichassists them in discharging their duties and responsibilities. The Directors of theCompany are also informed of the important developments in the Company and Industry.Directors are fully briefed on all business related matters and new initiatives proposedby the Company and updated on changes and developments in the domestic & globalcorporate and industry scenario. The details of the familiarisation program for Directorsis available on the website of the Company viz. www.ashianaispat.in.
CHANGES IN CAPITAL STRUCTURE:
During the year there was no change in the Capital Structure of the Company.
The Board has constituted its Audit Committee pursuant to the provisions of Section 177of the Companies Act 2013 and provisions of the SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015. The Audit Committee of the Company presently comprises ofmembers namely Mrs. Shruti Jain Mr. Shashank Jain and Mr. Bharat Monga.
CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:
Information on conservation of energy technology absorption and foreign exchangeearnings and outgo is given in Annexure-"B" to this report.
PARTICULARS OF EMPLOYEES:
In accordance with the provisions of Section 197(12) of the Companies Act 2013 andRule 5(2) of Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014the names and other particulars of employees are set out in the Annexure-"D"to this report and forms part of this report.
The Directors would like to assure the Members that the financial statements for theyear under review conform in their entirety to the requirements of the Companies Act2013.
The Directors confirm that:
In the preparation of the annual accounts/financial statements the applicableaccounting standards have been followed along with proper explanation relating to materialdepartures; Appropriate accounting policies have been selected and applied consistentlyand have made judgments and estimates that are reasonable and prudent so as to give a trueand fair view of the state of affairs of the Company as at 31st March 2021 and of theprofit/loss of the Company for the year ended on 31st March 2021; Proper and sufficientcare has been taken for maintenance of adequate accounting records in accordance with theprovisions of the Companies Act 2013 for safeguarding the assets of the Company and forpreventing and detecting fraud and other irregularities; The annual accounts/financialstatements have been prepared on a going concern basis. That Internal financial controlswere laid down to be followed by the company and that such internal financial controls areadequate and were operating effectively. such systems were adequate and operatingeffectively.
CORPORATE SOCIAL RESPONSIBILITY:
The Company has adopted Corporate Social Responsibility initiatives and focuses on keyareas as education healthcare etc. in accordance with the provisions of the relative Actand rules made thereunder. The Corporate Social Responsibility Committee consists of Sh.Naresh Chand (Chairman) Dr. Smt. Shruti Jain and Sh. Puneet Jain. The Board of Directorson recommendation of the CSR Committee has formulated the CSR policy of the Company. TheCSR activities of the Company are implemented in accordance with the core values viz.protecting stakeholder interests proactive engagement with the local communities andstriving towards inclusive development. The CSR activities are focused on the followingfive broad themes with goals to improve overall socio economic indicators of Company'sarea of operation:
To eradicate Extreme hunger and Poverty
Promoting healthcare sanitation and making safe drinking water available; Employmentenhancement through training and vocational skill development; Income enhancement throughfarm based and other livelihood opportunities; Promoting education and sports; andEnsuring sustainable environment.
The annual report on CSR containing particulars specified in Companies (CSR Policy)Rules 2014 is given in Annexure "A". The CSR policy of the Company isalso placed on the website of the Company viz. www.ashianaispat.in.
Your Directors express their gratitude to the Company's vendors customers BanksFinancial Institutions Shareholders & society at large for their understanding andsupport. Finally your Directors acknowledge the dedicated services rendered by allemployees of the company.
| ||For and on Behalf of the Board |
| ||For Ashiana Ispat Limited |
|Place: Bhiwadi ||(Naresh Chand) |
|Dated: 30.06.2021 ||Chairman |
| ||DIN: 00004500 |
Disclosure on Corporate Social Responsibility (CSR'')
Ashiana Ispat Limited (AIL) has been engaged in carrying out Corporate SocialResponsibility aligned to the corporate philosophy of being a responsible corporate. AILrecognizes that its business activities have a direct and indirect impact on the society.The Company strives to integrate its business values and operations in an ethical andtransparent manner to demonstrate its commitment to sustainable development and to meetthe interests of its stakeholders. The company is committed to continuously improving itssocial responsibilities environment and economic practices to make positive impact on thesociety. The company is committed to undertake CSR activities in accordance with theprovisions of Section 135 of the Companies Act 2013 read with Schedule VII and theCompanies (Corporate Social Responsibility Policy) Rules 2014.
CORPORATE SOCIAL RESPONSIBILITY (CSR) COMMITTEE
The overall CSR initiative will be managed and ensured by the CSR Committee (thecommittee).
The CSR policy will inter-alia focus on issues listed below: To eradicate Extremehunger and Poverty
To demonstrate good practices leading to sustainable business.
To promote quality education both in the informal and formal education sectors. Toprovide financial assistance in disaster relief fund
To develop and nurture employable skills amongst youth both around our areas ofinterest and areas of influence through sustainable programmes.
To support government and non-government promoted programmes and facilitate inclusivegrowth.
To deliver quality integrated health care programmes in the vicinity of our plantlocations by augmenting / supporting government services as also promoting preventive andprimary health care programmes through partnerships with various stakeholders /institutions To engage maternal and child health (MCH) programmes and reduce the maternaland child mortality rates around our plant locations.
To reduce the incidence of HIV & AIDS and female feticide in the vicinity of ourplant locations.
To work towards environment sustainability.
In line with the CSR philosophy and the focus areas AIL plans interventions in the fiof education eld & vocational training integrated healthcare women empowermentsocial projects rural infrastructure development and environment sustainability. The keythematic interventions in above areas include:
Education & Vocational Training
To eradicate Extreme hunger and Poverty
To provide quality education to the Out of school' children and facilitate theirenrolment in government / private institutions To provide coaching facilities for theunder-privileged To support education of differently abled and provide them skills foremployment as per their capacities
Integrated Health Care
To provide clean drinking water
To improve sanitary conditions around plant location
To support government initiatives like combating AIDS TB etc. To organize camps forhealth check-up blood donation etc.
To use eco-friendly technologies / processes which do not produce any effluent orpollution of any kind. To undertake tree plantation in and around our manufacturingfacilities to maintain a clean and green work place.
RESPOSIBILITIES OF THE COMMITTEE:
The committee will formulate and recommend to the Board a Corporate SocialResponsibility initiatives which shall indicate the activities to be undertaken by thecompany as specified in Schedule VII. The committee shall recommend the amount ofexpenditure to be incurred on the activities referred to in Section 135(3)(a) of theCompanies Act 2013; The committee shall monitor the Corporate Social ResponsibilityPolicy of the company from time to time. The committee shall institute a transparentmonitoring mechanism for implementation of the CSR projects or programmes or activitiesundertaken by the company.
MODALITIES OF EXECUTION:
Average net profits for the immediately preceding 3 financial years is negativetherefore no fund under CSR has been allocated in the year under consideration.
The contents of this policy shall be placed on company's website. CSR committee mayreport to the board regarding progress of activities undertaken / completed.
SURPLUS IF ANY GENERATED OUT OF CSR ACTIVITIES:
Any surplus generated out of the CSR activities will not form part of the businessprofits of the company.
Any modification / amendment in the CSR Policy may be carried out by the board on therecommendation of the CSR Committee. This policy will be subject to change as peramendment in the Companies Act 2013 the Companies (Corporate Social ResponsibilityPolicy) Rules 2014 or any other applicable rules regulations and guidelines.
The above policy has been formulated with the aim of improving CSR performance andreaching out to a large segment of society as also to address environmental issues. TheCSR policy will facilitate engaging in evolved CSR activities streamline procedures andencourage greater participation. With a clear vision and appropriate acknowledgement theoutcomes will be visible.
INFORMATION ON ENERGY CONSERVATION TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGSAND OUTFLOW
|POWER AND FUEL ||As at 31.03.2020 ||As at 31.03.2021 |
|CONSUMPTION || || |
|Purchase Unit (KWH) ||14227214 ||7129320 |
|TMT Section ||12775676 ||7129320 |
|Ingot Section ||1451538 ||NIL |
|Total Amount ||124465830 ||63257170 |
|Consumption (Unit/MT) || || |
|TMT Section ||150 ||102 |
|Ingot Section ||190 ||NIL |
|Own Generation ||NIL ||NIL |
|Through Diesel Generation ||NIL ||NIL |
|Through Steam Turbine ||NIL ||NIL |
|Coal || || |
|Purchased (Unit-MT) ||6619.34 ||5833.84 |
|Total Amount (in Rs.) ||58361927 ||40932590 |
|Consumption (Unit/MT) ||6675.94 ||5337.25 |
|Low Sulphur || || |
|Purchased (Unit-KL) ||988.47 ||686.15 |
|Total Amount (in Rs.) ||34530917 ||21852457 |
|Consumption (Unit/KL) ||978.17 ||691.92 |
|EXPENDITURE || || |
|INCURRED ON || || |
|RESEARCH AND || || |
|DEVELOPMENT || || |
|Capital ||NIL ||NIL |
|Recurring ||NIL ||NIL |
|Total ||NIL ||NIL |
|FOREIGN EXCHANGE ||NIL ||NIL |
|EARNING AND OUTGO || || |
Form for disclosure of particulars of contracts/arrangements entered into by thecompany with related parties referred to in sub-section (1) of section 188 of theCompanies Act 2013 including certain arms length transactions under third provisothereto.
(Pursuant to clause (h) of sub-section (3) of section 134 of the Act and Rule 8(2) ofthe Companies (Accounts) Rules 2014)
1. Details of contracts or arrangements or transactions not at arm's lengthbasis:
There was no such contract or arrangement or transaction entered during the year ended31.03.2021 which was not at arm's length basis.
2. Details of material contracts or arrangement or transactions at arm's lengthbasis
|Name(s) of the related party and nature of relationship ||Nature of Contracts/ arrangements/tra nsactions ||Duration of the Contracts/ arrangements /transactions ||Salient terms of the contracts or arrangements or transactions including the value if any ||Date(s) of the approval by the Board if any ||Amount paid as advance if any |
|M/s Kamdhenu Steels and Alloys Ltd. ||Availing rented property owned by M/s Kamdhenu Steels and Alloys Ltd. and paying rent ||As per agreement ||Rs. 8.40 Lacs per annum ||30.06.2021 ||-- |
|Mrs. Uma Jain and Mrs. Swati Jain ||Availing on rent Office owned by Mrs. Uma Jain Mrs. Swati Jaina ||As per agreement ||Rs.30.00 Lacs per annum ||30.06.2021 ||-- |
|For and on behalf of the Board of || |
|Ashiana Ispat Limited || |
|(Ravindra Kumar Jain) ||(Puneet Jain) |
|Chief Financial Officer ||Managing Director |
| ||DIN: 00814312 |