Significant Accounting Policies:

A. Basis of Accounting:

The financial statements have been brpared under the historical cost convention, on accrual basis, in accordance with the generaly accepted accounting principles ( GAAP ) in India and applicable Accounting Standards referred to under section 133 of the companies act 2013 read with rule 7 of the companies ( Accounts ) rules 2014.

B. Fixed Assets:

Fixed assets are stated at cost of acquisition less accumulated debrciation.

C. Debrciation / Amortisation

Debrciation on tangible fixed assets is provided for on the basis of straight line method (Except on plant & machinery at written down value method )as per the useful life specified in Schedule-II of the Companies Act, 2013 on pro rata basis.

D.Inventories:

Raw Materials, Finished goods, Semi finished goods, scraps and stores & spares and trading goods are stated at lower of cost and net realisable value. The cost of inventories is computed on FIFO basis. Cost includes vat.

E. Investments :

Investments are stated at cost. Provision for diminution in the value of long term investments is made, only if, such a decline is other than temporary in nature, in the opinion of the management.

F.Retirement Benefits:

(1) Contribution to provident fund and provision for leave encashment is charged to profit & loss Account.

(2) Provision for gratuity liabilty is made based on actuarial valuation as at the Balance Sheet date and is charged to profit & loss account.

(3) All other short term benefits for employees are recognised as an expense at the undiscounted amount in the Statement of profit & loss of the year in which the related service is rendered.

G. Preliminary Expenses:

Preliminary expenses incurred are charged to revenue.

H. Foreign Currency Transactions :

Transaction denominated in Foreign Currency are recorded at the exchange rate brviling on the date of transaction. In respect of transaction covered by forward exchange contracts, the difference between the forward rate and the exchange rate at the date of the transaction is recognized as income or expenses over the life of the contract. Any income or expense on account of exchange rate difference either on settlement or on translation is recognized in Statement of Profit & Loss. Assets & Liabilities remaining unsettled at the end of the year, other than covered by forward exchange contracts are translated at exchange rate brvailing at the end of the year and the difference is adjusted in Statement of Profit & Loss.

I. Borrowing Cost :

Fixed asset which necessarily takes substantial period of time to get ready for its intended use is qualifying asset, Borrowing costs that are attributable to the acquisition or construction of such qualifying assets are capitalised as part of the cost of such assets. All other borrowing costs are recognized as expense in the period in which they are incurred.

J.Taxes on Income:

a) Tax on income for the current period is determined on the basis of estimated taxable income computed in accordance with the provisions of the Income Tax Act,1961.

b) Deferred tax is recognized on timing difference between the accounting inome and the estimated taxable income for the period and quantified using the tax rates and laws enacted or substantively enacted as on the balance sheet date.

c) Deferred tax assets are recognized for timing differences of items other then unabsorbed depriciation and carry forward losses only to the extent that there is reasonable certainity that sufficient future taxable income will be available against which deffered tax asset can be realized. But, if there are unabsorbed depriciation and carry forward of losses, deffered tax assets are recognized only if there is vitual certainity that sufficient future taxable income will be available to realize deffered tax assets.

K. Impairment of Assets :

The carrying amount of assets is reviewed at each balance sheet date to determine whether there is any indication of impairment of assets.If any indication exists, the recoverable amount of such assets is estimated. An impairment loss is recognized whenever the carrying amount of an assets or its cash generating unit exceeds its recoverable amount.

L.Use of Estimates :

The brsentation of financial statements requires certain estimates and assumptions.These estimates and assumptions affect the reported amounts of assets and liabilities on the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.Differences between the actual result and estimates are recognized in the period in which the results are known / materialized.

M. Provisions, Contingent Liabilities and Contingent Assets

Provision involving substantial degree of estimation in measurement are recognized when there is a brsent obligation as a result of past events and that probability requires an outflow of resources.

A disclosure for a contingent liability is made when there is a possible obligation or a brsent obligation that may, but probably will not require an outflow of resources. Where there is a possible obligation or a brsent in respect of which the likelihood of outflow of resources is remote, no disclosure is made.

N. Accounting policies not specifically referred to are consistent with generally accepted accounting practices.

NOTE : '2' In the opinion of the management the balances shown under all the assets other than fixed assets & non current investment have approximately the same realisable value as shown in these financial statment. Balance of parties are subject to confirmation.

NOTE : '3' There is only one segment " Stainless steel Products" and therefore other disclosure requirement of Accounting Standard 17 for Segement reporting does not apply.

NOTE : 4 Pursuant to Companies Act,2013 ( The Act ) effective from April 01, 2014 the company has revised debrciation rates on fixed assets based on useful life specified in schedule II of the Act. As a result of the change, the debrciation charge for the year ended March 31, 2015 is lower by X 1,074,366/- is lower in respect of assets whose useful life is already exausted as on April 01, 2014 sum of rupees 895,081 (net of deferred tax) has been adjusted against the opening balance of General reserve in this financial statements in accordance with Schedule II of the Act.

NOTE : '5' The disclosure under Micro, small and medium Enterprise Development Act, 2006 in respect of the amounts payable to such enterprises as at 31st March, 2015 has been made in the financials statements based on information received and on the basis of such information the amount due to small and medium enterprises is Nil /- as on 31st March, 2015. No interest is paid or payable to such enterprises. Auditors have relied on the same.

NOTE : '6' The Manangement is of the opinion that as on the Balancesheet date, there are no indications of material impairment loss on Fixed Assets, hence, the need to provide for impairment loss does not arise.

NOTE : '7' Previous year's figures have been regrouped or rearranged wherever considered necessary.

For and on behalf of Board of Directors

For KISHAN M. MEHTA & CO.

Chartered Accountants.

Firm's Registration No.105229W

(K.M.MEHTA)

M. NO. 13707

Partner

AHMEDABAD: 1st June, 2015

Tirth U. Mehta (DIN No.: 02176397) Managing Director.

RAJESH ASAWA (DIN No. : 02770356) Chief Finance Officer

Mahesh V. Changrani (DIN No.: 00153615) Executive Director

Harshal Agrawal (Mem No. ACS 34832) Company Secretary

AHMEDABAD : 30th May, 2015