The Present Value of obligation of Gratuity is determined based on actuarial valuation.

2. Fixed Assets

Pursuant to the enactment of Companies Act 2013, the company has applied the estimated useful lives as specified in schedule II, except in respect of certain assets as disclosed in accounting policy on Depreciation, amortisation and depletion. Accordingly the unamortisation carrying value is being depreciated/ amortisation over the revised/ remaining useful lives. The written down value of fixed assets whose lives have expired as at 1st April 2014 have been adjusted net of tax, in the opening balance of profit and loss account amounting to Rs.9,85,642/-

3. Related paraty discloures as per Accounting Standard

(a) Related Parties and their relationships (I) Related Companies and Other Juristic Entities

M/s Kamdhenu Steels & Alloys Ltd.

M/s Ashiana Commodities & Derivatives P Ltd M/s I Dreams Impex Pvt. Ltd.

M/s Ashiana Fincap Pvt Ltd

M/s Saurabh Gases

M/s Ashiana Manufacturing India Ltd.

Chandi Prasad Sukhbir Singh Jain (HUF)

Naresh Chand (HUF)

Puneet Jain (HUF)

Neeraj Kumar Jain HUF Sanjay Kumar Jain HUF

(ii) Key Managerial Personnel Naresh Chand (Managing Director)

Neeraj Kumar Jain (Whole Time Director)

Sanjay Kumar Jain (Whole Time Director)

Puneet Jain (Whole Time Director)

(iii) Relatives of Key Managerial Personnel

Disha Jain Divya Jain Kiran Mala Jain Kritika Jain Naman Jain Renu Jain Sudha Jain Swati Jain Tripti Agarwal Uma Jain Vandana Jain

The Company is manufacturing TMT Bars and Ingots, but M.S. Ingots is used as raw material of TMT Bars I.e. captively consumed, as both the product are inter related cover in single segment of Iron & Steel. Hence, Accounting Standard -17 "Segment Reporting" issued by ICAI is not applicable on the Company.

4. Provisions for Deferred Tax

Deferred Tax Assets & Liabilities in accordance with the AS-22 "Accounting for Taxes on Income" issued by the Council of ICAI.The major component of deferred tax assets and deferred tax liabilities as at 31st March 2015 subject to the consideration of prudency of timing differences are shown in note no 4.

5. The Company has not received information from vendors regarding their status under the micro, small and medium 2006 and hence disclosures enterprises development Act, relating to amounts unpaid as at the year end together with interest paid/payable under this Act, have not been given.

6. Contingent Liabilities : Claims against the company / disputed demands not acknowledged as debts.

Provisions invlolving substantial degree of estimation in measurement are recognised when there is a present obligation as a result of past event and it is pobable that there will be an outflow of resources. Contingent Liabilities are not recognised but are disclosed in the notes as given below:-

Particulars                            2014-15            2013-14

Sales Tax                                 0               1545392

Income Tax                            17133470           89463795

Excise Duty                            102000             102000

Service Tax                            3855348            3855348