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Accounting Policies of Arcee Industries Ltd. Company

Mar 31, 2014

1. BASIS OF ACCOUNTING AND PREPARATION OF FINANCIAL STATEMENTS

The financial statements of the Company have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards notified under Section 211(3C) of the Companies Act, 1956 ("the 1960 Act") (which continue to be applicable in respect of Section 133 of the Companies Act, 2013 ("the 2013 Act") in terms of General Circular 15/2013 dated 13 September, 2013 of the Ministry of Corporate Affairs, Government of lndia) and the relevant provisions of the 1956 Act/2013 Act, as applicable. The financial statements are prepared under the historical cost convention on going concern and on accrual basis.The accounting policies adopted in the preparation of the financial statements are consistent with those followed in the previous year.

2. USE OF ESTIMATES

The preparation of the financial statements in conformity with Indian GAAP requires the Management to make estimates and assumptions considered in the reported amounts of assets and liabilities (including contingent liabilities) and the reported income and expenses during the year. The Management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Future results could differ due to these estimates and the differences between the actual results and the estimates are recognised in the periods in which the results are known materialise.

3. REVENUE RECOGNITION

i. Revenue from the sale of goods is recognised in the statement of

profit and loss when the significant risks and rewards of ownership have been transferred to the buyer. Revenue includes consideration received or receivable, excise duty, but net of discounts and other sales related taxes.

ii. Dividend income is recognized when the company''s right to receive

dividend is established, interest Income is recognized on a time proportion basis based on the amount outstanding and the rate applicable.

iii. Other Incomes are generally accounted on accrual basis as they are earned.

4. FIXED ASSETS

Tangible and intangible fixed assets are stated at cost of acquisition (net of CENVAT, wherever applicable), less accumulated depreciation. Cost is inclusive of freight, duties, levies and any directly attributable cost of bringing the assets to their working condition for intended use. Direct costs are capitalized till the assets are ready to be put to use. Interest on borrowings; wherever applicable, attributable to new projects is capitalized and included in the cost of fixed assets as appropriate.

5. DEPRECIATION AND AMORTIZATION

Depreciation in respect of Fixed Assets, is provided adopting Straight Line Method over the useful life of the Assets as estimated by the Management. Depreciation for assets purchased/sold during the period is proportionately charged.

6. INVENTORIES

i. Raw Materials are valued at cost comprising purchase price, freight and handling, non refundable taxes and duties and other directly attributable costs

ii. Finished Products are valued at lower of cost and net realizable value.

iii.Scrap & By Products are valued at net realizable value.

iv. Stores and Spares are valued at cost comprising of purchase price, freight and handling, non refundable taxes and duties and other directly attributable costs.

7. EMPLOYEE BENEFITS

i. Short Term Employee Benefits : Benefits payable to employees within 12 months of rendering services such as wages, salaries, bonus, paid annual leave, etc are classified as Short Term Employee Benefits and are recognized in the period in which the employee renders related services

ii. Long Term/Post Employment/Termlnatiort Benefits The Company has taken an Employees Group Gratuity of LIC for meeting out the liability of Gratuity Premium paid is debited as and when due. Actuarial Valuation is also kept in view for determining the liabilities, if any. Leave Encashment, if any, is accounted for on accrual basis.

iii. Provident Fund : On the basis of payments/contributions made to the concerned Provident Fund authorities.

8. INVESTMENTS

Current investments are carried at lower of cost and quoted/fair value. Long Term 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.

9. CASH AND CASH EQUIVALENTS

Cash comprises of cash on hand and demand deposits with Bank. Cash Equivalents'' are short term, highly liquid investment, that are readily convertible into known amounts of cash and which are subject to insignificant risk of changes in value.

10. EXPENDITURE

Expenses are accounted on the accrual basis and provisions are made for all known losses and liabilities.

11. TAXATION

Deferred Tax is recognized, subject to the consideration of prudence in respect of deferred tax, assets or liabilities, on timing differences, being the difference between taxable income and accounting income that originate in one period, and is reversible in one or more subsequent periods.

Deferred tax assets are recognized only to the extent there is reasonable certainty that the assets can be realized in the future; however where there is unabsorbed depreciation or carry forward of losses, deferred tax assets are recognized only if there is a virtual certainty of realization of such assets and are reviewed for the appropriateness of their respective carrying values at each reporting date.

Income Taxes are accrued in the same period the related revenue and expenses arise. A provision is made for income tax annually, based on the tax liability computed, after considering tax allowances and exemptions Provisions are recorded when it is estimated that a liability due to disallowances or other matters is probable. Minimum Alternate Tax (MAT) paid in accordance with the tax laws, which gives rise to future economic benefits in the form of tax credit against future income tax liability is recognized as an asset in the Balance Sheet if there is convincing evidence that the company will pay normal tax in future and the resultant asset can be measured reliably.

12. IMPAIRMENT

An asset is treated as impaired when the carrying cost of assets exceeds its recoverable value An impairment loss, if any, is charged to the Statement of Profit and Loss in the period in which an asset is identified as impaired.The impairment loss, if any, recognized in prior accounting periods is reversed if there has been a change in the estimate of recoverable amount

13. BORROWING COSTS

Borrowing costs that are attributable to the acquisition, construction of qualifying assets are capitalized as part of the cost of such assets till such time the. asset is ready for its intended use or sale. A qualifying asset is an asset that necessarily takes a substantial period of time to get ready for its intended use. All other borrowing costs are recognized as an expense in the statement of profit and loss in the period in which they are incurred.

14. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS

A provision is recognized when the Company has a present obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made.

Contingent Liability is disclosed in case of a present obligation arising from past events when it is not probable that an outflow of resources will be required to settle the obligation, or a present obligation when no reliable estimate is possible, or a possible obligation arising from past events where the probability of outflow of resources is remote.

Contingent Assets are neither recognized nor disclosed,

15. EVENTS OCCURRING AFTER THE DATE OF BALANCE SHEET

Material events occurring after date of Balance Sheet are taken into cognizance.

16. CASH FLOW STATEMENT

Cash Flows are reported using the indirect method, whereby profit/loss before tax is adjusted for the effects of transactions of a non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The Cash Flows from regular revenue generating; financing and investing activities of the company are segregated.

17. EARNING PER SHARE

The company reports basic and diluted earnings per share in accordance with Accounting Standard (AS-20) - Earnings per Share. Basic earnings per equity share have been computed by dividing net profit/loss after tax attributable to equity share holders by the weighted average numbers of equity shares outstanding during the year. Diluted earnings during the year adjusted for the effects of all dilutive potential equity shares per share is computed using the weighted average number of equity shares and dilutive potential equity shares outstanding during the year.

18. SEGMENT INFORMATION

The company is engaged primarily in the business of Rigid PVC Pipes. The production facility is located at one place and the business is fully concentrated in India. As the basic of nature of these activities are governed by the same set of risks and returns, these have been grouped as a single business segment. Accordingly, segment reporting disclosure as envisaged in Accounting Standard (AS-17) "Segment Reporting", issued by the Institute of Chartered Accountants of India, is not applicable to the Company.


Mar 31, 2013

1. BASIS OF ACCOUNTING AND PREPARATION OF FINANCIAL STATEMENTS

The financial statements of the company have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards notified under the Companies (Accounting Standards) Rules, 2006 (as amended) and the relevant provisions of the Companies Act, 1956 The financial statements have been prepared on accrual basis under historical cost convention and going concern basis. The accounting policies adopted in the preparation of the financial statements are consistent with those followed in the previous year.

2. USE OF ESTIMATES

The preparation of the financial statements in conformity with Indian GAAP requires the Management to make estimates and assumptions considered in the reported amounts of assets and liabilities (including contingent liabilities) and the reported income and expenses during the year. The Management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Future results could differ due to these estimates and the differences between the actual results and the estimates are recognized in the periods in which the results are known/ materialize.

3. REVENUE RECOGNITION

L Revenue from the sale of goods is recognized in the statement of profit and loss when the significant risks and rewards of ownership have been transferred to the buyer. Revenue includes consideration received or receivable, excise duty but net of discounts and other sales related taxes.

ii. Dividend Income is recognized when the company''s right to receive dividend is established. Interest Income is recognized on a time proportion basis based on the amount outstanding and the rate applicable.

iii. Other Incomes are generally accounted on accrual basis as they are earned.

4. FIXED ASSETS

Tangible and intangible fixed assets are stated at cost of acquisition (net of CENVAT wherever applicable), less accumulated depreciation. Cost is inclusive of freight, duties, levies and any directly attributable cost of bringing the assets to their working condition for intended use. Direct costs are capitalized till the assets are ready to be put to use. Interest on borrowings, wherever applicable, attributable to new projects is capitalized and included in the cost of fixed assets as appropriate.

5. DEPRECIATION AND AMORTIZATION

Depreciation in respect of Fixed Assets, is provided adopting Straight Line Method over the useful life of the Assets as estimated by the Management. Depreciation for assets purchased/sold during the period is proportionately charged.

6. INVENTORIES

i. Raw Materials are valued at cost comprising purchase price, freight and handling, non refundable taxes and duties and other directly attributable costs

ii. Finished Products are valued at lower of cost and net realizable value.

iii. Scrap & By Products are valued at net realizable value.

iv. Stores and Spares are valued at cost comprising of purchase price, freight and handling, non refundable taxes and duties and other directly attributable costs.

7. EMPLOYEE Benders

i. Short Term Employee Benefits : Benefits payable to employees within 12 months of rendering services such as wages, salaries, bonus, paid annual leave, etc are classified as Short Term Employee Benefits and are recognized in the period in which the employee renders related services, ii Long Term/Post Employment/Termination Benefits: The Company has taken an Employees Group Gratuity of LIC for meeting out the liability of Gratuity. Premium paid is debited as and when due. Actuarial Valuation is also kept in view for determining the liabilities, if any. Leave Encashment, if any, is accounted for on accrual basis,

iii. Provident Fund: On the basis of payments/contributions made to the concerned Provident Fund authorities.

8. INVESTMENTS

Current investments are carried at lower of cost and quoted/fair value. Long Term 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.

9. CASH AND CASH EQUIVALENTS

''Cash'' comprises of cash on hand and demand deposits with Bark. ''Cash Equivalents'' are short term, highly liquid investment, that are readily convertible into known amounts of cash and which are subject to insignificant risk of changes in value.

10. EXPENDITURE

Expenses are accounted on the accrual basis and provisions are made for all known fosses and liabilities

11. TAXATION

Deferred Tax is recognized, subject to the consideration of prudence, in respect of deferred tax assets or liabilities, on timing differences, being the difference between taxable income and accounting income that originate in one period, and is reversible in one or more subsequent periods.

Deferred tax assets are recognized only to the extent there is reasonable certainty that the assets can be realized in the future; however where there is unabsorbed depreciation or carry forward of losses, deferred tax assets are recognized only if there is a virtual certainty of realization of such assets and are reviewed for the appropriateness of their respective carrying values at each reporting date

Income Taxes are accrued in the same period the related revenue and expenses arise A provision is made for income tax annually, based on the tax liability computed, after considering tax allowances and exemptions. Provisions are recorded when it is estimated that a liability due to disallowances or other matters is probable Minimum Alternate Tax (MAT) paid in accordance with the tax laws, which gives rise to future economic benefits in the form of tax credit against future income tax liability, is recognized as an asset in the Balance Sheet if there is convincing evidence that the company will pay normal tax in future and the resultant asset can be measured reliably.

12. IMPAIRMENT

An asset is treated as impaired when the carrying cost of assets exceeds its recoverable value An impairment Joss, if any, is charged to the Statement of Profit and Loss in the period in which an asset is identified as impaired. The impairment loss, if any, recognized in prior accounting periods is reversed if there has been a change in the estimate of recoverable amount

13. BORROWING COSTS

Borrowing costs that are attributable to the acquisition, construction of qualifying assets are capitalized as part of the cost of such assets till such time the asset is ready for its intended use or sale. A qualifying asset is an asset that necessarily takes a substantial period of time to get ready for its intended use. All other borrowing costs are recognized as an expense in the statement of profit and loss in the period in which they are incurred,

14. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS

A provision is recognized when the Company has a present obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made.

Contingent Liability is disclosed in case of a present obligation arising from past events when it is not probable that an outflow of resources will be required to settle the obligation, or a present obligation when no reliable estimate is possible, or a possible obligation arising from past events where the probability of outflow of resources is remote.

Contingent Assets are neither recognized nor disclosed.

15. EVENTS OCCURRING AFTER THE DATE OF BALANCE SHEET

Material events occurring after date of Balance Sheet are taken into cognizance.

16. CASH FLOW STATEMENT

Cash Flows are reported using the indirect method, whereby profit before tax is adjusted for the effects of transactions of a non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The Cash Flows from regular revenue generating; financing and investing activities of the company are segregated.

17. EARNING PER SHARE

The company reports basic and diluted earnings per share in accordance with Accounting Standard (AS-20) - Earnings per Share, Basic earnings per equity share have been computed by dividing net profit after-tax attributable to equity share holders by the weighted average numbers of equity shares outstanding during the year. Diluted earnings during the year adjusted for the effects of all dilutive potential equity shares per share is computed using the weighted average number of equity shares and dilutive potential equity shares outstanding during the year,

18. SEGMENT INFORMATION

The company is engaged primarily in the business of Rigid PVC Pipes. The production facility is located at one place and the business is fully concentrated in India. As the basic of nature of these activities are governed by the same set of risks and returns, these have been grouped as a single business segment. Accordingly, segment reporting disclosure as envisaged in Accounting Standard (AS-17) -Segment Reporting", issued by the Institute of Chartered Accountants of India, is not applicable to the Company.


Mar 31, 2012

1. BASIS OF ACCOUNTING AND PREPARATION OF FINANCIAL STATEMENTS

The financial statements of the company have been prepared on accrual basis under the historical cost convention in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards notified under section 211 (3C) of the Companies Act, 1956 and the relevant provisions thereof.

2. USE OF ESTIMATES

The preparation of financial statements requires estimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Difference between the actual results and estimates, if any, are recognized in the period in which the results are known/materialized.

3. REVENUE RECOGNITION

i. Sales Revenues are recognized when goods are invoiced and dispatched to customers, and are recorded inclusive of Excise Duty, but are net of Sales Returns, Trade Discounts and Sales Tax.

ii. Dividend Income is recognized when the company's right to receive dividend is established. Interest Income is recognized on a time proportion basis based on the amount outstanding and the rate applicable.

iii. Other Incomes are generally accounted on accrual basis as they are earned.

4. FIXED ASSETS

Tangible and intangible fixed assets are stated at cost of acquisition (net of CENVAT, wherever applicable), less accumulated depreciation. Cost is inclusive of freight, duties, levies and any directly attributable cost of bringing the assets to their working condition for intended use. Direct costs are capitalized till the assets are ready to be put to use. Interest on borrowings, wherever applicable, attributable to new projects is capitalized and included in the cost of fixed assets as appropriate.

5. DEPRECIATION AND AMORTIZATION

Depreciation in respect of Fixed Assets, is provided adopting Straight Line Method over the useful life of the Assets as estimated by the Management.

Depreciation for assets purchased/sold during the period is proportionately charged.

6. INVENTORIES

i. Raw Materials are valued at cost comprising purchase price, freight and handling, non refundable taxes and duties and other directly attributable costs.

ii. Finished Products are valued at lower of cost and net realizable value.

iii. Scrap & By Products are valued at net realizable value.

iv. Stores and Spares are valued at cost comprising of purchase price, freight and handling, non refundable taxes and duties and other directly attributable costs.

7. EMPLOYEE BENEFITS

i. Short Term Employee Benefits ; Benefits payable to employees within 12 months of rendering services such as wages, salaries, bonus, paid annual leave, etc are classified as Short Term Employee Benefits and are recognized in the period in which the employee renders related services.

ii. Long Term/Post Employment/Termination Benefits:The Company has taken an Employees Group Gratuity of LIC for meeting out the liability of Gratuity. Premium paid is debited as and when due. Actuarial Valuation is also kept in view for determining the liabilities, if any. Leave Encashment, if any, is accounted for on accrual basis.

iii. Provident Fund : On the basis of payments/contributions made to the concerned Provident Fund authorities.

8. INVESTMENTS

Current investments are carried at lower of cost and quoted/fair value. Long Term 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.

9. CASH AND CASH EQUIVALENTS

'Cash' comprises of cash on hand and demand deposits with Bank. 'Cash Equivalents' are short term, highly liquid investment, that are readily convertible into known amounts of cash and which are subject to insignificant risk of changes in value.

10. EXPENDITURE

Expenses are accounted on the accrual basis and provisions are made for all known losses and liabilities.

11. TAXATION

Deferred Tax is recognized, subject to the consideration of prudence, in respect of deferred tax assets or liabilities, on timing differences, being the difference between taxable income and accounting income that originate in one period, and is reversible in one or more subsequent periods.

Deferred tax assets are recognized only to the extent there is reasonable certainty that the assets can be realized in the future; however where there is unabsorbed depreciation or carry forward of losses, deferred tax assets are recognized only if there is a virtual certainty of realization of such assets and are reviewed for the appropriateness of their respective carrying values at each reporting date.

Income Taxes are accrued in the same period the related revenue and expenses arise. A provision is made for income tax annually, based on the tax liability computed, after considering tax allowances and exemptions. Provisions are recorded when it is estimated that a liability due to disallowances or other matters is probable. Minimum Alternate Tax (MAT) paid in accordance with the tax laws, which gives rise to future economic benefits in the form of tax credit against future income tax liability, is recognized as an asset in the Balance Sheet if there is convincing evidence that the company will pay normal tax in future and the resultant asset can be measured reliably.

12. IMPAIRMENT

Whether events or changes in circumstances indicate that the carrying value of fixed assets may be impaired, the company subjects such assets to a test of recoverability, based on discounted cash flows expected from use or disposal of such assets. If the assets are impaired, the company recognizes an impairment loss as the difference between the carrying value and value in use.

13. BORROWING COSTS

Borrowing costs that are attributable to the acquisition, construction of qualifying assets are capitalized as part of the cost of such assets till such time the asset is ready for its intended use or sale. A qualifying asset is an asset that necessarily takes a substantial period of time to get ready for its intended use. All other borrowing costs are recognized as an expense in the statement of profit and loss in the period in which they are incurred.

14. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS

A provision is recognized when the Company has a present obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made.

Contingent Liability is disclosed in case of a present obligation arising from past events when it is not probable that an outflow of resources will be required to settle the obligation, or a present obligation when no reliable estimate is possible, or a possible obligation arising from past events where the probability of outflow of resources is remote.

Contingent Assets are neither recognized nor disclosed.

15. EVENTS OCCURRING AFTER THE DATE OF BALANCE SHEET

Material events occurring after date of Balance Sheet are taken into cognizance.

16. CASH FLOW STATEMENT

Cash Flows are reported using the indirect method, whereby profit before tax is adjusted for the effects of transactions of a non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The Cash Flows from regular revenue generating; financing and investing activities of the company are segregated.

17. EARNING PER SHARE

The company reports basic and diluted earnings per share in accordance with Accounting Standard (AS-20) - Earnings per Share. Basic earnings per equity share have been computed by dividing net profit after tax attributable to equity share holders by the weighted average numbers of equity shares outstanding during the year. Diluted earnings during the year adjusted for the effects of all dilutive potential equity shares per share is computed using the weighted average number of equity shares and dilutive potential equity shares outstanding during the year.

18. SEGMENT INFORMATION

The company is engaged primarily in the business of Rigid PVC Pipes. The production facility is located at one place and the business is fully concentrated in India. As the basic of nature of these activities are governed by the same set of risks and returns, these have been grouped as a single business segment. Accordingly, segment reporting disclosure as envisaged in Accounting Standard (AS-17) "Segment Reporting", issued by the Institute of Chartered Accountants of India, is not applicable to the Company.


Mar 31, 2011

I) ACCOUNTING CONVENTION

The financial statements are prepared under the historical cost convention, having due regard to fundamental accounting assumptions of going concern, consistency and accrual, in compliance with the accounting standards referred to in Section 211 (3C) of the Companies Act, 1956.

II) SALES

Sales comprise sale of goods and includes excise duty, wherever applicable, but does not include sales tax.

III) FIXED ASSETS AND DEPRECIATION

a) Ail fixed assets are valued at cost less depreciation. All costs relating to the acquisition and installation of fixed assets are capitalised and include incidental expenses & financing costs relating to borrowed funds attributable to construction or acquisition of fixed assets upto the date, the asset is put to use.

b) Depreciation is provided under the "Straight Line Method" at the rates provided in schedule XIV to the Companies Act, 1956.

c) Lease premium for leasehold land is amortised over the period of lease.

IV) VALUATION OF INVENTORIES

a) Raw Materials, Stores and Spares and Loose Tools are valued at cost.

b) Finished Goods is valued at lower of estimated cost or net realisable value.

c) Scrap is valued at net realisable value.

V) CENVAT CREDIT

Cenvat Credit of excise duty, service tax and education cess paid on inputs and capital goods is accounted for by reducing the purchase/service cost of the related inputs or the capital assets as the case may be.

VI) RETIREMENT BENEFITS

The Company has taken an Employees Group Gratuity of LIC for meeting out the liability of Gratuity. Premium paid is debited as and when due. Actuarial Valuation is also kept in view for determining the liabilities, if any. Leave Encashment, if any, is accounted for on accrual basis.

VII) EVENTS OCCURRING AFTER BALANCE SHEET DATE

Events occurring after Balance Sheet date have been considered in the preparation of Financial Statements.

VIII) CONTINGENT LIABILITIES

Contingent liabilities not provided for in the accounts are separately disclosed.


Mar 31, 2010

I) GENERAL

a) The financial statements are prepared under the historical cost convention and in accordance with the requirement of the Companies Act, 1956.

b) Accounting Policies not specifically referred to otherwise are consistent and in consonance with generally accepted accounting principles.

II) BASIS OF ACCOUNTING

The company follows the mercantile system of Accounting and recongnises income and expenditure on accrual basis.

III) SALES

Sales comprise sale of goods and includes excise duty, wherever applicable, but does not include sales tax.

IV) FIXED ASSETS AND DEPRECIATION

a) All fixed assets are valued at cost less depreciation. All costs relating to the acquisition and installation of fixed assets are capitalised and include incidental expenses & financing costs relating to borrowed funds attributable to construction or acquisition of fixed assets upto the date, the asset is put to use.

b) Depreciation is provided under the "Straight Line Method" at the rates provided in schedule XIV to the Companies Act, 1956.

c) Lease premium for leasehold land is amortised over the period of lease.

V) VALUATION OF INVENTORIES

a) Raw Materials, Stores and Spares and Loose Tools are valued at cost.

b) Finished Goods is valued at lower of estimated cost or net realisable value.

c) Scrap is valued at net realisable value.

VI) CENVAT CREDIT

Cenvat Credit of excise duty service tax and education cess paid on inputs and capital goods is accounted for by reducing the purchase/service cost of the related inputs or the capital assets as the case may be.

VII) RETIREMENT BENEFITS

The Company has taken an Employees Group Gratuity of LIC for meeting out the liability of Gratuity. Premium paid is debited as and when due. Actuarial Valuation is also kept in view for determining the liabilities, if any. Leave Encashment, if any, is accounted for on accrual basis.

VIII) EVENTS OCCURRING AFTER BALANCE SHEET DATE

Events occurring after Balance Sheet date have been considered in the preparation of Financial Statements.

IX) CONTINGENT LIABILITIES

Contingent liabilities not provided for in (he accounts are separately disclosed.

 
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