Mar 31, 2014
Mar 31, 2012
(a) The company follows the accrual system of accounting in accordance with the requirements of the Companies Act, 1956 and complies with the accounting standards referred to in sub-section (3C) of Section 211 of the said Act.
(b) The accounts are prepared on historical cost basis and on the basis of going concern. Accounting policies not specifically referred to otherwise are consistent with generally accepted accounting principles.
Mar 31, 2011
1. The financial statements have been prepared on the historical cost convention and in accordance with normally accepted accounting principles.
2. Fixed assets are valued at historical cost less depreciation which has been provided according to written down value method.
3. The expenses incurred are accounted for on accrual basis.
4. The income earned are accounted for on accrual basis.
Mar 31, 2010
1) BASIS OF ACCOUNTING :
Financial statement are prepared under historical cost convention on going concern basis
2) FIXED ASSETS:
Fixed Assets are recorded at cost inclusive of inword frieght, duties, Insurance & Taxes and incidental expenses related to acqusition.
Depreciation is provided in the manner specified in Schedule XIV to the Companies Act 1956. in the earlier But no depreciation is provided for the financial year 2009-10.
Investments are carried at cost.
5) INVENTORIES VALUATION :
Items of inventory are valued on the basis given below :
a) Raw materials : At cost or market value whichever is lower.
b) Process stock : At cost
c) Finished stock : At cost or market value whichever is lower.
6) METHOD OF ACCOUNTING :
Mercantile System of Accounting is followed.