Mar 31, 2010
1. Basis of Accounting
The financial statements are prepared under the historical cost conventions on the basis of going concern as per applicable Indian Accounting standards and are based on the accrual basis accounting.
2. Revenue Recognition
Sales Ã Sales excludes Excise Duty, Cess, SHEC.
All expenses and income are accounted for on accrual basis as per the requirements of the Companies Act.
3. Fixed Assets
Fixed Assets are recorded at Cost. Cost is purchase cost, and in the case of Land, includes development cost incurred, together with all incidental cost of acquisition, borrowing costs and other related internal costs. Fixed Assets are shown Gross Block Less Depreciation.
Freehold land is not depreciated.
Other assets are depreciated on Written down value method in accordance with the rates prescribed in Schedule
XIV to the Companies Act, 1956.
5. Impairment Loss
The company assets at each Balance sheet date whether there is any indication that any asset may be impaired and if such indication exists, the carrying value of such asset is reduced to its recoverable amount and a provision would be made for such impairment loss in the profit and loss account, however there is no such type of asset during the year.
6. Retirement Benefits
Contribution to Provident fund and gratuity provision are accounted on accrual basis.
7. Miscellaneous and Preliminary Expenses
Miscellaneous expenses are written off as per Section 35(D) of Income Tax Act.