Mar 31, 2013
I) The accounts of the Company are prepared under historical c ost convention using the accrual method of accounting except otherwise stated in accordance with normally accepted accounting principles.
ii) Accounting policies not specifically referred to otherwise are consistent and in consonance with generally accepted accounting principles followed by the company.
iii) Fixed assets are stated at their original cost of acqisition and subsequemt improvement thereon including taxes, freight and other incidental expenses related to acquisition/ construction and installation of the assets concerned.
iv) The depreciation on Fixed Assets (except land) has been provided on written down value method as the rate specified in schedule XIV of the Companies Act,1956. The depreciation of assets, addition/deduction during the year is charged with reference
to the date of addition/deduction of the assets.The depreciation on organic virgin land structure has been provided on the basis of the remaining period of the lease as at the year end.
The inventories of agriculture produce(Finished) are valued at 90% of their net realizab le value and Agriculture Produce (
v) semi finished) are valued at 75% of their net realizable value.
vi) Sales are accounted for at thhe time of passage of title of the goods, which generally coincides with their delivery.
vii) As the company is engaged in growing and selling agriculture produce, such income is exempt from income tax. Accordingly, there are no deferred tax assets/liabilities arising there from.