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Accounting Policies of JTL Infra Ltd. Company

Mar 31, 2016

A. Basis of Preparation of Financial Statements

(a) The Financial statements have been prepared under the historical cost convention in accordance with the generally accepted accounting principles, provisions of the Companies Act, 2013 and Accounting Standards issued by the Institute of Chartered Accountants of India.

(b) Accounting Policies not specifically referred to otherwise are consistent with generally accepted accounting principles followed by the company.

B. Fixed Assets and depreciation

(a) Fixed Assets are stated at their original cost (net of Cenvat Credit where applicable) including freight, duties and other incidental expenses relating to installation and acquisition.

(b) Depreciation on Fixed assets is provided based on useful life of the assets as prescribed in Schedule II to Companies Act, 2013.

C. Revenue Recognition:

a) Sales are net of sales tax, claims, returns and are recognized at the time of dispatch.

b) Interest is recognized on a proportionate basis taking into account the amount outstanding and the rate applicable.

D. Investment:

Investments are classified into current and long term investments. Current investments are stated at lower of cost and fair market value. Any reduction in fair value and any reversal is included in Profit & Loss A/c. Long term investments are stated at cost. A provision for diminution is made to recognize a decline, other than temporary in the value of long term investment. The resultant reduction in carrying cost is charged to Profit and Loss Account.

E. Inventories:

a) Raw Material, Consumables Stores and WIP are valued at cost.

b) Finished Goods, Traded Goods and scrap are valued at cost or net realizable value whichever less is.

c) Cost is calculated on weighted average method. In respect of WIP and Finished Goods appropriate overheads are considered.

F. Foreign Currency Transactions:

Transactions denominated in foreign currencies are normally recorded at the exchange rates prevailing at the time of transaction.

Monetary items denominated in foreign currencies at the yearend are translated at year end exchange rate/or forward contract rates.

Any income or expenses on account of exchange rate difference either on settlement or on translation is recognized in the profit and loss account except where it relates to fixed assets. There were no foreign exchange transactions relating to fixed assets during the year.

G. Borrowing Cost

Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalized as a part of the cost or such assets. A qualifying asset is one that necessarily takes substantial period of time to get ready for intended use. All other borrowing costs are charged to revenue.

H. Taxes on Income

Provision for current tax is made for the amount of tax payable in respect of taxable income for the year under the Income Tax Act, 1961.

Deferred Tax is recognized subject to consideration of prudence on timing difference, being the differences between book profit and tax profit that originate in one period and are capable of reversal in one or more subsequent period. Deferred tax asset are not recognized on unabsorbed depreciation and carry forward of losses unless there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized.

I. Impairment of assets

An asset is treated as impaired, when carrying cost of the asset exceeds its recoverable amount. An impaired loss is charged to profit & loss account in the year in which it is identified as impaired.

J. Provisions, Contingent liabilities and contingent assets

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as result of past events and it is probable that there will be an outflow of resources. Contingent liabilities are not recognized but are disclosed in the notes. Contingent assets are neither recognized nor disclosed in the financial statements. The Company was in Appeal before the Commissioner of Income Tax (Appeal) in respect of A.Y 2006-07 & 2009-10, 2011-12, 2012-13 and 2013-14. However appeal in respect of A.Y 2006-07 & 2009-10 have been decided against the company and penalty proceedings under Section 271(1) (C) of Income Tax Act, 1961 have been initiated against the company. However the Company is of the opinion that no such penalty is livable in the instant years therefore no provision for such penalty has been made in the books of Accounts.

The amounts of the same are as under:

AY 2006-07 (Penalty) Rs: 5,37,970/-A.Y 2009-10 (Penalty)Rs. 5,03,930/-A.Y 2012-13 (Penalty)Rs. 47,460/-A.Y. 2013-14 (Penalty) Rs. 1,45,630/However, all the above amounts are contingent in nature and will be crystallized only after the order of appellate authority is against the company. Further, if the order of CIT (Appeals) is against the company, the company intends to appeal with Income Tax Appellate Tribunal.

K. Employee Benefits

a) The Company''s Contribution to Provident Fund and Family Fund are Charged to Profit & Loss Account.

b) Encashment of earned leave/Bonus has been paid to employees on yearly basis.

c) Gratuity Liability has neither determined nor provided for. Same is accounted for as and when payable.

L. Cash & Cash Equivalent

Cash & cash equivalent in balance sheet comprises of cash in hand, cash at Bank and Cheques under collection.


Mar 31, 2015

A. Basis of Preparation of Financial Statements

(a) The Financial statements have been prepared under the historical cost convention in accordance with the generally accepted accounting principals, provisions of the companies Act, 1956 and Accounting Standards issued by the Institute of Chartered Accountants of India.

(b) Accounting Policies not specifically referred to otherwise are consistent with generally accepted accounting principals followed by the company.

B. Fixed Assets and depreciation

(a) Fixed Assets are stated at their original cost (net of Cenvat Credit where applicable) including freight, duties and other incidental expenses relating to installation and acquisition.

(b) Depreciation on Fixed assets is provided based on useful life of the assets as prescribed in Schedule II to Companies Act, 2013. Accordingly this year there has been major changes in depreciation, the effects of which have duly been reflected in fixed asset chart, reserve and surplus and depreciation chart. Due to transition to new method of depreciation as per Schedule II to Companies Act, 2013, the mandatory requirement as opined by AS-6 issued by Institute of Chartered Accountants of India, has not been complied with.

C. Revenue Recognition:

a) Sales are net of sales tax, claims, returns and are recognized at the time of dispatch.

b) Interest is recognized on a proportionate basis taking into account the amount outstanding and the rate applicable.

D. Investment:

Investments are classified into current and long term investments. Current investments are stated at lower of cost and fair market value. Any reduction in fair value and any reversal is included in Profit & Loss A/c. Long term investments are stated at cost. A provision for diminution is made to recognize a decline, other than temporary in the value of long term investment. The resultant reduction in carrying cost is charged to Profit and Loss Account.

E. Inventories:

a) Raw Material, Consumables Stores and WIP are valued at cost.

Finished Goods, Traded Goods and scrap are valued at cost or net realizable value whichever is less.

b) Cost is calculated on weighted average method. In respect of WIP and Finished Goods appropriate overheads are considered.

F. Foreign Currency Transactions:

Transactions denominated in foreign currencies are normally recorded at the exchange rates prevailing at the time of transaction.

Monetary items denominated in foreign currencies at the year end are translated at year end exchange rate/or forward contract rates.

Any income or expenses on account of exchange rate difference either on settlement or on translation is recognized in the profit and loss account except where it relates to fixed assets. There were no foreign exchange transactions relating to fixed assets during the year.

G. Borrowing Cost

Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalized as a part of the cost or such assets. A qualifying asset is one that necessarily takes substantial period of time to get ready for intended use. All other borrowing costs are charged to revenue.

H. Taxes on Income

Provision for current tax is made for the amount of tax payable in respect of taxable income for the year under the Income Tax Act, 1961.

Deferred Tax is recognized subject to consideration of prudence on timing difference, being the differences between book profit and tax profit that originate in one period and are capable of reversal in one or more subsequent period. Deferred tax asset are not recognized on unabsorbed depreciation and carry forward of losses unless there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized.

I. Impairment of assets

An asset is treated as impaired, when carrying cost of the asset exceeds its recoverable amount. An impaired loss is charged to profit & loss account in the year in which it is identified as impaired. As per Companies Act 2013 useful life of assets have been changed and accordingly some assets have been impaired due to which they have been stated in Balance sheet at there residual value i.e. 5% of original cost. No contravention of AS-28 have been made as regards to impairment of Assets.

J. Provisions, Contingent liabilities and contingent assets

Provision involving substantial degree of estimation in measurement are recognized when there is a present obligation as result of past events and it is probable that there will be an outflow of resources. Contingent liabilities are not recognized but are disclosed in the notes. Contingent assets are neither recognized nor disclosed in the financial statements. The company was in Appeal before the Commissioner of Income Tax (Appeals) in respect of A.Y 2006-07, 2009-10, 2011-12 and 2012-13. However appeal in respect of AY 2006-07 & 2009-10 have been decided against the company and penalty proceedings under Section 271(1)(c) of Income Tax Act 1961 have been initiated against the company. However the company is of the opinion that no such penalty is leviable in the instant years therefore no provision for such penalty has been made in the books of Accounts. The amounts of the same are as under:

AY 2006-07(Penalty) Rs.5,37,970/-

AY 2009-10(Penalty) Rs.5,03,930/-

AY 2012-13 Rs.47,460/-

AY 2012-13(Penalty) Rs. 47,4760/-

K. Employee Benefits

a) The Company's Contribution to Provident Fund and Family Fund are Charged to Profit & Loss Account.

b) Encashment of earned leave/Bonus has been paid to employees on yearly basis.

c) Gratuity Liability has neither determined nor provided for. Same is accounted for as and when payable.

L. Cash & Cash Equivalent

Cash & cash equivalent in balance sheet comprises of cash in hand, cash at Bank and Cheques under collection.


Mar 31, 2014

A. Basis of Preparation of Financial Statements

(a) The Financial statements have been prepared under the historical cost convention in accordance with the generally accepted accounting principals, provisions of the companies Act, 1956 and Accounting Standards issued by the Institute of Chartered Accountants of India.

(b) Accounting Policies not specifically referred to otherwise are consistent with generally accepted accounting principals followed by the company.

B. Fixed Assets and depreciation

(a) Fixed Assets are stated at their original cost (net of Cenvat Credit where applicable) including freight, duties and other incidental expenses relating to installation and acquisition.

(b) Depreciation on Fixed assets are provided on Straight Line Method at the rate and in the manner prescribed under Schedule XIV of Companies Act, 1956.

C. Revenue Recognition:

a) Sales are net of sales tax, claims, returns and are recognized at the time of dispatch.

b) Interest is recognized on a proportionate basis taking into account the amount outstanding and the rate applicable.

D. Investment:

Investments are classified into current and long term investments. Current investments are stated at lower of cost and fair market value. Any reduction in fair value and any reversal is included in Profit & Loss A/c. Long term investments are stated at cost. A provision for diminution is made to recognize a decline, other than temporary in the value of long term investment. The resultant reduction in carrying cost is charged to Profit and Loss Account.

E. Inventories:

a) Raw Material, Consumables Stores and WIP are valued at cost.

b) Finished Goods, Traded Goods and scrap are valued at cost or net realizable value whichever is less.

c) Cost is calculated on weighted average method. In respect of WIP and Finished Goods appropriate overheads are considered.

F. Foreign Currency Transactions:

Transactions denominated in foreign currencies are normally recorded at the exchange rates prevailing at the time of transaction.

Monetary items denominated in foreign currencies at the year end are translated at year end exchange rate/or forward contract rates.

Any income or expenses on account of exchange rate difference either on settlement or on translation is recognized in the profit and loss account except where it relates to fixed assets. There were no foreign exchange transactions relating to fixed assets during the year.

G. Borrowing Cost

Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalized as a part of the cost or such assets. A qualifying asset is one that necessarily takes substantial period of time to get ready for intended use. All other borrowing costs are charged to revenue.

H. Taxes on Income

Provision for current tax is made for the amount of tax payable in respect of taxable income for the year under the Income Tax Act, 1961.

Deferred Tax is recognized subject to consideration of prudence on timing difference, being the differences between book profit and tax profit that originate in one period and are capable of reversal in one or more subsequent period. Deferred tax asset are not recognized on unabsorbed depreciation and carry forward of losses unless there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized.

I. Impairment of assets

An asset is treated as impaired, when carrying cost of the asset exceeds its recoverable amount. An impaired loss is charged to profit & loss account in the year in which it is identified as impaired.

J. Provisions, Contingent liabilities and contingent assets

Provision involving substantial degree of estimation in measurement are recognized when there is a present obligation as result of past events and it is probable that there will be an outflow of resources. Contingent liabilities are not recognized but are disclosed in the notes. Contingent assets are neither recognized nor disclosed in the financial statements.

K. Employee Benefits

a) The Company''s Contribution to Provident Fund and Family Fund are Charged to Profit & Loss Account.

b) Encashment of earned leave/Bonus has been paid to employees on yearly basis.

c) Gratuity Liability has neither determined nor provided for. Same will be accounted for as and when payable.

L. Cash & Cash Equivalent

Cash & cash equivalent in balance sheet comprises of cash in hand, cash at Bank and Cheques under collection.


Mar 31, 2013

A. Basis of Preparation of Financial Statements

(a) The Financial statements have been prepared under the historical cost convention in accordance with the generally accepted accounting principals, provisions of the companies Act, 1956 and Accounting Standards issued by the Institute of Chartered Accountants of India.

(b) Accounting Policies not specifically referred to otherwise are consistent with generally accepted accounting principals followed by the company.

B. Fixed Assets and depreciation

(a) Fixed Assets are stated at their original cost (net of Cenvat Credit where applicable) including freight, duties and other incidental expenses relating to installation and acquisition.

(b) Depreciation on Fixed assets are provided on Straight Line Method at the rate and in the manner prescribed under Schedule XIV of Companies Act, 1956.

C. Revenue Recognition:

a) Sales are net of sales tax, claims, returns and are recognized at the time of dispatch.

b) Interest is recognized on a proportionate basis taking into account the amount outstanding and the rate applicable.

D. Investment:

Investments are classified into current and long term investments. Current investments are stated at lower of cost and fair market value. Any reduction in fair value and any reversal is included in Profit & Loss A/c. Long term investments are stated at cost. A provision for diminution is made to recognize a decline, other than temporary in the value of long term investment. The resultant reduction in carrying cost is charged to Profit and Loss Account.

E. Inventories:

a) Raw Material, Consumables Stores and WIP are valued at cost.

b) Finished Goods, Traded Goods and scrap are valued at cost or net realizable value whichever is less.

c) Cost is calculated on weighted average method. In respect of WIP and Finished Goods appropriate overheads are considered.

F. Foreign Currency Transactions:

Transactions denominated in foreign currencies are normally recorded at the exchange rates prevailing at the time of transaction.

Monetary items denominated in foreign currencies at the year end are translated at year end exchange rate/or forward contract rates.

Any income or expenses on account of exchange rate difference either on settlement or on translation is recognized in the profit and loss account except where it relates to fixed assets. There were no foreign exchange transactions relating to fixed assets during the year.

G. Borrowing Cost

Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalized as a part of the cost or such assets. A qualifying asset is one that necessarily takes substantial period of time to get ready for intended use. All other borrowing costs are charged to revenue.

H. Taxes on Income

Provision for current tax is made for the amount of tax payable in respect of taxable income for the year under the Income Tax Act, 1961.

Deferred Tax is recognized subject to consideration of prudence on timing difference, being the differences between book profit and tax profit that originate in one period and are capable of reversal in one or more subsequent period. Deferred tax asset are not recognized on unabsorbed depreciation and carry forward of losses unless there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized.

I. Impairment of assets

An asset is treated as impaired, when carrying cost of the asset exceeds its recoverable amount. An impaired loss is charged to profit & loss account in the year in which it is identified as impaired.

J. Provisions, Contingent liabilities and contingent assets

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as result of past events and it is probable that there will be an outflow of resources. Contingent liabilities are not recognized but are disclosed in the notes. Contingent assets are neither recognized nor disclosed in the financial statements.

K. Employee Benefits

a) The Company''s Contribution to Provident Fund and Family Fund are charged to Profit & Loss Account.

b) Encashment of earned leave/Bonus has been paid to employees on yearly basis.

c) Gratuity Liability has neither determined nor provided for. Same is accounted for as and when payable not in accordance with AS-15 issued by Institute of Chartered Accountants of India.

L. Cash & Cash Equivalent

Cash & cash equivalent in balance sheet comprises of cash in hand, cash at Bank and Cheques under collection.


Mar 31, 2012

A. Basis of Preparation of Financial Statements

(a) The Financial statements have been prepared under the historical cost convention in accordance with the generally accepted accounting principals, provisions of the companies Act, 1956 and Accounting Standards issued by the Institute of Chartered Accountants of India.

(b) Accounting Policies not specifically referred to otherwise are consistent with generally accepted accounting principals followed by the company.

B. Fixed Assets and depreciation

(a) Fixed Assets are stated at their original cost (net of Cenvat Credit where applicable) including freight, duties and other incidental expenses relating to installation and acquisition.

(b) Depreciation on Fixed assets are provided on Straight Line Method at the rate and in the manner prescribed under Schedule XIV of Companies Act, 1956.

C. Revenue Recognition:

a) Sales are net of sales tax, claims, returns and are recognized at the time of dispatch.

b) Interest are recognized on a proportionate basis taking into account the amount outstanding and the rate applicable.

D. Investment:

Investments are classified into current and long term investments. Current investments are stated at lower of cost and fair market value. Any reduction in fair value and any reversal is included in Profit & Loss A/c. Long term investments are stated at cost. A provision for diminution is made to recognize a decline, other than temporary in the value of long term investment. The resultant reduction in carrying cost is charged to Profit and Loss Account.

E. Inventories:

a) Raw Material, Consumables Stores and WIP are valued at cost.

b) Finished Goods, Traded Goods and scrap are valued at cost or net realizable value whichever is less.

c) Cost is calculated on weighted average method. In respect of WIP and Finished Goods appropriate overheads are considered.

F. Foreign Currency Transactions:

Transactions denominated in foreign currencies are normally recorded at the exchange rates prevailing at the time of transaction.

Monetary items denominated in foreign currencies at the year end are translated at year end exchange rate/or forward contract rates.

Any income or expenses on account of exchange rate difference either on settlement or on translation is recognized in the profit and loss account except where it relates to fixed assets. There were no foreign exchange transactions relating to fixed assets during the year.

G. Borrowing Cost

Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalized as a part of the cost or such assets. A qualifying asset is one that necessarily takes substantial period of time to get ready for intended use. All other borrowing costs are charged to revenue.

H. Taxes on Income

Provision for current tax is made for the amount of tax payable in respect of taxable income for the year under the Income Tax Act, 1961.

Deferred Tax is recognized subject to consideration of prudence on timing difference, being the differences between book profit and tax profit that originate in one period and are capable of reversal in one or more subsequent period. Deferred tax asset are not recognized on unabsorbed depreciation and carry forward of losses unless there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized.

I. Impairment of assets

An asset is treated as impaired, when carrying cost of the asset exceeds its recoverable amount. An impaired loss is charged to profit & loss account in the year in which it is identified as impaired.

J. Provisions, Contingent liabilities and contingent assets

Provision involving substantial degree of estimation in measurement are recognized when there is a present obligation as result of past events and it is probable that there will be an outflow of resources. Contingent liabilities are not recognized but are disclosed in the notes. Contingent assets are neither recognized nor disclosed in the financial statements.

K. Employee Benefits

a) The Company's Contribution to Provident Fund and Family Fund are charged to Profit & Loss Account.

b) Encashment of earned leave/Bonus has been paid to employees on yearly basis.

c) Gratuity Liability has neither determined nor provided for. Same is accounted for as and when payable.

L. Cash & Cash Equivalent

Cash & cash equivalent in balance sheet comprises of cash in hand, cash at Bank and Cheques under collection.


Mar 31, 2011

A. Basis of Preparation of Financial Statements

(a) The Financial statements have been prepared under the historical cost convention in accordance with the generally accepted accounting principals, provisions of the companies Act, 1956 and Accounting Standards issued by the Institute of Chartered Accountants of India.

(b) Accounting Policies not specifically referred to otherwise are consistent with generally accepted accounting principals followed by the company.

B. Fixed Assets and depreciation

(a) Fixed Assets are stated at their original cost (net of Cenvat Credit where applicable) including freight, duties and other incidental expenses relating to installation and acquisition.

(b) Depreciation on Fixed assets are provided on Straight Line Method at the rate and in the manner prescribed under Schedule XIV of Companies Act, 1956.

C. Revenue Recognition:

a) Sales are net of sales tax, claims, returns and are recognized at the time of dispatch.

b) Interest are recognized on a proportionate basis taking into account the amount outstanding and the rate applicable.

D. Investment:

Investments are classified into current and long term investments. Current investments are stated at lower of cost and fair market value. Any reduction in fair value and any reversal is included in Profit & Loss A/c. Long term investments are stated at cost. A provision for diminution is made to recognize a decline, other than temporary in the value of long term investment. The resultant reduction in carrying cost is charged to Profit and Loss Account.

E. Inventories:

a) Raw Material, Consumables Stores and WIP are valued at cost.

b) Finished Goods, Traded Goods and scrap are valued at cost or net realizable value whichever is less.

c) Cost is calculated on weighted average method. In respect of WIP and Finished Goods appropriate overheads are considered.

F. Foreign Currency Transactions:

Transactions denominated in foreign currencies are normally recorded at the exchange rates prevailing at the time of transaction. Monetary items denominated in foreign currencies at the year end are translated at year end exchange rate/or forward contract rates.

Any income or expenses on account of exchange rate difference either on settlement or on translation is recognized in the profit and loss account except where it relates to fixed assets. There were no foreign exchange transactions relating to fixed assets during the year.

G. Borrowing Cost

Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalized as a part of the cost or such assets. A qualifying asset is one that necessarily takes substantial period of time to get ready for intended use. All other borrowing costs are charged to revenue.

H. Taxes on Income

Provision for current tax is made for the amount of tax payable in respect of taxable income for the year under the Income Tax Act, 1961. Deferred Tax is recognized subject to consideration of prudence on timing difference, being the differences between book profit and tax profit that originate in one period and are capable of reversal in one or more subsequent period. Deferred tax asset are not recognized on unabsorbed depreciation and carry forward of losses unless there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized.

I. Impairment of assets

An asset is treated as impaired, when carrying cost of the asset exceeds its recoverable amount. An impaired loss is charged to profit & loss account in the year in which it is identified as impaired.

J. Provisions, Contingent liabilities and contingent assets

Provision involving substantial degree of estimation in measurement are recognized when there is a present obligation as result of past events and it is probable that there will be an outflow of resources. Contingent liabilities are not recognized but are disclosed in the notes. Contingent assets are neither recognized nor disclosed in the financial statements.

K. Employee Benefits

a) The Company's Contribution to Provident Fund and Family Fund are charged to Profit & Loss Account.

b) Encashment of earned leave/Bonus has been paid to employees on yearly basis.

c) Gratuity Liability has neither determined nor provided for. Same is accounted for as and when payable.

L. Cash & Cash Equivalent

Cash & cash equivalent in balance sheet comprises of cash in hand, cash at Bank and Cheques under collection.


Mar 31, 2010

A. Basis of Preparation of Financial Statements

(a) The Financial statements have been prepared under the historical cost convention in accordance with the generally accepted accounting principals provisions of the companies Act, 1956 and Accounting Standard issued by the Institute of Chartered Accountants of India.

(b) Accounting Policies not specifically referred to otherwise are consistent with generally accepted accounting principals followed by the company.

(c) Previous year figures have been regrouped, rearranged wherever deemed necessary to confirm the current year figures.

B. Fixed Assets and depreciation

(a) Fixed Assets are stated at their original cost (net of Cenvat Credit where applicable) including freight, duties and other incidental expenses relating to installation and acquisition.

(b) Depreciation on Fixed assess are provided on Straight Line Method at the rate and in the manner prescribed under Schedule XIV of Companies Act, 1956)

C. Revenue Recognition:

Revenue is recognized on mercantile basis.

D. Investment

Nil.

E. Inventories

a) Raw Material & Consumable stores are valued at cost.

b) Finished Goods and scrap are valued at cost or market price whichever is less.


Mar 31, 2009

A. Basis of Preparation of Financial Statements

(a) The Financial statements have been prepared under the historical cost convention in accordance with the generally accepted accounting principals provisions of the companies Act, 1956 and Accounting Standard issued by the Institute of Chartered Accountants of India.

(b) Accounting Policies not specifically referred to otherwise are consistent with generally accepted accounting principals followed by the company.

(c) Previous year figures have been regrouped, rearranged wherever deemed necessary to confirm the current year figures.

B. Fixed Assets and depreciation

(a) Fixed Assets are stated at their original cost (net of Cenvat Credit where applicable) including freight, duties and other incidental expenses relating to installation and acquisition.

(b) Depreciation on Fixed assess are provided on Straight Line Method at the rate and in the manner prescribed under Schedule XIV of Companies Act, 1956)

C. Revenue Recognition:

Revenue is recognized on mercantile basis.

D. Inventories

a) Raw Material & Consumable stores are valued at cost.

b) Finished Goods and scrap are valued at cost or market price whichever is less

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