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Accounting Policies of Kriptol Industries Ltd. Company

Mar 31, 2015

1. Basis of Preparation of Financial Statement

The company follows mercantile system of accounting , recognition income and expenditure on accrual basis. The accounts are prepared on historical cost convention and as a going concern and in accordance with the provision of the companies act, 1956 as adopted consistently by the company. Accounting policies not referred to specifically otherwise are consistent and in consonance with generally accepted accounting policies.

2. Fixed Assets

Fixed Assets which have been put to use are shown at cost or acquisition (including expenses related to installation and proportionate share of Preoperative expenses top the relative assets) less depreciation. No depreciation has been provided on fixed assets which are under installation or installed but not put to use.

3. Depreciation

(1) Depreciation is provided on pro-rata basis, from the data on which assets have been put to use.

(2) Depreciation is provided on Written Down value basis at the rates as prescribed u/s. XIV to the Co. Act'' 1956.

4. Related Party Disclosure

There is no related party transactions took place during the year.

5. The company has not made any provision for deferred tax liability arising out of timing difference on account of depreciation as per companies act and Income Tax Act as per Accounting Standard AS-22 prescribed ICAI

Mar 31, 2014

Basic of Accounting

The financial statements have been prepared on the historical cost convention based on the accrual concept and in accordance and in accordance with applicable accounting standards referred to in subsection 3c of section 211 of the companies Act, 1956 and normally accepted accounting principles. The accounting is on the basis of the going concern concept.

Fixed Assets

Fixed assets are stated at cost of acquisition or construction. They are stated at historical cost less accumulated depreciation.

Depreciation

Depreciation on fixed assets is provided on written down basis in accordance with provisions of the companies Act, 1956 at the rates and in the manner specified in schedule XIV of this Act.

Investments

Current investments are carried at lower of cost or fair value. Long term investments are carried at cost. However when there is a decline other than temporary, the carrying amount is reduced to recognize the decline.

Inventories

Items of inventory are valued at lower of cost and net realizable value.

Revenue recognition

Income from traded goods is recognized on accrual basis.

Amortization

Miscellaneous Expenditure is being amortized proportionately over a period of the ten years.

Borrowing costs

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

Related Party Transaction

Company has not entered into any such transactions.

Taxes on income

Tax expense comprises both current and deferred tax at the applicable enacted / substantially enacted rates. Current tax represents the amount of income tax payable / recoverable in respect of the taxable income / loss for reporting period. Deferred taxes represents the effect of timing difference between taxable income and accounting income for the reporting period and are capable of reversal in one or more subsequent periods.

Earning per share

The Implementation of Accounting Standard (as-20) "Earning Per Share" Issued by the Institute of Chartered Accountants of India.

Contingent liabilities

Contingent liabilities, if any are disclosed in the notes accounts. Provision is made in the accounts for the contingencies which are likely to materialize into liabilities after the year end, till the approval of accounts of the Board of Directors and which have a material effect on the position stated in the Balance Sheet.

Mar 31, 2013

Basic of Accounting

The financial statements have been prepared on the historical cost convention based on the accrual concept and in accordance and in accordance with applicable accounting standards referred to in subsection 3c of section 211 of the companies Act, 1956 and normally accepted accounting principles. The accounting is on the basis of the going concern concept.

Fixed Assets

Fixed assets are stated at cost of acquisition or construction. They are stated at historical cost less accumulated depreciation.

Depreciation

Depreciation on fixed assets is provided on written down basis in accordance with provisions of the companies Act, 1956 at the rates and in the manner specified in schedule XIV of this Act.

Investments

Current investments are carried at lower of cost or fair value. Long term investments are carried at cost. However when there is a decline other than temporary, the carrying amount is reduced to recognize the decline.

Inventories

Items of inventory are valued at lower of cost and net realizable value.

Revenue recognition

Income from traded goods is recognized on accrual basis.

Amortization

Miscellaneous Expenditure is being amortized proportionately over a period of the ten years.

Borrowing costs

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

Related Party Transaction

Company has not entered into any such transactions.

Taxes on income

Tax expense comprises both current and deferred tax at the applicable enacted / substantially enacted rates. Current tax represents the amount of income tax payable / recoverable in respect of the taxable income / loss for reporting period. Deferred taxes represents the effect of timing difference between taxable income and accounting income for the reporting period and are capable of reversal in one or more subsequent periods.

Earning per share

The Implementation of Accounting Standard (as-20) "Earning Per Share" Issued by the Institute of Chartered Accountants of India.

Contingent liabilities

Contingent liabilities, if any are disclosed in the notes accounts. Provision is made in the accounts for the contingencies which are likely to materialize into liabilities after the year end, till the approval of accounts of the Board of Directors and which have a material effect on the position stated in the Balance Sheet.

Mar 31, 2012

Basic of Accounting

The financial statements have been prepared on the historical cost convention based on the accrual concept and in accordance and in accordance with applicable accounting standards referred to in subsection 3c of section 211 of the companies Act, 1956 and normally accepted accounting principles. The accounting is on the basis of the going concern concept.

Fixed Assets

Fixed assets are stated at cost of acquisition or construction. They are stated at historical cost less accumulated depreciation.

Depreciation

Depreciation on fixed assets is provided on written down basis in accordance with provisions of the companies Act, 1956 at the rates and in the manner specified in schedule XIV of this Act.

Investments

Current investments are carried at lower of cost or fair v alue. Long term investments are carried at cost. However when there is a decline other than temporary, the carrying amount is reduced to recognize the decline.

Inventories

Items of inventory are valued at lower of cost and net realizable value.

Revenue recognition

Income from traded goods is recognized on accrual basis.

Amortization

Miscellaneous Expenditure is being amortized proportionately over a period of the ten years. Borrowing costs

Borrowing costs that are attributable to the acquisition, con struction or production of qualifying assets Eire capitalized as part of the cost of such assets. A qualifying assets is one that necessarily takes a substantial period of time to get ready for its intended use. All other borrowing costs are changed to revenue.

Related Party Transaction

Company has not entered into any such transactions.

Tcuces on income

Tax expense comprises both current and deferred tax at the applicable enacted / substantially enacted rates. Current tax represents the amount of income ta x payable / recoverable in respect of the taxable income / loss for reporting period. Deferred taxes represents the effect of timing difference between taxable income and accounting income for the reporting period and are capable of reversal in one or more subsequent periods.

Earning per share

The Implementation of Accounting Standard (as -20) "Earning Per Share" Issued by the Institute of Chartered Accountants of India.

Contingent liabilities

Contingent liabilities, if any are disclosed in the not es accounts. Provision is made in the accounts for the contingencies which are likely to materialize into liabilities after the year end, till the approval of accounts of the Board of Directors and which have a material effect on the position stated in the Balance Sheet.

Mar 31, 2011

(i) Revenue Recognition

(a) Revenue from issue management, loan syndication, financial advisory services etc., is recognized based on the stage of completion of assignments and terms of agreement with the client.

(b) Gains and losses on dealing with securities & derivatives are recognized on trade date.

(ii) Stock-in-trade (i.e. inventories)

(a) The securities acquired with the intention of holding for short-term are classified as investment and securities acquired for trading are classified as stock-in-trade.

(b) The securities held as stock-in-trade are valued at lower of cost arrived at on weighted average basis or market/ fair value, computed category-wise. In case of investments transferred to stock-in-trade, carrying amount on the date of transfer is considered as cost. Commission earned in respect of securities acquired upon devolvement is reduced from the cost of acquisition. Fair value of unquoted shares is taken at l^reak-up value of shares as per the latest audited Balance Sheet of the concerned company. In case of debt instruments, fair value is worked out on the basis of yield to maturity rate selected considering quotes where available and credit profile of the issuer and market related spreads over the government securities

(c) Discounted instruments like Commercial paper/treasury bills/zero con p. n instruments are valued at carrying cost. The difference between nr acquisition cost and' the redemption value of discounted instruments is apportioned on a straight line basis for the period of holding and recognized as Interest income.

(d) Units of mutual fund are valued at lower of cost and net asset value.

(iii) Investments

The securities acquired with the intention of holding till maturity or for a longer period are classified as investments, (b) Investments are carried at cost arrived at on weighted average basis. Commissions earned in respect of securities acquired upon devolvement are reduced from the cost of acquisition. Appropriate provision is made for other than temporary diminution in the value of investments.

(iv) Fixed Assets and Depreciation

(a) Fixed assets are stated at historical cost less accumulated depreciation and impairment loss, if any. Cost comprises the purchase price and any attributable cost of bringing the asset to its working condition for intended use.

(b) Depreciation on fixed assets is provided on SLM method at the rate and in the manner prescribed in Schedule XTV of the Companies Act, 1956.

(v) Deferred Tax

Tax expense comprises both current and deferred taxes. Current income-tax is measured at the amount expected to be paid to the tax authorities in accordance with the Indian Income Tax Act. Deferred income tax reflects the impact of current year timing differences between taxable income and accounting income for the year and reversal of timing differences of earlier years. Deferred tax is measured based on the tax rates and the tax laws enacted or substantively enacted at the Balance Sheet date. Deferred tax assets are recognised only to the extent that there Is reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realised. Unrecognised deferred tax assets of earlier years are re-assessed and recognised to the extent that it has become reasonably certain that future taxable income will be available against which such deferred tax assets can be realised.

(vi) Derivatives Transactions

(a) All open positions are marked to market.

(b) Gains are recognized only on settlement/expiry of the derivative instruments except for Interest Rate derivatives where even mark to-market gains are recognized.

(vii) Earning Per Share

Basic earnings per share is calculated by dividing the net profit or loss for the period attributable to equity shareholders (after deducting attributable taxes) by the weighted average number of equity shares outstanding during the period.

Mar 31, 2010

(i) Revenue Recognition

(a) Revenue from issue management, loan syndication, financial advisory services etc., is recognized based on the stage of completion of assignments and terms of agreement with the client.

(b) Gains and losses on dealing with securities & derivatives are recognized on trade date.

(ii) Stock-in-trade (i.e. inventories)

(a) The securities acquired with the intention of holding for short-term are classified as investment and securities acquired for trading are classified as stock-in-trade.

(b) The securities held as stock-in-trade are valued at lower of cost arrived at on weighted average basis or market/ fair value, computed category-wise. In case of investments transferred to stock-in-trade, carrying amount on the date of transfer is considered as cost. Commission earned in respect of securities acquired upon devolvement is reduced from the cost of acquisition. Fair value of unquoted shares is taken at break-up value of shares as per the latest audited Balance Sheet of the concerned company. In case of debt instruments, fair value is worked out on the basis of yield to maturity rate selected considering quotes where available and credit profile of the issuer and market related spreads over the government securities

(c) Discounted instruments like Commercial paper/treasury bills/zero coupon instruments are valued at carrying cost. The difference between the acquisition cost and the redemption value of discounted instruments is apportioned on a straight line basis for the period of holding and recognized as Interest income.

(d) Units of mutual fund are valued at lower of cost and net asset, value. (iii) Investments

(iv) Fixed Assets and Depreciation

(b) Depreciation on fixed assets is provided on SLM method at the rate and in the manner prescribed in Schedule XIV of the Companies Act, 1956.

(v) Deferred Tax

Tax expense comprises both current and deferred taxes. Current income-tax is measured at the amount expected to be paid to the tax authorities in accordance with the Indian Income Tax Act. Deferred income tax reflects the impact of current year timing differences between taxable income and accounting income for the year and reversal of timing differences of earlier years. Deferred tax is measured based on the tax rates and the tax laws enacted or substantively enacted at the Balance Sheet date. Deferred tax assets are recognised only to the extent that there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realised. Unrecognised deferred tax assets of earlier years are re-assessed and recognised to the extent that it has become reasonably certain that future taxable income will be available against which such deferred tax assets can be realised.

(vi) Derivatives Transactions

(a) All open positions are marked to market.

(b) Gains are recognized only on settlement/expiry of the derivative instruments except for Interest Rate derivatives where even mark to-market gains are recognized.

(vii) Earning Per Share

Mar 31, 2009

1. SYSTEM OF ACCOUNTING :

The Financial statements are prepared on the basis of historical cost convention on accrual basis and on gome, concern basis

2 REVENUE RECOGNITION :

All known expenditure and income to the extent payable or receivable respectively and quantifiable till the date of finalisation of accounts are accounted on accrual basis.

3 FIXED ASSETS :

Fixed assets are carried at cost of acquisition or construction including incidential expenses related to acquisition and installation on concerned assets, less accumulated depreciation and amortisation.

4. DEPRECIATION :-

Depreciation has been provided on Straight Line Method in accordance with the provision of Section 205(2)(b) of the Companies Act. 1956 at the rate prescribed in Schedule XIV of the Companies Act. 1956 on prorata basis with reference to the date of acquisition/installation.

5. INVESTMENTS

Long term investments are stated at cost. Provision for dimulation in the value of long term investment is made only if such decline is other than temporary in the opinon of the management.

6. SUNDRY DEBTORS

No provision has been made for the bad debts. Bad debts will be accounted for in the books. and to be charged to revenue, as and when they arise.

7. VALUATION OF INVENTORIES

a] Raw Material : At Cost

b] Consumable Stores At Cost

c] Finished Goods : At Cost or net realisable value whichever is less.

8. CONTINGENT LIABILITIES

There were no Contigent liabilities. All liabilities were accounted forthwith

9. SALES

Sales are invoiced on delivery of goods to the customers. Invoiced value of sales excluding Sales Tax and net of sales return.

10. RESEARCH & DEVELOPMENT

No research and development expenditure has been incurred by the firm during the year.

11. FOREIGN CURRENCY TRANSACTION

The Company has not made any foreign currency transaction during the year.

12. RETIREMENT BENEFITS

No provision for retirement benefits for employees has been made. The Company has adopted PAY-AS-YOU-GO method for the payment of other retirement benefits if any payable to the employees.

13. MISCELLANEOUS EXPENDITURE

(a) Preliminary Expenses : In accordance with the provisions of section 35D of the Income Tax Act. 1961. the Company has written of 1/10 of Preliminary Expenses

(b) Public Issue Expenses : Public issue expenditures to be amortised over a period of ten years from the year in which public issue held. f Value of goods imported on CIF bases NIL NIL

g. Value of export calculated on FOB value NIL NIL

h. Value of other earning in foreign exchange NIL NIL

* 5. Expenditure incurred on employees who are in receipt of remuneration on the aggregate of not less than Rs. 24.00.000/- per annum if employed throughout the year and of Rs 2.00.000/- per month if employed for part of the year.

No.of Employees NIL NIL

Amount paid NIL NIL

6. Balance of Sundry creditors, debtors, loans and advances are subject to confirmation.

7. The audit has been carried out of the basis of the fresh computerised output reconciled.

8. In the opinion of the Board of Directors. Current Assets, Loans & Advances are realisable in the ordinary course of business, at the value at which they are stated.

9 Schedules "1 to 19" forms the integral part of the Balance Sheet as at 31st March 2009 and the Profit & Loss Account for the year ended on that date.

10 We are unable to categories the dues to Small Scale Industries (SSI) seperately due to lack of information regard to the status of the creditors for goods outstanding as on the balance sheet date.

11 SEGMENTATION REPORTING :

During the year Company has carried on the Trading Business of Pharmaceuticals in addition to the Dyes & Chemicals, the disclosure of segment information in pursuance to Accounting Standard No. 17 issued by Institute of Chartered Accountants of India is as under : Previous year figures are given in bracket.

(B) Secondary Segment Reporting (Geographical Segment) :

Secondary Segment reporting is performed on the basis of Geographical location. The Company sales are entirely domestic and indigenous and no distinguishable component exist. Hence the Company has no secondary geographical segment. 12. RELATED PARTY DISCLOSURES :

List of related parties with whom transactions have taken place during the year.

1. Name of related parties and descriptions of relationship :

a. Key Management Personnel : 1. Shri Pawankumar Agarwal

2. Shri Sureshbhai Desai

3. Shri Ramawtar Jangid

4. Smt. Rosydevi Agarwal

b. Companies controlled by 1. Human care Directors/Relatives 2. Shivacid (I) Pvt. Ltd.

3. Ayush Agarwal

4. Singhal Overseas Ltd.

5. Sadiran Estate 6. Roselab

Mar 31, 2007

The accounts are prepared in accordance with the accounting principles accepted in India. The Significant accounting policies to the extent applicable to the company are as under :-

1. SYSTEM OF ACCOUNTING :

The Financial statements are prepared on the basis of historical cost convention on accrual basis and on going concern basis.

2. REVENUE RECOGNITION :

All known expenditure and income to the extent payable or receivable respectively and quantifiable till the date of finalisation of accounts are accounted on accrual basis.

3. FIXED ASSETS :

Fixed assets are carried at cost of acquisition or construction including incidential expenses releted to acquisition and installation on concerned assets, less acumulated depreciation and amortisation.

4. DEPRECIATION :-

Depreciation has been provided on Straight Line Method in accordance with the provision of Section 205(2)(b) of the Companies Act, 1956 at the rate prescribed in Schedule XIV of the Companies Act, 1956 on prorata basis with reference to the date of acquisition/installation.

5. INVESTMENTS

Long term investments are stated at cost. Provision for dimulation in the value of long term investment is made only if such decline is other than temporary in the opinon of the management.

6. SUNDRY DEBTORS

No provision has t?an made for the bad debts. Bad debts will be accounted for in the books, and to be charged to revenue, as and when they arise.

7. VALUATION OF INVENTORIES

a] Raw Material : At Cost

b] Consumable Stores : At Cost

c] Finished Goods : At Cost or net realisable value whichever is less.

8. CONTINGENT LIABILITIES

There were no Contigent liabilities. All liabilities were accounted forthwith.

9 SALES

Sales are invoiced on delivery of goods to the customers. Invoiced value of sales excluding Sales Tax and net of sales return.

10. RESEARCH & DEVELOPMENT

No research and development expenditure has been incurred by the firm during the year.

11. FOREIGN CURRENCY TRANSACTION

The company has not made any foreign currency transaction during the year.

12. RETIREMENT BENEFITS

No provision for retirement benefits for employees has been made. The company has adopted PAY-AS-YOU-GO method for the payment of other retirement benefits if any payable to the employees.

13. MISCELLANEOUS EXPENDITURE

(a) Preliminary Expenses : In accordance with the provisions of section 35D of the Income Tax Act, 1961, the company has written of 1/10 of Preliminary Expenses, (b) Public Issue Expenses : Public issue expenditures to be amortised over a period of ten years from the year in which public issue held.

Jun 30, 2005

The accounts are prepared in accordance with the accounting principles accepted in India. The Significant accounting policies to the extent applicable to the company are as under :-

1. SYSTEM OF ACCOUNTING :

The Financial statements are prepared on the basis of historical cost convention on accrual basis and on going concern basis.

2. REVENUE RECOGNITION :

All known expenditure and income to the extent payable or receivable respectively and quantifiable till the date of finalisation of accounts are accounted on accrual basis.

3. FIXED ASSETS :

4. DEPRECIATION :-

5. INVESTMENTS

Long term investments are stated at cost. Provision for dimulation in the value of long term investment is made only if such decline is other than temporary in the opinon of the management.

6. SUNDRY DEBTORS

No provision has been made for the bad debts. Bad dabts will be accounted for in the books, and to be charged to revenue, as and when they arise.

7. VALUATION OF INVENTORIES

a] Raw Material .: At Cost

b] Consumable Stores : At Cost

c] Finished Goods : At Cost or net realisable value whichever is less.

8. CONTINGENT LIABILITIES

There were no Contigent liabilities. All liabilities were accounted forthwith.

9. SALES

Sales are invoiced on delivery goods to customers. Invoiced value of sales excluding Sales Tax and net of sales return.

10. RESEARCH & DEVELOPMENT

No research and development expenditure has been incurred by the firm during the year.

11. FOREIGN CURRENCY TRANSACTION

The company has not made any foreign currency transaction during the year.

12. RETIREMENT BENEFITS

No provision for retirement benefits for employees has been made. The company has adopted PAY-AS-YOU-GO method for the payment of other retirement benefits if any payable to the employees

13. MISCELLANEOUS EXPENDITURE

(a) Preliminary Expenses : In accordance with the provisions of section 35D of the Income Tax Act 1961, the company has written of 1/10 of Preliminary expenses.

(b) Public Issue Expenses : Public issue expenditures to be amortised over a period of ten years from the year in which public issue held.

Jun 30, 2003

[A] SIGNIFICANT ACCOUNTING POLICIES :-

The accounts are prepared in accordance with the accounting principles accepted in India. The Significant accounting policies to the extent applicable to the company are as under :-

1. SYSTEM OF ACCOUNTING :

The Financial statements are prepared on the basis of historical cost convention on accrual basis and on going concern basis.

2. REVENUE RECOGNITION :

All known expenditure and income to the extent payable or receivable respectively and quantifiable till the date of finalisation of accounts are accounted on accrual basis.

3. FIXED ASSETS :

4. DEPRECIATION :-

5. INVESTMENTS

Long term investments are stated at cost. Provision for dimulation in the value of long term investment is made only if such decline is other than temporary in the opinion of the management.

6. SUNDRY DEBTORS

No provision has been made for the bad debts. Bad debts will be accounted for in the books, and to be charged to revenue, as and when they arise.

7. VALUATION OF INVENTORIES

a] Raw Materials At Cost

b] Consumable Stores At Cost

c] Finished Goods At Cost or net realisable value whichever is lower.

8. CONTINGENT LIABILITIES

There were no Contingent liabilities. All liabilities were accounted forthwith.

9. SALES

Sales are invoiced on delivery of goods to the customers. Invoiced valued of sales excluding Sales Tax and net of sales return.

10. RESEARCH & DEVELOPMENT

No research and development expenditure has been incurred by the firm during the year.

11. FOREIGN CURRENCY TRANSACTION

The company has not made any foreign currency transaction during the year.

12. RETIREMENT BENEFITS

No provision for retirements benefits for employees has been made. The company has adopted PAY-AS-YOU-GO method for the payment of other retirement benefits if any payable . to the employees.

13. MISCELLANEOUS EXPENDITURE

(a) Preliminary Expenses : In accordance with the provisions of section 35D of the Income Tax Act 1961, the company has written of 1/10 of Preliminary expenses.

(b) Public Issue Expenses : Public issue expenditures to be amortised over a period of ten years from the year in which public issue held.

Jun 30, 2002

The accounts are prepared in accordance with the accounting principles accepted in India. The Significant accounting policies to the extent applicable to the company are as under:-

1. SYSTEM OF ACCOUNTING:

The Financial statements are prepared on the basis of historical cost convention on accrual basis and on going concern basis.

2. REVENUE RECOGNITION:

All known expenditure and income to the extent payable or receivable respectively and quantifiable till the date of finalisation of accounts are accounted on accrual basis.

3. FIXED ASSETS:

4. DEPRECIATION:-

5. INVESTMENTS

Long term investments are stated at cost. Provision for diminution in the value of long term investment is made only if such decline is other than temporary in the opinion of the management.

6. SUNDRY DEBTORS

No provision has been made for the bad debts. Bad debts will be accounted for in the books, and to be charged to revenue, as and when they arise.

7. VALUATION OF INVENTORIES

a) Raw Materials: At Cost

b) Consumable Stores: At Cost

c) Finished Goods: At Cost or net realisable value whichever is lower.

8. CONTINGENT LIABILITIES

There were no Contingent liabilities. All liabilities were accounted forthwith.

9. SALES

Sales are invoiced on delivery of goods to the customers. Invoiced valued of sales excluding Sales Tax and net of sales return.

10. RESEARCH & DEVELOPMENT

No research and development expenditure has been incurred by the firm during the year.

11. FOREIGN CURRENCY TRANSACTION

The company has not made any foreign currency transaction during the year.

12. RETIREMENT BENEFITS

No provision for retirements benefits for employees has been made. The company has adopted PAY-AS-YOU-GO method for the payment of other retirement benefits if any payable to the employees.

13. MISCELLANEOUS EXPENDITURE

(a) Preliminary Expenses: In accordance with the provisions of section 35D of the Income Tax Act 1961, the company has written of 1/10 of Preliminary expenses.

(b) Public Issue Expenses: Public issue expenditures to be amortised over a period of ten years from the year in which public issue held.

Jun 30, 2000

The accounts are prepared in accordance with the accounting principles accepted in India. The company follows method of accounting. The Significant accounting policies to the extent applicable to the company are as under.

(a) Fixed Assets :

Fixed Assets are stated at cost less depreciation. Depreciation is provided as specified in notes 4 above.

(b) Valuation of Inventories:

i) Raw Material : At cost.

ii) Consumable Stores : At cost.

iii) Finished Goods : At cost or net realisable value whichever is less.

No provision has been made for the bad debts.

(d) Recognition of Income & Expenditures:

All Income and expenditures are generally accounted on accrual basis.

(e) Investments:

Investment are valued at cost.

(f) Retirement Benefits:

No provision for retirement benefits for employees has been made as no employees have put in qualifying period of services for the entitlement of this benefit.

(g) Research & Development:

No research and development expenditure has been incurred by the company during the year.

Jun 30, 1999

The accounts are prepared in accordance with the accounting principles accepted in India. The company follows accrual method of accounting. The Significant accounting policies to the extent applicable to the company are as under :

(a) Fixed Assets :

Fixed Assets are stated at cost less depreciation. Depreciation is provided as specified in notes 4 above.

(b) Valuation of Inventories

i) Raw Material :

At cost.

ii) Consumable Stores :

At cost.

iii) Finished Goods :

At cost or net realisable value whichever is less

No provision has been made for the bad debts.

(d) Recognition of Income & Expenditures :

All Income and expenditures are generally accounted on accrual basis.

(e) Investments

Investment are valued at cost.

(f) Retirement Benefits

No provision for retirement benefits for employees has been made as no employees have put in qualifying period of services for the entitlement of this benefit.

(g) Research & Development

No research and development expenditure has been incurred by the company during the year.

(h) Contingent liabilities

Contingent liabilities are not provided for in the accounts and are separately shown elsewhere.

(i) Sales includes Sales tax, Excise duty and net of Sales return.

(i) Miscellaneous Expenditure :

Preliminary expenses are written off over a period of 10 financial years starting from the year in which they are incurred.

Deferred revenue expenditure are written off over a period of 5 years starting from previous year.

Share issue expenses are amortised in 10 financial years from the year of the allotment of the issue.

Jun 30, 1998

The accounts are prepared in accordance with the accounting principles accepted in India. The company follows accrual method of accounting. The Significant accounting policies to the extent applicable the company are as under:

1. Fixed Assets

Fixed Assets are stated at cost less depreciation. Depreciation is provided as specified in notes 4 above.

2. Valuation of Inventories

i) Raw Material : At cost. ii) Consumable Stores : At cost. iii) Finished Goods : At cost or net realisable value whichever is less.

3. Sundry Debtors :

No provision has been made for the bad debts.

4. Recognition of Income & Expenditures

All Income and expenditures are generally accounted on accrual basis.

5. Investments

Investment are valued at cost.

6. Retirement Benefits

No provision for retirement benefits for employees has been made as no employees have put in qualifying period of services for the entitlement of this benefit.

7. Research & Development

No research and development expenditure has been incurred by the company during the year.

8. Contingent liabilities

Contingent liabilities are not provided for in the accounts and are separately shown elsewhere.

9. Sales includes Sales tax, Excise duty and net of Sales return.

10. Miscellaneous Expenditure

Preliminary expenses are written off.

Jun 30, 1997

Details not available in 1997-98 report.

Jun 30, 1996

1. Fixed Assets

Fixed Assets are stated at cost less depreciation. Depreciation is provided as specified in notes 4 above.

2. Valuation of Inventories : i) Raw Material : At cost. ii)Consumable, Stores : At cost. iii) Finished Goods : At cost or net realisable value whichever is less.

3. Sundry Debtors :

No provision has been made for the bad debts.

4. Recognition of Income & Expenditures

All Income and expenditures are generally accounted on accrual basis

5. Investments :

Investment are valued at cost.

6. Retirement Benefits

No provision for retirement benefits for employees has been made as no employees have put in qualifying period of services for the entitlement of the benefit.

7. Research & Development :

No research and development expenditure has been incurred by the company during the year.

8. Contingent liabilities :

Contingent liabilities are not provided for in the accounts and are separately shown elsewhere.

9. Sales includes Sales tax Excise duty and net of Sales return.

10. Miscellaneous Expenditure

Preliminary expenses are written off over a period of 10 financial years starting from the year in which they are incurred.

Deferred revenue expenditure are written off over a period of 5 years starting from previous year.

Share issue expenses are amortised in 10 financial years from the year of the allotment of the issue.

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