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Accounting Policies of Marathwada Refractories Ltd. Company

Mar 31, 2015

3.1. Change in accounting policy

Presentation and disclosure of financial statements

Financial Statements for the year ended 31st March 201S has been prepared and presented under Schedule III notified under the Companies Act 2013. Previous year Figures has been reclassified to be in conformity with the requirements applicable in the current year,

3.2. Use of estimates

The preparation of the financial statements in conformity with Indian GAAP requires the management to make judge ment, estimates and assumptions that affect the reported amounts of revenue, expenses, assets and liabilities and the disclosures of contingent liabilities, at the end of the reporting period. Although these estimates are based on the management's best knowledge of current events and actions, uncertainty about these assumptions and estimates could result in the outcomes requiring a material adjsutment to the carrying amounts of assets or liabilities in future periods.

3.3. Cash and Cash equivalents

Cash flow statement has been prepared in accordance with the indirect method prescribed in Accounting Standard-3. The cash flowsfrom regular revenue generating, investingand financing activities of the company are segregated.

3.4. Fixed Assets

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

Assets are depreciated overthe useful life of the assets as specified in Part C of Schedule II of Companies Act, 2013

3.5. Revenue Recognition

I nterest Income is recognised on a time proportionate basis taking into account the amount outstanding and the applicable interest rates.

Dividend Income is recognised in the books when it is declared by the company in which in vestments are held.

Dividend Income on Mutual Fund Investments are recognised in the books when it is declared and credited to Investment value or credited in the bank account

Other incomes, if any, are recognized in the books of accounts of the company as and when the same is accrued to the company.

3.6. Investments

Current investments are stated at cost or market value whichever is lower. Long term Investments are stated at cost and provisions are made in the books for diminution in their value, other than temporary. n vestments asshowninthe books of accounts comprise of investment in the shares of entities under same management and control.

Cost comprises of purchase price and directly attributable acq uisition charges.

Profit/ loss on sale of investments, if any, are computed with reference to the cost of the investments and provisions are made for the same in the books of account.

3.7. Retirement and other employee benefits

Expenses a nd liabilities in respect of employee benefits are recorded in accorda nee with Accounting Standard IS (Revised) issued by the ICAI.

During the year the company has not made any provision for Gratuity or Leave Encashment benefits since there are no employees in the company.

3.8. Earning Per Share

In determining Earnings per Share the entity considers the net earnings after tax.

Basic Earnings per Share.

Basic earnings per share is computed by dividing the net profit or loss attributable to equity share holders by the weighted | average number of equity shares outstanding during the period, after giving effect for events including bonus issue, share split, buy back of shares and rights issue to the share holders.

Diluted Earnings per Share

For computing diluted earnings per share, the net profit or loss attributable to equity share holders and the weighted average number of equity shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares.

Partly paid equity shares are treated as a fraction of an equity share to the extent that they are entitled to participate in dividends relative to a fully paid equity share during the reporting period

3.9. Income Tax

Tax expense comprises current tax and deferred tax.

Current Tax

Income taxes are computed using the tax effect accounting method, where taxes are accrued in the same period the related revenue and expenses arise. A provision is made for income tax annually, based on the tax liability computed, after considering tax allowances and exemptions. Provisions are recorded when it is estimated that a liability due to disaIlowances or other matters is probable.

Deferred Tax

The differences that result between the profit considered for income taxes and the profit as per the financial statements are identified, and thereafter a deferred tax asset or deferred tax liability is recorded for timing differences, namely the diff erences that originate in one accounting period and reverse in another, based on the tax effect of the aggregate amount being considered. The tax effect is calculated on the accumulated timing differences at the end of an accounting period, based on prevailing enacted or substantially enacted regulations. Deferred tax assets are recognized only if there is virtual certainty that they will be realized and are reviewed for the appropriateness of their respective carrying values at each balance sheet date.

Deferred Tax assets and Liabilities are offset if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred tax assets relate to the same taxable entity and the same taxation authority

3.10. Provisions

The company has made provisions for all known liabilities and expenditures existing as on the date of balance sheet for which an outflow of resources are probable as a result of past events and for which reliable estimates can be made, as required as per the provisions of AS 29 - "Provisions, Contingent Liabilities and Contingent Assets".

Further in case of any possible obligation that may, but probably will not require an outflow of resources no provision is recognized but appropriate disclosure made as contingent liabilities unless the possibility of outflow is remote.

Provisions are not discounted to its present value and are determined based on best estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates.

3.11. Contingent Liabilities

A Contingent Liability is a possible obligation that arise from past events whose existence will be confirmed by the occurrence or non occurrence of one or more uncertain future events beyond the control of the company or a present obligation that is not recognisable because it is not probable that an outflow of resources will be required to settle the obligation. The company does not recognise a contingent liability but discloses its existence in the financial statements.






Mar 31, 2014

1.1. Change in accounting policy

Presentation and disclosure of financial statements

Financial Statements for the year ended 31st March 2014 has been prepared and presented under Revised the Schedule VI notified under the Companies Act 1956. Previous year Figures has been reclassified to be in conformity with the requirements applicable in the current year.

1.2. Use of estimates

The preparation of the financial statements in conformity with Accounting Standards requires the management to make estimates and assumptions that affect the reported balances of assets and liabilities and disclosures relating to contingent assets and liabilities as at the date of the financial statements and reported amounts of income and expenses during the period. Examples of such estimates include future obligations under employee retirement benefits, income taxes and the useful lives of fixed assets.

1.3. Cash and Cash equivalents

Cash and Cash Equivalents in the Balance Sheet comprise cash at bank and in hand and short term, highly liquid investments that are readily convertible into known amounts of cash and which are subject to an insignificant risk of changes in value.

1.4. Fixed Assets

Fixed assets are stated at cost, less accumulated depreciation and impairment losses, if any. Cost comprises the purchase price and any attributable cost of bringing the asset to its working condition for its intended use. Depreciation is provided at Written Down Value method and at the rates and in the manner prescribed in Schedule XIV to the Companies Act, 1956, which management considers as being representative of the useful economic lives of such assets-

Furniture & Fixtures 18.1 %

Computers 40.0 %

1.5. Revenue Recognition

Interest Income is recognised on a time proportionate basis taking into account the amount outstanding and the applicable rates.

Dividend Income is recognised in the books when it is declared by the company in which investments are held.

Dividend Income on Mutual Fund Investments are recognised in the books when it is declared and credited to.

Investment value or credited in the bank account. Other incomes, if any, are recognized in the books of accounts of the company as and when the same is accrued to the company

1.6. Investments

Current investments are stated at cost or market value whichever is lower. Long term Investments are stated at cost and provisions are made in the books for diminution in their value, other than temporary. Investments as shown in the books of accounts comprise of investment in the shares of entities under same management and control.

Cost comprises of purchase price and directly attributable acquisition charges. Profit/loss on sale of investments, if any, are computed with reference to the cost of the investments and provisions are made for the same.

1.7. Retirement and other employee benefits

Expenses and liabilities in respect of employee benefits are recorded in accordance with Accounting Standard 15 (Revised) issued by the ICAI. During the year the company has not made any provision for Gratuity or Leave Encashment benefits since there are no employees in the company.

1.8. Earning Per Share .

In determining Earnings per Share the entity considers the net earnings after tax.

Basic Earnings per Share

Basic earnings per share is computed by dividing the net profit or loss attributable to equity share holders by the weighted average number of equity shares outstanding during the period, after giving effect for events including bonus issue, share split, buy back of shares and rights issue to the share holders.

Diluted Earnings per Share

For computing diluted earnings per share, the net profit or loss attributable to equity share holders and the weighted I average number of equity shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares.

Partly paid equity shares are treated as a fraction of an equity share to the extent that they are entitled to participate in dividends relative to a fully paid equity share during the reporting period

1.9. Income Tax

Tax expense comprises curren t tax and deferred tax.

Current Tax

Income taxes are computed using the tax effect accounting method, where taxes are accrued in the same period the | related revenue and expenses arise. A provision is made for income tax annually, based on the tax liability computed, after considering tax allowances and exemptions. Provisions are recorded when it is estimated that a liability due to disallowances or other matters is probable.

Deferred Tax

The differences that result between the profit considered for income taxes and the profit as per the financial | statements are identified, and thereafter a deferred tax asset or deferred tax liability is recorded for timing differences, namely the differences that originate in one accounting period and reverse in another, based on the tax effect of the aggregate amount being considered. The tax effect is calculated on the accumulated timing differences at the end of 1 an accounting period, based on prevailing enacted or substantially enacted regulations. Deferred tax assets are recognized only if there is virtual certainty that they will be realized and are reviewed for the appropriateness of their respective carrying values at each balance sheet date.

Deferred Tax assets and Liabilities are offset if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred tax assets relate to the same taxable entity and the same taxation authority

1.10. Provisions

The company has made provisions for all known liabilities and expenditures existing as on the date of balance sheet for which an outflow of resources are probable as a result of past events and for which reliable estimates can be made, as required as per the provisions of AS 29 - "Provisions, Contingent Liabilities and Contingent Assets". Further in case of any possible obligation that may, but probably will not require an outflow of resources no provision is recognized but appropriate disclosure made as contingent liabilities unless the possibility of outflow is remote. Provisions are not discounted to its present value and are determined based on best estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates.

1.11. Contingent Liabilities -

A Contingent Liability is a possible obligation that arise from past events whose existence will be confirmed by the occurrence or non occurrence of one or more uncertain future events beyond the control of the company or a present obligation that is not recognisable because it is not probable that an outflow of resources will be required to settle the obligation. The company does not recognise a contingent liability but discloses its existence in the financial statements.


Mar 31, 2013

1.1. Change in accounting policy

Presentation and disclosure of financial statements

Financial Statements for the year ended 31st March 2013 has been prepared and presented under Revised the Schedule VI notified under the Companies Act 1956. Previous year Figures has been reclassified to be in conformity with the requirements applicable in the current year.

1.2 Use of estimates

The preparetion of the financial statements in conformity with Accounting Standards requires the management to make estimates and assumptions that affect the reported balances of assets and liabilities and disclosures relating to contigent assets and liabilities as at the date of the financial statements and reported amounts of income and expenses during the period. Examples of such estimates include future obligaions under employee retirement benefits, income taxes and the useful lives of fixed assets.

1.3. Cash and Cash equivalents

Cash and Cash Equivalents

Cash and Cash Equivalents in the Balance Sheet comprise cash at bank and in hand and short term, highly liquid investments that are readily convertible into known amounts of cash and which are subject to an insignificant risk of changes in value.

1.4. Fixed Assets

Fixed assets are stated at cost, less accumulated depreciation and impairment losses, if any. Cost comprises the purchase price and attributable cost of bringing the asset to its working condition for its inteded use. Depreciation is provided at Written Down Value method and at the rates and in the manner prescribed in Schedule Xiv to the Companies Act, 1956, which management considers as being representative of the useful econimic lives of such assets-

Furniture & Fixtures 18.1%

Computers 40.0%

1.5, Revenue Recognition

Interest Income is recognised on a time proportionate basis taking into account the amount outstanding and the applicable rates.

Dividend Income is recognised in the books when it is declared by the company in which investments are held. *

Dividend Income on Mutual Fund Investments are recognised in the books when it is declared and credited to | I nvestment value or credited in the bank account. Other incomes, if any, are recognized in the books of accounts of the company as and when the same is accrued to the company

1.6. Investments

Current investments are stated at cost or market value whichever is lower. Long term Investments are stated at cost and provisions are made in the books for diminution in their value, other than temporary. Investments as shown in the books of accounts comprise of investment in the shares of entities undersame management and control.

Cost comprises of purchase price and directly attributable acquisition charges. Profit / loss on sale of investments, if any, are computed with reference to the cost of the investments and provisions are made for the same.

1.7 Retirement and other employee benefits |

Expenses and liabilities in respect of employee benefits are recorded in accordance with Accounting Standard 15 (Revised) issued by the ICAI. During the year the company has not made any provision for Gratuity or Leave Encashment benefits since there are no employees in the company.

1.8. Earning Per Share

In determining Earnings per Share the entity considers the net earnings aftertax.

Basic Earnings per Share

Basic earnings per share is computed by dividing the net profit or loss attributable to equity share holders by the weighted average number of equity shares outstanding during the period, after giving effect for events including bonus issue, share split, buy back of shares and rights issue to the share holders.

Diluted Earnings per Share

For computing diluted earnings per share, the net profit or loss attributable to equity share holders and the weighted average number of equity shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares.

Partly paid equity shares are treated as a fraction of an equity share to the extent that they are entitled to participate in dividends relative to a fully paid equity share duringthe reporting period

1.9. Income Tax

Tax expense comprises currenttaxand deferred tax.

CurrentTax

Income taxes are computed using the tax effect accounting method, where taxes are accrued in the same period thi related revenue and expenses arise. A provision is made for income tax annually, based on the tax liability computed, after considering tax allowances and exemptions. Provisions are recorded when it is estimated that a liability due to disallowances or other matters is probable.

Deferred Tax

The differences that result between the profit considered for income taxes and the profit as per the financial ;. statements are identified,andthereaftera deferred tax asset or deferred tax liability is recordedfortimingdifferences, namely the differences that originate in one accounting period and reverse in another, based on the tax effect of the aggregate amount being considered. The tax effect an accounting period based on

1.10. Provisions

The company has made provisions for all known liabilities and expenditures existing as on the daet of balance sheet for which an outflow of resources are probable as a result of past events and for which reliable estimates can be made, as required as per the provisions of AS 29-"Provisions, Contigent Liabilities and Contigient Assets". Further in case of any possible obligation that may, but probably will not require an outflow of resources no provision is recognized but appropriate disclosure made as contingent liabilities unless the possibility of outflow is remote.

Privisions are not discounted to its prevent value and are determined based on best estimate required to settle the obligation at the balabce sheet date. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates.


Mar 31, 2012

1.1. Change in accounting policy

Presentation and disclosure of financial statements

Financial Statements for the year ended 31st March, 2012 has been prepared and presented under Revised the Schedule VI notified under the Companies Act 1956, which becomes applicable for the Financial Year 2011-2012 onwards. The adoption of revised Schedule VI does not impact recognition and measurement principles followed for preparation of financial statements. Previous year Figures has been reclassified to be in conformity with the requirements applicable in the current year.

1.2. Use of estimates

The preparation of the financial statements in conformity with Accounting Standards requires the management to make estimates and assumptions that affect the reported balances of assets and liabilities and disclosures relating to contingent assets and liabilities as at the date of the financial statements and reported amounts of income and expenses during the period. Examples of such estimates include future obligations under employee retirement benefits, income taxes and the useful lives of fixed assets.

1.3. Revenue Recognition

Interest Income is recognised on a time proportionate basis taking into account the amount outstanding and the applicable rates.

Dividend Income is recognised in the books when it is declared by the company in which investments are held. Dividend Income on Mutual Fund Investments are recognised in the books when it is declared and credited to Investment value or credited in the bank account. Other incomes, if any, are recognized in the books of accounts of the company as and when the same is accrued to the company

1.4. Investments

Current investments are stated at cost or market value whichever is lower. Long term Investments are stated at cost and provisions are made in the books for diminution in their value, other than temporary. Investments as shown in the books of accounts comprise of investment in the shares of entities under same management and control. Cost comprises of purchase price and directly attributable acquisition charges. Profit/loss on sale of investments/if any, are computed with reference to the cost of the investments and provisions are made for the same.

1.5. Retirement and other employee benefits

Expenses and liabilities in respect of employee benefits are recorded in accordance with Accounting Standard 15 (Revised) issued by the ICAI. During the year the company has not made any provision for Gratuity or Leave Encashment benefits since there are no employees in the company.

1.6. Earnings Per Share

In determining Earnings per Share the entity considers the net earnings after tax. Basic Earnings per Share Basic earnings per share is computed by dividing the net profit or loss attributable to equity share holders by the weighted average number of equity shares outstanding during the period, after giving effect for events including bonus issue, share split buy back of shares and rights issue to the share holders. Diluted Earnings per Share For computing diluted earnings per share, the net profit or loss attributable to equity share holders and the weighted average number of equity shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares. Partly paid equity shares are treated as a fraction of an equity share to the extent that they are entitled to participate in dividends relative to a full

1.7. Income Tax

Tax expense comprises current tax and deferred tax.

Current Tax

Income taxes are computed using the tax effect accounting method, where taxes are accrued in the same period the related revenue and expenses arise. A provision is made for income tax annually, based on the tax liability computed, after considering tax allowances and exemptions. Provisions are recorded when it is estimated that a liability due to disallowances or other matters is probable- Deferred Tax

The differences that result between the profit considered for income taxes and the profit as per the financial statements are identified, and thereafter a deferred tax asset or deferred tax liability is recorded for timing differences, namely the differences that originate in one accounting period and reverse in another, based on the tax effect of the aggregate amount being considered. The tax effect is calculated on the accumulated timing differences at the end of an accounting period, based on prevailing enacted or substantially enacted regulations. Deferred tax assets are recognized only if there is virtual certainty that they will be realized and are reviewed for the appropriateness of their respective carrying values at each balance sheet date.

Deferred Tax assets and Liabilities are offset if a legally enforceable right exists to set off current tax assets against current tax liabilities

1.8. Provisions

The company has made provisions for all known liabilities and expenditures existing as on the date of balance sheet for which an outflow of resources are probable as a result of past events and for which reliable estimates can be made, as required as per the provisions of AS 29 - "Provisions, Contingent Liabilities and Contingent Assets". Further in case of any possible obligation that may, but probably will not require an outflow of resources no provision is recognized but appropriate disclosure made as contingent liabilities unless the possibility of outflow is remote.

Provisions are not discounted to its present value and are determined based on best estimate required to settle the obligation at the balance sheet date.

1.9. Contingent Liabilities

A Contingent Liability is a possible obligation that arise from past events whose existence will be confirmed by the occurrence or nonoccurence of one or more uncertain future events beyond the control of the company or a present obligation that is not recognisable because it is not probable that an outflow of resources will be required to settle the obligation. The company does not recognise a contingent liability but discloses its existence in the financial statements.


Mar 31, 2011

A) Accounting Convention:

The financial statements are prepared under the historical cost convention on an accrual basis of accounting and in accordance with the standards on accounting issued by the Institute of Chartered Accountants of India and referred to in section 211(3C) of the Companies Act,1956.

B) Fixed Assets:

Fixed Assets are stated at historical cost. Historical cost is inclusive of pre-operative expenses, installation cost, duties and taxes and other incidental expenses incurred towards acquisition and installation of Fixed Assets reduced by CENVAT of excise duty available.

C) Depreciation:

i) The company follows the written down value method of depreciation.

ii)The rates of depreciation charged on all fixed assets are in accordance with the notification dated 16th December,1993 issued under Companies Act,1956

iii) On assets sold, discarded etc. during the year depreciation is not provided during the year of sale/discarded.

D) Investments: Investments are stated at cost of acquisition

E) Deferred Tax Liability: The Deferred tax charge or credit and the corresponding deferred tax liability or asset are recognized using the tax rates have been enacted or substantively enacted by the balance sheet date. The company recognized the deferred tax liability on date of balance sheet as per Accounting Standards 22 issued by the Institute of Chartered accountants of India.

F) Contingencies and Events Occurring After the Date Of Balance Sheet:

i) Accounting for contingencies(gains and losses) arising out of contractual obligation are made only on the basis of mutual acceptance.

ii) Material events occurring after the date of balance sheet are considered up to the date of adoption of the Accounts.

G) Gratuity:

Provision for gratuity is made on accrual basis for one employee presently working with the company.

H) Leave Encashment: There is only one employee. As per terms of appointment there is no entitlement of Leave encashment. I) Other Accounting Policies:

i) These are consistent with generally accepted accounting practices.

ii) The outstanding balance of Debtors, Creditors, Deposits and advance are subject to confirmation.

iii) In the opinion of the Board and to the best of their knowledge and belief the value on realization on current assets, loans and advances in the ordinary course of business is not less than the amount at which they are stated in the Balance Sheet.


Mar 31, 2010

A) Accounting Convention:

The financial statements are prepared under the historical cost convention on an accrual basis of accounting and in accordance with the standards on accounting issued by the Institute of Chartered Accountants of India and referred to in section 211 (3C) of the Companies Act, 1956.

B) Fixed Assets:

Fixed Assets are stated at historical cost. Historical cost is inclusive of pre-operative expenses, installation cost, duties and taxes and other incidental expenses incurred towards acquisition and installation of Fixed Assets reduced by CENVAT of excise duty available.

C) Depreciation:

i) The Company follows the written down value method of depreciation.

ii) The rates of depreciation charged on all fixed assets are in accordance with the notification dated 16th December, 1993 issued under Companies Act., 1956.

iii) On assets sold, discarded etc. during the year depreciation is not provided during the year of sale/ discarded

D) Investments:

Investments are stated at cost of acquisition

E) Deferred Tax Liability:

The Deferred tax charge or credit and the corresponding deferred tax liability or asset are recognised using the tax rates have been enacted or substantively enacted by the balance sheet date. The company recog- nized the deferred tax liability on date of balance sheet as per Accounting Standard 22 issued by the Institute of Chartered accountants of India.

As per Accounting Standard (AS) 22 being mandatory an amount of Rs. 1,73,386/- (Previous year 23578/-) has been credited (Previous Year debited) to profit and Loss Account as deferred tax liability.

F) Contingencies and Events Occurring After the Date Of Balance Sheet:

i) Accounting for contingencies (gains and losses) arising out of contractual obligation are made only on the basis of mutual acceptance.

ii) Material events occurring after the date of balance sheet are considered up to the date of adoption of the Accounts.

G) Gratuity:

Provision for gratuity is made on accrual basis for one employee presently working with the company. H) Leave Encashment:

There is only one employee. As per terms of appointment there is no entitlement of Leave encashment.

H) Other Accounting Policies:

i) These are consistent with the generally accepted accounting practices.

ii) The outstanding balance of Debtors, Creditors, Deposits and advances are subject to confirmation.

iii) In the opinion of the Board and to the best of their knowledge and belief the value on realisation on current assets, loans and advances in the ordinary course of business is not less than the amount at which they are stated in the Balance Sheet.


Mar 31, 2009

A) Accounting Convention:

The financial statements are prepared under the historical cost convention on an accrual basis of accounting and in accordance with the standards on accounting issued by the Institute of Chartered Accountants of India and referred to in section 211 (3C) of the Companies Act, 1956.

B) Fixed Assets:

Fixed Assets are stated at historical cost. Historical cost is inclusive of pre-operative expenses, installation cost, duties and taxes and other incidental expenses incurred towards acquisition and installation of Fixed Assets reduced by CEN VAT of excise duty available.

C) Depreciation:

i) The Company follows the written down value method of depreciation.

ii) The rates of depreciation charged on all fixed assets are in accordance with the notification dated 16th December, 1993 issued under Companies Act., 1956.

iii) On assets sold, discarded etc. during the year depreciation is not provided during the year of sale/discarded

D) Investments:

Investments are stated at cost of acquisition

E) Deferred Tax Liability:

The Deferred tax charge or credit and the corresponding deferred tax liability or asset are recognised using the tax rates have been enacted or substantively enacted by the balance sheet date. The company recognized the deferred tax liability on date of balance sheet as per Accounting Standard 22 issued by the Institute of Chartered accountants of India.

As per Accounting Standard (AS) 22 being mandatory an amount of Rs.23578/- (Previous year 21271 /-) has been debited to profit and Loss Account as deferred tax liability.

F) Contingencies and Events Occurring After the Date Of Balance Sheet:

i) Accounting for contingencies (gains and losses) arising out of contractual obligation are made only on the basis of mutual acceptance.

ii) Material events occurring after the date of balance sheet are considered up to the date of adoption of the Accounts.

G) Gratuity:

Provision for gratuity is made on accrual basis for one employee presently working with the company.

H) Leave Encashment:

There is only one employee. As per terms of appointment there is no entitlement of Leave encashment.

I) Other Accounting Policies:

i) These are consistent with the generally accepted accounting practices.

ii) The outstanding balance of Debtors, Creditors, Deposits and advances are subject to confirmation.

iii) In the opinion of the Board and to the best of their knowledge and belief the value on realisation on current assets, loans and advances in the ordinary course of business is not less than the amount at which they are stated in the Balance Sheet.

 
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