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Accounting Policies of MYM Technologies Ltd. Company

Jun 30, 2010

A) Accounting Assumptions:

The accounts have been prepared under the historical cost convention on the basis of a going concern with revenue recognized and expenses accounts on their accrual including provision/adjustments for committed obligation and amount determined as payable or received during the year.

b) Fixed Assets:

i) Fixed assets are stated at historical cost of acquisition, which is inclusive of freight, installation, duties and other incidental expenses.

ii) Depreciation is provided on the basis of straight line method at the rates provide in schedule XIV of the Companies Act, 1956.

c) Inventories: Inventory valued at lower of cost or market value.


Jun 30, 2009

A) Accounting Assumptions:

The accounts have been prepared under the historical cost convention on the basis of a going concern with revenue recognized and expenses accounts on their accrual including provision/adjustments for committed obligation and amount determined as payable or received during the year.

b) Fixed Assets:

i) fixed assets are stated at historical cost of acquisition , which is inclusive of freight, installation, duties and other incidental expenses.

ii) Depreciation is provided on the basis of straight line method at the rates provide in schedule XIV of the Companies Act, 1956.

c) Inventories:

No Inventories.

d) Miscellaneous Expenditure:

Preliminary and share issued expenses are amortized over period of ten years.

 
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