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Accounting Policies of Neo Corp International Ltd. Company

Mar 31, 2015

A. Basis of Preparation of Financial Statements

These financial statements of the Company have been prepared under historical cost convention on accrual basis in accordance with the Generally Accepted Accounting Principles in India to comply with the accounting Standards notified under the Companies (Indian Accounting Standards) Rules, 2015 and the relevant provision of the Companies Act, 2013. The accounting policies have been consistently applied by the company unless otherwise stated.

B. Use of estimates

The preparation of financial statements in conformity with generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affects the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Although these estimates are based upon management''s best knowledge of current events and actions, the difference between the actual results and estimates are recognized in the period in which the results are known/materialized.

C. Fixed Assets

Tangible Assets

Tangible Assets are stated at cost less accumulated depreciation, impairment losses and specific grant/subsidies, if any. The cost comprises of purchase price/cost of construction, freight, duties (net of CENVAT), taxes and any directly attributable expenses of bringing the assets to working condition for its intended use. Financial costs relating to acquisition of fixed assets which take Substantial period of time to get ready for use are included to the extend they are related to the period till such assets are ready for intended use. Expenditure for additions, modifications, improvements and renewals are capitalized and expenditure for maintenance and repairs are charged to the Profit & Loss Account. When assets are sold, destroy or discarded, the respective cost and accumulated depreciation are removed from the accounts and any gain or loss resulting from their disposal is charged to the Profit & Loss Account.

Intangible Assets

Intangible Assets are stated at cost of acquisition less accumulated amortization/depletion, impairment losses and specific grant/subsidies, if any. The cost comprises of purchase price, borrowing, duties (net of CENVAT), taxes and any other directly attributable expenses for bringing the assets for its intended use.

D. Capital work in progress

The assets which are under construction, erection & installation and not ready for their intended use and other Capital work in progress are carried at cost, comprising direct cost, related incidental expenses and attributable interest.

E. Revenue Recognition

Revenue from sale of goods (other than export sales) is recognized on dispatch which coincides with transfer of significant risks & rewards to customer and is inclusive of excise duty and net of trade discounts, sales returns and commercial tax where applicable. Revenue from export sales is recognized on the date of the bill of lading or air waybill.

Sale of Services, Government grants/subsidies (Including Capital and Revenue), interest and other income are recognized on accrual basis but the dividend is recognized in the year of receipt.

F. Depreciation

Depreciation is provided on the straight Line Method basis, at the rate and in the manner prescribed in schedule XIV of the Companies Act, 1956 except on the plant and machinery acquired during the period 31st March 1995 to 31st March 2008 is provided on written down value method at the rates and in the manner prescribed in schedule XIV to the Companies Act, 1956. The Assets purchased and put to use during the year has been charged depreciation on pro-rata basis on prescribed rate.

G. Inventories

Cost of Inventory comprises all cost of purchase, cost of conversion, and other cost incurred for bringing the inventory to their present condition and location.

Items of Inventories are valued asunder:-

i] Raw Materials, Stores & Spares & Consumable are valued at Cost.

ii] Process Stocks are valued at direct raw material cost plus average cost of processing for various operation performed up to estimated stage of process.

iii] Finished Goods are valued at cost or market value whichever is lower.

H. Investment

Investments that are readily realizable and intended to be held for not more than a year are classified as current investments. All other investments are classified as long term Investments. Long term investments are carried at cost less provision made to recognize a decline, other than temporary, in value of such investment. Current investments are carried at lower of cost and fair value determined on individual investment basis. Cost of acquisition is inclusive of expenditure incidental to acquisition.

I. Foreign Currency transactions and translations

Foreign Currency transactions are recorded at the exchange rate prevailing at the time of the transaction. The current assets and current liabilities other than the transactions covered are translated at the rate prevailing on the Balance Sheet date and the resultant gain/loss is recognized in the financial statements. The transactions covered are recorded at the rate at which the forward contract was entered into.

Investment in subsidiary company is expressed in Indian Rupees at the rate of exchange prevailing at the date of investment.

J. Borrowing Costs

Borrowing cost that is attributable to the acquisition or construction of qualifying/eligible assets is capitalized as part of the cost of such assets. A qualifying/eligible asset is an asset that necessarily takes a substantial period of time to get ready for its intended use. All other borrowing cost is recognized as an expense in the period in which they are incurred.

K. Employee Benefits

a) Defined Contribution Plans

Contribution paid/payable to defined contribution plans comprising of provident fund, pension fund, superannuation fund etc, in accordance with the applicable laws and regulations are recognized as expenses during the period in which the employees perform the services that the payments cover.

The Company makes monthly contributions and has no further obligation under plans beyond its contributions.

b) Defined Benefit Plan

The liability as at the Balance Sheet date is provided for based on the actuarial valuation, based on Projected Unit Credit Method at the Balance Sheet date, carried out by an independent actuary. Actuarial Gains and Losses comprise experience adjustment and the effect of charges in the actuarial assumptions and are recognized immediately in the Profit and Loss account as an income or expense.

c) Other Long Terms employee Benefits

Employee benefits including compensated absences which are not expected to occur within twelve months after the end of the period in which the employee renders the related services are recognized as a liability at the present value of the defined benefit obligation at the Balance Sheet date based on actuarial valuation method of Projected Unit Credit carried out at each Balance Sheet date. Actuarial Gains and Losses are recognized immediately in the Profit And Loss account as an income or expense.

d) Short Term Employee Benefits

Short term employee benefits including compensated absences as at the Balance Sheet date are recognized as an expense as per the Group''s schemes based on the expected obligation on an undiscounted basis.

L. Earnings per Share

Basic earnings per share are calculated by dividing the net profit or loss after tax attributable to equity shareholders by the weighted average number of equity shares outstanding during the year. Partly paid equity shares are treated as a fraction of an equity share to the extent that they were entitled to participate in dividends relative to a fully paid equity share during the reporting period. The weighted average numbers of equity shares outstanding during the period are adjusted for events of bonus issue; bonus element in a rights issue to existing shareholders; share split; and reverse share split (Consolidation of shares).

For the purpose of calculating diluted earnings per share, the net profit or loss after tax attributable to equity shareholders and the weighted average number of shares outstanding during the year are adjusted for the effects of all dilutive potential equity shares.

M. Taxation

Tax expenses comprises of current tax & deferred tax. Current tax is determined as per the provisions of the Income tax Act, 1961 in respect of Taxable Income for the year. Deferred Tax Liability is computed as per Accounting Standard [AS-22]. Deferred Tax Assets and Deferred Tax Liability are recognized for all timing differences subject to consideration of prudence, applying the tax rates that have been substantively enacted on closing date.

Minimum Alternative Tax (MAT) credit is recognized as an asset only when and to the extent there is convincing evidence that the Company will pay normal income tax during the specified period. In the year in which the MAT credit becomes eligible to be recognized as an asset in accordance with the recommendations contained in Guidance Note issued by the Institute of Chartered Accountant of India, the said asset is created by way of a credit to the profit and loss account and shown as MAT credit entitlement. The Company reviews the same at each balance sheet date and writes down the carrying amount of MAT credit entitlement to the extent there is no longer convincing evidence to the effect that Company will pay normal Income Tax during the specified period.

N. Impairment of Assets

All the fixed assets including intangible assets are assessed for any indication of impairment at the end financial year. On such indication, the impairment (being the excess of carrying value over the asset) is charged to the Profit and Loss account in the respective financial year. Recoverable amount is higher of the net selling price of an asset and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value at the weighted average cost of capital. After impairment, depreciation is provided on the revised carrying amount of the asset over its remaining use full life.

A previously recognized impairment loss is increased or reversed depending on changes in circumstances. However the carrying value after reversal is not increased beyond the carrying value that would have prevailed by charging usual depreciation if there was no impairment.

O. Provisions. Contingent Liabilities and Contingent Assets

The company recognizes a provision when there is present obligation as a result of a past event that probably requires an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. A disclosure for a contingent liability made when there is a possible obligation or a present obligation that may, but probably will not, require an outflow of resources. When there is a possible obligation or a present obligation and the likelihood of outflow of resources is remote, no provision or disclosure for contingent liability is made.

Mar 31, 2014

A. Basis of Preparation of Financial Statements

The financial statements of the Company have been prepared under historical cost convention on accrual basis in accordance with the Generally Accepted Accounting Principles in India to comply with the accounting Standards notified under the Companies (Accounting Standards) Rule 2006 (as amended) and the relevant provision of the Companies Act, 1956. The accounting policies have been consistently applied by the company unless otherwise stated.

B. Use of estimates

The preparation of financial statements in conformity with generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affects the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Although these estimates are based upon management''s best knowledge of current events and actions, the difference between the actual results and estimates are recognized in the period in which the results are known/materialized.

C. Fixed Assets

Fixed Assets are stated at cost less accumulated depreciation, impairment losses and specific grant/subsidies, if any. The cost comprises of purchase price/cost of construction, freight, duties (net of CENVAT), taxes and any directly attributable expenses of bringing the assets to working condition for its intended use. Financial costs relating to acquisition of fixed assets which take substantial period of time to get ready for useare included to the extend they are related to the period till such assets are ready for intended use. Expenditure for additions, modifications, improvements and renewals are capitalized and expenditure for maintenance and repairs are charged to the Profit & Loss Account. When assets are sold, destroy or discarded, the respective cost and accumulated depreciation are removed from the accounts and any gain or loss resulting from their disposalis charged to the Profit & Loss Account.

D. Capital work in progress:

The assets which are under construction, erection & installation and not ready for their intended use and other Capital work in progress are carried at cost, comprising direct cost, related incidental expenses and attributable interest.

E. Revenue Recognition

Revenue from sale of goods (other than export sales) is recognized on dispatch which coincides with transfer of significant risks & rewards to customer and is inclusive of excise duty and net of trade discounts, sales returns and commercial tax where applicable. Revenue from export sales is recognized on the date of the bill of ladingorairway bill.

Saleof Services, Government grants/subsidies(lncludingCapital and Revenue), interest and other income are recognized on accrual basis but the dividend is recognized in the year of receipt.

F. Depreciation

Depreciation is provided on the straight Line Method basis, at the rate and in the manner prescribed in schedule XIV of the Companies Act, 1956 except on the plant and machinery acquired during the period 31st March 1995 to 31st March 2008 is provided on written down value method at the rates and in the manner prescribed in schedule XIV to the Companies Act, 1956. The Assets purchased and put to use during the year has been charged depreciation on pro-rata basis on prescribed rate.

G. Inventories

Cost of Inventory comprises all cost of purchase, cost of conversion, and other cost incurred for bringingthe inventory to theirpresentconditionand location.

Itemsof Inventories are valued as under:-

i] Raw Materials, Stores & Spares & Consumable are valued at Cost. ii] Process Stocks are valued at direct raw material cost plus average cost of processing for various operation performed up to estimated stage of process. iii] Finished Goods are valued at cost or market value whichever is lower.

H. Investment

Investments that are readily realizable and intended to be held for not more than a year are classified as current investments. All other investments are classified as long term Investments. Long term investments are carried at cost less provision made to recognize a decline, other than temporary, in value of such investment. Current investments are carried at lower of cost and fair value determined on individual investment basis. Cost of acquisition isinclusive of expenditure incidental to acquisition.

I. Foreign Currency transactions and translations

Foreign Currency transactions are recorded at the exchange rate prevailing at the time of the transaction. The current assets and current liabilities other than the transactions covered are translated at the rate prevailing on the Balance Sheet date and the resultant gain/loss is recognized in the financial statements. The transactions covered are recorded at the rate at which the forward contract was entered into.

Investment in subsidiary company is expressed in Indian Rupees at the rate of exchange prevailing at the date of investment.

J. Borrowing Costs

Borrowing cost that is attributable to the acquisition or construction of qualifying/eligible assets is capitalized as part of the cost of such assets. A qualifying/eligible asset is an asset that necessarily takes a substantial period of time to get ready for its intended use. All other borrowing cost is recognized as an expense in the period in which they are incurred.

K. Employee Benefit

a) Defined Contribution Plans

Contribution paid/payable to defined contribution plans

comprising of provident fund, pension fund, superannuation fund etc, in accordance with the applicable laws and regulations are recognized as expenses during the period in which the employees perform the services that the payments cover.

The Company makes monthly contributions and has no further obligation under plans beyond it scontributions.

b) Defined Benefit Plan

The liability as at the Balance Sheet date is provided for based on the actuarial valuation, based on Projected Unit Credit Method at the Balance Sheet date, carried out by an independent actuary. Actuarial Gains and Losses comprise experience adjustment and the effect of charges in the actuarial assumptions and are recognized immediately in the Profit and Loss account as an income or expense.

c) Other Long Terms employee Benefits

Employee benefits including compensated absences which are not expected to occur within twelve months after the end of the period in which the employee renders the related services are recognized as a liability at the present value of the defined benefit obligation at the Balance Sheet date based on actuarial valuation method of Projected Unit Credit carried out at each Balance Sheet date. Actuarial Gains and Losses are recognized immediately in the Profit and Loss account as an income or expense.

d) Short Term Employee Benefits

Short term employee benefits including compensated absences as at the Balance Sheet date are recognized as an expense as per the Group''s schemes based on the expected obligation on an undiscounted basis.

L. EarningsperShare

Basic earnings per share are calculated by dividing the net profit or loss after tax attributable to equity shareholders by the weighted average number of equity shares outstanding during the year. Partly paid equity shares are treated as a fraction of an equity share to the extent that they were entitled to participate in dividends relative to a fully paid equity share during the reporting period. The weighted average numbers of equity shares outstanding during the period are adjusted for events of bonus issue; bonus element in a rights issue to existing shareholders; share split; and reverse share split (Consolidation ofshares).

For the purpose of calculating diluted earnings per share, the net profit or loss after tax attributable to equity shareholders and the weighted average number of shares outstanding during the year are adjusted for the effects of all dilutive potential equity shares.

M. Taxation

Tax expenses comprises of current tax & deferred tax. Current tax is determined as per the provisions of the Income tax Act, 1961 in respect of Taxable Income for the year. Deferred Tax Liability is computed as per Accounting Standard [AS-22]. Deferred Tax Assets and Deferred Tax Liability are recognized for all timing differences subject to consideration of prudence, applying the tax rates that have been substantively enacted on closingdate.

Minimum Alternative Tax (MAT) credit is recognized as an asset only when and to the extent there is convincing evidence that the Company will pay normal income tax during the specified period. In the year in which the MAT credit becomes eligible to be recognized as an asset in accordance with the recommendations contained in Guidance Note issued by the Institute of Chartered Accountant of India, the said asset is created by way of a credit to the profit and loss account and shown as MAT credit entitlement. The Company reviews the same at each balance sheet date and writes down the carrying amount of MAT credit entitlement to the extent there is no longer convincing evidence to the effect that Company will pay normal Income Tax during the specified period.

N. Impairment of Assets

All the fixed assets including intangible assets are assessed for any indication of impairment at the end financial year. On such indication, the impairment (being the excess of carrying value over the asset) is charged to the Profit and Loss account in the respective financial year. Recoverable amount is higher of the net selling price of an asset and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value at the weighted average cost of capital. After impairment, depreciation is provided on the revised carrying amount of the asset over its remaining useful life.

A previously recognized impairment loss is increased or reversed depending on changes in circumstances. However the carrying value after reversal is not increased beyond the carrying value that would have prevailed by charging usual depreciation if there was noimpairment.

O. Provisions. Contingent Liabilities and Contingent Assets

The company recognizes a provision when there is present obligation as a result of a past event that probably requires an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. A disclosure for a contingent liability made when there is a possible obligation or a present obligation that may, but probably will not, require an outflow of resources. When there is a possible obligation or a present obligation and the likelihood of outflow of resources is remote, no provision or disclosure for contingent liability is made.

Mar 31, 2013

A. Basis of Preparation of Financial Statements

The financial statements of the Company have been prepared under historical cost convention on accrual basis in accordance with the Generally Accepted Accounting Principles in India to comply with the accounting Standards notified under the Companies (Accounting Standards) Rule 2006 (as amended) and the relevant provision of the Companies Act, 1956. The accounting policies have been consistently applied by the companyunlessotherwise stated.

B. Use of estimates

The preparation of financial statements in conformity with generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affects the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amount of income and expenses during the reporting period. Although these estimates are based upon management''s best knowledge of current events and actions, the difference between the actual results and estimates are recognized in the period in which the results are known/materialised.

C. Fixed Assets

Fixed Assets are stated at cost less accumulated depreciation, impairment losses and specific grant/subsidies, if any. The cost comprises of purchase price/cost of construction, freight, duties (net of CENVAT), taxes and any directly attributable expenses of bringing the assets to working condition for its intended use. Financial costs relating to acquisition of fixed assets which take substantial period of time to get ready for use are included to the extend they are relate to the period till such assets are ready for intended use. Expenditure for additions, modifications, improvements and renewals are capitalized and expenditure for maintenance and repairs are charged to the Profit & Loss Account. When assets are sold, destroy or discarded, the respective cost and accumulated depreciation are removed from the accounts and any gain or loss resulting from their disposal is charged to the Profits Loss Account.

P. Capital work in progress:

The assets which are under construction, erection & installation and not ready for their intended use and other Capital work in progress are carried at cost, comprising direct cost, related incidental expenses and attributable interest.

E. Revenue Recognition

Revenue from sale of goods (other than export sales) is recognised on dispatch which coincides with transfer of significant risks & rewards to customer and is inclusive of excise duty and net of trade discounts, sales returns and commercial tax where applicable. Revenue from export sales is recognised on the date of the billofladingorairway bill.

Sale of Services, Government grants/subsidies (Including Capital and Revenue), interest and other income are recognized on accrual basis but the dividend is recognized in the year of receipt.

F. Depreciation

Depreciation is provided on the straight Line Method basis, at the rate and in the manner prescribed in schedule XIV of the Companies Act, 1956 except on the plant and machinery acquired during the period 31st March 1995 to 31st March 2008 is provided on written down value method at the rates and in the manner prescribed in scheduleXIVtothe Companies Act, 1956. TheAssets purchased and put to use during the year has been charged depreciation on pro-rata basis on prescribed rate.

G. Inventories

Cost of Inventory comprises all cost of purchase, cost of conversion, and other cost incurred for bringing the inventory to their present condition and location.

Items of Inventories are valued as under:-

i] Raw Materials, Stores & Spares & Consumable are valued at Cost.

ii] Process Stocks are valued at direct raw material cost plus average cost of processing for various operation performed uptoestimated stage ofprocess.

iii] Finished Goods are valued at cost or market value whichever is lower.

H. Preliminary /Public Issue Expenses

Preliminary/public issue/ right issue expenses are written off to the extent of l/10th of the total expenses every year on pro rata basis.

I. Investment

Investments that are readily realizable and intended to be held for not more than a year are classified as current investments. All other investments are classified as long term Investments. Long term investments are carried at cost less provision made to recognize a decline, other than temporary, in value of such investment. Current investments are carried at lower of cost and fair value determined on individual investment basis. Cost of acquisition is inclusive of expenditure incidental to acquisition.

J. Foreign Currency transactions and translations

Foreign Currency transactions are recorded at the exchange rate prevailing at the time of the transaction. The current assets and current liabilities other than the transactions covered are translated at the rate prevailing on the Balance Sheet date and the resultant gain/loss is recognized in the financial statements. The transactions covered are recorded at the rate at which the forward contract was entered into.

InvestmentinsubsidiarycompanyisexpressedinlndianRupeesat therateofexchangeprevailingatthedateofinvestment.

K. Borrowing Costs

Borrowing cost that is attributable to the acquisition or construction of qualifying/eligible assets is capitalized as part of the cost of such assets. A qualifying/eligible asset is an asset that

Mar 31, 2012

A. Basis of Preparation

The financial statements have been prepared under historical cost convention on accrual basis to comply in all material respects with the notified Accounting Standards referred by the Companies (Accounting standards) Rule 2006 (as amended) and the relevant provision of the CompaniesAct, 1956. The accounting policies have been consistently applied by the company unless otherwise stated.

B. Use of estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affects the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the results of operations during the reporting period. Although these estimates are based upon management's best knowledge of current events and actions, actual results could differfrom these estimates.

C. Fixed Assets

Fixed Assets are stated at cost less accumulated depreciation, impairment losses and specific grant/subsidies, if any. The cost comprises of purchase price/cost of construction, freight, duties (net of CENVAT), taxes and any directly attributable expenses of bringing the assets to working condition for its intended use. Financial costs relating to acquisition of fixed assets which take substantial period of time to get ready for use are included to the extend they are relate to the period till such assets are ready for intended use. Expenditure for additions, modifications, improvements and renewals are capitalized and expenditure for maintenance and repairs are charged to the Profit & Loss Account. When assets are sold, destroy or discarded, the respective cost and accumulated depreciation are removed from the accounts and any gain or loss resulting from their disposal is charged to the Profit & Loss Account.

D. Revenue Recognition

Revenue from sale of goods (other than export sales) is recognised on dispatch which coincides with transfer of significant risks & rewards to customer and is inclusive of excise duty and net of trade discounts, sales returns and commercial tax where applicable. Revenue from export sales is recognised on the date ofthe bill of lading or air way bill.

Sale of services, Government grants/subsidies, interest and other income are recognized on accrual basis but the capital subsidy and dividend is recognized in the year of receipt.

E. Depreciation

2008 is provided on written down value method at the rates and in the manner prescribed in schedule XIV to the CompaniesAct, 1956. The Assets purchased and put to use during the year has been charged depreciation on pro-rata basis on prescribed rate.

F. Inventories

Cost of Inventory comprises all cost of purchase, cost of conversion, and other cost incurred for bringing the inventory to their present condition and location.

Items of Inventories are valued asunder:-

i] Raw Materials, Stores & Spares & Consumable are valued at Cost.

ii] Process Stocks are valued at direct raw material cost plus average cost of processing for various operation performed up to estimated stage of process.

Hi] Finished Goods are valued at cost or market value whichever is lower.

G. Preliminary / Public Issue Expenses

Preliminary/public issue/ right issue expenses are written off to the extent of 1/10th of the total expenses every year on pro rata basis.

H. Capital Work in Progress

Assets under erection & installation and advances given for capital expenditure are shown as "Capital work in progress".

I. Investment

Investments that are readily realizable and intended to be held for not more than a year are classified as current investments. All other investments are classified as long term Investments. Long term investments are carried at cost less provision made to recognise a decline, other than temporary, in value of such investment. Current investments are carried at lower of cost and fair value determined on individual investment basis. Cost of acquisition is inclusive of expenditure incidental to acquisition.

J. Foreign Currency

Foreign Currency transactions are recorded at the exchange rate prevailing at the time ofthe transaction. The current assets and current liabilities other than the transactions covered are translated at the rate prevailing on the Balance Sheet date and the resultant gain/loss is recognised in the financial statements. The transactions covered are recorded at the rate at which the forward contract was entered into.

Investment in subsidiary company is expressed in Indian Rupees at the rate of exchange prevailing at the date investment.

K. Borrowing Costs

Borrowing cost that is attributable to the acquisition or construction of qualifying/eligible assets is capitalized as part of the cost of such assets. A qualifying/eligible asset is

an asset that necessarily takes a substantial period of time to get ready for its intended use. All other borrowing cost is recognized as an expense in the period in which they are incurred.

L. Employee Benefits a) Defined Contribution Plans

Contribution paid/payable to defined contribution plans comprising of provident fund, pension fund, superannuation fund etc, in accordance with the applicable laws and regulations are recognized as expenses during the period in which the employees perform the services that the payments cover.

The Company makes monthly contributions and has no further obligation under plans beyond its contributions.

b) Defined Benefit Plan

The liability as at the Balance Sheet date is provided for based on the actuarial valuation, based on Projected Unit Credit Method at the Balance Sheet date, carried out by an independent actuary. Actuarial Gains and Losses comprise experience adjustment and the effect of charges in the actuarial assumptions and are recognised immediately in the Profit and Loss account as an income or expense.

c) Other Long Terms employee Benefits

Employee benefits including compensated absences which are not expected to occur within twelve months after the end of the period in which the employee renders the related services are recognized as a liability at the present value of the defined benefit obligation at the Balance Sheet date based on actuarial valuation method of Projected Unit Credit carried out at each Balance Sheet date. Actuarial Gains and Losses are recognized immediately in the Profit and Loss account as an income or expense.

d) Short Term Employee Benefits

Short term employee benefits including compensated absences as at the Balance Sheet date are recognized as an expense as per the Group's schemes based on the expected obligation on an undiscounted basis.

M. Earning perShare

Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders (after deducting preference dividends and attributable taxes) by the weighted average number of equity shares outstanding during the period. Partly paid equity shares are treated as a fraction of an equity share to the extent that they were entitled to participate in dividends relative to a fully paid equity share during the reporting period. The weighted average numbers of equity shares outstanding during the period are adjusted for events of bonus issue; bonus element in a rights issue to existing shareholders; share split; and reverse share split (Consolidation of shares).

For the purpose of calculating diluted earning pershare, the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares.

N. Taxation

Minimum Alternative Tax (MAT) credit is recognized as an asset only when and to the extent there is convincing evidence that the Company will pay normal income tax during the specified period. In the year in which the MAT credit becomes eligible to be recognized as an asset in accordance with the recommendations contained in Guidance Note issued by the Institute of Chartered Accountant of India, the said asset is created by way of a credit to the profit and loss account and shown as MAT credit entitlement. The Company reviews the same at each balance sheet date and writes down the carrying amount of MAT credit entitlement to the extent there is no longer convincing evidence to the effect that Company will pay normal Income Tax during the specified period.

O. Impairment of Assets

All the fixed assets including intangible assets are assessed for any indication of impairment at the end financial year. On such indication, the impairment (being the excess of carrying value over the asset) is charged to the Profit and Loss account in the respective financial year. Recoverable amount is higher of the net selling price of an asset and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value at the weighted average cost of capital. After impairment, depreciation is provided on the revised carrying amount of the asset over its remaining useful life.

A previously recognised impairment loss is increased or reversed depending on changes in circumstances. However the carrying value after reversal is not increased beyond the carrying value that would have prevailed by charging usual depreciation if there was no impairment.

P. Provisions. Contingent Liabilities and Contingent Assets

The company recognises a provision when there is present obligation as a result of a past event that probably requires an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. Adisclosure for a contingent liability made when there is a possible obligation or a present obligation that may, but probably will not, require an outflow of resources. When there is a possible obligation or a present obligation and the likelihood of outflow of resources is remote, no provision or disclosure for contingent liability is made.

Mar 31, 2011

A. Basis of Preparation

The financial statements have been prepared under historical cost convention on accrual basis to comply in all material respects with the notified Accounting Standards referred by the Companies (Accounting standards) Rule 2006 (as amended and the relevant provision of the Companies Act, 1956. The accounting policies have been consistently applied by the company unless otherwise stated.

B. Use of est., mates

C. Fixed Assets

Fixed Assets are stated at cost less accumulated depreciation, impairment losses and specific grant/subsidies, if any. The cost comprises of purchase price/cost of construction, freight, duties (net of CENVAT), taxes and any directly attributable expenses of bringing the assets to working condition for its intended use. Financial costs relating to acquisition of fixed assets which take substantial period of time to get ready for use are included to the extend they are relate to the period till such assets are ready for intended use. Expenditure for additions, modifications, improvements and renewals are capitalized and expenditure for maintenance and repairs are charged to the Profit & Loss Account. When assets are sold, destroy or discarded the respective cost and accumulated depreciation are removed from the accounts and any gain or loss resulting from their disposal is charged to the Profit & Loss Account.

D. Revenue Recognition

Government grants/ subsidies interest and other income are recognized on accrual basis but the dividend is recognized in the year of receipt.

E. Depreciation

Depreciation is provided on the straight Line Method basis, at the rate and in the manner prescribed in schedule XIV of the Companies Act, 1956 except on the plant and machinery acquired during the period 31- March 1995 to 31* March 2008 is provided on written down value method at the rates and in the manner prescribed in schedule XIV to the Companies Act, 1956. The Assets purchased and put to use during the year has been charged depreciation on pro-rata basis on prescribed rate.

F. Inventories

Items of Inventory are valued at lower of cost or net realizable value. Cost of Inventory comprises all cost of purchase, cost of conversion, and other cost incurred for bringing the inventory to their present condition and location.

Inventories are valued as under:-

i] Raw Materials, Stores & Spares & Consumable are valued at Cost.

ii] Process Stocks are valued at direct raw material cost plus average cost of processing for various operation performed up to estimated stage of process.

iii] Finished Goods are valued at cost or market value whichever is lower.

G. Primmer Public Issue Expenses

Preliminary/ publicissue/ right issue expenses are written off to the extent of l/10th of the total expenses every year on prorata basis.

H. Capital Working Progress

Assets under erection & installation and advances given for capital expenditure are shown as "Capital work in progress".

I. Investment

J. Foreign Currency

Foreign Currency transactions are recorded at the exchange rate prevailing at the time of the transaction. The current assets and current liabilities other than the transactions covered are translated at the "ate prevailing on the Balance Sheet date and the resultant gain/loss is recognised in the financial statements. The transactions covered are recorded at the rate at which the forward contract was entered in to.

Investment in subsidiary company is expressed in lndian Rupees at the rate of exchange prevailing at the date of investment.

K. Borrowing Costs

Borrowing cost that is attributable to the acquisition or construction of qualifying/eligible assets is capitalized as part of the cost of such assets. A qualifying/eligible asset is an asset that necessarily takes a substantial period of time to get ready for its intended use. All other borrowing cost is recognized as an expense in the period in which they are incurred.

L. Employee Benefits

a) Defined Contribution Plans

The Company makes monthly contributions and has No further obligation under plans beyond its contributions.

b) Defined Benefit Plan

c) Other Long Terms employee Benefits

d) Short Term Employee Benefits

M. Earning per Share

Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders (after deducting preference dividends and attributable taxes by the weighted average number of equity shares outstanding during the period. Partly paid equity shares are treated as a fraction of an equity share to the extent that they were entitled to participate in dividends relative to a fully paid equity share during the reporting period. The weighted average numbers of equity shares outstanding during the period are adjusted for events of bonus issue! bonus element a rights issue to existing shareholders; share split; and reverse share split (Consolidation of shares).

For the purpose of calculating diluted earning per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares out standing during period are adjusted for the effects of all dilutive potential equity shares.

N. Taxation

Minimum Alternative Tax (MAT) credit is recognized as an asset only when and to the extent there is convincing evidence that the Company will pay normal income tax during the specified period. In the year in which the MAT credit becomes eligible For be recognized as an asset in accordance with the recommendations contained in Guidance Note issued by the Institute of Chartered Accountant of India, the said asset is created by way of a credit to the profit and loss account and shown as MAT credit entitlement. The Company reviews the same at each balance sheet detain writes down the carrying amount of MAT credit entitlement to the extent there is no longer convincing evidence to the effect that Company will pay normal income Tax during the specified period.

O. Impairment of Assets

P. Provisions. Contingent Liabilities and Contingent Assets

The company recognises a provision when there is present obligation as a result of a past event that probably requires an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. A disclosure for a contingent liability made when there is a possible obligation or a present obligation that may, but probably will not, require an outflow of resources. When there is a possible obligation or a present obligation and the likelihood of out flow of resources is remote, no provision or disclosure for contingent liability

Mar 31, 2010

A. Basis of Preparation

The financial statements have been prepared under historical cost convention on accrual basis to comply in all material respects with the notified Accounting Standards referred by the Companies (Accounting standards) Rule 2006 (as amended) and the relevant provision of the Companies Act, 1956. The accounting policies have been consistently applied by the company unless otherwise stated.

B. Use of estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affects the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the results of operations during the reporting period. Although these estimates are based upon managements best knowledge of current events and actions, actual results could differ from these estimates.

C. Fixed Assets

D. Revenue Recognition

Government grants/subsidies are accounted for only when there is a certainty of receipt.

Interest and other income are recognized on accrual basis but the dividend is recognized in the year of receipt.

E. Depreciation

Depreciation is provided on the straight Line Method basis, at the rate and in the manner prescribed in schedule XIV of the Companies Act, 1956 except on the plant and machinery acquired during the period 31s" March 1995 to 31st March 2008 is provided on written down value method at the rates and in the manner prescribed in schedule XIV to the Companies Act, 1956. The Assets purchased and put to use during the year has been charged depreciation on pro-rata basis on prescribed rate.

F. Inventories

Items of Inventory are valued at lower of cost or net realizable value. Cost of Inventory comprises all cost of purchase, cost of conversion, and other cost incurred except freight charges for bringing the inventory to their present condition and location.

Inventories are valued as under:-

i] Raw Materials, Stores & Spares & Consumable are valued at Cost.

ii] Process Stocks are valued at direct raw material cost plus average cost of processing for various operation performed up to estimated stage of process.

iii] Finished Goods are valued at cost or market value whichever is lower.

G. Preliminary / Public Issue Expenses

Preliminary/public issue/ right issue expenses are written off to the extent of 1/10th of the total expenses every year on pro rata basis.

H. Capital Work in Progress

Assets under erection & installation and advances given for capital expenditure are shown as "Capital work in progress".

I. Investment

J. Foreign Currency

Foreign Currency transactions are recorded at the exchange rate prevailing at the time of the transaction. The current assets and current liabilities other than the transactions covered are translated at the rate prevailing on the Balance Sheet date and the resultant gain/loss is recognised in the financial statements. The transactions covered are recorded at the rate at which the forward contract was entered into.

Investment in subsidiary company is expressed in Indian Rupees at the rate of exchange prevailing at the date investment.

K. Borrowing Costs

Borrowing cost that is attributable to the acquisition or construction of qualifying/eligible assets are capitalized as part of the cost of such assets. A qualifying/eligible asset is an asset that necessarily takes a substantial period of time to get ready for its intended use. All other borrowing cost is recognized as an expense in the period in which they are incurred.

L. Employee benefits

a) Defined Contribution Plans

b) Defined Benefit Plan

c) Other Long Terms employee benefits

d) Short term employee benefits

Short term employee benefits including compensated absences as at the Balance Sheet date are recognized as an expense as per the Groups schemes based on the expected obligation on an undiscounted basis.

M. Earning per share

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

N. Taxation

Tax expenses comprises of current tax & deferred tax. Current tax is determined as per the provisions of the Income tax Act in respect of Taxable Income for the year. Deferred Tax Liability is computed as per Accounting Standard [AS-22]. Deferred Tax Assets and Deferred Tax Liability are recognized for all timing differences subject to consideration of prudence, applying the tax rates that have been substantively enacted by the balance sheet date. Minimum Alternative Tax (MAT) credit is recognized as an asset only when and to the extent there is convincing evidence that the Company will pay normal income tax during the specified period. In the year in which the MAT credit becomes eligible to be recognized as an asset in accordance with the recommendations contained ii Guidance Note issued by the Institute of Chartered Accountant of India, the said asset is created by way of a credi to the profit and loss account and shown as MAT credit entitlement. The Company reviews the same at eacf balance sheet date and writes down the carrying amount of MAT credit entitlement to the extent there is no longe convincing evidence to the effect that Company will pay normal Income Tax during the specified period.

O. Impairment of Assets

All the fixed assets including intangible assets are assessed for any indication of impairment at the end financia year. On such indication, the impairment (being the excess of carrying value over the asset) is charged to the Profil and Loss account in the respective financial year. Recoverable amount is higher of the net selling price of an asset and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value at the weighted average cost of capital. After impairment, depreciation is provided on the revised carrying amount of the asset over its remaining useful life.

P. Provisions, Contingent Liabilities and Contingent Assets

The company recognises a provision when there is present obligation as a result of a past event that probably requires an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. A disclosure for a contingent liability made when there is a possible obligation or a present obligation that may, but probably will not, require an outflow of resources. When there is a possible obligation or a present obligation and the likelihood of outflow of resources is remote, no provision or disclosure for contingent liability is made.

Mar 31, 2009

ACCOUNTING CONVENTION

A. Financial Statements are based on historic cost. These costs are not adjusted to reflect the impact of changing rate in purchase power of money.

METHOD OF ACCOUNTING

B. The Company follows accrual method of accounting. INVENTORIES

C. The Company values its raw materials & other stocks at cost and the finished goods at lower of cost or market value. Cost for manufactured goods comprise of materials, labour and other appropriate overheads. Cost of raw materials is determined on FIFO basis and stores on estimated basis.

FIXED ASSETS

D. Fixed Assets are recorded at historic value. Interest on borrowing for fixed assets acquisition & revenue expenses incurred prior to commencement of commercial production are capitalised as part of asset cost. Modvat credit claimed on fixed assets are reduced from the cost of such assets.

DEPRECIATION

E. Depreciation on fixed assets is provided on written down value method at the rates and in the manner prescribed in schedule XIV to the Companies Act, 1956 except the plant & machinery installed before 30th March 1995, on which the depreciation is provided on straight line method at the rates and in the manner prescribed in schedule XIV of the Companies Act, 1956.

REVENUE RECOGNITION

F. Modvat Credits available on input are reduced from cost of raw material and excise duty is accounted on collection basis.

PRELIMINARY/ PUBLIC ISSUE EXPENSES

G. Preliminary/public issue/right issue expenses are written off to the extent of 1/10th of the total expenses every year on pro rata basis.

CAPITAL WORK IN PROGRESS

H. Assets under erection, installation and advances given for capital expenditure are shown as "Capital work in progress".

INVESTMENTS

I. Investments are stated at cost and have been classified as long- term.

FOREIGN CURRENCY

J. Foreign Currency transactions are recorded at the exchange rate prevailing at the time of the transaction. The current assets and current liabilities other than the transactions covered are translated at the rate prevailing on the Balance Sheet date and the resultant gain/loss is recognised in the financial statements. The transactions covered are recorded at the rate at which the forward contract was entered into.

LEASE RENT

K. Lease rentals are treated as per Accounting standard AS 19.

BORROWING COSTS

L. Borrowing costs that are attributable to tax accumulation of qualifying assets are capitalised as part of the cost such assets till such time the asset is ready for its intended use.

TAXATION

M. Provision for income tax has been made on the basis of results of the year, although the actual liability will be computed and paid on the basis of the results of the financial year, in accordance with Accounting standard AS 22 " Accounting for Taxes on income" issued by the ICAI, the deferred taxes for the time difference between book and tax profit for the year is accounted for using tax rates and laws that have been enacted or substantially enacted by the Balance Sheet date.

IMPAIRMENT OF ASSETS:

N. An asset is treated as impaired, when the carrying cost of assets exceeds its recoverable amount. An impairment loss is charged to the Profit & Loss account in the year in which an asset is identified as impaired. The impairment loss recognized in prior accounting periods is reversed if there has been a change in the estimate of recoverable amount.

PROVISIONS FOR CONTINGENT LIABILITIES & CONTINGENT ASSETS:

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

EXPORT INCENTIVES:

P. Duty drawback incentives are recognised at the time of exports and benefits in respect of advance licences received by the company against the exports made by it are recognised as and when the goods are exported or on due basis.

Mar 31, 2008

A. Financial Statements are based on historic cost. These costs are not adjusted to reflect the impact of changing rate in purchase power of money.

METHOD OF ACCOUNTING

B. The Company follows accrual method of accounting.

INVENTORIES

FIXED ASSETS

DEPRECIATION

E. Depreciation on fixed assets is provided on written down value method at the rates and in the manner prescribed in schedule XIV to the Companies Act, 1956 except the plant and machinery installed before 30th March 1995 on which the depreciation is provided on straight line method at the rates and in the manner prescribed in schedule XIV of the Companies Act, 1956.

REVENUE RECOGNITION

F. Modvat Credits available on input are reduced from cost of raw material and excise duty is accounted on collection basis.

PRELIMINARY/ PUBLIC ISSUE EXPENSES

G. Preliminary/public issue/right issue expenses are written off to the extent of 1/10th of the total expenses every year on pro rata basis.

CAPITAL WORK IN PROGRESS

H. Assets under erection, installation and advances given for capital expenditure are shown as "Capital work in progress".

INVESTMENTS

I. Investments are stated at cost and have been classified as long- term.

FOREIGN CURRENCY

LEASE RENT

K. Lease rentals are treated as per Accounting standard AS 19.

BORROWING COSTS

L. Borrowing costs that are attributable to tax accumulation of qualifying assets are capitalised as part of the cost such assets till such time the asset is ready for its intended use.

TAXATION

IMPAIRMENT OF ASSETS:

PROVISIONS FOR CONTINGENT LIABILITIES & CONTINGENT ASSETS:

EXPORT INCENTIVES:

P. Duty drawback incentives are recognised at the time of exports and benefits in respect of advanc licences received by the company against the exports made by it are recognised as and when the goods are exported or on due basis.

Mar 31, 2007

A. INVENTORIES

The Company values its raw materials & other stocks at cost and the finished goods at lower of cost or market value. Cost for manufactured goods comprise of materials, labour and other appropriate overheads. Cost of raw materials is determined on FIFO basis and stores on estimated basis.

B. FIXED ASSETS

Fixed Assets are recorded at historic value. Interest on borrowing for fixed assets acquisition & revenue expenses incurred prior to commencement of commercial production are capitalized as part of asset cost. Modvat credits claimed on fixed assets are reduced from the cost of such assets.

C. METHOD OF ACCOUNTING

The Company follows accrual method of accounting.

D. DEPRECIATION

Depreciation on fixed assets is provided on straight line method at the rates and in the manner prescribed in schedule XIV to the Companies Act, 1956 except the plant & machinery installed at the Export Division of the Company the depreciation has been provided on written down value method at the rates and in the manner prescribed in schedule XIV of the Companies Act, 1956.

E. REVENUE RECOGNITION

Modvat Credits available on input are reduced from cost of raw material and excise duty is accounted on collection basis.

F. PRELIMINARY / PUBLIC ISSUE EXPENSES

Preliminary/public issue/ right issue expenses are written off to the extent of 1/1 Oth of the total expenses every year on pro rata basis.

I. INVESTMENTS

Investments are stated at cost and have been classified as long- term.

J. FOREIGN CURRENCY

Foreign Currency transactions are recorded at the exchange rate prevailing at the time of the transaction. The current assets and current liabilities other than the transactions covered are translated at the rate prevailing on the Balance Sheet date and the resultant gain/loss is recognized in the financial statements. The transactions covered are recorded at the rate at which the forward contract was entered into.

K. LEASE RENT

Lease rentals are treated as per Accounting standard AS 19.

L. RETIREMENT BENEFITS

Retirement benefits are provided on due basis and are in accordance with Accounting Standard AS 15.

M. BORROWING COSTS

Borrowing costs that are attributable to tax accumulation of qualifying assets are capitalized as part of the cost such assets till such time the asset is ready for its intended use.

N. TAXATION

Provision for income tax has been made on the basis of results of the year, although the actual liability will be computed and paid on the basis of the results of the financial year, in accordance with Accounting standard AS 22 "Accounting for Taxes on income" issued by the ICAI, the deferred taxes for the time difference between book and tax profit for the year is accounted for using tax rates and laws that have been enacted or substantially enacted by the Balance Sheet date.

O. IMPAIRMENT OF ASSETS:

An asset is treated as impaired, when the carrying cost of assets exceeds its recoverable amount. An impairment loss is charged to the Profit & Loss account in the year in which an asset is identified as impaired. The impairment loss recognized in prior accounting periods is reversed if there has been a change in the estimate of recoverable amount.

P. PROVISIONS FOR CONTINGENT LIABILITIES & CONTINGENT ASSETS:

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be 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.

EXPLANATORY STATEMENT

{Pursuant to Section 173(2) of the Companies Act, 1956} ITEM NO. 6

Shri K. S. Trivedi was re-appointed for a period of five years from 1sl January 2007 to 31st December 2012.

The appointment and remuneration including perquisites payable to Shri K. S. Trivedi as Whole Time Director are being placed before the members in General Meeting for their approval as required under Sec 269, 309 read with Schedule XIII to the Companies Act, 1956.

Mr. K.S. Trivedi an arts graduate with a vast experience of over four decades in the promotion and administration of various companies. He is mainly involved in the strategic and corporate decision making process. He has had experience in businesses involving diversified activities such as steel, plastic, timber, real estate, finance etc. He is Managing Director in Steel Ingots Limited and holds directorship in M/s Vishwakarma Creations Pvt. Ltd. (Formerly M/s. Ideal Steel Rollers Pvt. Ltd.), M/s. Olympian Investors & Traders Pvt. Ltd. and M/s. Neo Flex Ltd.

Shri K. S. Trivedi is appointed on the following terms and conditions:

SALARY: Rs. 55000.00 per month with effect from 1st January 2007 increased to Rs. 65000.00 per month w.e.f. 01st September, 2007.

PERQUISITES & AMENITIES:

(i)MEDICAL BENEFITS

Reimbursement of expenses at actual for self and family subject to maximum of Rs. 15000/- per annum.

(ii)HRA

House rent allowance at 35% of salary increased to 40% of salary w.e.f.. 01s1 September, 2007.

(iii)CAR AND TELEPHONE

Provision of car for use on companys business and telephone at residence will not be considered as. perquisites. Personal long distance calls on telephone and use of car for private purposes shall be billed by the company

(iv)EARNED LEAVE

On full pay and allowances as per the rules of the company but not exceeding one months leave of every month of service. Encashment of leave will not be included in the computation of the ceiling of perquisites.

(v)CLUBFEES

Fees of a maximum of two clubs excluding admission and life membership fees.

(vi)PERSONAL ACCIDENT INSURANCE

Personal accident insurance as per the rules of the company.

In view of the recommendation of the remuneration committee and looking into the complexity, working hours involved, the Board decided in its meeting held on 31st August, 2007 to increase the remuneration from Rs. 55000/- per month to Rs. 65000/- per month House Rent Allowance to 40% of the Salary, payable to him subject to approval of the shareholders as contained in the resolution no. 6.

The terms of remuneration given in the said resolution may be treated as an abstract of terms of remuneration of the said director under Sec 302 of the Companies Act, 1956.

Your directors recommend the resolution for your approval. The Whole Time Director will not be entitled to sitting fee for attending meetings of the Board of Directors or Committee thereof.

Shri Sunil Trivedi and Shri K.S.Trivedi, being are interested in the resolution. None of the other Directors are concerned or interested in the resolution.

Mar 31, 2000

A. The Company values its raw materials, finished goods & other stocks at cost.

B. In compliance with the requirement of the Accounting Standard 2 on valuation of inventories issued by the Institute of Chartered Accountants of India, excise duty payable of Rs. 1886080/- to the extent the goods were sold subsequent to the date of Balance Sheet has been included in the valuation of the said stocks as on 31.3.2000, whereas the same was not considered in previous year. However, this change in the method of accounting has no impact on the profits of the company.

C. During the year, in view of revised Accounting Standard 2 for valuation of inventory, issued by the Institute of Chartered Accountants of India, the company has decided to value the inventory of finished goods also at lower of cost or market value. As a result the valuation of inventory of finished goods for the current year is lesser by Rs. 2037725 as compared to the method of valuation adopted until previous year.

E. The Company follows accrual method of accounting.

F. Depreciation on fixed assets is provided on straight line method at the rates and in the manner prescribed in schedule XIV to the Companies Act, 1956 except the plant & machinery installed at the Export Division of the Company the depreciation has been provided on written down value method at the rates and in the manner prescribed in schedule XIV of the Companies Act, 1956.

G. Modvat Credits available in input are reduced from cost of raw material and excise duty is accounted on collection basis.

H. Preliminary/public issue/right issue expenses are written off to the extent of 1/10th of the total expenses every year on pro rata basis.

I. Financial Statements are based on historic cost. These costs are not adjusted to reflect the impact of changing rate in purchase power of money.

J. Assets under erection, installation and advances given for capital expenditure are shown as "Capital work in progress".

K. Investments are stated at cost and have been classified as long-term.

L. Foreign Currency transactions are recorded at the exchange rate prevailing at the time of the transaction. The current assets and current liabilities other than the transactions covered are translated at the rate prevailing on the Balance Sheet date and the resultant gain/loss is recognised in the financial statements. The transactions covered are recorded at the rate at which the forward contract was entered into.

M. Employees retirement benefits are accounted on due basis.

N. Figures of the previous year have been re-grouped/re-arranged/re-classified wherever necessary

Mar 31, 1999

A. The Company values its raw materials & other stocks at cost and the finished goods at selling price.

B. Fixed Assets are recorded at historic value. Interest on borrowing for fixed assets acquisition & revenue expenses incurred prior to commencement of commercial production are capitalised as part of asset cost. Modvat credit claimed on fixed assets are reduced from the cost of such assets.

C. The Company follows accrual method of accounting.

D. Depreciation on fixed assets is provided on straight line method at the rates and in the manner prescribed in schedule XIV to the Companies Act, 1956 except the plant & machinery installed at the Export Division of the Company the depreciation has been provided on written down value method at the rates and in the manner prescribed in schedule XIV of the Companies Act, 1956.

E. Modvat Credits available on input are reduced from cost of raw material and excise duty is accounted on collection basis.

F. Preliminary/public issue/ right issue expenses are written off to the extent of 1/10th of the total expenses every year on pro rata basis.

G. Financial Statements are based on historic cost. These costs are not adjusted to reflect the impact of changing rate in purchase power of money.

H. Assets under erection, installation and advances given for capital expenditure are shown as "Capital work in progress".

I. Investments are stated at cost and have been classified as long-term.

J. Foreign Currency transactions are recorded at the exchange rate prevailing at the time of the transaction and in the case of transactions covered, at the rate at which the forward contract was entered into.

K. Employees retirement benefits are accounted on due basis.

L. Figures of the previous year have been re-grouped/re-arranged/re-classified wherever necessary.

Mar 31, 1998

A. The Company values its raw materials & other stocks at cost and the finished goods at selling price.

C. The Company follows accrual method of accounting.

D. Depreciation on fixed assets is provided on straight line method at the rates and in the manner prescribed in schedule XIV to the Companies, Act, 1956 except the plant & machinery installed at the Export Division of the Company the depreciation has been provided on written down value method at the rates and in the manner prescribed in schedule XIV of the Companies Act, 1956.

E. Modvat Credits available on input are reduced from cost of raw material and excise duty is accounted on collection basis.

F. Preliminary/public issue/right issue expenses are written off to the extent of 1/10th of the total expenses every year on pro rata basis.

G. Financial Statements are based on historical cost. These costs are not adjusted to reflect the impact of changing rate in purchase power of money.

H. Assets under erection, installation and advances given for capital expenditure are shown as "Capital work in progress".

I. Investments are stated at cost and have been classified as long-term.

K. Employees retirement benefits are accounted on due basis.

L. Lease rentals are expensed with reference to lease terms and other consideration, except for rentals pertaining to the period upto the date of commissioning of the assets which are capitalised.

M. Figures of the previous year have been re-grouped/re-arranged/re-classified wherever necessary.

Mar 31, 1997

A. The Company values its raw materials & other stocks at cost and the finished goods at selling price.

B. Fixed Assets are recorded at historic value.

C. The Company follows accrual method of accounting.

D. Depreciation on fixed asset is provided on straight line method at the rates and in the manner prescribed in schedule XIV to the Companies Act, 1956 except the plant & machinery installed at the Export Division of the Company the depreciation has been provided on written down value method at the rates and in the manner prescribed in schedule XIV of the Companies Act, 1956.

E. Modvat Credits available on input are reduced from cost of raw material and excise duty is accounted on collection basis.

F. Preliminary/public issue/right issue expenses are written off to the extent of 1/10th of the total expenses every year on pro rata basis.

G. Financial Statements are based on historic cost. These costs are not adjusted to reflect the impact of changing rate in purchase power of money.

H. Assets under erection, installation and advances given for capital expenditure are shown as "Capital work in progress".

I. Investments are stated at cost and have been classified as long-term.

J. Foreign currency transactions are recorded at the exchange rate prevailing at the time of the transaction.

K. Employees retirement benefits are accounted on due basis.

L. Lease rentals are expensed with reference to lease terms and other consideration, except for rentals pertaining to the period upto the date of commissioning of the assets which are capitalised.

Mar 31, 1996

Disclosure of Accounting Policies

A. The Company values its raw materials & other stocks at cost and the finished goods at selling price.

B. Fixed Assets are recorded at historic value.

C. The Company follows accrual method of accounting.

D. Depreciation is provided on fixed assets on straight line method in accordance with the provisions of schedule XIV to the Companies Act, as amended.

E. Modvat Credits available on input are reduced from cost of raw material and excise duty is accounted on collection basis.

F. Preliminary/public issue expenses are written off to the extent of 1/10th of the total expenses every year on pro rata basis.

G. Financial Statements are based on historic cost. These costs are not adjusted to reflect the impact of changing rate in purchase power of money.

H. Assets under erection, installation and advances given for capital expenditure are shown as "Capital work in progress".

I. Investments are stated at cost and have been classified as long-term.

J. Foreign currency transactions are recorded at the exchange rate prevailing at the time of the transaction.

K. Employees retirement benefits are accounted on due basis.

L. Figures of the previous year have been Re-grouped/ re-arranged/ re-classified wherever necessary.

Mar 31, 1995

A. The Company values its raw materials & other stocks at cost and the finished goods at selling price.

B. Fixed Assets are recorded at historic value.

C. The Company follows accrual method of accounting.

D. Depreciation is provided on fixed assets on straight line method in accordance with the provisions of schedule XIV to the Companies Act, 1956 as amended.

E. Modvat Credits available on input are reduced from cost of raw material and excise duty is accounted on collection basis.

F. Preliminary public issue expenses are written off to the extent of 1/10th of the total expenses every year on pro rata basis.

G. Financial Statements are based on historic cost. These costs are not adjusted to reflect the impact of changing rate in purchase power of money.

H. Assets under erection, installation and advances given for capital expenditure are shown as "Capital work in progress".

I. Interest on allotment money is accounted for as and when received.

Mar 31, 1994

Depreciation is provided on fixed assets on straight line method in accordance with the provisions of schedule XIV of the Companies Act, as amended.

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