1. ACCOUNTING POLICIES
(a) Basis of Accounting
The financial statement have been prepared on the historical cost
convention and in accordance with the normally accepted accounting
(b) Fixed Assets
Fixed assets are stated at cost of acquisition.
Depreciation on fixed assets have been provided at the rate as
prescribed in Schedule XIV of the Companies Act, 1956 on straight line
method. Instead of distributing the total depreciation of leased
assets over the lease period, at the time of termination of lease the
differential of the same is charged to Profit & Loss Account under
administrative & other expenses.
Depreciation on additions/deletions to Fixed Assets are provided on
pro-rata basis from/to the date of additions/deletions.
Unquoted Investments are shown at cost.
Inventories, i.e. Stock of Shares/Debentures are valued at lower of
cost/market price/breakup value as per practice followed in the last.
(f) Revenue Recognition
All expenses and income to the extent considered payable and receivable
respectively unless specifically stated to be otherwise are accounted
for an accrual basis.
Overdue charges are accounted for on receipt/payment basis.