Significant Accounting Polices
a) Lease Finance
The Company accounts for lease rent income on accrual basis.
b) Fixed Assets & Depreciation :
Fixed Assets are stated at cost of acquisition, inclusive of inward
freight, duties & taxes and incidental expenses related to acquisition.
Depreciation on assets given on lease is provided on the straight line
method on pro-rata basis at the rates prescribed in schedule XIV of the
Companies Act, 1956
c) Stock valuation
The stock of Shares & Debentures has been valued at cost or market
value whichever is less.
2. In the opinion of the Board of Directors, the Current Assets, Loans
and advances have value on realisation in ordinary course of business at least equal to the amount at which
they are stated except as expressly stated otherwise.
3. The balance whether in debit or in credit are subject to confirmation from parties.
4. Depreciation on assets given on lease is provided on continuous
Process Plant basis as the lessee is charging depreciation on its plant
on continuous process plant basis as per the technical opinion obtained
5. Statement of Investment (Shown under Currents Assets as stock in