i) FIXED ASSETS :
Fixed Assets are stated at cost less Depreciation. Depreciation on
Fixed Assets is calculated on straight line method at the rates
specified in Schedule XIV of the Companies Act, 1956.
ii) INVESTMENTS :
Long term investments are stated at cost except unquoted shares which
have been taken at lower of break up value or carrying cost. Gain/Loss
on disposal of Investments is recognised as income/expenditure.
iii) INVENTORIES :
Stock in Trade are valued at lower of cost or realisable value. Stock
on Hire are valued at the agreement value less instalments received.
iv) RECOGNITION OF INCOME AND EXPENDITURE :
Income and Expenditure are recognised on accrual basis and lease
transactions are accounted for on the basis of Guidance Note on
Accounting for Leases issued by the Institute of Chartered Accountants
v) FOREIGN CURRENCY TRANSACTIONS :
Gain/Loss on foreign currency transactions is recognised on actual
ovi) RETIREMENT BENEFITS :
Year end accrued liabilities on account of Gratuity and Leave have been
recognised on the basis of actuarial valuations.
vii) AMORTISATION OF MISCELLANEOUS EXPENDITURE :
Items of Miscellaneous Expenditure are being amortised proportionately
over a period of ten years.
viii) CONTINGENT LIABILITIES :
Contingent Liabilities are generally not provided in the accounts and
are separately shown elsewhere in the Schedule.