a) Fixed Assets are carried at cost of acquisition/installation. They
 are shown net of accumulated depreciation/amortization.
 
 b) DEPRECIATION AND AMORTISATION :
 
 Depreciation : Depreciation on all assets is provided uniformly under
 written down value method as per the rates and in the manner specified
 in Schedule XIV of the Companies Act, 1956, except in case of following
 assets where due to nature of business and type of assets suffering
 extra wear and tear, the rates used as also in earlier years are :
 
 Hospitality Division :
 
 Kitchen Equipments : 33.33%
 
 Furniture & Fixture : 33.33%
 
 Electrical Installations : 20.00%
 
 Amortisation :
 
 i) Leasehold land is amortised over the period of lease.
 
 ii) 1/3rd portion of balance amount in loose tools account at the end
 of the year is written off.
 
 c) Investments : All Non-Current Investments are stated at cost of
 acquisition. Diminution of temporary nature in value of such long-term
 investments is not provided for except where determined to be of
 permanent nature. The provision for diminution is reviewed at every
 year end in relation to market value and suitable write backs / write
 offs are accounted. Current investments are stated at lower of cost and
 fair value.
 
 d) Maharashtra Value Added Tax and Central Sales Tax are accounted on
 the basis of liability as per periodical returns filed with concerned
 tax authorities. Liability or refund on assessment/ Vat audit report,
 if any, is accounted as and when the asessments/Vat audit are
 completed.  The final liability in respect of unassessed
 years/unaudited years under MVAT Act remains indeterminate.
 
 e) Income and Expenditure are accounted on accrual, as they are earned
 or incurred, except in case of those involving significant
 uncertainties where the same is accounted on crystallization.
 
 f) Inventories of Stock-in-trade are valued as under :
 
 i) Auto spare parts - at lower of cost or realisable value.
 
 (Cost in relation to spare parts of Auto Division business includes
 purchase price net of rebates and incentives from suppliers, octroi and
 freight).
 
 ii) Food & Beverages, in case of Hospitality Division - at cost or net
 realisable value whichever is lower. Cost is determined on the basis of
 Weighted Average Method.
 
 g) Retirement Benefits :
 
 Employee''s Provident Fund and Pension Scheme : Monthly contributions
 are remitted to Central Provident Fund Commissioner who maintains the
 accounts and pays the dues on retirement.