a) Presentation and disclosure of financial statements
 
 During the year, the revised Schedule VI notified under the Companies
 Act 1956, has become applicable to the company, for preparation and
 presentation of its financial statements. The adoption of revised
 Schedule VI does not impact recognition and measurement principles
 followed for preparation of financial statements. However, it has
 significant impact on presentation and disclosures made in the
 financial statements.  The company has also reclassified the previous
 year figures in accordance with the requirements applicable in the
 current year.
 
 b) Use of estimates
 
 The preparation of financial statements in conformity with Accounting
 Standards requires the management to make judgments, estimates and
 assumptions that affect the reported amounts, at the end of the
 reporting period. Although these estimates are based on the
 management''s best Knowledge of current events and actions, uncertainty
 about these assumptions and estimates could result in the outcomes
 requiring a material adjustment to the carrying amounts of assets or
 liabilities in future periods.
 
 c) Tangible fixed assets
 
 Fixed Assets are stated at cost of acquisition or construction less
 accumulated depreciation.  Cost includes purchase price and all other
 attributable cost of bringing the asset to working condition for
 intended use.
 
 d) Depreciation: On Tangible fixed assets
 
 - Depreciation is provided on the basis of Straight Line Method on
 all depreciable fixed assets at the rate prescribed in schedule XIV of
 the Companies Act, 1956 on pro rata basis.
 
 - Depreciation on fixed assets taken over by the company due to merger
 taken place in the financial year 2005-06 has been provided on Written
 Down Value method in accordance with the provision of Section 205(2)(b)
 of the Companies Act, 1956. The same method is followed in current year
 also.
 
 - Depreciation in respect of fixed assets put to use in current year
 has been charged on pro rata basis. Depreciation on assets sold,
 discarded or demolished during the yea!- is being provided at their
 respective rates on pro-rata up to the date on which such assets are
 sold, discarded or demolished.
 
 e) Borrowing costs
 
 Borrowing costs that are attributable to the acquisition, construction
 or production of a qualifying asset are capitalized as a part of the
 cost of such asset. All others borrowing cost are charged to revenue.
 
 f) Impairment of tangible and intangible assets
 
 Impairment Loss, if any is provided to the extent, the carrying amount
 of assets exceeds their recoverable amount. Recoverable amount is
 higher of an assets net selling price and its value in use. Value in
 use is the present value of estimated future cash flows expected to
 arise from the continuing use of an asset or from its disposal at the
 end of its useful life.
 
 g) Investments 
 
 Current Investments are carried at lower of cost or fair value. Long
 Term Investments are stated at cost. Provision for diminution in the
 value of long term investments is made only if such a decline is other
 than temporary.
 
 h) Revenue recognition
 
 - Revenue from sale of goods is recognized when all the significant
 risks and rewards of ownership of the goods have been passed to the
 buyer.
 
 - All other income and Expenditure are recognized and accounted for on
 accrual basis.
 
 i) Retirement benefits:
 
 - Company provides for Retirement Benefits in the form of Gratuity.
 Company has taken Group Gratuity Policy of LIC of India and Premium
 paid is recognized as expenses when it is incurred.
 
 - Provident fund is accrued On monthly basis in accordance with the
 terms of contract with the employees and is deposited with the
 Statutory Provided Fund. The Company''s contribution is charged to
 profit and loss account.
 
 j) Income taxes
 
 Tax expense comprises of current and deferred taxes. Current Income Tax
 is measured at the amount '' expected to be paid to the tax authorities
 in accordance with the Indian Income Tax Act, 1961. Deferred income
 taxes reflects the impact of current year timing differences between
 taxable income and accounting income for the year and reversal of
 timing differences of earlier years. Provision for Current tax is made
 after taking into consideration benefits admissible under the provision
 of the Income Tax Act, 1961.
 
 k) Segment reporting
 
 The company is engaged mainly in one reportable segment viz.,
 Manufacturing & Trading of Dyes and Chemical. During the Year,
 Company is also engaged in trading of wellness product. However,
 revenue from this business segment is not significant and accounts for
 less than 10% of the total revenue and/or total assets of the Company.
 Therefore, no disclosure of separate segment reporting is required in
 terms of Accounting Standard AS-17 Segment Reporting.
 
 I) Transaction in Foreign Currencies
 
 Transactions in foreign currencies are recorded at the exchange rates
 prevailing on the date of the transaction. Foreign currency monetary
 assets and liabilities are translated at year-end using the closing
 exchange rate. Exchange differences arising on settlement of
 transactions and translation of monetary items are recognized as income
 or expense in the year in which they arise as exchange rate difference.
 
 m) Excise Duty
 
 Excise Duty has been accounted based on payments made in respect of the
 goods cleared.
 
 n) Miscellaneous Expenditure (to the extent not written off or
 adjusted)
 
 Share Issue expenditure is amortized over a period of five years in
 which the same was incurred.
 
 o) Contingent Liabilities & Contingent Assets:
 
 A provision is recognized when the company has a present obligation as
 a result of past event, it is probable that an outflow of resources
 embodying economic benefits will be required to settle the obligation
 and a reliable estimate can be made of the amount of the obligation.
 Provisions are not discounted to their present value and are determined
 based on the best estimate required to settle the obligation at the
 reporting date. These estimates are reviewed at each reporting date and
 adjusted to reflect the current best estimates. Contingent Liabilities
 are not provided for and are disclosed by way of notes. Contingent
 Assets are neither recognized nor disclosed in the financial
 statements.