(a) Basis of Preparation :
The Statement of accounts has been prepared under the historical
convention using the accrual method of accounting.
(b) Tangible Assets:
Tangible Assets are stated at cost of acquision or construction (net of
Convert Credit / Value Added Tax). All costs relating to the
acquisition and installation of tangible assets are capitalised and
include borrowing costs directly attributable to acquisition of
tangible assets upto the date the asset is put to use.
The Company has provided depreciation as per income Tax Rules 1962. Had
it been provided as per Schedule XIV of the Companies Act 1956, the
Depreciation would have been less by Rs.44,684/- (cumulative
Rs.85401/-) and correspondingly profit would have been more to the same
extent for the year.
i. No provisions for income tax has been made in view of Loss during
II. As per the opinion of the management, no liability arises for
Professional Tax and accordingly no provision has been made for