1. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES A. Recognition of
Income and Expenditure
1. Revenue/Income and Costs/Expenditure are generally accounted on
accrual, as they are earned or incurred.
B. Fixed Assets and Depreciation
1. Fixed Assets are stated at cost less accumulated depreciation
(other than Freehold Land where no depreciation is charged).
2. Fixed Assets are recorded at cost of acquisition inclusive of
expenses incidental to the cost of acquisition and cost of trial runs.
3. Depreciation has been provided on straight line method as per the
rates prescribed by Schedule XIV of the Companies Act, 1956 as amended
by Notification GSR No. 756 Edt. 16.12.1993. Depreciation on the
additions made during the year has been provided at pro-rata on time
Investments are stated at cost.
D. Valuation of Inventories
Inventory of Raw Material, Finished Goods and Work-in-Process are
stated at cost or net realizable value whichever is lower. Stores &
Spares are stated at cost or net realizable value whichever is lower.
Sales is net of returns and inclusive of Excise Duty Sales Tax. Sales
is inclusive of Sale of Trading items.
F. Provision for Gratuity
Provision for Gratuity is made on the basis of actuarial valuation.
G. Transaction in Foreign Currency
Assets and Liabilities related to Foreign Currency Transactions
remaining unsettled at the end of the year are translated at year end