ACCOUNTING CONVENTION
 
 The Accounts are prepared on Accrual Basis under the Historical Cost
 Convention in accordance with the applicable Accounting Standards and
 relevant provision of the Companies Act, 1956.
 
 FIXED ASSETS
 
 All Fixed Assets are stated at Historical Cost less Depreciation.
 
 DEPRECIATION
 
 Depreciation on Fixed Assets is provided on Written Down Value Method
 in accordance with & in the manner specified in amended Schedule XIV to
 the Companies Act, 1956 , read with circular no. 14/93 dt. 20.12 .1993
 of the Department of Company Affairs.
 
 TAX EXPENSES ''
 
 Current Tax is the amount of tax payable on the estimated taxable
 income for the current year as per the provisions of Income Tax Act,
 1961. Deferred Tax Assets and Liabilities is recognized in respect of
 current year and prospective years. Deferred Tax Assets is recognized
 on the basis of reasonable/virtual certainty that future taxable income
 will be available against which the same can be realized.