1. SIGNIFICANT ACCOUNTING POLICIES
1) FIXED ASSETS : All Fixed assets are valued at cost less
ii) INVENTORIES : At cost or market value whichever is lower.
iii) REVENUE RECOGNITION : Items of Income and expenditure are
recognised generally on accrual basis except for the following which
are being accounted for on cash basis, since it is not possible to
ascertain the exact quantum with the reasonable accuracy
a. Interest on overdue payments
b. Bank guarantee commission
c. Rate difference, discount, rebate claims.
iv) CONTINGENT LIABILITIES : Contingent liabilities are shown by way of
Notes forming part of accounts
v) GRATUITY, LEAVE ENCASHMENT: Provisions is not made at actuarial
AND OTHER RETIREMENT basis