i) Basis of Accounting:
Financial Statement is prepared under historical cost convention on a
accrual basis in accordance with the requirements of the Companies
ii) Fixed Assets and Depreciation
a) Depreciation on Fixed Assets is Not Calculated.
The Inventory are stated at Cost or NRV whichever is
ii) CONTINGENT LIABILITIES
No provision is made for liabilities, which are contingent
in nature but, if material the same is disclosed by way of
notes to the accounts.