i) Basis of Accounting:
Financial Statement is prepared under historical cost convention on a
accrual basis in accordance with the requirements of the Companies Act.
ii) Fixed Assets and Depreciation
a) Depreciation on Fixed Assets is Not Calculated.
b) i) INVENTORIES
The Inventory are stated at Cost or NRV whichever is less.
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.