a) Fixed Assets
 
 Stated at cost except Trade Marks which are valued based on valuation
 carried out by independent agencies.
 
 b) Borrowing costs
 
 Borrowing costs comprising of interest etc. relating to projects are
 capitalised upto the date of project completion. Other borrowing costs
 are charged to Profit & Loss Account in the year of their accrual.
 
 c) Depreciation
 
 Depreciation on fixed assets is provided on straight line method in
 accordance with Schedule XIV of the Companies Act, 1956. However, in
 case of Motor Vehicles & Office Computers, the rates are based on
 technical evaluation of the economic life of assets by the management
 which are 15% & 24% instead of 9.50% & 16.21% respectively specified in
 the said Schedule. In case of trade marks, the book value is written
 off over the residual period of the validity of the relevant
 registration certificate. An amount equal to the additional
 depreciation on account of revaluation is transferred to the Profit &
 Loss Account from the Revaluation Reserve. Value of Leasehold assets is
 amortised over the respective residual lease period.
 
 d) Inventories
 
 Inventories are valued at lower of cost or net realisable value. Cost
 of own manufactured goods comprises of materials, labour and other
 appropriate overheads including depreciation. Cenvat on stocks is added
 to value of stocks. Values of stocks of raw materials, stores and
 packing materials are determined on first-in first-out basis.
 
 e) Investments
 
 Long term Investments are valued at cost.Provision for any permanent
 diminution in value of investments is made, if necessary. Current
 investments are stated at cost or market value, whichever is lower.
 However, investments under Portfolio Management Services are stated at
 cost.
 
 f) Foreign Currency Transactions
 
 All foreign currency transactions are accounted for at prevailing rates
 on the respective date of transactions. Liabilities remaining unsettled
 at the year-end are translated at year-end rates. Differences in
 transactions of assets and liabilities and realised gains and losses on
 foreign currency transactions are recognised in the Profit and Loss
 Account.
 
 g) Lease
 
 Lease Rentals are charged/accounted for in Profit and Loss Account.
 
 h) Revenue Recognisition
 
 Accounts are maintained on accrual basis. Revenue recognition is
 postponed to a later year when it is not possible to estimate it with
 reasonable accuracy.  Deferred revenue expenditure is written off over
 six years.
 
 i) Retirement Benefits
 
 a) Short-term employee benefits (compensated absenses) are recognised
 as expense at the undiscounted amount in the Profit & Loss Account of
 the year in which the related service is rendered based on actuarial
 valuations made at the end of the year,
 
 b) Post employment employee benefits are recognised as expense in the
 Profit & Loss Account for the year in which the employee has rendered
 services. The expense is recognised at the present value of the amount
 payable determined using actuarial valuation techniques at the end of
 the year. Actuarial gains and losses in respect of post employement
 benefits are charged to the Profit & Loss Account.
 
 j) Taxation
 
 a) Provision for current taxes is made and retained in the accounts on
 the basis of estimated tax liability as per applicable provisions of
 the Income Tax Act, 1961 and considering assessment orders and
 decisions of appellate authorities.
 
 b) Deferred Tax for timing difference between tax profits and book
 profits is accounted for, using tax rates and laws that have been
 enacted or substantively enacted as of the Balance Sheet date. Deferred
 Tax Assets are recognised to the extent there is reasonable certainty
 that these assets can be realised in future.
 
 k) Impairment of Assets
 
 Factors giving rise to any indication of any impairment of the carrying
 amount of the Company''s assets are appraised at each Balance Sheet date
 to determine and provide/revert an impairment loss following Accounting
 Standard - 28 for Impairment of Assets.
 
 I) Accounting of Derivatives
 
 Realised Income/Losses from dealings in derivative instruments are
 accounted for and the unrealised gains/losses are not considered till
 the derivative agreement is not completed. Such profits/losses are
 shown as exceptional items in the Profit and Loss Account.