SIGNIFICANT ACCOUNTING POLICIES:
(i) Revenue Recognition
All expenses and revenues are accounted for on accrual basis except
dividend income which is accounted for on receipt basis.
Inventories are `NIL'.
(a) The Company follows the straight line method of depreciation (SLM)
on all its fixed assets.
(b) Depreciation is provided at the rates prescribed in Schedule XIV to
the Companies Act, 1956.
(c) Depreciation is charged from the date when the asset is first put
(d) In respect of revalued assets, depreciation relating to the
revalued portion is transferred from the Revaluation Reserve to the
profit and loss account. If a revalued asset is sold the balance in the
reserve account is transferred to the account of the asset sold.
(iv) Fixed Assets
Fixed assets are stated at original cost including taxes and other
incidental expenses related to acquisition, installation and
Investments held for a long term are stated at cost.
(vi) Provision For Taxation
Provision for Income Tax is made/retained on the basis of the company's
own assessment and is based on contentions raised before various tax