i. ACCOUNTING CONCEPTS:
The Company follows the Mercantile System of Accounting and recognises
Income and Expenditure on Accrual Basis. The Accounts are prepared on
historical cost basis as a going concern. Accounting policies not
referred to otherwise are consistent with Generally Accepted Accounting
ii. FIXED ASSETS:
Fixed Assets are stated at cost less depreciation.
Depreciation on Fixed Assets is charged in the account on written down
value method at the rates specified in Schedule XIV of the Companies
Long Term Investments are stated at cost. Provision for diminution in
the value of long term investments is not made as there is no decline
in the value of the investments.
Shares that are deposited with Bombay Stock Exchange are valued at
vi. BROKERAGE EARNED:
Brokerage earned is accounted on the basis of transaction done during
the accounting year irrespective of whether the same are settled during
the year or not. Brokerage earned is shown as net i.e. after deduction
of Brokerage paid.
vii. RETIREMENT BENEFITS:
No provision for future liabilities made in respect of gratuity, leave