1 Basis of Preparation
(a) During the year ended 31 March 2012, the revised Schedule VI
notified under the Companies Act 1956, has become applicable to the
company, for preparation and presentation of its financial statements.
The company has also reclassified the previous year figures in
accordance with the requirements applicable in the current year.
(b) Accounting policies not specifically referred to otherwise are
consisitent with generally accepted accounting principles in India.
2 Basis of Accounting
The Company has followed the mercantile system of Accounting and
recognizes Income & Expenditure on accrual basis except rates & taxes
being accounted for on cash basis.
3 Tangible Fixed Assets ''
Fixed assets are stated at cost, net of accumulated depreciation and
accumulated impairment losses, if any. The cost comprises purchase
price, borrowing costs if capitalization criteria are met and directly
attributable cost of bringing the asset to its working condition for
the intended use. Any trade discounts and rebates are deducted in
arriving at the purchase price
4 Depreciation on tangible fixed assets
Depreciation on Fixed Assets has been provided for based on the rates
specified in Schedule XIV to the Companies Act, 1956, on the basis of
written down value method.
Long-term investments are stated at cost, less provision for other than
temporary diminution in value.