1.Basis of Preparation
The financial statements have been prepared to comply in all material
aspects with the mandatory Accounting Standards issued by the Institute
of Chartered Accountants of India and relevant provisions of Companies
Act, 1956. The financial statements have been prepared under the
historical cost convention and on accrual basis. The Accounting
policies have been consistently applied in preparing the accounts and
are consistent with those used in the previous year.
2.Fixed Assets & Depreciation:
Fixed Assets are stated at historical cost less accumulated
depreciation and impairment loss, if any. Cost comprises the purchase
price and any attributable cost of bringing the assets to its working
condition for its intended use.
Depreciation on fixed assets is provided on straight line basis in
accordance with the rates prescribed in Schedule -XIV of the Companies
Inventories are valued at cost except the finished goods which are
being valued at cost or market value whichever is lower. The stocks
held at the factory and at other locations are as physically verified
and certified by the Management.
Sales represent gross value of sales including Excise Duty but
excluding Sales Tax. Income and Expenditure are accounted on accrual
5.Employee Retirement Benefit:
Liability on account of Gratuity is provided based on acturial
valuation. PF and ESI contributions are accrued as per the Statutory
rules in force.
6.Research and Development:
Research / Product Development expenditure is amortised over a period
of 10 years.