Basis of Accounting : Financial statements are prepared in accordance
 with the generally accepted accounting principles including accounting
 standards in India under historical cost convention on accrual basis.
 
 Revenue Recognition : Income of the Company is derived from Sale of
 Products including Excise duty but excluding Sales Tax and net of sales
 returns. The revenue and expenditure are accounted on a going concern
 basis.
 
 Inventories : Finished goods, stock-in-process and Raw Materials are
 valued at lower of the cost and net realisable value.
 
 Moulding boxes and patterns are valued at lower of cost (estimated) and
 net realisable value.
 
 Fixed Assets : Fixed Assets are stated at cost less accumulated
 depreciation and impairment losses, if any. Cost comprises the purchase
 price and any attributable cost of bringing the asset to its working
 condition for its use.
 
 Depreciation : Depreciation for the year on fixed assets is provided
 under the Straight Line Method at the rates and in the manner specified
 in Schedule XIV of the Companies Act, 1956.
 
 Foreign Currency
 
 Transactions : Transactions in foreign currencies are recorded at the
 exchange rates prevailing on the date of transaction. Current assets
 and current liabilities are translated at the year end rate. The
 difference between the rate prevailing on the date of transaction and
 on the date of settlement as also on translation of current assets and
 current liabilities at the end of the year is recognised as income or
 expense as the case may be.
 
 Employee Benefits :
 
 (I) Defined Contribution Plan:
 
 (a) Companys contribution to Employees Provident fund and Employees
 State Insurance are made under a Defined Contribution Plan, and are
 accounted for at actual cost in the year of accrual.
 
 (b) Companys contribution to the Superannuation fund in respect of
 employees who are members are made under a defined contribution plan,
 being administrated by the Life Insurance Corporation of India and are
 charged to Profit and Loss account in the year in which employee has
 rendered service.
 
 (II) Defined Benefit Plan :
 
 Companys liability to Gratuity on retirement of its eligible employees
 is funded and is being administrated by the Life Insurance Corporation
 of India. The incremental expense thereon for each year is arrived at
 as per actuarial valuation and is recognised and charged to the Profit
 and Loss Account in the year in which the employee has rendered
 service.
 
 Borrowing Costs : The Company capitalizes interest and other costs
 incurred by it in connection with funds borrowed for the acquisition of
 fixed assets. Where specific borrowings are identified to a fixed
 asset, the Company uses the interest rates applicable to that specific
 borrowing as the capitalisation rate. Where borrowings cannot be
 specifically identified to fixed assets, the capitalisation rate
 applied is the weighted average of the interest rates applicable to all
 borrowings of the Company. Capitalisation of borrowing costs ceases
 when all the activities necessary to prepare the fixed assets for their
 intended use are substantially complete.
 
 Investments : Investments, which are Long-term in nature, are stated at
 cost after providing for decline in value, if any, other than
 temporary.
 
 Leases : Leases, where the Lessor retains substantially all the risks
 and rewards incidental to the ownership are classified as operating
 leases.  Operating lease payments are recognised as an expense in
 Profit & Loss Account on straight-line basis over the lease term.
 
 Deferred Tax : Deferred income taxes reflect the impact of current year
 timing differences between taxable income and accounting income for the
 year and reversal of timing differences of earlier years. Deferred tax
 is measured based on the tax rates and the tax laws enacted or
 substantively enacted at the balance sheet date.
 
 Impairment of Assets : The Company carrying out Impairment of Assets at
 balance sheet date and recognize Impairment Gain / Loss based on
 internal/external factors.