(1) BASIC OF ACCOUNTING:
The Company prepares its Financial Statement under the historical cost
vonvention in accordance with the generally accepted Accounting
Principles and the requirements of the Companies Act, 1956
2) INCOME & EXPENDITURE:-
The Company follows mercantile system of Accounting and recognizes
items of Income and Expenditure on accrual basis.
(3) FIXED ASSETS AND DEPRECIATION
Depreciation on fixed Assets is provided for on WDV method at the rate
prescribed in schedule XIV to the Companies Act, 1956.
(4) EMPOLYEES RETIREMENT BENEFITS
Provision for gratuity is not required as the Company has not employed
any new employee during the year.
(5) MISCELLANEOUS EXPENDITURE:-
Preliminary expenses are written off over a period of Ten Year.
The inventory has been valued at cost price or market value whichever