(1) The Accounts are prepared on an accrual basis except otherwise
stated and under the historical cost conventions, and are in line
with the relevant laws as well as the guidelines prescribed by the
Department of Company affairs and the Institute of Chartered
Accountants of India.
(a) SYSTEM OF ACCOUNTING: The Company has adopted the accrual basis of
accounting in the Preparation of the books of accounts.
(b) REVENUE RECOGNITION: All income is accounted for on accrual basis.
(c) EXPENSES: It is Company''s policy to account of expenses on accrual
(d) TAXATION: Provision for current tax is made in the accounts on the
basis of estimated tax liability as per the applicable provisions of
the Income Tax Act, 1961. There is no timing difference. Hence,
Deferred tax liability/assets have not arisen during the year
(e) INVESTMENTS: Long Term Investments are stated at Cost. Provision
for diminution in the value of long term investments is made only if
such decline is other than temporary in the opinion of the management.
(f) RETIREMENT BENEFITS: Provision of Gratuity is not applicable to the