1. METHOD OF ACCOUNTING: Accounts of the company are maintained on the
basis of Mercantile System of accounting, Accounting method not
referred otherwise are in consistent with the generally accepted
2. FIXED ASSETS: Fixed Assets are stated at cost less depreciation,
Fixed assets purchased during the year are capitalized at cost
inclusive of expense up to their completion or acquisition.
3. INVESTMENT: Investment are valued at cost.
4. FOREIGN CURRENCY TRANSACTIONS: There is no foreign currency
5. RETIREMENT BENEFITS: Provident fund and employees state insurance
scheme contribution is not applicable to the company.
6. RETIREMENT BENEFITS:
Current Tax: Provision for Income-Tax is determined in accordance with
the provisions of Income-tax Act 1961.
Deferred Tax Provision: Deferred tax is recognized, on timing
difference, being the difference between the taxable incomes and
accounting income that originate in one period and are capable of
reversal in one or more subsequent periods.