1. ACCOUNTING ASSUMPTIONS
Accrual system of Accounting is generally followed to record income and
2. FIXED ASSETS
Fixed Assets are accounted at cost of acquisition inclusive of inward
freight, duties and taxes and incidentals related to acquisitions.
Assets under installation or under construction as at the Balance Sheet
date are shown as Capital Work-in-Progress.
Depreciation is provided on straight line method at the rates computed
in accordance with Sec.205(2)(b) of the Companies Act, 1956 and in
accordance with Schedule XIV of the Companies Act, 1956 as amended from
time to time.
Inventories are valued as under:
a) Finished Goods are valued at lower of cost or realisable value.
b) Stores & Spares, Raw materials, Packing Materials, Work-in-Progress
are valued at Cost.
c) Scrap Stores are valued at net realisable value.