1 Basis of Preparation of Financial Statements :
 
 The Company maintains its accounts on accrual basis following the
 historical cost convention except for the revaluation of certain fixed
 assets and in accordance with generally accepted accounting principles
 [GAAP] , as well as in compliance with the Accounting Standards
 referred to in Section 211(3C) and other requirements of the Companies
 Act, 1956.
 
 2 USE OF ESTIMATES:
 
 The preparation of financial statements in conformity with generally
 accepted accounting principles requires management to make estimates
 and assumptions that affect the reported amounts of assets and
 liabilities and disclosure of contingent liabilities at the date of the
 financial statements and the results of operations during the reporting
 period end. Although these estimates are based upon managements best
 knowledge of current events and actions, actual results could differ
 from these estimates.
 
 3 RECOGNITION OF INCOME AND EXPENDITURE :
 
 a) Income & expenditure are recognised on accrual basis. However,
 certain escalation & other claims as well as certain income where there
 is any uncertainity of its realisation or which are not ascertainable /
 acknowledged by customers, are recognised as income on its realisation.
 
 b) Dividend income is recognised when the right to receive the dividend
 is established.
 
 4 FIXED ASSETS :
 
 a) Land, Buildings and Machineries acquired upto 31-03-1994 are stated
 at revalued figures less accumulated depreciation.
 
 b) All Other Fixed Assets are stated at historical cost less
 accumulated depreciation.
 
 c) Cost includes all expenditure of incurred to bring the assets to its
 present location and condition.
 
 5 DEPRECIATION :
 
 (a) Depreciation has been calculated in accordance with and at the
 rates specified in Schedule XIV to the Companies Act, 1956.
 
 (b) Depriciation in respect of additions to Machineries from 01-04-1992
 is provided on straight line method and in respect of all other fixed
 assets on written down method.
 
 (c) Depreciation in respect of addition and deletion of assets during
 the year is provided based on the actual number of days for which
 assets remained in use.
 
 (d) Fixed Assets upto a value of Rs.5000 are fully depreciated in the
 year of its acquisition.
 
 6 IMPAIRMENT OF ASSETS :
 
 As at each Balance Sheet date, the carrying amount of assets is tested
 for impairment so as to determine:
 
 (a) the provision for impairment loss required, if any, or
 
 (b) the reversal required in respect of impairment loss recognised in
 previous periods, if any Impairement loss is recognised when the
 carrying amount of an asset exceeds its recoverable amount.
 
 7 INVENTORIES :
 
 Inventories are valued after providing for obsolescence, as under:- (a)
 Raw Materials, Stores, Gift articles and Finished goods.  : At lower of
 cost or net realisable value.
 
 (b) Work in progress
 
 1) Publication :At about cost
 
 2) Construction/Real Estate : At cost
 
 (c) Waste :At net realisable value.
 
 (d) Trading
 
 1) Shares/Units : At cost or fair value, which ever is lower.
 
 2) Other : At lower of cost or net realisable value.  Cost for this
 purpose is ascertained on First In First Out (FIFO) basis.
 
 8 INVESTMENTS :
 
 Long term investments are stated at cost. Provision is made for
 diminition in value, other than of temporary nature, of such
 investment.
 
 Current investments are stated at lower of cost and fair value.
 
 9 FOREIGN CURRENCY TRANSACTIONS :
 
 Transactions of foreign currency are recorded at the exchange rate as
 applicable at the date of transactions. Monetary Assets / Liabilities
 outstanding at the close of the financial year are stated at the
 contracted and / or appropriate exchange rate at the close of the year
 and the gain / loss is credited / charged to Profit & Loss Account.
 
 10 RETIREMENT BENEFITS :
 
 (a) Short term employee benefits are charged off in the year in which
 the related services are rendered.
 
 (b) Defined Contribution Plan :
 
 Contribution to Provident Fund and Pension Fund Scheme are paid in
 accordance with applicable statutes and deposited with the Regional
 Provident Fund Commissioner.
 
 (c) Defined Benefit Plan :
 
 Liabilities in respect of post employment benefit (gratuity) have been
 determined at present value of the amount payable towards contribution
 based on actuarial valuation made by an independent actuary as at the
 balance sheet date. The actuarial gains or losses are recognised
 immediately in the profit and loss account.
 
 11 SEGMENT ACCOUNTING :
 
 Segment accounting policies are in line with the accounting policies of
 the Company, in addition, the following specific accounting policies
 have been followed for segment reporting:
 
 (a) Segment revenue includes sales & other income directly identifiable
 with/allocable to the segment, including inter segment revenue.
 
 (b) Expenses that are directly identifiable with/allocable to segments
 are considered for determining the Segment Result.
 
 (c) Income/Expense which relate to the Company as a whole and not
 allocable to segments are included in Unallocable Corporate
 Income/Expense.
 
 (d) Segment assets & liabilities include those directly identifiable
 with the respective segments.
 
 (e) Unallocable corporate assets and liabilities represent the assets &
 liabilities that relate to the Company as a whole and not allocable to
 any segment.
 
 12 INCOME TAXES :
 
 a) Income tax charge or credit comprises current tax and deferred tax
 charge or credit.
 
 b) Current tax is provided at current tax rates based on assessable
 income.
 
 c) Deferred tax asset/liability are recognised at the tax rates and tax
 laws that have been enacted or substantively enacted by Balance Sheet
 date based on the tax effect of timing differences resulting from the
 recognition of items in the financial statements and in estimating its
 current tax provision. Deferred tax assets are recognised, if there is
 a reasonable certainty of realisation. Deffered tax effects are
 reviewed at each Balance Sheet Dates.
 
 13 PROVISIONS, CONTINGENT LIABILITIES & CONTINGENT ASSETS :
 
 Provisions involving substantial degree of estimation in measurement
 are recognized when there is a present obligation as a result of past
 events and it is probable that there will be an outflow of resources.
 Contingent Liabilities are not recognized but are disclosed in the
 notes. Contingent Assets are neither recognised nor disclosed in the
 financial statements.
 
 14 BORROWING COST:
 
 Borrowing costs attributable to the acquisition and construction of
 assets are capitalized as part of the cost of such assets up to the
 date when such asset is ready for its intended use. Other borrowing
 cost are treated as revenue expenditure.
 
 15 GENERAL:
 
 Accounting Policies not specifically referred to are consistent with
 generally accepted accounting practice.