a) The financial statements are prepared on the basis of historical
b) Fixed Assets:
Tangible fixed assets are stated at cost net of depreciation provided.
Depreciation on the tangible fixed assets is provided on Straight line
Basis in accordance with Schedule XIV to the Companies Act, 1956.
a. Raw materials are valued at cost.
b. Finished goods and Work in progress are valued at lower of cost and
net realisable value. Excise duty against finished goods lying in
bonded godown at the end of the year is considered by making
appropriate adjustments in the statement of profit and loss.
c. Stocks are valued on the basis of ''weighted average cost''
e) Provident Fund
Provident Fund contributions are remitted to Provident Fund
Commissioner and the same are charged to revenue.
f) Contingent Liabilities
All Contingent Liabilities are indicated by way of a note and would be
paid/ provided upon crystallization.