1.1 Fixed Assets are valued at cost less depreciation.
 
 1.2 Depreciation has been calculated on straight line method at
 applicable rates prescribed in Schedule XIV of the Companies Act, 1956.
 
 1.3 Investments are valued at cost.
 
 1.4 (a) Inventories of stores & spares and packing materials are valued
 at FIFO basis.
 
 (b) Raw materials are valued at cost on FIFO basis.
 
 (c) Finished goods are valued at lower of cost and net realisable
 value.
 
 Cost includes cost of purchase, duties, taxes and all other costs
 incurred in bringing the inventories to their present location.
 
 1.5 Sales exclusive of Excise Duty, VAT (Rs. 13302) and net of dealers''
 margin are recognised as revenue on dispatches.
 
 1.6 Rebate receivable from Government on sale of Single Super Phosphate
 Fertilizer is also recognised on accrual basis.
 
 1.7 Transactions in foreign currencies are reflected at rates at which
 transactions are settled; assets and liabilities valued at
 contract/yearend rate and resultant loss or gain is accounted for in
 the profit and loss account.
 
 1.8 No borrowing costs have been capitalized during the year.
 
 1.9 Long term investments are stated at cost and provision for
 diminution is made, if such diminution is other than temporary in
 nature. The diminution in value of investment made in units of SBI Mid
 Cap Fund (Growth Option) amounting to Rs.894 is considered tempo- rary
 in nature and hence no provision is required.