1. Accounting Convention
The accounts have been prepared on historical cost basis.
Sales are exclusive of sales tax.
3. Revenue Recognition
The Company follows the mercantile system of accounting and recognizes
income and expenditure on accrual basis.
4. Valuation of Inventories
Traded Goods : At cost or market value whichever ts less.
5. Depreciation :
Depreciation on Fixed Assets is provided under the WDV Method at the
rates provided by schedule XIV to the Companies Act, 1956. Depreciation
on additions during the year to being calculated on pro rata basis.
6. Taxation :
The current year charge for income tax is calculated in accordance
with the relevant tax regulations applicable to the Company. Deferred
tax assets/ liabilities are recognized for future tax attributable to
the timing differences that result between the profit offered for
income tax and the profit as per the financial statements.
Investments are valued at cost. In case of Investments in Unquoted
shares, market value is not applicable.
8. Fixed Assets :
Fixed Assets are stated at cost less accumulated depreciation, cost
comprises, purchase price, duties, levies and other cost relating to
the acquisition and installation of the Asset.