1. SIGNIFICANT ACCOUNTING POLICIES :
A. System of Accounting
i. The financial statements are prepared under historical cost basis.
ii. The Company generally follows the mercantile system of accounting.
B. Fixed Assets
Fixed assets are stated at their original cost of
acquisition/installation less depreciation as per schedule XIV of the
Companies Act, 1956 following the straight line method of depredation
on triple shift basis.
Investments are stated at the cost.
Finished goods are valued at cost or net market value whichever is
lower. Raw materials are valued at cost on FIFO basis. Stores, Spares
and work-in-progress are valued at cost or market value whichever is
E. Foreign Exchange Transactions
i. Foreign currency liabilities outstanding at the closing of the
financial year are booked at rate prevailing at the time of each
ii. Difference in conversion of machinery, assets and liabilities and
realised gains and losses of foreign exchange transactions other than
those relating to fixed assets are recognized in profit & loss A/c