1.  Basis of Preparation of Financial Statements
 
 The financial statements have been prepared to comply in all material
 respects with the Accounting Standards notified by Companies
 (Accounting Standards) Rules, 2006, (as amended) and the relevant
 provisions of the Companies Act, 1956. The financial statements have
 been prepared under the historical cost convention on an accrual basis.
 The accounting policies have been consistently applied by the Company.
 
 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. Although these estimates are based upon managements best
 knowledge of current events and actions, actual results could differ
 from these estimates.
 
 3.  Revenue Recognition
 
 a.  Revenue for retail sales are recognized on delivery of the
 merchandize to the customer, when the significant risk and rewards of
 the ownership of goods have been transferred to the buyer. Sales are
 net off discounts and sales return, sales tax/ Value Added Tax are
 reduced from turnover.
 
 b.  In respect of gift vouchers, revenue is recognized when the gift
 vouchers are redeemed.
 
 c.  Revenue from display are recognized based on the period for which
 product are displayed.
 
 d.  Dividend income is recognized, when the right to receive the same
 is established.
 
 e.  Interest is recognized on accrual basis.
 
 4.  Inventories
 
 Inventories are valued as follows:
 
 a) Raw materials, stores/consumables & packing material: at lower of
 cost and net realizable value. However, materials and other items held
 for use in the production of inventories are not written down below
 cost if the finished products in which they will be incorporated are
 expected to be sold at or above cost.
 
 b) Work in Progress: at lower of cost and net realizable value
 
 c) Finished goods: at lower of cost and net realizable value
 
 Cost of inventory comprises of cost of purchase and other cost incurred
 in bringing the inventory to their present location and condition. Cost
 is determined by the weighted moving average cost method.
 
 5.  Fixed Assets and Depreciation/Amortization
 
 a) Fixed Assets
 
 Fixed assets are stated at cost, less accumulated depreciation and
 impairment losses if any. Cost comprises the purchase price and any
 cost attributable to bringing the assets to its working condition for
 its intended use. Borrowing costs relating to acquisition of fixed
 assets which takes substantial period of time to get ready for its
 intended use are also included to the extent they relate to the period
 till such assets are ready to be put to use.
 
 Depreciation on all fixed assets, except certain assets as mentioned
 below is provided on written down value method at the rates specified
 in Schedule XIV of the Companies Act, 1956. In respect of assets
 acquired/sold during the year, depreciation has been provided on
 pro-rata basis with reference to the number of days.
 
 Individual assets costing equal to or less than Rs. 5,000/- is written
 off fully in the year of purchase.
 
 Cost of leasehold land is amortized over the period of lease. Buildings
 on lease hold land are depreciated over the period of respective lease
 or over 20 years whichever is lower. The leasehold improvements are
 amortised over the period of lease.
 
 b) Intangible Assets
 
 Intangible Assets (Computer software) are stated at their cost of
 acquisition, less accumulated amortization and impairment loss thereon.
 An intangible asset is recognized where it is probable that future
 economic benefits attributable to the asset will flow to the enterprise
 and where its cost can be reliably measured.
 
 Computer software is amortized over a period of three years.
 
 6.  Impairment of Assets
 
 i.  The carrying amounts of assets are reviewed at each balance sheet
 date if there is any indication of impairment based on
 internal/external factors. An impairment loss is recognized wherever
 the carrying amount of an asset exceeds its recoverable amount.  - The
 recoverable amount is the greater of the assets net selling price and
 value in use. In assessing value in use, the estimated future cash
 flows are discounted to their present value at the weighted average
 cost of capital.
 
 ii.  After impairment, depreciation is provided on the revised carrying
 amount of the asset over its remaining useful life.
 
 7.  Foreign Currency Transactions
 
 Foreign currency transactions are recorded in the reporting currency,
 by applying to the foreign currency amount the exchange rate between
 the reporting currency and the foreign currency at the date of the
 transaction. Monetary items denominated in foreign currencies at the
 year- end are translated at the exchange rates prevailing on the date
 of the Balance Sheet. Non-monetary items denominated in foreign
 currencies are carried at cost.
 
 Any income or expense on account of exchange differences either on
 settlement or on translation of transactions is recognised in the
 Profit and Loss Account.
 
 8.  Employee Benefits
 
 (a) Shortterm employee benefits:
 
 All employee benefits payable wholly within twelve months of rendering
 the service are classified as Short term employee benefits.  Benefits
 such as salaries, wages, and bonus etc are recognized in the Profit and
 Loss Account in the period in which the employee renders the related
 service.
 
 (b) Long term employee benefits:
 
 (i) Defined contribution plans:
 
 The Contributions for Provident Funds & E.S.I.C. are deposited with the
 appropriate government authorities and are recognized in the Profit &
 Loss Account in the financial year to which they relate and there is no
 further obligation in this regard.
 
 (ii) Defined Benefit Plans:
 
 The Company provides for retirement benefits in the form of Gratuity.
 The Companys gratuity plan is a defined benefit plan. The present
 value of gratuity obligation under such defined plan is determined
 based on an actuarial valuation carried out by an independent actuary
 using the Projected Unit Credit Method, which recognizes each period of
 service as giving rise to additional unit of employee benefit
 entitlement and measures each unit separately to build up the final
 obligation. The obligation is measured at the present value of the
 estimated future cash flows. The discount rate used for determining the
 present value of the obligation under the defined benefit plans, is
 based on the market yields on Government securities as at the valuation
 date having maturity periods approximating to the terms of the related
 obligations. Actuarial gains and losses are recognized immediately in
 the Profit and Loss Account.
 
 (iii) Other long term employee benefits
 
 Benefits under the Companys leave encashment scheme constitute other
 employee benefits. The liability in respect of leave encashment is
 provided on the basis of an actuarial valuation done by an independent
 actuary at the year end. Actuarial gain and losses are recognized
 immediately in the Profit and Loss Account.
 
 9.  Investments
 
 Investments that are readily realisable and intended to be held for not
 more than a year are classified as current investments. All other
 investments are classified as long-term investments. Current
 investments are carried at lower of cost and fair value determined on
 an individual investment basis. Long-term investments including
 investments in subsidiaries are carried at cost. However, provision for
 diminution in value is made to recognise a decline other than temporary
 in the value of the investments.
 
 10.  Leases
 
 Lease arrangements where the risk & rewards incidental to ownership of
 assets substantially vest with the Lessor, are recognized as Operating
 Leases. Lease rental under operating leases are recognized in the
 profit/ loss account as per terms & conditions of the Lease Agreements.
 
 11.  Taxation
 
 a) Tax expenses comprises of Current Tax, Deferred Tax & Fringe Benefit
 Taxes. Current Income Tax and Fringe Benefit Tax is measured at the
 amount expected to be paid to the tax authorities in accordance with
 the Indian Income Tax Act, 1961.
 
 b) Deferred Income Tax reflects the impact of current year timing
 differences between taxable income and accounting income for the year
 and reversal of timing differences of earlier years. Deferred Tax is
 measured based on the tax rates and the tax law enacted or
 substantially enacted at the balance sheet date. Deferred tax assets
 are recognized only to the extent there is reasonable certainty that
 sufficient future taxable income will be available against which these
 assets can be realized in future where as in cases of existence of
 carry forward of losses or unabsorbed depreciation, deferred tax assets
 are recognized only if there is virtual certainty of realization backed
 by convincing evidence. Deffered tax assests are reviwed at each
 balance sheet date.
 
 12.  Earnings per share
 
 Basic earning per share is computed using the weighted average number
 of equity shares outstanding during the year. Diluted earnings per
 share is computed using the weighted average number of equity anti-
 dilutive equity equivalent shares outstanding during the year end,
 except where the results would be anti-dilutive.
 
 13.  Provisions & Contingent Liabilities
 
 Provisions are recognized when the Company has a present obligation as
 a result of past events and it is more likely that an outflow of
 resources will be required to settle the obligations and the amount has
 been reliably estimated. Such provisions are not discounted to their
 present value and are determined based on the managements estimation
 of the obligation required to settle the obligation at the balance
 sheet date. These are reviewed at each balance sheet date and adjusted
 to reflect managements current estimates.
 
 Disclosure for a contingent liability is made where it is more likely
 than not that a present obligation or possible obligation may result in
 or involve an outflow of resources. When no present or possible
 obligation exists and the possibility of an outflow of resources is
 remote, no disclosure is made.