| (A) The Company generally follows mercantile method of accounting
except the following which are accounted on cash basis.
i) Gratuity and incentives to employees.
ii) Income from investment.
iii) Claims and interest due on overdue bills.
(B) Stock Valuation :- The Stock has been valued at cost or market
value whichever is less as valued and certified by the Director.
(C) The Company has calculated the Depreciation for the F.Y. 2014-2015
by taking the written Down Value as on 01/04/2014 and writing it off
over its Useful Life, Which is considered to be 5 years.
Income Tax :-
(A) Income tax is accounted for in accordance with Accounting Standard
22 on Accounting for taxes on Income. Taxes comprise both current and
deferred tax.
(B) Current tax is measured at amount expected to be paid to the
taxation authorities, using the applicable tax rates and tax laws.
(C) The tax effect of the timing difference that result between taxable
income and accounting income and are capable of reversal in one or more
subsequent periods are recorded as a deferred tax assets or liability.
(D) They are measured using the substantively enacted rates and tax
regulations.
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