| A. Convention:
The financial statements are prepared under the historical cost
convention in accordance with applicable Accounting Standards and
relevant requirements of the Companies Act, 2013.
B. Fixed Assets, Depreciation and Impairment:
a) Fixed Assets are stated at Cost includes amounts added on
revaluation, as reduced by and accumulated depreciation and impairment
loss, if any.
b) Depreciation on tangible fixed assets is charged on straight line
method at the rates determined based on the useful lives of the
respective assets as prescribed in the Schedule II of the Companies
Act, 2013, except in case of vehicles where it is charged on the
estimated useful life of 10 years as technically assessed by the OEMs
and which the management believes to best represent the period over
which the said asset shall be expected in use.
c) An asset is treated as impaired when the carrying cost of Assets
exceeds its recoverable value.
C. Recognition of Income & Expenditure:
In compliance with the requirements of Accrual System of Accounting,
the following standards have been set out :
a) Freight income is accounted for on actual delivery of consignments
by the Company to Customers and unqualified acknowledgements are
obtained from them.
b) Freight and Vehicle Trip Expenses are accounted when vehicles
deliver the consignments to the Company at the destination.
c) Having regard to the size of operation and the nature of
complexities of company's business, in manage- ment opinion, the above
are the reasonable standard of applying accrual system of accounting as
required by law.
D. Investments:
Long-term investments are stated at cost. However, provision for
diminution in value is made to recognise a decline other than temporary
in the value of long term investments.
E. Contingent Liabilities & Contingent Assets:
Contingent liabilities not provided for are disclosed by way of notes.
Contingent Assets are neither accounted nor disclosed in the financial
statements.
F. The previous year figures have been regrouped/ reclassified wherever
necessary.
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