| (I) BASIS OF ACCOUNTING :
The accounts are prepared in accordance with applicable mandatory
accounting standards under the historical cost convention and
mercantile system of accounting is followed for recognition of Income
and Expenses .
(II) INVESTMENT :
Current investments are valued at lower of cost and fair market value.
Long term investments are stated at cost after deducting provisions
made for other than temporary diminution in the value , if any.
(III) FIXED ASSETS :
Fixed assets are stated at cost. Cost comprises its purchase price,
including import duties and other non-refundable taxes or levies and
any directly attributable cost of bringing the assets to its working
condition for its intended use.
(IV) INVENTORIES :
Inventories are valued at the lower of cost and net realizable value .
Cost comprises of all costs of purchase, cost of conversion and other
costs incurred in bringing the inventories to their present location
and condition.
Cost of Raw Material is determined on seasonal weighted average cost.
Cost of stores and spares and finished goods are determined on weighted
average cost.
(V) BORROWING COST :
Borrowing Cost that are directly attributable to the acquisition
,construction or production of a qualifying asset are capitalized and
other borrowing cost are charged to Profit & Loss Account.
(VI) DEPRECIATION :
Depreciation on the Fixed Assets has been provided in the books on
straight liner method over the useful life of the assets in the manner
prescribed in schedule II of the Companies Act, 2013.
(VII) SALES:
Sales includes freight and handling outwards but is net of goods
returned, rebates and discounts.
(VIII) EMPLOYEE BENEFITS :
(i) Salaries, wages,and house rent allowances are accounted for on
accrual basis.
(ii) Liability for employees' gratuity is accounted for on the basis of
contribution determined by L.I.C. under their Group Gratuity Cash
Accumulation Scheme.
(IX) Prepaid expenses are proportionately accounted for on time basis
in respect of insurance premium.
(X) Insurance claims are accounted for on the basis of claims filed
with the Insurance Company and adjustments
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