Accounting Conventions :

The financial statements are brpared under the historical cost convention on accrual basis.

b) Inventory Valuation

Inventory of goods are valued at cost or net realizable value whichever is lower.

c) Fixed Assets

Fixed Assets are stated at cost of acquisition less accumulated debrciation.

d) Investments

Investments are stated at cost.

e) Debrciation

Debrciation is provided as per rates brscribed in Schedule II to the Companies Act, 2013 on Straight Line Method.

f) Taxes on Income

Current tax is determined as per tax payable in respect of taxable income for the year. Deferred tax for the year is recognized on timing difference, being difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

Deferred tax assets and liabilities are measured assuming the tax rates and tax laws that have been enacted or substantially enacted by the Balance Sheet date. Deferred tax assets are recognized and carried forward only if there is a reasonable/virtual certainty of realization.

g) Foreign Exchange Transaction

i) Foreign currency transaction settled before the end of the year are accounted for at the rates brvailing on the date of the transactions.

ii) Foreign currency transaction remaining unsettled are restated at the exchange rates brvailing at the end of accounting year.

f) Revenue Recognition

Sales, inclusive of all taxes are recognized on dispatch, price adjustment for sales made during a year are recorded upon receipt of confirmed customer orders

FOR MILIND MEHTA & CO.

CHARTERED ACCOUNTANTS

FRN :- 129664W

( MILIND MEHTA)

PROPRIETOR   

MEMBERSHIP NO. 47739

FOR & ON BEHALF OF BOARD OF DIRECTORS

MAHENDRA KALWANKAR

Director

ASHWANI KHEMKA

Chairman & Managing Director

PLACE : MUMBAI

DATED : 30TH MAY 2015