Annual Report 07-08: Audited Financials

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Notes forming part of accounts for the year ended 31^st March, 2008.

1.      Significant Account Policies:

a.      Basis of Accounting: Financial statements are prepared under historical cost convention on mercantile basis.

b.      Fixed Assets & Depreciation: Fixed Assets are stated at the written down value and the depreciation has been calculated on the written down value method at the rates specified by the Income Tax Act.

c.      Valuation of Inventory: The closing stock at the year end has been valued at Cost Price.

Contingent Liabilities: NIL

Schedule VIII: Balance Sheet

Schedule IX: Income & Expenditure Accounts

Receipt & Payment Account for the Year Ended 31^st March, 2008

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