The financial statement have been brpared to comply with the mandatory Accounting Standards issued by the Institute  of Chartered Accountant of India (ICAI) and the relevant provisions of the Companies Act, 1956. The financial statement have been brpared under the historical cost convention on accrual basis except  bank commission  charges, interest against import of goods, dividend and filing fees charges are accounted for on actual payment . The accounting policies have been consistently applied by the Company unless otherwise stated.

All assets and liabilities has been classified as current and non-current as per the companys normal operating cycle and other criteria set out in the Schedule VI of the Companies Act, 1956.Based on the nature of products and the time between the acquisition of assets for processing and their realization in cash and cash equivalents, the company has ascertained its operating cycle as twelve months for the purpose of classification of current and non-current asset and liabilities.

The Company has started making annual contributions to the employees Group Gratuity- Cum- Life Insurance Scheme of the Future General India Life Insurance Co. Ltd, a funded defined benefit scheme for qualifying employees and has applied for its approval for approved gratuity fund to the Income tax department as per Income Tax Act 1961. The Scheme provides for lump sum payment to vested employees at retirement, death while in employment or on termination of employment of an amount equivalent to 15 days salary of the last basic salary drawn multiplied by completed year of service. Vesting occurs on Completion of 10 years of Service.

Contribution in respect of provident and superannuation fund are made by the company and charged to profit & loss account.