Accounting Policies of Turbotech Engineering Ltd. Company

Mar 31, 2013

A) SYSTEM OF ACCOUNTING: The Company has adopted the accrual basis of accounting in the Preparation of the books of accounts.

B) REVENUE RECOGNITION

(a) Sales: Sales are accounted for on accrual basis.

(b) Other Operation: Interest and other income are accounted for on accrual basis.

C) EXPENSES: It is Company''s policy to account for expenses on accrual basis.

D) TAXATION: As there is brought forward losses no provision for tax is required. Simultaneously on conservative basis no diferred tax asset is created.

E) INVENTORIES: The Company does has not held any inventory during the year.

F) FIXED ASSETS: Fixed assets are carried at cost of acquisition or construction including incidentals expenses related to acquisition and installation on concerned assets, less accumulated depreciation and amortizations.

G) DEPRECIATION: Depreciation has been provided on Written Down Value Method in accordance with the provision of Section 205(2) (b) of the Companies Act, 1956 at the rate prescribed in Schedule XIV of the Companies Act, 1956 on pro-rata basis with reference to the date of acquisition/installation.

H) INVESTMENTS: Long Term Investments are stated at Cost. Provision for diminution in the value of long term investments is made only if such decline is other than temporary in the opinion of the management.

---

Mar 31, 2010

(A) SYSTEM OF ACCOUNTING

The Company has adopted the accrual basis of accounting in the Preparation of the books of accounts.

(B) REVENUE RECOGNITION

(a) Sales

Sales are accounted for on accrual basis.

(b) Other Operation

Interest and other income are accounted for on accrual basis.

(C) EXPENSES

It is Companys policy to account for expenses on accrual basis.

(D) TAXATION

As there is brought forward losses no provision for tax is required. Simultaneously on conservative basis no diferred tax asset is created.

(E) INVENTORIES

The Company does has not held any inventory during the year.

(F) FIXED ASSETS

Fixed assets are carried at cost of acquisition or construction including incidentals expenses related to acquisition and installation on concerned assets, less accumulated depreciation and amortizations.

(G) DEPRECIATION

Depreciation has been provided on Written Down Value Method in accordance with the provision of Section 205(2)(b) of the Companies Act, 1956 at the rate prescribed in Schedule XIV of the Companies Act, 1956 on pro-rata basis with reference to the date of acquisition/installation.

(H) INVESTMENTS

Long Term Investments are stated at Cost. Provision for diminution in the value of long term investments is made only if such decline is other than temporary in the opinion of the management.