Cost of Finished goods and work-in-process include costs of conversion and other costs incurred in bringing the inventories to their present location and condition.

iii. Fixed Assets and Depreciation :

Fixed assets are stated at historical cost less accumulated depreciation.

Depreciation has been provided for by the straight line method at the rates specified in revised Schedule II of the Companies Act, 2013.

Depreciation on additions during the year is charged on pro rata basis.

The amortization of the value of the Leasehold Premises has not been provided for. The Company does not not follow the procedure of amortizing its leasehold assets over the period of the lease.

Captital Subsidy has been reduced from the Cost of the Plant & Machinery. Hence the depreciation on addition to Fixed Assets made during the year has been calculated at the cost of new assets less the subsidy received.

iv. Revenue Recognition :

Sales are recognised when the goods are invoiced or despatched to the customers and are recorded exclusive of excise duty and net of trade discount and sales tax.

Export sales are recognised on the date of Shipping bill.

Duty Drawback is accounted in the year in which it is received.

Interest Income has been recognised on the basis of the amount received from the Banks

v. Long Term investments are valued at cost.

vi. Foreign currency Transactions

Transactions in foreign currency are recorded at the exchange rate prevailing on the date of the transaction. All foreign currency assets and liabilities (except those towards fixed assets) are translated at year end exchange rate and related exchange gain/loss is recognised in Profit and Loss Account.

Adjustmenmt in respect of liabilities incurred for acquisition of fixed assets are adjusted in the carrying amount of fixed assets.

II) The following are the observations during the course of Audit under review and brought to the notice of the members of the Company :-

1) Due to the complexities of business the value of the Inventory has been considered as has been verified, valued and certified by the Management.

2) Balances of Sundry Debtors and Sundry Creditors as on 31/03/2024 are recorded at realisable value. The Management has been able to produce some confirmations of balances due from Debtors as well as the Balances Payable to the Creditors. However the value of these Debtors and Creditors for the Balance Sheet purpose has been take as certified by the Management.

CIF Value of Exports have been reported based on the working submitted by the management and it has been explained that wherever the Insurance and Freight has been recovered from the customers, the same has been included in the value shown above and in absence of the same, the Insurance & Freight has been claimed as expenditure.

Installed capacity is as certified by the Management and not verified by the auditors. It denotes estimated production of a product, if the entire plant & machinery is operated on triple shift basis during the year and is exclusively utilised for its production. However, the plant and machinery is common for the production of various dye-intermediates and hence the installed capacity may vary depending upon the product mix adopted by the company.

11) Deferred Tax Adjustment :

For the company, the deferred tax adjustment as required by AS-22 consists only on account of Difference in the Rate of Depreciation under the Income Tax Act and the Companies Act. The DTA/DTL of the earlier years was calculated @ of the Rate of Tax applicable in that particular year and for the current year @ Rate of Tax applicable for the year under consideration. Due to the change in the Rate of Tax in the year under consideration, the Opening balance of DTA/DTL has been revised accordingly.

The Profit & Loss Account has been debited with the Deffered Tax Liability of Rs. 11,13,084/-

12) In accordance with the requirement for disclosure of amounts due to SSI units, the company has not compiled the list of its sundry creditors who satisfy this criteria.

Subject to this, the information relating to payment overdue to SSI units cannot be computed.

13) Previous years figures have been regrouped wherever necessary in order to confirm to current years presentation.

14) Statement of policy Account Value Showing Various Components Under The Policy for the period : 1st April 2023 to 31st March 2024

15) An Environment Compensation Order, asking the Company to Pay Rs.60,98,400 was levied on the company by the Maharashtra Pollution Control Board (MPCB) as per the âPolluter Paysâ Principle. The company has preferred an appeal before the Supreme Court against the said Order where in, the Supreme Court has directed the Company to deposit Rs.18,30,000 (30% of the Compensation Amount) with the The United India Insurance Company as a Refundable Deposit and the rest is kept in abeyance till the proceedings are completed. As informed to us, this Deposit shall be Refundable back to the Company if the Order of the Supreme Court is decided in favour of the Company and Dismissing the Order of MPCB. The amount of Rs.60,98,400/- is however shown as a âContingent Liabilityâ for FY 2023-24 till the outcome of this Appeal.

Contingent liabilities and commitments (to the extent not provided for)	As at 31 March 2024	As at 31 March 2023
(i) Contingent Liabilities The company is facing court cases With Central Excise department in respect	64,000	64,000
of Modvat credit claimed for F.Y. 1994-95 The company has preferred an appeal against the said order and is confident of succeeding in the said appeal. (The liability disclosed above is net of predeposit of Rs. 50,000) Maharashtra Pollution Control Board has levied penalty as per ''Polluters Pays''	60,98,400	60,98,400
Principle. The company has preferred an appeal before the Supreme court. (The liability disclosed above is inclusive of the deposit made of Rs. 18,30,000) Other	3,79,760	3,79,760
Guarantee Given	28,69,675	28,69,675
(ii) Commitments	94,11,835	94,11,835
	94,11,835	94,11,835

FINANCIAL RISK MANAGEMENT

The Companyâs activity exposes it to market risk, liquidity risk and credit risk. Companyâs overall risk management focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the financial performance of the company. This note explains the sources of risk which the entity is exposed to and how the company manages the risk.

(A) Credit risk

Credit risk is the risk that the counterparty will not meet its obligations leading to a financial loss. Credit risk arises from cash and cash equivalents, financial assets carried at amortised cost and deposits with banks and financial institutions, as well as credit exposures to customers including outstanding receivables.

i. Credit risk management

Credit risk has always been managed by the company through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to which the company grants credit terms in the normal course of business.

The company considers the probability of default upon initial recognition of asset and whether there has been a significant increase in credit risk on an ongoing basis throughout each reporting period. To assess whether there is a significant increase in credit risk the Company compares the risk of a default occurring on the asset as at the reporting date with the risk of default as at the date of initial recognition. It considers available reasonable and supportive forwarding-looking information.

In general, it is presumed that credit risk has significantly increased since initial recognition if the payments are more than 30 days past due.

A default on a financial asset is when the counterparty fails to make contractual payments of when they fall due. This definition of default is determined by considering the business environment in which entity operates and other macro-economic factors.

ii. Provision for expected credit losses

The company follows âsimplified approachâ for recognition of loss allowance on Trade receivables.

As a practical expedient, the Company uses a provision matrix to determine impairment loss allowance on portfolio of its trade receivables. The provision matrix is based on its historically observed default rates over the expected life of the trade receivables and is adjusted for forward-looking estimates. At every reporting date, the historical observed default rates are updated and changes in the forward-looking estimates are analyzed.

(B) Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company manages its liquidity risk by ensuring, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due. The Company consistently generated sufficient cash flows from operations to meet its financial obligations. Also, the Company has unutilized credit limits with banks.

Management monitors rolling forecasts of the companyâs liquidity position (comprising the undrawn borrowing facilities) and cash and cash equivalents on the basis of expected cash flows. In addition, the companyâs liquidity management policy involves projecting cash flows and considering the level of liquid assets necessary to meet these, monitoring balance sheet liquidity ratios against internal and external regulatory requirements

Maturities of financial liabilities

The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Company can be required to pay. In the table below, borrowings includes both interest and principal cash flows. To the extent that interest rates are floating rate, the undiscounted amount is derived from interest rate curves at the end of the reporting period.

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of change in market prices. Market risk comprises three types of risk: foreign currency risk, interest rate risk and other price risk such as commodity risk.

(i) Foreign currency risk

Foreign currency risk is the risk of impact related to fair value or future cash flows of an exposure in foreign currency, which fluctuate due to changes in foreign exchange rates. The Companyâs exposure to the risk of changes in foreign exchange rates relates primarily to the import of goods.

The Company evaluates exchange rate exposure arising from foreign currency transactions and follows established risk management policies and standard operating procedures to mitigate the risks.

(ii) Interest rate risk

The Company primarily borrows funds under fixed interest rate arrangements with banks and financial institutions and therefore the Company is not exposed to interest rate risk.

(iii) Price risk

The Company is not significantly exposed to changes in the prices of commodities/equity instruments.

The management assessed that the fair value of cash and cash equivalent, trade receivables, trade payables, and other current financial assets and liabilities approximate their carrying amounts largely due to the short term maturities of these instruments.

The fair values for loans and other non current financial assets were calculated based on cash flows discounted using a current lending rate. They are classified as level 3 fair values in the Fair value hierarchy due to the inclusion of unobservable inputs including counterparty credit risk.

The fair values of non current borrowings are based on discounted cash flows using a current borrowing rate. They are classified as level 3 fair values in the fair value hierarchy due to the use of unobservable inputs, including own credit risk.

ii. Fair Value Hierarchy

This section explains the judgments and estimates made in determining the fair values of the financial instruments that are recognised and measure at fair value. To provide an indication about the reliability of the inputs used in determining fair value, the company has classified its financial instruments into three levels prescribed under the accounting standard. An explanation of each level follows underneath the table:

Level 2 - The fair value of financial instruments that are not traded in an active market is determined using valuation techniques which maximise the use of observable market data and rely as little as possible on entity-specific estimates.

Level 3 - If one or more of the significant inputs are not based on observable market data, the instrument is included in level 3.

iii. Valuation technique used to determine fair value

Specific Valuation techniques used to value financial instruments include:

- the use of quoted market prices or dealer quotes for similar instruments

- the use of Breakup value/net asset value for unquoted equity instruments

- the fair value of the remaining financial instruments is determined using discounted cash flow analysis

iv. Valuation inputs and relationships to fair value

The significant unobservable inputs used in the fair value measurement categorised within Level 3 of the fair value hierarchy together with a quantitative sensitivity analysis as at March 31,2023 and March 31,2024 are shown as below:

v. Valuation processes

The finance department of the company includes a team that performs the valuations of financial assets and liabilities required for financial reporting purposes, including level 3 fair values. This team reports directly to the chief financial officer (CFO) and the audit committee. Discussions of valuation processes and results are held between the CFO, audit committee and the valuation team regularly.

Mar 31, 2018

1 Significant Accounting Policies:

i. Basis of Accounting:

The financial statements are prepared under historical cost convention on an accrual basis.

ii. Inventories

Inventories are valued as under:

Raw Material and Packing Material : At cost or net realisable value, whichever is lower Work-In-Process : At cost or net realisable value, whichever is lower

Finished goods : At cost or net realisable value, whichever is lower

Stores & spares : At cost

By products/Scrap : At Net Realisable Value

Fuel : At cost

Cost of Raw Material and Packing Material is determined on First in First out basis.

Cost of Finished goods and work-in-process include costs of conversion and other costs incurred in bringing the inventories to their present location and condition.

iii. Fixed Assets and Depreciation :

Fixed assets are stated at historical cost less accumulated depreciation.

Depreciation has been provided for by the straight line method at the rates specified in revised Schedule II of the Companies Act, 2013.

Depreciation on additions during the year is charged on pro rata basis.

The amortization of the value of the Leasehold Premises has not been provided for. The Company does not follow the procedure of amortizing its leasehold assets over the period of the lease.

iv. Revenue Recognition :

Sales are recognised when the goods are invoiced or despatched to the customers and are recorded exclusive of excise duty and net of trade discount and sales tax.

Export sales are recognised on the date of Shipping bill.

Duty Drawback is accounted in the year in which it is received.

Interest Income has been recognised on the basis of the amount received from the Banks.

v. Long Term investments are valued at cost.

vi. Foreign currency Transactions

Adjustmenmt in respect of liabilities incurred for acquisition of fixed assets are adjusted in the carrying amount of fixed assets.

Mar 31, 2016

i. Basis of Accounting:

The financial statements are prepared under historical cost convention on an accrual basis.

ii. Inventories

Inventories are valued as under:

Raw Material and Packing Material : At cost or net realizable value, whichever is lower Work-In-Process : At cost or net realizable value, whichever is lower

Finished goods : At cost or net realizable value, whichever is lower

Stores & spares : At cost

By products/Scrap : At Net Realizable Value

Fuel : At cost

Cost of Raw Material and Packing Material is determined on First in First out basis.

Cost of Finished goods and work-in-process include costs of conversion and other costs incurred in bringing the inventories to their present location and condition.

iii. Fixed Assets and Depreciation :

Fixed assets are stated at historical cost less accumulated depreciation.

Depreciation has been provided for by the straight line method at the rates specified in revised Schedule II of the Companies Act, 2013.

The difference in the Opening Written Down Balances of the Assets held as on 01 st April 2014 as per the old method of Depreciation and now prescribed Method of Depreciation, has been adjusted from the retained earnings of the Company for the Year ended on 31/03/2015.

Depreciation on additions during the year is charged on pro rata basis.

The amortization of the value of the Leasehold Premises has not been provided for. The Company does not follow the procedure of amortizing its leasehold assets over the period of the lease.

iv. Revenue Recognition :

Sales are recognized when the goods are invoiced or dispatched to the customers and are recorded exclusive of excise duty and net of trade discount and sales tax.

Export sales are recognized on the date of Shipping bill.

Duty Drawback is accounted in the year in which it is received.

v. Long Term investments are valued at cost.

vi. Foreign currency Transactions

Adjustment in respect of liabilities incurred for acquisition of fixed assets are adjusted in the carrying amount of fixed assets.

II) The following are the observations during the course of Audit under review and brought to the notice of the members of the Company :-

1) Due to the complexities of business the value of the Inventory has been considered as has been verified, valued and certified by the Management.

2) Balances of Sundry Debtors and Sundry Creditors as on 31/03/2016 are recorded at realizable value. The Management has been able to produce some confirmations of balances due from Debtors as well as the Balances Payable to the Creditors. However the value of these Debtors and Creditors for the Balance Sheet purpose has been take as certified by the Management.

Mar 31, 2015

I. Basis of Accounting:

The financial statements are prepared under historical cost convention on an accrual basis.

ii. Inventories

Inventories are valued as under:

Raw Material and Packing Material : At cost or net realisable value, whichever is lower

Work-In-Process : At cost or net realisable value, whichever is lower

Finished goods : At cost or net realisable value, whichever is lower

Stores & spares : At cost

By products/Scrap : At Net Realisable Value

Fuel : At cost

Cost of Raw Material and Packing Material is determined on First in First out basis.

Cost of Finished goods and work-in-process include costs of conversion and other costs incurred in bringing the inventories to their present location and condition.

iii. Fixed Assets and Depreciation :

Fixed assets are stated at historical cost less accumulated depreciation.

Depreciation has been provided for by the straight line method at the rates specified in revised Schedule II of the Companies Act, 2013.

The difference in the Opening Written Down Balances of the Assets held as on 01st April 2014 as per the old method of Depreciation and now prescribed Method of Depreciation, has been adjusted from the retained earnings of the Company.

Depreciation on additions during the year is charged on pro rata basis.

The amortization of the value of the Leasehold Premises has not been provided for. The Company does not not follow the procedure of amortizing its leasehold assets over the period of the lease.

iv. Revenue Recognition :

Sales are recognised when the goods are invoiced or despatched to the customers and are recorded exclusive of excise duty and net of trade discount and sales tax.

Export sales are recognised on the date of Shipping bill.

Duty Drawback is accounted in the year in which it is received.

v. Long Term investments are valued at cost.

vi. Foreign currency Transactions

Transactions in foreign currency are recorded at the exchange rate prevailing on the date of the transaction. All foreign currency

assets and liabilities (except those towards fixed assets) are translated at year end exchange rate and related exchange gain/loss is recognised in Profit and Loss Account.

Adjustmenmt in respect of liabilities incurred for acquisition of fixed assets are adjusted in the carrying amount of fixed assets.

Mar 31, 2014

I. Basis of Accounting:

The financial statements are prepared under historical cost convention on an accrual basis.

ii. Inventories

Inventories are valued as under :

Raw Material and Packing Material : At cost or net realisable value, whichever is lower Work-In-Process : At cost or net realisable value, whichever is lower Finished goods : At cost or net realisable value, whichever is lower Stores & spares : At cost By products/Scrap : At Net Realisable Value

Fuel : At cost

Cost of Raw Material and Packing Material is determined on First in First out basis.

Cost of Finished goods and work-in-process include costs of conversion and other costs incurred in bringing the inventories to their present location and condition.

iii. Fixed Assets and Depreciation :

Fixed assets are stated at historical cost less accumulated depreciation.

Depreciation has been provided for by the straight line method at the rates specified in ScheduleXIV of the Companies Act, 1956.

Depreciation on additions during the year is charged on pro rata basis.

The amortization of the value of the Leasehold Premises has not been provided for. The Company does not not follow the procedure of amortizing its leasehold assets over the period of the lease.

iv. Revenue Recognition :

Sales are recognised when the goods are invoiced or despatched to the customers and are recorded exclusive of excise duty and net of trade discount and sales tax. Export sales are recognised on the date of Shipping bill. Duty Drawback is accounted in the year in which it is received.

v. Long Term investments are valued at cost.

vi. Foreign currency Transactions

Transactions in foreign currency are recorded at the exchange rate prevailing on the date of the transaction. All foreign currency assets and liabilities (except those towards fixed assets) are translated at year end exchange rate and related exchange gain/loss is recognised in Profit and Loss Account.

Adjustment in respect of liabilities incurred for acquisition of fixed assets are adjusted in the carrying amount of fixed assets.

II). The following are the observations during the course of Audit under review and brought to the notice of the members of the Company :-

1) Due to the complexities of business the value of the Inventory has been considered as has been verifed, valued and certified by the Management.

2) Balances of Sundry Debtors and Sundry Creditors as on 31/03/2014 are subject to confirmation. No confirmations of balances have been obtained from the parties and hence the value of these Debtors and Creditors for the balance sheet purpose has been take as certified by the Management.

Installed capacity is as certified by the Management and not verifed by the auditors. It denotes estimated production of a product, if the entire plant & machinery is operated on triple shift basis during the year and is exclusively utilised for its production. However, the plant and machinery is common for the production of various dye-intermediates and hence the installed capacity may vary depending upon the product mix adopted by the company.

Mar 31, 2013

I. Basis of Accounting:

The fnancial statements are prepared under historical cost convention on an accrual basis.

ii. Inventories

Inventories are valued as under:

Raw Material and Packing Material : At cost or net realisable value, whichever is lower

Work-In-Process : At cost or net realisable value, whichever is lower

Finished goods : At cost or net realisable value, whichever is lower

Stores & spares : At cost

By products/Scrap : At Net Realisable Value

Fuel : At cost

Cost of Raw Material and Packing Material is determined on First in First out basis. Cost of Finished goods and work-in-process include costs of conversion and other costs incurred in bringing the inventories to their present location and condition.

iii. Fixed Assets and Depreciation :

Fixed assets are stated at historical cost less accumulated depreciation. Depreciation has been provided for by the straight line method at the rates specifed in ScheduleXIV of the Companies Act, 1956. Depreciation on additions during the year is charged on pro rata basis. The amortization of the value of the Leasehold Premises has not been provided for. The Company does not not follow the procedure of amortizing its leasehold assets over the period of the lease.

iv. Revenue Recognition :

Sales are recognised when the goods are invoiced or despatched to the customers and are recorded exclusive of excise duty and net of trade discount and sales tax. Export sales are recognised on the date of Shipping bill. Duty Drawback is accounted in the year in which it is received.

v. Long Term investments are valued at cost.

vi. Foreign currency Transactions

Transactions in foreign currency are recorded at the exchange rate prevailing on the date of the transaction. All foreign currency assets and liabilities (except those towards fxed assets) are translated at year end exchange rate and related exchange gain/loss is recognised in Proft and Loss Account. Adjustmenmt in respect of liabilities incurred for acquisition of fxed assets are adjusted in the carrying amount of fxed assets.

vii The following are the observations during the course of Audit under review and brought to the notice of the members of the Company :-

1) Due to the complexities of business the value of the Inventory has been considered as has been verifed, valued and certifed by the Management.

2) Balances of Sundry Debtors and Sundry Creditors as on 31/03/2013 are subject to confrmation. No confrmations of balances have been obtained from the parties and hence the value of these Debtors and Creditors for the balance sheet purpose has been take as certifed by the Management.

3) The Company has not been following the Guidelines issued by the Institute of Chartered Accountants of India on Accounting for Excise Duty and Cenvat.

4) The Company has not deducted Employees Contribution of Provident Fund from the salaries of its employees for the period of 6 months i.e from the 1/4/12 to 30/09/12 and has also not provided for its Liaility towards the Employers Contribution for Provident Fund for the same period. The provision required

Mar 31, 2011

I. Basis of Accounting :

The financial statements are prepared under historical cost convention on an accrual basis. ii. Inventories

Inventories are valued as under :

Raw Material and Packing Material : At cost or net realisable value, whichever is lower

Work-In-Process : At cost or net realisable value, whichever is lower

Finished goods : At cost or net realisable value, whichever is lower

Stores & spares : At cost

By products/Scrap : At Net Realisable Value

Fuel : At cost

Cost of Raw Material and Packing Material is determined on First in First out basis.

Cost of Finished goods and work-in-process include costs of conversion and other costs incurred in bringing the inventories to their present location and condition.

iii. Fixed Assets and Depreciation :

Fixed assets are stated at historical cost less accumulated depreciation.

Depreciation has been provided for by the straight line method at the rates specified in Schedule XIV of the Companies Act, 1956.

Depreciation on additions during the year is charged on pro rata basis.

The amortization of the value of the Leasehold Premises has not been provided for. The Company does not not follow the procedure of amortizing its leasehold assets over the period of the lease.

iv. Revenue Recognition :

Sales are recognised when the goods are invoiced or despatched to the customers and are recorded exclusive of excise duty and net of trade discount and sales tax. Export sales are recognised on the date of Shipping bill. Duty Drawback is accounted in the year in which it is received.

v. Long Term investments are valued at cost.

vi. Foreign currency Transactions

Transactions in foreign currency are recorded at the exchange rate prevailing on the date of the transaction. All foreign currency assets and liabilities (except those towards fixed assets) are translated at year end exchange rate and related exchange gain/loss is recognised in Profit and Loss Account. Adjustmenmt in respect of liabilities incurred for acquisition of fixed assets are adjusted in the carrying amount of fixed assets.

vii The following are the observations during the course of Audit under review and brought to the notice of the members of the Company :-

a) Balances of Sundry Debtors and Sundry Creditors as on 31/03/2011 are subject to confirmation. No confirmations of balances have been obtained from the parties and hence the value of these Debtors and Creditors for the balance sheet purpose has been take as certified by the Management.

b) The Company has not been following the Guidelines issued by the Institute of Chartered Accountants of India on Accounting for Excise Duty and Cenvat. The Company records the Purchases inclusive of Excise Duty and Credits the Purchase Account for the Excise Duty Payable on its Sales. All the Payments made by the Company towards the Excise Duty are debited to the Profit & Loss Account. However the Excise Duty on Export Sales (Refundable) is recorded as an Asset but no corresponding liability for the same is recognised.

Mar 31, 2010

I. Basis of Accounting:

The financial statements are prepared under historical cost convention on an accrual basis.

ii. Inventories

Inventories are valued as under:

Material and Packing Material : At cost or net realisable value, whichever is lower

Work-In-Process : At cost or net realisable value, whichever is lower

Finished goods : At cost or net realisable value, whichever is lower

Stores & spares : At cost

By products/Scrap : At Net Realisable Value

Fuel : At cost

Cost of Raw Material and Packing Material is determined on First in First out basis.

Cost of Finished goods and work-in-process include costs of conversion and other costs incurred in bringing the inventories to their present location and condition.

iii. Fixed Assets and Depreciation :

Fixed assets are stated at historical cost less accumulated depreciation.

Depreciation has been provided for by the straight line method at the rates specified in ScheduleXIV of the Companies Act, 1956.

Depreciation on additions during the year is charged on pro rata basis.

The amortization of the value of the Leasehold Premises has not been provided for. The Company does not not follow the procedure of amortizing its leasehold assets over the period of the lease.

iv. Revenue Recognition : Sales are recognised when the goods are invoiced or despatched to the customers and are recorded exclusive of excise duty and net of trade discount and sales tax. Export sales are recognised on the date of Shipping bill. Duty Drawback is accounted in the year in which it is received.

v. Long Term investments are valued at cost.

vi. Foreign currency Transactions

Transactions in foreign currency are recorded at the exchange rate prevailing on the date of the transaction. All foreign currency assets and liabilities (except those towards fixed assets) are translated at year end exchange rate and related exchange gain/loss is recognised in Profit and Loss Account.

Adjustmenmt in respect of liabilities incurred for acquisition of fixed assets are adjusted in the carrying amount of fixed assets.

vii The following are the observations during the course of Audit under review and brought to the notice of the management:-

Balances of Sundry Debtors and Sundry Creditors as on 31/03/2010 are subject to confirmation. No confirmations of balances have been provided from the parties and hence the value of these Debtors and Creditors for the balance sheet purpose has been taken as certified by the Management.

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