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2007-08
2) Revenue recognition:
a) Sales:
i) Domestic Sales are accounted for on despatch from the point of sale. ii) E xport sales are recognised on the basis of the dates of the Mate’s Receipt and initially recorded at the relevant exchange rates prevailing on the date of the transaction. b) Income:

The Company recognises income on accrual basis. However, where the ultimate collection of the same lacks reasonable certainty, revenue recognition is postponed to the extent of uncertainty. (1) Interest income is accrued over the period of the loan / investment and net of amortisation of premium / discount with respect to fixed income securities, thereby recognising the implicit yield to maturity. (2) Dividend is accrued in the year in which it is declared whereby a right to receive is established. (3) Profit / loss on sale of investments is recognised on the contract date. (4) Benefit on account of entitlement to import goods free of duty under the “Duty Entitlement Pass Book Scheme” is accounted in the year of export if the same can be measured with reasonable accuracy. Fixed Assets and Depreciation

(A) Fixed Assets
Fixed Assets except freehold land are carried at cost of acquisition, construction or at manufacturing cost, as the case may be, including pre-operative expenses in the case of self manufactured assets / plants / undertakings, less accumulated depreciation and amortisation. (B) Depreciation and Amortisation:

(a) Leasehold land:
Premium on leasehold land is amortised over the period of lease. (b) On Plant & Machinery given on Lease:
Depreciation on Plant & Machinery and Dies and Moulds given on lease is being provided at the rates worked out on Straight Line Method over the primary period of lease as stated in the Lease Agreement or at the rates specified in Schedule XIV to the Companies Act, 1956 whichever is higher, on Pro-rata basis with reference to the month of commencement of lease period. (c) On Pressure Die Casting (PDC) Dies:

Depreciation on certain PDC Dies is provided over the estimated economic life of the dies or at the rates specified in Schedule XIV to the Companies Act,1956, whichever is higher, proportionate from the month they are put to use.

(d) On other Fixed Assets
Depreciation on all assets is provided on ‘ Straight Line basis ‘ in accordance with the provisions of Section 205 (2) (b) of the Companies Act 1956, in the manner and at the rates specified in Schedule XIV to the said Act.

i. Depreciation on additions is being provided on prorata basis from the month of such additions. ii. Depreciation on assets sold, discarded or demolished during the year is being provided at their rates upto the month in which such assets are sold, discarded or demolished.

2008-09
2) Revenue recognition:
a) Sales:
i) Domestic Sales are accounted for on despatch from the point of sale. ii) Export sales are recognised on the date of the Mate’s Receipt and initially recorded at the relevant exchange rates prevailing on the date of the transaction.

b) Income:
The company recognises income on accrual basis. However where the ultimate collection of the same lacks reasonable certainty, revenue recognition is postponed to the extent of uncertainty. (1) Interest income is accrued over the period of the loan / investment and net of amortisation of premium / discount with respect to fixed income securities, thereby recognising the implicit yield to maturity.

(2) Dividend is accrued in the year in which it is declared whereby a right to receive is established. (3) Profit / loss on sale of investments is recognised on the contract date. (4) Benefit on account of entitlement to import goods free of duty under the “Duty Entitlement Pass Book Scheme” is accounted in the year of export if the same can be measured with reasonable accuracy.

3) Fixed Assets and Depreciation
(A) Fixed Assets
Fixed Assets except freehold land are carried at cost of acquisition, construction or at manufacturing...
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