n) Provisions and Contingent Liabilities and Contingent Assets:

Provisions in respect of present obligations arising out of past events are made in the accounts when reliable
estimate can be made of the amount of obligations and it is probable that there will be an outflow of resources.
Contingent Liabilities are not recognized but if material, are disclosed in the notes to accounts. Contingent
assets are not recognized or disclosed in the financial statements.

o) Cash and Cash Equivalents:

Cash and cash equivalents comprise of cash at bank and cash in hand. The Company considers all highly liquid
investments with an original maturity of three months or less from date of purchase, to be cash equivalents.

p) Intangible Assets:

Intangible assets are stated at acquisition cost, net of accumulated amortization and accumulated impairment
losses, if any. Intangible assets are amortizedas per Accounting Standard 26.

q) Earnings per share:

Basic earnings per share are calculated by dividing the net profit for the period attributable to equity
shareholders by the weighted average number of equity shares outstanding during the period. The number of
shares used in computing diluted earnings per share comprises the weighted average number of shares
considered for deriving basic earnings per share and also the weighted average number of equity shares, which
may be issued on the conversion of all dilutive potential shares, unless the results would be anti dilutive.

r) Foreign Currency Transactions:

Transactions in foreign currency are recorded at the exchange rate prevailing on the date of the transaction. Net
exchange gain or loss resulting in respect of foreign exchange translations settled during period is recognized in
the profit & loss account except for the net exchange gain or loss on account of imported fixed assets, which is
adjusted in the carrying amount of the related fixed assets. Foreign currency denominated current assets and
current liabilities at the period end are translated at the period end exchange rates and the resulting net gain or
loss is recognized in the profit & loss account, except for exchange difference related to fixed assets purchased
from foreign countries is adjusted in the carrying amount of related fixed assets.