Accounting Policies of Amison Foods Ltd. Company

Mar 31, 2009

A) The financial statements have been prepared and presented under the historical cost convention on the accrual basis of accounting and in accordance with the provisions of the Companies Act 1956, and the accounting principles generally accepted in India and comply with the applicable Accounting Standards prescribed in the Companies (Accounting Standards) Rules, 2006 issued by the Central Government.

b) Revenue Recognition:

Revenue and costs are recognized on accrual basis.

c) Fixed Assets:

All fixed assets are stated at cost of acquisition less accumulated depreciation.

d) Depreciation:

Depreciation on fixed assets is provided on straight-line method at the rates prescribed in Schedule XIV of the Companies Act 1956. Depreciation on additions during the year is provided on pro-rata basis.

e) Retirement benefits to Employees:

Contribution to Provident Fund has been charged to revenue and administered by a fund with the Regional Provident Fund Commissioner. Since there exists only two staff members and the directors feel that the present gratuity provision is sufficient to cover future liabilities no additional provision has been created for the gratuity payable to the staff on actuarial basis during the year

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Mar 31, 2007

A) Revenue Recognition:

Revenue and costs are recognized on accrual basis.

b) Fixed Assets:

All fixed assets are stated at cost of acquisition less accumulated depreciation.

c) Depreciation:

Depreciation on fixed assets is provided on straight-line method at the rates prescribed in Schedule XIV of the Companies Act 1956. Depreciation on additions during the year is provided on pro-rata basis.

d) Retirement benefits to Employees:

Contribution to Provident Fund has been charged to revenue and administered by a fund with the Regional Provident Fund Commissioner.