Accounting Policies of ISC Udyog Ltd. Company

Mar 31, 2010

1. Basis of Accounting :

The Financial Statements have been prepared under the historical cost convention, in accordance with Accounting Standards applicable in India.

The Company follows the mercantile system of accounting and recognizes Income and Expenditure on accrual basis except in case of significant uncertainties relating to income.

2. Revenue Recolonisation :

Income are recognised on accrual basis. There is no regular income of the company.

3. Fixed Assets :

Fixed Assets are recorded at cost. The Company capitalises all cost relating to Fixed Assets acquisitions and installations.

4. Depreciation :

The Company has not made provision for the depreciation because there is no depreciable Fixed Assets.

5. Investments :

Long-term investments are valued at costs, Investment are mostly in the group company.

6. Deferred Revenue expenditure :

The company has not incurred deferred revenue expenditure during the year.

7. Inventories :

The income of the company is from commission & brokerage and warehousing so question of inventories does not arise.

8. Research and Development :

There is no research and development expenditure during the year.

9. Retirement Benefits :

As informed by the Company, the Provident Fund, Gratuity & Leave encashment is not applicable.

10.. Foreign Currency Transactions :

There is no foreign currency transaction during the year.

11. Prior Period Adjustments : The company has not made any adjustment of prior period.