| (Collateral security- Company's office premises and factory land and
building (including plant and machinery at Valsad) and by personal
gurantee of director Rajesh Mehta and Bhavna Mehta of the company)
For FY 2011-12-CC from SBI is obtained at 15.75% p.a
Working Capital Loan From NBFC is Secured against the demand promissory
note, pledge of shares and personal gurantee of director Rajesh Mehta
and Bhavna Mehta and working capital and guranteed by Acclaim
Industries Ltd is carrying interest @10.75% p.a)
1 Basis of preparation of financial statements
The financial statements are prepared under the historical cost
convention on an accrual basis in accordance with the Generally
Accepted Accounting Principles in India ("GAAP"). GAAP comprises
accounting standards as specified in Rule 3 of the Companies
(Accounting Standards) Rules 2006, and the relevant provisions of the
Companies Act, 1956 to the extent applicable.
| 