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Accounting Policies of ABL Bio-Technologies Ltd. Company

Mar 31, 2010

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared in accordance with the Accounting Standards Specified by the Institute of Chartered Accountants of India.

ACCOUNTING CONVENTION AND REVENUE RECOGNITION

The financial statements are prepared under the historical cost convention, in accordance with the generally accepted accounting principles and the provision of Companies Act, 1956, as adopted and consistently followed by the Company.

FIXED ASSETS

Fixed Assets are stated at Cost of acquisition less accumulated depreciation

DEPRECIATION

The Company has adopted Depreciation as per the Companies Act, 1956

MISCELLANEOUS EXPENDITURE

Preoperative Expenditure pertaining to GDR issue and Spectrum Division is being amortised over a period of 10 years.

INVENTORIES

a) Raw Materials, Packing Material - Valued at Cost

b) Work in Progress - Valued at Cost

c) Finished Goods - valued at net realisable value.

INVESTMENTS

Long term Investments are stated at cost RETIREMENT BENEFITS

a) Gratuity liability under the Payment of Gratuity Act is accrued and provided at the end of each financial year.

b) Retirement benefits in the form of provident fund and pension./superannuation schemes whether in pursuance of any law or otherwise is accounted on accrual basis and charged to profit and loss account for the year.

 
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