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Accounting Policies of Bharat Immunological & Biologicals Corporation Ltd. Company

Mar 31, 2014

I) Basis of Accounting:

The financial statements are prepared under historical cost convention on accrual basis.

Accounts are being maintained on mercantile basis. ii) Fixed Assets and Depreciation:

Fixed Assets are stated at historical cost less accumulated depreciation.

The depreciation is provided on written down value pro-rata basis at the rates prescribed under Schedule-XIV of to the Companies Act, 1956.

iii) Staff retirement benefits:

Retirement benefit i. e. gratuity liability is determined based on the percentage of the annual wage bill specified by the Life Insurance Corporation under the Group Gratuity cum Life Insurance Scheme. As regards leave encashment, company is making provision as per actuarial valuation.

iv) Inventories:

Valuation of stocks: -

(a) Raw material Raw Material and other supplies used in production are valued at Lower of cost or net realizable value by applying FIFO method.

(b) Stores, spares etc. Lower of cost or net realizable value by applying FIFO method

(c) Finished goods. Lower of cost or net realizable value. Cost being determined

by including cost of purchase, cost of conversion and other costs incurred in bringing the inventories to their present location and condition. Net realizable value determined by excluding all payable statutory dues and direct sales expenses.

v) Treatment of Government Grants:

a) Unutilized Grants:-

i) Grants received from the Government, which are not utilized, are reported under Current Liabilities, corresponding amount under Current assets loan & advances.

ii) Interest income earned on un-utilized grant is credited to Grant except TDS on interest deducted by Bank.

iii) Revenue grants (where project is not completed) is shown net of grants Unutilized

b) Utilized Grants: -

i) Government grants related to specific fixed assets are deducted from the gross value of assets acquired in arriving at their Book Value.

Where the grant related to a fixed asset equals the gross value of assets, the same is shown in the Balance Sheet at a nominal value.

ii) Revenue Grants are deducted from the related expends and such expenses are reported net of grants utilized.

vi) Income Recognition

All incomes are recognized on accrual basis except interest on security deposit, which are recognized on Cash basis.


Mar 31, 2013

I) Basis of Accounting:

The financial statements are prepared under historical cost convention on accrual basis. Accounts are being maintained on mercantile basis.

ii) Fixed Assets and Depreciation:

Fixed Assets are stated at historical cost less accumulated depreciation.

The depreciation is provided on written down value pro-rata basis at the rates prescribed under Schedule-XIV of to the Companies Act, 1956.

iii) Staff retirement benefits:

Retirement benefit i. e. gratuity liability is determined based on the percentage of the annual wage bill specified by the Life Insurance Corporation under the Group Gratuity cum Life Insurance Scheme. As regards leave encashment, company is making provision as per actuarial valuation.

iv) Inventories:

Valuation of stocks: -

(a) Raw material Raw Material and other supplies used in production are valued at Lower of cost or net realizable value byapplying FIFO method.

(b) Stores, spares etc. Lower of cost or net realizable value by applying FIFO method

(c) Finished goods. Lower of cost or net realizable value. Cost being determined by including cost of purchase, cost of conversion and other costs incurred in bringing the inventories to their present location and condition. Net realizable value determined by excluding all payable statutory dues and direct sales expenses.

v) Treatment of Government Grants:

a) Unutilized Grants:-

i) Grants received from the Government, which are not utilized, are reported under Current Liabilities, corresponding amount under Current assets loan & advances.

ii) Interest income earned on un-utilized grant is credited to Grant except TDS on interest deducted by Bank.

b) Utilized Grants: -

i) Government grants related to specific fixed assets are deducted from the gross value of assets acquired in arriving at their BookValue. Where the grant related to a fixed asset equals the gross value of assets, the same is shown in the Balance Sheet at a nominal value.

ii) Revenue Grants are deducted from the related expenses and such expenses are reported net of grants utilized.

vi) Income Recognition

All incomes are recognized on accrual basis except interest on security deposit, which are recognized on Cash basis.


Mar 31, 2010

I) Basis of Accounting:

The financial statements are prepared under historical cost convention on accrual basis. Accounts are being maintained on mercantile basis.

ii) Fixed Assets and Depreciation:

Fixed Assets are stated at historical cost less accumulated depreciation.

The depreciation is provided on written down value pro-rata basis at the rates prescribed under Schedule-XIV of to the Companies Act, 1956.

iii) Staff retirement benefits:

Retirement benefit i. e. gratuity liability is determined based on the percentage of the annual wage bill specified by the Life Insurance Corporation under the Group Gratuity cum Life Insurance Scheme. As regards leave encashment, company is making provision as per actuarial valuation.

iv) Inventories:

Valuation of stocks:

(a) Raw material Lower of cost or net realizable value by applying FIFO method.

(b) Stores, spares etc. Lower of cost or net realizable value by applying FIFO method.

(c) Finished goods. Lower of cost or net realizable value. Cost being

determined by including cost of purchase, cost of conversion and other costs incurred in bringing the inventories to their present location and condition.

v) Treatment of Government Grants:

a) Unutilized Grants:-

i) Grants received from the Government, which are not utilized, are reported under Current Liabilities, corresponding amount under Current assets loan & advances.

ii) Interest income earned on un-utilized grant is credited to Grant.

b) Utilized Grants: -

i) Government grants related to specific fixed assets are deducted from the gross value of assets acquired in arriving at their Book Value. Where the grant related to a fixed asset equals the gross value of assets, the same is shown in the Balance Sheet at a nominal value.

ii) Revenue Grants are deducted from the related expenses and such expenses are reported net of grants utilized.

vi) Income Re cognition

All incomes are recognized on accrual basis except sale of waste material and interest on security deposit, which are recognized on Cash basis.


Mar 31, 2009

I) Basis of Accounting:

The financial statements are prepared under historical cost convention on accrual basis. Accounts are being maintained on mercantile basis.

ii) Fixed Assets and Depreciation:

Fixed Assets are stated at cost of acquisition less accumulated depreciation.

The Company provides depreciation on fixed assets on written down value pro-rata basis at the rates prescribed under Schedule-XIV to the Companies Act, 1956.

iii) Staff retirement benefits:

Retirement benefits to employees are provided for by payments to gratuity and provident fund. The gratuity liability is determined based on the percentage of the annual wage bill specified by the Life Insurance Corporation under the Group Gratuity cum Life Insurance Scheme. As regards leave encashment, company is making provision as per actuarial valuation.

iv) Inventories:

Valuation of stocks: -

(a) Raw material At historical cost by using FIFO formula.

(b) Stores, spares etc. At historical cost by using FIFO formula.

(c) Finished goods. Lower of cost or net realizable value. Cost being determined by including cost of purchase, cost of conversion and other costs incurred in bringing the inventories to their present location and condition.

v) Treatment of Government Grant:

Grants received from the Government, which are not utilized, are reported under Current Liabilities, corresponding amount available has been shown under the head current assets loan & advances and for the grants utilized the following procedure is adopted:

a) Grants related to Fixed Assets: -

Government grants related to specific fixed assets are deducted from the gross value of assets acquired in arriving at their Book Value. Where the grant related to a fixed asset equals the whole or virtually the whole, of the cost of the asset, the asset is shown in the Balance Sheet at a nominal value.

b) Grants related to revenue: -

Revenue Grants are deducted from the related expenses and such expenses are reported net of grants utilized.

vi) Income Re cognition

All incomes are accounted for on accrual basis except sale of waste material and interest on security deposit with UPPCL, which are accounted for on actual receipt basis.