Home  »  Company  »  BPL Ltd.  »  Quotes  »  Accounting Policy
Enter the first few characters of Company and click 'Go'

Accounting Policies of BPL Ltd. Company

Mar 31, 2015

1.1 General

The financial statements have been prepared under historical cost convention in accordance with Generally Accepted Accounting Principles in India and the provisions of the Companies Act, 2013as adopted consistently by the company.

1.2 Fixed Assets

Fixed Assets, except Land and Building which were revalued as on 30.04.85, are stated at their original cost of acquisition including incidental expenditure related thereto, taxes, duties other than modvat credit availed and installation expenses. Net surplus or deficiency that arise when an asset is disposed/discarded/demolished/ destroyed, are duly accounted.

1.3 Depreciation

Depreciation on Fixed Assets are provided on Straight Line Method at the rates and manner prescribed under Schedule II of the Companies Act, 2013.

1.4 Investments

Investments are stated at cost. Provisions are made to recognize permanent diminution in the value of Investments.

1.5 Inventories

Inventories are valued as under:

Finished Goods : At lower of cost or realisable value

Work in Progress : At cost inclusive of appropriate overheads

Materials, Components & Spares : At weighted average cost including taxes & duties Goods in transit : At cost

1.6 Foreign Currency Transaction

Transactions in Foreign Currency, other than those covered by forward contracts are accounted at exchange rates prevailing on the date of the transaction. Assets and liabilities in foreign currency not covered by forward contracts are translated at exchange rate prevailing on the date of the Balance Sheet. The Net loss, if any, on conversion is charged to revenue / asset account but gains if in significant, is not accounted for

1.7 Research and Development

Fixed Assets purchased for Research & Development are capitalised and depreciated as per the Company's policy.

1.8 Retirement Benefit

Contribution to recognised Provident Fund is made at predetermined rates. The Company has an arrangement with Life Insurance Corporation of India to administer its Gratuity and Superannuation Schemes. The Gratuity liability calculated as per Actuarial Valuation is Rs. 83.22 Lakhs for existing employees. The liability for the exit employees is Rs. 26.94 Lakhs. The following table sets out the status of the plan as required under AS 15:

1.9 Borrowing Cost

Borrowing Cost that are directly attributable to the acquisition, Construction or production of a qualifying asset are capitalised as part of the asset. Other borrowing costs are recognized as expense in the period in which they are incurred.

1.10 Revenue Recognition

Revenue in respect of Sale of Products is recognised when goods are supplied to customers.

Revenue from Annual Maintenance Contract (AMC) is recognized on time proportion basis. Service Income is accounted as and when services are rendered. Dividend income on Investments is accounted when the right to receive the payment is established. Interest income is recognised on a time proportionate basis considering the amount outstanding and rate applicable. Expenses are accounted for on accrual basis and provision is made for all known losses and liabilities.

1.11 Contingent Liability

All known liabilities are provided for in the accounts except liabilities of a contingent nature, which are adequately disclosed in accounts.


Mar 31, 2014

1.1 General

The financial statements have been prepared under historical cost convention in accordance with Generally Accepted Accounting Principles in India and the provisions of the Companies Act, 1956 / 2013 as adopted consistentlybythecompany.

1.2 Fixed Assets

Fixed Assets, except Land and Building which were revalued as on 30.04.85, are stated at their original cost of acquisition including incidental expenditure related thereto, taxes, duties other than modvat credit availed and installation expenses. Net surplus or deficiency that arise when an asset is disposed/ discarded/ demolished/ destroyed, are duly accounted.

1.3 Depreciation

Depreciation on Fixed Assets are provided on Straight Line Method at the rates and manner prescribed under Schedule XIVofthe Companies Act, 1956.

1.4 Investments

Investments are stated at cost. Provisions are made to recognize permanent diminution in the value of Investments.

1.5 Inventories

Inventories are valued as under:

Finished Goods : At lower of cost or realisable value

Work in Progress : At cost inclusive of appropriate overheads

Materials, Components & Spares : At weighted average cost including taxes & duties Goods in transit : At cost

1.6 Foreign Currency Transaction

Transactions in Foreign Currency, other than those coveredbyforward contracts are accounted at exchange rates prevailing on the date of the transaction. Assets and liabilities in foreign currency not covered by forward contracts are translated at exchange rate prevailing on the date of the Balance Sheet. The Net loss, if any, on conversion is charged to revenue /asset account but gains if insignificant, is not accounted for.

1.7 ResearchandDevelopment

Fixed Assets purchased for Research & Development are capitalised and depreciated as per the Company''s policy.

1.8 Retirement Benefit

Contribution to recognised Provident Fund is made at predetermined rates. The Company has an arrangement with Life Insurance Corporation of India to administer its Gratuityand Superannuation Schemes. The Gratuity liability calculated as per Actuarial Valuation is Rs. 68.88 Lakhs for existing employees and for exit employees, it is Rs. 79.90 Lakhs. The following table sets out the status of the planasrequired underAS15:

1.9 Borrowing Cost

Borrowing Cost that are directly attributable to the acquisition, Construction or production of a qualifying asset are capitalised as part of the asset. Other borrowing costs are recognized as expense in the period in which they are incurred.

1.10 Revenue Recognition

Revenue in respect of Sale of Products is recognised when goods are supplied to customers.

Revenue from AMC Income is recognized on time proportion basis. Service Income is accounted as and when services are rendered. Dividend income on Investments is accounted when the right to receive the payment is established. Interest income is recognised on a time proportionate basis considering the amount outstanding and rate applicable. Expenses are accounted for on accrual basis and provision is made for all known losses and liabilities.

1.11 Contingent Liability

All known liabilities are provided for in the accounts except liabilities of a contingent nature, which are adequately disclosed in accounts.


Mar 31, 2013

1.1 General

The financial statements have been prepared under historical cost convention in accordance with Generally Accepted Accounting Principles in India and the provisions of the Companies Act, 1956 as adopted consistently by the company.

1.2 FixedAssets

Fixed Assets, except Land and Building which were revalued as on 30.04.85, are stated at their original cost of acquisition including incidental expenditure related thereto, taxes, duties other than modvat credit availed and installation expenses. Net surplus or deficiency that arise when an asset is disposed/ discarded/ demolished/ destroyed, are duly accounted.

1.3 Depreciation

Depreciation on FixedAssets are provided on Straight Line Method at the rates and manner prescribed under Schedule XIV of the Companies Act, 1956.

1.4 Investments

Investments are stated at cost. Provisions are made to recognize permanent diminution in the value of Investments.

1.5 Inventories

Inventories are valued as under:

Finished Goods : At lower of cost or realisable value

Work in Progress : At cost inclusive of appropriate overheads

Materials, Components & Spares : At weighted average cost including taxes & duties Goods in transit : At cost

1.6 Foreign Currency Transaction

Transactions in Foreign Currency, other than those covered by forward contracts are accounted at exchange rates prevailing on the date of the transaction. Assets and liabilities in foreign currency not covered by forward contracts are translated at exchange rate prevailing on the date of the Balance Sheet. The Net loss, if any, on conversion is charged to revenue / asset account but gains if insignificant, isnot accounted for.

1.7 Research and Development

FixedAssets purchased for Research & Development are capitalised and depreciated as per the Company''s policy.

1.8 Retirement Benefit

Contribution to recognised Provident Fund is made at predetermined rates. The Company has an arrangement with Life Insurance Corporation of India to administer its Gratuity and Superannuation Schemes. The Gratuity liability calculated as per Actuarial Valuation is Rs. 201.57 Lakhs for existing employees and for exit employees it is Rs. 268.16 Lakhs. The following table sets out the status of the planas required underAS15:

The Company had discontinued the Superannuation Scheme effective November 2011. The crystallized liability under Superannuation Scheme as on 31stMarch 2013 was X 26.39 lakhs.

1.9 Borrowing Cost

Borrowing Cost that are directly attributable to the acquisition, Construction or production of a qualifying asset are capitalised as part of the asset. Other borrowing costs are recognized as expense in the period in which they are incurred.

1.10 Revenue Recognition

Revenue in respect of Sale of Products is recognised when goods are supplied to customers.

Revenue from AMC Income is recognized on time proportion basis. Service Income is accounted as and when services are rendered. Dividend income on Investments is accounted when the right to receive the payment is established. Interest income is recognised on a time proportionate basis considering the amount outstanding and rate applicable. Expenses are accounted for on accrual basis and provision is made for all known losses and liabilities.

1.11 Contingent Liability

All known liabilities are provided for in the accounts except liabilities of a contingent nature, which are adequately disclosed in accounts.


Mar 31, 2012

1.1 General

The financial statements have been prepared under historical cost convention in accordance with generally accepted accounting principle in India and the provisions of the Companies Act, 1956 as adopted consistently by the company.

1.2 Fixed Assets

Fixed Assets, except land and building which were revalued as on 30.04.85, are stated at their original cost of acquisition including incidental expenditure related thereto, taxes, duties other than modvat credit availed and installation expenses. Net surplus or deficiency that arise when an asset is disposed/ discarded/ demolished/destroyed, are duly accounted.

1.3 Depreciation

Depreciation on Fixed Assets are provided on Straight Line Method at the rates and manner prescribed under Schedule XIV of the Companies Act, 1956.

1.4 Investments

Investments are stated at cost. Provisions are made to recognize permanent diminution in the value of investments.

1.5 Inventories

Inventories are valued as under:

Finished Goods : At lower of cost or realizable value

Work in Progress : At cost inclusive of appropriate overheads

Materials, Components & Spares : At weighted average cost including taxes & duties Goods in transit : At cost

1.6 Foreign Currency Transaction

Transactions in Foreign Currency, other than those covered by forward contracts are accounted at exchange rates prevailing on the date of the transaction. Assets and liabilities in foreign currency not covered by forward contracts, are translated at exchange rate prevailing on the date of the Balance Sheet. The net loss, if any, on conversion is charged to revenue / asset account but gains if insignificant is not accounted for.

1.7 Research and Development

Fixed Assets purchased for Research and Development are capitalized and depreciated as per the Company's policy.

1.8 Retirement Benefit

Contribution to recognized Provident Fund is made at predetermined rates. The company has an arrangement with Life Insurance Corporation of India to administer its Gratuity and Superannuation Schemes. The gratuity liability calculated as per Actuarial Valuation is Rs. 252.26 lakhs for existing employees and for exit employees it is Rs. 195.38 lakhs. The following table sets out the status of the plan as required under AS 15:

1.9 Borrowing Cost

Borrowing Cost that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalized as part of the asset. Other borrowing costs are recognized as expense in the period in which they are incurred.

1.10 Revenue Recognition

Revenue in respect of sale of products is recognized when goods are supplied to customers.

Revenue from AMC income is recognized on time proportion basis. Service income is accounted as and when services are rendered. Dividend income on investments is accounted when the right to receive the payment is established. Interest income is recognized on a time proportionate basis considering the amount outstanding and rate applicable. Expenses are accounted for on accrual basis and provision is made for all known losses and liabilities.

1.11 Contingent Liability

All known liabilities are provided for in the accounts except liabilities of a contingent nature, which are adequately disclosed in accounts.


Mar 31, 2010

General : The financial statements have been prepared under historical cost convention in accordance with generally accepted accounting principle in India and the provisions of the Companies Act, 1956, as adopted consistently by the company.

Fixed Assets : Fixed Assets, except Land and Building which were revalued as on 30.4.85, are stated at their original cost of acquisition including incidental expenditure related thereto, taxes, duties other than modvat credit availed and installation expenses. Net surplus or deficiency arising when an asset is disposed, discarded, demolished or destroyed are duly accounted.

Depreciation : Depreciation on Fixed Assets are provided on Straight Line Method at the rates and manner prescribed under Schedule XIV of the Companies Act, 1956.

Investments : Investments are stated at cost. Provisions are made to recognize permanent diminution in the value of Investments.

Inventories : Inventories are valued as under :

Finished Goods : At lower of cost or realisable value

Work in Progress : At cost, inclusive of appropriate

overheads Materials, Components : At weighted average cost & Spares including taxes & duties

Goods-in-transit : At cost

Foreign Currency Transaction : Transactions in foreign currency, other than those covered by forward contracts are accounted at exchange rates prevailing on the date of the

transaction. Assets and Liabilites in foreign currency not covered by forward contracts, are translated at exchange rate prevailing on the date of the Balance Sheet. The net loss, if any, on conversion is charged to revenue / asset account but gains, if insignificant, is not accounted for.

Research and Development : Fixed Assets purchased for Research and Development are capitalised and depreciated as per the Companys policy.

Retirement Benefit : Contribution to recognised Provident Fund is made at predetermined rates. There is no defined benefit scheme for Leave Encashment. The Company has an arrangment with Life Insurance Corporation of India to administer its Gratuity and Superannuation Schemes.

Borrowing Cost : Borrowing Cost that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalised as part of the asset. Other borrowing costs are recognized as an expense in the period in which they are incurred.

Revenue Recognition : Revenue in respect of sale of products are recognised when goods are supplied to customers. Dividend income on Investments are accounted for when the right to receive the payment is established. Interest income is recognised on a time proportionate basis considering the amount outstanding and rate applicable. Expenses are accounted for on accrual basis and provision is made for all known losses and liabilities.

Contingent Liability : All known liabilites are provided for in the accounts except liabilites of a contingent nature, which are adequately disclosed in accounts.

 
Subscribe now to get personal finance updates in your inbox!