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Accounting Policies of Brawn Biotech Ltd. Company

Mar 31, 2015

(A) GENERAL

The accounts are prepared on historical cost basis as a going concern following the mercantile system of accounting and recognizing income and expenditure on accrual basis. Accounting policies not specifically referred to otherwise are consistent and in concurrence with generally accepted accounting principles.

(B) VALUATION OF INVENTORIES

Inventories are valued at cost or market price whichever is lower.

(C) FIXED ASSETS AND DEPRECIATION

Fixed assets are stated at cost less accumulated depreciation. Depreciation on fixed assets is provided on straight-line method at the rates and in the manner provided in schedule XIV to the Companies Act, 1956.

(D) INVESTMENTS

Investments are stated at cost of acquisition.

(E) REVENUE RECOGNITION

(l)sales

Sales are recognized when effectively the risk and rewards of ownership has passed to the buyer.

(ii)Commission/Fee/Discount Income

Commission / Fee/ Discount Income is accounted as and when accrued and realizable upon raising of

bills.

(F) FOREIGN EXCHANGE TRANSACTION

Transactions in foreign currency are recorded at the exchange rate prevailing at the time of such transactions. Realized gains or losses on foreign exchange transactions are recognized in the Profit and Loss account at the time of actual realization of gains/losses.

(G) CONTINGENT LIABILITIES

Liabilities below Rs. 1,00,000/- if any are not recognized as contingent liability.


Mar 31, 2014

(A) GENERAL

The accounts are prepared on historical cost basis as a going concern following the mercantile system of accounting and recognizing income and expenditure on accrual basis. Accounting policies not specifically referred to otherwise are consistent and in concurrence with generally accepted accounting principal

(B) VALUATION OF INVENTORIES

Inventories are valued at cost or market price whichever is lower.

(C) FIXED ASSETS AND DEPRECIATION

Fixed assets are stated at cost less accumulated depreciation. Depreciation on fixed assets is provided on straight-line method at the rates and in the manner provided in schedule XIV to the Companies Act, 1956.

(D) INVESTMENTS

Investments are stated at cost of acquisition.

(E) REVENUE RECOGNITION

(i) Sales

Sales are recognized when effectively the risk and rewards of ownership has passed to the buyer.

(ii) Commission/Fee/Discount Income

Commission / Fee/ Discount Income is accounted as and when accrued and realizable upon raising of bills.

(F) FOREIGN EXCHANGE TRANSACTION

Transactions in foreign currency are recorded at the exchange rate prevailing at the time of such transactions. Realized gains or losses on foreign exchange transactions are recognized in the Profit and Loss account at the time of actual realization of gains/losses.

(G) CONTINGENT LIABILITIES

Liabilities below Rs. 1,00,000/- if any are not recognized as contingent liability.


Mar 31, 2013

(A) GENERAL

The accounts are prepared on historical cost basis as a going concern following the mercantile system of accounting and recognizing income and expenditure on accrual basis. Accounting policies not specifically referred to otherwise are consistent and in concurrence with generally accepted accounting principal

(B) VALUATION OF INVENTORIES

Inventories are valued at cost or market price whichever is lower.

(C) FIXED ASSETS AND DEPRECIATION

Fixed assets are stated at cost less accumulated depreciation. Depreciation on fixed assets is provided on straight-line method at the rates and in the manner provided in schedule XIV to the Companies Act, 1956.

(D) INVESTMENTS

Investments are stated at cost of acquisition.

(E) REVENUE RECOGNITION

(i) Sales

Sales are recognized when effectively the risk and rewards of ownership has passed to the buyer.

(ii) Commission/Fee/Discount Income

Commission / Fee/ Discount Income is accounted as and when accrued and realizable upon raising of bills.

(F) FOREIGN EXCHANGE TRANSACTION

Transactions in foreign currency are recorded at the exchange rate prevailing at the time of such transactions. ''Realized gains or losses on foreign exchange transactions are recognized in the Profit and Loss account at the time of actual realization of gains/losses.

(G) CONTINGENT LIABILITIES

Liabilities below Rs. 1,00,000/- if any are not recognized as contingent liability.


Mar 31, 2011

(A) GENERAL

The accounts are prepared on historical cost basis as a going concern following the mercantile system of accounting and recognizing income and expenditure on accrual basis. Accounting policies not specifically referred to otherwise are consistent and in concurrence with generally accepted accounting principles.

(B) VALUATION OF INVENTORIES

Inventories are valued at cost or market price whichever is lower.

(C) FIXED ASSETS AND DEPRECIATION

Fixed assets are stated at cost less accumulated depreciation. Depreciation on fixed assets is provided on straight-line method at the rates and in the manner provided in schedule XIV to the Companies Act, 1956.

(D) INVESTMENTS

Investments are stated at cost of acquisition.

(E) REVENUE RECOGNITION

(i) Sales

Sales are recognized when effectively the risk and rewards of ownership has passed to the buyer.

(ii) Commission/Fee/Discount Income

Commission / Fee/ Discount Income is accounted as and when accrued and realizable upon raising of bills.

(F) FOREIGN EXCHANGE TRANSACTION

Transactions in foreign currency are recorded at the exchange rate prevailing at the time of such transactions. Realized gains or losses on foreign exchange transactions are recognized in the Profit and Loss account at the time of actual realization of gains/losses.

(G) CONTINGENT LIABILITIES

Liabilities below Rs. 1,00,000/- if any are not recognized as contingent liability.


Mar 31, 2010

(A) GENERAL

The accounts are prepared on historical cost basis as a going concern following the mercantile system of accounting and recognizing income and expenditure on accrual basis. Accounting policies not specifically referred to otherwise are consistent and in concurrence with generally accepted accounting principles.

(B) VALUATION OF INVENTORIES

Inventories are valued at cost or market price whichever is lower.

(C) FIXED ASSETS AND DEPRECIATION

Fixed assets are stated at cost less accumulated depreciation. Depreciation on fixed assets is provided on straight-line method at the rates and in the manner provided in schedule XIV to the Companies Act, 1956.

(D) INVESTMENTS

Investments are stated at cost of acquisition.

(E) REVENUE RECOGNITION (i) Sales

Sales are recognized when effectively the risk and rewards of ownership has passed to the buyer. (ii) Commission/Fee/Discount Income

Commission / Fee/ Discount Income is accounted as and when accrued and realizable upon raising of bills.

(F) FOREIGN EXCHANGE TRANSACTION

Transactions in foreign currency are recorded at the exchange rate prevailing at the time of such transactions. Realized gains or losses on foreign exchange transactions are recognized in the Profit and Loss account at the time of actual realization of gains/losses.

(G) CONTINGENT LIABILITIES

Liabilities below Rs. 1,00,000/- if any are not recognized as contingent liability.

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