Kamper Concast Ltd. कंपली की लेखा नीति

Mar 31, 2014

A. Basis of Accounting

The financial statements of the company have been prepared using the historical cost convention in accordance with Generally Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards notified under Section 211(3C) of the Companies Act, 1956 and relevant provisions of the Companies Act, 1956.

The Company follows the mercantile system of accounting and recognizes significant items of income and expenditure on accrual basis. Wherever it is not possible to determine the quantum of accrual with reasonable certainty, these continue to be accounted for on settlement basis.

B. Use of Estimates

The preparation of financial statements in conformity with the generally accepted accounting principles requires estimates and assumptions to be made that affect the reported amount of assets and liabilities and the disclosures relating to contingent assets and liabilities as on the date of financial statements and the reported amount of revenues and expenses during the reporting period. Management believes that the estimates used in the preparation of financial statements are prudent and reasonable. Actual results could differ from these estimates.

C. Inventories

Inventories are valued at lower of cost and net realisable value. Cost includes cost of purchase, cost of conversion, and other incurred in bringing the inventories to their present location and condition.

The method of determination of cost of various categories of inventory are as follows :

Raw Material : At cost

Consumable Stores : At cost

Finished Goods : At estimated cost or market value whichever is lower Goods in process : At estimated cost

Excise duty on goods manufactured and lying in factory premises are accounted as and then goods are dispatched.

D. Fixed Assets and depreciation

Fixed assets are recorded at cost less accumulated depreciation. The company capitalizes all cost relating to acquisition and installation of fixed assets.

Fixed assets are depreciated pro rata to the period of use, based on written down value method at the rates prescribed under schedule XIV of companies act, 1956.

E. Revenue Recognition

Sale of finished goods is recognized on accrual basis. Sales are accounted net of excise duty, returns, sales tax and freight.

Interest income is recognized using time proportion method.

F. Investments

Investments that are readily realizable and are intended to be held for not more than one year from the date, on which such investments are made, are classified as current investments. All other investments are classified as long term investments. Current investments are stated at lower of cost and fair value. Long term investments are stated at cost of acquisition.

G. Taxation

A. Current tax is determined on the profit for the year in accordance with provision of the income tax act, 1961.

H. Provisions

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be outflow of resources.

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Mar 31, 2013

A. Basis of Accounting

The financial statements are prepared using the mercantile system of accounting and in accordance with Accounting principles generally accepted in India and comply with the accounting standards notified by the central government of India, under the companies (Accounting Standards) rule 2006 and relevant provisions of the companies act, 1956.

B. Use of Estimates

The preparation of financial statements in conformity with the generally accepted accounting principles requires estimates and assumptions to be made that affect the reported amount of assets and liabilities and the disclosures relating to contingent assets and liabilities as on the date of financial statements and the reported amount of revenues and expenses during the reporting period. Management believes that the estimates used in the preparation of financial statements are prudent and reasonable. Actual results could differ from these estimates.

C. Inventories

Inventories are valued at lower of cost and net realisable value. Cost includes cost of purchase, cost of conversion, and other incurred in bringing the inventories to their present location and condition.

The method of determination of cost of various categories of inventory are as follows :

Raw Material : At cost

Consumable Stores : At cost

Finished Goods : At estimated cost or market value whichever is lower

Goods in process : At estimated cost Excise duty on goods manufactured and lying in factory premises are accounted as and when goods are dispatched.

D. Fixed Assets and depreciation

Fixed assets are recorded at cost less accumulated depreciation. The company capitalizes all cost relating to acquisition and installation of fixed assets.

Fixed assets are depreciated pro rata to the period of use, based on written down value method at the rates prescribed under schedule XIV of companies act, 1956.

E. Revenue Recognition

Sale of finished goods is recognized on accrual basis. Sales are accounted net of excise duty, returns, sales tax and freight.

Interest income is recognized using time proportion method.

F. Investments

Investments that are readily realizable and are intended to be held for not more than one year from the date, on which such investments are made, are classified as current investments. All other investments are classified as long term investments. Current investments are stated at lower of cost and fair value. Long term investments are stated at cost of acquisition.

G. Taxation

A. Current tax is determined on the profit for the year in accordance with provision of the income tax act, 1961.

H. Provisions

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be outflow of resources.