Election 2014
SENSEX NIFTY
Moneycontrol.com India | Accounting Policy > Cement - Mini > Accounting Policy followed by CCL International - BSE: 531900, NSE: N.A
YOU ARE HERE > MONEYCONTROL > MARKETS > CEMENT - MINI > ACCOUNTING POLICY - CCL International
CCL International
BSE: 531900|ISIN: INE778E01023|SECTOR: Cement - Mini
SET ALERT
|
ADD TO PORTFOLIO
|
WATCHLIST
LIVE
BSE
Apr 17, 17:00
175.60
-5.35 (-2.96%)
VOLUME 1,074
CCL International is not listed on NSE
Mar 12
Accounting Policy Year : Mar '13
Basis of preparation of Financial Statements
 
 The Financial Statements have been prepared to comply in all material
 respects with the mandatory Accounting Standards issued by the ICAI and
 the relevant provisions of the Companies Act, 1956.  The financial
 statements have been prepared under historical cost convention on
 accrual basis and on the assumption of going concern basis. The
 accounting policies have been consistently followed by the company and
 are consistent with those applied in the previous year.
 
 - Inventories
 
 The value of various categories of inventories is arrived at as
 follows:
 
 - Raw material, consumables and stores and spares are valued at the
 lower of cost or net realizable value.
 
 - Work in progress is valued by taking cost of material used and labour
 charges incurred upto the stage of constructions and other related cost
 wherever applicable subject to their estimated net realizable value.
 
 - Finished goods is valued at the lower of cost or net realizable
 value.
 
 - Company has followed FIFO basis of valuation of its stock sold.
 
 - Contingencies and Provisions
 
 A provision is recognized when there is a present obligation as a
 result of past event and it is probable that an outflow of resources
 will be required to settle the obligation, in respect of which a
 reliable estimate can be made. Provisions are not * discounted to its
 present value and are determined based on best estimate required to
 settle the obligation at the balance date. These are reviewed at each
 balance sheet date and adjusted to reflect the current management
 estimates.
 
 - Prior Period Items
 
 Prior period items arisen in the current year as a result of errors or
 omission in the preparation of the -financial statements of prior
 period(s) are separately disclosed in the profit & loss account.
 
 - Revenue Recognition
 
 - Revenues / Incomes and Cost / Expenditures are generally accounted on
 accrual basis, as they are earned or incurred.
 
 -  Revenues from sales are recognized on transfer of significant risk
 and rewards.
 
 Fixed Assets
 
 Fixed assets are stated at cost less accumulated depreciation and
 impairment losses. Cost comprises purchase price, duties, levies and
 any other cost relating to the acquisition and installation of the
 asset. Fixed assets under construction are treated as soon the assets
 become operational and ready for use. Borrowing cost, if any, directly
 attributable to the acquisition and / or construction of fixed asset,
 until the date assets are ready for its intended use, are capitalized
 as a part of the cost of that asset subject to the provisions of
 impairment of the assets.
 
 -  Depreciation
 
 Depreciation on fixed assets is charged, on pro- rata, on the Written
 Down Value Method in accordance with those specified in Schedule XIV of
 The Companies Act, 1956.
 
 -  Foreign Currency Transaction
 
 Foreign currency transaction is recorded at the rates of exchange
 prevailing on the date of the transactions. Exchange differences
 arising on foreign currency transactions are recognized as income or as
 expenses and accordingly debited or credited to profit and loss
 account.
 
 -  Investments
 
 a) The cost of an investment includes incidental expenses like
 brokerage, fees, and duties incurred prior to acquisition.
 
 b) Long term investments are shown at cost.  Provision for diminution
 is made only if, in opinion of the management such a decline other than
 temporary.
 
 c) Investment which are intended to be held for less than one year are
 classified as current investments and are carried at lower of cost and
 fair value determined on an individual investment basis.
 
 d) Advance for share application money are classified underthe head
 Investment.
 
 -  Retirement and other Employees'' Benefits
 
 Contribution to the P.F. / E.S.I, are made at a pre determined rate and
 charged to profit and loss account. Gratuity is accounted for on
 pay-as-you- go basis.
 
 -  Borrowing Cost
 
 Borrowing costs that are directly attributable to the acquisition,
 construction or production of a qualifying asset are capitalized as a
 part of the cost of that asset subject to the provisions of impairment
 of the assets and other borrowing cost are recognized as an expenses in
 the period in which they are incurred.
 
 -  Related Party Transaction
 
 In related party transactions all the material information as required
 by the Accounting Standards (AS) -18 are given to disclose the effect
 on the financial position and operating results of the Company.
 
 -  Earnings Per Share
 
 Basic Earning Per Share is calculated by dividing the net profit or
 loss for the period attributable to equity shareholders by the weighted
 average number of equity shares during the period. To calculate Diluted
 Earning Per Share, share application money pending allotment as at the
 balance sheet date, which is not kept separately and is being utilized
 in the business is treated as  dilutive equity shares.
 
 -  Taxation
 
 Tax expense comprises of Current Tax, Deferred Tax and FBT Provision
 for current tax is made on the assessable income at the tax rate
 applicable to the relevant assessment year.
 
 Deferred Taxes are recognized for the future tax consequences
 attributable to timing differences and their recognition for tax
 purpose The effect of a change in tax rates on Deferred Tax Assets /
 Liabilities is recognized in income using the tax rates and tax laws
 that have been enacted or substantively enacted by balance sheet date.
 
 Deferred Tax Assets are recognized and carried forward only to the
 extent that there is a reasonable certainty that sufficient future
 taxable income will be available against which such Deferred Tax can be
 realized. However, Deferred Tax Assets arising from brought forward and
 depreciation are recognized only when there is virtual certainty
 supported by convincing evidence that such assets wltt be realized in
 foreseeable future.
 
 -  Research and Development
 
 All expenses pertaining to research are charged to the profit and loss
 account in the year in which they are incurred. All expenses pertaining
 to development are recognized if, and only if, future economic benefits
 from the asset are probable otherwise these expenses are charged to the
 profit and loss account in the year in which they are incurred.
 
 -  Joint Ventures
 
 i) Interest in Jointly Controlled Operations
 
 Assets that it controls and the liabilities that it incurs, expenses
 that it incurs and its share of income that it earns from the joint
 ventures is recognized in its Separate Financial Statements; and
 
 ii) Interest in Jointly Controlled Entities
 
 Interest in such entity is accounted for as an investment in accordance
 with Accounting Standard (AS) -13, Accounting for Investment.
 
 -  Impairment of Assets
 
 The carrying amount of assets is reviewed at each balance sheet date if
 there is any indication of impairment of the carrying amount of the
 company''s assets. If any indication exists, then recoverable amount /
 fair market value of such asset is estimated. An impairment loss is
 recognized wherever the carrying amount of the assets exceeds its
 recoverable amount / fair market value. After impairment, depreciation
 is provided on the revised carrying amount of the assets over its
 remaining useful life. A previously recognized impairment loss is
 increased or reversed depending on changes in circumstances.  However
 the carrying amount after reversal is not increased beyond the carrying
 value that would have prevailed by charging usual depreciation as if
 there was no impairment.
Source : Dion Global Solutions Limited
Quick Links for cclinternational
Explore Moneycontrol
Stocks     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | Others
Mutual Funds     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z
Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express written permission of moneycontrol.com is prohibited.