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SENSEX NIFTY India | Accounting Policy > Steel - Medium & Small > Accounting Policy followed by Kamper Concast - BSE: 531475, NSE: KAMPERCONC

Kamper Concast

BSE: 531475|NSE: KAMPERCONC|SECTOR: Steel - Medium & Small
Kamper Concast is not traded in the last 30 days
Kamper Concast is not traded in the last 30 days
Mar 13
Accounting Policy Year : Mar '14
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
 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.
Source : Dion Global Solutions Limited
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