Home  »  Company
Enter the first few characters of Company and click 'Go'
Sorry, unable to find the company details of Cable corporation of india

Search NSE/BSE Listed Company Details By Alphabets

 
Subscribe now to get personal finance updates in your inbox!
Cable Corporation of India Ltd. Accounting Policies | Accounting Policy of Cable Corporation of India Ltd.
Home  »  Company  »  Cable Corpn.  »  Quotes  »  Accounting Policy
Enter the first few characters of Company and click 'Go'

Accounting Policies of Cable Corporation of India Ltd. Company

Mar 31, 2014

The Financial statements are prepared under the historical cost convention on an accrual basis and are in accordance with the requirements of the Companies Act, 1956 and comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the said Act.

The preparation of financial Statements requires the management to make estimates and assumptions in the reported amounts of assets and liabilities (including Contingent Liabilities) as of the date of the financial statements and the reported income and expenses during the reporting period. Management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Future results could differ from these estimates.

1.1 FIXED ASSETS:

a) Some of the Fixed Assets which have been revalued have been stated at revalued cost.

b) Other fixed assets are recorded at cost inclusive of inward freight, duties, taxes and incidental expenses related to the acquisition of the asset. In respect of projects, related pre-operational expenses are included in the cost of the asset.

1.2 DEPRECIATION:

a) Land is shown at original cost in the books. The cost of the leasehold land is amortised over the period of lease.

b) Depreciation on all items of plant and machinery is provided at the revised rates specified in Schedule XIV to the Companies Act, 1956 under straight line method for plant and machinery acquired on and after 1.4.89 and under written down value method for other plant and machinery.

c) Depreciation on all other assets is provided at the revised rates specified in Schedule XIV to the Companies Act, 1956 under straight-line method for building at Nasik Works and under written down value method for other assets.

d) Depreciation on revalued fixed assets is calculated on the residual life of the assets or as per rates specified in Schedule XIV to the Companies Act, 1956 whichever is higher.

e) Minor assets individually costing Rs. 5000 or below are fully depreciated in the year of acquisition.

1.3 INVESTMENTS:

a) Non Current Investments are recorded in the books at cost inclusive of all expenses incidental to acquisition thereof except where there is a dimunition in value other than temporary, in which case the carrying value is reduced, to recognise the decline.

b) Current Investments are recorded in the books at lower of cost or fair value.

c) Investments sold are accounted for on the basis of average cost of the related lot of investments.

1.4 INVENTORIES:

a) Inventories are valued at cost or net realisable value whichever is lower. Cost is arrived at on the basis of weighted average method and includes applicable production overheads.

b) Excise Duty is provided on stocks of finished Goods lying in bonded Warehouses and factory premises at the year end.

1.5 RETIREMENT BENEFITS:

a) Company''s contribution to provident fund is charged against revenue every year.

b) Provision for Gratuity is made on the basis of actuarial valuations carried out at year end and charged to the Statement of Profit and Loss.

c) Provision for Leave Encashment has been made on the basis of actuarial valuations carried out at the year end and charged to Statement of Profit and Loss.

1.6 RESEARCH AND DEVELOPMENT:

All revenue expenditure on research and development are charged to the Statement of Profit and Loss of the year in which it is incurred.

1.7 FOREIGN CURRENCY TRANSACTIONS:

a) Transactions in foreign currency are accounted for at the exchange rates prevailing on the date of transactions or at forward cover contract rates. The exchange differences arising out of their settlement are dealt with in the Statement of Profit & Loss.

b) All monetary items denominated in foreign currency are revalued at year end rates or valued at the rates at which forward cover has been booked. The exchange difference arising on such revaluation is recognised in the Statement of Profit and Loss.

c) Balances in foreign currency loans at the year end have been restated at the rate prevailing at the year end. The difference arising as a result of the above is adjusted in the cost of the assets acquired out of the said loans.

1.8 BORROWING COSTS

Borrowing Costs that are directly attributable to the acquisition of qualifying assets are capitalised for the period until the asset is ready for its intended use. A qualifying asset is an asset that necessarily takes substantial period of time to get ready for its intended use. Other borrowing costs are recognised as an expense in the period in which they are incurred.

1.9 IMPAIRMENT OF ASSETS

An asset is considered as impaired in accordance with Accounting Standard 28 on Impairment of Assets when at the balance sheet date there are indications of impairment and the carrying amount of the assets, or where applicable the cash generating unit to which the asset belongs, exceeds its recoverable amount (i.e. the higher of the asset''s net selling price and value in use). The carrying amount is reduced to the recoverable amount and the reduction is recognized as an impairment loss in the Statement of Profit and Loss.

1.10 TAXATION

Tax expense consists of both current as well as deferred tax liability. Current Tax represents amount of income tax payable including the tax payable u/s 115JB, if any, in respect of taxable income for the year.

Deferred tax is recognised on timing difference between the accounting income and the taxable income for the year that originate in one period and are capable of reversal in one or more subsequent periods. Such deferred tax is quantified using the tax rates and laws enacted or substantively enacted as on the Balance Sheet date.

Deferred tax assets are recognised and carried forward to the extent that there is a virtual certainty that sufficient future taxable income will be available against which such deferred tax assets can be realised.

1.11 EARNING PER SHARE

The Company reports basic and diluted earning per share (EPS) in accordance with Accounting Standard 20 Earnings per share.

1.12 PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS

Provisions involving a substantial degree of estimation in measurement are recognised when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent liabilities are not recognised but are disclosed in the accounts by way of a note. Contingent assets are neither recognised nor disclosed in the financial statements.


Mar 31, 2013

The Financial statements are prepared under the historical cost convention on an accrual basis and are in accordance with the requirements of the Companies Act, 1956 and comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the said Act.

The preparation of financial Statements requires the management to make estimates and assumptions in the reported amounts of assets and liabilities (including Contingent Liabilities) as of the date of the financial statements and the reported income and expenses during the reporting period. Management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Future results could differ from these estimates.

1.1 FIXED ASSETS:

a) Some of the Fixed Assets which have been revalued have been stated at revalued cost.

b) Other fixed assets are recorded at cost inclusive of inward freight, duties, taxes and incidental expenses related to the acquisition of the asset. In respect of projects, related pre-operational expenses are included in the cost of the asset.

1.2 DEPRECIATION:

a) Land is shown at original cost in the books. The cost of the leasehold land is amortised over the period of lease.

b) Depreciation on all items of plant and machinery is provided at the revised rates specified in Schedule XIV to the Companies Act, 1956 under straight line method for plant and machinery acquired on and after 1.4.89 and under written down value method for other plant and machinery.

c) Depreciation on all other assets is provided at the revised rates specified in Schedule XIV to the Companies Act, 1956 under straight- line method for building at Nasik Works and under written down value method for other assets.

d) Depreciation on revalued fixed assets is calculated on the residual life of the assets or as per rates specified in Schedule XIV to the Companies Act, 1956 whichever is higher.

e) Minor assets individually costing Rs.5000 or below are fully depreciated in the year of acquisition.

1.3 INVESTMENTS:

a) Non Current Investments are recorded in the books at cost inclusive of all expenses incidental to acquisition thereof except where there is a dimunition in value other than temporary, in which case the carrying value is reduced, to recognise the decline.

b) Current Investments are recorded in the books at lower of cost or fair value.

c) Investments sold are accounted for on the basis of average cost of the related lot of investments.

1.4 INVENTORIES:

a) Inventories are valued at cost or net realisable value whichever is lower. Cost is arrived at on the basis of weighted average method and includes applicable production overheads.

b) Excise Duty is provided on stocks of finished Goods lying in bonded Warehouses and factory premises at the year end.

1.5 RETIREMENT BENEFITS:

a) Company''s contribution to provident fund is charged against revenue every year.

b) Provision for Gratuity is made on the basis of actuarial valuations'' carried out at year end and charged to the Statement of Profit and Loss.

c) Provision for Leave Encashment has been made on the basis of actuarial valuations carried out at the year end and charged to Statement of Profit and Loss

1.6 RESEARCH AND DEVELOPMENT:

All revenue expenditure on research and development are charged to the Statement of Profit and Loss of the year in which it is incurred.

1.7 FOREIGN CURRENCY TRANSACTIONS:

a) Transactions in foreign currency are accounted for at the exchange rates prevailing on the date of transactions or at forward cover contract rates. The exchange differences arising out of their settlement are dealt with in the Statement of Profit & Loss.

b) All monetary items denominated in foreign currency are revalued at year end rates or valued at the rates at which forward cover has been booked. The exchange difference arising on such revaluation is recognised in the Statement of Profit and Loss.

c) Balances in foreign currency loans at the year end have been restated at the rate prevailing at the year end. The difference arising as a result of the above is adjusted in the cost of the assets acquired out of the said loans.

1.8 BORROWING COSTS

Borrowing Costs that are directly attributable to the acquisition of qualifying assets are capitalised for the period until the asset is ready for its intended use. A qualifying asset is an asset that necessarily takes substantial period of time to get ready for its intended use .Other borrowing costs are recognised as an expense in the period in which they are incurred.

1.9 IMPAIRMENT OF ASSETS

An asset is considered as impaired in accordance with Accounting Standard 28 on Impairment of Assets when at the balance sheet date there are indications of impairment and the carrying amount of the assets, or where applicable the cash generating unit to which the asset belongs, exceeds its recoverable amount (i.e. the higher of the asset''s net selling price and value in use). The carrying amount is reduced to the recoverable amount and the reduction is recognized as an impairment loss in the Statement of Profit and Loss.

1.10 TAXATION

Tax expense consists of both current as well as deferred tax liability. Current Tax represents amount of income tax payable including the tax payable u/s 115JB, if any, in respect of taxable income for the year.

Deferred tax is recognised on timing difference between the accounting income and the taxable income for the year that originate in one period and are capable of reversal in one or more subsequent periods. Such deferred tax is quantified using the tax rates and laws enacted or substantively enacted as on the Balance Sheet date.

Deferred tax assets are recognised and carried forward to the extent that there is a virtual certainty that sufficient future taxable income will be available against which such deferred tax assets can be realised.

1.11 EARNING PER SHARE

The Company reports basic and diluted earning per share (EPS) in accordance with Accounting Standard 20 Earnings per share.

1.12 PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS

Provisions involving a substantial degree of estimation in measurement are recognised when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent liabilities are not recognised but.are disclosed in the accounts by way of a note. Contingent assets are neither recognised nor disclosed in the financial statements.


Mar 31, 2012

The Financial statements are prepared under the historical cost convention on an accrual basis and are in accordance with the requirements of the Companies Act, 1956 and comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the said Act.

The preparation of financial Statements requires the management to make estimates and assumptions in the reported amounts of assets and liabilities (including Contingent Liabilities) as of the date of the financial statements and the reported income and expenses during the reporting period. Management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Future results could differ from these estimates.

1.1 FIXED ASSETS:

a) Some of the Fixed Assets which have been revalued have been stated at revalued cost.

b) Other fixed assets are recorded at cost inclusive of inward freight, duties, taxes and incidental expenses related to the acquisition of the asset. In respect of projects, related pre-operational expenses are included in the cost of the asset.

1.2 DEPRECIATION:

a) Land is shown at original cost in the books. The cost of the leasehold land is amortized over the period of lease.

b) Depreciation on all items of plant and machinery is provided at the revised rates specified in Schedule XIV to the Companies Act, 1956 under straight line method for plant and machinery acquired on and after 1.4.89 and under written down value method for other plant and machinery.

c) Depreciation on all other assets is provided at the revised rates specified in Schedule XIV to the Companies Act, 1956 under straight- line method for building at Nasik and under written down value method for other assets.

d) Depreciation on revalued fixed assets is calculated on the residual life of the assets or as per rates specified in Schedule XIV to the Companies Act, 1956 whichever is higher.

e) Minor assets individually costing Rs.5000 or below are fully depreciated in the year of acquisition.

1.3 INVESTMENTS:

a) Long Term Investments are recorded in the books at cost inclusive of all expenses incidental to acquisition thereof except where there is a diminution in value other than temporary, in which case the carrying value is reduced, to recognise the decline.

b) Current Investments are recorded in the books at lower of cost or fair value.

c) Investments sold are accounted for on the basis of average cost of the related lot of investments.

1.4 INVENTORIES:

a) Inventories are valued at cost or net realizable value whichever is lower. Cost is arrived at on the basis of weighted average method and includes applicable production overheads.

b) Excise Duty is provided on stocks of finished Goods lying in bonded Warehouses and factory premises at the year end.

1.5 RETIREMENT BENEFITS:

a) Company's contribution to provident fund is charged against revenue every year.

b) Provision for Gratuity is made on the basis of actuarial valuations carried out at year end and charged to the Statement of Profit and Loss.

c) Provision for Leave Encashment has been made on the basis of actuarial valuations carried out at the year end and charged to Statement of Profit and Loss.

1.6 RESEARCH AND DEVELOPMENT:

All revenue expenditure on research and development are charged to the Statement of Profit and Loss of the year in which it is incurred.

1.7 FOREIGN CURRENCY TRANSACTIONS:

a) Transactions in foreign currency are accounted for at the exchange rates prevailing on the date of transactions or at forward cover contract rates. The exchange differences arising out of their settlement are dealt with in the Statement of Profit & Loss.

b) All monetary items denominated in foreign currency are revalued at year end rates or valued at the rates at which forward cover has been booked. The exchange difference arising on such revaluation is recognized in the Statement of Profit and Loss.

c) Balances in foreign currency loans at the yearend have been restated at the rate prevailing at the year end. The difference arising as a result of the above is adjusted in the cost of the assets acquired out of the said loans.

1.8 BORROWING COSTS

Borrowing Costs that are directly attributable to the acquisition of qualifying assets are capitalized for the period until the asset is ready for its intended use. A qualifying asset is an asset that necessarily takes substantial period of time to get ready for its intended use. Other borrowing costs are recognized as an expense in the period in which they are incurred.

1.9 IMPAIRMENT OF ASSETS

An asset is considered as impaired in accordance with Accounting Standard 28 on Impairment of Assets when at the balance sheet date there are indications of impairment and the carrying amount of the assets, or where applicable the cash generating unit to which the asset belongs, exceeds its recoverable amount (i.e. the higher of the asset's net selling price and value in use). The carrying amount is reduced to the recoverable amount and the reduction is recognized as an impairment loss in the Statement of Profit and Loss.

1.10 TAXATION

Tax expense consists of both current as well as deferred tax liability. Current Tax represents amount of income tax payable including the tax payable u/s 115JB, if any, in respect of taxable income for the year.

Deferred tax is recognized on timing difference between the accounting income and the taxable income for the year that originate in one period and are capable of reversal in one or more subsequent periods. Such deferred tax is quantified using the tax rates and laws enacted or substantively enacted as on the Balance Sheet date.

Deferred tax assets are recognized and carried forward to the extent that there is a virtual certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized.

1.11 EARNING PER SHARE

The Company reports basic and diluted earnings per share (EPS) in accordance with Accounting Standard 20 Earnings per share.

1.12 PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS

Provisions involving a 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 an outflow of resources. Contingent liabilities are not recognized but are disclosed in the accounts by way of a note. Contingent assets are neither recognized nor disclosed in the financial statements.


Mar 31, 2011

The Company follows the accrual method of accounting. The financial statements have been prepared in accordance with the historical cost convention and accounting principles generally accepted in India.

1.1 FIXED ASSETS:

a) Some of the Fixed Assets which have been revalued have been stated at revalued cost.

b) Other fixed assets are recorded at cost inclusive of inward freight, duties, taxes and incidental expenses related to the acquisition of the asset. In respect of projects, related pre-operational expenses are included in the cost of the asset.

1.2 DEPRECIATION:

a) Freehold land is shown at original / revalued cost in the books. The cost of the leasehold land is amortised over the period of lease.

b) Depreciation on all items of plant and machinery is provided at the revised rates specified in Schedule XIV to the Companies Act, 1956 under straight line method for plant and machinery acquired on and after 1.4.89 and under written down value method for other plant and machinery.

c) Depreciation on all other assets is provided at the revised rates specified in Schedule XIV to the Companies Act, 1956 under straight-line method for building at Nasik and under written down value method for other assets.

d) Depreciation on revalued fixed assets is calculated on the residual life of the assets or as per rates specified in Schedule XIV to the Companies Act, 1956 whichever is higher.

e) Minor assets individually costing Rs.5000 or below are fully depreciated in the year of acquisition.

1.3 INVESTMENTS:

a) Long Term Investments are recorded in the books at cost inclusive of all expenses incidental to acquisition thereof except where there is a dimunition in value other than temporary, in which case the carrying value is reduced, to recognise the decline.

b) Current Investments are recorded in the books at lower of cost or market value.

c) Investments sold are accounted for on the basis of average cost of the related lot of investments.

1.4 INVENTORIES:

a) Inventories are valued as follows: Stores and spare parts at cost.

Raw materials, packing materials and finished goods at cost or net realisable value whichever is lower.

Stock-in-process at cost.

Cost of finished goods and stock-in-process include an appropriate proportion of overheads.

b) Excise Duty is provided on stocks of finished Goods lying in bonded Warehouses and factory premises at the year end.

1.5 RETIREMENT BENEFITS:

a) Company's contribution to provident fund is charged against revenue every year.

b) Provision for Gratuity is made on the basis of actuarial valuations carried out at year end and charged to the Profit and Loss Account.

c) Provision for privilege leave has been made on the basis of acturial valuations carried out at the year end and charged to Profit & Loss Account

1.6 RESEARCH AND DEVELOPMENT:

All revenue expenditure on research and development are charged to Profit and Loss Account of the year in which it is incurred.

1.7 FOREIGN CURRENCY TRANSACTIONS:

a) Transactions in foreign currency are accounted for at the exchange rates prevailing on the date of transactions or at forward cover contract rates. The exchange differences arising out of their settlement are dealt with in the Profit & Loss Account.

b) All monetary items denominated in foreign currency are revalued at year end rates or valued at the rates at which forward cover has been booked. The exchange difference arising on such revaluation is recognised in the Profit and Loss Account.

c) Balances in foreign currency loans at the year end have been restated at the rate prevailing at the year end. The difference arising as a result of the above is adjusted in the cost of the assets acquired out of the said loans.

1.8 TAXES ON INCOME.

Tax expense consists of both current as well as deferred tax liability. Current Tax represents amount of income tax payable including the tax payable u/s 115JB, if any, in respect of taxable income for the year.

Deferred tax is recognised on. timing difference between the accounting income and the taxable income for the year that originate in one period and are capable of reversal in one or more subsequent periods. Such deferred tax is quantified using the tax rates and laws enacted or substantively enacted as on the Balance Sheet date.

Deferred tax assets are recognised and carried forward to the extent that there is a virtual certainty that sufficient future taxable income will be available against which such deferred tax assets can be realised.

1.9 CONTINGENT LIABILITIES

Provision is made for ail known liabilities. Contingent liabilities, if any, are disclosed in the accounts by way of a note.

1.10 GENERAL:

a) Outstanding liability for expenses incurred but not booked are provided for transactions individually over Rs.1000/- each.

b) Prepaid expenses below Rs.1000/- of each item of expenditure are accounted as current year's expenditure.




Mar 31, 2010

The Company follows the accrual method of accounting. The financial statements have been prepared in accordance with the historical cost convention and accounting principles generally accepted in India.

1.1 FIXED ASSETS:

a) Some of the Fixed Assets which have been revalued have been stated at revalued cost.

b) Other fixed assets are recorded at cost inclusive of inward freight, duties, taxes and incidental expenses related to the acquisition of the asset. In respect of projects, related pre-operational expenses are included in the cost of the asset.

1.2 DEPRECIATION:

a) Freehold land is shown at original / revalued cost in the books. The cost of the leasehold land is amortised over the period of lease.

b) Depreciation on all items of plant and machinery is provided at the revised rates specified in Schedule XIV to the Companies Act, 1956 under straight line method for plant and machinery acquired on and after 1.4.89 and under written down value method for other plant and machinery.

c) Depreciation on all other assets is provided at the revised rates specified in Schedule XIV to the Companies Act, 1956 under straight-line method for building at Nasik and under written down value method for other assets.

d) Depreciation on revalued fixed assets is calculated on the residual life of the assets or as per rates specified in Schedule XIV to the Companies Act, 1956 whichever is higher.

e) Minor assets individually costing Rs.5000 or below are fully depreciated in the year of acquisition.

1.3 INVESTMENTS:

a) Long Term Investments are recorded in the books at cost inclusive of all expenses incidental to acquisition thereof except where there is a dimunition in value other than temporary, in which case the carrying value is reduced, to recognise the decline.

b) Current Investments are recorded in the books at lower of cost or market value.

c) Investments sold are accounted for on the basis of average cost of the related lot of investments.

1.4 INVENTORIES:

a) Inventories are valued as follows: Stores and spare parts at cost.

Raw materials, packing materials and finished goods at cost or net realisable value whichever is lower.

Stock-in-process at cost.

Cost of finished goods and stock-in-process include an appropriate proportion of overheads.

b) Excise Duty is provided on stocks of finished Goods lying in bonded Warehouses and factory premises at the year end.

c) Assets transferred from Fixed Assets on its conversion into Stock-In-Trade has been valued on the basis of the Market Value specified in Stamp Duty Ready Reckoner, 2007 under the Bombay Stamp Act.

1.5 RETIREMENT BENEFITS:

a) Companys contribution to provident fund is charged against revenue every year.

b) Provision for Gratuity is made on the basis of actuarial valuations carried out at year end and charged to the Profit and Loss Account.

c) Provision for sick leave & privilege leave has been made on the basis of acturial valuations carried out at the year end and charged to Profit & Loss Account

1.6 RESEARCH AND DEVELOPMENT:

All revenue expenditure on research and development are charged to Profit and Loss Account of the year in which it is incurred.

1.7 FOREIGN CURRENCY TRANSACTIONS:

a) Transactions in foreign currency are accounted for at the exchange rates prevailing on the date of transactions or at forward cover contract rates. The exchange differences arising out of their settlement are dealt with in the Profit & Loss Account.

b) All monetary items denominated in foreign currency are revalued at year end rates or valued at the rates at which forward cover has been booked. The exchange difference arising on such revaluation is recognised in the Profit and Loss Account.

c) Balances in foreign currency loans at the year end have been restated at the rate prevailing at the year end. The difference arising as a result of the above is adjusted in the cost of the assets acquired out of the said loans.

1.8 TAXES ON INCOME.

Tax expense consists of both current as well as deferred tax liability. Current Tax represents amount of income tax payable including the tax payable u/s 115JB, if any, in respect of taxable income for the year.

Deferred tax is recognised on timing difference between the accounting income and the taxable income for the year that originate in one period and are capable of reversal in one or more subsequent periods. Such deferred tax is quantified using the tax rates and laws enacted or substantively enacted as on the Balance Sheet date.

Deferred 1ax assets are recognised and carried forward to the extent that there is a virtual certainty that sufficient future taxable income will be available against which such deferred tax assets can be realised.

 
Subscribe now to get personal finance updates in your inbox!