Home  »  Company  »  Calcom Vision  »  Quotes  »  Accounting Policy
Enter the first few characters of Company and click 'Go'

Accounting Policies of Calcom Vision Ltd. Company

Mar 31, 2014

(i) Revenue Recognition

All income and expenditure items having a material bearing on the financial statements are recognized on accrual basis.

(ii) Fixed Assets

Fixed Assets are stated at cost of acquisition (Net of Modvat) inclusive of expenses relating to acquisition.

(iii) Amortization and Depreciation

Depreciation on Fixed Assets is provided on straight line method at the rates prescribed in Schedule XIV of the Companies Act, 1956 as amended vide Notification No.GSR 756(E) dated 16.12.1993 issued by the Ministry of Law, Justice and Company Affairs, Department of Company Affairs.

(iv) Retirement Benefits

(a) Provision for gratuity is made as per the provision of payment of gratuity act, as calculated by the management.

(b) Liabilities in respect of encashment of accumulated leaves by the employees is estimated by the management and charged to Profit & Loss account.

(c) As ascertained by the Company , the premium pertaining to provision for superannuation fund has been paid to LIC & the amount appears in superannuation Fund account has no longer liability against the assets of the company.

(v) Provisions, Contingent Liabilities and Contingent Assets

Provisions involving substantial degree of estimation in measurement are recognized when there is present obligation as a result of past events and it is possible that there will be an outflow of resources. Contingent Liabilities are not recognized in the financial statements but are disclosed in the notes to accounts. Contingent Assets are neither recognized and nor disclosed in financial statements.

(vi) Foreign Currency Transactions

(a) Transactions denominated in foreign currency are intially recorded at the exchange rate prevailing at the time of transaction. Current Assets and Current liabilities denominated in Foreign Currency are converted into Indian rupees at the exchange rate prevailing at the close of the year.

(b) Any income or loss on account of exchange fluctuation on settlement / year end, is recognised in the profit & loss account except in cases where they relate to acquisition of fixed assets in which case they are adjusted to the carrying cost of such asset as per guidelines and AS-11 issued by Institute of Chartered Accountants of India.

(vii) Excise Duty

Excise Duty, Service Tax And VAT on inputs and services are carried forward till it is utilized. Further Excise duty is accounted for on the basis of both payment made in respect of goods cleared as also provision made for goods lying in bonded warehouse.

(viii) Taxes on Income

(a) Provision for Income Tax is made at the amount expected to be paid to the Tax Authorities in accordance with the Income Tax Act, 1961 using the tax rates as per the Tax Law that have been enacted or substantively enacted as on the date of the Balance Sheet.

(b) Deferred Tax Assets and Liabilities are recognized on timing differences, being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods in accordance with the Accounting Standard 22 "Accounting for Taxes on Income", issued by the Institute of Chartered Accountants of India. Deferred Tax Assets and Liabilities are recognised using the tax rates as per the Tax Law that have been enacted or substantively enacted as on the date of the Balance Sheet.

(ix) Cash Flow Statement

Cash flows are made using the indirect method, whereby profit before tax is adjusted for the effects of transactions of a non cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from Opearting Activities, Financing Activities and Investing Activities are segregated.

(x) Impairment Of Assets

Fixed Assets are assesed annually on the balance sheet date havings regards to the internal & external source of information so as to analyze whether any impairment of the asset has taken place. If the recoverable amount, represented by the higher of Net Selling Price or the Value in use, is lesser than carrying amount of Cash-generating unit, then the difference is recognized as Impairment Loss and is debited to Profit and Loss Account. Further Suitable reversals are made in the books of accounts as and when the impairment loss ceases to exist or shows a decrease.


Mar 31, 2013

(i) Revenue Recognition

All income and expenditure items having a material bearing on the financial statements are recognized on accrual basis.

(ii) Fixed Assets

Fixed Assets are stated at cost of acquisition (Net of Modvat) inclusive of expenses relating to acquisition.

(iii) Amortization and Depreciation

Depreciation on Fixed Assets is provided on straight line method at the rates prescribed in Schedule XIV of the Companies Act, 1956 as amended vide Notification No.GSR 756(E) dated 16.12.1993 issued by the Ministry of Law, Justice and Company Affairs, Department of Company Affairs.

(iv) Retirement Benefits

(a) Provision for gratuity is made as per the provision of payment of gratuity act, as calculated by the management.

(b) Liabilities in respect of encashment of accumulated leaves by the employees is estimated by the management and charged to Profit & Loss account.

(c) As ascertained by the Company , the premium pertaining to provision for superannuation fund has been paid to LIC & the amount appears in superannuation Fund account has no longer liability against the assets of the company.

(v) Provisions, Contingent Liabilities and Contingent Assets

Provisions involving substantial degree of estimation in measurement are recognized when there is present obligation as a result of past events and it is possible that there will be an outflow of resources. Contingent Liabilities are not recognized in the financial statements but are disclosed in the notes to accounts. Contingent Assets are neither recognized and nor disclosed in financial statements.

(vi) Foreign Currency Transactions

(a) Transactions denominated in foreign currency are initially recorded at the exchange rate prevailing at the time of transaction. Current Assets and Current liabilities denominated in Foreign Currency are converted into Indian rupees at the exchange rate prevailing at the close of the year.

(b) Any income or loss on account of exchange fluctuation on settlement / year end, is recognized in the profit & loss account except in cases where they relate to acquisition of fixed assets in which case they are adjusted to the carrying cost of such asset as per guidelines and AS-11 issued by Institute of Chartered Accountants of India.

(vii) Excise Duty

Excise Duty, Service Tax And VAT on inputs and services are carried forward till it is utilized. Further Excise duty is accounted for on the basis of both payment made in respect of goods cleared as also provision made for goods lying in bonded warehouse.

(viii) Taxes on Income

(a) Provision for Income Tax is made at the amount expected to be paid to the Tax Authorities in accordance with the Income Tax Act, 1961 using the tax rates as per the Tax Law that have been enacted or substantively enacted as on the date of the Balance Sheet.

(b) Deferred Tax Assets and Liabilities are recognized on timing differences, being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods in accordance with the Accounting Standard 22 "Accounting for Taxes on Income", issued by the Institute of Chartered Accountants of India. Deferred Tax Assets and Liabilities are recognized using the tax rates as per the Tax Law that have been enacted or substantively enacted as on the date of the Balance Sheet.

(ix) Cash Flow Statement

Cash flows are made using the indirect method, whereby profit before tax is adjusted for the effects of transactions of a non cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from Operating Activities, Financing Activities and Investing Activities are segregated.

(x) Impairment Of Assets

Fixed Assets are assessed annually on the balance sheet date having regards to the internal & external source of information so as to analyze whether any impairment of the asset has taken place. If the recoverable amount, represented by the higher of Net Selling Price or the Value in use, is lesser than carrying amount of Cash-generating unit, then the difference is recognized as Impairment Loss and is debited to Profit and Loss Account. Further Suitable reversals are made in the books of accounts as and when the impairment loss ceases to exist or shows a decrease.

(xi) Miscellaneous Expenditure

Miscellaneous expenditure represents R & D differed revenue expenditure and are written off over a period of 10 years.

Borrowing Cost

Borrowing cost that are directly attributable to acquisition or construction of qualifying assets has been capitalized as part of such asset as per AS-16 on Borrowing Costs issued by the ICAI. All other borrowing cost are charged to revenue in the period when they are incurred.

Earnings Per Share

EPS is calculated by dividing the net profit for the year attributable to equity shareholders by the weighted average no. of equity shares outstanding during the year as per AS-20 issued by the ICAI.


Mar 31, 2010

1. BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The Financial Statements have been prepared under the historical cost convention, in accordance with the generally accepted accounting principles and Accounting Standards are in line with the currently applicable laws as well as the Guidelines prescribed by the Institute of Chartered Accountants of India.

2. INCOME RECOGNITION

All Income and Expenditure items having a material bearing on the financial statements are recognised on Accrual basis.

3. FIXED ASSETS

Fixed Assets are stated at cost of acquisition (Net of Modvat) inclusive of expenses relating to acquisition.

4. AMORTIZATION AND DEPRECIATION

Depreciation on Fixed Assets is provided on Straight Line Method at the rates prescribed in Schedule XIV of the Companies Act, 1956, as amended vide Notification No. GSR 756 (E) dated 16.12.1993 issued by the Ministry of Law, Justice and Company Affairs, Department of Company Affairs.

5. INVENTORIES

Basis of Valuation

Raw Material : At Cost based on First In First Out Method or net realisable value, whichever is lower

Work in progress : At Cost or net realisable value, whichever is lower

Finished Goods : At Cost or net realisable value, whichever is lower

6. RETIREMENT BENEFITS

a) Provision for Gratuity is made as per the provision of payment of Gratuity Act, as calculated by the Management.

b) Liabilities in respect of encashment of accumulated leaves by the employees is estimated by the management and charged to Profit & Loss Account.

c) As ascertained by the Company, premium pertaining to provision for superannuation fund has been paid to LIC & the amount appears in superannuation Fund account has no longer liability against the assets of the company.

7. PROVISION, CONTINGENT LIABILITIES AND CONTINGENT ASEETS

Provisions involving substantial degree of estimation in measurement are recognized when there is present obligation as a result of past events and it is possible that there will be an outlfow of resources. Contingent Liabilities are not recognized in the financial statements but are disclosed in the notes to accounts. Contingent Assets are neither recognized and nor disclosed in financial statements.

8. FOREIGN CURRENCY TRANSACTION

a) Transactions denominated in foreign currency are initially recorded at the exchange rate prevailing at the time of transaction. Current Assets & Current liabilities denominated in Foreign Currency are converted into Indian rupees at the exchange rate prevailing at the close of the year.

b) Any Income or Loss on account of exchange fluctuation on settlement / year end is recognised in the Profit and Loss account except in cases where they relate to acquisition of Fixed Assets in which case they are adjusted to the carrying cost of such asset as per Guideline and A.S.-11 issued by Institute of Chartered Accountants of India.

9. EXCISE DUTY

Excise Duty, Service Tax and VAT on inputs and services are carried forward till its is utilized. Further Excise duty is accounted for on the basis of both payment made in respect of goods cleared and also provision made for goods lying in Bonded Warehouse.

10. TAXES ON INCOME

a) Provision for Income Tax is made at the amount expected to be paid to the Tax Authorities in accordance with the Income Tax Act. 1961 using the tax rates as per the Tax Law that have been enacted or substantively enacted as on the date of the Balance Sheet.

b) Deferred Tax Assets and Liabilites are recognized on timing differences, being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods in accordance with the According Standard 22 "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India.

Deferred Tax Assets and Liabilities are recognized using the tax rates as per the Tax Law that have been enacted or substanitvely enacted as on the date of the Balance Sheet.

11. CASH FLOW STATEMENT

Cash flows are made using the indirect method, whereby profit before tax is adjusted for the effects of transactions of a non cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating activities, financing activities of the company are segregated.

12. IMPAIRMENT OF ASSETS

Fixed Assets are assessed annually on the balance sheet date having regards to the internal & external source of information so as to analyze whether any impairment of the asset has taken place. If the recoverable amount, represented by the higher of Net selling price or the value in use, is lesser than carrying amount of the cash-generating unit then the difference is recognized as impairment loss and debited to the P & L Account. Further Suitable reversals are made in the books of accounts as and when the impairment loss ceases to exist or shows a decrease.

13. MISCELLANEOUS EXPENDITURE

Miscellaneous expenditure represents R & D deffered revenue expenditure and are written off over a period of 10 years.


Mar 31, 2009

1. BASIS OF PREPARATION OF FINANCIAL STATEMENTS

i The Financial Statements have been prepared under the historical cost convention, in accordance with the generally accepted accounting principles and are in line with the currently applicable laws as well as the Guidelines prescribed by the Institute of Chartered Accountants of India.

2. BASIS OF ACCOUNTING

All Income and Expenditure items having a material bearing on the financial statements are recognise on Accrual basis.

3. FIXED ASSETS

Fixed Assets are stated at cost of acquisition (Net of Modvat) inclusive of expenses relating to acquisition

4. AMORTIZATION AND DEPRECIATION

i) Leasehold land is amortized over the period of lease.

ii) Depreciation on Fixed Assets is provided on Straight Line Method at the rates prescribed in Schedule XIV of the Companies Act, 1956, as amended vide Notification No. GSR 756 (E) dated 16.12.1993 issued by the Ministry of Law, Justice and Company Affairs, Department of Company Affairs.

5. INVENTORIES

Basis of Valuation

Raw Material : At Cost based on First In First Out Method or net realisable value,whichever is lower

Work in progress : At Cost or net realisable value, whichever is lower

Finished Goods : At Cost or net realisable value, whichever is lower

6. RETIREMENT BENEFITS

a) Provision for Gratuity is made as per the provision of payment of Gratuity Act, as calculated by the Management.

b) Liabilities in respect of encashment of accumulated leaves by the employees is estimated by the management and charged to Profit & Loss Account.

c) Premium pertaining to provision for superannuation fund has been paid to LIC & the amount appears in superannuation Fund account has no longer liability against the assets of the company.

7. CONTINGENT LIABILITIES

Contingent Liabilities are not provided for in the Accounts and are shown separately in Notes on Accounts.

8. FOREIGN CURRENCYTRANSACTION

a) Transactions denominated in foreign currency are initially recorded at the exchange rate prevailing at the time of transaction. Current Assets & Current liabilities denominated in Foreign currency are converted into Indian rupees at the exchange rate prevailing at the close of the year.

b) Any Income or Loss on account of exchange fluctuation on settlement / year end is recognised in the Profit and Loss account except in cases where they relate to acquisition of Fixed Assets in which case they are adjusted to the carrying cost of such asset as per Guideline and A.S.-11 issued by I.C.A.I.

9. EXCISE DUTY

Excise duty has been accounted for on the basis of both payment made in respect of goods cleared and also provision made for goods lying in Bonded Warehouse

10 TAXES ON INCOME

Tax Provision for the year comprise of Current Tax and Deferred Tax. Deferred Tax is recognised for all timing differences, subject to consideration of Prudence.

11. CASH FLOW STATEMENT

Cash flows are made using the indirect method, whereby profit before tax is adjusted for the effects of transactions of a non cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating activities, financing and investing activities of the company are segregated.

12. IMPAIRMENT OF ASSETS

Fixed Assets are assessed annually on the balance sheet date having regards to the internal & external source of information so as to analyze whether any impairment of the asset has taken place. If the recoverable amount, represented by the higher of Net selling price or the value in use, is lesser than carrying amount of the cash-generating unit the difference is recognized as impairment loss and debited to the P & L Account. Suitable reversals are made in the books of accounts as and when the impairment loss ceases to exist or shows a decrease.

13. MISCELLANEOUS EXPENDITURE

Miscellaneous expenditure represents R&D deffered revenue expenditure and are written off over a period of 10 years.

 
Subscribe now to get personal finance updates in your inbox!