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Accounting Policies of Coastal Roadways Ltd. Company

Mar 31, 2015

A. Convention:

The financial statements are prepared under the historical cost convention in accordance with applicable Accounting Standards and relevant requirements of the Companies Act, 2013.

B. Fixed Assets, Depreciation and Impairment:

a) Fixed Assets are stated at Cost includes amounts added on revaluation, as reduced by and accumulated depreciation and impairment loss, if any.

b) Depreciation on tangible fixed assets is charged on straight line method at the rates determined based on the useful lives of the respective assets as prescribed in the Schedule II of the Companies Act, 2013, except in case of vehicles where it is charged on the estimated useful life of 10 years as technically assessed by the OEMs and which the management believes to best represent the period over which the said asset shall be expected in use.

c) An asset is treated as impaired when the carrying cost of Assets exceeds its recoverable value.

C. Recognition of Income & Expenditure:

In compliance with the requirements of Accrual System of Accounting, the following standards have been set out :

a) Freight income is accounted for on actual delivery of consignments by the Company to Customers and unqualified acknowledgements are obtained from them.

b) Freight and Vehicle Trip Expenses are accounted when vehicles deliver the consignments to the Company at the destination.

c) Having regard to the size of operation and the nature of complexities of company''s business, in manage- ment opinion, the above are the reasonable standard of applying accrual system of accounting as required by law.

D. Investments:

Long-term investments are stated at cost. However, provision for diminution in value is made to recognise a decline other than temporary in the value of long term investments.

E. Contingent Liabilities & Contingent Assets:

Contingent liabilities not provided for are disclosed by way of notes. Contingent Assets are neither accounted nor disclosed in the financial statements.

F. The previous year figures have been regrouped/ reclassified wherever necessary.


Mar 31, 2014

A Convention:

The financial statements are prepared under the historical cost convention in accordance with applicable Accounting Standards and relevant requirements of the Companies Act, 1956.

B. Fixed Assets, Depreciation and Impairment:

a) Fixed Assets are stated at Cost includes amounts added on revaluation, as reduced by and accumulated depreciation and impairment loss, if any.

b) Depreciation on fixed assets is charged on straight line method as per schedule XIV to the Companies Act, 1956, except in-case of vehicles where it is charged on the estimated life as technically assessed. Depreciation on addition is charged for half of the year irrespective of the date of additions. However, no depreciation is charged on the assets sold during the year.

c) An asset is treated as impaired when the carrying cost of Assets exceeds its recoverable value.

C. Recognition of Income & Expenditure:

In compliance with the requirements of Accrual System of Accounting, the following standards have been set out:

a) Freight income is accounted for on actual delivery of consignments by the Company to Customers and unqualified acknowledgements are obtained from them.

b) Freight and Vehicle Trip Expenses are accounted when vehicles deliver the consignments to the Company at the destination.

c) Having regard to the size of operation and the nature of complexities of company''s business, in management opinion, the above are the reasonable standard of applying accrual system of accounting as required by law.

D. Investments:

Long-term investments are stated at cost. However, provision for diminution in value is made to recognise a decline other than temporary in the value of long term investments.

E Contingent Liabilities & Contingent Assets:

Contingent liabilities not provided for are disclosed by way of notes. Contingent Assets are neither accounted nor disclosed in the financial statements.


Mar 31, 2013

A. Convention:

The financial statements are prepared under the historical cost convention in accordance with applicable Accounting Standards and relevant requirements of the Companies Act.1956.

B. Fixed Assets, Depreciation and Impairment:

a) Fixed Assets are stated at Cost includes amounts added on revaluation, as reduced by and accumulated depreciation and impairment loss, if any.

b) Depreciation on fixed assets is charged on straight line method as per schedule XIV to the Companies Act, 1956, except in case of vehicles where it is charged on die estimated life as technically assessed. Depreciation on addition is charged for half of the year irrespective of the date of additions, However, no depreciation is charged on the assets sold during the year.

c) An asset is treatetl as impaired when die carrying cost of Assets exceeds its recoverable value.

C. Recognition of Income & Expenditure:

In compliance with the requirements of Accrual System of Accounting, the following standards have been set out:

a) Freight income is accounted when goods are delivered by the Company to Customers and unqualified acknowledgements are obtained from diem.

b) Direct expenses are accounted when hired vehicles deliver the goods to the Company at destination.

c) Payments made to hired lorries at the time of commencement of trip for destination and freight received from customers in advance at the time of booking are accounted for on actual basis.

d) Payments received from Customers towards unsettled accounts are credited to freight income account as and when die dues are finally settled and realised.

e) Year-end liability in respect of claims for loss and damages is provided as calculated by claim recovery agents.

f) Deduction made by parties towards Claims, Excess Charges, TDS etc. from bills raised by Company are accounted for in the year of actual deduction.

g) In case of composite contract jobs , all receipts and outgoings in respect of job are accounted for on the basis of completion of jobs or distinct part mereof and in case of transportation jobs where work in progress bills are raised as per die contracts, on the basis of such bills.

h) Having regard to the size of operation and the nature of complexities of company''s business, in management opinion, the above are the reasonable standard of applying accrual system of accounting as required by law.

D. Investments:

Long-term investments are stated at cost. However, provision for diminution in value is made to recognise a decline other than temporary in the value of long term investments.

E. Contingent Liabilities & Contingent Assets

Contingent liabilities not provided for are disclosed by way of notes. Contingent Assets are neither accounted nor disclosed in the financial statements.

F. The previous year figures have been regrouped/recfassified wherever necessary to confirm to the current year presentation as per revised Schedule VI.


Mar 31, 2012

1. Convention:

The financial statements are prepared under the historical cost convention in accordance with applicable Accounting Standards and relevant requirement of the Companies Act. 195 6.

2. Fixed Assets, Depreciation and Impairment:

a) Fixed Assets are stated at Cost includes amounts added on revaluation, as reduced by and accumulated depreciation and impairment loss, if any.

b) Depreciation on fixed assets is charged on straight line method as per schedule XIV to the Companies Act, 1956, except in case of vehicles where it is charged on the estimated life as technically assessed. Depreciation on addition is charged for half of the year irrespective of the date of additions. However, no depreciation is charged on the assets sold during the year.

c) An asset is treated as impaired when the carrying cost of Assets exceeds its recoverable value.

3. Recognition of Income & Expenditure:

In compliance with the requirements of Accrual System of Accounting, the following standards have been set out:

a) Freight income is accounted when goods are delivered by the Company to Customers and unqualified acknowledgements are obtained from them.

b) Direct expenses are accounted when hired vehicles deliver the goods to the Company at destination.

c) Payments made to hired lorries at the time of commencement of trip for destination and freight received from customers in advance at the time of booking are accounted for on actual basis.

d) Payments received from Customers towards unsettled accounts are credited to freight income account as and when the dues are finally settled and realised.

e) Year-end liability in respect of claims for loss and damages is provided as calculated by claim recovery agents.

f) Deduction made by parties towards Claims, Excess Charges, TDS etc. from bills raised by Company are accounted for in the year of actual deduction.

g) In case of composite contract jobs , all receipts and outgoings in respect of job are accounted for on the basis of completion of jobs or distinct part thereof and in case of transportation jobs where work in progress bills are raised as per the contracts, on the basis of such bills.

h) Having regard to the size of operation and the nature of complexities of company's business, in management opinion, the above are the reasonable standard of applying accrual system of accounting as required by law.

4. Investments:

Long-term investments are stated at cost. However, provision for diminution in value is made to recognise a decline other than temporary in the value of long term investments.

5. Contingent Liabilities & Contingent Assets

Contingent liabilities not provided for are disclosed by way of notes. Contingent Assets are neither accounted nor disclosed in the financial statements.


Mar 31, 2010

A) Convention;

The financial statements are prepared under the historical cost convention in accordance with, applicable Accounting Standards and relevant requirements of the Companies Act. 1956.

B) Fixed Assets, Depreciation and Impairment:

a) Fixed Assets are stated at cost includes amounts added on revaluation, as reduced by and accumulated depreciation end impairment loss, if any.

b) Depreciation on fixed assets is charged on straight line method as per schedule XIV to the Companies Act, 1956.e*ceptrnceseofvehicleswhereitJScriargedon the estimated life as technically assessed. Depreciation on addition is charged for half of the year irrespective of the date of additions. However, no depreciation is charged on the assets sold during the year.

c) An asset is treated as impaired when the carrying cost of Assets exceeds its recoverable value.

iii) Recognition of income & Expenditure:

In compliance with the requirements of Accrual System of Accounting, the following standards have been set out:

a) Freight income is accounted when goods are delivered by the Company to Customers and unqualified acknowledgements are obtained from them.

b) Direct expenses are accounted when hired vehicles deliver the goods to the Company at destination.

c) Payments made to hired lorries at the time of commencement of trip for destination and freight received from customers In advance at me time of booking are accounted for on actual basis.

d) Payments received from Customers towards unsettled accounts are credited to freight income account as and when the dues are finally settled realised.

e) Year-end liability in respect of claims for loss and damages is provided as calculated by claim recovery agents.

f) Deduction made by parties towards Claims. Excess Charges TDS etc. from bills raised by Company are accounted for in the year of actual deduction.

g) In case of composite contract jobs, all receipts and outgoings In respect of job are accounted for on the basis of completion of jobs or distinct part thereof and in case of transportation jobs where work in progress bills are raised as per the contracts, on the basis of such bills.

h) Having regard to the size of operation and The nature of complexities of companys business, in management opinion, the above are the reasonable standard of applying accrual system of accounting as required by law

iv) Investments:

Investments are stated at cost.

v) Contingent Liabilities & Contingent Assets

Contingent liabilities not provided for are disclosed by way of notes Contingent Assets are neither accounted nor disclosed in the financial statements,

 
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