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Accounting Policies of Continental Petroleums Ltd. Company

Mar 31, 2015

1. The financial statements of the Company have been prepared and presented in accordance with the generally accepted accounting principles under the historical cost convention on the accrual basis . These financial statements have been prepared as going concern and comply, in all material respects, with the Accounting Standards as prescribed under Section 133 of the Companies Act, 2013 read with Rule 7 of Companies (Accounts) Rules,2014.

2. The presentation of financial statements requires estimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the financial statements and reported amount of revenues and expenses during the reported period . Differences between the actual results and estimates are recognized in the period in which the results are known /materialized.

3. Sales:

Sales exclude Excise Duty, Rebates, Discounts, Claims etc.

4. Fixed Assets:

i) Fixed Assets are stated at cost.

ii) Depreciation - Depreciation is provided on straight line method over the useful life of assets specified in Para C of Schedule II to the Companies Act, 2013 read with the relevant notification issued by Department of Company Affairs

5. Deferred Tax:

Deferred Tax Provision made as per Accounting Standard.

6. Exchange Fluctuations:

All exchange fluctuation in foreign currency liabilities and assets not covered by forward contracts are reinstated at the rate prevailing at the end of the year. Any material exchange loss arising on such transactions (except those relating to acquisition of fixed assets which are adjusted to the cost of the asset) are charged to Profit and Loss Account under the respective heads of account.

7. Inventories:

i) Raw Materials, stock in process, finished goods are valued at lower of cost or net releasable value. Cost of stock in process and finished goods includes materials, labour, manufacturing over heads and other cost incurred in bringing the inventories to their present location.

ii) Stock of stores, consumables and packing materials are valued at cost.

8. Contingent Liabilities:

Contingent Liabilities are disclosed by way of notes to the accounts and no provision for the same is made in accounts.


Mar 31, 2014

1. General :

i) These accounts have been prepared on the historical cost basis and on the principles of going concern.

ii) Accounting policies unless specifically stated to be otherwise, are consistent and are in consonance with generally accepted accounting principles.

2. Revenue Recognition:

All expenses and income to the extent considered payable and receivable respectively, unless specifically stated to be otherwise, are accounted for on mercantile basis.

3. Sales:

Sales exclude Rebates, Discounts, Claims etc.

4. Fixed Assets :

i) Fixed Assets are stated at cost.

ii) Depreciation

Depreciation is provided on straight line method at single shift basis as per Schedule XIV of the Companies Act, 1956 as amended by Notification No. GSR 756 (E) dated 16th Dec. 1993 and where, there is an addition, the same is provided on pro-rata basis.

5. Deferred Tax :

Deferred Tax Provision made as per Accounting Standard.

6. Exchange Fluctuations :

All exchange fluctuation in foreign currency liabilities and assets not covered by forward contracts are reinstated at the rate prevailing at the end of the year. Any material exchange loss arising on such transactions (except those relating to acquisition of fixed assets which are adjusted to the cost of the asset) are charged to Profit and Loss Account under the respective heads of account.

7. Inventories:

i) Raw Material, Stores & Spares and Empties are valued at cost which includes expenses incidental to procurement of the same.

ii) Semi-finished goods are valued at cost and finished goods are valued at lower of cost or net realizable value. Cost in this case represents direct cost and includes appropriate portion of Factory Overheads.

8. Contingent Liabilities :

Contingent Liabilities are disclosed by way of notes to the accounts and no provision for the same is made in accounts.


Mar 31, 2013

1. General :

i) These accounts have been prepared on the historical cost basis and on the principles of going concern.

ii) Accounting policies unless specifically stated to be otherwise, are consistent and are in consonance with generally accepted accounting principles.

2. Revenue Recognition:

All expenses and income to the extent considered payable and receivable respectively, unless specifically stated to be otherwise, are accounted for on mercantile basis.

3. Sales:

Sales exclude Rebates, Discounts, Claims etc.

4. Fixed Assets :

i) Fixed Assets are stated at cost.

ii) Depreciation

Depreciation is provided on straight line method at single shift basis as per Schedule XIV of the Companies Act, 1956 as amended by Notification No. GSR 756 (E) dated 16th Dec. 1993 and where, there is an addition, the same is provided on pro-rata basis.

5. Deferred Tax :

Deferred Tax Provision made as per Accounting Standard.

6. Exchange Fluctuations :

All exchange fluctuation in foreign currency liabilities and assets not covered by forward contracts are reinstated at the rate prevailing at the end of the year. Any material exchange loss arising on such transactions (except those relating to acquisition of fixed assets which are adjusted to the cost of the asset) are charged to Profit and Loss Account under the respective heads of account.

7. Inventories:

i) Raw Material, Stores & Spares and Empties are valued at cost which includes expenses incidental to procurement of the same.

ii) Semi-finished goods are valued at cost and finished goods are valued at lower of cost or net realizable value. Cost in this case represents direct cost and includes appropriate portion of Factory Overheads.

8. Contingent Liabilities :

Contingent Liabilities are disclosed by way of notes to the accounts and no provision for the same is made in accounts.


Mar 31, 2010

1. General :

i) These accounts have been prepared on the historical cost basis and on the principles of going concern.

ii) Accounting policies unless specifically stated to be otherwise, are consistent and are in consonance with generally accepted accounting principles.

2. Revenue Recognition:

All expenses and income to the extent considered payable and receivable respectively, unless specifically stated to be otherwise, are accounted for on mercantile basis.

3. Sales:

Sales exclude Rebates, Discounts, Claims etc.

4. Fixed Assets :

i) Fixed Assets are stated at cost.

ii) Depreciation

Depreciation is provided on straight line method at single shift basis as per Schedule XIV of the Companies Act, 1956 as amended by Notification No. GSR 756 (E) dated 16th Dec. 1993 and where, there is an addition, the same is provided on pro-rata basis.

5. Deferred Tax :

Deferred Tax Provision made as per Accounting Standard.

6. Exchange Fluctuations :

All exchange fluctuation in foreign currency liabilities and assets not covered by forward contracts are reinstated at the rate prevailing at the end of the year. Any material exchange loss arising on such transactions (except those relating to acquisition of fixed assets which are adjusted to the cost of the asset) are charged to Profit and Loss Account under the respective heads of account.

7. Inventories:

i) Raw Material, Stores & Spares and Empties are valued at cost which includes expenses incidental to procurement of the same.

ii) Semi-finished goods are valued at cost and finished goods are valued at lower of cost on net realizable value. Cost in this case represents direct cost and includes appropriate portion of Factory Overheads.

8. Contingent Liabilities :

Contingent Liabilities are disclosed by way of notes to the accounts and no provision for the same is made in accounts.

 
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