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Accounting Policies of Coromandel Agro Products and Oils Ltd. Company

Mar 31, 2015

1. Basis of Preparation: The Financial Statements of Coromandel Agro Products & Oils Limited have been prepared and presented under the historical cost convention on the accrual basis of accounting in accordance with the accounting principles generally accepted in India (GAAP) and comply with the mandatory Accounting Standards (AS) issued by the Institute of Chartered Accountants of India to the extent applicable and with the relevant provisions of the Companies Act, 2013.

2. Use of Estimates: The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities on the date of the financial statements and reported amounts of revenues and expenses for the year. Actual results could differ from these estimates. Any revision to accounting estimates is recognized prospectively in the current and future periods.

3. Fixed Assets: Tangible assets i.e., Land, Buildings, Plant and Machinery are stated at revalued cost less depreciation. Other fixed assets are stated at cost less depreciation. Depreciation has been provided as per the amendment to Schedule II of the Companies Act, 2013 on straight line basis . Lease hold land is amortised over the period of lease. Depreciation on additions due to revaluation of fixed assets is provided based on the estimated residual life of the assets as per approved valuer report. This amount of depreciation for each year attributable to the revalued assets is transferred from Assets Revaluation Reserve to Credit of Profit and Loss Account.

4. Investments: Investments are stated at cost.

5. Provision for Retirement Benefits: Company has taken L.I.C. Group Gratuity and Superannuation Policies to cover the liability arising out of employees going to retire according to their retirement status. Liability under Gratuity is determined on actuarial valuation done by L.I.C. of India

6. Inventories: The inventories comprising raw materials, stores & spares and finished goods are valued at cost or net realisable value, whichever is less. The term cost comprises of purchase price including duties and taxes, freight inwards and other expenditure directly attributable to the acquisition excluding refundable duties and taxes. The cost is computed on weighted average basis.

7. Foreign Currency Transactions: Foreign Currency Transactions are recorded using the exchange rates prevailing on the dates of the respective transactions. Exchange differences arising on Foreign Currency Transactions settled during the year are recognized in the Profit & Loss Account.

8. Revenue recognition of income and expenditure: All Income and Expenditure are accounted on accrual basis, except where stated otherwise.

9. Provisions and Contingencies: Provision is made in the books of account when there is a present obligation as a result of past event that probably required an outflow of resources and a reasonable estimate can be made.

A disclosure for a contingent liability is made when there is a possible obligation or present obligation that arises from past events and the outflow of resources embedding economic benefit is not probable.

A contingent liability or a provision at the Balance Sheet date is not disclosed or recognized unless the possibility of any outflow of resources in settlement is remote.

10. Deferred Income-Tax: Deferred Tax charge or credit reflects that tax effects of timing differences between accounting income and taxable income for the period. The deferred tax charge or credit and the corresponding deferred tax liability or asset are recognized using the tax rates that have been enacted or substantially enacted by the balance sheet date. Deferred tax assets are recognized only to the extent there is reasonable certainty that the assets can be realized in future, however, where there is unabsorbed depreciation or carry forward losses, deferred tax assets are recognized only if there is virtual certainty of realization of such assets. Deferred tax assets are reviewed at each balance sheet date and written down or written up to reflect the amount that is reasonable/virtual certainty (as the case may be) to be realized.

11. Impairment of Assets: An Asset is treated as impaired when the carrying of cost of Assets exceeds its receivable value. An impairment loss is charged for when the asset is identified as impaired. The impairment loss received in prior accounting period is reversed if there has been a change in the estimate of recoverable amount.


Mar 31, 2014

1. Basis of Preparation: The Financial Statements of Coromandel Agro Products & Oils Limited have been prepared and presented under the historical cost convention on the accrual basis of accounting in accordance with the accounting principles generally accepted in India (GAAP) and comply with the mandatory Accounting Standards (AS) issued by the Institute of Chartered Accountants of India to the extent applicable and with the relevant provisions of the Companies Act, 1956.

2. Use of Estimates: The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities on the date of the financial statements and reported amounts of revenues and expenses for the year. Actual results could differ from these estimates. Any revision to accounting estimates is recognized prospectively in the current and future periods.

3. Fixed Assets: Tangible assets i.e., Land, Buildings, Plant and Machinery are stated at revalued cost less depreciation. Other fixed assets are stated at cost less depreciation. Depreciation has been provided as per the amendment to Schedule XIV vide Notification dated 16-12-1993 of the Companies Act, 1956 on straight line basis as per the provisions of Section 205(2)(b). Lease hold land is amortised over the period of lease. Depreciation on additions due to revaluation of fixed assets is provided based on the estimated residual life of the assets as per approved valuer report. This amount of depreciation for each year attributable to the revalued assets is transferred from Assets Revaluation Reserve to Credit of Profit and Loss Account.

4. Investments: Investments are stated at cost.

5. Provision for Retirement Benefits: Company has taken L.I.C. Group Gratuity and Superannuation Policies to cover the liability arising out of employees going to retire according to their retirement status. Liability under Gratuity is determined on actuarial valuation done by L.I.C. of India

6. Inventories: The inventories comprising raw materials, stores & spares and finished goods are valued at cost or net realisable value, whichever is less. The term cost comprises of purchase price including duties and taxes, freight inwards and other expenditure directly attributable to the acquisition excluding refundable duties and taxes. The cost is computed on weighted average basis.

7. Foreign Currency Transactions: Foreign Currency Transactions are recorded using the

exchange rates prevailing on the dates of the respective transactions. Exchange differences arising on Foreign Currency Transactions settled during the year are recognized in the Profit & Loss Account.

8. Revenue recognition of income and expenditure: All Income and Expenditure are accounted on accrual basis, except where stated otherwise.

9. Provisions and Contingencies: Provision is made in the books of account when there is a present obligation as a result of past event that probably required an outflow of resources and a reasonable estimate can be made.

A disclosure for a contingent liability is made when there is a possible obligation or present obligation that arises from past events and the outflow of resources embedding economic benefit is not probable.

A contingent liability or a provision at the Balance Sheet date is not disclosed or recognized unless the possibility of any outflow of resources in settlement is remote.

10. Deferred Income-Tax: Deferred Tax charge or credit reflects that tax effects of timing differences between accounting income and taxable income for the period. The deferred tax charge or credit and the corresponding deferred tax liability or asset are recognized using the tax rates that have been enacted or substantially enacted by the balance sheet date. Deferred tax assets are recognized only to the extent there is reasonable certainty that the assets can be realized in future, however, where there is unabsorbed depreciation or carry forward losses, deferred tax assets are recognized only if there is virtual certainty of realization of such assets. Deferred tax assets are reviewed at each balance sheet date and written down or written up to reflect the amount that is reasonable/virtual certainty (as the case may be) to be realized.

11. Impairment of Assets: An Asset is treated as impaired when the carrying of cost of Assets exceeds its receivable value. An impairment loss is charged for when the asset is identified as impaired. The impairment loss received in prior accounting period is reversed if there has been a change in the estimate of recoverable amount.


Mar 31, 2013

1. Basis of Preparation: The Financial Statements of Coromandel Agro Products & Oils Limited have been prepared and presented under the historical cost convention on the accrual basis of accounting in accordance with the accounting principles generally accepted in India (GAAP) and comply with the mandatory Accounting Standards (AS) issued by the Institute of Chartered Accountants of India to the extent applicable and with the relevant provisions of the Companies Act, 1956.

2. Use of Estimates: The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities on the date of the financial statements and reported amounts of revenues and expenses for the year. Actual results could differ from these estimates. Any revision to accounting estimates is recognized prospectively in the current and future periods.

3. Fixed Assets: Tangible assets i.e., Land, Buildings, Plant and Machinery are staled at revalued cost less depreciation. Other fixed assets are stated at cost less depreciation. Depreciation has been provided as per the amendment to Schedule XIV vide Notification dated 16-12-1993 of the Companies Act, 1956 on straight line basis as per the provisions of Section 205(2)(b). Lease hold land is amortised over the period of lease. Depreciation on additions due to revaluation of fixed assets is provided based on the estimated residual life of the assets as per approved valuer report. This amount of depreciation for each year attributable to the revalued assets is transferred from Assets Revaluation Reserve to Credit of Profit and Loss Account.

4. Investments : Investments are stated at cost.

5. Provision for Retirement Benefits: Company has taken L.I.C. Group Gratuity and Superannuation Policies to cover the liability arising out of employees going to retire according to their retirement status. Liability under Gratuity is determined on actuarial valuation done fay L.I.C. of India

6. Inventories: The inventories comprising raw materials, stores & spares and finished goods are valued at cost or net realisable value, whichever is less. The term cost comprises of purchase price including duties and taxes, freight inwards and other expenditure directly attributable to the acquisition excluding refundable duties and taxes. The cost is computed on weighted average basis.

7. Foreign Currency Transactions: Foreign Currency Transactions are recorded using the exchange rates prevailing on the dates of the respective transactions. Exchange differences arising on Foreign Currency Transactions settled during the year are recognized in the Profit & Loss Account.

8. Revenue recognition of income and expenditure: All Income and Expenditure are accounted on accrual basis, except where stated otherwise.

9. Provisions and Contingencies: Provision is made in the books of account when there is a present obligation as a result of past event that probably required an outflow of resources and a reasonable estimate can be made.

A disclosure for a contingent liability is made when there is a possible obligation or present obligation that arises from past events and the outflow of resources embedding economic benefit is not probable.

A contingent liability or a provision at the Balance Sheet date is not disclosed or recognized unless the possibility of any outflow of resources in settlement is remote.

10. Deferred Income-Tax: Deferred Tax charge or credit reflects that tax effects of timing differences between accounting income and taxable income for the period. The deferred tax charge or credit and the corresponding deferred tax liability or asset are recognized using the tax rates that have been enacted or substantially enacted by the balance sheet date. Deferred tax assets are recognized only to the extent there is reasonable certainty that the assets can be realized in future, however, where there is unabsorbed depreciation or carry forward losses, deferred tax assets are recognized only if there is virtual certainty of realization of such assets. Deferred tax assets are reviewed at each balance sheet date and written down or written up to reflect the amount that is reasonable/virtual certainty (as the case may be) to be realized.

11. Impairment of Assets: An Asset is treated as impaired when the carrying of cost of Assets exceeds its receivable value. An impairment loss is charged for when the asset is identified as impaired. The impairment loss received in prior accounting period is reversed if there has been a change in the estimate of recoverable amount.


Mar 31, 2010

1. Basis of Preparation : The Financial Statements of Coromandel Agro Products & Oils Limited have been prepared and presented under the historical cost convention on the accrual basis of accounting in accordance with the accounting principles generally accepted in India (GAAP) and comply with the mandatory Accounting Standards(AS) issued by the Institute of Chartered Accountants of lndia to the extent applicable and with the relevant provisions of the Companies Act, 1956.

2. Use of Estimates : The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities on the date of the financial statements and reported amounts of revenues and expenses for the year. Actual results could differ from these estimates. Any revision to accounting estimates is recognized prospectively in the current and future periods.

3. Fixed Assets : Tangible assets i.e., Land, Buildings, Plant and Machinery are stated at revalued cost less depreciation. Other fixed assets are stated at cost less depreciation. Depreciation has been provided as per the amendment to Schedule XIV vide Notification dated 16-12-1993 of the Companies Act, 1956 on straight line basis as per the provisions of Section 205(2)(b). Lease hold land is amortised over the period of lease. Depreciation on additions due to revaluation of fixed assets is provided based on the estimated residual life of the assets as per approved valuer report. This amount of depreciation for each year attributable to the revalued assets is transferred from Assets Revaluation Reserve to Credit of Profit and Loss Account.

4. Investments : Investments are stated at cost.

5. Provision for Retirement Benefits : Company has taken the L.I.C. Group Gratuity and Superannuation Policies to cover the liability arising out of employees going to retire. Liability under Gratuity is determined on actuarial valuation done by L.I.C. of India

6. Inventories : The inventories comprising raw materials, stores & spares and finished goods are valued at cost or net realisable value, whichever is less. The term cost comprises of purchase price including duties and taxes, freight inwards and other expenditure directly attributable to the acquisition excluding refundable duties and taxes. The costs is computed on weighted average basis.

7. Foreign Currency Transactions : Foreign Currency Transactions are recorded using the exchange rates prevailing on the dates of the respective transactions. Exchange differences arising on Foreign Currency Transactions settled during the year are recognized in the Profit & Loss Account.

8. Revenue recognition of income and expenditure : All Income and Expenditure are accounted on accrual basis, except where stated otherwise.

9. Provisions and Contingencies : A provision is made in the books of account when there is a present obligation as a result of past event that probably required an outflow of resources and a reasonable estimate can be made of the obligation.

A disclosure for a contingent liability is made when there is a possible obligation or present obligation that arises from past events and the outflow of resources embedding economic benefit is not probable.

A contingent liability or a provision at the Balance Sheet date is not disclosed or recognized unless the possibility of any outflow in settlement is remote.

10. Deferred Income-Taxes : Deferred Tax charge or credit reflects that tax effects of timing differences between accounting income and taxable income for the period. The deferred tax charge or credit and the corresponding deferred tax liability or asset are recognized using the tax rates that have been enacted or substantial enacted by the balance sheet date. Deferred tax assets are recognized only to the extent there is reasonable certainty that the assets can be realized in future, however, where there is unabsorbed depreciation or carry forward losses, deferred tax assets are recognized only if there is virtual certainty of realization of such assets. Deferred tax assets are reviewed at each balance sheet date and written down or written up to reflect the amount that is reasonable/virtual certainty (as the case may be) to be realized.

11. Impairment of Assets: An Asset is treated as impaired when the carrying of cost of Assets exceeds its receivable value. An impairment loss is charged for when the asset is identified as impaired. The impairment loss received in prior accounting period is reversed if there has been a change in the estimate of recoverable amount.

 
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