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Accounting Policies of Corporate Couriers & Cargo Ltd. Company

Mar 31, 2015

A Method of accounting

These financial statements have been prepared in accordance with Indian Generally Accepted Accounting Principles (GAAP) under the historical cost convention on the accrual basis except where specified otherwise. GAAP comprises accounting standards notified by the Central Government of India u/s 211(3C) of Companies Act, 1956 and the relevant provisions of the Companies Act, 1956 to the extent applicable. Accounting policies not specifically referred to otherwise, are consistent and in consonance with generally accepted accounting principles.

The Company has prepared these financial statements as per the format prescribed by Revised Schedule VI to Companies Act, 1956 (the Schedule) issued by Ministry of Corporate Affairs.

b Revenue recognition -

The Company recognizes its revenue and expenses on accrual basis.

c Income taxes

Income tax expenses comprises of current tax computed in accordance with the relevant provisions of the Income Tax Act, 1961 and deferred tax charge or credit.

Current tax provision is made based on the tax liability computed after considering tax allowances and exemptions, in accordance with the Income Tax Act, 1961.

Deferred tax charge or credit and the corresponding deferred tax liability or asset is recognized for timing differences between the profits/losses offered for income taxes and the profits/losses as per the financial statements. Deferred tax assets and liabilities are measure using tax rates and tax laws that have been enacted or subsequently enacted at the balance sheet date

Deferred tax assets are recognized only if there is reasonable certainty of realization of such assets in future. However, where there is unabsorbed depreciation or carry forward loss under taxation laws, deferred tax assets are recognized only if there is virtual certainty of realization of such assets. Deferred tax assets/liabilities are reviewed as at each Balance sheet

date and written down/up to reflect the amount that is reasonably/virtually certain (as the case may be) to be realized.

d Earning per share:

Basic earnings per share is calculated by dividing the net profit for the year attributable to the equity shareholders by the weighted average of the number of equity shares outstanding during the year.

e Provisions, Contingent Liabilities and Contingent Assets

Provisions involving 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, if any, are not recognized but disclosed by way of notes to accounts. Contingent assets are neither recognized nor disclosed in the financial statements.


Mar 31, 2014

The Financial statements have been prepared in accordance with the requirement of Section 209(3)(b) of the Companies Act, 1956.

a Method of accounting

These financial statements have been prepared in accordance with Indian Generally Accepted Accounting Principles (GAAP) under the historical cost convention on the accrual basis except where specified otherwise. GAAP comprises accounting standards notified by the Central Government of India u/s 211(3C) of Companies Act, 1956 and the relevant provisions of the Companies Act, 1956 to the extent applicable. Accounting policies not specifically referred to otherwise, are consistent and in consonance with generally accepted accounting principles.

The Company has prepared these financial statements as per the format prescribed by Revised Schedule VI to Companies Act, 1956 (the Schedule) issued by Ministry of Corporate Affairs.

b Revenue recognition -

The Company recognises its revenue and expenses on accrual basis.

c Income taxes

Income tax expenses comprises of current tax computed in accordance with the relevant provisions of the Income Tax Act, 1961 and deferred tax charge or credit.

Current tax provision is made based on the tax liability computed after considering tax allowances and exemptions, in accordance with the Income Tax Act, 1961.

Deferred tax charge or credit and the corresponding deferred tax liability or asset is recognized for timing differences between the profits/losses offered for income taxes and the profits/losses as per the financial statements. Deferred tax assets and liabilities are measure using tax rates and tax laws that have been enacted or subsequently enacted at the balance sheet date Deferred tax assets are recognized only if there is reasonable certainty of realization of such assets in future. However, where there is unabsorbed depreciation or carry forward loss under taxation laws, deferred tax assets are recognized only if there is virtual certainty of realization of such assets.

Deferred tax assets/liabilities are reviewed as at each Balance sheet date and written down/up to reflect the amount that is reasonably/virtually certain (as the case may be) to be realized.

d Earning per share:

Basic earning per share is calculated by dividing the net profit for the year attributable to the equity shareholders by the weighted average of the number of equity shares outstanding during the year.

e Provisions, Contingent Liabilities and Contingent Assets

Provisions involving 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, if any, are not recognized but disclosed by way of notes to accounts. Contingent assets are neither recognized nor disclosed in the financial statements.


Mar 31, 2013

A Method of accounting

These financial statement have been prepared in accordance with Indian Severalty Accepted Accounting Principles (GAAP under the historical cost convention on the accrual basis except where specified otherwise. GAAP comprises accounting standards notified by the Central Government of India u/s 2ll(3C] of Companies Act. 1956 and the relevant provisions of the Companies Act, 1956 to the extent applicable. Accounting policies not specifically referred to otherwise, are consistent and in consonance with generally accepted accounting principles. The Company ha s prepay red these financial statements as per the format prescribed by Revised Schedule VI to Companies Act. I956 (the Schedule) issued by Ministry of Corporate Affairs. Previous periods figures have been recast/restated to conform to the classification required by Revised Schedule VI.

b Revenue recognition -

The Company recognizes its revenue and expenses on accrual basis.

c Income taxes

Income tax expenses comprises of current tax computed in accordance with the relevant provisions of the Income Tax Act, 1961 and deferred tax charge or credit. Current tax provision is made based on the tax liability computed after considering tax allowances and exemptions, in accordance with the income tax Act. 1961

Deferred tax charge or credit and the corresponding deferred tax Gracility or asset is recognized for timing differences between the profits/losses offered for income taxes and the profits/tosses as per the financial statements- deferred tax assets and liabilities are measure using tax rates and tax laws that have been enacted or subsequently enacted at the balance sheet date

Deferred tax assets are recognized only if there is reasonable certainty of realization of such assets in future. However, where there is unabsorbed depreciation or carry forward Loss under taxation laws, deferred tax assets are recognized only if there is virtual certainty of realization of such assets, Deferred tax assets/liabilities are reviewed as at each balance sheet date and written down/up to reflect the amount that is reasonably/virtually certain (as the case may be) to be realized.

d Earning per share:

Basic earnings per share is calculated by dividing the net profit far the year attributable to the equity shareholders by the weighted average of the number of equity shares outstanding during the year,

e Provisions, Contingent Liabilities and Contingent Assets

Provisions involving 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, if any, are not recognized but disclosed byway of notes to accounts. Contingent assets are neither recognized nor disclosed in the financial statements,


Mar 31, 2012

The Financial statements have been prepared in accordance with the requirement of Section 209(3) (b) of the Companies Act' 1956.

a Method of accounting

These financial statements have been prepared in accordance with Indian Generally Accepted Accounting Principles (GAAP) under the historical cost convention on the accrual basis except where specified otherwise. GAAP comprises accounting standards notified by the Central Government of India u/s 211(3C) of Companies Act' 1956 and the relevant provisions of the Companies Act' 1956 to the extent applicable. Accounting policies not specifically referred to otherwise' are consistent and in consonance with generally accepted accounting principles.

The Company has prepared these financial statements as per the format prescribed by Revised Schedule VI to Companies Act' 1956 (the Schedule) issued by Ministry of Corporate Affairs. Previous periods figures have been recast/restated to confirm to the classification required by Revised Schedule VI.

b Revenue recognition -

The Company recognises its revenue and expenses on accrual basis.

c Income taxes

Income tax expenses comprises of current tax computed in accordance with the relevant provisions of the Income Tax Act' 1961 and deferred tax charge or credit.

Current tax provision is made based on the tax liability computed after considering tax allowances and exemptions' in accordance with the Income Tax Act' 1961.

Deferred tax charge or credit and the corresponding deferred tax liability or asset is recognized for timing differences between the profits/losses offered for income taxes and the profits/losses as per the financial statements. Deferred tax assets and liabilities are measure using tax rates and tax laws that have been enacted or subsequently enacted at the balance sheet date

Deferred tax assets are recognized only if there is reasonable certainty of realization of such assets in future. However' where there is unabsorbed depreciation or carry forward loss under taxation laws' deferred tax assets are recognized only if there is virtual certainty of realization of such assets. Deferred tax assets/liabilities are reviewed as at each Balance sheet date and written down/up to reflect the amount that is reasonably/virtually certain (as the case may be) to be realized.

d Earning per share:

Basic earning per share is calculated by dividing the net profit for the year attributable to the equity shareholders by the weighted average of the number of equity shares outstanding during the year.

e Provisions' Contingent Liabilities and Contingent Assets

Provisions involving 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' if any' are not recognized but disclosed by way of notes to accounts. Contingent assets are neither recognized nor disclosed in the financial statements.


Mar 31, 2011

A Revenue recognition -

The Company recognises its revenue and expenses on accrual basis, except for finance charges payable on deferred payment facilities and interest payable on inter corporate deposits obtained.

b Retirement benefits :

The Company did not have any employees during the year ended March 31, 2011.

c Taxation :

Income tax expenses comprises of current tax and deferred tax charge or credit. The deferred tax charge or credit is recognized using current tax rates. 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. Other deferred tax assets are recognized only to the extent there is reasonable certainty of realization in future. Deferred tax assets/liabilities are reviewed as at each Balance sheet date based on developments during the year and available case law, to reassess realization/liabilities.


Mar 31, 2010

A. Revenue recognition -

The Company recognises its revenue and expenses on accrual basis, except for finance charges payable on deferred payment facilities and interest payable on inter corporate deposits obtained.

b. Retirement benefits :

The Company did not have any employees during the year ended March 31, 2010.

c. Taxation :

Income tax expenses comprises of current tax and deferred tax charge or credit. The deferred tax charge or credit is recognized using current tax rates. 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. Other deferred tax assets are recognized only to the extent there is reasonable certainty of realization in future. Deferred tax assets/liabilities are reviewed as at each Balance sheet date based on developments during the year and available case law, to reassess realization/liabilities.

3. Out of the issued and paid up capital of the Company,

a. 150000 equity shares of the face value of Rs 10 each have been issued as fully paid up bonus shares by utilisation of Rs 1500000 from the Profit and Loss Account during the year ended March 31, 1994

b. 1315550 equity shares of the face value of Rs 10 each have been issued as fully paid up bonus shares by utilisation of Rs 13155500 from the Profit and Loss Account during the year ended March 31, 1995

c. 1834450 equity shares of the face value of Rs 10 each have been issued as fully paid up bonus shares by utilisation of Rs 18344500 from the Revaluation Reserve during the year ended March 31, 1995


Mar 31, 2009

A Revenue recognition -

The Company recognises its revenue and expenses on accrual basis, except for finance charges payable on deferred payment facilities and interest payable on inter corporate deposits obtained.

b Retirement benefits :

The Company did not have any employees during the year ended March 31, 2009.

c Taxation :

Income tax expenses comprises of current tax and deferred tax charge or credit. The deferred tax charge or credit is recognized using current tax rates. 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. Other deferred tax assets are recognized only to the extent there is reasonable certainty of realization in future. Deferred tax assets/liabilities are reviewed as at each Balance sheet date based on developments during the year and available case law, to reassess realization/liabilities.

 
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