Mar 31, 2015
I. Basis of preparation of financial statements
The financial statements have been prepared in conformity with Generally
Accepted Accounting Principles to comply in all material respects with
the notified Accounting Standards (Rs,AS') under Companies Accounting
Standard Rules, 2006, (as amended),the relevant provisions of the
Companies Act, 1956 (Rs, the Act'). The Financial Statements have been
prepared under the historical cost con- venation on an accrual basis.
The accounting policies have been consistently applied by the Company
and are consistent with those used in the previous year.
a) Change in Accounting Policy
Presentation and disclosure of financial statements
II. Use of estimates
The preparation of financial statements in conformity with generally
accepted accounting principles in India (GAAP) requires management to
make estimates and assumptions that affect the reported amounts of
assets and liabilities and the disclosure of contingent liabilities and
commitments on the date of financial statements and the result of
operations during the year. Differences between actual results and
estimates are recognized in the year in which the results are known or
materialized. Actual results could differ from those estimates. Any
revision to accounting estimates is recognized prospectively in current
and future periods.
III. Fixed Assets /Depreciation
Fixed assets are stated at cost or at revalued amounts less accumulated
depreciation. Cost of fixed assets includes all incidental expenses and
interest costs on borrowings, attributable to the acquisition of the
assets, up to the date of commissioning of the assets. Depreciation
for the year is computed basing on estimates useful life of assets as
per the Companies Act, 2013. The revaluation of Assets depreciation is
adjusted against revaluation reserve. However on estimates we have
taken useful life of Assets as under:
1) Main Plant, Electrical Installation, other fixed Assets, Boiler,
Erection & Installation, Laboratory, Pollution Plant, Furniture &
Fixtures, Fixed Assets (Kol.) : 10 Years
2) Vehicles : 10 Years
3) Weigh Bridge : 15 Years
4) Boiling : 30 Years
5) Computer : 3 Years
6) Air Conditioner, Inverter, Television, Stabilizer, Camera, Fridge,
water Cooler, Revolver : 5 years
Fixed assets are reviewed for impairment on each Balance Sheet date, in
accordance with AS 28 "Impairment of Assets".
IV. Revenue Recognition
Revenue from sale of products is recognized when the products are
dispatched against orders from customers.
Sales are stated inclusive of excise duty but net of VAT, CST and Entry
Tax.
V. Investments
Investments held by the Company which are long term in nature are
stated at cost.
VI. Inventories
Items of inventories are measured at lower of cost and net realizable
value after providing for obsolete- sconce, if any. Cost of
inventories comprises of cost of purchase, cost of conversion and other
costs including manufacturing overheads incurred in bringing them to
the respective present location and condition. Cost of raw material,
stores and spares, packing materials and coal have been valued at cost
comprising of purchase price, taxes, duties (other than those which are
subsequently recover- able by the Company.
VIII Foreign Currency transaction
Transaction in Foreign Currency are recorded at exchange rate
prevailing on the date of transaction,
VIII Retirement Benefits and Employee Benefits Scheme
The Company has various schemes of retirement benefit such as Provident
Fund, Gratuity and Leave encashment benefit.
Further, provision for Gratuity and Leave encashment has been provided
in the Books of Account as below:
i) Leave Encashment
The Employees will get one day earned leave after working of 20 days.
ii) Gratuity
The Employees will get gratuity after completion of 5 years and the
basis of calculation is 15 days salary out of 26 working days of each
completed year of service of last salary drawn.
IX Taxation
a) Current Taxes:
Provision for current taxes is determined on the basis of taxable
income and tax credits as per provision of the Income Tax Act, 1961.
b) Deferred Taxes
Provision for deferred tax is made at the current rates of taxation, on
all timing differences to the extent that it is probable that a
liability or asset will crystallize.
X Borrowing Cost
Borrowing Cost directly attributable to the acquisition or construction
of Fixed Assets are capitalized as part of the cost of the Assets up to
the date the asset is put to use. Other borrowing costs are charged to
revenue in the year in which it is incurred.
c) Terms/rights attached to equity shares.
The Company has issued Equity shares having a face value of Rs. 10/- .
Each holder of Equity Shares is entitled to one Vote per share. The
Dividend proposed by the Board of Directors, if any, is subject to the
approval of shareholders in Annual General Meeting. In the event of
liquidation of the company the holder of the Equity shares will be
entitled to receive remaining assets of the company after settlement of
all preferential amounts. The distribution will be in proportion to
the number of equity shares held by the equity shareholders.
XI Contingent Liabilities
All liabilities have been provided for in the accounts except
liabilities of contingent nature, which has been disclosed in the notes
on Financial Statements.
Mar 31, 2014
I. Basis of preparation of financial statements
The financial statemets have been prepared in confirmity with Generally
Accepted Accounting Principles to comply in all material respects with
the notified Accounting Standards (''AS'') under Companies Accounting
Standard Rules, 2006, (as amended),the relevant provisions of the
Companies Act, 1956 (''the Act''). The Financial Statements have been
prepared under the historical cost con- vention on an accrual basis.
The accounting policies have eeb consistently applied by the Company
and are consistent with those used in the previous year.
a) Change in Accounting Policy
Presentation and disclosure of financial statements
II. Use of estimates
The preparation of financial statements in conformity with generally
accepted accounting principles in India (GAAP) requires management to
make estimates and assumptions that affect the reported amounts of
assets and liabilities and the disclosure of contingent liabilities and
commitments on the date of financial statements and the result of
operations during the year. Differences between actual results and
estimates are recognized in the year in which the results are known or
materailized. Actual results could differ from those estimates. Any
revision to accounting estimates is recognized prospectively in current
and future periods.
III. Fixed Assets /Depreciation
Fixed assets are stated at cost or at revalued amounts less accumulated
depreciation. Cost of fixed assets includes all incidental expenses and
interest costs on borrowings, attributable to the acquistion of the
assets, upto the date of commissioning of the assets. Depreciation for
the year is computed on the straight line method, as per the rates
prescribed in Schedule XIV to the Companies Act,1956. Additional
charge of depreciation on amount added on revaluation is adjusted
against revaluation reserve.
Fixed assets are reviewed for impairment on each Balance Sheet date, in
accordance with AS 28 "Impairment of Assets".
IV. Revenue Recognition
Revenue from sale of products is recognized when the products are
dispatched against orders from customers.
Sales are stated inclusive of excise duty but net of VAT, CST and Entry
Tax.
V. Investments
Investments held by the Company which are long term in nature are
stated at cost.
VI. Inventories
Items of inventories are measured at lower of cost and net ralizable
value after providing for obsole- scence, if any. Cost of inventories
comprises of cost of purchase, cost of conversion and other costs
including manufacturing overheads incurred in bringing them to the
respective present location and condition. Cost of raw material, stores
and spares, packing materials and coal have been valued at cost
comprising of purchase price, taxes, duties (other than those which are
subsequently recover- able by the Company.
COSBOARD INDUSTRIES LIMITED
VIII Foreign Currency transaction
Transaction in Foreign Currency are recorded at excahnge rate
prevailing on the date of transaction, VIII Retirement Benefits and
Employee Benefits Scheme The Company has various schemes of retirement
benefit such as Provident Fund, Gratuity and Leave encashment benefit.
Further, provision for Gratuity and Leave encashment has been provided
in the Books of Account as below:
i) Leave Encashment
The Employees will get one day earned leave after working of 20 days.
ii) Gratuity
The Employees will get gratuity after completion of 5 years and the
basis of calcultion is 15 days salary out of 26 working days of each
completed year of service of last salary drawn.
IX Taxation
a) Current Taxes:
Provision for current taxes is determined on the basis of taxable
income and tax credits as per provision of the Income Tax Act, 1961.
b) Deferred Taxes
Provision for deferred tax is made at the current rates of taxation, on
all timing differences to the extent that it is probable that a
liability or asset will crystalize.
X Borrowing Cost
Borrowing Cost directly attributable to the acquisition or construction
of Fixed Assets are capitalized as part of the cost of the Assets upto
the date the asset is put to use. Other borrowing costs are charged to
revenue in the year in which it is incurred.
XI Contingent Liabilities
All liabilities have been provided for in the accounts except
liabilities of contingent nature, which has been disclosed in the notes
on Financial Statements.
Mar 31, 2013
I. Basis of preparation of financial statements
The financial statemets are prepared on accrual basis under the
historical cost convention, in accordance with the Indian Generally
Accepted Accounting Principles (GAPP). Financial statements with the
applicable Accounting Standards (AS) specified in Companies (Accounting
Standard) Rules, 2006 and presentational requirement of the Companies
Act, 1956.
II. Use of estimates
The preparation of financial statements in conformity with generally
accepted accounting principles in India (GAAP) requires management to
make estimates and assumptions that affect the reported amounts of
assets and liabilities and the disclosure of contingent liabilities and
commitments on the date of financial statements and the result of
operations during the year. Differences between actual results and
estimates are recognized in the year in which the results are known or
materailized. Actual results could differ from those estimates. Any
revision to accounting estimates is recognized prospectively in current
and future periods.
III. Fixed Assets /Depreciation
Fixed assets are stated at cost or at revalued amounts less accumulated
depreciation. Cost of fixed assets includes all incidental expenses and
interest costs on borrowings, attributable to the acquistion of the
assets, upto the date of commissioning of the assets. Depreciation for
the year is computed on the straight line method, as per the rates
prescribed in Schedule XIV to the Companies Act, 1956. Additional
charge of depreciation on amount added on revaluation is adjusted
against revaluation reserve.
Fixed assets are reviewed for impairment on each Balance Sheet date, in
accordance with AS 28 "Impairment of Assets".
IV. Revenue Recognition
Revenue from sale of products is recognized when the products are
dispatched against orders from customers.
Sales are stated inclusive of excise duty but net of VAT, CST and Entry
Tax.
V. Investments
Investments held by the Company which are long term in nature are
stated at cost.
VI. Inventories
Items of inventories are measured at lower of cost and net ralizable
value after providing for obsole- scence, if any. Cost of inventories
comprises of cost of purchase, cost of conversion and other costs
including manufacturing overheads incurred in bringing them to the
respective present location and condition. Cost of raw material, stores
and spares, packing materials and coal have been valued at cost
comprising of purchase price, taxes, duties (other than those which are
subsequently recover- able by the Company.
VII Foreign Currency transaction
Transaction in Foreign Currency are recorded at excahnge rate
prevailing on the date of transaction, vni Retirement Benefits and
Employee Benefits Scheme
The Company has various schemes of retirement benefit such as Provident
Fund, Gratuity and Leave encashment benefit.
Further, provision for Gratuity and Leave encashment has been provided
in the Books of Account as below:
i) Leave Encashment
The Employees will get one day earned leave after working of 20 days.
ii) Gratuity
The Employees will get gratuity after completion of 5 years and the
basis of calcultion is 3 5 days salary out of 26 working days of each
completed year of service of last salary drawn.
IX Taxation
a) Current Taxes:
Provision for current taxes is determined on the basis of taxable
income and tax credits as per provision of the Income Tax Act, 1961.
b) Deferred Taxes
Provision for deferred tax is made at the current rates of taxation, on
all timing differences to the extent that it is probable that a
liability or asset will crystalize.
X Borrowing Cost
Borrowing Cost directly attributable to the acquisition or construction
of Fixed Assets are capitalized as part of the cost of the Assets upto
the date the asset is put to use. Other borrowing costs are charged to
revenue in the year in which it is incurred.
XI Contingent Liabilities
All liabilities have been provided for in the accounts except
liabilities of contingent nature, which has been disclosed in the notes
on Financial Statements.
Mar 31, 2010
I. The Accounts are prepared under the Historical cost convention and
materially comply with the mandatory Accounting standard issued by the
Institute of Chartered Accountants of India.
ii. Revenue Recognition
Revenue fromsale of products is recognized when the products are
dispatched against order from customers.
Sales are stated inclusive of Excise duty but net of Sales Tax and
Entry Tax.
iii. Fixed Assets ,
At-cost less accumulated depreciation except for certain assets which
were revalued and shown at valuation as per valuers certificates.
iv. Depreciation
a. Depreciation is provided on straight line method at the rates
prescribed under Schedule XIV of the Companies Act 1956. Depreciation
on addition/deletion during the year has been charged on pro-rata
.basis.
b. Depreciation on differential increase in value arising out of
revaluation is recouped from Revaluation Reserve.
v. Inventories
a. Raw materials and coal have been valued at cost comprising of
purchase price, freight, taxes, duties (other than those which are
subsequently recoverable by the Company) and other attributable costs.
b. Stores, Spares and Consumables have been valued at cost comprising
of purchase price, freight, taxes, duties (other than those which are
subsequently recoverable by the Company) and other attributable costs
after providing for obsolescence.
c. The finished goods are valued at lower of cost or net realisable
value.
vi.. Borrowing Cost
Borrowing cost directly attributable to the acquisition or construction
of Fixed Assets are capitalized as part of the cost of the Assets upto
the date the asset is put to use. Other borrowing costs are charged to
revenue in the year in which it is incurred.
vii. Foreign Currency transaction
Transaction in Foreign Currency are recorded at exchange rate
prevailing on the date of transaction.
viii. Investment
Investments are valued at cost.
ix. Retirement Benefits and Employee Benefits Scheme
The Company has various schemes of retirement benefit such as Provident
Fund, Gratuity and Leave encashment benefit.
Further, provision for Gratuity and Leave encashment has been provided
in the Books of Account as below:
i. Leave Encashment
The Employees will get me day earned leave after working of 20 days.
ii. Gratuity
The Employees will get gratuity after completion of 5 years and the
basis of calculation is 15 days salary out of 26 working days of each
completed year of service of last salary drawn,
x. Taxes on Income
Provision for deferred taxation is made at the current rates of
taxation, on all timing differences to the extent that it is probable
that a liability or asset will crystallise.
xi. All liabilities have been provided for in the accounts except
liabilities of contingent nature, which have been disclosed at the
estimated value in the notes on accounts.
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