NEW SCHEDULE VI (SECTION 221)
The Schedule VI has been revised by MCA and is
applicable for all Balance Sheet made after 31st March, 2011. The Format has
done away with earlier two options of format of Balance Sheet, now only
Vertical format has been permitted.
GENERAL
INSTRUCTIONS FOR PREPARATION OF BALANCE SHEET AND STATEMENT OF PROFIT AND LOSS
OF A COMPANY IN ADDITION TO THE NOTES INCORPORATED ABOVE THE HEADING OF BALANCE
SHEET UNDER GENERAL INSTRUCTIONS
- Where
compliance with the requirements of the Act including Accounting Standards
as applicable to the companies require any change in treatment or
disclosure including addition, amendment, substitution or deletion in the
head/sub-head or any changes INTER SE, in
the financial statements or statements forming part thereof, the same
shall be made and the requirements of the Schedule VI shall stand modified
accordingly.
- The
disclosure requirements specified in Part I and Part II of this Schedule
are in addition to and not in substitution of the disclosure requirements
specified in the Accounting Standards prescribed under the Companies Act,
1956. Additional disclosures specified in the Accounting Standards shall
be made in the notes to accounts or by way of additional statement unless
required to be disclosed on the face of the Financial Statements.
Similarly, all other disclosures as required by the Companies Act shall be
made in the notes to accounts in addition to the requirements set out in
this Schedule.
- Notes to
accounts shall contain information in addition to that presented in the
Financial Statements and shall provide where required (a) narrative
descriptions or disaggregation of items recognized in those statements and
(b) information about items that not qualify for recognition in those
statements.
Each item on the face of the Balance Sheet and
Statement of Profit and Loss shall be cross-referenced to any related
information in the notes to accounts. In preparing the Financial Statements
including the notes to accounts, a balance shall be maintained between
providing excessive detail that may not assist users of Financial Statements
and not providing important information as a result of too much aggregation.
- Depending upon the turnover of the Company,
the figures appearing in the Financial Statements may be rounded as below:
Sr.
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Turnover
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Rounding off
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No.
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To the nearest
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Less than one
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hundreds,
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(i)
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hundred crore
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thousands, lakhs or
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rupees
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millions, or decimals
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thereof
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(ii)
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one
hundred crore
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To
the nearest lakhs
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rupees or more
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or millions or crores,
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or decimals thereof
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Once a unit of measurement is used, it should be
used uniformly in the Financial Statements.
5.
Except in the
case of the first Financial Statements laid before the Company (after its
incorporation) the corresponding amounts (comparatives) for the immediately
preceding reporting period for all items shown in the Financial Statements
including notes shall also be given.
6.
For the
purpose of this Schedule, the terms used herein shall be as per the applicable
Accounting Standards.
Notes
This part of Schedule sets out the minimum
requirements for disclosure on the face of the Balance Sheet, and the Statement
of Profit and Loss (hereinafter referred to as "Financial Statements"
for the purpose of this Schedule) and Notes. Line items, sub-line items and
sub-totals shall be presented as an addition or substitution on the face of the
Financial Statements when such presentation is relevant to an understanding of
the company’s financial position or performance or to cater to
industry/sector-specific disclosure requirements or when required for
compliance with the amendments to the Companies Act or under the Accounting
Standards.
PART I — FORM OF BALANCE SHEET
Name
of the company………………………
Balance
Sheet as at……………………….
(Rupees in……………)
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Particulars
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Note No.
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Figures as at
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Figures as at
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the end of
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the end of
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the current
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the previous
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reporting
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reporting
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period
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period
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1
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2
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3
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4
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I.
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EQUITY AND LIABILITIES
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(1)
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Shareholders’ Funds
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(a) Share capital
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(b) Reserves and surplus
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(c) Money received against
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share warrants
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(2)
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Share Application money
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pending allotment
(3) Non-current liabilities
(a) long-term borrowings
(b) Deferred tax liabilities (Net)
(c) Other long term liabilities
(d) long-term provisions
(4) Current liabilities
(a) Short term borrowings
(b) Trade payables
(c) Other current liabilities
(d) Short-term provisions TOTAL
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets
(ii) Intangible Assets
(iii) Capital work-in-progress
(iv) Intangible assets under
development
(b) Non-current Investments
(c) Deferred tax assets (net)
(d) Long-term Loan and Advances
(e) Other Non-current assets
(2) Current assets
(a) Current investments
(b) Inventories
(c) Trade receivables
(d) Cash and cash equivalents
(e) Short-term loans and advances
(f)
Other current assets
Notes
GENERAL INSTRUCTIONS FOR PREPARATION OF BALANCE
SHEET
1.
An asset shall
be classified as current when it satisfies any of the following criteria:
a.
it is expected
to be realized in, or is intended for sale or consumption in, the company’s
normal operating cycle;
b. it is held primarily for the purpose of being
traded;
c.
it is expected
to be realized within twelve months after the reporting date; or
d.
it is cash or
cash equivalent unless it is restricted from being exchanged or used to settle
a liability for at least twelve months after the reporting date.
All other assets shall be classified as
non-current.
2. An operating cycle is the time between the
acquisition of assets for processing and their realization in cash or cash
equivalents. Where the normal operating cycle cannot be identified, it is
assumed to have a duration of 12 months.
3.
A liability
shall be classified as current when it satisfies any of the following criteria:
a. it is expected to be settled in the company’s
normal operating cycle;
b. it is held primarily for the purpose of being
traded;
c.
it is due to
be settled within twelve months after the reporting date; or
d. the company does not have an unconditional right
to defer settlement of the liability for at least twelve months after the
reporting date.
All other liabilities shall be classified as
non-current.
4.
A receivable
shall be classified as a ‘trade receivable’ if it is in respect of the amount
due on account of goods sold or services rendered in the normal course of
business.
5.
A payable
shall be classified as a ‘trade payable’ if it is in respect of the amount due
on account of goods purchased or services received in the normal course of
business.
6.
A company shall disclose the following in the
notes to accounts:
for each class
of share capital (different classes of preference shares to be treated
separately) :
a. the number and amount of shares authorized;
b.
the number of
shares issued, subscribed and fully paid, and subscribed but not fully paid;
c. par value per share;
d.
a
reconciliation of the number of shares outstanding at the beginning and at the
end of the period;
e.
the rights,
preferences and restrictions attaching to that class including restrictions on
the distribution of dividends and the repayment of capital;
f.
shares in the
company held by its holding company or its ultimate holding company or by its
subsidiaries or associates;
g.
shares in the
company held by any shareholder holding more than 5 percent shares;
h.
shares
reserved for issue under options and contracts/commitments for the sale of
shares/disinvestment, including the terms and amounts;
i. Separate particulars for a period of five years
following the year in which the shares have been allotted/bought back, in
respect of:
•
Aggregate
number and class of shares allotted as fully paid up pursuant to contract(s)
without payment being received in cash.
•
Aggregate
number and class of shares allotted as fully paid up by way of bonus shares
(Specify the source from which bonus shares are issued).
•
Aggregate number and class of shares bought back.
j.
Terms of any
security issued along with the earliest date of conversion in descending order
starting from the farthest such date.
B. Reserves and Surplus
i.
Reserves and Surplus shall be classified as:
a. Capital Reserves;
c. Securities Premium Reserve;
d. Debenture Redemption Reserve;
e. Revaluation Reserve;
f. Other Reserves – (specify the nature of each
reserve and the amount in respect thereof);
g.
Surplus i.e.
balance in statement of Profit & Loss disclosing allocations and
appropriations such as dividend paid, bonus shares and transfer to/from
reserves.
h.
Surplus i.e.
balance in Statement of Profit & Loss disclosing allocations and
appropriations such as dividend, bonus shares and transfer to/from reserves
etc.
(Additions and deductions since last balance
sheet to be shown under each of the specified heads)
ii.
A reserve
specifically represented by earmarked investments shall be termed as a ‘fund’.
iii.
Debit balance
of Statement of Profit and Loss shall be shown as a negative figure under the
head ‘Surplus’ Similarly, the balance of ‘Reserves and Surplus’, after
adjusting negative balance of surplus, if any, shall be shown under the head ‘Reserves
and Surplus’ even if the resulting figure is in the negative.
C. Long-term
Borrowings
i.
Long-term
borrowings shall be classified as:
a. Bonds/debentures.
b. Term loans
•
from banks.
•
from other parties.
c. Deferred payment liabilities.
d. Deposits.
e.
Loans and advances from related parties.
f.
Long-term maturities of finance lease obligations
ii.
Borrowings
shall further be sub-classified as secured and unsecured. Nature of security
shall be specified separately in each case.
iii.
Where loans
have been guaranteed by directors or others, a mention thereof shall be made
and also the aggregate amount of such loans under each head.
iv.
Bonds/debentures
(along with the rate of interest and particulars of redemption or conversion,
as the case may be) stated in descending order of maturity or conversion,
starting from farthest redemption or conversion date, as the case may be. Where
bonds/debentures are redeemable by installments, the date of maturity for this
purpose must be reckoned as the date on which the first installment becomes
due.
v.
Particulars of
any redeemed bonds/debentures which the company has power to reissue.
vi.
Terms of
repayment of term loans and other loans.
vii.
Period and
amount of default in repayment of dues, providing break-up of principal and
interest shall be specified separately in each case.
D. Other Long-term Liabilities
Other
Long-term Liabilities shall be classified as:
a. Trade payables
b. Others
E. Long-term provisions
The amounts shall be classified as:
a. Provision for employee benefits.
b.
Others
(specify nature). F. Short-term borrowings
i. Short-term borrowings shall be classified as:
a. Loans repayable on demand
•
from banks.
•
from other parties.
b.
Loans and
advances from subsidiaries/holding company/associates/business ventures.
c. Deposits.
d. Other loans and advances (specify nature).
ii.
Borrowings
shall further be sub-classified as secured and unsecured. Nature of security
shall be specified separately in each case.
iii.
Where loans
have been guaranteed by directors or others, a mention thereof shall be made
and also the aggregate amount of loans under each head.
iv.
Period and
amount of default in repayment of dues, providing break-up of principal and
interest shall be specified separately in each case.
G. Other current liabilities
The amounts shall be classified as:
a. Current maturities of long-term debt;
b. Current maturities of finance lease obligations;
c. Income received in Advance;
d. Interest accrued but not due on borrowings;
e. Interest accrued and due on borrowings;
f. Unpaid Dividends;
g.
Application
money received for allotment of securities and due for refund and interest
accrued thereon. Share application money includes advances towards allotment of
share capital. The terms & conditions including the number of shares
proposed to be issued, the amount of premium, if any, and the period before
which shares shall be allotted shall be disclosed. It shall also be disclosed
whether the company has sufficient authorized capital to cover the share
capital amount resulting from allotment of shares out of such share application
money. Further, the period for which the share application money has been
pending beyond the period for allotment as mentioned in the document inviting
application for shares along with the reason for such share application money
being pending shall be disclosed. Share application money not exceeding the
issued capital and to the extent not refundable shall be shown under the head
Equity and share application money to the extent refundable i.e., the amount in
excess of subscription or in case
the requirements of minimum subscription are not
met, shall be separately shown under ‘Other current liabilities’;
h. Unpaid matured deposits and interest accrued
thereon;
i. Unpaid matured debentures and interest accrued
thereon;
j. Other payables (specify nature);
H. Short-term provisions
The amounts
shall be classified as:
a. Provision for employee benefits.
b.
Others
(specify nature). I. Tangible assets
i.
Classification
shall be given as:
a. Land.
b. Buildings.
c. Plant and Equipment.
d. Furniture and Fixtures.
e. Vehicles.
f. Office equipment.
g. Others (specify nature).
ii.
Assets under
lease shall be separately specified under each class of asset.
iii.
A
reconciliation of the gross and net carrying amounts of each class of assets at
the beginning and end of the reporting period showing additions, disposals,
acquisitions and other movements and the related depreciation and impairment
losses/reversals shall be disclosed separately.
iv.
Where sums
have been written off on a reduction of capital or revaluation of assets or
where sums have been added on revaluation of assets, every balance sheet
subsequent to date of such write-off, or addition shall show the reduced or
increased figures as applicable and shall by way of a note also show the amount
of the reduction or increase as applicable together with the date therefore for
the first five years subsequent to the date of such reduction or increase.
i. Classification shall be given as:
a. Goodwill.
b. Brands /trademarks.
c. Computer software.
d. Mastheads and publishing titles.
e. Mining rights.
f.
Copyrights,
and patents and other intellectual property rights, services and operating
rights.
g.
Recipes, formulae, models, designs and
prototypes.
h. Licences and franchise.
i. Others (specify nature).
ii.
A
reconciliation of the gross and net carrying amounts of each class of assets at
the beginning and end of the reporting period showing additions, disposals,
acquisitions and other movements and the related amortization and impairment
losses/reversals shall be disclosed separately.
iii.
Where sums
have been written off on a reduction of capital or revaluation of assets or
where sums have been added on revaluation of assets, every balance sheet
subsequent to date of such write-off, or addition shall show the reduced or
increased figures as applicable and shall by way of a note also show the amount
of the reduction or increase as applicable together with the date therefor for
the first five years subsequent to the date of such reduction or increase.
K. Non-current investments
i.
Non-current
investments shall be classified as trade investments and other investments and
further classified as:
a. Investment property;
b. Investments in Equity Instruments;
c. Investments in Preference shares;
d.
Investments in Government or trust securities;
e.
Investments in units, debentures or bonds;
g. Investments in partnership firm;
h. Other non-current investments (specify nature)
Under each classification, details shall be given
of names of the bodies corporate (indicating separately whether such bodies are
(i) subsidiaries, (ii) associates, (iii) joint ventures, or (iv) controlled
special purpose entities) in whom investments have been made and the nature and
extent of the investment so made in each such body corporate (showing
separately investments which are partly paid). In regard to investments in the
capital of partnership firms, the names of the firms (with the names of all
their partners, total capital and the shares of each partner) shall be given.
ii.
Investments
carried at other than at cost should be separately stated specifying the basis
for valuation thereof.
iii.
The following
shall also be disclosed:
a.
Aggregate
amount of quoted investments and market value thereof;
b. Aggregate amount of unquoted investments;
c.
Aggregate
provision for diminution in value of investments;
d. Aggregate amount of partly paid-up investments;
e.
The names of
bodies corporate (indicating separately the names of subsidiaries, associates
and other business ventures) in whose securities, investments have been made
and the nature and extent of the investments so made in each such body
corporate.
L. Long-term loans and advances
i.
Long-term
loans and advances shall be classified as:
a. Capital Advances;
b. Security Deposits;
c.
Loans and
Advances to related parties (giving details thereof);
d.
Other Loans and Advances (specify nature).
ii.
The above shall also be separately sub-classified
as:
b. Others, considered good;
c. Doubtful.
i.
Allowance for
bad and doubtful loans and advances shall be disclosed under the relevant heads
separately.
ii.
Loans and
Advances due by directors or other officers of the company or any of them
either severally or jointly with any other persons or amounts due by firms or
private companies respectively in which any director is a partner or a director
or a member should be separately stated.
M. Other non-current assets
Other
non-current assets shall be classified as:
i.
Long-term
Trade Receivables (including trade receivables on deferred credit terms);
ii.
Others
(specify nature)
iii.
Long-term
Trade Receivables, shall be sub-classified as:
i.
(a) secured,
considered good;
(b) unsecured, considered good;
(c) Doubtful
ii.
Allowance for
bad and doubtful debts shall be disclosed under the relevant heads separately.
iii.
Debts due by
directors or other officers of the company or any of them either severally or
jointly with any other person debts due by firms or private companies
respectively in which any director is a partner or a director or a member
should be separately stated.
N. Current Investments
i.
Current
investments shall be classified as:
a.
Investments in Equity Instruments;
b.
Investments in Preference shares;
c.
Investments in Government or trust securities;
e. Investments in Mutual Funds;
f. Investments in partnership firm;
g. Other investments (specify nature)
Under each classification, details shall be given
of names of the bodies corporate (indicating separately whether such bodies are
(i) subsidiaries, (ii) associates, (iii) joint
ventures, or (iv) controlled special purpose entities) in whom investments have
been made and the nature and extent of the investment so made in each such body
corporate (showing separately investments which are partly paid). In regard to
investments in the capital of partnership firms, the names of the firms (with
the names of all their partners, total capital and the shares of each partner)
shall be given.
ii.
The following
shall also be disclosed:
a. The basis of valuation of individual investments;
b.
Aggregate
amount of quoted investments and market value thereof;
c. Aggregate amount of unquoted investments;
d. Aggregate amount of partly paid-up investments.
e.
Aggregate
provision for diminution in value of investments.
O. Inventories
i.
Classification
shall be made as:
a.
Raw material;
b. Work-in-progress;
c. Finished goods;
d. Stock-in-trade;
e. Stores and spares;
f. Loose tools;
g.
Others (specify nature).
ii.
Goods-in-transit
shall be disclosed under the relevant sub-head of inventories.
P. Trade Receivables
i.
Aggregate
amount of Trade Receivables outstanding for a period exceeding six months from
the date they are due for payment should be separately stated.
ii.
Trade
receivables shall also be classified as:
a. To the extent secured, considered good;
b. Others, considered good;
c. Doubtful.
iii.
Allowance for
bad and doubtful debts shall be disclosed under the relevant heads separately.
iv.
Debts due by
directors or other officers of the company or any of them either severally or
jointly with any other person debts due by firms or private companies
respectively in which any director is a partner or a director or a member
should be separately stated.
Q. Cash and cash equivalents
i.
Classification
shall be made as:
(a) Bank balances;
(b) Cheques, drafts on hand;
(c) Cash on hand;
(d) Cash equivalents — short-term, highly liquid
investments that are readily convertible into known amounts of cash and which
are subject to an insignificant risk of changes in value;
(e) Others (specify nature).
ii.
Earmarked bank
balances (e.g., unpaid dividend) shall be separately stated.
iii.
Balance with
banks to the extent held as security against the borrowings, guarantees, other
commitments shall be disclosed separately.
iv.
Repatriation
restrictions, if any, in respect of cash and bank balances shall be separately
stated.
v.
Bank deposits
with more than 12 months maturity shall be disclosed separately.
R. Short-term loans and advances
i.
Short-term
loans and advances shall be classified as:
a.
Loans and
Advances to Related parties (giving details thereof);
b. Others (specify nature).
ii.
The above
shall also be sub-classified as:
a. To the extent secured, considered good;
b.
Others, considered good;
c. Doubtful.
iii.
Allowance for
bad and doubtful loans and advances shall be disclosed under the relevant heads
separately.
iv.
Loans and
Advances due by directors or other officers of the company or any of them
either severally or jointly with any other person debts due by firms or private
companies respectively in which any director is a partner or a director or a
member should be separately stated.
S. Other current assets (specify nature).
This is an
all-inclusive heading, which incorporates current assets that do not fit into
any other assets categories.
T.
Contingencies
and commitments (to the extent not provided for)
i.
Contingent
liabilities shall be classified as:
a. Claims against the company not acknowledged as
debt;
b. Guarantees;
c.
Other money
for which the company is contingently liable
ii.
Commitments
shall be classified as:
a. Estimated amount of contracts remaining to be
executed on capital account and not provided for;
b. Uncalled liability on shares and other
investments partly paid;
c. Other commitments (specify nature).
U.
The amount of
dividends proposed to be distributed to equity holders for the period and the
related amount per share shall be disclosed separately. Arrears of fixed
cumulative dividends shall also be disclosed separately.
V.
Where in
respect of an issue of securities made for a specific purpose, the whole or
part of the amount has not been used for the specific purpose at the Balance
Sheet date, there shall be indicated by way of note how such unutilized amounts
have been used or invested.
W. If, in the opinion of the board, any of the
assets other than fixed assets and non-current investments do not have a value
on realization in the ordinary course of business at least equal to the amount
at which they are stated, the fact that the board is of the opinion, shall be
stated.
PART
II – FORM OF STATEMENT IF PROFIT AND LOSS
Name
of the company………………………
Profit
and Loss statement for the year ended ……………………….
(Rupees
in……………)
Particulars
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Note
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Figures
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Figures as
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No.
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as at the
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at the end
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end of
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of
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the
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the
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current
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previous
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reporting
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reporting
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period
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period
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I.
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Revenue from
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XXX
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XXX
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operations
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II.
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Other Income
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XXX
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XXX
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III.
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Total Revenue
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XXX
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XXX
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(I+II)
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IV.
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Expenses:
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Cost of
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materials
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XXX
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XXX
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consumed
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Purchases of
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XXX
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XXX
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See
accompanying notes to the financial statements
GENERAL INSTRUCTIONS FOR PREPARATION OF STATEMENT
OF PROFIT AND LOSS
1. The Provisions of this Part shall apply to the
Income and Expenditure account referred to in sub-section (2) of Section 210 of
the Act, in like manner as they apply to a statement of profit and loss.
2.
(A) In respect
of a company other than a finance company revenue from operations shall
disclose separately in the notes revenue from
(a) Sale of products;
(b) Sale of services;
(c) Other operating revenues;
Less:
(d)
Excise duty.
(B) In respect of a finance company, revenue from
operations shall include revenue from
(b) Other financial services
Revenue under each of the above heads shall be
disclosed separately by way of notes to accounts to the extent applicable.
3.
Finance Costs
Finance costs shall be disclosed as:
a. Interest expense;
b. Other borrowing costs;
c.
Applicable net
gain/loss on foreign currency transaction and translation.
4. Other Income
Otherincome
shall be classified as:
- Interest Income (in case of a company
other than a finace company);
- Dividend Income;
- Net gain/loss on sale of investments
- Other non-operating income (net of
expenses directly attributable to such income).
5. Additional Information
A
Company shall disclose by way of notes additional information regarding
aggregate expenditure and income on the following items:-
i.
(a) Employee
Benefits Expense [showing separately (i) salaries and wages, (ii) contribution
to provident and other funds, (iii) expense on Employee Syock Option Scheme
(ESOP) and Employee Stock Purchase Plan (ESPP), (iv) staff welfare expense].
(b) Depreciation and amortization expense;
(c) Any item of income or expenditure which exceeds
one percent of the revenue from operations or Rs.1,00,000, whichever is
higher;(d) Interest Income;
(e) Interest Expense;
(f)
Dividend Income;
(g)
Net gain/loss on sale of investments;
6.
Net gain or
loss on foreign currency transaction and translation (other than considered as
finance cost);
7.
Payments to
the auditors as (a) audit, (b) for taxation matters, (c) for company matters,
(d) for management services, (e) for other services, (f) for reimbursement of
expense;
8. Details of items of exceptional and extraordinary
nature;
i.
Prior Period
Items;
ii.
(a) In the
case of manufacturing companies;
i. Raw materials under broad heads.
ii. Goods purchased under broad heads.
(b) In the case of trading companies, purchases in
respect of goods traded in by company under broad heads.
(c) In the case of companies rendering or supplying
services, gross income derived from services rendered or supplied under broad
heads.
(d) In the case of a company, which falls under more
than one of the categories mentioned in (a), (b) and (c) above, it shall be
sufficient compliance with the requirements herein if purchase, sales and
consumption of raw material and the gross income from services rendered is
shown under broad heads.
(e) In the case of other companies gross income
derived under broad heads.
iii.
In the case of
all concerns having work-in-progress, work-in-progress under broad heads.
iv.
(a) The
aggregate, if material, of any amounts set aside or propose to be set aside, to
reserve , but not including provisions made to meet any specific liability,
contingency or commitment known to exit at the date as to which the Balance
Sheet is made up.
(b) The aggregate, if material, of any amounts
withdrawn from such reserves.
v.
(a) The
aggregate, if material, of the amounts set aside to provisions made for meeting
specific liabilities, contingencies or commitment.
(b) The aggregate, if material, of the amounts
withdrawn from such provisions, as no longer required.
vi.
Expenditure
incurred on each of the following items, separately for each item:-
(a) Consumption of stores and spare parts
(b) Power & fuel
(c) Rent
(d) Repairs to building
(e) Repairs to Machinery
(f) Insurance
(g) Rates and Taxes, excluding, taxes on income.
(h) Miscellaneous expense,
vii.
(a) Dividends
from subsidiary companies
(b) Provisions for losses of subsidiary companies
viii.
The profit and
loss account shall also contain by way of a note the following information,
namely:-
a)
Value of imports calculated on C.I.F. basis by the company during the financial
year in respect of-
I.
Raw materials;
II.
Components and spareparts;
III. Capital goods;
b) Expenditure in foreign currency during the
financial year on account of royalty, know-how, professional and consultation
fees, interest, and other matters;
c) Total value if all imported raw materials, spare
parts and the components consumed during the financial year and the total value
of all indigenous raw materials, spare parts and components similarly consumed
and the percentage of each to the total consumption;
d) The amount remitted during the year in foreign
currencies on account of dividends with specific mention of the total number of
non-residents shareholders, the total number of shares held by them on which
the dividends were due and the year to which the dividends related;
e) Earnings in foreign exchange classified under
the following heads, namely:-
I.
Exports of Goods calculated on F.O.B. basis;
II.
Royalty, know-how, professional and consultation fees;
III.
Interest and Dividends;
IV.
Other Income, indicating the nature thereof
Note:- Broad heads shall be decided taking into
account the concept of materiality and presentation of true and fair view of
Financial Statements.
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