COST AUDIT & COMPLIANCE APPLICATION ON COMPANIES FROM FINANCIAL YEAR 11-12

For Company Auditors and Internal Auditors to the companies and companies secretaries.
As per latest amendment of MCA which is applicable from F.Y. 2011 - 12, if the company is "Manufacturing Company" (check attachment for definition) and the "Turnover of Company is 20 Crores & above", it is mandatory for them to get the Cost Compliance Certificate (as per format of Attachment) from a practicing Cost Accountant and file it before 30^th September, in XBRL mode.


Further, if a company is from one of this industries:-

(a)       Bulk drugs

(b)       Formulations
(c)       Fertilizers
(d)      Sugar
(e)      Industrial alcohol
(f)       Electricity industry (incl. Wind power)
(g)     Petroleum industry (incl lube oil)
(h)      Telecommunications

And has"Aggregate Value of Turnover exceeding 20 Crores" and"Net Worth above 5 Crores" or"is listed or in process of listing its equity or debts", then a company is required to get its cost records audited by a practicing Cost Accountantand the Cost Accountant appointment to be notified to MCA in electronic form within 90 days from commencement of Financial Year. i.e., if year commences from 1.4.2012, 30.6 2012is the last date.

F/further, if a company is from one of these industries:-

(a)       Cement
(b)      Tyres and tubes
(c)       Steel (incl. Tubes, pipes, and other steel products made out of steel)
(d)      Paper (incl. Board and other articles of paper)
(e)      Insecticides
(f)     Glass
(g)       Paints & varnishes
(h)      Aluminium
(i)     Jute, Cotton, silk, Woolen or Blended Fibers / Textiles
(j)        Edible oil seeds and oils (incl. Vanaspati)
(k)       Packaged food products
(l)     Organic & Inorganic Chemicals
(m)    Coal & lignite
(n)      Mining & metallurgy of ferrous & non-ferrous metals
(o)      Tractors and other motor vehicles (incl. Automotive components)
(p)      Plantation products
(q)    Engineering Machinery (Inc. Electrical & Electronic Products)

and "Aggregate value of the Turnover is exceeding 100 Crores in the preceding year" then a company is required to get its cost records audited by a practicing Cost Accountant, the cost accountant appointment to be notified to MCA in electronic form within 90 days from commencement of financial year. i.e., if year commences from 1.4.2012, 30.6 2012is the last date.

We feels extreme pleasure to introduce our firm M/s. Nanty Shah and Associates which provides Cost Accounting Services, Cost Audit Services, Inventory Audit and Bookkeeping Services.
Our advanced and contemporary technology helps in the efficient execution of abovementioend cost compliance of your clients in effective& efficient manner. Thus, with all these attributes, our services are meant to provide economically viable solutions in every sphere of our expertise.We are also into Cost  Certification  services as required for various Indirect taxation purpose (CAS-4 certification and Per Unit Cost Determination)