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Jun 7, 2012

MCA Updates

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    MCA Updates
    General Clarifications for Cost Accounting Records and Cost Audit
    Ministry of Corporate Affairs, has vide Circular No. 12/2012 dated June 04,2012, issued general clarifications on the applicability of various circulars issued in respect of cost accounting records and cost audit on companies falling under the scope of specific industries. The clarifications are as follows:
    1. The Ministry had notified Companies (Cost Accounting Records) Rules, 2011 and had also notified similar rules w.r.t specific industries, i.e. Telecommunication, Sugar, Pharmaceutical, Petroleum, Fertilizer and Electricity in December 2011. This circular clarifies that the following circulars, which prima facie seem to be applicable only on companies falling under the domain of Companies (Cost Accounting Records) Rules, 2011, are also applicable on the companies falling under industry specific cost audit orders, as much as they are applicable on companies falling under the domain of the aforementioned rules.
     
    1. General Circular 15/2011 dated April 11,2011- Revised procedure for appointment of Cost Auditor by Companies
    2. Master Circular No. 2/2011 dated November 11, 2011- Various clarifications w.r.t cost audit
    3. General Circular No. 67/2011 dated November 30, 2011- Clarifications regarding cost accounting records and coverage of cost audit
    4. General Circular No. 68/2011 dated November 30, 2011-Clarification issued w.r.t cost accounting records and coverage of cost audit
    5. General Circular No. 8/2012 dated  May 10, 2012- Filing of cost audit report and compliance report in XBRL
    6. General Circular No. 11/2012 dated  May 25, 2012- Exemption from mandatory cost audit to units located in specified zones such as SEZs, EPZs, FTZs and 100% EOUs.

    2. Further Ministry of Corporate Affairs issued Cost Audit Order No. 52/26/CAB-2010 dated May 02,2011, vide which it mandated the requirement of getting cost audit done w.r.t specific industries, i.e. Bulk Drugs, Formulations, Fertilizers, Sugar, Industrial Alcohol, Electricity, Petroleum, Telecommunications and which fulfilled any of the specified conditions relating to aggregate value of net worth, turnover or listing.
    2.1 Subsequent to the issue of the aforesaid order, the Ministry notified revised industry specific Cost Accounting Records Rules w.r.t such industries being Telecommunication, Sugar, Pharmaceutical, Petroleum, Fertilizer and Electricity on December 07,2011. In this respect, there was ambiguity regarding the period for which companies falling under the ambit of the revised Cost accounting records rules are required to get their cost accounting records audited. This Circular has clarified this issue as follows :
     
    1. Companies already covered under the old industry specific cost accounting records rules – For such companies, the cost audit is required to be done for the Financial Year 2011-12 onwards, as already mentioned in aforementioned order. Hence, there is no change in the applicability of period for which the cost audit is required for such companies.
    2. Companies falling under the domain of revised Industry specific Cost Accounting Records Rules for the first time- For such companies, the requirement of cost audit has been postponed from Financial Year 2011-12 onwards to Financial Year 2012-13 (including Calendar year 2012 onwards) onwards. This clarification is quite evident, as the revised rules and meeting the threshold limit, specified therein were notified in December 2011, at a time when almost more than half of the year had already passed for such companies.

    3. Companies, not falling under the ambit of any of the specific industries cost accounting records rules and the cost audit orders issued by the Ministry dated June 30,2011 and January 24,2012, but falling under the ambit of Companies (Cost Accounting Records) Rules, 2011 are only required to file compliance report with the Central Government. It is to be noted that the two cost audit orders mentioned aforementioned in the point, require the cost audit done for companies on which Companies (Cost Accounting Records) Rules, 2011 are applicable and are engaged in industries mentioned in that particular cost order. The industries mentioned in the orders are as follows:
     
    1. Jute, cotton, silk, woolen or blended fibers/textiles
    2. Edible oil seeds and Oils (incl.vanaspati)
    3. Packaged food products
    4. Organic & Inorganic Chemicals
    5. Coal & Lignite
    6. Mining & Metallurgy of ferrous & non-ferrous metals
    7. Tractors & other motor vehicles (incl. automotive components)
    8. Plantation Products
    9. Engineering machinery (incl. electrical & electronic products)
    10. Cement
    11. Tyres and Tubes
    12. Steel
    13. Paper
    14. Insecticides
    15. Glass
    16. Paints and Varnishes
    17. Aluminum

    Amendment in Schedule XIV of the Companies Act,1956
    Ministry of Corporate Affairs, vide Notification G.S.R.298(E) dated April 17,2012 has made further amendments in Schedule XIV of the Companies Act,1956,containing rates of depreciation. This is an important amendment, as a new asset has been inserted in the Schedule, with respect to which amortization rate has been prescribed. The insertion is as follows:
    Intangible Asset(Toll Road) created under Build, Operate and Transfer, Build, Own, Operate and Transfer or any other form of Public Private partnership Route.

    Amortization Rate  = Amortization Amount   x   100
                                     Cost of Intangible Asset(A)        

    Amortization Amount  = Cost of Intangible Asset(A)  
                                             x   Actual Revenue for the year (B)
                                                Projected Revenue from Intangible Asset
                                               (Till the end of the concession period)(C)

    Meaning of Particulars is as follows:
    Cost of Intangible Asset(A) Cost incurred by the company in accordance with the Accounting Standards
    Actual Revenue for the year(B) Actual Revenue(Toll Charges)received during the accounting year
    &Projected Revenue from Intangible Asset (C) Total Projected Revenue from the Intangible Asset as provided to the Project Lender at the time of financial closure/agreement
    The amortization amount or rate should ensure that the whole of the cost of the intangible asset is amortized over the concession period.
    Total Revenue shall be reviewed at the end of each financial year and the projected revenue shall be adjusted to reflect any changes in the estimate which will lead to the actual collection at the end of the concession period.
    Amendment in Form 23AB, containing format of abridged financials for listed companies
    Ministry of Corporate Affairs has vide Notification G.S.R. dated May 31,2012 notified an amendment to the Companies(Central’s Government’s)General Rules and Forms,1956 through Companies(Central’s Government’s)General Rules and Forms(Amendment) Rules,2012. The amendment relates to Form 23AB and is applicable as on the date of notification. The form has been amended to make the same in line with the amendments made in Schedule VI of the Companies Act, 1956, vide Notification S.O. 447(E) dated 28.02.2011.

    Amendment in e-form DIN-1
    Ministry of Corporate Affairs, vide Notification G.S.R 298(E) dated June 5,2012 has made a change in eform DIN-1 of Companies(Director Identification Number)Rules,2006. One particular has been inserted in the form, i.e. “whether the applicant is resident in India or not”.
    Extension of date for filing Annual Return by Limited Liability Partnerships
    Ministry of Corporate Affairs vide Circular 13/2012 dated June 06,2012 has extended the date of filing Annual Return in e-form 11 for Limited Liability Partnerships for the financial year ending on March 31,2012. The date of filing the form has been extended for 30 days, i.e. now the e-form may be filed till June 30,2012, without attracting any penalty. In this respect, it is to be noted that the form is required to be filed by the Limited Liability Partnerships, within 60 days from the end of financial year, but due to the decentralization of the functions of Registrar of Limited Liability Partnership to the respective Registrar of Companies, Limited Liability Partnership System has been closed from May 31,2012 to June 10,2012. Limited Liability Partnerships were encountering problems in filing e-form 11 on May 30,2012, but now this circular has clarified that no penalty will be levied for the form, which is filed after the prescribed period ,i.e. May 31,2012, and within the extended period.

    FEMA Updates
    Keeping in view the weakening rupee and consequent sagging business confidence, Reserve Bank of India has now allowed individual beneficiaries to receive upto 30 remittances in a calendar year under the Money Transfer Service Scheme (MTSS). Earlier such remittances were allowed upto 12 in a calendar year.
    Money Transfer Service Scheme ( MTSS ) is a quick and easy way of transferring personal remittances from abroad to beneficiaries in India. Only personal remittances such as remittances towards family maintenance and remittances favouring foreign tourists visiting India are permissible. In this connection, Reserve Bank of India has issued A. P. (DIR Series) Circular No. 132 dated 8th June, 2012.




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