Anand Luhar (Entrepreneur(CA/CWA Gold Medal)) (254 Points)
12 July 2012
sales more than 2000 cr operate in india and outside india
its urgent
any expert plz answe it with proof , notification
answer it i will make my friend job safe he is need of it
plz plz plz help
Tehsinkhan Pathan
(CA CMA DISA(ICAI) B.COM)
(3956 Points)
Replied 12 July 2012
Follow the link below, you will get answer :-
https://www.reportjunction.com/Reports/Patel-Engineering-Ltd-P0091.htm
Manish Shukla
(Practising Cost Accountant)
(24 Points)
Replied 13 July 2012
It would need to undertake the audit.
Lets understand that Ministry of Corporate Affairs (MCA) notification of 3rd June 2011 that "Cost Records means books of account relating to utilisation of materials, labour and other items of cost as applicable to the production, processing, manufacturing or mining activities of the company." And the notification informs the meaning of 'manufacuring activity' and 'production activity' along with explaining on 'production activity' to include 'constructing, reconstructing, reconditioning, repairing, servicing, refitting, finishing or demolishing of buildings or structures'.
As Patel Engineering appears to be covered in above, maintenance of cost records is mandatory. With criteria to cost audit being crossed, it will have to complete cost audit.
If required, one can take tour of following website of MCA and get satisfied -
i) https://www.mca.gov.in/Ministry/CWA_act.html
ii) https://www.mca.gov.in/Ministry/companies_act.html
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