TaxTMI 
TaxTMI 
The Cost Accounting Records (Petroleum Industry) Rules, 2011
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...."Act" means the Companies Act, 1956 (1 of 1956); (b) "compliance report" means the compliance report duly authenticated and signed by a cost accountant in the specified form of compliance report; (c) "Cost Accountant" for the purpose of these rules means a cost accountant as defined in clause (b) of sub‐section (1) of section 2 of the Cost and Works Accountants Act, 1959 (23 of 1959) and who is either a permanent employee of the company or holds a valid certificate of practice under sub‐section (1) of section 6 and who is deemed to be in practice under sub‐section (2) of section 2 of that Act and includes a firm of cost accountants; (d) "Cost Accounting Standards" means the standards of cost accounting, issued by the Institute; (e) "cost records" means books of account relating to utilization of materials, labour and other items of cost as applicable to the production, processing, manufacturing or mining activities of the company; (f) "Form‐A" means the form specified in these rules for filing compliance report and other documents with the Central Government in the electronic mode; (g) "Form‐B" mean....
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....made under clause (d) of sub‐section (1) of section 209 of the Act shall have the same meanings as assigned to them in the Act or rules, as the case may be. 3. Application, - These rules shall apply to every company, including a foreign company as defined under section 591 of the Act, which is engaged in the production, processing, manufacturing, or mining of petroleum activities and wherein, the aggregate value of net worth as on the last date of the immediately preceding financial year exceeds five crores of rupees; or wherein the aggregate value of the turnover made by the company from sale or supply of all products or activities during the immediately preceding financial year exceeds twenty crores of rupees; or wherein the company's equity or debt securities are listed or are in the process of listing on any stock exchange, whether in India or outside India: Provided that these rules shall not apply to a body corporate governed by any special Act. 4. Maintenance of records, - (1) Every company to which these rules apply, including all units and branches thereof shall, in respect of each of its financial year commencing on or after the date of this notification, k....
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....a compliance report, in respect of each of its financial year commencing on or after the date of this notification, duly certified by a Cost Accountant, along with the Annexure to the Central Government, in the specified form. 6. Time limit for submission of Compliance Report, - Every company shall submit the compliance report referred to in rule 5 to the Central Government within a period of one hundred and eighty days from the close of the company's financial year to which the compliance report relates. 7. Authentication of Annexure to the Compliance Report, - The Annexure to the compliance report shall be approved by the Board of Directors and certified by the Cost Accountant before submitting the same to the Central Government by the company. 8. Penalties, - (1) If default is made by the Cost Accountant in complying with the provisions of these rules, he shall be punishable with fine, which may extend to five thousand rupees. (2) For contravention of these rules, ‐ (a) the company shall be punishable as provided under sub‐section (2) of section 642 of the Act; and (b) every officer thereof who is in default, including the persons referr....
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....08;wise cost statements and schedules thereto in respect of the product groups or activities are or are not kept in the company. 4 In my or our opinion, the said books and records give or do not give the information required by the Companies Act, 1956 in the manner so required. 5 In my or our opinion, the said books and records are or are not in conformity with the generally accepted cost accounting principles and cost accounting standards issued by The Institute of Cost and Works Accountants of India, to the extent these are found to be relevant and applicable. Dated: this ____ day of _________ 20__ at _________________ (mention name of place of signing this report) SIGNATURE AND SEAL OF THE COST ACCOUNTANT (S) MEMBERSHIP NUMBER (S) NOTES: (i) Delete words not applicable. (ii) If as a result of the examination of the books of account, the cost accountant desires to point out any material deficiency or give a qualified report, he shall indicate the same against the relevant para. (iii) Briefly give your observations and suggestions, if any, relevant to the maintenance of cost accounting records by the company. (iv) Cost accountant may use separate shee....
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....attachments - 6 - Remove attachment Verification: To the best of my knowledge and belief, the information given in this form and its attachments is correct and complete. d date I have been authorised by the Board of directors' resolution number (DD/MM/YYYY) to sign and submit this form. I am authorised to sign and submit this form. To be digitally signed by: Managing Director or director or manager or secretary (in case of an Indian company) Digital Signatures or an authorised representative (in case of a foreign company) *Designation *Director identification number of the director or Managing Director; or Income-tax PAN of the manager or of authorised representative; or Membership number, if applicable or income-tax PAN of the secretary (secretary of a company who is not a member of ICSI may quote his/her income-tax PAN) Digital Director of the company Signatures Director identification number of the director Pre- Modify Check Form Submit scrutiny This e-form has been taken on file maintained by the Central Government through electronic mode and on the basis of statement of correctness given by the fi....
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....ds by the company. (iv) Cost accountant may use separate sheet(s) for (ii) and (iii) above, if required. - 9 - ANNEXURE TO THE COMPLIANCE REPORT [See rule 2 and rule 5] 1. GENERAL: a) Name of the company: b) Registered office address: c) Financial year to which the Compliance Report relates. 2. QUANTITATIVE INFORMATION: Sno. Name of the Product or Service Group Unit Annual Production (Qty.) Net Sales (Qty.) (Value in Rupees) A Produced or Manufactured Product Groups 1. 2. 3. etc. B Services Groups 1. 2. 3. etc. C Trading Activities (Product Group- wise) 1. 2. 3. etc. D Other Income Total Income as per Financial Accounts 3. RECONCILIATION STATEMENT: Net Margin (Profit or Loss) as per Cost Accounts (In Rupees) A. From Produced or Manufactured Product Groups B. From Services Groups C. From Trading Activities Total as per Cost Accounts Add: Incomes not considered in Cost Accounts (if any) Less: Expenses not considered in Cost Accounts (if any) Add/Less: Difference in Stock Valuation Profit or (Loss) as per Financial Accounts NOTES: (i) For produced or manufactured product g....
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....penditure Transfer In or Transfer Out 11. Total Survey Cost - 12 - Il Status: Sno. Particulars Total (Rs.) 1. Cost of Survey transferred to Producing Properties. 2. Cost of Survey directly charged off to Cost of Production 3. Cost of Survey carried forward 4. Others (to be specified) Total Survey Cost PROFORMA 'C' Statement showing Cost of Exploratory Drilling or Development Drilling Name of the Company Area under Exploration or development: Offshore or Onshore Name of the Block Period I Quantitative Information: Sno. Particulars Unit Current Year Previous Year 1. Status of Wells (a) Under Drilling (b) Under Testing (c) Dry (d) Hydrocarbon Bearing (e) Service Wells Il Cost Information: Sno. Particulars Amount (Rs.) Brought forward Current Year Total 1. Preparatory Cost (a) Land (b) Approach Road (c) Civil Work (d) Others (To be specified) Total Preparatory Cost 2. Drilling - cost of Rig or Drill Ship Operation (a) Material Cost (i) Indigenous (ii) Imported (iii) Self Manufactured/Produced (b) Direct Employees Cost (c) Repairs and Maintenance (d) Other Drilling Overheads (e) Others (to be spec....
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....l Cost Information: A. Lifting (Amount in Rupees) Sno. Particulars Amount Cost per Unit Current Year Previous Year Current Year Previous Year 1. Process Chemicals (specify) 2. Utilities (specify) 3. Direct Employee Cost 4. Direct Expenses 5. Consumable Stores and Spares 6. Repairs & Maintenance 7. Logistic Services or Transport Allocation 8. Well Services (a) Work over (b) Water Injection (c) Gas Injection 9. Other Overheads (a) Service Overheads (b) Administration Overheads (c) Others (to be specified) 10. Depreciation 11. Depletion 12. Other Costs (to be specified) 13. TOTAL LIFTING COST B. Cost of Conveying and Treating (Amount in Rupees) Sno. Particulars Amount Cost per Unit Current Year Previous Year Current Year Previous Year 1. Process Chemicals (specify) 2. Utilities (specify) 3. Direct Employee Cost 4. Direct Expenses 5. Consumable Stores and Spares 6. Repairs & Maintenance 7. Logistic Services or Transport Allocation 8. Other Overheads (a) Service Overheads (b) Administration Overheads (c) Others (to be specified) 9. Depreciation 10. Others (to be specified) 11. TOTAL COS....
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.... Royalty on production, if any 11. Statutory levies on production, if any 12. Other Expenses (to be specified) 13. Total Cost of Production - 18 - B Transferred to: Sno. Products Basis of apportionment of cost Actual quantity Equivalent quantity Value (Rs.) Transfer of Crude Oil / Natural Gas to: 1. Refinery or Extraction plant: 2. Sales 3. Related Party Transfer Total PROFORMA ‘G' Statement showing Cost of Refining Name of the Company Name and address of the Fuel Refining Unit Name of Product Period a. Quantitative Information Sno. Particulars Unit Current Year Previous Year 1. Installed Capacity MMTPA* 2. Crude or Gas Refined MMT 3. Capacity Utilization % 4. Fuel and Loss (quantity) MT 5. Fuel Loss (%) % 6. Production of Joint Products: 1. Product 1 2. Product 2 3. Product 3 (etc.) Total *MMTPA: - Million Metric Tonne Per Annum Il Cost Information: Sno. Particulars Quantity Rate Amount Cost per Unit Rs. Rs. Current Year Rs. Previous Year Rs. 1. Material (a) Cost of captive crude oil or gas from (Specify Oil Fields separately) (b) Transportation Cost, if any. (c) Ot....
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.... 8. Total Cost of Sales 9. Interest & Financing Charges Qty - 21 - Sno. Particulars Unit Qty Rate Total Cost Cost per unit Rs. Rs. Current Year Rs. Previous Year Rs. 10. Total Cost 13. Net Sales Realisation 14. Margin 15. Add: Export Benefits and Incentives, if any 16. Total Margin (including export benefits 17. Ex-factory price (excluding Sales Tax etc.) 18. Maximum Retail Price (excluding sales tax etc.) 19. Maximum retail price, if any, prescribed by the Government / Statutory Regulatory Body etc. PROFORMA 'I' Statement showing the Cost of Operations/Service/Sub-service for Transportation of Petroleum Products through Petroleum Product Pipeline, Natural Gas Pipeline and City Gas Distribution Net Work Name of the Company Name and address of the Plant/Unit Entry Point (specify) Exit Point (specify) I. QUANTITATIVE INFORMATION: Sno. Particulars Unit Current year Previous year 1. Pipeline Capacity for Natural Gas Processed Mmscmd/MM TPA 2. Average Calorific Value (NCV) Specify unit 3. Number of zones, if any 4. Approved Zone-wise Tariff (a) Zone 1 (b) Zone 2 (c) Others specify Rupees/mmbt u/MT 5 Number ....
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....quipment/ Pipeline relating petroleum activities 25 SI. No. Particulars Total Expenses as per Audited Financial Accounts Utilities (separately for each) Survey Exploration Transporta -tion Refining Production Centres (separately for each centre) Plant Overheads Refinery Overheads Administra -tion Overheads Marketing / Selling & Distribu- tion Non Cost Expenses 1. Direct Materials (specify) 2. Process Materials (specify) 3. Chemicals (specify) 4. Power & Fuel a) Fuel b) Own Production c) Natural Gas d) Refinery Own Gas e) Water Charges 5. Employee Benefits: a) Salaries, Wages, Bonus Etc. b) c) Contribution to Provident & Other Funds Staff Welfare Expenses 6. Consumable Stores and Spares 7. Repairs and Maintenance a) Plant & Machinery b) Buildings C) Others 8. Other Direct Expenses (specify) (Amount in Rupees) PROFORMA 'K' Statement showing Allocation and Apportionment of Total Expenses and Income of the Company as per Profit & Loss Account 26 Name of the company Period SI. No. Particulars Total Expenses as per Audited Financial Accounts Utilities (separately for each) Survey Exploration Transporta -tion Re....
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....Rs. 1. Profit or Loss as per Cost Accounting Records a) For Product Groups under these Rules b) For the Product Groups outside these Rules 2. Add: Incomes not considered in cost accounts: (a) Specify (b) - 29 - S .No. Particulars Current Year Rs. Previous Year Rs. Total 3. Less: Expenses not considered in cost accounts: (a) Specify (b) Total 4. Add: Overvaluation of Closing Stock in Financial Accounts 5. Add: Undervaluation of Opening Stock in Financial Accounts 6. Less: Undervaluation of Closing Stock in Financial Accounts 7. Less :: Overvaluation of Opening Stock in Financial Accounts 8. Adjustments for others, if any (specify 9. Profit or Loss as per Financial Accounts Notes: 1 Separate Cost statement shall be prepared in relevant proforma for: (a) each major utility having significant impact on cost, whenever such utility is functionally independent and not forming part of composite unit for exploration, production, refining, transportation, etc activity wise. (b) Exploratory Drilling or Development Drilling cost. (c) Onshore or Off-shore production cost. (d) Crude Oil or Natural Gas cost. (e) Each major p....