Section 3 in The Cost Accounting Records (Electronic Products) Rules, 2001
3. Maintenance of records.
(1)Every company to which these rules apply shall, in respect of each of its financial year commencing on or after the 1st day of April, 2001 keep proper books of account containing, inter-alia, the particulars specified in Schedule I annexed to these rules and Proformae A, B, C and D, relating to the utilization of materials, labour and other items cost in so far as they are applicable to the manufacture or production of Electronic products and components referred to in rule 2:Provided that if the said company is manufacturing any other product(s) or is engaged in other activities in addition to manufacture of Electronic products and components thereof, the particulars relating to utilization of materials, labour and other items of cost in so far as they are applicable to such other products or activities shall not be included in the cost of Electronic products and components thereof.(2)The books of accounts referred to in sub-rule (1) shall be kept on a regular basis in such a manner as to make it possible to calculate the cost of production and cost of sales of all types and descriptions of Electronic products and components thereof manufactured or produced for every financial year from the particulars entered therein and every such books of account and the Proformae specified in said Schedule I, shall be completed not later than ninety days from the close of the financial year of the company to which they relate.(3)The statistical and other records shall be maintained in accordance with the provisions of the Schedule I which shall be such as to enable the company to exercise, as far as possible, control over the various operations and costs with a view to achieve optimum economies in cost. These records shall also provide the necessary data required by the Cost Auditor to suitably report on all the points referred to in the Cost Audit (Report) Rules, 1996 as amended from time to time.(4)It shall be the duty of every person, referred to in sub-section (6) and (7) of section 209 of the Companies Act 1956 (1 of 1956), to take all reasonable steps to secure compliance by the company with the provisions of sub-rules (1), (2) and (3) of this rule in the same manner as he is liable to maintain accounts required under sub-section (1) of section 209 of the said Act.
