Home  »  Company  »  Ind Bank Housing  »  Quotes  »  Accounting Policy
Enter the first few characters of Company and click 'Go'

Accounting Policies of Ind Bank Housing Ltd. Company

Mar 31, 2015

A) Method of Accounting

The Company accounts have been prepared under historical cost convention on an accrual basis and comply with the accounting standards referred to Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

b) Income Recognition and Prudential Norms

The Company follows NHB's Prudential Norms for recognition of Income and Provisioning for Non Performing Assets

c) Interest on Housing Loans

Repayment of housing loans is by way of Equated Monthly Installments (EMI's) comprising of principal and interest. Interest is calculated every half year on the opening balance at the beginning of the respective half year/year. EMI commence once the entire loan is disbursed. Pending commencement of EMI, pre EMI interest payable is recognized every month.

d) Investments

Investments are classified into current investments and long-term investments. Investments are valued at lower of cost or Market value for each investment individually as per NHB guidelines in force.

e) Fixed Assets and Depreciation

Fixed Assets are capitalised at cost and are stated at cost less depreciation. Depreciation is calculated on written down value method at the rates prescribed in Schedule II to the Companies Act, 2013.

f) Retirement Benefits

i. Contribution to Provident Funds is made to the Regional Provident Fund Commissioner.

ii. The Gratuity liability is covered by Trust formed under the Group Gratuity Scheme. The trust has purchased a Group Gratuity policy from LIC and the annual premium is paid through the Trust.

iii. Liability for leave encashment is provided for on actuarial basis.




Mar 31, 2014

A) Method of Accounting

The Company accounts have been prepared under historical cost convention on an accrual basis and comply with the accounting standards referred to section 211(3C) of the Companies Act, 1956.

b) Income Recognition and Prudential Norms

The Company follows NHB''s Prudential Norms for recognition of Income and Provisioning for Non Performing Assets

c) Interest on Housing Loans

Repayment of housing loans is by way of Equivated Monthly Installments (EMI''s) comprising of principal and interest. Interest is calculated every half year on the opening balance at the beginning of the respective half year/year. EMI commence once the entire loan is disbursed. Pending commencement of EMI, pre EMI interest payable is recognized every month.

d) Investments

Investments are classified into current investments and long-term investments. Investments are valued at lower of cost or Market value for each investment individually as per NHB guidelines in force.

e) Fixed Assets and Depreciation

Fixed Assets are capitalised at cost and are stated at cost less depreciation. Depreciation is calculated on written down value method at the rates prescribed in schedule XIV to the Companies Act, 1956.

f) Retirement Benefits

i. Contribution to Provident Funds is made to the Regional Provident Fund Commissioner.

ii. The Gratuity liability is covered by Trust formed under the Group Gratuity Scheme. The trust has purchased a Group Gratuity policy from LIC and the annual premium is paid through the Trust.

iii. Liability for leave encashment is provided for on actuarial basis.


Mar 31, 2013

A) Method of Accounting

The Company accounts have been prepared under historical cost convention on an accrual basis and comply with the accounting standards referred to section 211(3C) of the Companies Act, 1956.

b) Income Recognition and Prudential Norms

The Company follows NHB''s Prudential Norms for recognition of Income and Provisioning for Non Performing Assets

c) Interest on Housing Loans

Repayment of housing loans is by way of Exuviated Monthly Installments (EMI''s) comprising of principal and interest. Interest is calculated every half year on the opening balance at the beginning of the respective half year/year. EMI commence once the entire loan is disbursed. Pending commencement of EMI, pre EMI interest payable is recognized every month.

d) Investments

Investments are classified into current investments and long-term investments. Investments are valued at lower of cost or Market value for each investment individually as per NHB guidelines in force.

e) Fixed Assets and Depreciation

Fixed Assets are capitalised at cost and are stated at cost less depreciation. Depreciation is calculated on written down value method at the rates prescribed in schedule XIV to the Companies Act, 1956.

f) Retirement Benefits

i. Contribution to Provident Funds is made to the Regional Provident Fund Commissioner.

ii. The Gratuity liability is covered by Trust formed under the Group Gratuity Scheme. The trust has purchased a Group Gratuity policy from LIC and the annual premium is paid through the Trust.

iii. Liability for leave encashment is provided for on actuarial basis.


Mar 31, 2012

A) Method of Accounting

The Company accounts have been prepared under historical cost convention on an accrual basis and comply with the accounting standards referred to section 211 (3C) of the Companies Act, 1956.

b) Income Recognition and Prudential Norms

The Company follows NHB's Prudential Norms for recognition of Income and Provisioning for Non Performing Assets

c) Interest on Housing Loans

Repayment of housing loans is by way of Equated Monthly Installments (EMI's) comprising principal and interest. Interest is calculated every half year on the opening balance at the beginning of the respective half year/year. EMI commences once the entire loan is disbursed. Pending commencement of EMI, pre EMI interest payable is recognized every month.

d) Investments

Investments are classified into current investments and long-term investments. Investments are valued at lower of cost or Market value for each investment individually as per NHB guidelines in force.

e) Fixed Assets and Depreciation

Fixed Assets are capitalized at cost and are stated at cost less depreciation. Depreciation is calculated on written down value method at the rates prescribed in schedule XIV to the Companies Act, 1956.

f) Retirement Benefits

i. Contribution to Provident Funds is made to the Regional Provident Fund Commissioner.

ii. The Gratuity liability is covered by the Trust formed under the Group Gratuity Scheme. The trust has purchased a Group Gratuity policy from LIC and the annual premium is paid through the Trust.

iii. Liability for leave encashment is provided for on actuarial basis.


Mar 31, 2010

A) Method of Accounting

The Company accounts have been prepared under historical cost convention on an accrual basis and comply with the accounting standards referred to section 211 (3C) of the Companies Act, 1956.

b) Income Recognition and Prudential Norms

The Company follows NHBs Prudential Norms for recognition of Income and Provisioning for Non Performing Assets

c) Interest on Housing Loans

Repayment of housing loans is by way of Equivated Monthly Installments (EMIs) comprising of principal and interest. Interest is calculated every half year on the opening balance at the beginning of the respective half year/year. EMI commence once the entire loan is disbursed. Pending commencement of EMI, pre EMI interest payable is recognized every month. ;

d) Investments

Investments are classified into current investments and long-term investments. Investments are valued at lower of cost or Market value for each investment individually as per NHB guidelines in force.

e) Fixed Assets and Depreciation

Fixed Assets are capitalised at cost and are stated at cost less depreciation. Depreciation is calculated on written down value method at the rates prescribed in schedule XIV to the Companies Act, 1956.

f) Retirement Benefits

i. Contribution to Provident Funds is made to the Regional Provident Fund Commissioner.

ii. The Gratuity liability is covered by Trust formed under the Group Gratuity Scheme. The trust has purchased a Group Gratuity policy from LIC and the annual premium is paid through the Trust.

iii. Liability for leave encashment is provided for on actuarial basis.

 
Subscribe now to get personal finance updates in your inbox!