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Accounting Policies of Key Corp Ltd. Company

Mar 31, 2015

(a) VALUATION

i. Fixed Assets are valued at cost.

ii. Non-current investments are valued at cost.

iii. Current investments are valued at lower of cost or fair value.

iv. Stock on Hire are valued at Cost less Capital recovery.

(b) PHYSICAL VERIFICATION:-

i. Fixed Assets in use of the Company are physically verified once in every year.

ii. Physical verification of stock on hire is carried out on test check basis.

(c) DEPRECIATION

i. In respect of Tangible Assets, Depreciation is provided as prescribed in Schedule II of the Companies Act, 2013, on straight line method.

(d) REVENUE RECOGNITION :-

i. All income & expenses are accounted for on accrual basis, except otherwise stated.

ii. Interest on overdue instalments and dividend on shares of corporate bodies and units of mutual funds are accounted for on certainty of the realisation.

iii. The Company has followed the prudential norms for Income recognition and provisioning for non-performing assets as prescribed by the Reserve Bank of India for non-banking financial companies.

(e) EARNING PER SHARE

The Company reports earnings per share in accordance with AS-20.

(f) EMPLOYEE BENEFITS:-

i. Provisions for Retirement benefits for Gratuity are made as per the payment of Gratuity Act,1972.

ii. Leave Encashment is accounted as per Service Rules and charged to the P&L Account.

iii. Contribution to Provident Fund is recognised when due.

(g) INTANGIBLE ASSETS :-

The Company recognise intangible assets in accordance with AS 26.

(h) IMPAIRMENT OF ASSETS

An asset is impaired if there are sufficient indication that the carrying cost would exceed the recoverable amount of cash generating assets. In that event an impairment loss so computed would be recognised in the accounts in the relevant year.




Mar 31, 2014

(a) VALUATION :-

i FixedAssetsarevaluedatcost

ii Non-current investments are valued at cost

iii Current investments are valued at lower of cost or fair value

iv Stock on Hire are valued at Cost less Capital recovery

(b) PHYSICAL VERIFICATION:-

i Fixed Assets in use of the Company are physically verified once in every year ii Physical verification of stock on hire is carried out on test check basis

(c) DEPRECIATION :-

i In respect of own Assets, Depreciation is provided on written down value as per the rates prescribed under the Income Tax Act, 1961

ii In respect of Leased Assets, depreciation is provided on Straight Line Method in accordance with the Section 205(2)(b) of the Companies Act, 1956

(d) REVENUE RECOGNITION :-

i All income & expenses are accounted for on accrual basis, except otherwise stated

ii Interest on overdue instalments and dividend on shares of corporate bodies and units of mutual funds are accounted for on certainty of the realisation

iii The Company has followed the prudential norms for Income recognition and provisioning for non-performing assets as prescribed by the Reserve Bank of India for non-banking financial companies

(e) EARNING PER SHARE:-

The Company reports earnings per share in accordance with AS-20

(f) EMPLOYEE BENEFITS :-

i Provisions for Retirement benefits for Gratuity are made as per the payment of Gratuity Act,1972

ii Leave Encashment is accounted as per Service Rules and charged to the P&L Account

iii Contribution to Provident Fund is recognised when due

(g) INTANGIBLE ASSETS:-

The Company recognise intangible assets in accordance with AS 26

(h) IMPAIRMENT OF ASSETS :-

An asset is impaired if there are sufficient indication that the carrying cost would exceed the recoverable amount of cash generating assets In that event an impairment loss so computed would be recognised in the accounts in the relevant year


Mar 31, 2013

(a) VALUATION :-

L Fixed Assets are valued at cost.

ii. Non-current investments are valued at cost.

iii. Current investments are valued at lower of cost or fair value.

iv. Stock on Hire are valued at Cost less Capital recovery.

(b) PHYSICAL VERIFICATION :-

L Fixed Assets in use of the Company are physically verified once in every year. ii. Physical verification of stock on hire is carried out on test check basis.

(c) DEPRECIATION :-

i. In respect of own Assets, Depreciation is provided on written down value as per the rates prescribed under the Income Tax Act, 1961. ii. In respect of Leased Assets, depreciation is provided on Straight Line Method in accordance

with the Section 205(2)(b) of the Companies Act, 1956.

(d) REVENUE RECOGNITION :-

L All income & expenses are accounted for on accrual basis, except otherwise stated. ii. Interest on overdue instalments and dividend on shares of corporate bodies and units of mutual funds are accounted for on certainty of the realisation. iii. The Company has followed the prudential norms for Income recognition and provisioning for non-performing assets as prescribed by the Reserve Bank of India for non-banking financial companies.

(e) EARNING FER SHARE :-

The Company reports earnings per share in accordance with AS-20.

(f) EMPLOYEE BENEFITS :-

i. Provisions for Retirement benefits for Gratuity are made as per the payment of Gratuity Act,1972. ii. Leave Encashment is accounted as per Service Rules and charged to the P&L Account. iii. Contribution to Provident Fund is recognised when due.

(g) INTANGIBLE ASSETS :-

The Company recognise intangible assets in accordance with AS 26.

(h) IMPAIRMENT OF ASSETS :-

An asset is impaired if there are sufficient indication that the carrying cost would exceed the recoverable amount of cash generating assets. In that event an impairment loss so computed would be recognised in the accounts in the relevant year.


Mar 31, 2012

A) VALUATION :-

Fixed Assets are valued at cost.

ii. Non-current investments are valued at cost.

iii. Current investments are valued at lower of cost or fair value.

iv. Stock on Hire are valued at Cost less Capital recovery.

b) PHYSICAL VERIFICATION :-

L Fixed Assets in use of the Company are physically verified once in every year. ii. Physical verification of stock on hire is carried out on test check basis.

c) DEPRECIATION :-

In respect of own Assets, Depreciation is provided on written down value as per the rates prescribed under the Income Tax Act, 1961.

ii. In respect of Leased Assets, depreciation is provided on Straight Line Method in accordance with the Section 205(2)(b) of the Companies Act, 1956.

d) REVENUE RECOGNITION -

All income & expenses are accounted for on accrual basis, except otherwise stated.

ii. Interest on overdue instalments and dividend on shares of corporate bodies and units of mutual funds are accounted for on certainty of the realisation.

iii. The Company has followed the prudential norms for Income recognition and provisioning for non-performing assets as prescribed by the Reserve Bank of I ndia for non-banking financial companies.

e) EARNING PER SHARE -

The Company reports earnings per share in accordance with AS-20.

f) EMPLOYEE BENEFITS :-

i Provisions for Retirement benefits for Gratuity are made as per the payment of Gratuity Act, 1972.

ii. Leave Encashment is accounted as per Service Rules and charged to the P&L Account.

iii. Contribution to Provident Fund is recognised when due.

g) INTANGIBLE ASSETS :-

The Company recognise intangible assets in accordance with AS 26.

h) IMPAIRMENT OF ASSETS :-

An asset is impaired if there are sufficient indication that the carrying cost would exceed the recoverable amount of cash generating assets. In that event an impairment loss so computed would be recognised in the accounts in the relevant year.


Mar 31, 2011

A) VALUATION :-

i Fixed Assets are valued at cost.

S. Long term investments are valued at cost.

iii. Current investments are valued at lower of cost or fair value.

iv. Stock on Hire are valued at Cost less Capital recovery,

b) PHYSICAL VERIFICATION :-

Fixed Assets in use of the Company are physically verified once in every year. ii. Physical verification of stock on hire is carried out on test check basis.

c) DEPRECIATION :-

In respect of own Assets, Depreciation is provided on written down value as per the rates prescribed under the Income Tax Act, 1961.

ii. In respect of Leased Assets,depreciation is provided on Straight Line Method in accordance with the Section 205(2) (b) of the Companies Act, 1956.

d) REVENUE RECOGNITION :-

The income & expenses are accounted for on accrual basis.

ii. Interest on overdue instalments is accounted for on certainty of the realisation.

iii. The Company has followed the prudential norms for Income recognition and provisioning for non-performing assets as prescribed by the Reserve Bank of India for non-banking financial companies.

e) EARNING PER SHARE :-

The Company reports earnings per share in accordance with AS-20.

f) EMPLOYEE BENEFITS :-

i) Provisions for Retirement benefitsfor Gratuity are made as per the payment of Gratuity Act,1972.

ii. Leave Encashment is accounted as per Service Rules and charged to the P & L Account.

iii. Contribution to Provident Fund is recognised when due.

g) INTANGIBLE ASSETS :-

The Company recognise intangible assets in accordance with AS 26. h) IMPAIRMENT OF ASSETS:-

An asset is impaired if there are sufficient indication that the carrying cost would exceed the recoverable amount of cash generating assets. In that event an impairment loss so computed would be recognised in the accounts in the relevant year.


Mar 31, 2010

A) VALUATION:-

i) Fixed Assets are valued at cost.

ii) Long term investments are valued at cost.

iii) Current investments are valued at lower of cost or fair value.

iv) Stock on Hire are valued at Cost less Capital recovery.

b) PHYSICAL VERIFICATION :-

i) Fixed Assets in use of the Company are physically verified once in every year. ii) Physical verification of stock on hire is carried out on test check basis.

c) DEPRECIATION.:-

i) In respect of own Assets, Depreciation is provided on written down value as per the rates prescribed

under the Income Tax Act, 1961. ii) In respect of Leased Assets, depreciation is provided on Straight Line Method in accordance with the

Section 205(2)(b) of the Companies Act, 1956.

d) REVENUE RECOGNITION: -

i) The income & expenses are accounted for on accrual basis. ii) Interest on overdue instalments is accounted for on certainty of the realisation.

iii) The Company has followed the prudential norms for Income recognition and provisioning for non- performing assets as prescribed by the Reserve Bank of India for non-banking financial companies.

e) EARNING PER SHARE: -

The Company reports earnings per share in accordance with AS-20.

f) EMPLOYEE BENEFITS: -

i) Provisions for Retirement benefits for Gratuity are made as per The Payment of Gratuity Act, 1972. ii) Leave Encashment is accounted as per Service Rules and charged to the P & L Account. iii) Contribution to Provident Fund is recognised when due.

g) INTANGIBLE ASSETS: -

The Company recognises intangible assets in accordance with AS 26. h) IMPAIRMENT OF ASSETS :-

An asset is impaired if there are sufficient indication that the carrying cost would exceed the recoverable amount of cash generating assets. In that event an impairment loss so computed would be recognised in the accounts in the relevant year.

 
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