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Notes to Accounts of Key Corp Ltd.

Mar 31, 2015

1. (i) LONG-TERM PROVISIONS :

(ii) The Accounting Standard-15 "Employee benefits", prescribed by the Central Government, has become applicable to the company in its entirety as our company is listed Company.

In formulating the accounting policy regarding employee benefits, we were motivated by the fact that average number of employees during the financial year, were 19 i.e. less than 50.

In similar circumstances, unlisted companies have been permitted to calculate and account for the accrued liability under the head "Gratuity", by some other rational method. Provisions of The Payment of Gratuity Act, 1972 gives one such method. This is based on the assumption that such benefits are payable to all employees at the end of the accounting year.

The management still feels that the size of the company does not make it feasible to provide Gratuity by way of actuarial valuation. Hence, it is decided to continue with the same accounting policy.

2. DEFERRED TAX ASSETS / (LIABILITIES) (NET):

(a) Deferred tax is calculated and determined in accordance with the requirements of Accounting Standard - 22 "Accounting for Taxes on Income" and is subject to the concept of prudence, on timing difference being the difference between taxable income and accounting income that originate in one period and is capable of reversal in one or more subsequent periods. Deferred tax assets are reviewed for their carrying values at each balance sheet date and recognised only if there is 'reasonable certainty' that they will be realised in future. As at 31.03.2015 the recognised deferred tax liability/asset is as follows:-

(b) Net Deferred Tax Assets/(Liabilityj Rs. 440594/- (Previous Year Rs. 523325/-)

3. ADDITIONAL NOTES :

(i) (a) The company follows the Reserve Bank of India guidelines applicable to Non Banking Financial Companies regarding assets classification, provisioning and income recognition on non performing assets and accounting for Investments.

(b) Information required to be disclosed in terms of paragraph 13 of Non Banking Financial (Non Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007 is as under

4. In the financial year 2014-15, the Company has operated in only one business segment, hence compliance of AS-17 regarding "Segment Reporting" is not necessary.

5. Related party transactions:

There are no related party as described in Clauses (a) to (e) of paragraph 3 of the Accounting Standard-18 "Related party disclosures" issued by the Institute of Chartered Accountants of India.

6. CONTINGENT LIABILITIES:

CONTINGENT LIABILITY NOT PROVIDED FOR (2014-15) (2013-14)

Claims against the Company not acknowledged as debt Rs. NIL Rs. NIL

7. The figures have been rounded off to the nearest rupee.

8. Last year's figures have been regrouped and re-arranged wherever necessary to conform to the figures of the current year.


Mar 31, 2014

A 03) (i) LONG-TERM PROVISIONS :

(ii) TheAccountingStandard-15 "Employee benefits", prescribed by the Central Government, has become applicable to the company in its entirety as our company is listed Company In formulating the accounting policy regarding employee benefits, we were motivated by the fact that average number of employees during the financial year, were 19 ie less than 50

In similar circumstances, unlisted companies have been permitted to calculate and account for the accrued liability under the head "Gratuity", by some other rational method Provisions of The Payment of Gratuity Act, 1972 gives one such method

This is based on the assumption that such benefits are payable to all employees at the end of the accounting year

The management still feels that the size of the company does not make it feasible to provide Gratuity by way of actuarial valuation Hence, it decided to continue with the same accounting policy

A05)(i) TRADE PAYABLES:

(ii) The company has not received any memorandum (as required to be filed by the Suppliers with the notified authority under the Micro, small and medium Enterprises Development Act, 2006), claiming their status as Micro, small or medium enterprises Consequently, the amount paid / payable to these parties during the year is Nil

A10) DEFERREDTAXASSETS/(LIABILITIES)(NET):

(a) Deferred tax is calculated and determined in accordance with the requirements of Accounting Standard - 22 "Accounting for Taxes on Income" and is subject to the concept of prudence, on timing difference being the difference between taxable income and accounting income that originate in one period and is capable of reversal in one or more subsequent periods Deferred tax assets are reviewed for their carrying values at each balance sheet date and recognised only if there is ''reasonable certainty''that they will be realised in future As at 31032014 the recognised deferred tax liability/asset is as follows:-

A 12) (i) TRADE RECEIVABLES :

(ii) Balance in some accounts of trade receivables is subject to confirmation

(iii) All trade receivables are outstanding for a period less than six months from the date they are due for payment Also, no debts are due by directors or any other officers of the company either severally or jointly

A14)(i) SHORT TERM LOANS AND ADVANCES :

(ii) Balance in some accounts of short term loans and advances is subject to confirmation

A21) EARNING PER SHARE:

(i) Annualised earning per equity share has been calculated on the net profit (after taxation) of Rs.1,26,43,312/- (previous year Rs. 1,40,69,673/-) taken as the numerator divided by number of equity shares 60,00,000 (previous year 60,00,000) taken as the denominator

(B) ADDITIONAL NOTES :

(i) (a) The company follows the Reserve Bank Of India guidelines applicable to Non Banking Financial Companies regarding assets classification, provisioning and income recognition on non performing assets and accounting for Investments

(b) Information required to be disclosed in terms of paragraph 13 of Non Banking Financial (Non Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007 is as under:-

NOTE TO THE BALANCE SHEET OF A NON DEPOSIT TAKING NON-BANKING FINANCIAL COMPANY

{as required in the terms of Paragraph 13 of Non-Banking Financial (Non Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007)


Mar 31, 2013

A1) DEFERRED TAX ASSETS / (LIABILITIES) (NET) :

(a) Deferred tax is calculated and determined in accordance with the requirements of Accounting Standard - 22 "Accounting for Taxes on Income" and is subject to the concept of prudence, on timing difference being the difference between taxable income and accounting income thatoriginate in one period and is capable of reversal in one or more subsequent periods. Deferred tax assets are reviewed for their carrying values at each balance sheet date and recognised only if there is ''reasonable certainty'' that they will be realised in future. As at 31.03.2013 the recognised deferred tax liability/asset is as follows:-

(b) Deferred Tax Liability :

The Break-up of deferred tax liability into major components as on 31.03.2013 is as follows :

A 2) EARNING PER SHARE :

(i) Annualised earning per equity share has been calculated on the net profit (after taxation) of ^ 1,40,69,673/- (previous year ^ 1,11,85,883/-) taken as the numerator divided by number of equity shares 60,00,000 (previous year 60,00,000) taken as the denominator.

(B) ADDITIONAL NOTES :-

(i) (a) The company follows the Reserve Bank of India guidelines applicable to Non Banking Financial Companies regarding assets classification, provisioning and income recognition on non performing assets and accounting for investments.

(b) Information required to be disclosed in terms of paragraph 13 of Non Banking Financial (Non Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007 is as under:-

NOTES :

1. As defined in Paragraph 2(1)(xii) of the Non-Banking Financial Companies Acceptance, of Public Deposits (Reserve Bank) Directions, 1998.

2. Provisioning norms shall be applicable as prescribed in the Non-Banking Financial (non deposit accepting or holding) Companies Prudential Norms (Reserve Bank) Directions, 2007.

3. All Accounting Standards and Guidance Notes issued by ICAI are applicable including for valuation of investments and other assets as also assets acquired in satisfaction of debt. However, market value in respect of quoted investments and break-up/fair value/NAV in respect of unquoted investments has been disclosed irrespective of whether they are classified as long term or current in column (4) above.

B (ii) In the financial year 2012-13, the Company has operated in only one business segment, hence compliance of AS-17 regarding "Segment Reporting" is not necessary.

B (iii) Related party transactions :

There are no related party as described in Clauses (a) to, (e) of paragraph 3 of the Accounting Standard-18 "Related party disclosures" issued by the Institute of Chartered Accountants of India.

B (iv) CONTINGENT LIABILITIES :

CONTINGENT LIABILITY NOT PROVIDED FOR (2012-13) (2011-12)

Claims against the Company not acknowledged as debt Rs. NIL ^NIL

B (v) The figures have been round off to the nearest rupee.

B (vi) Last year''s figures have been regrouped and re-arranged wherever necessary to conform to the figures of the current year.


Mar 31, 2012

(i) The Accounting Standard-15 "Employee benefits", prescribed by the Central Government, has become applicable to the company in its entirety as our company is listed on Stock Exchanges.

In formulating the accounting policy regarding employee benefits, we were motivated by the fact that average number of employees during the financial year, were 19 i.e. less than 50.

In similar circumstances, unlisted companies have been permitted to calculate and account for the accrued liability under the head "Gratuity", by some other rational method. Provisions of The Payment of Gratuity Act, 1972 gives one such method. This is based on the assumption that such benefits are payable to 'all employees at the end of the accounting year.

The management still feels that the size of the company does not make it feasible to provide Gratuity by way of actuarial valuation.Hence.it decided to continue with the same accounting policy.

(ii) The company has not received any memorandum (as required to be filed by the Suppliers with the notified authority under the Micro small and medium Enterprises Development Act, 2006), claiming their status as Micro, small or medium enterprises. Consequently, the amount paid / payable to these parties during the year is Nil.

(ii) Provision for Tax is made in accordance with the requirements of the Income Tax Act, 1961

(ii) The net asset value of the investments in mutual fund as on 31.03.2012 is Rs. 11,55,12,503/- (previous year Rs. 11,42,03,933/-)

(iii) In the opinion of the management diminution of Rs. 56.23 lacs in the value of investments is a temporary market phenomenon and the company has adequate general reserve to meet any contingency.

10) DEFERRED TAX ASSETS / (LIABILITIES) (NET) :

(a) Deferred tax is calculated and determined in accordance with the requirements of Accounting Standard - 22 "Accounting for Taxes on Income" and is subject to the concept of prudence, on timing difference being the difference between taxable income and accounting income that originate in one period and is capable of reversal in one or more subsequent periods. Deferred tax assets are reviewed for their carrying values at each balance sheet date and recognised only if there is 'reasonable certainty' that they will be realised in future. As at 31.03.2012 the recognised deferred tax liability/asset is as follows:-

(d) Net Deferred Tax Assets / (Liability) Rs. 2,53,365/- (Previous Year Rs.1,08,533/-)

(e) The net deferred tax recognised in the profit and loss account is Rs.3,69,778/- (Previous Year Rs. 1,24,215/-).

(ii) Balance in some accounts of long term loans and advances is subject to confirmation.

(ii) Balance in some accounts of trade receivables is subject to confirmation.

(iii) All trade receivables are outstanding for a period less than six months from the date they are due for payment. Also, no debts are due by directors or any other officers of the company either severally or jointly.

1) EARNING PER SHARE :

(i) Annualised earning per equity share has been calculated on the net profit (aftei taxation) of Rs. 1,11,85,883/- (previous year Rs. 1,12,62,015/-) taken as th« numerator divided by number of equity shares 60,00,000 (previous year 60,00,000] Taken as the denominator.

(ii) There is no diluted earning per share in the company.

2) (a) The company follows the Reserve Bank of India guidelines applicable to Non Banking Financial Companies regarding assets classification, provisioning and income recognition on non performing assets and accounting for investments.

(b) Information required to be disclosed in terms of paragraph 13 of Non Banking Financial (Non Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007 is as under:-

1. As defined in Paragraph 2(1)(xii) of the Non-Banking Financial Companies Acceptance, of Public Deposits (Reserve Bank) Directions, 1998.

2. Provisioning norms shall be applicable as prescribed in the Non-Banking Financial (non deposit accepting or holding) Companies Prudential Norms (Reserve Bank) Directions, 2007.

3. All Accounting Standards and Guidance Notes issued by ICAI are applicable including for valuation of investments and other assets as also assets acquired in satisfaction of debt. However, market value in respect of quoted investments and break-up/fair value/ NAV in respect of unquoted investments should be disclosed irrespective of whether they are classified as long term or current in column (4) above.

3) In the financial year 2011-12, the Company has operated in only one business segment, hence compliance of AS-17 regarding "Segment Reporting" is not necessary.

4) Related party transactions :

There are no related party as described in Clauses (a) to, (e) of paragraph 3 of the Accounting Standard-18 "Related party disclosures" issued by the Institute of Chartered Accountants of India.

5) CONTINGENT LIABILITIES :

CONTINGENT LIABILITY NOT PROVIDED FOR (2011-12) (2010-11)

Claims against the Company not acknowledged as debt Rs. NIL Rs. NIL

6) The figures have been rounded off to the nearest rupee.

7) Last year's figures have been regrouped and re-arranged wherever necessary to conform to the figures of the current year, and in consonance to the requirements of revised Schedule VI which became applicable w.e.f. 01 -04-2011.


Mar 31, 2011

I) CONTINGENT LIABILITIES:

CONTINGENT LIABILITY NOT PROVIDED FOR (2010-11) (2009-10)

Claims against the Company not acknowledged as debt Rs. NIL Rs. NIL

ii) The Company follows the Reserve Bankof India guidelines applicable to Non Banking Financial Companies regarding Assets Classification, Provisioning and Income Recognition on non performing as sets and Accounting of lnvestments.

iii)The Accounting Standard-15" Employee benefits",prescribed by the Central Government,has become applicable to the company inteentirety as our company is listed on Stock Exchanges.lnformulating heaca unting poBcy regarding employee benefits,we were motivated by the fact that average number of employees during the financial year,remained 20i.e.less than 50.

In similar circumstances.unlisted companies have been permitted to calculate and account for the accrued liability under the head "Gratuity", by some other rational method. Provisions of The Payment of Gratuity Act,1972 gives one such method.This is base dont he assumption that such benefits are payable to all employees at the end of the accounting year.

The management still feels that the size of the company does not make it feasible to provide Gratuity by way of actuarial valuation. Hence, it decided to continue with the same accounting policy.

iv) In the financial year 2010-11, the Company has operated in only one business segment,hence compliance of AS-17 regarding "SegmentReporting" is not necessary.

v) Balance in some accounts of Receivables and Loans & Advances are subject to confirmation.

vi) Related party transactions :There are no related party as described in clauses (a) to (e) of paragraph 3 of the Accounting Standard-18 "Related party disclosures" issued by the Institute of Chartered Accountants of India.

vii) Earning per share (EPS) : Annualised earning per equity share have been calculated on the net profit (after taxation) of Rs. 1,12,62,015/- (previous year Rs.1,37,85,110/-) and the snumber of equity shares 60,00,000 (previous year 60,00,000).

ix) The company has not received any memorandum (as required to be filed by the Suppliers with the notified authority under the Micro, small and medium Enterprises Development Act, 2006), claiming their status as Micro, small or medium enterprises. Consequently, the amount paid/payable to these parties during the year is Nil.

x) The figures have been rounded off to the nearest rupee.

xi) Last year's figures have been regrouped and re-arranged wherever necessary to conform to the figures of the current year.

xii) Schedule '1' to '14' form an integral part of the accounts and have been duly authenticated.


Mar 31, 2010

I) CONTINGENT LIABILITIES:

CONTINGENT LIABILITY NOT PROVIDED FOR (2009-10) (2008-09)

Claims against the Company not acknowledged as debt Rs NIL Rs. 400000.00

ii) The Company follows the Reserve Bank of India guidelines applicable to Non-Banking Financial Companies regarding Assets Classification, Provisioning and Income Recognition on non performing assets and Accounting Investments.

iii) The Accounting Standard-15 "Employee benefits", prescribed by the Central Government, has become applicable to the company in its entirety as our company is listed on Stock Exchanges.

In formulating the accounting policy regarding employee benefits, we were motivated by the fact that average number of employees during the financial year, remained 20 i.e. less than 50.

In similar circumstances, unlisted companies have been permitted to calculate and account for the accrued liability under the head "Gratuity", by some other rational method. Provisions of The Payment of Gratuity Act, 1972 gives one such method. This is based on the assumption that such benefits are payable to all employees at the end of the accounting year.

The management still feels that the size of the company does not make it feasible to provide Gratuity by way of actuarial valuation. Hence, it decided to continue with the same accounting policy.

iv) In the financial year 2009-10, the Company has operated in only one business segment, hence compliance of AS-17 regarding "Segment Reporting" is not necessary.

v) Balance in some accounts of Receivables and Loans & Advances are subject to confirmation.

vi) Related party transactions:

There are no related party as described in Clauses (a) to, (e) of paragraph 3 of the Accounting Standard- 18 "Related party disclosures" issued by the Institute of Chartered Accountants of India.

vii) The company has not received any memorandum (as required to be filed by the Suppliers with the notified authority under the Micro, small and medium Enterprises Development Act, 2006), claiming their status as Micro, small or medium enterprises. Consequently, the amount paid/payable to these parties during the year is Nil.

viii) The figures have been rounded off to the nearest rupee.

ix) Last years figures have been regrouped and re-arranged wherever necessary to conform to the figures of the current year.

x) Schedule 1 to 14 form an integral part of the accounts and have been duly authenticated.

 
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