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Accounting Policies of Atlas Jewellery India Ltd. Company

Mar 31, 2014

A. Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost conventions on accrual basis in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act") read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013 and in accordance with the accounting principles generally accepted in India.

b. Consistency

The foregoing accounting policies are applied consistently except as otherwise stated in the Notes to Accounts.

c. Fixed Assets

a. The valuation part on fixed assets includes cost of acquisition, installation charges and all cost incidental thereto

b. Depreciation has been provided on fixed assets according to the WDV rates prescribed in schedule –XIV of the Companies Act, 1956.

d. Expenses Recognition

Expenses are accounted for on Accrual basis and provision are made for all known Liabilities except ROC fees.

e. Use of Estimates

The preparation of financial statement requires management to make certain estimates and assumptions that affect the amounts reported in the financial statements and notes thereto. Differences between actual results and estimates are recognised in the period in which they are materialised.

f. Provision for Deferred and Current tax

Provision for current tax is made after taking into consideration benefits admissible under the provisions of the Income Tax Act, 1961. Deferred Tax resulting from "timing difference" between book and taxable profit is accounted for using the tax rates and laws that have been enacted or substantively enacted as on the balance sheet date. The deferred tax asset is recognised and carried forward only to the extent that there is a reasonable certainty that the assets will be realised in future.


Mar 31, 2013

A. Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost conventions on accrual basis in accordance with generally accepted accounting principles and accounting standard referred to in section 211 (3C) of the Companies Act, 1956.

b. Consistency

The foregoing accounting policies are applied consistently except as otherwise stated in the Notes to Accounts.

c. Fixed Assets

a. The valuation part on fixed assets includes cost of acquisition, installation charges and all cost incidental thereto

b. Depreciation has been provided on fixed assets according to the WDV rates prescribed in schedule -XIV of the Companies Act, 1956.

d. Expenses Recognition

Expenses are accounted for on Accrual basis and provision are made for all known Liabilities except ROC fees.

e. Use of Estimates

The preparation of financial statement requires management to make certain estimates and assumptions that affect the amounts reported in the financial statements and notes thereto. Differences between actual results and estimates are recognised in the period in which they are materialise.

f. Provision for Deferred and Current tax

Provision for current tax is made after taking into consideration benefits admissible under the provisions of the Income Tax Act,1961. Deferred Tax resulting from "timing difference" between book and taxable profit is accounted for using the tax rates and laws that have been enacted or substantively enacted as on the balance sheet date. The deferred tax asset is recognised and carried forward only to the extent that there is a reasonable certainty that the assets will be realised in future.

 
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