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Notes to Accounts of Atlas Jewellery India Ltd.

Mar 31, 2018

25 (8) The Company has filed an appeal before CIT-(A), Kochi related to assessment orders for assessment year 2014-15 and 2015-16 and the matter is being heard by the CIT-A. The company had also filed an application for stay of demand before Principle Commissioner, Kochi till the order is disposed by CIT-A. The Principle Commissioner had allowed the company to pay Rs.2.00 lacs per month per assessment year or till the matter is disposed of, whichever is earlier. The

Company has duly complied with the Principle Commissioner''s orders.

Since the matter is yet to be disposed of, the Company had again filed an application before the Principle Commissioner, Kochi, seeking extension of the earlier order. The matter was heard but no order has been passed till date.

The Company as a matter of abundant caution, has made a provision for income tax as per the earlier order of the Principle Commissioner for the balance period of the financial year 17-18 amounting to Rs.32 lacs.

25(9) During the year the company had undertaken BZB diamond jewellery sales to SSSV Jewellers Private Limited (SSSV) totaling to 204.16 CT out of the total diamond jewellery Stock of 1655.938 CT. The sale was done below cost price as the items sold were more than 3- year—old and hence the purchase price as on date is lower compared to the purchase price 3 years earlier. Hence this negotiated price is can''t be considered as a representative price of the lot.

Further as per normal whole price in the market (diamond being subdued presently) R532—35''000 per CT, of course it would also vary depending on cut, clarity, colour and weight.

Diamonds sales usually entail a credit period of 50 to 75 days.

In our estimate the deal done was at a fair and reasonable price, considering the terms of the sale, access to new market, lower credit period (30 days in our case) and gold price at current days rate.

The other significant point relates to risk. In normal retail sales cash back, exchange facilities must be provided without any time period and hence there could be a buy back after a year as per policy and this is a risk as we have to take back the products.

Within 7 days of purchase the product can be returned with full refund. This facility was not given in the said deal as evident from the face of the invoices raised in the said transaction.

25(12) The company has not made any provision for the listing fees payable to the various stock exchanges in the books of accounts. This expense is recognized on payment basis.

25(13) In pursuant to Indian Accounting Standards (Ind AS-24) “Related Party Disclosures” that the Company has not make any transactions with the any it''s related party during the year.

25(14) Managerial Remuneration to Whole Time Director Provided/ Paid - Rs 7,86,290

25(18) (Loss)/Income on difference in exchange rates on account of foreign currency transactions relating to overseas debtors amounting to Rs. 42,69,200 {Previous Year - Loss of Rs. 3,10,43,625/-} has been grouped with Other Expenses/Other Income respectively.

25(19) In the opinion of the Board, the Current Assets, Loan and Advances are stated at a value, considered realizable in the ordinary course of business.

25(20) The Company''s operations predominantly comprise of only one segment - Gold & Jewellery, therefore operationally segment reporting does not apply.

25(21) Previous Year''s figures have been re-grouped/re-arranged wherever necessary to render them comparable with the current year’s figures.

25(22) Figures (including Previous Year Figures) have been rounded off to the nearest rupee.


Mar 31, 2016

1. Contingent Liabilities: The Company has no Contingent Liabilities.

2. Followings are the employees of the company was in receipt of a remuneration exceeding Rs.24,00,000/- per annum or Rs.2,00,000/-per month, if employed for part of the year.

3. In the opinion of management current assets, loans and advances have a value on realization at least equal to the amounts at which these are stated in the balance sheet. Provisions for all liabilities are adequate and neither short nor excess of the amount considered reasonable.

4. Balances of Sundry Debtors, Sundry Creditors, Bank Balance and Loans & advances are subject to confirmation.

5. The company had made export sales of New Plain Gold Jewellery 22CT (916 Fineness) to Satwa Precious Metal and Bullion Trading (FZE) in FY 2014-15 but the company has not received the realization of the export and the balance appearing on 31.03.2016 of Rs. - 1,37,80,45,706.93 is still pending for realization. As per RBI Guideline, the time of realization of export proceeds has already been passed and company has demanded the extension from RBI for the realization of the export proceeds but no extension has been granted till 31.03.2016 by RBI.

6. The company has booked of Rs 2,09,26,137 as loss due to termination of lease agreement from a leased property in Chennai. The details of the above mentioned loss are as under:

7. The company has not made any provision for the listing fees payable to the various stock exchanges in the books of accounts. This expense is recognized on payment basis.

8. In pursuant to Accounting Standards (A-18) "Related Party Disclosures" that the Company has not make any transactions with the zany its related party during the year.

9. Managerial Remuneration to Managing Director Provided/ Paid - Rs 31,06,016.00

10. Payment/ Remuneration to Auditors:-


Mar 31, 2015

1. Contingent Liabilities: The Company has no Contingent Liabilities.

2. In the opinion of management current assets, loans and advances have a value on realization at least equal to the amounts at which these are stated in the balance sheet. Provisions for all liabilities are adequate and neither short nor excess of the amount considered reasonable.

3. Balances of Sundry Debtors, Sundry Creditors, Bank Balance and Loans & advances are subject to confirmation.

4. The company has not made any provision for the listing fees payable to the various stock exchanges in the books of accounts.

5. In pursuant to Accounting Standards (A-18) "Related Party Disclosures" that the Company has make transactions with the related party during the year.

6. Managerial Remuneration to Managing Director Provided/ Paid - Rs 5,31,339.00

7. Previous Year's figures have been re-grouped/re-arranged wherever necessary to render them comparable with the current year's figures.


Mar 31, 2014

1. Contingent Liabilities: The Company has no Contingent Liabilities.

2. None of the employees of the company was in receipt of a remuneration exceeding Rs.24,00,000/- per annum or Rs.2,00,000/- per month, if employed for part of the year.

3. In the opinion of management current assets, loans and advances have a value on realization at least equal to the amounts at which these are stated in the balance sheet. Provisions for all liabilities are adequate and neither short nor excess of the amount considered reasonable.

4. Balances of Sundry Debtors, Sundry Creditors, Bank Balance and Loans & advances are subject to confirmation.

5. The company has not made any provision for the listing fees payable to the various stock exchanges in the books of accounts.

6. Managerial Remuneration Provided/ Paid - Rs Nil

7. Previous Year''s figures have been re-grouped/re-arranged wherever necessary to render them comparable with the current year''s figures.


Mar 31, 2013

1. Contingent Liabilities: The Company has no Contingent Liabilities.

2. None of the employees of the company was in receipt of a remuneration exceeding Rs.24,00,000/- per annum or Rs.2,00,000/- per month, if employed for part of the year.

3. In the opinion of management current assets, loans and advances have a value on realization at least equal to the amounts at which these are stated in the balance sheet. Provisions for all liabilities are adequate and neither short nor excess of the amount considered reasonable.

4. Balances of Sundry Debtors, Sundry Creditors, Bank Balance and Loans & advances are subject to confirmation.

5. The company has not made any provision for the listing fees payable to the various stock exchanges in the books of accounts.

6. In pursuant to Accounting Standards (A-18) "Related Party Disclosures" that the Company has make transactions with the related party during the year.

7. CIF/ Expenditure in Foreign Currency — Nil ( PY Nil) Earning in Foreign Currency — Nil ( PY Nil)

8. Earnings per share

Net Profit (After Tax) Rs (3,15,276.31)

No. of Shares 4205200

Basic/ Diluted EPS (0.07)

9. Previous Year''s figures have been re-grouped/re-arranged wherever necessary to render them comparable with the current year''s figures.


Mar 31, 2012

1. Contingent Liabilities

The Company has no Contingent Liabilities.

2. None of the employees of the company was in receipt of a remuneration exceeding Rs.24,00,000/- per annum or Rs.2,00,000/- per month, if employed for part of the year.

3. In the opinion of management current assets, loans and advances have a value on realization at least equal to the amounts at which these are stated in the balance sheet. Provisions for all liabilities are adequate and neither short nor excess of the amount considered reasonable.

4. Balances of Sundry Debtors, Sundry Creditors, Bank Balance and Loans & advances are subject to confirmation.

5. The company has not made any provision for the listing fees payable to the various stock exchanges in the books of accounts.

6. The Company has prepared Financial statement as per Revised Schedule VI, and accordingly previous Year's figures have been re-grouped/re-arranged wherever necessary to render them comparable with the current year's figures.


Mar 31, 2010

1) Contingent Liabilities

The Company has no Contingent Liabilities.

2) None of the employees of the company was in receipt of a remuneration exceeding Rs.24,00,000/ - per annum or Rs.2,00,000/- per month, if employed for part of the year.

3) In the opinion of management current assets, loans and advances have a value on realization at least equal to the amounts at which these are stated in the balance sheet. Provisions for all liabilities are adequate and neither short nor excess of the amount considered reasonable.

4) Balances of Sundry Debtors, Sundry Creditors, Bank Balance and Loans & advances are subject to confirmation.

5) The company has not made any provision for the listing fees payable to the various stock exchanges in the books of accounts.

6) Managerial Remuneration Provided/ Paid - Rs Nil

7) CIF/ Expenditure in Foreign Currency — Nil ( PY Nil) Earning in Foreign Currency — Nil ( PY Nil)

8) Previous year figures have been rearranged and regrouped wherever considered necessary.

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