Accounting Policies of Atlanta Infrastructure and Finance Ltd. Company

Mar 31, 2014

[1] Accounting Convention:

a. The company follows the Mercantile system of accounting and recognizes income and expenditure on accrual basis except in case of significant uncertainties.

b. Financial Statements are based on historical cost. These costs are not adjusted to reflect the impact of changing value in the purchasing power of money.

c. The Accounts are prepared on accounting principal of "Going Concern".

[2] Use of Estimates:

The preparation of financial statements requires estimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Difference between the actual results and estimates are recognised in the period in which the results are known/materialised.

[3] Owned Fixed Assets:

Fixed assets are stated at cost net of recoverable taxes and includes inward freight, duties & taxes and incidental expenses related to the acquisition.

[4] Leased Assets:

a. Operating Leases: Rentals are expensed with reference to lease terms and other considerations.

b. Finance Leases: There are no finance lease contracts during the reporting period.

[5] Intangible Assets:

Intangible assets, if any, are stated at cost of acquisition less accumulated amortisation.

[6] Depreciation:

Depreciation on fixed assets is provided to the extent of depreciable amount on written down value method (WDV) at the rates and in the manner prescribed in Schedule XIV to the Companies Act, 1956 over their useful life. As there are no items of finance leased assets and intangible assets, no depreciation is provided thereon.

[7] Impairment of Assets:

An asset is treated as impaired when the carrying cost of asset exceeds its recoverable value. An impairment loss is charged to the Profit and Loss Account in the year in which an asset is identified as impaired. The impairment loss recognised in prior accounting period is reversed if there has been a change in the estimate of recoverable amount. In the opinion of management, there are no items of impaired assets on the reporting date.

[8] Foreign Exchange Transactions:

a. Transactions denominated in foreign currencies are recorded at the exchange rate prevailing on the date of the transaction or that approximates the actual rate at the date of the transaction.

b. Monetary items denominated in foreign currencies at the year end are restated at year end rates. In case of items which are covered by forward exchange contracts, the difference between the year end rate and rate on the date of the contract is recognised as exchange difference and the premium paid on forward contracts is recognised over the life of the contract.

c. Non monetary foreign currency items are carried at cost.

d. Any income or expense on account of exchange difference either on settlement or on translation is recognised in the profit and loss account except in case of long term liabilities, where they relate to acquisition of fixed assets, in which case they are adjusted to the carrying cost of such assets.

[9] Investments:

The company classifies its investments in shares of listed and unlisted companies into the Long term investments and Current Investments. The Long term investments are stated at Cost Price. Provision for diminution in the value of long-term investments is made only if such a decline is other than temporary. The Current investments are carried at lower of cost or quoted/fair value.

[10] Inventories:

Inventories consist of equity shares of companies held by the assessee for the trading purpose. As informed to us & on the basis of test checks applied, we are of the opinion that the inventories are valued at cost price by following the FIFO method of valuation. In respect of Closing Stock, we have relied upon the certificate given by the assessee both as to Quantity and its valuation.

[11] Revenue Recognisation:

In appropriate circumstances Revenue (Income) is recognized when no significant uncertainly as to measurability or collect ability exists.

[12] Employee Benefits:

a. Short-term employee benefits are recognised as an expense at the undiscounted amount in the profit and loss account of the year in which the related service is rendered.

b. Post employment and other long term employee benefits are recognised as an expense in the profit and loss account for the year in which the employee has rendered services. The expense is recognised at the present value of the amounts payable determined using actuarial valuation techniques. Actuarial gains and losses in respect of post employment and other long term benefits are charged to the profit and loss account.

c. In respect of employees stock options, the excess of fair price on the date of grant over the exercise price is recognised as deferred compensation cost amortised over the vesting period.

[13] Borrowing Cost:

Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalised as part of the cost of such assets. A qualifying asset is one that necessarily takes substantial period of time to get ready for intended use. All other borrowing costs are charged to profit and loss account.

[14] Provision for Current Tax and Deferred 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 taxable and accounting income is accounted for using the tax rates and laws that are enacted or substantively enacted as on the balance sheet date. The deferred tax asset is recognised and carried forward only to extent that there is a virtual certainty that the asset will be realised in future.

[15] Provision, Contingent Liabilities and Contingent Assets:

Provisions involving substantial degree of estimation in measurement are recognised when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent Liabilities, if any, are not recognised but are disclosed in the notes. Contingent Assets are neither recognised nor disclosed in the financial statements.

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Mar 31, 2013

[1] Accounting Convention:

a. The company follows the Mercantile system of accounting and recognizes income and expenditure on accrual basis except in case of significant uncertainties.

b. Financial Statements are based on historical cost. These costs are not adjusted to reflect the impact of changing value in the purchasing power of money.

c. The Accounts are prepared on accounting principal of "Going Concern".

[2] Use of Estimates:

The preparation of financial statements requires estimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Difference between the actual results and estimates are recognised in the period in which the results are known/ materialised.

[3] Owned Fixed Assets :

Fixed assets are stated at cost net of recoverable taxes and includes inward freight, duties & taxes and incidental expenses related to the acquisition.

[4] Leased Assets:

a. Operating Leases: Rentals are expensed with reference to lease terms and other considerations.

b. Finance Leases: There are no finance lease contracts during the reporting period.

[5] intangible Assets:

Intangible assets, if any, are stated at cost of acquisition less accumulated amortisation.

[6] Depreciation :

Depreciation on fixed assets is provided to the extent of depreciable amount on written down value method (WDV) at the rates and in the manner prescribed in Schedule XIV to the Companies Act, 1956 over their useful life. As there are no items of finance leased assets and intangible assets, no depreciation is provided thereon.

[7] Impairment of Assets:

An asset is treated as impaired when the carrying cost of asset exceeds its recoverable value. An impairment loss is charged to the Profit and Loss Account in the year in which an asset is identified as impaired. The impairment loss recognised in prior accounting period is reversed if there has been a change in the estimate of recoverable amount. In the opinion of management, there are no items of impaired assets on the reporting date.

[8] Foreign Exchange Transactions:

a. Transactions denominated in foreign currencies are recorded at the exchange rate prevailing on the date of the transaction or that approximates the actual rate at the date of the transaction.

b. Monetary items denominated in foreign currencies at the year end are restated at year end rates. In case of items which are covered by forward exchange contracts, the difference between the year end rate and rate on the date of the contract is recognised as exchange difference and the premium paid on forward contracts is recognised over the life of the contract.

c. Non monetary foreign currency items are carried at cost.

d. Any income or expense on account of exchange difference either on settlement or on translation is recognised in the profit and loss account except in case of long term liabilities, where they relate to acquisition of fixed assets, in which case they are adjusted to the carrying cost of such assets.

[9] Investments:

The company classifies its investments in shares of listed and unlisted companies into the Long term investments and Current Investments. The Long term investments are stated at Cost Price. Provision for diminution in the value of long-term investments is made only if such a decline is other than temporary. The Current investments are carried at lower of cost or quoted/ fair value..

[10] Inventories:

Inventories consist of equity shares of companies held by the assessee for the trading purpose. As informed to us & on the basis of test checks applied, we are of the opinion that the inventories are valued at cost price by following the FIFO method of valuation. In respect of Closing Stock, we have relied upon the certificate given by the assessee both as to Quantity and its valuation.

[11] Revenue Recognisation:

In appropriate circumstances Revenue (Income) is recognized when no significant uncertainly as to measurability or collect ability exists.

[12] Employee Benefits:

a. Short-term employee benefits are recognised as an expense at the undiscounted amount in the profit and loss account of the year in which the related service is rendered.

b. Post employment and other long term employee benefits are recognised as an expense in the profit and loss account for the year in which the employee has rendered services. The expense is recognised at the present value of the amounts payable determined using actuarial valuation techniques. Actuarial gains and losses in respect of post employment and other long term benefits are charged to the profit and loss account.

c. In respect of employees stock options, the excess of fair price on the date of grant over the exercise price is recognised as deferred compensation cost amortised over the vesting period.

[13] Borrowing Cost:

Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalised as part of the cost of such assets. A qualifying asset is one that necessarily takes substantial period of time to get ready for intended use. All other borrowing costs are charged to profit and loss account.

[14] Provision for Current Tax and Deferred 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 taxable and accounting income is accounted for using the tax rates and laws that are enacted or substantively enacted as on the balance sheet date. The deferred tax asset is recognised and carried forward only to extent that there is a virtual certainty that the asset will be realised in future.

[15] Provision, Contingent Liabilities and Contingent Assets:

Provisions involving substantial degree of estimation in measurement are recognised when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent Liabilities, if any, are not recognised but are disclosed in the notes. Contingent Assets are neither recognised nor disclosed in the financial statements.

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Mar 31, 2012

[1] Accounting Convention:

a. The company follows the Mercantile system of accounting and recognizes income and expenditure on accrual basis except in case of significant uncertainties.

b. Financial Statements are based on historical cost. These costs are not adjusted to reflect the impact of chanqinq value in the purchasing power of money.

c The Accounts are prepared on accounting principal of "Going Concern".

[2] Use of Estimates :

The preparation of financial statements requires estimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Difference between the actual results and estimates are recoanised in the Deriod in which the results are known/ materialised.

[3] Owned Fixed Assets :

Fixed assets are stated at cost net of recoverable taxes and includes inward freight, duties & taxes and incidental expenses related to the acquisition.

[4] Leased Assets:

a. Operating Leases: Rentals are expensed with reference to lease terms and other considerations.

b. Finance Leases: There are no finance lease contracts during the reporting period.

[5] Intangible Assets :

Intangible assets, if any, are stated at cost of acquisition less accumulated amortisation.

[6] Depreciation :

Depreciation on fixed assets is provided to the extent of depreciable amount on written down value method (WDV) at the rates and in the manner prescribed in Schedule XIV to the Companies Act, 1956 over their useful life. As there are no items of finance leased assets and intangible assets, no depreciation is provided thereon.

[7] Impairment of Assets :

An asset is treated as impaired when the carrying cost of asset exceeds its recoverable value. An impairment loss is charged to the Profit and Loss Account in the year in. which an asset is identified as impaired. The impairment loss recognised in prior accounting period is reversed if there has been a change in the estimate of recoverable amount. In the opinion of management, there are no items of impaired assets on the reoortina date.

[8] Foreign Exchange Transactions :

a. Transactions denominated in foreign currencies are recorded at the exchange rate prevailing on the date of the transaction or that approximates the actual rate at the date of the transaction.

b. Monetary items denominated in foreign currencies at the year end are restated at year end rates. In case of items which are covered by forward exchange contracts, the difference between the year end - rate and rate on the date of the contract is recognised as exchange difference and the premium paid on forward contracts is recoanised over the life of the contract.

c. Non monetary foreign currency items are carried at cost.

d. Any income or expense on account of exchange difference either on settlement or on translation is recognised in the profit and loss account except in case of long term liabilities, where they relate to acquisition of fixed assets, in which case they are adjusted to the carrying cost of such assets.

[9] Investments:

The company classifies its investments in shares of listed and unlisted companies into the Long term investments and Current Investments. The Long term investments are stated at Cost Price. Provision for diminution in the value of long-term investments is made only if such a decline is other than temporary. The Current investments are carried at lower of cost or quoted/ fair value..

[10] Inventories:

Inventories consist of equity shares of companies held by the assessee for the trading purpose. As informed to us & on the basis of test checks applied, we are of the opinion that the inventories are valued at cost price by following the FIFO method of valuation. In respect of Closing Stock, we have relied upon the certificate aiven bv the assessee both as to Ouantitv and its valuation.

[11] Revenue Recognisation :

In appropriate circumstances Revenue (Income) is recognized when no significant uncertainly as to measurability or collect ability exists.

[12] Employee Benefits:

a. Short-term employee benefits are recognised as an expense at the undiscounted amount in the profit and loss account of the year in which the related service is rendered.

b. Post employment and other long term employee benefits are recognised as an expense in the profit and loss account for the year in which the employee has rendered services. The expense is recognised at the present value of the amounts payable determined using actuarial valuation techniques. Actuarial gains and losses in respect of post employment and other long term benefits are charoed to the nrofit and loss account.

c. In respect of employees stock options, the excess of fair price on the date of grant over the exercise price is recognised as deferred compensation cost amortised over the vesting period.

[13] Borrowing Cost:

Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalised as part of the cost of such assets. A qualifying asset is one that necessarily takes substantial period of time to qet readv for intended use. All other borrowmq costs are charqed to orofit and loss account.

[14] Provision for Current Tax and Deferred 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 taxable and accounting income is accounted for using the tax rates and laws that are enacted or substantively enacted as on the balance sheet date. The deferred tax asset is recognised and carried forward only to extent that there is a virtual certainty that the asset will be realised in future.

[15] Provision, Contingent Liabilities and Contingent Assets :

Provisions involving substantial degree of estimation in measurement are recognised when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent Liabilities, if any, are not recognised but are disclosed in the notes. Contingent Assets are neither recognised nor disclosed in the financial statements.

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Mar 31, 2010

[1] Accounting Convention:

a. The company follows the Mercantile system of accounting and recognizes income and expenditure . on accrual basis except in case of significant uncertainties.

b. Financial Statements are based on historical cost. These costs are not adjusted to reflect the impact of changing value in the purchasing power of money.

c. The Accounts are prepared on accounting principal of "Going Concern".

[2] Use of Estimates:

The preparation of financial statements requires estimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the financial statements and the reported amount o revenues and expenses during the reporting period. Difference between the actual results and estimates are recognised in the period in which the results are known/ materialised.

[3] Owned Fixed Assets:

Fixed assets are stated at cost of acquisition inclusive of inward freight, duties & taxes and incidenta expenses related to the acquisition.

[4] Leased Assets:

a. Operating Leases: Rentals are expensed with reference to lease terms and other considerations.

b. Finance Leases: There are no finance lease contracts during the reporting period.

[5] Intangible Assets:

Intangible assets, if any, are stated at cost of acquisition less accumulated amortisation.

[6] Depreciation :

Depreciation on fixed assets is provided on straight line method (SLM) at the rates and in the mannei prescribed in Schedule XIV to the Companies Act, 1956 over their useful life. As there are no items of finance leased assets and intangible assets, no depreciation is provided thereon.

[7] Impairment of Assets:

An asset is treated as impaired when the carrying cost of asset exceeds its recoverable value. An impairment loss is charged to the Profit and Loss Account in the year in which an asset is identified as impaired. The impairment loss recognised in prior accounting period is reversed if there has been a change in the estimate of recoverable amount. In the opinion of management, there are no items of impaired assets on the reportinc date.

[8] Foreign Exchange Transactions:

a. Transactions denominated in foreign currencies are recorded at the exchange rate prevailing on the date of the transaction or that approximates the actual rate at the date of the transaction.

b. Monetary items denominated in foreign currencies at the year end are restated at year end rates. Ir case of items which are covered by forward exchange contracts, the difference between the year enc rate and rate on the date of the contract is recognised as exchange difference and the premium paic on forward contracts is recognised over the life of the contract.

c. Non monetary foreign currency items are carried at cost.

d. Any income or expense on account of exchange difference either on settlement or on translation is recognised in the profit and loss account except in case of long term liabilities, where they relate tp acquisition of fixed assets, in which case they are adjusted to the carrying cost of such assets.

[9] Investments:

The company classifies its investments in shares of listed and unlisted companies into the Long term investments and Current Investments. The Long term investments are stated at Cost Price. Provision for. diminution in the value of long-term investments is made only if such a decline is other than temporary. The. Current investments are carried at lower of cost or quoted/ fair value..

[10] Inventories:

Inventories consist of equity shares of companies held by the assessee for the trading purpose. As informed to us & on the basis of test checks applied, we are of the opinion that the inventories are valued at cost price. by following the FIFO method of valuation. In respect of Closing Stock, we have relied upon the certificate. given by the assessee both as to Quantity and its valuation.

[11] Revenue Recognisation :

In appropriate circumstances Revenue (Income) is recognized when no significant uncertainly as tt measurability or collect ability exists.

[12] Employee Benefits:

a. Short-term employee benefits are recognised as an expense at the undiscounted amount in the profit and loss account of the year in which the related service is rendered.

b. Post employment and other long term employee benefits are recognised as an expense in the profit. and loss account for the year in which the employee has rendered services. The expense is recognised at the present value of the amounts payable determined using actuarial valuation techniques. Actuaria gains and losses in respect of post employment and other long term benefits are charged to the profit" and loss account.

c. In respect of employees stock options, the excess of fair price on the date of grant over the exercise. price is recognised as deferred compensation cost amortised over the vesting period.

[13] Borrowing Cost::

Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalised at part of the cost of such assets. A qualifying asset is one that necessarily takes substantial period of time to qet ready for intended use. All other borrowing costs are charged to profit and loss account.

[14] Provision for Current Tax and Deferred Tax :

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

[15] Provision, Contingent Liabilities and Contingent Assets:

Provisions involving substantial degree of estimation in measurement are recognised when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent: Liabilities, if any, are not recognised but are disclosed in the notes. Contingent Assets are neither recognise nor disclosed in the financial statements.

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Mar 31, 2009

[1] Accounting Convention :

a. The company follows the Mercantile system of accounting and recognizes income and expenditure on accrual basis except in case of significant uncertainties.

b. Financial Statements are based on historical cost. These costs are not adjusted to reflect the impact of changing value in the purchasing power of money.

c. The Accounts are prepared on accounting principal of "Going Concern".

[2] Use of Estimates :

The preparation of financial statements requires estimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Difference between the actual results and estimates are recognised in the period in which the results are known/ materialised.

[3] Owned Fixed Assets :

Fixed assets are stated at cost of acquisition inclusive of inward freight, duties & taxes and incidental expenses related to the acquisition.

[4] Leased Assets:

a. Operating Leases: Rentals are expensed with reference to lease terms and other considerations.

b. Finance Leases: There are no finance lease contracts during the reporting period.

[5] Intangible Assets :

Intangible assets, if any, are stated at cost of acquisition less accumulated amortisation.

[6] Depreciation :

Depreciation on fixed assets is provided on straight line method (SLM) at the rates and in the manner prescribed in Schedule XIV to the Companies Act, 1956 over their useful life. As there are no items of finance leased assets and intangible assets, no depreciation is provided thereon.

[7] Impairment of Assets :

An asset is treated as impaired when the carrying cost of asset exceeds its recoverable value. An impairment loss is charged to the Profit and Loss Account in the year in which an asset is identified as impaired. The impairment loss recognised in prior accounting period is reversed if there has been a change in the estimate of recoverable amount. In the opinion of management, there are no items of impaired assets on the reporting date.

[8] Foreign Exchange Transactions :

a. Transactions denominated in foreign currencies are recorded at the exchange rate prevailing on the date of the transaction or that approximates the actual rate at the date of the transaction.

b. Monetary items denominated in foreign currencies at the year end are restated at year end rates. In case of items which are covered by forward exchange contracts, the difference between the year end rate and rate on the date of the contract is recognised as exchange difference and the premium paid on forward contracts is recognised over the life of the contract.

c. Non monetary foreign currency items are carried at cost.

d. Any income or expense on account of exchange difference either on settlement or on translation is recognised in the profit and loss account except in case of long term liabilities, where they relate to acquisition of fixed assets, in which case they are adjusted to the carrying cost of such assets.

[9] Investments:

The company classifies its investments in shares of listed and unlisted companies into the Long term investments and Current Investments. The Long term investments are stated at Cost Price. Provision for diminution in the value of long-term investments is made only if such a decline is other than temporary. The Current investments are carried at lower of cost or quoted/ fair value..

[10] Inventories:

The company is a non banking finance company holding membership of BSE Ltd. It is engaged in the business of finance and investments activities. As certified by the management, there are no items of inventory held by the company as on 31.03.2009.

[11] Revenue Recognisation :

In appropriate circumstances Revenue (Income) is recognized when no significant uncertainly as to measurability or collect ability exists.

[12] Employee Benefits:

a. Short-term employee benefits are recognised as an expense at the undiscounted amount in the profit and loss account of the year in which the related service is rendered.

b. Post employment and other long term employee benefits are recognised as an expense in the profit and loss account for the year in which the employee has rendered services. The expense is recognised at the present value of the amounts payable determined using actuarial valuation techniques. Actuarial gains and losses in respect of post employment and other long term benefits are charged to the profit and loss account.

c. In respect of employees stock options, the excess of fair price on the date of grant over the exercise price is recognised as deferred compensation cost amortised over the vesting period.

[13] Borrowing Cost:

Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalised as part of the cost of such assets. A qualifying asset is one that necessarily takes substantial period of time to qet ready for intended use. All other borrowinq costs are charqed to profit and loss account.

[14] Provision for Current Tax and Deferred 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 taxable and accounting income is accounted for using the tax rates and laws that are enacted or substantively enacted as on the balance sheet date. The deferred tax asset is recognised and carried forward only to extent that there is a virtual certainty that the asset will be realised in future.

[15] Provision, Contingent Liabilities and Contingent Assets:

Provisions involving substantial degree of estimation in measurement are recognised when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent Liabilities, if any, are not recognised but are disclosed in the notes. Contingent Assets are neither recognised nor disclosed in the financial statements.