ATLAS & UNION JUTE PRESS CO. LTD.

Schedules forming part of Balance Sheet and Profit & Loss Account as at and for the year
ended 31st March 2009

SCHEDULE L: Significant Accounting Policies & Notes to Accounts

A) SIGNIFICANT ACCOUNTING POLICIES

1. Basis of Accounting: Accounts have been prepared on a Going Concern basis, to
comply in all material respects with the relevant provisions of the Companies Act
1956 and the Accounting Standards issued by the Institute of Chartered Accountants
of India.

2. Revenue Recognition: Income and expenditure is generally recognized on accrual

3. Fixed Assets: Fixed assets are stated at cost less accumulated depreciation. Cost
includes purchase value and all incidental expenses of bringing the asset to the
situation and condition for its intended use.

4. Depreciation: Depreciation is charged on the written down value method at the rates
prescribed Schedule XIV of the Companies Act, 1956.

5. Investments: Investments are treated as long term and valued at cost. Provision for
diminution in value of such investments is made only if the diminution is not
temporary in view of, and to the extent of information available with, the
management.

6. Inventories: Inventories are stated at lower of cost or net realizable value.

7. Retirement Benefits: The Company has provided for gratuity liability to employee
through the Group Gratuity Scheme of the LIC.

8. Taxes on Income: Provision for Income tax and Fringe Benefit Tax is made in
accordance with the applicable provisions of the Income-tax Act 1961.
Deferred tax is accounted for based on the timing difference in recognition of
accounting taxable income that arises in one period and is capable of reversal in one
or more subsequent periods. Deferred tax liability is accounted for so far it is, in view
of the management, material in nature. Deferred tax assets are not accounted for
unless there is certainty of their realization in future.

9. Contingent Liabilities & Events occurring after the balance sheet date: These
have been disclosed, where necessary, at appropriate places in the notes to accounts.
B) NOTES TO ACCOUNTS:

1. The Company has applied for delisting of their equity shares with Delhi Stock
exchange. Since there has been no future communication with the said exchange
in this connection the company has deemed that their shares are delisted.

2. The Company has paid an amount of Rs.20,000 (Rs.20,000/-) to the LIC towards
Group Gratuity during the year in respect of its employees.

3. Deferred tax- No deferred tax is accounted for since in the company had no
material deferred tax assets or liabilities as at the year end in accordance with
Accounting Standard 22.

4. Balances of Sundry Debtors & Sundry creditors are subject to confirmation by

respective parties

5. Audit Fees include fees for Statutory Audit Rs.4412/- (Rs.4490/-) & for other
services Rs.2206/- (Rs.2245-)

6. Suit against Chandpur Jute Company Ltd. For loan dues amounting to
Rs.19,98,434/- had been decreed in favour of the company. However the decree is
yet to be executed in favour of the company. Pending execution the interest
receivable on loan since 1963 has not been ascertained. On mutual agreement the
interest on loan w.e.f. 01/07/1988 had been waived

7. Quantitative information as required by part II of Schedule VI to the Company

Act 1956 : Sarees (in Nos.)

Particulars 2008-09 2007-08

Opening Stock 347 268
Purchases 154 567
Sales 336 488
Closing Stock 165 347

8. Earning per Shares (EPS) In accordance with the Accounting Standard 20 on

Earning per Shares issued by the Institute of Chartered Accounting of India, the
EPS is worked out as follows:
 2008-09 2007-08

Net profit after tax (in Rs.) 957247 108429

Avg. No. of Equity Shares 150000 132524
Nominal Value per shares (in Rs.) 10 10
Earning per Share (in Rs.) 6.38 0.82
[Basic/ Diluted]

9. Sundry Creditors include dues to SSI Units Rs. NIL (Rs. NIL) in accordance with
the information regarding its suppliers available with the Company.

10. Previous years figures have been regrouped/ rearranged where necessary. Figures
in brackets where disclosed show previous years figures.

In terms of our Report of even date

For & on behalf of For & on behalf of the Board

S.B.Dandeker & Co.

Chartered Accountants
D
I
R
(Kedarashish Bapat) E
Partner C
T
O
M.N. 057903 R

S
Place: Kolkata
Date: 1st June, 2009