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Notes to Accounts of Atlanta Ltd.

Mar 31, 2015

1. *Amortization of BOT Rights is provided in accordance with F.No.17/60/2012 CL -V dated March 31,2014 issued by the Ministry of Corporate Affairs for fixing the amortization rates for non-current assets being BOT Tolling Assets. The Company has computed amortization in accordance with the new Schedule II order.

2. Expenditure on EPC contracts

The Company, following the principle of prudence, conservatism and matching principle of cost and revenue in an EPC contract for Engineering, Designing, Procuring and Construction of road project at Mohania-Ara (Bihar), Ropar (Punjab) and Nagpur(Maharashtra) provides for expenditure on such contract so that profit from the contract is accrued proportionately in relation to the physical progress of the work throughout the contract. In view thereof, in this account an amount of Rs. 40,55,11,473 (net of previous year's provision of Rs. 1,79,49,92,040) has been adjusted in the Operating expenses.

3. PRIOR PERIOD ADJUSTMENTS

There are no prior period adjustments.

4. In the opinion of the management, the current assets, loans and advances and current liabilities are approximately stated if realized in the ordinary course of business. The balances of debtors, creditors and loans & advances are subject to confirmation and reconciliation. if any. The provisions for all other liabilities are adequate and not in excess of the amount reasonably necessary.

5. Segment information

The Company is engaged in the business of contracting activities i.e. construction and development of infrastructure. The entire operations are governed by the same set of risk and rewards and therefore the same has been considered as representing single primary business segment. The Company operates within a single geographical segment i.e. India. In view of this, the disclosure requirements of Accounting Standards (AS-17) "Segment Reporting" issued by the Institute of Chartered Accountants of India are not applicable.

6. Impairment of assets

There was no impairment Loss on fixed assets on the basis of review carried out by the Management in accordance with the Accounting Standards - (AS-28) "Impairment of Assets" issued by the Institute of Chartered Accountants of India.

7. Disclosures of related parties transactions

As per the Accounting Standards (AS-18) "Related Party Disclosure" issued by the Institute of Chartered Accountants of India, the disclosure of transactions with related parties as defined in the Accounting Standards for the period ended March 31, 2015 is given below:

A List of related parties

i Key Management Personnel and their relatives:

Rajhoo Bbarot - Chairman & Managing Director

Rikiin R. Bbarot - Joint Managing Director

Bhavana R. Bbarot

Pooja R. Bbarot

Ridhima M. Doshi

Rajhoo A. Bbarot - HUF

Ambalal P. Barot - HUF

ii Partnership firms and joint ventures:

ABT Developers

Atlanta Thakural Constructions

Shreenath Builders

AAP Constructions

Atlanta-ARSS Joint Venture

ARSS-Atlanta Joint Venture

iii Subsidiaries:

Atlanta Coalmines Private Limited

Atlanta Energy Private Limited

Atlanta Hotels Private Limited

Atlanta Recycling Company Private Limited

Atlanta Tourism Ventures Limited

Atlanta Infra Assets Limited

Atlanta Ropar Tollways Private Limited

MORA Tollways Limited

Northeast Tollways Private Limited

iv Associate Companies:

Lucknow Varanasi Tollways Private Limited

v Enterprises over which Key Management Personnel is able to exercise significant influence:

Atul Raj Builders Private Limited

Vaikuntam Realty Private Limited

Shrikant Studios Private Limited

(As identified and certified by the Management and relied upon by the auditors, for details of transactions (excluding reimbursement) entered into with the related parties refer Annexure - 1)

8. In the opinion of the Board, except otherwise stated all assets other than fixed assets and non current investments, have a realisable value in the ordinary course of business which is not different from the amount at which it is stated. The provision for current liabilities and other liabilities is adequate and not in excess of amount reasonably necessary.

9. The Company has regrouped/reclassified the previous year figures whereever necessary to conform the current year presentation.


Mar 31, 2014

A Corporate profile

Atlanta Limited (referred to as "the company") and its subsidiaries are engaged in the business of Infrastructure development Engineering, Procurement and Construction (EPC) contracts, Public, Private Partnership (PPP Model on Build Operate and Transfer (BOT) and Design, Build, Finance, Operate and Transfer (DBFOT) basis. Infrastructure Development activities include, inter-alia, Construction of Roads, Highways, Bridges and Runways on Build Operate and Transfer (BOT) and Design, Build, Finance, Operate and Transfer (DBFOT) basis. The company is also involved in Real Estate Development, Tourism, infrastructure business and Mining of coal, lime stones etc.

1.1 Equity shares

The company has one class of equity share having a face value of Rs. 2/- each. Each shareholder is eligible for one vote per share held. In the event of liquidation of the company, the equity shareholders are eligible to receive the remaining assets of the company after distribution of all preferential amounts, in proportion to their shareholding.

1.2 Preference shares

a) 25% Cumulative Redeemable Non-Convertible Preference Shares of face value of Rs. 10/- each were issued at a premium of Rs. 40/- each as under:-

i) 10,00,000 shares were issued on 28th March, 2005 ii) 15,00,000 shares were issued on 28th November, 2005 Total 25,00,000 shares

b) These shares are redeemable after 15 years or at any time at the sole discretion of the company at Rs. 50/- per share

c) The said preference shares have a lock-in-period of 15 years

d) Preference Share holders have right to vote if and only if any, under following situation:-

i) No dividend is paid for two years successively, or

ii) No dividend is paid for a period of three years out of a block of six years

1.3 The company has not granted any options to its employees under employees stock options scheme (ESOP) since inception.

1.4 General Reserve has been created in terms of companies (Transfer of Profits to Reserves) Rules, 1975 and is bound by the Rules in connection therewith.

1.5 In the 29th Annual General Meeting of the Company held on 28th September, 2012, the Shareholders did not approve the dividend proposed by Board of Directors for the financial year 2011-12 amounting to Rs. 1,63,00,000/-. Hence, the proposed dividend and tax on dividend thereon aggregating to Rs. 1,89,44,268/- has been reversed in the accounts for the financial year ended March 31, 2013.

1.6 Long Term Borrowings Secured by:

Term Loan from Allahabad Bank is secured by exclusive first charge by way of assignment of all the rights, title, interest and benefits whatsoever of the company relating to Mumbra By-pass BOT-Project and securitization of entire toll receivable of Mumbra By-Pass through Escrow mechanism.

Loan from Life Insurance Corporation of India Ltd is secured against the surrender value of key man insurance policies of the Directors assigned in favor of company.

Loan against pledge of shares are secured by pledge of promoter/promoter group''s equity shares of Atlanta Ltd for due payment of loan together with all interest ,liquidated damages,costs,charges and other money payable under the loan agreements.

1.7 The company, following the principle of prudence, conservatism and matching principle of cost and revenue in an EPC contract for Engineering, Designing, Procuring and Construction of road projects at Nagpur, Ropar and Patna, provides for expenditure on such contract so that profit from the contract is accrued proportionately in relation to the physical progress of the work throughout the contract. In view thereof, long term provision includes year end closing provision ofRs. 1,794,992,040/- (previous year Rs. 101,97,06,857/-).

2.1 *Amortization of BOT Rights is provided in accordance with F.No.17/292/2011 CL -V dated 17th April, 2012 issued by the Ministry of Corporate Affairs for fixing the amortization rates for noncurrent assets being BOT Tolling Assets. The company has computed amortization in accordance with the new Schedule XIV order.

2.2 Expenditure on EPC contracts

The company, following the principle of prudence, conservatism and matching principle of cost and revenue in an EPC contract for Engineering, Designing, Procuring and Construction of road project at Mohania - Ara (Bihar), Ropar (Punjab) and Nagpur provides for expenditure on such contract so that profit from the contract is accrued proportionately in relation to the physical progress of the work throughout the contract. In view thereof, in this account an amount of Rs. 77,52,85,182/- (net of previous year''s provision of Rs. 100,16,48,514/-) has been adjusted in the Operating expenses.

2.3 No provision has been made in respect of Leave Encashment, as the employees of the company are required to utilize their entitlement of earned leave before the end of the financial year.

(Amount in Rs.)

3 Contingent liabilities and commitments (to the extent not provided for) March 31, 2014 March 31, 2013

(i) Contingent liabilities

a. Corporate guarantee given to bank and financial Institution on behalf of a 2,500,000,000 2,500,000,000 subsidiary company

b. Guarantees on behalf of Company given by Banks to Contracting Authorities. 520,025,000 898,031,457

c. Disputed Income Tax Liability 406,495,900 121,369,260

(ii) Commitments

a. Estimated amount of contracts remaining to be executed on capital account and Nil Nil not provided for

b. Uncalled liability on shares and other investments partly paid Nil Nil

c. Other commitments (specify nature) Nil Nil

4 In the opinion of the management, the current assets, loans and advances and current liabilities are approximately stated if realized in the ordinary course of business. The balances of debtors, creditors and loans & advances are subject to confirmation and reconciliation. if any. The provisions for all other liabilities are adequate and not in excess of the amount reasonably necessary.

5 Segment information_

The company is engaged in the business of contracting activities i.e. construction and development of infrastructure. The entire operations are governed by the same set of risk and rewards and therefore the same has been considered as representing single primary business segment. The company operates within a single geographical segment i.e. India. In view of this, the disclosure requirements of Accounting Standards (AS-17) "Segment Reporting" issued by the Institute of Chartered Accountants of India are not applicable.

6 Impairment of assets

There was no impairment Loss on fixed assets on the basis of review carried out by the Management in accordance with the Accounting Standards (AS-28) "Impairment of Assets" issued by the Institute of Chartered Accountants of India.

7 Disclosures of related parties transactions_

As per the Accounting Standards (AS -18) "Related Party Disclosure" issued by the Institute of Chartered Accountants of India, the disclosure of transactions with related parties as defined in the Accounting Standards for the period ended 31st March, 2014 is given below:

A List of related parties i Key Management Personnel and their relatives:

Rajhoo Bbarot - Chairman & Managing Director Rikiin R. Bbarot - Joint Managing Director Bhavana R. Bbarot Pooja R. Bbarot Ridhima M. Doshi Rajhoo A. Bbarot - HUF Ambalal P. Barot - HUF ii Partnership firms and joint ventures: ABT Developers Atlanta Thakural Constructions Shreenath Builders AAP Constructions Atlanta-ARSS Joint Venture ARSS-Atlanta Joint Venture

iii Subsidiaries:

Atlanta Coalmines Pvt. Ltd. Atlanta Energy Pvt. Ltd. Atlanta Hotels Pvt. Ltd. Atlanta Recycling Company Pvt. Ltd. Atlanta Tourism Ventures Ltd. Atlanta Infra Assets Ltd. Atlanta Ropar Tollways Pvt. Ltd. MORA Tollways Ltd.

iv Associate Companies:

Lucknow Varanasi Tollways Pvt. Ltd. v Enterprises over which Key Management Personnel is able to exercise significant influence: Atul Raj Builders Pvt. Ltd. Vaikuntam Realty Pvt. Ltd. Shrikant Studios Pvt. Ltd.

(As identified and certified by the Management and relied upon by the auditors, for details of transactions (excluding reimbursement) entered into with the related parties refer Annexure - 1)

8 In the opinion of the Board, except otherwise stated all assets other than fixed assets and non current investments, have a realisable value in the ordinary course of business which is not different from the amount at which it is stated. The provision for current liabilities and other liabilities is adequate and not in excess of amount reasonably necessary.

9 The company has regrouped/reclassified the previous year figures whereever necessary to conform the current year presentation.


Mar 31, 2013

1 Prior period adjustments

Prior period adjustments of Rs. 11,91,05,334/- is in respect of reversal of interest income on capital with a partnership firm. The partners of the firm mutually agreed to discontinue the interest charged on partners'' capital. Accordingly amount of Rs. 11,91,05,334/- being interest on capital from the said firm pertaining to earlier years have been written back during the year.

2 In the opinion of the Management, the Current Assets, Loans and Advances and Current Liabilities are approximately stated if realized in the ordinary course of business. The balances of debtors, creditors and loans & advances are subject to confirmation and reconciliation. if any. The provisions for all other liabilities are adequate and not in excess of the amount reasonably necessary.

3 Segment Information

The Company is engaged in the business of contracting activities i.e. construction and development of infrastructure. The entire operations are governed by the same set of risk and rewards and therefore the same has been considered as representing single primary business segment. The Company operates within a single geographical segment i.e. India. In view of this, the disclosure requirements of Accounting Standards (AS-17) "Segment Reporting" issued by the Institute of Chartered Accountants of India are not applicable.

4 Impairment of Assets

There was no impairment Loss on fixed assets on the basis of review carried out by the Management in accordance with the Accounting Standards AS-28 "Impairment of Assets" issued by the Institute of Chartered Accountants of India.

5 Disclosures of Related Parties Transactions

As per the Accounting Standards AS - 18 "Related Party Disclosure" issued by the Institute of Chartered Accountants of India, the

disclosure of transactions with related parties as defined in the Accounting Standards for the period ended 31st March, 2013 is given

below: A List of Related Parties i Key Management Personnel and their Relatives:

Rajhoo Bbarot - Managing Director

Rikiin R. Bbarot- Executive Director

Bhavana R. Bbarot

Pooja R. Bbarot

Ridhima M. Doshi

Rajhoo A. Bbarot - HUF

Ambalal P. Barot - HUF ii Partnership Firms and Joint Ventures:

ABT Developers

Atlanta Thakural Constructions

Shreenath Builders

AAP Constructions

Atlanta-ARSS Joint Venture

ARSS-Atlanta Joint Venture iii Subsidiaries:

Atlanta Coalmines Pvt. Ltd.

Atlanta Energy Pvt. Ltd.

Atlanta Hotels Pvt. Ltd. (formerly known as Atlanta Nature Homes Pvt. Ltd.)

Atlanta Recycling Company Pvt. Ltd.

Atlanta Tourism Ventures Ltd. (formerly known as Atlanta Urban Infrastructure Projects Pvt. Ltd.)

Atlanta Infra Assets Ltd. (formerly known as Balaji Toll Ways Ltd.)

Atlanta Ropar Tollways Pvt. Ltd. (formerly known as ARSS Action Ropar Tollway Pvt. Ltd.)

MORA Tollways Ltd. iv Associate Companies:

Lucknow Varanasi Tollways Pvt. Ltd. v Enterprises over which Key Management Personnel is able to exercise significant influence:

Atul Raj Builders Pvt. Ltd.

Vaikuntam Realty Pvt. Ltd.

Shrikant Studios Pvt. Ltd.

(As identified and certified by the Management and relied upon by the auditors, for details of transactions (excluding reimbursement) entered into with the related parties refer Annexure - 1).

6 The Company has regrouped/reclassified the previous year figures wherever necessary to conform the current year presentation.


Mar 31, 2012

I Corporate Profile

Atlanta Limited (referred to as "the Company") and its subsidiaries are engaged in the business of Infrastructure development on Engineering, Procurement and Construction (EPC) basis and Public Private Partnership (PPP) Model on Build, Operate and Transfer (BOT) and Design, Build, Finance, Operate and Transfer (DBFOT) basis. Infrastructure Development activities include, inter-alia, construction of Road, Highways, Bridges and Runways on Build, Operate and Transfer (BOT) and Design, Build, Finance, Operate and Transfer (DBFOT) basis. The Company is also involved in Real Estate Development, Tourism infrastructure business segment and Mining of coal, lime stones.

March 31,2012 March 31.2011

2 Contingent liabilities and commitments (to the extent not provided for)

(i) Contingent Liabilities

a. Corporate guarantee given to Banks and Financial Institution on behalf of a Subsidiary Company 2,500,000,000 1,500,000,000

b. Guarantees from Scheduled Banks 1,002,838,085 449,465,766

c. Unexpired Letter of Credit from Scheduled Banks 144,365,816 128,754,359

(ii) Commitments

a. Estimated amount of contracts remaining to be executed on capital account and not provided for Nil Nil

b. Uncalled liability on shares and other investments partly paid Nil Nil

c. Other commitments (specify nature) Nil Nil

30 Details of Proposed Dividend

Particulars Total Per share

a. Dividends proposed to be distributed to equity shareholders 16,300,000 0.20

b. Dividends proposed to be distributed to preference shareholders 6,250,000 2.50

c. Arrears of fixed cumulative dividends on preference shares Nil Nil

3 In the opinion of the Management, the Current Assets, Loans and Advances and Current Liabilities are approximately stated if realised in the ordinary course of business. The balances of Debtors, Creditors and Loans & Advances are subject to confirmation and reconciliation, if any. The provisions for all other liabilities is adequate and not in excess of the amount reasonably necessary.

As per the Accounting Standard - AS-18 "Related Party Disclosure" issued by the Institute of Chartered Accountants of India, the disclosure of transactions with related parties as defined in the Accounting Standard for the period ended 31st March, 2012 is given below:

A List of Related Parties

i Key Management Personnel and their Relatives

Rajhoo Bbarot, Managing Director Rikiin R. Bbarot, Executive Director Bhavana R.Bbarot Pooja Bbarot Ridhima M. Doshi Rajhoo A. Bbarot- HUF AmbalalP.Barot-HUF Vevan R. Bbarot ii Directors Arpan Braiimbhatt G Viswanathan Samir Degan

iii Associates and Joint Ventures

ABT Developers

Atlanta Thakural Constructions

Shreenath Builders

Atlanta-ARSS Joint Venture

ARSS-Atlanta Joint Venture

Prakash Alanta Joint Venture

Gammon Atlanta Joint Venture iv Enterprises over which key Management Personnel is able to exercise significant influence

Subsidiaries:

Atlanta Coalmines Pvt. Ltd.

Atlanta Energy Pvt. Ltd.

Atlanta Hotels Pvt. Ltd. (formerly know as Atlanta Nature Homes Pvt. Ltd.)

Atlanta Recycling Company Pvt. Ltd.

Atlanta Tourism Ventures Ltd. (formerly known as Atlanta Urban Infrastructure Projects Pvt. Ltd.)

Atlanta Infra Assets Ltd. (formerly known as Balaji Tollways Ltd.)

Atlanta Ropar Tollways Pvt. Ltd. (formerly known as ARSS Action Ropar Tollway Pvt. Ltd.)

MORA Tollways Ltd. v Other Associate Companies

Atul Raj Builders Pvt. Ltd.

Ideal Toll Road Investments and Operations Pvt. Ltd.

Vaikuntam Realty Pvt. Ltd.

Shrikant Studios Pvt. Ltd.

Lucknow Varanasi Tollways Pvt. Ltd.

(As identified and certified by the Management and relied upon by the auditors, for details of transactions (excluding reimbursement) entered into with the related parties refer Annexure -1)

4 Prior year Comparatives

Hitherto, up to the year ended March 31, 2011, the Company was preparing the financial statements as per the pre-revised Schedule VI to the Companies Act, 1956. During the year ended March 31, 2012, the revised Schedule VI notified under the Companies Act, 1956, has become applicable to the Company. The Company has reclassified the published previous year figures to conform to the norms of the revised Schedule VI. The adoption of the revised Schedule VI does not impact recognition and measurement principles followed for preparation of the financial statements. However, it significantly impacts presentation and disclosures made in the financial statements, particularly presentation of Balance Sheet.

 
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