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Atlanta

BSE: 532759|NSE: ATLANTA|ISIN: INE285H01022|SECTOR: Construction & Contracting - Civil
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Mar 16
Notes to Accounts Year End : Mar '17

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.

Preference shares

1.2 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 March 28, 2005

ii) 15,00,000 shares were issued on November 28, 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 There are no unpaid calls due from directors and officers of the Company.

2.1 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.

2.2 The Board of Directors at their meeting held on 15th May,2017 have recommended a dividend of 15% i.e Rs.0.30 paise per equity shares ofRs.2/- each belonging to non promoters, subject to approval of shareholders in the ensuing Annual General Meeting.

3.1 Long Term Borrowings Secured by:

Hypothecation of entire chargeable current assets of the Company present & future on first pari-passu basis with the other lenders in working capital arrangement. Registered mortgage on pari-passu basis with consortium banks of 2nd and 3rd floor of office premises having total built-up area of 3315 sq.ft. each at Shree Amba Shanti Chambers,Survey No.143, Hissa No,6(part),9(part),No and 13(part), Andheri-Kurla Road, Mumbai-400 059 owned by Shri Rajhoo Bbarot and the Company.

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.

4.1 In respect of the deferred tax liability arising on account of timing difference for the current financial year, a sum of Rs.44,65,128/- has been accounted as deferred tax asset.

5.1 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 of Rs.131,930,941/- (previous year Rs.258,094,620/-).

6.1 Secured Working Capital Borrowing from Banks is secured by all encumbered, movable assets other than those specifically charged, office premises ofthe Company along with furniture and fixture and hypothecation of stocks of raw materials, stores, spares and book-debts, both present & future and also guaranteed by the Directors.

7.1 In absence of incomplete information from the vendors with regards to their registration (filling of Memorandum) under The Micro, Small and Medium Enterprises Development Act, 2006. (27 of 2006 ), the Company is unable to compile the full information required to be disclosed herein under section 22 of the said Act.

8.1 * Others payable includes statutory Liabilities on account of TDS and others of ^20,930,836/- (previous year Rs.13,192,948/-)

8.2 ** Investor Education & Protection Fund shall be credited for unclaimed dividends amount when due.

9.1 “Trade receivable includes an amount of Rs.1,533,570,649/- receivable from PWD Maharashtra against Arbitral Tribunal award, the said award was challenged by the PWD Maharashtra before Bombay High Court and final outcome is pending.

10.1 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 ‘(12,61,63,679) (net of previous year’s provision of Rs.11,11,24,144) has been adjusted in the Operating expenses.

10.2 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.

11 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.

12 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.

13 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.

14 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 Standard for the period ended 31st March-2017 is given below:

A List of related parties

i Key Management Personnel and their relatives:

Rajhoo Bbarot - Chairman

Rikiin R. Bbarot- Managing Director

Bhavana R. Bbarot

Pooja R. Bbarot

Ridhima M. Doshi

Rajhoo A. Bbarot -HUF

Ambalal P. Bbarot - 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

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)

15 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.

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

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