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
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:
Atlanta Thakural Constructions
Atlanta-ARSS Joint Venture
ARSS-Atlanta Joint Venture
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
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
9. The Company has regrouped/reclassified the previous year figures
whereever necessary to conform the current year presentation.