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Atlanta
BSE: 532759|NSE: ATLANTA|ISIN: INE285H01022|SECTOR: Construction & Contracting - Civil
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« Mar 13
Notes to Accounts Year End : Mar '14
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.
Source : Dion Global Solutions Limited
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