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అకౌంట్స్ గమనికలుAtlantaa Ltd

Mar 31, 2025

2.21 Provisions, Contingent Liabilities and Contingent Assets:

i. Provisions

Provisions are recognized when the Company has a present legal or constructive obligation as a result of past events; it is probable that an outflow
of resources will be required to settle the obligation; and the amount has been reliably estimated.

Provisions are measured at the present value of managementâs best estimate of the expenditure required to settle the present obligation at the end
of the reporting period. The discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of the time
value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognized as interest expense.

ii. Contingent Liabilities

Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will be confirmed only by
the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company. A present obligation that
arises from past events where it is either not probable that an outflow of resources will be required to settle or reliable estimate of the amount
cannot be made, is termed as contingent liability.

iii. Contingent Assets

A contingent asset is disclosed, where an inflow of economic benefits is probable.

2.22 Revenue recognition:

Revenue is measured at the fair value of the consideration received or receivable, and represents amount receivable for goods supplied, stated net
of discounts, returns, value added taxes and Goods and service tax (GST).

i. Revenue from Toll operations

Income from toll contracts on Build Operate and Transfer (BOT) basis are recognized on actual collection of toll revenue as per the Concession
agreement.

Additional claim including escalations, which in the opinion of the management, are recoverable on the contract are recognized at the time of
evaluating the job.

Revenue from toll collection is recognized on the receipt of toll from users of the concession facility.

ii. Revenue from construction contracts

Ind AS 115 establishes a five-step model to account for revenue arising from contracts with customers. Under Ind AS 115, revenue is recognized
at an amount that reflects the consideration to which an entity expects to be entitled in exchange for transferring goods or services to a customer.

This standard requires revenue to be recognized when promised goods or services are transferred to customers in amounts that reflect the
consideration to which the company expects to be entitled in exchange for those goods or services.

When the outcome of a construction contract can be estimated reliably and it is probable that the contract will be profitable, contract revenue is
recognized over the period of the contract by reference to the stage of completion. Contract revenue is measured at the fair value of the
consideration received or receivable.

For the purpose of recognizing revenue, contract revenue comprises the initial amount of revenue agreed in the contract, the variations in contract
work, claims and incentive payments to the extent that its receipt is considered probable and the amounts are capable of being reliably measured.
Contract cost are recognized as expenses by reference to the stage of completion of the contract activity at the end of the reporting period. When it
is probable that total contract costs will exceed the total contract revenue, the expected loss is recognized as an expense immediately.

When the outcome of a construction contract cannot be estimated reliably, contract revenue is recognized only to the extent of contract costs
incurred that are likely to be recoverable.

Claims and amount in respect thereof are recognized only when the negotiations have advanced to a stage where it is probable that the customers
will accept them and amount can be reliably measured. In the case of Arbitration awards and disputed claims pertaining to construction contracts
revenue is recognized when the claims are granted in favor of the Company and where it is reasonable to expect the ultimate collection of such
arbitration awards / disputed claims pertaining to construction contracts.

The Company evaluates whether it is acting as a principal or agent by considering a number of factors which includes inventory risk, customerâs
credit risk for the amount receivable from the customer, primary responsibility for providing goods and services to the consumer. Where the
Company is acting as an principal in the transaction, revenue and related costs are recorded at their gross values. Where the Company is
effectively acting as an agent in the transaction, revenue and related costs are recorded at their net values.

iii. Revenue recognition on account of arbitration/litigation claims

The Company has exercised judgment over recognition of revenue arising on account of claims made by the Company to the customer on account
of several breaches committed by the customer during the period of contract, dispute over quantity and rates of materials used in execution of the
project leading to dispute which has been settled vide arbitration process and the outcome of these awards including the timing and the amount of
revenue recognition requires a reasonable degree of estimation.

iv. Revenue/Income from Property development

Revenue from contracts with customers is recognised when control of the goods or services are transferred to the customer at an amount that
reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. Revenue is measured based
on the transaction price, which is the consideration, adjusted for discounts and other credits, if any, as specified in the contract with the customer.
The Company presents revenue from contracts with customers net of indirect taxes in its statement of Profit and Loss. The Company assesses its
revenue arrangements against specific criteria to determine if it is acting as principal or agent. The Company has concluded that it is acting as a
principal in all of its revenue arrangement."

The Company considers whether there are other promises in the contract that are separate performance obligations to which a portion of the
transaction price needs to be allocated. In determining the transaction price, the Company considers the effects of variable consideration, the
existence of significant financing components, noncash consideration, and consideration payable to the customer (if any).

The Company satisfies a performance obligation and recognise the revenue over the time if the Company''s performance does not create an asset
with an alternative use to the Company and the entity has an enforceable right to payment for performance completed to date basis the agreement
entered with customers, otherwise revenue is recognized point in time. The revenue from real estate development of unit is recognised at the point
in time, when the control of the asset is transferred to the customer and the performance obligation is satisfied i.e on transfer of legal title of the
unit, receipt of occupation certificate and final demand letter issued to the customers which generally occurs on completion of project.

The Company becomes entitled to invoice customers for construction of residential and commercial properties based on achieving a series of
construction-linked milestones. When the Company satisfies a performance obligation by delivering the promised goods or services it creates a
contract asset based on the amount of consideration earned by the performance. Any amount previously recognised as a contract asset is
reclassified to trade receivables at the point when the Company has the right to consideration that is unconditional. If a customer pays
consideration before the Company transfers goods or services to the customer, a contract liability is recognised when the payment is made or the
payment is due (whichever is earlier). Contract liabilities are recognised as revenue when the Company performs under the contract.

The Company recognizes incremental costs for obtaining a contract as an asset and such costs are charged to the Statement of Profit and Loss
when revenue is recognised for the said contract.

2.23 Income and recognition:

i. Interest income

Interest income from debt instruments is recognized using the effective interest rate method. The effective interest rate is the rate that exactly
discounts estimated future cash receipts through the expected life of the financial asset to the gross carrying amount of a financial asset. When
calculating the effective interest rate, the Company estimates the expected cash flows by considering all the contractual terms of the financial
instrument (for example prepayment, extension, call and similar options) but does not consider the expected credit losses.

ii. Rental income

Rental income arising from operating lease on investment properties is accounted for on a straight line basis over lease terms unless the receipts
are structured to increase in line with expected general inflation to compensate for the expected inflationary cost increases and is included in the
Statement of profit or loss due to its operating nature.

iii. Dividend

Dividends are recognized in profit or loss only when the right to receive payment is established, it is probable that the economic benefits
associated with the dividend will flow to the Company, and the amount of the dividend can be measured reliably.

2.24 Retirement and other employee benefits:

i. Short-term obligations

Liabilities for wages and salaries, including non-monetary benefits that are expected to be settled wholly within 12 months after the end of the
period in which the employees render the related service are recognized in respect of employeesâ services up to the end of the reporting period and
are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as current employee benefit
obligations in the balance sheet.

ii. Other long-term employee benefit obligations

The liabilities for earned leave and sick leave are not expected to be settled wholly within 12 months after the end of the period in which the
employees render the related service. They are therefore measured as the present value of expected future payments to be made in respect of
services provided by employees up to the end of the reporting period using the projected unit credit method. The benefits are discounted using the
market yields at the end of the reporting period that have terms approximating to the terms of the related obligation. Re-measurements as a result
of experience adjustments and changes in actuarial assumptions are recognized in Statement of Profit or Loss.

The obligations are presented as current liabilities in the balance sheet if the entity does not have an unconditional right to defer settlement for at
least twelve months after the reporting period, regardless of when the actual settlement is expected to occur.

iii. Post-employment obligations

a. Gratuity obligations

The liability or asset recognized in the balance sheet in respect of defined benefit gratuity plans is the present value of the defined benefit
obligation at the end of the reporting period less the fair value of plan assets. The defined benefit obligation is calculated annually by actuaries
using the projected unit credit method.

The present value of the defined benefit obligation denominated in Rupees is determined by discounting the estimated future cash outflows by
reference to market yields at the end of the reporting period on government bonds that have terms approximating to the terms of the related
obligation.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets.
This cost is included in employee benefit expense in the Statement of Profit and Loss.

Re-measurement gains and losses arising from experience adjustments and changes in actuarial assumptions are recognized in the period in
which they occur, directly in Other Comprehensive Income. They are included in Retained Earnings in the Statement of Changes in Equity and in
the Balance Sheet.

Changes in the present value of the defined benefit obligation resulting from plan amendments or curtailments are recognized immediately in
profit or loss as past service cost.

b. Defined contribution plans
Provident fund

The Company pays provident fund contributions to publicly administered provident funds as per local regulations. The Company has no further
payment obligations once the contributions have been paid. The contributions are accounted for as defined contribution plans and the
contributions are recognized as employee benefit expense when they are due. Prepaid contributions are recognized as an asset to the extent that a
cash refund or a reduction in the future payments is available.

2.25 Income tax:

The income tax expense or credit for the period is the tax payable on the current periodâs taxable income based on the applicable income tax rate
for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses.

The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period.
Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to
interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.

Deferred income tax is provided in full, on temporary differences arising between the tax base of assets and liabilities and their carrying amounts
in the financial statements. Deferred income tax is also not accounted for if it arises from initial recognition of an asset or liability in a transaction
other than a business combination that at the time of the transaction affects neither accounting profit nor taxable profit (tax loss). Deferred income
tax is determined using tax rates (and laws)that have been enacted or substantially enacted by the end of the reporting period and are expected to
apply when the related deferred income tax asset is realized or the deferred income tax liability is settled.

Deferred tax assets are recognized for all deductible temporary differences and unused tax losses only if it is probable that future taxable amounts
will be available to utilize those temporary differences and losses. Deferred tax assets and liabilities are offset when there is a legally enforceable
right to offset current tax assets and liabilities. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to
offset and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously.

Current and deferred tax is recognized in profit or loss, except to the extent that it relates to items recognized in Other Comprehensive Income or
directly in equity. In this case, the tax is also recognized in Other Comprehensive Income or directly in equity, respectively.

2.26 Earnings per share:

Basic earnings per share

Basic earnings per share is calculated by dividing:

- the profit attributable to equity shareholder of the Company

- by the weighted average number of equity shares outstanding during the financial year.

Diluted earnings per share

Diluted earnings per share adjust the figures used in the determination of basic earnings per share to take into account:

- the after income tax effect of interest and other financing costs associated with dilutive potential equity shares, and

- the weighted average number of additional equity shares that would have been outstanding assuming the conversion of all dilutive potential
equity shares.

2.27 Cash flow statement:

Cash flows are reported using the indirect method, whereby profit before tax is adjusted for the effects of transactions of non-cash nature and any
deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the Company
are segregated based on the available information.

2.28 Segment reporting:

Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision-Maker. The chief
operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified
as the Managing Director and the Chief Financial Officer that makes strategic decisions.

2.29 Business combinations:

Business combinations involving entities that are controlled by the Company are accounted for using the pooling of interests method as follows:

i. The assets and liabilities of the combining entities are reflected at their carrying amounts.

ii. No adjustments are made to reflect fair values, or recognize any new assets or liabilities.

iii. Adjustments are only made to harmonies accounting policies.

iv. The financial information in the financial statements in respect of prior periods is restated as if the business combination had occurred from the
beginning of the preceding period in the financial statements, irrespective of the actual date of the combination. However, where the business
combination had occurred after that date, the prior period information is restated only from that date.

v. The balance of the retained earnings appearing in the financial statements of the transferor is aggregated with the corresponding balance
appearing in the financial statements of the transferee or is adjusted against General Reserve.

The identities of the reserves are preserved and the reserves of the transferor become the reserves of the transferee.

vi. The difference, if any, between the amounts recorded as share capital issued plus any additional consideration in the form of cash or other assets
and the amount of share capital of the transferor is transferred to capital reserve and is presented separately from other capital reserves.

2.30 Critical accounting estimates and judgments

The preparation of the financial statements under Ind AS requires management to take decisions and make estimates and assumptions that may
impact the value of revenues, costs, assets and liabilities and the related disclosures concerning the items involved as well as contingent assets and
liabilities at the balance sheet date. Estimates and judgments are continually evaluated and are based on historical experience and other factors,
including expectations of future events that are believed to be reasonable under the circumstances.

The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the
related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of
assets and liabilities within the next financial year.

2.31 Classifications of Joint Arrangement as Jointly Controlled Operations

The Company based on rights and obligations that arises from the contractual arrangement entered into between the parties has classified certain
Joint Arrangements entered into by the Company with parties to execute the construction contracts as Jointly Controlled Operations where the
contractual agreement provides rights to assets and obligations for liabilities for those parties sharing joint control and the legal form does not
confer separation between the investors and the special purpose vehicle i.e. partnership firms formed under the Indian Partnership Act, 1932 to
execute the project.

2.32 Expected Credit Loss

Company has a policy of regularly reviewing the recover ability of trade receivables. Substantial amount of trade receivables of the Company
represents amount recoverable from the customers arising on account of arbitration claims pending against the Company. The expected credit
loss allowance for trade receivables is made as per provision policy of the Company which takes into account the historical credit loss experience
and adjusted for forward looking information.

3.4 (a) The Concession Agreement with Bihar State Road Development Corporation (Authority) was terminated by the MORA Tollways Limited (MTL) a Stepdown

Subsidiary Company on 20.02.2015 for Authority Defaults and MTL had claimed termination payment amounting to Rs.61,052.73 Lakhs together with interest.
MTL filed Writ Petition No.7259 of 2015 for termination payment and the Honourable High Court of Patna by Order dated 22.09.2015 has held termination by
MTL as valid and legal. MTL & BSRDC filed LPAs against the writ court order. The appeals are finally disposed by the Supreme Court of India directing
adjudication of termination payment by the Arbitral Tribunal. The Arbitral Tribunal vide Award dated 21.05.2019 rejected the MTLâs claim for termination
payment and awarded NIL amount against the said claim. The said Award is challenged by MTL under Section 34 of the Arbitration and Conciliation Act, 1996
before the Hon''ble District Court Patna. The Company petition was dismissed by Hon''ble District Court, Patna. The Company not satisfied by the decision of
Hon''ble District Court, has challenged the same under Section 37 before the Hon''ble High Court of Patna. Thus the matter is subjudice. The Company has made
provision for diminution value of investment in the financial year 2021-22. Since there is no progress in the matter, during the year under review, based on the
management''s assessment and in the absence of any reasonable likelihood of recovery the said investment has been written-off. The written-off has been adjusted
against the provision created in the earlier year.

3.4 (b) The Concession Agreement notified by Punjab Infrastructure Development Board (PIDB) is permitting collection of Toll up to 14th October,2029. During the

year, the Authority has terminated the Concession Agreement vide letter no.PWD-BR-3012/21/2021-3BR3/178/1 dated.05-08-2021. By virtue of termination of
Concession agreement, the BOT (Intangible Asset) and toll collection right have been taken over by PIDB. In view of this, the Company lost the BOT (Intangible
Asset) usable right, hence the BOT assets has been written off in the books of Atlanta Ropar Tollways Pvt.Ltd (Stepdown Subsidiary).

In view of negative net worth in the Stepdown Subsidiary Company, namely Atlanta Ropar Tollways Pvt. Ltd, Company has made provision for a diminution in the
value of its investment in equity shares in the said Stepdown Subsidiary Company. The disputes have been raised but the issue of dispute resolution mechanism is
pending before Arbitral Tribunal constituted by Honorable High Court of Punjab and Haryana and outcome of several disputes referred for adjudication is
pending before the Arbitral Tribunal.

3.4 (c) Fair value of Shares of The DNS Bank Limited are recognized based on valuation report dated.11th September,2017.

b. The figures for the financial year ended March 31,2025 and March 31,2024 includes the amount of contingent liabilities, where show cause notices or
claims have been received after the close of respective reporting period and till the date of approval of these financial statements by the Board of
Directors. Further, the amount of contingent liabilities disclosed above, does not include the amount of interest or penalties, wherever the same are not
ascertain or included in demand notices.

c. The Company is subject to legal proceedings and claims, which have arisen in the ordinary course of business, the impact of which presently is
not quantifiable. These cases are pending with various courts/authorities. After considering the circumstances and advice from the legal advisors,
management believes that these cases will not adversely effect its financial statement. The above contingent liabilities exclude undeterminable
outcome of these pending litigations.

d. Future cash flow in respect of above, if any, is determinable only on receipt of judgements/decisions pending with the relevant authorities.
Interest, penalty or compensation liability arising on outcome of the disputes has not been considered, since not determinable at present.

e. The Company did not have any long-term contract including derivative contracts for which any provision was required for foreseeable losses.

5 Project status of Subsidiaries

i. Atlanta Infra Assets Limited

The said project was completed on 22-09-2011 and received Commercial Operation Certificate from the Competent Authority and collection of toll
from the users of the facility is in progress.

ii. MORA Tollways Limited

M/s MORA Tollways Limited is a Special Purpose Vehicle (SPV) subsidiary Company constituted for the work of âFour Lanning of Mohania-Ara
Section of NH-30 (Km.0.000 to Km. 116.760).

The Concession Agreement with Bihar State Road Development Corporation (Authority) was terminated by MORA Tollways Limited (Company)
on 20.02.2015 for Authority Defaults and the Company had claimed termination payment amounting to ''61,052.73 Lakhs. MORA Tollways Ltd has
filed Writ Petition No.7259 of 2015 for payment and the Honorable High Court of Patna by Order dated 22.09.2015 has held termination by MORA
Tollways Ltd as valid and legal. MTL & BSRDC filed LPAs against the writ court order. The appeals are finally disposed by the Supreme Court of
India directing adjudication of termination payment by the Arbitral Tribunal. The Arbitral Tribunal vide Award dated 21.05.2019 rejected the SPVâs
claim for termination payment amounting to ''61,052.73 Lakhs and awarded NIL amount against the said claim. The said Award is challenged by
MORA Tollways Limited under Section 34 of the Arbitration and Conciliation Act, 1996 before the Hon''ble High Court, Patna and the out come of
the same is pending.

iii. Atlanta Ropar Tollways Private Limited
Project undertaken by SPV:

Development and Operation and Maintenance of Ropar-Chamkur-Sahib -Neelon-Doraha (up to NH 1) Road on Design, Build, Finance, Operate and
Transfer (DBFOT) basis in the State of Punjab, vide concession agreement entered on October 05,2011.

The said SPV has completed the said project and received Commercial Operation Certificate from the competent Authority on 08-11-2016 and
having right to collect the toll from the users of the facility during the concession period.

On 05-08-2021 the Authority (PIDB) has terminated the Concession Agreement vide letter no. PWD-BR-3012/21/2021-3BR3/178/1 dated.05-08-
2021. By virtue of termination of Concession Agreement, the BOT (Intangible Asset) and toll collection right have been takeover by PIDB.

6 Employee benefit obligations

The Company has classified various employee benefits as under:

a. Defined contribution plans

i. Provident fund

ii. Employeesâ Pension Scheme, 1995

c. Other related parties with whom transactions have taken place during the year:

i. Enterprises over which individual described in B above have control/significant influence

Shree Vaibhavlakshmi Finance Pvt.Ltd
Vaikuntam Realty Pvt.Ltd
Shreenath Builders
Atul Raj Builders Pvt.Ltd
Prakash Atlanta Joint Venture

ii. Key Managerial Personnel:

Dipesh Gogri
Prathmesh Gaonkar

iii. Relatives of Key Managerial Personnel:

Bhavana R.Bbarot
Ridhima M.Doshi
Pooja R Bbarot

d) Valuation processes

The Company obtains assistance of independent and competent third party valuation experts to perform the valuations of financial assets and
liabilities required for financial reporting purposes, including level 3 fair values. Discussions of valuation processes and results are held between
the Company and the value on periodically basis.

e) Valuation technique used to determine fair values

The main level 3 inputs used by the Company are derived and evaluated as follows:

The fair value of financial instruments is determined using discounted cash flow analysis.

The carrying amount of current financial assets and liabilities are considered to be the same as their fair values, due to their short term nature.
The fair value of the long-term Borrowings with floating-rate of interest is not impacted due to interest rate changes, and will not be significantly
different from their carrying amounts as there is no significant change in the under-lying credit risk of the Company borrowing (since the date of
inception of the loans). Further, the Company has no long-term Borrowings with fixed rate of interest.

For financial assets and liabilities that are measures at fair value, the carrying amount is equal to the fair values.

Note:

Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices.

Level 2: The fair value of financial instruments that are not traded in an active market (for example over-the-counter derivatives) is determined
using valuation techniques which maximize the use of observable market data and rely as little as possible on entity-specific estimates. If all
significant inputs required to fair value an instrument are observable, the instrument is included in level 2.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. This is the case for
unlisted equity securities which are included in level 3.

There are no transfers between any levels during the year.

The Companyâs policy is to recognize transfer into and transfer out of fair value hierarchy levels as at the end of the reporting period.

13 Financial risk management

The Companyâs business activities expose it to a variety of financial risks, namely liquidity risk, market risks and credit risk.

Risk Exposure arising from Measurement Management

Credit Risk Cash and cash equivalents, trade receivables, Ageing analysis Diversification of bank

financial assets measured at amortized cost. deposits, letters of credit

Liquidity Risk Borrowings and other Rolling cash flow Availability of committed

liabilities forecasts credit lines and borrowing

facilities

Market risk-interest rate Long-term borrowings at variable rates Sensitivity analysis Un hedged

The Company is exposed to credit risk, which is the risk that counterparty will default on its contractual obligation resulting in a financial loss to the
Company

Credit risk arises from cash and cash equivalents, financial assets carried at amortized cost and deposits with banks and financial institutions, as
well as credit exposures to trade customers including outstanding receivables.

Credit risk management

Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss.

The Companyâs credit risk arises from accounts receivable balances. Maj or customers of the Companies include public sector enterprises and state
owned companies having high credit quality. Accordingly, the Companyâs customer credit risk is very low. With respect to intercorporate
deposits/ loans given to subsidiaries, the Company will be able to control the cash flows of those subsidiaries as the subsidiaries are wholly owned
by the Company.

For banks and financial institutions, only highly rated banks/institutions are accepted. Generally all policies surrounding credit risk have been
managed at company level.

The Company is making provision for trade receivables based on Expected Credit Loss (ECL) model. The reconciliation of ECL is as below:

b. Liquidity risk

Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an
adequate amount of committed credit facilities to meet obligations when due and to close out market positions. Due to the dynamic nature of the
underlying businesses, company treasury maintains flexibility in funding by maintaining availability under committed credit lines.

Management monitors rolling forecasts of the Companyâs liquidity position and cash and cash equivalents on the basis of expected cash flows.
This is generally carried out at local level in the operating subsidiaries of the Company in accordance with practice and limits set by the Company.
These limits vary by location to take into account the liquidity of the market in which the entity operates. In addition, the Companyâs liquidity
management policy involves projecting cash flows in major currencies and considering the level of liquid assets necessary to meet these
monitoring balance sheet liquidity ratios against internal and external regulatory requirements and maintaining debt financing plans.

i Maturities of financial liabilities

The amounts disclosed below are the contractual undiscounted cash flows. Balances due within 12 months equal their carrying balances as the

c Market risk ⁽'' ^{in Lakhs)}

Market risk is the risk that the fair values of future cash flows of a financial instrument will fluctuate because of volatility of prices in the
financial markets. Market risk can be further segregated as: a) Foreign currency risk and b) Interest rate risk.

(i) Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign
exchange rates. Company does not have any foreign currency loans, receivables or payables, hence the risk towards foreign currency risk is
not applicable to the Company.

For that reason, sensitivity analysis with respect to foreign currency risk has not been disclosed

(ii) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest
rates. The Companyâs main interest rate risk arises from long-term borrowings with variable rates, which expose the Company to cash flow
interest rate risk. During March 31, 2025, and March 31, 2024 of the Companyâs borrowings at variable rate were mainly denominated in
Rupees.

The Companyâs fixed rate borrowings are carried at amortized cost. They are therefore not subject to interest rate risk as defined in Ind AS-
107, since neither the carrying amount nor the future cash flows will fluctuate because of a change in market interest rates.

14 Capital Management
i. Risk Management

The Companyâs objectives when managing capital are to safeguard the Companyâs ability to continue as a going concern in order to provide
returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. In order
to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid to shareholders, return capital to
shareholders, issue new shares or sell assets to reduce debt.

The Company monitors capital on basis of total equity and debt on a periodic basis. Equity comprises all components of equity. Debt
includes term loan, others and short term loans. The following table summarizes the capital of the Company:

15 Segment reporting

Presently, the Company is engaged in only one segment viz ''Construction activity'' and as such there is no separate reportable segment as per
Ind AS 108 ''Operating Segments''. Presently, the Company''s operations are predominantly confined in India.

The Board of directors (BOD) is the Companyâs chief operating decision-maker. Management has determined the operating segments based
on the information reviewed by the BOD for the purposes of allocating resources and assessing performance. Presently, the Company is
engaged in only one segment viz ''Real estate and allied activities'' and there is no separate reportable segment as per Ind AS 108 ''Operating
Segments''.

Entity wide disclosure

a. Information about product and services - The Company operates is a single category viz " Construction and allied activities";

b. Information in respect of geographical area - The Company has operations within India;

c. Information about major customer - None of the customer contribute to more than 10% of total revenue of the Company. Non-current assets
excluding financial assets, current tax assets and deferred tax assets amounting to ''31,29,46,280/-(March 31, 2024: ''32,71,99,546/-) are
located entirely in India.

18 Additional Regulatory Information: Ratios (as per Annexure)

19 Fair value measurements

This note provides information about how the Company determines fair values of various financial assets and financial liabilities.

a. Fair value of the Company''s financial assets and financial liabilities that are measured at fair value on a recurring basis

The Company has not measure any financial assets and financial liabilities that are measured at fair value on a recurring basis.

b. Fair value of financial assets and financial liabilities that are not measured at fair value (but fair value disclosures are required)

The Directors of the Company consider that the carrying amounts of financial assets and financial liabilities recognised in these financial
statements approximate their fair values.

c. Disclosure as per Section 186 of the Companies Act, 2013

The details of loans, guarantees and investments under Section 186 of the Companies Act, 2013 read with the Companies (Meetings of
Board and its Powers) Rules, 2014 are as follows:

i. Details of Investments made by the Company are given in Note 3.4 in the financial statement.

ii. Loans and advances to related parties

20 Other additional Regulatory Information

a. Details of Benami property Held

The Company does not own benami properties. Further, there are no proceedings which have been initiated or are pending against the
Company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.

b. Borrowings secured against current assets

The Company does not have any borrowings from banks and financial institutions on the basis of security of current assets, there are no
requirements of filing quarterly returns or statements with banks as per the terms of relevant agreements.

c. Wilful Defaulter

The Company has never been declared as wilful defaulter by any bank or financial institution or government or any government authority.

d. Relationship with struck-off companies

The Company has no transactions with the companies struck off under Companies Act, 2013 or Companies Act, 1956.

e. Compliance with number of layers of companies

The Company has complied with the number of layers prescribed under the Companies Act, 2013.

f. Compliance with approved scheme(s) of arrangements
The Company has not entered into any scheme of arrangement

g. Utilisation of borrowed funds

The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries)
with the understanding that the Intermediary shall:

directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company
(Ultimate Beneficiaries) or provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

h. Undisclosed income

There is no income surrendered or disclosed as income during the current or previous year in the tax assessments under the Income Tax Act,
1961, that has not been recorded in the books of account.

i. Details of crypto currency

or virtual currency The Company has not traded or invested in Crypto currency or Virtual Currency during each reporting period. During
each reporting period, the Company has not traded or invested in Crypto currency or V irtual Currency.

j. Valuation of property, plant and equipment, intangible asset and investment property

The Company has not revalued its property, plant and equipment (including right-of-use assets) or intangible assets or both during
the current or previous year.

k. Registration of charges or satisfaction with Registrar of Companies

The Company has not made any delay in Registration of Charges under the Companies Act, 2013.

i. Utilisation of borrowings availed from banks and financial institutions

The borrowings obtained by the Company have been applied for the purposes for which such loans were was taken.

m. Title deed of immovable properties

The title deeds of all the immovable properties (other than properties where the Company is the lessee and the lease agreements are duly
executed in favour of the lessee), as disclosed in note 3.1, 3.2 & 3.3 to the standalone financial statements, are held in the name of the
Company

21 As per the requirements of rule 3(1) of the Companies (Accounts) Rules 2014 the Company uses accounting

software for maintaining its books of account that have a feature of recording audit trail of each and every transaction creating an edit log
of each change made in the books of account along with the date when such changes were made within such accounting software. This
feature of recording audit trail has operated throughout the year except for certain transactions, changes made through specific access and
for direct database changes and no audit trail features were tampered during the year.

22 All amounts in Financial statement are rounded off to "Lakhs".

23 The company has regrouped, reclassified & rearranged the previous period figures wherever necessary to confirm the current
year''s presentation.

The accompanying notes are an integral part of these financial statements.

As per our report of even date For and on behalf of Board of Directors of Atlantaa Limited.

For Suresh C.Maniar & Co. Sd/- Sd/-

Chartered Accountants Rajhoo Bbarot Rickiin Bbarot

Firm Regn.No.110663 W Chairman Managing Director

^{DIN: 00038219} DIN: 02270324

Sd/-

K. V. Sheth

Partner Sd/- Sd/-

(M. N_o. 30063) Prathmesh Gaonkar Dipesh Gogri

(M.No. 61307) Chief Financial Officer

^{Place: Mumbai} Company Secretary

^{Date: 15th Ma}y, ²⁰²⁵ Place:Mumbai

Date: 15th May, 2025

Mar 31, 2024

3.3 (a) The Company acquired a plot of land situated at CTS 625 of link road Kandivali West Mumbai and the conveyance deed was

executed by the vendors in favors of the company on 01-02-2011. However a third party has challenged the conveyance executed by the vendors. Presently the suit for ownership of the said plot is pending before the High Court Bombay

3.3(b) Estimation of fair value

The fair valuation is based on current prices in the active market for similar properties. The main inputs used are quantum, area, location, demand, restrictive entry to the complex, age of building and trend of fair market rent.

3.3 (c) This valuation is based on valuations done by an Accredited Independent registered valuer details as given below.

3.4 (a) In view of negative net worth in the stepdown subsidiary Company namely Mora Tollways Ltd and Atlanta Ropar Tollways Private Ltd, Company has made provision for diminution in the value of its investment in equity shares of these equity shares in the previous year.

3.4 (b)Fair value of Shares of The Shamrao Vithal Co-op Bank Limited and DN S Bank Limited are recognized based on valuation report dated.11th September, 2017.

f in Lakhs)

4 Contingent liabilities and commitments

Following are the contingent liabilities and commitments as on March 31,2024

a. Bank Guarantees issued by Banks aggregating to ''3,963.95 Lakhs (March 31, 2023 ''3,976.45 Lakhs)

b. In respect of subsidiaries, the Company has extend financial support in the form of equity or debt as per the agreed means of finance, in respect of the projects being undertaken by the respective subsidiaries, including any capital expenditure for regulatory compliance and to meet shortfall in the expected revenues/debt servicing. Future cash flows in respect of the above matters can only be determined

based on the future outcome of various uncertain factors.

c. Estimated amount of contracts remaining unexecuted on capital account (net of advances paid) and not provided for ''Nil (March 31,

2023 '' Nil.).

d. Disputed Income Tax Liability of ''2,511.49 Lakhs (March 31, 2023 ''2,511.49 Lakhs)

e. Disputed Service Tax Liability of ''673.86 Lakhs (March 31, 2023 ''673.86 Lakhs)

f. Disputed Sales Tax & Value Added Tax Liability of ''2,931.29 Lakhs (March 31, 2023 ''2,931.29 Lakhs)

g. In respect of (e) and (f) above it is not practicable for the Company to estimate the closer of this issues and the consequential timing of cash flows, if any

5. During the year, the company has awarded project of Redevelopment of land and building by Highway Milton CHS Ltd at Borivali vide Letter of Intent (LOI) dated.23-04-2024, having construction area approximately 5,00,493 sq.fts.

6 Project status of Subsidiaries

i. Atlanta Infra Assets Limited

Improvement, Operation and Maintenance including strengthening and widening of existing 2 lane road to 4 lane dual carriageway from Km.9.200 to Km.50.000 of NH-6 (Nagpur-Kondhali Section) in the State of Maharashtra on Build, Operate and Transfer (BOT) BasisâT h e said project was completed on 22-09-2011 and received Commercial Operation Certificate from the Competent Authority and collection of toll from the users of the facility is in progress.

ii. MORA Tollways Limited

M/s MORA Tollways Limited is a Special Purpose Vehicle (SPV) subsidiary Company constituted for the work of âFour Lanning of Mohania-Ara Section of NH-30 (Km.0.000 to Km. 116.760).

The Concession Agreement with Bihar State Road Development Corporation (Authority) was terminated by MORA Tollways Limited (Company) on 20.02.2015 for Authority Defaults and the Company had claimed termination payment amounting to ''61,052.73 Lakhs plus interest. MORA Tollways Ltd has filed Writ Petition No.7259 of 2015 for payment and the Honorable High Court of Patna by Order dated 22.09.2015 has held termination by MORA Tollways Ltd as valid and legal directed the Authority to pay termination payment of ''61,052.73 Lakhs plus interest. The appeals are finally disposed by the Supreme Court of India directing adjudication of termination payment by the Arbitral Tribunal. The Arbitral Tribunal vide Award dated 21.05.2019 rejected the SPVâs claim for termination payment amounting to ''61,052.73 Lakhs plus interest and awarded NIL amount against the said claim. The said Award is challenged by MORA Tollways Limited under Section 34 of the Arbitration and Conciliation Act, 1996 before the Hon''ble High Court, Patna and the out come of the same is pending.

iii. Atlanta Ropar Tollways Private Limited Project undertaken by SPV:

Development and Operation and Maintenance of Ropar - Chamkur - Sahib - Neelon - Doraha (up to NH 1) Road on Design, Build, Finance, Operate and Transfer (DBFOT) basis in the State of Punjab, vide concession agreement entered on October 05,2011.

The said SPV has completed the said project and received Commercial Operation Certificate from the competent Authority on 08-11-2016 and having right to collect the toll from the users of the facility during the concession period.

On 05-08-2021 the Authority (PIDB) has terminated the Concession Agreement vide letter no.PWD-BR-3012/21/2021-3BR3/178/1 dated.05-08-2021. By virtue of termination of Concession Agreement, the BOT (Intangible Asset) and toll collection right have been takeover

7 Employee benefit obligations

The Company has classified various employee benefits as under: a. Defined contribution plans

i. Provident fund

ii. Employeesâ Pension Scheme, 1995

c. Post employment obligation Gratuity

The Company has a defined benefit plan, governed by the Payment of Gratuity Act, 1972. The plan entitles an employee, who has rendered at least five years of continuous service, to gratuity at the rate of fifteen days basic salary for every completed years of services or part thereof in excess of six months, based on the rate of basic salary last drawn by the employee concerned.

i. Significant estimates: actuarial assumptions

Valuations in respect of gratuity have been carried out by an independent actuary, as at the Balance Sheet date,

Based on the following assumptions:

The above sensitivity analyses are based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. While calculating the sensitivity of the defined benefit obligation to significant actuarial assumptions the same method (present value of the defined benefit obligation calculated with the projected unit credit method at the end of the reporting period) has been applied as when calculating the defined benefit liability recognized in the balance sheet. The methods and types of assumptions used in preparing the sensitivity analysis did not change compared to the prior period.

13 Fair value measurements

The carrying amounts of trade receivables, cash and cash equivalents, bank balance other than cash and cash equivalents, other financial assets, trade payables, capital creditors are considered to be same as their fair values, due to their Short-term nature.

The carrying value of borrowings, deposits given and taken and other financial assets and liabilities are considered to be reasonably same as their fair values. These are classified as level 3 fair values in the fair value hierarchy due to the inclusion of unobservable inputs including counter party credit risk

c) Fair value hierarchy

This section explains the judgment''s and estimates made in determining the fair values of the financial instruments that are (a) recognized and measured at fair value and (b) measured at amortized cost and for which fair values are disclosed in the financial statements. To provide an indication about the reliability of the inputs used in determining fair value, the company has classified its financial instruments into the three levels prescribed under the accounting standard. An explanation of each level follows underneath the table.

d) Valuation processes

The Company obtains assistance of independent and competent third party valuation experts to perform the valuations of financial assets and liabilities required for financial reporting purposes, including level 3 fair values. Discussions of valuation processes and results are held betweei the Company and the value on periodically basis.

e) Valuation technique used to determine fair values

The main level 3 inputs used by the Company are derived and evaluated as follows:

The fair value of financial instruments is determined using discounted cash flow analysis.

The carrying amount of current financial assets and liabilities are considered to be the same as their fair values, due to their short term nature.

The fair value of the long-term Borrowings with floating-rate of interest is not impacted due to interest rate changes, and will not be significantly different from their carrying amounts as there is no significant change in the under-lying credit risk of the Company borrowing (since the date o: inception of the loans). Further, the Company has no long-term Borrowings with fixed rate of interest.

For financial assets and liabilities that are measures at fair value, the carrying amount is equal to the fair values.

Note:

Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices.

Level 2: The fair value of financial instruments that are not traded in an active market (for example over-the-counter derivatives) is determined using valuation techniques which maximize the use of observable market data and rely as little as possible on entity-specific estimates. If al significant inputs required to fair value an instrument are observable, the instrument is included in level 2.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. This is the case foi unlisted equity securities which are included in level 3.

There are no transfers between any levels during the year.

The Companyâs policy is to recognize transfer into and transfer out of fair value hierarchy levels as at the end of the reporting period.

14 Financial risk management

The Companyâs business activities expose it to a variety of financial risks, namely liquidity risk, market risks and credit risk.

a. Credit risk f in Lakhs)

The Company is exposed to credit risk, which is the risk that counterparty will default on its contractual obligation resulting in a financial loss to the Company

Credit risk arises from cash and cash equivalents, financial assets carried at amortized cost and deposits with banks and financial institutions, as well as credit exposures to trade customers including outstanding receivables.

Credit risk management

Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss.

The Companyâs credit risk arises from accounts receivable balances. Major customers of the Companies include public sector enterprises and state owned companies having high credit quality. Accordingly, the Companyâs customer credit risk is very low. With respect to intercorporate deposits/ loans given to subsidiaries, the Company will be able to control the cash flows of those subsidiaries as the subsidiaries are wholly owned by the Company.

For banks and financial institutions, only highly rated banks/institutions are accepted. Generally all policies surrounding credit risk have been managed at company level.

b. Liquidity risk

Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an adequate amount of committed credit facilities to meet obligations when due and to close out market positions. Due to the dynamic nature of the underlying businesses, company treasury maintains flexibility in funding by maintaining availability under committed credit lines.

Management monitors rolling forecasts of the Companyâs liquidity position and cash and cash equivalents on the basis of expected cash flows. This is generally carried out at local level in the operating subsidiaries of the Company in accordance with practice and limits set by the Company. These limits vary by location to take into account the liquidity of the market in which the entity operates. In addition, the Companyâs liquidity management policy involves projecting cash flows in major currencies and considering the level of liquid assets necessary to meet these monitoring balance sheet liquidity ratios against internal and external regulatory requirements and maintaining debt financing plans.

c Market risk C^{in Lakhs)}

Market risk is the risk that the fair values of future cash flows of a financial instrument will fluctuate because of volatility of prices in the financial markets. Market risk can be further segregated as: a) Foreign currency risk and b) Interest rate risk.

(i) Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. Company does not have any foreign currency loans, receivables or payables, hence the risk towards foreign currency risk is not applicable to the Company.

For that reason, sensitivity analysis with respect to foreign currency risk has not been disclosed

(ii) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Companyâs main interest rate risk arises from long-term borrowings with variable rates, which expose the Company to cash flow interest rate risk. During March 31, 2024, March 31, 2023 and March 31,2022 of the Companyâs borrowings at variable rate were mainly denominated in Rupees.

The Companyâs fixed rate borrowings are carried at amortized cost. They are therefore not subject to interest rate risk as defined in Ind AS-107, since neither the carrying amount nor the future cash flows will fluctuate because of a change in market interest rates.

15 Capital Management i. Risk Management

The Companyâs objectives when managing capital are to safeguard the Companyâs ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.

ⁱⁱ. During the year Company have received No Dues Certificate from Consortium Bankers under Compromise and Negotiated Settlement with the Consortium Bankers, the Working Capital term loan, Cash credit liability and non fund base liability has been settled and paid full negotiated amount.

iii. No dividend declared during the year (previous year Nil.)

16 Segment reporting

Presently, the Company is engaged in only one segment viz ''Construction activity'' and as such there is no separate reportable segment as per Ind AS 108 ''Operating Segments''. Presently, the Company''s operations are predominantly confined in India.

18 Corporate social responsibility(CSR)

As per the section 135 of the Companies Act, 2013, the Company is required to spend ''Nil (previous year March 31, 2023 ?Nil.).

19 Additional Regulatory Information: Ratios (asper Annexure)

20 The company has regrouped, reclassified & rearranged the previous period figures wherever necessary to confirm the current year''s presentation.

Mar 31, 2023

3.3 (a) From the above given note, assets pledged as security for borrowings are disclosed under Note 8.

3.3 (b) The Company acquired a plot of land situated at CTS 625 of link road Kandivali West Mumbai and the conveyance deed was

3.3 (c) Estimation offair value

3.3(d) This valuation is based on valuations done by an Accredited Independent registered valuer details as given below.

3.4 (a) In view of negative net worth in the stepdown subsidiary Company namely Mora Tollways Ltd and Atlanta Ropar Tollways Private Ltd,

Company has made provision for diminution in the value of its investment in equity shares of these equity shares in the previous year.

3.4 (b) The Company had incorporated a Special Purpose Vehicle Company (SPV) namely Atlanta Infra Assets Ltd by subscribing 4,19,53,450

equity shares of face value of ''10/- each at par. For the purpose of conducting impairment test as required under Ind.AS.36, the Company has obtained the valuation report from an independent registered valuer for determining the fair value of its investment in said SPV. in view of the negative net asset value of the said SPV as reported dated 31-12-2021 by the registered valuer, the Company has written off its investment in the said SPV in the previous year.

3.4 (c) Fair value of Shares of The Shamrao Vithal Co-op Bank Limited and DNS Bank Limited are recognized based on valuation report dated.11th

September, 2017.

3.16 (b) Rights, preference and restriction attached to equity shares

The Company has only one class of equity shares having par value of ''2/- per share. Each holder of the equity share is entitled to one vote per share. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive the remaining assets of the Company, after distribution of all preferential amounts.

3.35 (a) In the previous year under the Compromise and Negotiated Settlement with the Consortium Bankers, the company has arrived at Settlement with the consortium Bankers and have discharge the entire working capital term loan liability as on March 31,2021 and availed the settlement benefit/waiver of loan liability of ''6,348.45 which has been disclosed as Exceptional income.

3.36 (a) Exceptional expenses ''Nil (Previous year ''26,570.94 in Atlanta Ltd (Holding Company) the Company had incorporated a Special Purpose Vehicle Company (SPV) namely Atlanta Infra Assets Ltd by subscribing 4,19,53,450 equity shares of face value of ''10/- each at par. For the purpose of conducting impairment test as required under Ind. AS.36, the Company has obtained the valuation report from an independent registered valuer for determining the fair value of its investment in said SPV. in view of the negative net asset value of the said SPV as reported by the registered valuer, the Company has written off its investment of 26,570.94 in the said SPV and which has been disclosed as Exceptional expenses.

4 Contingent liabilities and commitments (''in Lakhs)

Following are the contingent liabilities and commitments as on March 31, 2023

a. Bank Guarantees issued by Banks aggregating to ''3,976.45 (March 31,2022 ''3,966.45)

b. Corporate Guarantees issued by company on behalf of its subsidiaries ''38,991.00 (March 31,2022 ''38,991.00)

c. In respect of subsidiaries, the Company has committed/ guaranteed to extend financial support in the form of equity or debt as per the agreed means of finance, in respect of the projects being undertaken by the respective subsidiaries, including any capital expenditure for regulatory compliance and to meet shortfall in the expected revenues/debt servicing.

Future cash flows in respect of the above matters can only be determined based on the future outcome of various uncertain factors.

d. Estimated amount of contracts remaining unexecuted on capital account (net of advances paid) and not provided for ''Nil (March 31, 2022 ''Nil.).

e. Disputed Income Tax Liability of ''2,511.49 (March 31, 2022 ''1,266.20)

f. Disputed Service Tax Liability of ''673.86 (March 31, 2022 ''673.86)

g. Disputed Sales Tax & Value Added Tax Liability of ''2,931.29 (March 31, 2022 ''2,931.29)

h. In respect of (e) (f) and (g) above it is not practicable for the Company to estimate the closer of this issues and the consequential timing of cash flows, if any

5 During the year, the Company has completely complied with the terms of settlement of fund based and Non-fund based liabilities of the Consortium lenders and the Company is looking for new projects.

During the year, the company has not awarded any new project. The management is negotiating new projects with a potential of substantial revenues and is hopeful of concluding the same.

The company filed Special Leave Petition (SLP) against the rejection of 3 claims, interest @ 20% p.a. compounded annually and payment as per cashflow in the matter of Mumbra Bypass by Hon''ble Division bench of High Court at Bombay u/s 37 of A & C Act. The said SLP was heard substantially on 15.03.2023 and the decision on said SLP will be pronounced after further hearing by Hon''ble Supreme Court. This may have substantial impact in case the decision of Hon''ble Supreme Court is pronounced in favour of company.

In view of the above, the management of the company is of the view that the said adverse developments do not reflect material uncertainties and consequently there is no significant uncertainty in the companyâs ability to continue as a going concern.

Accordingly, the financial statements of the company are prepared on the basis of continued going concern assumption.

6 Project status of Subsidiaries

i. Atlanta Infra Assets Limited

The said project was completed on 22-09-2011 and received Commercial Operation Certificate from the Competent Authority and collection of toll from the users of the facility is in progress.

ii. MORA Tollways Limited

M/s MORA Tollways Limited is a Special Purpose Vehicle (SPV) subsidiary Company constituted for the work of âFour Lanning of Mohania-Ara Section ofNH-30 (Km.0.000 to Km. 116.760).

The Concession Agreement with Bihar State Road Development Corporation (Authority) was terminated by MORA Tollways Limited (Company) on 20.02.2015 for Authority Defaults and the Company had claimed termination payment amounting to ''61,052.73 plus interest. MORA Tollways Ltd has filed Writ Petition No.7259 of 2015 for payment and the Honorable High Court of Patna by Order dated 22.09.2015 has held termination by MORA Tollways Ltd as valid and legal directed the Authority to pay termination payment of ''61,052.73 plus interest. The appeals are finally disposed by the Supreme Court of India directing adjudication of termination payment by the Arbitral Tribunal. The Arbitral Tribunal vide Award dated 21.05.2019 rejected the SPVâs claim for termination payment amounting to ''61,052.73 plus interest and awarded NIL amount against the said claim. The said Award is challenged by MORA Tollways Limited under Section 34 of the Arbitration and Conciliation Act, 1996 before the Hon''ble High Court, Patna and the out come of the same is pending.

iii. Atlanta Ropar Tollways Private Limited Project undertaken by SPV:

Development and Operation and Maintenance of Ropar - Chamkur - Sahib - Neelon - Doraha (up to NH 1) Road on Design, Build, Finance, Operate and Transfer (DBFOT) basis in the State of Punjab, vide concession agreement entered on October 05,2011.

The said SPV has completed the said project and received Commercial Operation Certificate from the competent Authority on 08-11-2016 and having right to collect the toll from the users of the facility during the concession period.

On 05-08-2021 the Authority (PIDB) has terminated the Concession Agreement vide letter no.PWD-BR-3012/21/2021-3BR3/178/1 dated.05-08-2021. By virtue of termination of Concession Agreement, the BOT (Intangible Asset) and toll collection right have been takeover by PIDB.

7 Employee benefit obligations

The Company has classified various employee benefits as under:

a. Defined contribution plans

i. Provident fund

ii. Employeesâ Pension Scheme, 1995

The provident fund and the state defined contribution plan are operated by the regional provident fund commissioner. Under the schemes, the Company is required to contribute a specified percentage of payroll cost to the retirement benefit schemes to fund the benefits.

The Company has recognized the following amounts in the Statement of Profit and Loss for the year:

c. Post employment obligation Gratuity

a. Long term borrowings and working capital limit

i. Primary Security:

Hypothecation of entire chargeable current assets of the company present & future on first pari-passu basis with the other lenders in Working Capital arrangement.

ii. Collateral Security:

a. Registered mortgage of 2nd floor of office Survey No.143, Hissa no.6(part),9 (part), 10 and 13 (part), Andheri-Kurla Road, Mumbai-400 059 owned by Shri Rajhoo Bbarot

b. Registered mortgage of 3rd floor of office premises having total built-up area of 3315 sq.ft. at Shree Amba Shanti Chambers, Survey No.143, Hissa no.6(part),9(part), 10 and 13(part), Andheri-Kurla Road, Opp Hotel Leela Mumbai-400 059 owned by Atlanta Ltd.

c. Hypothecation charge on pari passu basis on entire unencumbered moveable assets other than those specifically charged to the equipment financiers.

d. Pledge of 3,40,32,116 shares of the Company held by promoter and promoter group

e. Plot No. : 20, Sector No.10, Dwarka, New Delhi -110075, owned by Atlanta Limited. (Total Area : 325.54 Sq.Meters)

f. Unit No.801,8th Floor, Shrikant Chambers II, Survey. No. 78/1 & Survey. no.79 (Pt), CTS no. 669A/1, 669A/2, 669A/3, 669A/4 To 6, 783

(Pt), Village Borla, Sion Trombay Road, Deonar, Chembur. Mumbai 400071 owned by Shri Rikiin Bbarot.(Total Area: 7477.75 Sq. ft.)

g. Unit No.701,7th Floor, Shrikant Chambers II, V.N. Purav Marg, Village Borla, Near R K Studio, Sion, Trombay Road, Deonar, Chembur, Mumbai 400071 owned by Smt Ridhima Doshi. (Total Area: 8590 sq ft)

h. Commercial Land with Gut No.: 155, 166/1, 166/2, 174, 175, 176, 177, Tahsil Chincholi, Hingana, District, Nagpur, Maharashtra owned by Atlanta Limited. (Total Area: 12,59,388 Sq. Ft )

i. Plot No. 197, Rose Meadows, Village Sogaon, Post-Sogaon, Tal-Shahpur, Dist. Thane-421403 owned by Atlanta Ltd.

j. Personal Guarantee of Mrs. Ridhima Doshi (Her liability is restricted upto value of the collateral property offered by her.)

k. Personal Guarantee of: Mr. Rajhoo Bbarot, Mr. Rikin Bbarot

l. The company has mortgaged/pledged additional securities mentioned at Sr.No. e to j. and additional 3,40,32,116 equity shares of the Company held by promoters, in favor of Consortium Bankers in anticipation of enhancement of facilities.

Note: During the year No Dues Certificates were received from Consortium Bankers against settlement of fund base and non fund base limits under Compromise and Negotiated Settlement with the Consortium Bankers and also release of securities stated above from serial no. a to l.

Note: Deferred tax assets are not recognized for all deductible temporary differences and unused tax losses and probable future taxable amounts will not be available to utilize those temporary differences and losses.

13 Fair value measurements

c.) Fair value hierarchy

d. ) Valuation processes

The Company obtains assistance of independent and competent third party valuation experts to perform the valuations of financial assets and liabilities required for financial reporting purposes, including level 3 fair values. Discussions of valuation processes and results are held between the Company and the value on periodically basis.

e. ) Valuation technique used to determine fair values

The main level 3 inputs used by the Company are derived and evaluated as follows:

The fair value of financial instruments is determined using discounted cash flow analysis.

The carrying amount of current financial assets and liabilities are considered to be the same as their fair values, due to their short term nature.

The fair value of the long-term Borrowings with floating-rate of interest is not impacted due to interest rate changes, and will not be significantly different from their carrying amounts as there is no significant change in the under-lying credit risk of the Company borrowing (since the date of inception of the loans). Further, the Company has no long-term Borrowings with fixed rate of interest.

For financial assets and liabilities that are measures at fair value, the carrying amount is equal to the fair values.

Note:

Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices.

Level 2: The fair value of financial instruments that are not traded in an active market (for example over-the-counter derivatives) is determined using valuation techniques which maximize the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. This is the case for unlisted equity securities which are included in level 3.

There are no transfers between any levels during the year.

The Companyâs policy is to recognize transfer into and transfer out of fair value hierarchy levels as at the end of the reporting period.

a. Credit risk

The Company is exposed to credit risk, which is the risk that counterparty will default on its contractual obligation resulting in a financial loss to the Company

Credit risk arises from cash and cash equivalents, financial assets carried at amortized cost and deposits with banks and financial institutions, as well as credit exposures to trade customers including outstanding receivables.

Credit risk management

Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss.

The Companyâs credit risk arises from accounts receivable balances. Major customers of the Companies include public sector enterprises and state owned companies having high credit quality. Accordingly, the Companyâs customer credit risk is very low. With respect to intercorporate deposits/ loans given to subsidiaries, the Company will be able to control the cash flows of those subsidiaries as the subsidiaries are wholly owned by the Company.

For banks and financial institutions, only highly rated banks/institutions are accepted. Generally all policies surrounding credit risk have been managed at company level.

b. Liquidity risk

Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an adequate amount of committed credit facilities to meet obligations when due and to close out market positions. Due to the dynamic nature of the underlying businesses, company treasury maintains flexibility in funding by maintaining availability under committed credit lines.

Management monitors rolling forecasts of the Companyâs liquidity position and cash and cash equivalents on the basis of expected cash flows. This is generally carried out at local level in the operating subsidiaries of the Company in accordance with practice and limits set by the Company. These limits vary by location to take into account the liquidity of the market in which the entity operates. In addition, the Companyâs liquidity management policy involves projecting cash flows in major currencies and considering the level of liquid assets necessary to meet these monitoring balance sheet liquidity ratios against internal and external regulatory requirements and maintaining debt financing plans.

i. Maturities of financial liabilities

The amounts disclosed below are the contractual undiscounted cash flows. Balances due within 12 months equal their carrying balances as the impact of discounting is not significant

c. Market risk

Market risk is the risk that the fair values of future cash flows of a financial instrument will fluctuate because of volatility of prices in the financial markets. Market risk can be further segregated as: a) Foreign currency risk and b) Interest rate risk.

i. Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. Company does not have any foreign currency loans, receivables or payables, hence the risk towards foreign currency risk is not applicable to the Company.

For that reason, sensitivity analysis with respect to foreign currency risk has not been disclosed

ii. Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Companyâs main interest rate risk arises from long-term borrowings with variable rates, which expose the Company to cash flow interest rate risk. During March 31, 2023, March 31, 2022 and March 31, 2021 of the Companyâs borrowings at variable rate were mainly denominated in Rupees.

The Companyâs fixed rate borrowings are carried at amortized cost. They are therefore not subject to interest rate risk as defined in Ind AS-107, since neither the carrying amount nor the future cash flows will fluctuate because of a change in market interest rates.

15 Capital Management i. Risk Management

The Companyâs objectives when managing capital are to safeguard the Companyâs ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.

The Company monitors capital on basis of total equity and debt on a periodic basis. Equity comprises all components of equity. Debt includes term loan, others and short term loans. The following table summarizes the capital of the Company:

^!|. During the year Company have received No Dues Certificate from Consortium Bankers under Compromise and Negotiated Settlement with the Consortium Bankers, the Working Capital term loan, Cash credit liability and non fund base liability has been settled and paid full negotiated amount.

iii. No dividend declared during the year (previous year Nil.)

16 Segment reporting

Presently, the Company is engaged in only one segment viz ''Construction activity'' and as such there is no separate reportable segment as per Ind AS 108 ''Operating Segments''. Presently, the Company''s operations are predominantly confined in India.

18 Corporate social responsibility (CSR)

As per the section 135 of the Companies Act, 2013, the Company is required to spend '' Nil (previous year March 31,2022 '' Nil.) due to loss reported in the said period.

19 Additional Regulatory Information: Ratios (as per Annexure)

20 The company has regrouped, reclassified & rearranged the previous period figures wherever necessary to confirm the current year''s presentation.

The accompanying notes are an integral part of these financial statements.

Mar 31, 2018

1) General information:

a) Atlanta Limited (referred to as "the Company") together with its subsidiaries is primarily engaged in the business of Infrastructure and 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 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 and Mining of coal, lime stones etc.

The Company is a public limited company which is listed on two recognized stock exchanges in India and is incorporated and domiciled in India under the provisions of the Companies Act. The registered office of the Company is located at 101, Shree Amba Shanti Chambers, Andheri Kurla Road, Andheri - East, Mumbai - 400 059

b) Background to the Restated Ind AS Financial Statements

The Standalone Ind AS Audited Financial Statements for the year ended 31^st March, 2018 were approved by the Board of Directors at their meeting held on July 28, 2018 (âOriginal Financial Statements.â) which were placed before the members in the Annual General Meeting held on 28^th September, 2018 for their approval.

In the Original Financial Statements so prepared and placed before the members as aforesaid, the Auditorâs Report contained âEmphasis of Matterâ in relation to realization of certain receivables from PWD, Maharashtra.

In the said AGM, the members were of the view that the amount of Rs. 61,37,56,574/-shown as receivable from PWD, Maharashtra was unlikely to be realized. Hence, the members resolved that revenue from operations for the year be reduced by Rs. 21,75,28,271/- and an amount of Rs. 39,62,28,303/- be considered as not realizable and should be written-off as bad debt.

The Board of Directors were accordingly directed at the AGM to restate the said Original Financial Statements and to get the same audited by the Statutory Auditors.

The impact of restatement of financial statements has been disclosed in note 4.28.( i to vii)

These restated financial statements were authorized for issue by the Board of Directors on October 02, 2018.

2.2 Critical accounting estimates and judgments:

The preparation of the financial statements under Ind AS requires management to take decisions and make estimates and assumptions that may impact the value of revenues, costs, assets and liabilities and the related disclosures concerning the items involved as well as contingent assets and liabilities at the balance sheet date. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below:

(a) Classifications of Joint Arrangement as Jointly Controlled Operations

The Company based on rights and obligations that arises from the contractual arrangement entered into between the parties has classified certain Joint Arrangements entered into by the Company with parties to execute the construction contracts as Jointly Controlled Operations where the contractual agreement provides rights to assets and obligations for liabilities for those parties sharing joint control and the legal form does not confer separation between the investors and the special purpose vehicle i.e. partnership firms formed under the Indian Partnership Act, 1932 to execute the project.

(b) Revenue recognition

i. Revenue recognition on account of construction contracts and real estate development

The Company uses the âpercentage-of-completion methodâ to determine the appropriate amount to recognize in a given period. The stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion.

ii. Revenue recognition on account of arbitration/litigation claims

The Company has exercised judgment over recognition of revenue arising on account of claims made by the Company to the customer on account of several breaches committed by the customer during the period of contract, dispute over quantity and rates of materials used in execution of the project leading to dispute which has been settled vide arbitration process and the outcome of these awards including the timing and the amount of revenue recognition requires a reasonable degree of estimation.

Company has a policy of regularly reviewing the recoverability of trade receivables. Substantial amount of trade receivables of the Company represents amount recoverable from the customers arising on account of arbitration claims pending against the Company. The expected credit loss allowance for trade receivables is made as per provision policy of the Company which takes into account the historical credit loss experience and adjusted for forward looking information.

3) Transition to Ind AS:

The Company has adopted Indian Accounting Standards (Ind AS) as notified by the Ministry of Corporate Affairs with effect from April 01, 2017, with a transition date of April 01, 2016. For all periods upto and including the year ended March 31, 2017, the Company prepared its financial statements in accordance with the previously applicable Indian GAAP (previous GAAP).

The adoption of Ind AS has been carried out in accordance with Ind AS 101, First-time Adoption of Indian Accounting Standards. Ind AS 101 requires that all Ind AS Standards and interpretations that are issued and effective for the first Ind AS financial statements be applied retrospectively and consistently for all financial years presented. Accordingly, the Company has prepared financial statements which comply with Ind AS for year ended March 31, 2018, together with the comparative information as at and for the year ended March 31, 2017. The Companyâs opening Ind AS Balance Sheet has been prepared as at April 01, 2016, the date of transition to Ind AS.

I. Exemptions and exceptions availed

In preparing these Ind AS financial statements, the Company has availed certain exemptions and exceptions in accordance with Ind AS 101, as explained below. The resulting difference between the carrying values of the assets and liabilities in the financial statements as at the transition date under Ind AS and previous GAAP have been recognized directly in equity (retained earnings or another appropriate category of equity). This note explains the adjustments made by the Company in restating its previous GAAP financial statements, including the Balance Sheet as at April 01, 2016 and the financial statements as at and for the year ended March 31, 2017.

(a) Ind AS optional exemptions

i. Deemed cost

Ind AS 101 permits a first time adopter to elect to continue with the carrying value for all of its property, plant and equipment as recognized in the financial statements as at the date of transition to Ind AS, measured as per the previous GAAP and use that as its deemed cost as at the date of transition. This exemption can also be used for intangible assets and investment property covered by Ind AS 40 Investment Properties.

ii. Business combinations

Ind AS 101 provides an exemption for all transactions qualifying as business combinations, not to restate any business combinations under Ind AS103, occurring before the transition date. The Company has elected to apply this exemption and accordingly the Company has not restated business combinations occurring before April 01, 2016.

(b) Ind AS mandatory exceptions

The Company has applied the following exceptions from full retrospective application of Ind AS as mandatorily required under Ind AS 101:

i. Estimates

An entityâs estimates in accordance with Ind AS at the date of transition to Ind AS shall be consistent with estimates made for the same date in accordance with previous GAAP (after adjustments to reflect any difference in accounting policies), unless there is objective evidence that those estimates were in error.

Ind AS estimates as at April 01, 2015 are consistent with the estimates as at the same date made in conformity with previous GAAP. The Company made estimates for Impairment of financial assets based on expected credit loss model in accordance with Ind AS at the date of transition as these were not required under previous GAAP:

ii. Classification and measurement of financial assets

Ind AS 101 requires an entity to assess classification and measurement of financial assets (debt instruments) on the basis of the facts and circumstances that exist at the date of transition to Ind AS. Consequently, the Company has applied the above assessment based on facts and circumstances existing at the transition date.

II. Reconciliations between previous GAAP and Ind AS

Ind AS 101 requires an entity to reconcile equity, total comprehensive income and cash flows for prior periods. The regrouped previous GAAP information is derived based on the audited financial statements of the Company for year ended March 31, 2017.

The following tables represent the reconciliations from previous GAAP to Ind AS.

III. Notes to first-time adoption of Ind AS:

a. Rectification of errors identified under previous GAAP.

i. Interest on arbitration claims

The Company in the previous year ended March 31, 2017 had inadvertently accounted for interest on arbitration claim amounting to Rs. 1,58,71,122/- which has been rectified by restating the financial statements for the year ended March 31, 2017 in accordance with Ind AS 101. Consequent to above, the total equity as on March 31, 2017 and Profit for the year ended March 31, 2017 has decreased by Rs.1,03,81,300/-.

ii. Proposed Dividend

The Company in the previous year ended March 31, 2017 had inadvertently accounted for Proposed Dividend pertaining to year ended March 31, 2017 which was declared by the Board subsequent to report signing date of the financial statements which otherwise under the previous GAAP is required to be recognized in the year in which the Dividend is declared. The said error has been rectified by restating the financial statements for the year ended March 31, 2017 in accordance with Ind AS 101. Consequent to above, the total equity as on March 31, 2017 has increased by Rs.1,08,69,444/-.

b. Classification of Preference shares as compound financial instruments.

The Company has issued Redeemable Preference Shares. The Preference shares carry fixed rate of dividend which is non-discretionary. Ind AS 32 requires Classification of such kind of instruments into equity and liability component based on the terms of the contract. Interest on liability component is recognized using effective interest method. Under the previous GAAP, the preference shares were classified as equity and dividend payable thereon was considered treated as distribution of profit. Consequent to this change, the total equity as on March 31, 2017 Rs.12,50,00,000/- (April 01, 2016: ) has decreased by Rs.2,11,59,004/- due to classification of equity component of Preference shares in equity which has been partially off-set by notional interest cost of Rs.3,31,47,322/- recognized on preference shares using effective interest rate method and the profit for the year ended March 31, 2017 has been decreased by Rs.50,37,899/- on account of interest on preference shares recognized using effective interest rate method.

c. Borrowings - Transaction cost adjustment

Ind AS 109 requires transaction costs incurred towards origination of borrowings to be deducted from the carrying amount of borrowings on initial recognition. These costs are recognized in the profit or loss over the tenure of the borrowing as part of the interest expense by applying the effective interest rate method. Consequently, the total equity as at March 31, 2017 is increased by Rs.89,57,020/- (April 01, 2016 - Rs.1,16,96,666/- and profit for the year ended March 31, 2017 is decreased by Rs.27,39,646/-

d. Deemed cost - Property, Plant and Equipments (PPE)

Under the previous GAAP, property, plant and equipment, were carried at cost. Under Ind AS, the Company has opted the policy to carry such property, plant and equipment at deemed cost on the date of transition. Accordingly, the revaluation reserve recognized under the previous GAAP has been reversed and transferred to retained earnings and on account of the aforesaid adjustments, the additional depreciation charged of Rs.Nil on account of revaluation under previous GAAP has been reversed during the year 2016-17 leading to increase in profit for the year ended March 31, 2017 by (Nil).

e. Security Deposits

Under Ind AS, all financial assets are required to be recognized at fair value. Accordingly, the Company has fair valued the security deposits under Ind AS. Under the previous GAAP, interest free security deposits (that are refundable in cash on completion of cash term) were recorded at their transaction value. Difference between the fair value and transaction value of security deposit has been recognized as prepaid rent. Consequent to this change, the profit for the year and the total equity as at March 31, 2017 decreased by Rs.3,17,25,179/- (April 01, 2016: Rs.3,86,84,854/- due to amortisation of prepaid rent which has been partially off-set by notional interest income of Rs.19,34,309/- in (April 01, 2016: Rs.4,57,808/-) recognised on security deposits.

f. Financial guarantee obligations

Under Ind AS, financial guarantees are accounted as financial liabilities and measured initially at fair value. Accordingly, the Company has created financial guarantee obligations of Rs.25,19,54,304/- as on April 01, 2016. On account of the aforesaid adjustment, the Company has recognised Other Income of Rs.3,73,71,728/- in the Statement of Profit and Loss for the year ended March 31, 2017

g. Fair valuation of investment

Under Ind AS, investment in equity instruments of others carried at FVTPL, Investment measured initially at fair value. Accordingly, the Company has transferred Rs.10,39,535/- to retained earnings as on April 01, 2016.

h. Tax adjustments on above GAAP adjustments

The Company in the previous year ended March 31, 2017 had not accounted for MAT credit pertaining to year ended March 31, 2017. The said error has been rectified by restating the financial statements for the year ended March 31, 2017 in accordance with Ind AS 101. Consequent to above, the total equity as on March 31, 2017 has increased by Rs.23,43,92,574/-.

i. Remeasurements of post-employment benefit obligations

Under Ind AS, remeasurements i.e. actuarial gains and losses and the return on plan assets, excluding amounts included in the net interest expense on the net defined benefit liability are recognised in Other Comprehensive Income instead of profit or loss. Under the previous GAAP, these remeasurements were forming part of the profit or loss for the year. As a result of this change, the profit for the year ended March 31, 2017 increased by Rs.12,52,048/-. There is no impact on the total Equity as at March 31, 2017.

j. Other Comprehensive Income

Under Ind AS, all items of income and expense recognised in a period should be included in profit or loss for the period, unless a standard requires or permits otherwise. Items of income and expense that are not recognised in profit or loss but are shown in the Statement of Profit and Loss as âOther Comprehensive Incomeâ includes remeasurements of post-employment benefit obligation and fair valuation of investments in subsidiaries.

k. Retained earnings

Retained earnings as at April 01, 2016 has been adjusted consequent to the above Ind AS transition adjustments.

4. Rights, preference and restriction attached to equity shares

The Company has only one class of equity shares having par value of Rs.2/- per share. Each holder of the equity share is entitled to one vote per share. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive the remaining assets of the Company, after distribution of all preferential amounts.

Nature and purpose of reserves Securities premium account

Securities premium account is created to record premium received on issue of shares. The reserve is utilized in accordance with the provision of the Companies Act, 2013.

5. Impact of Restatement referred to note 1(b)

With reference to note 1(b) of the financial statement, the impact of the restatement of the original financial statement is given below:

i) Revenue from Operations for the year have been decreased from Rs.145,73,60,042/- to Rs.123,98,31,771/- in the restated financial statement (Refer note 4.21)

ii) Revenue recognized in earlier years and considered receivable aggregating Rs.39,62,28,303/- have been considered as Bad Debts and included under the head âOther Expensesâ. (Refer note.4.26)

iii) Loss before Tax for the year is at Rs.38,78,83,409/- as against profit before tax reported at Rs.22,58,73,165/- in the original financial statement.

iv) Loss after Tax for the year is at Rs.26,34,63,393/- as against profit after tax reported at Rs.15,82,97,629/-in the original financial statement.

v) Trade receivable (non current) for the year are at Rs.43,34,21,941/- as against Rs.134,80,17,263/- reported in the original financial statement. (Refer note.4.3(b)

vi) Trade receivable (current) for the year are at Rs.110,30,76,824/- as against Rs.80,22,38,076/- reported in the original financial statement. (Refer note 4.7(a)

vii) Reserve and surplus for the year are at Rs.452,39,28,104/- as against Rs.494,56,89,126/- reported in the original financial statement. (Refer note.4.11)

6) Contingent liabilities and commitments

(a) Bank Guarantees and Letter of Credit issued by Banks aggregating to Rs.119,59,30,538/- (March 31, 2017 Rs.150,01,45,000/-)

(b) Corporate Guarantees issued by Company on behalf of its subsidiaries Rs.389,91,00,000/-(March 31, 2017 Rs.250,00,00,000/-)

(c) In respect of subsidiaries, the Company has committed/ guaranteed to extend financial support in the form of equity or debt as per the agreed means of finance, in respect of the projects being undertaken by the respective subsidiaries, including any capital expenditure for regulatory compliance and to meet shortfall in the expected revenues/debt servicing.

Future cash flows in respect of the above matters can only be determined based on the future outcome of various uncertain factors.

(d) Estimated amount of contracts remaining unexecuted on capital account (net of advances paid) and not provided for Rs.Nil (March 31, 2018 Rs.Nil; March 31, 2017 Rs.Nil).

(e) Disputed Income Tax Liability of Rs.12,40,94,156/- (March 31, 2017 Rs.14,07,23,017/-)

(f) Disputed Service Tax Liability of Rs.2,83,25,388/- (March 31, 2017 Rs. Nil)

(g) Disputed Sales Tax & Value Added Tax Liability of Rs.4,92,91,421/- (March 31, 2017 Rs. Nil)

(h) In respect of (e) (f) and (g) above it is not practicable for the Company to estimate the closer of this issues and the consequential timing of cash flows, if any.

7) Project status of Subsidiaries

(i) Atlanta Infra Assets Limited Project undertaken by SPV

The said project was completed on 22-09-2011 and received Commercial Operation Certificate from the Competent Authority and collection of toll from the users of the facility is in progress.

(ii) MORA Tollways Limited Project undertaken by SPV

Four Laning of Mohania - Ara Section of NH-30 (Km.0.000 to Km.116.760) in the state of Bihar on Design, Build, Finance, Operate and Transfer (DBFOT) basis vide concession agreement entered on 10^th September, 2011.

The SPV has terminated the Concession Agreement dated 10-09-2011 for the Authority defaults on 20-02-2015 for the work of âFour Laning of the Mohania-Ara Section of NH-30 (From Km.0.000 to Km. 116.760) in the State of Bihar on Design, Build, Finance, Operate, Transfer (DBFOT-Toll) basis." The Company has claimed termination payment amounting to Rs.610,53,00,000/- plus interest of contractual rate from Bihar State Road Development Corporation Limited pursuant to Article 37 of the Concession Agreement.

Pursuant to the Supreme Court order dated 27.01.2017, the Claimant preferred a Claim of Termination Payment before the Honâble Arbitral Tribunal. As per minutes of meeting dated 30.03.2018 and 31.03.2018, the Proceedings before the Arbitral Tribunal are concluded by both the parties and the matter is posted for preparation of Award. The Award in the aforesaid Arbitral Proceeding will be published shortly.

(iii) Atlanta Ropar Tollways Private Limited Project undertaken by SPV

Development and Operation and Maintenance of Ropar - Chamkur - Sahib - Neelon - Doraha (upto NH 1) Road on Design, Build, Finance, Operate and Transfer (DBFOT) basis in the State of Punjab,vide concession agreement entered on 05^th October, 2011.

The said SPV has completed the said project and received Commercial Operation Certificate from the competent Authority on 08-11-2016 and collection of toll from the users of the facility is in progress.

8) Employee benefit obligations

The Company has classified various employee benefits as under:

a) Leave obligations

The leave obligations cover the Company liability for sick and privileged leave.

b) Defined contribution plans

i. Provident fund

ii. State defined contribution plans

- Employeesâ Pension Scheme, 1995

c) Post employment obligation Gratuity

The above sensitivity analyses are based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. While calculating the sensitivity of the defined benefit obligation to significant actuarial assumptions the same method (present value of the defined benefit obligation calculated with the projected unit credit method at the end of the reporting period) has been applied as when calculating the defined benefit liability recognised in the balance sheet. The methods and types of assumptions used in preparing the sensitivity analysis did not change compared to the prior period.

A) Long term borrowings and working capital limit

(i) Primary Security:

Hypothecation of entire current assets in the form of Stock and Receivables the Company present & future on first pari-passu basis with the other Lenders in Working capital arrangement.

(ii) Collateral Security:

Second Charge on pari passu basis with for Working Capital and Term Loan limits, on Companyâs fixed assets by way of mortgage at:

a) Registered mortgage on pari passu basis with consortium Office No. 201, 2^nd Floor Andheri Kurla Road, Opposite Hotel Leela, Marol, Andheri (E) Mumbai- 400 059 owned by promoter and promoter group.

b) Registered mortgage on pari passu basis with consortium Office No. 101, 1^st Floor Andheri Kurla Road, Opposite Hotel Leela, Marol, Andheri (E) Mumbai- 400 059 owned by promoter and promoter group.

c) Registered mortgage on pari passu basis with consortium Office No. 301, 3^rd Floor Andheri Kurla Road, Opposite Hotel Leela, Marol, Andheri (E) Mumbai- 400 059.

d) Residential Building named Atlanta House on Plot No. :20, Sector No.10, Gate No. 3 Dwarka, Shahpur Jat, New Delhi-110 075 Total Area of plot: 325.54 Sq. Meters.

e) Pledge of 4,10,32,116 shares of the Company held by promoter and promoter group

f) Hypothecation charge on pari-passu basis on entire unencumbed Moveable assets other than those specifically charged to the equipment financiers.

g) Unit No.: 801, 8^th Floor, Shrikant Chambers Phase-II, Survey No.78/1 & 79 (pt), CTS no. 669 A/1, 669 A/2, 669 A/3, 669 A/4 to 6783 (pt) Station Road V. N. Purav Marg, Near R K Studio, Chembur, Mumbai, Maharashtra Area of plot: 7477.75 sq mtr owned by promoter and promoter group.

h) Unit No.:701, 7^th Floor, Shrikant Chambers Phase-II, Survey No.78/1 & 79 (pt), CTS no. 669 A/1, 669 A/2, 669 A/3, 669 A/4 to 6783 (pt) Station Road V. N. Purav Marg, Near R K Studio, Chembur, Mumbai, Maharashtra Area of plot: 7477.75 sq mtr owned by promoter and promoter group.

i) Commercial Land with Survey No.:155,166/1, 166/2, 174-177, Tahsil Chincholi, Hingana, District, Nagpur-440 016.

j) Plot No.197, Rose Meadows, Village Sogaon, Post-Sogaon,Tal-Shahpur, Dist. Thane- 421 403.

(a) Fair value hierarchy

This section explains the judgments and estimates made in determining the fair values of the financial instruments that are (a) recognised and measured at fair value and (b) measured at amortised cost and for which fair values are disclosed in the financial statements. To provide an indication about the reliability of the inputs used in determining fair value, the Company has classified its financial instruments into the three levels prescribed under the accounting standard. An explanation of each level follows underneath the table.

(b) Valuation processes

The Company obtains assistance of independent and competent third party valuation experts to perform the valuations of financial assets and liabilities required for financial reporting purposes, including level 3 fair values. Discussions of valuation processes and results are held between the Company and the valuer on periodically basis.

The main level 3 inputs used by the Company are derived and evaluated as follows:

The fair value of financial instruments is determined using discounted cash flow analysis.

The carrying amount of current financial assets and liabilities are considered to be the same as their fair values, due to their short term nature.

The fair value of the long-term Borrowings with floating-rate of interest is not impacted due to interest rate changes, and will not be significantly different from their carrying amounts as there is no significant change in the under-lying credit risk of the Company borrowing (since the date of inception of the loans). Further, the Company has no long-term Borrowings with fixed rate of interest.

For financial assets and liabilities that are measures at fair value, the carrying amount is equal to the fair values.

Note:

Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices.

Level 2: The fair value of financial instruments that are not traded in an active market (for example over-the-counter derivatives) is determined using valuation techniques which maximise the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. This is the case for unlisted equity securities which are included in level 3.

There are no transfers between any levels during the year.

The Companyâs policy is to recognise transfer into and transfer out of fair value hierarchy levels as at the end of the reporting period.

(a) Credit risk

The Company is exposed to credit risk, which is the risk that counterparty will default on its contractual obligation resulting in a financial loss to the Company.

Credit risk arises from cash and cash equivalents, financial assets carried at amortised cost and deposits with banks and financial institutions, as well as credit exposures to trade customers including outstanding receivables.

Credit risk management

Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss.

The Companyâs credit risk arises from accounts receivable balances. Major customers of the Companies include public sector enterprises and state owned companies having high credit quality. Accordingly, the Companyâs customer credit risk is very low. With respect to inter corporate deposits/ loans given to subsidiaries, the Company will be able to control the cash flows of those subsidiaries as the subsidiaries are wholly owned by the Company.

For banks and financial institutions, only highly rated banks/institutions are accepted. Generally all policies surrounding credit risk have been managed at company level.

(b) Liquidity risk

Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an adequate amount of committed credit facilities to meet obligations when due and to close out market positions. Due to the dynamic nature of the underlying businesses, Company treasury maintains flexibility in funding by maintaining availability under committed credit lines.

In respect of its existing operations, the Company funds its activities primarily through long-term loans secured against each SPVâs and long terms loans and advances. In addition, each of the Special Purpose Vehicle (SPVâs) has working capital loans available to it which are renewable annually, together with certain intra-group loans.

Management monitors rolling forecasts of the Companyâs liquidity position and cash and cash equivalents on the basis of expected cash flows. This is generally carried out at local level in the operating subsidiaries of the Company in accordance with practice and limits set by the Company. These limits vary by location to take into account the liquidity of the market in which the entity operates. In addition, the Companyâs liquidity management policy involves projecting cash flows in major currencies and considering the level of liquid assets necessary to meet these monitoring balance sheet liquidity ratios against internal and external regulatory requirements and maintaining debt financing plans.

(i) Maturities of financial liabilities

The amounts disclosed below are the contractual undiscounted cash flows. Balances due within 12 months equal their carrying balances as the impact of discounting is not significant.

Market risk is the risk that the fair values of future cash flows of a financial instrument will fluctuate because of volatility of prices in the financial markets. Market risk can be further segregated as: a) Foreign currency risk and b) Interest rate risk.

(i) Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. Company does not have any foreign currency loans, receivables or payables, hence the risk towards foreign currency risk is not applicable to the Company.

For that reason, sensitivity analysis with respect to foreign currency risk has not been disclosed

(ii) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates.The Companyâs main interest rate risk arises from long-term borrowings with variable rates, which expose the Company to cash flow interest rate risk. During March 31, 2018, March 31, 2017 and April 01, 2016 the Companyâs borrowings at variable rate were mainly denominated in Rupees.

The Companyâs fixed rate borrowings are carried at amortised cost. They are therefore not subject to interest rate risk as defined in Ind AS-107, since neither the carrying amount nor the future cash flows will fluctuate because of a change in market interest rates.

9) Capital Management (a) Risk Management

The Companyâs objectives when managing capital are to safeguard the Companyâs ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.

The Company monitors capital on basis of total equity and debt on a periodic basis. Equity comprises all components of equity. Debt includes term loan and short term loans. The following table summarizes the capital of the Company:

10) Segment reporting

The Companyâs Committee of the Chairman and the Managing Director examine the Companyâs performance.

Presently, the Company is engaged in only one segment viz ''Construction activity'' and as such there is no separate reportable segment as per Ind AS 108 ''Operating Segments''. Presently, the Company''s operations are predominantly confined in India.

11) Disclosure in respect of ongoing construction contracts

On the balance sheet date, the Company reports the net contract position for each contract as either an asset or an liability. A contract represents an asset where costs incurred plus recognized profits (less recognized losses) exceed progress billings; a contract represents liability where opposite is the case.

12) Corporate Social Responsibility (CSR)

As per the Section 135 of the Companies Act, 2013, the Company has not spent any amount during the year and preceding financial years, towards CSR activity.

13) Disclosure under Micro, Small and Medium Enterprises Development Act, 2006

Disclosure of amounts payable to vendors as defined under the "Micro, Small and Medium Enterprise Development Act, 2006" is based on the information available with the Company regarding the status of registration of such vendors under the said Act. There are no overdue principal amounts / interest payable amounts for delayed payments to such vendors at the Balance Sheet date. There are no delays in payment made to such suppliers during the year or for any earlier years and accordingly, there is no interest paid or outstanding interest in this regard in respect of payments made during the year or brought forward from previous years.

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

Mar 31, 2017

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 groupâs 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 âTrade 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 â(12,61,63,679) (net of previous yearâs 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) âSegment Reportingâ 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) âImpairment of Assetsâ issued by the Institute of Chartered Accountants of India.

14 Disclosures of related parties transactions

As per the Accounting Standards (AS-18) âRelated Party Disclosureâ 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.

Mar 31, 2016

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

2 a) 25% Cumulative Redeemable Non-Convertible Preference Shares of face value ofRs, 10/-each were issued at a premium ofRs, 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

3. 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.

4 In the 32^nd Annual General Meeting of the Company held on September 28, 2015, the Shareholders did not approve the dividend proposed by Board of Directors for the financial year 2014-15 amounting to Rs, 2,44,50,000/-. Hence, in the accounts for the year under review, the proposed dividend and dividend distribution tax there on aggregating to Rs, 2,94,56,057/- has been reversed.

5 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 Mumbai By-pass BOT-Project and securitization of entire toll receivable of Mumbai 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.

6 In respect of the deferred tax liability arising on account of timing difference for the current financial year, a sum of Rs, 5,531,337/- has been accounted as deferred tax asset.

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, Ropers 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 yearend closing provision of Rs, 25,80,94,620/- (previous year Rs, 220,05,03,513/-).

Details of dues to Micro, Small and Medium Enterprises as defined under the MSMED Act, 2006

8 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.

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

10. 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.

11. 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.

12. (*) Income tax assessment have been completed up to assessment year 2013-14 (31-03-2013)

13. 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.

14. 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 ofRs, 11,11,24,144/-) (net of previous year''s provision of '' 220,05,03,513/-) has been adjusted in the Operating expenses.

15. As per Accounting Standards (AS-15) Revised "Employee Benefit", the disclosures as defined in the Accounting Standards are given below:

Defined contribution plans

Contribution to defined contribution plans, recognized as expenses for the year are as under:

The estimates of rate of escalation in salary considered in actuarial valuation, take in to account inflation, seniority, promotion and other relevant factors including supply and demand in the employment market. The above information is certified by the actuary.

16. 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.

17. 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.

18. Segment information

19. Impairment of assets

20 Disclosures of related parties transactions

As per the Accounting Standards (AS-18) âRelated Party Disclosureâ 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, 2016 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. 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:

iv Associate Companies:

Luck now Varanasi Toll ways 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)

41 In the opinion of the Board, except otherwise stated all assets other than fixed assets and noncurrent investments, have a realizable 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.

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

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.

Mar 31, 2011

(1) Contingent liabilities not provided for:

a) Guarantees given by the banks on behalf of the Company Rs 44,94,65,766/- (Previous year Rs 61,51,09,603/ )

b) Unexpired Letters of Credit Rs 12,87,64,359/- (Previous year Rs 11,89,63,277/-)

c) Corporate guarantee given to Bank and Financial Institution on behalf of subsidiary company namely Atlanta Infra Assets Ltd. (formerly known as Balaji Toll Ways Ltd.) amounting to Rs 1,50,00,00,000/- (Previous year 1,50,00,00,000) against term loan availed by them

d) Disputed Income Tax demand for which appeal is pending before Appellate Authority Rs. Nil (Previous year Rs 12,28,55,795/-)

(2) 7 years National Saving Certificates and Kisan Vikas Patra of the face value of Rs 8,35,200/- (Previous year Rs 8,35,200/-) have been lodged as security with Municipal Corporation, Mumbai.

(3) 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 is adequate and not in excess of the amount reasonably necessary.

(4) Amount paid as Compensation for short-term loans availed by the Company are treated as discounting charges by the Company and has been merged with interest and financial charges.

(5) 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 in 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 1,42,50,842/- (net of last year's provision of Rs 14,20,66,721/-) has been adjusted in the Operating Expenses.

(6) During the year under consideration the Company has written back an amount of Rs 8,68,21,329.15 as operating income which represents unclaimed and excess provision of expenses in respect of completed projects.

(7) The Government of Maharashtra, Public Works Department (PWD) vide agreement dated 18.10.2000 originally awarded a contract of construction of Mumbra Ã Kausha Bypass Project on NH Ã 4, Mumbai Pune Road on Built, Operate & Transfer (BOT) basis for a concession period of 6 years and 9 months (including construction period).

Subsequently, due to change in the scope of work, a supplementary agreement dated 11.5.2005 was entered which increased the concession period to 10 years, 4 months and 25 days.

The Government of Maharashtra vide Notification dated 27.12.2007 authorised the Company to collect the toll from the vehicles passing through the said road effective from 28.12.2007 to 11.9.2010 as per the supplementary agreement.

However, the Company made a representation before the Contracting Authority for enhancement of the concession period for various reasons including change in scope of work. Based on such representations, the PWD has recommended to the concerned authority for the enhancement of concession period from 10 years, 4 months and 25 days to 24 years, 1 month and 17 days. The Company referred the matter before the Arbitral Tribunal to resolve the issue. In the mean time the Government of Maharashtra issued an Interim Notification extending the concession period from 11-09-2010 to 21-09-2014. Considering the Interim Notification and recommendation of the Chief Engineer (PWD), Mumbai Region and also relying upon the legal opinion of a counsel, the management is reasonably certain about the enhancement of concession period as stated above. In view of this, the toll collection rights are amortized in the manner whereby the total cost of the project i.e. Rs 156.59 crores is written off over the proposed enhanced concession period of 24 years, 1 month and 17 days. The Company, therefore, amortized the toll collection rights at Rs 8.64 crores, as against the amortization of Rs 21.75 crores based on the concession period notified by the Government of Maharashtra.

(8) In pursuance on announcement dated March 29, 2008 of the Institute of Chartered Accountants of India on Accounting of Derivatives, Mark to Market Loss on outstanding derivative instruments as on March 31, 2011 stood at Rs 6,26,05,376/- in respect of Rupee Foreign Currency Swap Transaction. The Company does not hold or issue derivate financial instruments for trading or speculative purpose and all the derivates entered in to by the Company are to mitigate or offset the risk that arise from their normal business activities only. Pending the quantification of actual loss or gain on the expiry of derivate contract with the authorized dealer the Company has not provided for the Mark to Market Losses in the interim period.

(9) Loans and advances includes:

a. Advance to companies in which Directors are interested as Directors Rs 42,92,764/- (previous year Nil). Maximum amount outstanding during the year Rs 10,23,53,404/- (previous year Rs Nil).

b. Advances to subsidiaries:

c. Short-term loan given to subsidiary company namely Atlanta Infra Assets Ltd. (formerly known as Balaji Toll Ways Ltd.) Rs 5,76,00,379/-(Previous year - Nil). Maximum outstanding Rs 5,76,00,379/- (Previous year- Nil)

(10) The Company had based on valuation made by approved valuers revalued some of its fixed assets in the various accounting years. The resultant appreciation aggregated to Rs 3,99,90,973/- has been added to the Gross Block of the Fixed Assets and credited to the Revaluation Reserve as per details. Consequent to revaluation, the appreciated proportion of Fixed Assets has been depreciated at the rates applicable to the respective assets under the straight-line method of depreciation.

(11) Hitherto, the company was not making any provision for leave encashment. The company has, during the year changed its accounting policy with regards to recognition of leave encashment liability and computed liability of leave encashment till date and accordingly made a provision of Rs 3,29,933/-. Due to this profit for the year under consideration is lower to that extent.

(12) Deferred Tax

a) In compliance with Accounting Standard Ã 22 (AS Ã 22) on "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India in respect of the deferred tax liability arising on account of timing difference for the current financial year, a sum of Rs 31,35,078/- has been accounted as deferred tax asset.

(13) Income-tax assessments have been completed up to assessment year 2008-09 (31st March, 2008).

(14) Disclosure as per Accounting Standard -15 (Revised)

a) Defined Contribution Plan

The Company has recognized, in the Profit and Loss Account for the year ended 31st March, 2011, contribution to provident fund amounting to Rs 10,60,317/- as expenses under defined contribution plan under the head "Contribution to Provident and Other Funds" in schedule - 15 Ã Employees Emoluments and Benefits.

v) Valuation Method : Projected Unit Credit Method

Note: The above disclosure is made to the extent of information given by the actuaries.

(15) 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 Standard (AS-17) "Segment Reporting" issued by the Institute of Chartered Accountants of India are not applicable.

(16) There was no impairment Loss on Fixed Assets on the basis of review carried out by the Management in accordance with the Accounting Standard Ã 28 "Impairment of Assets" issued by the Institute of Chartered Accountants of India.

(17) Since the principle business of the Company is construction activities, additional information pursuant to the provisions of paragraphs 3 & 4 of Part II of Schedule IV of the Companies Act, 1956 are given below to the extent applicable.

(18) There are no Micro, Small and Medium Enterprises to whom the Company owes the dues which are outstanding for more than forty five days as at the Balance Sheet date. The above information regarding Micro, Small and Medium Enterprises has been determined to the extent such parties have been identified on the basis of information available with the Company.

(19) Consequent to the approval of the members of the Company and upon requisite regulatory compliance, during the year, one equity share of Rs 10/- each of the Company has been sub- divided in to five equity shares of Rs 2/- each fully paid up. The Earnings Per Share on Rs. 2/- each has been restated for the corresponding period in accordance with Accounting Standard (AS-20) on "Earnings Per Share" as notified under The Companies (Accounting Standard) Rules, 2006.

(20) Related Party Disclosures:

As per the Accounting Standard Ã 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, 2011 is given below:

A) List of Related Parties

Key Management Personnel and Their Relatives

Rajhoo Bbarot

Bhavana Bbarot

Rikiin Bbarot

Riddhima M. Doshi

Rajendra Barot HUF

Ambalal P. Barot HUF

Associates and Joint Ventures

ABT Developers

Atlanta Thakural Constructions

Shreenath Builders

Atlanta-ARSS Joint Venture

ARSS-Atlanta Joint Venture

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

Atlanta Coalmines Pvt. Ltd.

Atlanta Energy Pvt. Ltd.

Atlanta Nature Homes Pvt. Ltd.

Atlanta Recycling Company Pvt. Ltd.

Atlanta Tourism Venture Ltd. (formerly known as Atlanta

Urban Infrastructure Projects Pvt. Ltd.)

Atlanta Infra Assets Ltd. (formerly known as Balaji

Toll Ways Ltd.)

Other Associates Companies

MORA Tollways Ltd. (formerly known as Atlanta Infraprojects

Developers Private Ltd.)

Vaikuntam Realty Pvt Ltd.

Atul Raj Builders Pvt. Ltd.

Shrikant Studio Pvt. Ltd.

Ideal Toll Road Investments & Operations Pvt. Ltd.

(As identified and certified by the Management and relied upon by the auditors. For details of transactions entered into with the related parties refer AnnexureÃ1)

(21) Previous year's figures have been regrouped and rearranged wherever necessary.

Mar 31, 2010

(1) Contingent liabilities not provided for:

a) Guarantees given by the banks on behalf of the Company Rs 61,51,09,603/- (Previous year Rs. 47,00,90,932/-).

b) Unexpired Letters of Credit Rs.11,89,63,277/- (Previous year Rs. 25,06,25,503/-)

c) Corporate guarantee given to Bank and Financial Institution on behalf of group company (M/s. Balaji Toll Ways Ltd) amounting to Rs.1,50,00,00,000/-(Previous year 1,10,00,00,000) against term loan availed by the them.

d) Disputed Income Tax demand for which appeal is pending before Appellate Authority Rs. 12,28,55,795/- (Previous year Rs.13,26,066/-)

(2) 7 years National Saving Certificates and Kisan Vikas Patra of the face value of Rs. 8,35,200/- (Previous year Rs. 8,35,200/-) have been lodged as security with Municipal Corporation, Mumbai.

(3) 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 is adequate and not in excess of the amount reasonably necessary.

(4) Amount paid as Compensation for short-term loans availed by the company are treated as discounting charges by the company and has been merged with interest and financial charges.

(5) 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 in 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.1,47,30,458.00 (net of last yearÃs provision of Rs. 11,35,40,255.50 has been adjusted in the Operating expenses.

(6) In the matter of Arbitration proceedings in respect of difference and dispute arising out of contract of construction of Ã Arterial and Sub Arterial RoadsÃ at Bangalore, the Arbitrator had made an award on 22-03-2003 in favor of the company against which the contracting authority preferred an appeal before the City Civil Court Bangalore. The Honorable City Civil Court Bangalore directed the contracting authority to pay the amount of Rs. 30.16 Crores. The contract revenue for the year includes an amount of Rs.9.59 crores on the basis of above order.

(7) The Government of Maharashtra, Public Works Department (PWD) vide agreement dated 18.10.2000 originally awarded a contract of construction of Mumbra Ã Kausha By-pass Project on NH Ã 4, Mumbai Pune Road on Built, Operate & Transfer (BOT) basis for a concession period of 6 years and 9 months (including construction period).

Subsequently, due to change in the scope of work, a supplementary agreement dated 11.5.2005 was entered which increased the concession period to 10 years, 4 months and 25 days.

The Government of Maharashtra vide Notification dated 27.12.2007 authorised the company to collect the toll from the vehicles passing through the said road effective from 28.12.2007 to 11.9.2010 as per the supplementary agreement.

However, the company made a representation before the Contracting Authority for enhancement of the concession period for various reasons including change in scope of work. Based on such representations, the PWD has recommended to the concerned Authority the enhancement of concession period from 10 years, 4 months and 25 days to 24 years, 1 months and 17 days.

In the year under review the company referred the matter before the Arbitral Tribunal to resolve the issue. In the men time the Government of Maharashtra issued an interim Notification extending the concession period from 11-09-2010 to 21-09- 2014.Considering the interim Notification and recommendation of the Chief Engineer (PWD),Mumbai Region and also relying upon the legal opinion of a counsel, the management is reasonably certain about the enhancement of concession period as stated above. In view of this, the toll collection rights are amortized in the manner whereby the total cost of the project i.e. Rs.142.27 crores is written off over the proposed enhanced concession period of 24 years, 1 months and 17 days. The company, therefore, amortized the toll collection rights at Rs.8.49 crores, as against the amortization of Rs.21.18 crores based on the concession period notified by the Government of Maharashtra.

(8) In pursuance on announcement dated March,29,2008 of the Institute of Chartered Accountants of India on Accounting of Derivatives, Mark to Market Loss on outstanding derivative instruments as on March,31,2010 stood at Rs. 7,88,94,340/- in respect of Rupee Foreign Currency Swap Transaction. The company does not hold or issue derivate financial instruments for trading or speculative purpose and all the derivates entered in to by the company are to mitigate or offset the risk that arise from their normal business activities only. Pending the quantification of actual loss or gain on the expiry of derivate contract with the authorized dealer the company has not provided for the Mark to Market Losses in the interim period.

(9) In the 26th Annual General Meeting of the company held on 30th September,2009, the Shareholders did not approve the dividend proposed by Board of Directors for the financial year 2008-09 amounting to Rs. 1.63 crores. Hence, in the accounts for the year under review, the proposed dividend and Dividend Tax there on aggregating to Rs. 1.90 crores has been reversed and credited back to Profit and Loss Appropriation Account.

Consequent to revaluation, the appreciated proportion of Fixed Assets has been depreciated at the rates applicable to the respective assets under the straight-line method of depreciation. In the year under consideration the company decided the commercial development of plot of land situated at Shil Village, Thane, and accordingly the said land has been transferred at a cost price to capital work in progress after adjusting the revalued amount.

(10) Income-tax assessments have been completed up to assessment year 2008-09 (31st March, 2008)

(11) Disclosure as per Accounting Standard -15 (Revised)

a) Defined Contribution Plan

The Company has recognized, in the Profit and Loss Account for the year ended 31st March,2009, contribution to provident fund amounting to Rs. 13,16,728/- as expenses under defined contribution plan under the head "Contribution to Provident and Other Funds" in schedule - 15 Ã employees Emoluments and Benefits.

(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 with in a single geographical segment i.e. India. In view of this, the disclosure requirements of Accounting Standard (AS-17) Segment Reporting" issued by the Institute of Chartered Accountants of India are not applicable.

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

(14) The company has not received any intimation from the suppliers regarding the status as per the provisions of Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosure if any, relating to the amounts unpaid as at the year end tighter with interest paid/payable under the said act could not be furnished.

(15) Related Party Disclosures:

As per the Accounting standard - 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, 2010 is given below:

A) List of Related Parties

- Key Management Personnel and Their Relatives

Rajhoo Bbarot Bhavana Bbarot Rikiin Bbarot Rekha A.Barot Ambalal P.Barot Ridhima M.Doshi Mitul M.Doshi Rajendra Barot HUF Ambalal P. Barot HUF G. Radhakrishnan

Associates and Joint Ventures

Prakash-Atlanta Joint Venture

Gammon-Atlanta Joint Venture

AAP Construction Company

Balaji Toll Ways Ltd.

ABT Developers

Atlanta Thakural Constructions

Shreenath Builders

Enterprises over which key Management Personnel is able to exercise significant influence.

Atulraj Builders Pvt. Ltd

Shrikant Studio Pvt.Ltd

Ideal Toll Road Investments & Operations Pvt. Ltd.

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

(16) Previous years figures have been regrouped and rearranged whenever necessary.

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