Employee Benefits
a.	Defined contribution plan:
	The Group makes Provident Fund contribution to defined contribution plan for qualifying employees. Under the Scheme, the Company is required to contribute a specified percentage of the payroll costs to fund the benefit. The Company has recognised Rs. 48.82/- Lakhs ( PY Rs. 36.68/- Lakhs) for Provident Fund contribution in the Statement of Profit and Loss. The contributions payable to these plans by the Company are at rates specified in the rules of the schemes.
b.	Defined benefit Plan:
	The most recent actuarial valuation of the defined benefit obligation for gratuity was carried out at March 31, 2022 by an actuary. The brsent value of the defined benefit obligations and the related current service cost and past service cost, were measured using the Projected Unit Credit Method, which recognises each period of service as giving rise to additional unit of benefit entitlement and measures each unit separately to build up the final obligation.
	The following table sets out the status of the gratuity obligation and the amounts recognized in the Company's financial statements as at 31st March, 2022.
						(Amount in Lakhs)
Sr. No	Particulars	Gratuity (Non Funded)	Gratuity (Non Funded)
31st March, 2022	31st March, 2021
I)	Reconciliation of brsent value of obligations (PVO):
	Current Service Cost				15.97	14.89
	Interest Cost				6.23	6.77
	Actuarial (gain) / losses				(2.42)	(6.34)
	Benefits paid				17.33	38.97
	PVO at the beginning of the year			103.69	127.35
	Past Service Cost				-	-
	PVO at end of the year				106.15	103.69
II)	Reconciliation of PVO and fair value of plan assets:
	PVO at end of period				106.15	103.69
	Fair Value of planned assets at end of year				-
	Funded status					-
	Unrecognized actuarial gain/ (loss)				-
	Net asset/ (liability) recognized in the balance sheet		(106.15)	(103.69)
III)	Expenses recognized in the Statement of Profit & Loss
	Current Service cost				15.97	14.89
	Interest cost				6.23	6.77
	Actuarial (gain) / losses				(2.42)	(6.34)
	Past Service Cost					-
	Net cost				19.79	15.32
IV)	Category of assets as at March 31,
	Insurer Managed Funds (100%)			Nil	Nil
V)	Assumption used in accounting for the gratuity plan:
	Mortality Table				Indian Assured Lives Mortality (2006-08)	Indian Assured Lives Mortality (2006-08)
					(Ultimate)	(Ultimate)
	Discount rate (%)				0.07	0.06
	Salary escalation rate (%)				0.06	0.06
VI)	Experience Adjustments:
	For the year ended					Experience Adjustments
						(Gratuity Non-funded)
						On Plan Liabilities Loss/(Gain)
	2021-22					3.51
	2020-21					(7.36)
	2019-20					5.29
	2018-19					(1.00)
	2017-18					(22.97)
The estimate of rate of escalation in salary considered in actuarial valuation, takes into account inflation, seniority, promotion and other relevant factors including supply and demand in the employment market.
(c )	Leave Encashment
	Provision for leave encashment is made on basis of actuarial valuation based on following assumption:
	Particulars				For the Year ended 31st March, 2022	For the Year ended 31st March, 2021
	Discount Rate				0.07	0.06
	Salary Growth Rate				0.06	0.06

Accompanying notes to the financial statements
1	Corporate Information
		Atlanta Electricals Private Limited (the 'Group') is a private limited company with registered office situated at Vitthal Udyog Nagar, Anand, Gujarat. The Company is engaged in manufacturing of Transformers.
2	Significant accounting policies
	i)	Basis of brparation of financial statements
		The financial statements are brpared under the historical cost convention in accordance with the generally accepted accounting principles in India. The applicable mandatory Accounting Standards specified under section 133 of the Companies Act, 2013 (`Act`) read with Rule 7 of the Companies (Accounts) Rules, 2014, as amended and other relevant provisions of the Act have been followed in brparation of these financial statements.
	ii)	Principles of Consolidation:
		The Consolidated Financial Statements consist of Atlanta Electricals Private Limited (`the Group`) and its subsidary & associate. Financial Statements have been brpared on the following basis:
		Investment in Subsidary where the Company holds 100% of equity, are accounted for using method as per Accounting Standard 21 in Consolidated Financial Statements notified by Companies (Accounting Standards) Rules, 2006.
		The list of Subsidary which is included in the consolidation is as under:
		Name of the entity	Ownership in %	Country of Incorporation
		2020-21	2019-20
		Atlanta Transformers Pvt Ltd	100%	0%	India
		Investment in Associate where the Company holds 26% of equity, are accounted for using method as per Accounting Standard 23 in Consolidated Financial Statements notified by Companies (Accounting Standards) Rules, 2006.
		The list of Subsidary which is included in the consolidation is as under:
		Name of the entity	Ownership in %	Country of Incorporation
		2020-21	2019-20
		Atlanta UHV Transformers LLP	26%	26%	India
	iii)	Use of estimates
		The brparation of financial statements requires the management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent liabilities as at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Management believes that these estimates and assumptions are reasonable and prudent. However, actual results could differ from estimates. Differences between the actual results and the estimates are recognised in the period in which the same are known/materialised.
	iv)	All assets and liabilities have been classified as current or noncurrent as per the Groups normal operating cycle and other criteria set out in Schedule III to the Companies Act, 2013. The Group has ascertained its operating cycle as 12 months for the purpose of current or noncurrent classification of assets and liabilities.
	v)	Revenue recognition
	a.	Sales
		Revenue from sale of goods is recognized when the significant risks and rewards in respect of ownership of products are transferred to the buyer as per the terms of contract. Sales are net of sales returns, rate difference adjustments if any and taxes or duties collected on behalf of the government.
	b.	Export incentives
		Export incentives are accrued in the year when the right to receive credit is established in respect of exports made and are accounted to the extent there is no significant uncertainty about the measurability and ultimate realization/ utilization of such benefits/ duty credit.
	c.	Income from Service
		Erection and commissioning, and testing service income is recognized on issuance of bills as per terms & conditions of the contract.
		Revenues from job work services is recognized based on the services rendered in accordance with the terms of the contract.
	d.	Dividend
		Dividend Income is recognised when right to receive payment is established.
	e.	Interest
		Interest on investments is booked on a time proportion basis taking into account the amounts invested and the rate of interest.
	f.	Other income
		Other Income is recognized on accrual basis except when realisation of such income is uncertain.
		Insurance or other claims etc. is recognised only when it is reasonably certain that the ultimate collection will be made.
	vi)	Property, Plant & Equipment
		Property, Plant & Equipment (PPE) comprises of Tangible assets and Capital Work in progress. PPE are stated at cost, net of tax/duty credit availed, if any, after reducing accumulated debrciation and accumulated impairment losses, if any; until the date of the Balance Sheet. The cost of PPE comprises of its purchase price or its construction cost (net of applicable tax credit, if any), any cost directly attributable to bring the asset into the location and condition necessary for it to be capable of operating in the manner intended by the management and decommissioning costs. Direct costs are capitalized until the asset is ready for its intended use and includes borrowing cost capitalised in accordance with the Company's accounting policy. Capital work in progress includes the cost of PPE that are not yet ready for the intended use.
		An item of PPE is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the PPE. Any gain or loss arising on the disposal or retirement of an item of PPE is determined as the difference between the sales proceeds and the carrying amount of the PPE and is recognised in the Statement of Profit and Loss.
		Debrciation on PPE has been provided on Straight Line method over the useful lives of the assets brscribed under Part C of Schedule II to the Companies Act, 2013. Debrciation on additions/deletion during the year is provided on pro rata basis.
		Leasehold land is amortised over the period of lease.
		Useful lives of each class of PPE as brscribed under Part C of Schedule II to the Companies Act, 2013 are as under:
		Asset Description		Assets Useful life (in Years)
		Factory Building		30
		Plant and Machinery		15
		Furniture & Fixture		10
		Vehicle		8
		Office and Other Equipment	5
		Computers		3
		Electrical Installation and Equipments	10
		The estimated useful lives and residual values are reviewed on an annual basis and if necessary, changes in estimates are accounted for prospectively.
	vii)	Intangible Asset and Amortisation
		Intangible assets are recognized only if it is probable that future economic benefits that are attributable to the assets will flow to the Company and the cost of assets can be measured reliably. The intangible assets are recorded at cost and are carried at cost less accumulated amortization and accumulated impairment losses, if any. Intangible assets are amortized over the period of five years.
	viii)	Impairment of assets
		The Group assesses at each Balance Sheet date whether there is any indication that an asset may be impaired. If any such indication exists, the Company estimates the recoverable amount of the asset. If such recoverable amount of the asset or the recoverable amount of the cash generating unit to which the asset belongs is less than its carrying amount, the carrying amount is reduced to its recoverable amount. The reduction is treated as an impairment loss and is recognized in the Statement of Profit & Loss. If at the Balance Sheet date, there is an indication that if a brviously assessed impairment loss no longer exists, the recoverable amount is reassessed and the asset is reflected at the recoverable amount.
	ix)	Investments
		Investments are either classified as current or long term based on the management intention at the time of purchase. Long term investments are shown at cost. However, when there is decline, other than temporary in the value of long term investment, the carrying amount is reduced to recognize the decline. Current investments are stated at lower of cost and fair value.
	x)	Inventories
		The inventories are valued at cost or net realizable value whichever is lower. The basis of determining the value of each class of inventory is as follows:
		Inventories			Cost Formula
		Raw Materials			At cost on first in first out basis.
		Work in Progress			Raw material cost plus conversion cost and overheads wherever applicable.
		Stores/ Spares/ Packing materials		At cost
		Scrap			At Net realizable value
		Goods In Transit			At cost
	xi)	Foreign currency transactions
		Foreign currency transactions during the year are recorded at the rate of exchange brvailing on the date of the transactions. At the year end, all the monetary assets and liabilities denominated in foreign currency are restated at the closing exchange rates. Exchange differences resulting from the settlement of such transactions and from the translation of such monetary assets and liabilities are recognised in the Statement of Profit and Loss.
	xii)	Taxes on Income
		Tax expense for the year comprises current tax and deferred tax.
	a.	Current Tax
		The provision for taxation is ascertained on the basis of assessable profits computed in accordance with the provisions of the Incometax Act, 1961.
	b.	Deferred tax
		The deferred tax is recognized on timing differences between the book profit and taxable profit for the year. It is accounted for by applying the tax rates and the tax laws that have been enacted or substantively enacted as on the balance sheet date. Deferred tax assets arising from timing differences are recognized to the extent there is reasonable certainty that the assets can be realized in future. Deferred tax assets in case of carried forward losses and unabsorbed debrciation are recognized only if there is virtual certainty that such deferred tax asset can be realized against future taxable profits.
	xiii)	Employee Benefits
	a.	Post employment benefits
		i) Defined contribution plan
		The Groups contribution to defined contribution plan paid/payable for the year is charged to the Statement of Profit and Loss.
		ii) Defined benefit plan
		The liabilities towards defined benefit schemes are determined using the Projected Unit Credit method. Actuarial valuations under the Projected Unit Credit method are carried out at the balance sheet date. Actuarial gains and losses are recognized in the Statement of Profit and Loss in the period of occurrence of such gains and losses. Past service cost is recognized immediately to the extent that the benefits are already vested and otherwise it is amortized on straightline basis over the remaining average period until the benefits become vested. The retirement benefit obligation recognised in the balance sheet rebrsents the brsent value of the defined benefit obligation.
	b.	Short term employee benefits
		All employee benefits payable wholly within twelve months of rendering the service are classified as short term employee benefits and they are recognized in the period in which the employee renders the related service. The Group recognizes the undiscounted amount of short term employee benefits expected to be paid in exchange for services rendered as a liability. These benefits include salary, wages, bonus, performance incentives etc.
	c.	Long term employee benefits
		Compensated absences which are not expected to occur within twelve months after the end of the period in which the employee renders the related services are recognized as an actuarially determined liability at brsent value of the defined benefit obligation at the balance Sheet date.
	xiv)	Borrowing Cost
		Borrowing costs are interest and ancillary costs incurred in connection with the arrangement of borrowings. General and specific borrowing costs attributable to acquisition and construction of qualifying assets is added to the cost of the assets upto the date the asset is ready for its intended use. A qualifying asset is an asset that necessarily takes a substantial period of time to get ready for its intended use Capitalisation of borrowing costs is suspended and charged to the Statement of Profit and Loss during extended periods when active development activity on the qualifying assets is interrupted. All other borrowing costs are recognised in the Statement of Profit and Loss in the period in which they are incurred.
	xv)	Leases
		Assets acquired on leases where a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Lease rentals are charged to the Statement of Profit and Loss.
	xvi)	Provisions and Contingent Liabilities & Contingent Assets
		The Group recognizes a provision when there is a brsent obligation as a result of a past event that probably requires an outflow of resources and a reliable estimate can be made of the amount of the obligation. A disclosure for a contingent liability is made when there is a possible obligation or a brsent obligation that may, but probably will not, require an outflow of resources. Where there is a possible obligation or a brsent obligation that the likelihood of outflow of resources is remote, no provision or disclosure is made. Contingent assets are neither recognised nor disclosed.
	xvii)	Cash Flow Statement
		Cash flows are reported using the indirect method, whereby net profit or loss before tax is adjusted for the effects of transactions of a noncash nature, any deferrals or accruals of past or future operating cash receipts or payments, and items of income or expense associates with investing or financing cash flows. The cash flow from operating, investing and financing activities of Company are segregated.