11.1 Other unsecured non current and current deposits (which are considered good) include various EMD's given to government for participating in tenders and security deposit for utilities.
11.2 Balances of H 620.00 lakhs (2023-24 H 120.00 lakhs) with bank in deposit accounts are held as lien by banks against bank overdraft availed by the company.
11.3 Balances H 342.38 lakhs (2023-24 H 305.29 lakhs) with bank in deposit accounts are held as lien by banks against bank guarantees and PBG issued to government authorities in the normal course of business.
The Company has one class of equity shares having par value of H 10 per share. Each shareholder is eligible for one vote per share held and a right to dividend. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting except in case of interim dividend. In the event of liquidation, 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 Securities premium represents the premium on equity shares issued.
2 General reserve are free reserves of the company which are kept aside out of company's profits to meet the future requirements as and when they arise. Mandatory transfer to general reserve is not required under the Companies Act, 2013.
3 Retained earnings are the accumulated profits earned by the Company till date net off transfer to general reserves, dividend paid and other distributions made to the shareholders.
4 Capital reserve reflects an advance received from M/s Sainath against sale of plot, forfeited due to non-fulfilment of terms and conditions of sale agreement in earlier years.
19.1 The Company obtained a vehicle loan of H98.25 lakhs from Bank of Baroda for the purchase of a vehicle. The loan carries an interest rate of 9.05% per annum, payable monthly, and is to be repaid in 60 monthly instalments starting from March 2025. As of March 31, 2025, 59 monthly instalments remain outstanding. The loan is secured by the primary security of the vehicle.
19.2 The Company has a sanctioned working capital loan limit of H500.00 lakhs from Bank of Baroda. The loan carries interest at 9.65% per annum, payable monthly based on utilization. The loan is secured by a hypothecation charge on the company's entire current assets, including stock and book debts.
19.3 The Company has a sanctioned overdraft limit of H108.00 lakhs against a fixed deposit of H120.00 lakhs from State Bank of India. The overdraft carries an interest rate of 7.80% per annum (while the fixed deposit earns 6.80% per annum), with interest payable monthly based on utilization. This facility is secured by a lien on the fixed deposit.
19.4 The Company has a sanctioned overdraft limit of H475.00 lakhs against a fixed deposit of H500.00 lakhs from Yes Bank Limited. The overdraft carries an interest rate of 8.50% per annum (while the fixed deposit earns 8.10% per annum), with interest payable monthly based on utilization. This facility is secured by a lien on the fixed deposit.
19.5 Defaults in terms of repayment of principal and interest with regard to above borrowings is NIL.
Note - 36 Employee benefits
The Company makes contributions to the Provident Fund and Employees State Insurance for eligible employees. Under these plans, the Company is required to contribute a specified percentage of payroll costs. The Company has recognised H 19.80 lakhs (Previous year H 18.14 lakhs) as expense in the statement of profit and loss during the year towards contribution to these funds.
In the financial year 2020-21, the Company introduced Atishay Limited Employees Stock Option Scheme 2020 ('AL ESOP 2020') for issuance of 10,00,000 stock options. Atishay Limited ESOP 2020 was approved by the Nomination and Remuneration Committee('NRC') and Board at their respective meetings held on November 9, 2020 and by the shareholders through postal ballot, result of which was announced on December 24, 2020. Below are the details of stock options granted during the financial year 2024-25 :
Note - 40 Corporate social responsibility
As per section 135 of the Companies Act, 2013, a company, meeting the applicability threshold, needs to spend at least 2% of its average net profit for the immediately preceding three financial years on corporate social responsibility (CSR) activities. The areas for CSR activities are eradication of hunger and malnutrition, promoting education, art and culture, healthcare, destitute care and rehabilitation, environment sustainability, disaster relief and rural development projects. A CSR committee has been formed by the Company as per the act.
Note - 42 Financial Instruments
In its ordinary operations, the company's activities expose it to the various types of risks, which are associated with the financial instruments and markets in which it operates. The Company has a risk management policy which covers the foreign exchanges risks and other risks associated with the financial assets and liabilities such as interest rate risks and credit risks. The risk management policy is approved by the board of directors. The following is the summary of the main risks.
Market risk is the risk that changes market prices, such as foreign exchange rates (currency risk) and interest rates (interest rate risk), which affect the Company's income or value of its holding of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return.
Interest rate risk can be either fair value interest rate risk or cash flow interest rate risk. Fair value interest rate risk is the risk of changes in fair value of fixed interest-bearing investments because of fluctuations in the interest rates. Cash flow interest rate risk is the risk that the future cash flows of floating interest - bearing investments will fluctuate because of fluctuations in the interest rates.
The Company's exposure to the risk of changes in market interest rates relates primarily to the Company's long-term debt obligations.
The Company is not exposed to any foreign currency risk.
Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. Financial instruments that are subject to concentrations of credit risk principally consists of trade receivables, unbilled receivables, cash and cash equivalents, bank deposits and other financial asset.
The Company's revenue combination is of government and private parties. The company is having majority of receivables from Government undertakings. The exposure to credit risk at the reporting date is primarily from long due trade receivables of Government undertakings.
In case of private customers, the Company considers factors such as credit track record in the market and past dealings for extension of credit to customers. The Company monitors the payment track record of the customers. Outstanding customer receivables are regularly monitored. The Company evaluates the concentration of risk with respect to trade receivables as low, as its customers are located in several jurisdictions and industries and operate in largely independent markets.
The impairment for financial assets are based on assumptions about risk of default and expected loss rates. The Company uses judgement in making these assumptions and selecting the inputs to the impairment calculation, based on the Company's past history, existing market conditions as well as forward looking estimates at the end of each balance sheet date. The allowances for expected credit loss for year ended March 31, 2025 and March 31, 2024 was H 8.21 lakhs and H 23.03 lakhs respectively.
Liquidity risk refers to the risk that the Company cannot meet its financial obligations.The Company manages liquidity risk by maintaining adequate reserves, banking facilities and borrowing facilities, by continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities.
For the purpose of the Company's capital management, capital includes issued equity capital, securities premium and all other equity reserves attributable to the equity shareholders of the Company. The Company's objective when managing capital is to safeguard its ability to continue as a going concern so that it can continue to provide returns to shareholders and other stakeholders.
The Company manages its capital structure and makes adjustments in light of changes in the financial condition and the requirements of the financial covenants. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return capital to shareholders (buy back its shares) or issue new shares.
In order to achieve this overall objective, the Company's capital management, amongst other things, aims to ensure that it meets financial covenants attached to the interest-bearing loans and borrowings that define capital structure requirements. The Company has complied with these covenants and there have been no breaches in the financial covenants of any interest-bearing loans and borrowings.
No changes were made in the objectives, policies or processes for managing capital during the year ended March 31, 2025 and March 31, 2024.
The management assessed that cash and cash equivalents, trade receivables, trade payables, other bank balances, other current asset and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments.
Long-term floating and variable-rate receivables/borrowings are evaluated by the Company based on parameters such as interest rates, specific country risk factors, individual credit worthiness of the customer and the risk characteristics of the financed project. Based on this evaluation, allowances are taken into account for the expected credit losses of these receivables.
The fair value of loans from banks and other financial liabilities, as well as other non-current financial liabilities is estimated by discounting future cash flows using rates currently available for debt on similar terms, credit risk and remaining maturities. In addition to being sensitive to a reasonably possible change in the forecast cash flows or the discount rate, the fair value of the equity instruments is also sensitive to a reasonably possible change in the growth rates. The valuation requires management to use unobservable inputs in the model, of which the significant unobservable inputs are disclosed in the tables below. Management regularly assesses a range of reasonably possible alternatives for those significant unobservable inputs and determines their impact on the total fair value.
The fair values of the quoted Mutual Funds recognized at FVTPL financial assets have been estimated using per unit value provided by the respective asset management company.
All financial assets and liabilities at amortised cost are in Level 3 of fair value hierarchy and have been considered at carrying amount.
Note - 44 Operating Segment
Factors used to identify the reportable segments:
The Company has following business segments, which are its reportable segments. These segments offer different services and products that are managed separately. Operating segment disclosures are consistent with the information provided to and reviewed by the chief operating decision maker.
Note - 45 Additional regulatory information required by schedule III
i) The Company does not have any benami property held in its name. No proceedings have been initiated on or are pending against the Company for holding benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder.
ii) The Company has not been declared wilful defaulter by any bank or financial institution or other lender or government or any government authority.
iii) The Company has not traded or invested in crypto currency or virtual currency during the year.
iv) The Company did not have any transactions with companies struck off under Section 248 of the Companies Act, 2013 or Section 560 of Companies Act, 1956 during the year.
v) The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.
vi) No funds have been advanced or loaned or invested (either from borrowed funds or securities premium or any other sources or kind of funds) by the Company to or in any person(s) or entity(ies), including foreign entities (‘the intermediaries'), with the understanding, whether recorded in writing or otherwise, that the intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (‘the Ultimate Beneficiaries') or provide any guarantee, security or the like on behalf the Ultimate Beneficiaries.
vii) No funds have been received by the Company from any person(s) or entity(ies), including foreign entities (‘the Funding Parties'), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (‘Ultimate Beneficiaries') or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
viii) 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.
Note - 46 Previous year figures
The figures for the previous year have been regrouped/ rearranged wherever necessary to conform to the current year's
classification.