Atul Ltd 2008-09

Schedules forming part of the Account s (b) Defined contribution plan: Amount of Rs572.66 lacs (previous year Rs577.87 lacs) is recognised as expense and included in the Schedule 13 " Contribution to Provident & Other Funds" to the Profit and Loss Account. (c) The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market. Mortality rates are obtained from the relevant data. (d) Amount recognised as an expense in respect of Compensated Leave Absences is Rs300.67 lacs. 22 Custom duty: Import duty payable on goods lying in customs bonded warehouse, as per the practice of the Company, will be charged in the year of clearance of the goods. Amount estimated as at March 31, 2009 is Rs Nil (previous year Rs9.36). This accounting policy has no impact on the profit for the year. 23 Included under loan & advances is an amount of Rs2,128.89 lacs given to an associate company. The said Company is registered under BIFR in the process of implementing its revival plan. All their assets have been assigned exclusively in favour of the Company as a security for this loan. 24 The Company has revalued (i) Leasehold land and (ii) commercial land & building at Ahmedabad, Mumbai and Delhi as at March 31, 2008 at fair market value as determined by an independent valuer appointed for the purpose. Resultant increase in book value amounting to Rs10,747.32 lacs has been transferred to Revaluation Reserve. 25 Previous year's figures have been regrouped wherever necessary. 26 Figures less than Rs500 has been shown at actual in bracket as the figures have been rounded off to nearest thousand. As per our attached report of even date For and on behalf of the Board of Directors For & on behalf of Dalal & Shah G S Patel Sunil S Lalbhai Chartered Accountants B S Mehta Chairman and Managing Director H S Shah Ashish S Dalal T R Gopi Kannan S M Datta Partner President, Finance and B N Mohanan Samveg A Lalbhai Membership No 033596 Company Secretary Directors Managing Director Mumbai Mumbai June 05, 2009 May 29, 2009 SCHEDULE 16 NOTES FORMING PART OF THE ACCOUNTS (Contd.) 80