Atul Ltd 2010-11

Atul Ltd | Annual Report 2010-11 Schedules forming part of the Consolidated accounts 10 Included under Loans and Advances is an amount of ` 11.29 crores (Previous year ` 21.29 crores) given to an associate company. The said company is registered under BIFR and is implementing its revival plan. First charge over all their assets has been assigned exclusively in favour of the Company. The Company has also given an unsecured loan of ` 3.59 crores (Previous year ` Nil) as Promoters contribution (repayable in two equal instalments in financial year 2015-16 and 2016-17). Considering the progress of the revival plan, the present market value of assets, etc these amounts included under loans and advances are considered as good and recoverable. 11 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 ` 107.47 crores has been transferred to Revaluation Reserve. 12 In the opinion of the management, the diminution in the value of the investment in shares (see Schedule 6) held by the Company is temporary in nature and accordingly, no provision is considered necessary by the management. 13 Significant accounting policies followed by the Company are as stated in the statement annexed to this Schedule. 14 Figures of the previous year have been regrouped | recast | reclassified wherever necessary. 15 Figures less than ` 50000 has been shown at actual in bracket as the figures have been rounded off to nearest crores. As per our attached report of even date For and on behalf of the Board of Directors For Dalal & Shah Firm Registration No. 102020W Sunil S Lalbhai Chartered Accountants Chairman & Managing Director G S Patel S S Baijal B S Mehta H S Shah S Venkatesh S M Datta Partner R A Shah Samveg A Lalbhai Membership No. F-037942 T R Gopi Kannan V S Rangan Managing Director Mumbai President, Finance & B N Mohanan Mumbai May 13, 2011 Company Secretary Directors May 13, 2011 (b) Details of associates considered in consolidation : ( ` crores) Sr. No. Name of associate Country of incorporation Main activities Ownership interest and voting power Original cost of Investments Amount of goodwill / (capital reserve) included in original cost Accumulated loss / (gain) at the year end March 31, 2011 Carrying amount of investments at the year end A B C D E F G H I 1 Atul Bioscience Ltd India Pharmaceuticals 49.99% 2.75 (0.91) 3.59 2.75 2 M. Dohmen S.A. Switzerland Trade in Textiles Dyes 50% 14.21 (45.72) (26.09) 14.21 3 Amal Ltd India Dye Intermediates 36.75% 5.15 - 30.53 0.24 4 Gujarat Synthwood Ltd India PVC sheets and panels 35.03% 1.30 - 17.08 0.07 5 AtRo Ltd India Agrochemicals 50% 0.5 - 0.43 0.50 6 Anchor Adhesives Pvt Ltd India Adhesives 49.99% 1.47 1.27 0.19 1.47 7 Atul Infotech Pvt Ltd India Information Technology Support 33.97% 0.00 (0.08) (0.31) - Note: Value of investment in Atul Infotech Pvt Ltd under column “F” is ` 33,980 SCHEDULE 16 NOTES FORMING PART OF THE CONSOLIDATED ACCOUNTS (contd)