Atul Ltd 2011-12

Atul Ltd | Annual Report 2011-12 NOTE 27.10 INTEREST IN JOINT VENTURE COMPANY The Company has subscribed 50 percent interest in Rudolf Atul Chemicals Limited (RACL), a joint venture company in India between IB Industriechemie Beteiligungs GmbH, Germany and Atul Ltd on August 18, 2011. RACL is engaged in the business of manufacturing and marketing textile chemicals. As per the contractual arrangement between the Shareholders of RACL, both the parties have significant participating rights such that they jointly control the operations of the joint venture company. The aggregate amount of assets, liabilities, income and expenses related to the share of the Company in RACL as at and for the year ended March 31, 2012 as per unaudited financial statements as given below have been considered for the purpose of consolidation:- ( ` cr) Particulars As at March 31, 2012 As at March 31, 2011 Balance Sheet Non-current liabilities Deferred tax liabilities (net) 0.15 - Long-term provisions 0.02 - 0.17 - Current liabilities Short-term borrowings 0.21 - Trade payables 1.65 - Other current liabilities 0.09 - Short-term provisions 0.52 - 2.47 - Total (A) 2.64 - Non-current assets Tangible assets, net 0.93 - Intangible assets, net 1.07 - Long-term loans and advances - - Other non-current assets 0.02 - 2.02 - Current assets Inventories 1.14 - Trade receivables 2.19 - Cash and cash equivalents 0.98 - Short-term loans and advances 2.28 - Other current assets - - 6.59 - Total (B) 8.61 - Net worth (B-A) 5.97 - Notes to Consolidated financial statements