Atul Ltd 2019-20

221 Consolidated | Notes to the Financial Statements Note 29.14 Interests in other entities (continued) Rudolf Atul Chemicals Ltd The Group acquired 50% interest in Rudolf Atul Chemicals Ltd (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 companies have significant participating rights such that they jointly control the operations of the joint venture company. i) Commitments and contingent liabilities in respect of the joint venture company ( ` cr) Particulars As at March 31, 2020 As at March 31, 2019 Share in contingent liabilities in respect of disputed demands for income tax of the joint venture company 0.32 0.51 Total commitments and contingent liabilities 0.32 0.51 ii) Summarised financial information in respect of the joint venture company The tables below provide summarised financial information in respect of the joint venture company that are material to the Group. The information disclosed are as presented in the Financial Statements of the joint venture company. They have been amended to reflect adjustments made by the entity when using the equity method, including fair value adjustments made at the time of acquisition and modifications for differences in accounting policies. ( ` cr) Summarised Balance Sheet Rudolf Atul Chemicals Ltd As at March 31, 2020 As at March 31, 2019 Current assets Cash and cash equivalents 7.13 3.25 Other assets 24.76 36.33 Total current assets 31.89 39.58 Total non-current assets 20.16 6.01 Current liabilities Financial liabilities (excluding trade payables) 2.33 2.03 Other liabilities 11.23 10.65 Total current liabilities 13.56 12.68 Non-current liabilities Financial liabilities (excluding trade payables) 1.20 1.28 Other liabilities 0.22 0.16 Total non-current liabilities 1.42 1.44 Net assets 37.07 31.47 ( ` cr) Reconciliation to carrying amounts Rudolf Atul Chemicals Ltd As at March 31, 2020 As at March 31, 2019 Opening net assets 31.47 20.74 Profit for the year 9.97 10.73 Other comprehensive income 0.01 - Dividends paid (4.38) - Closing net assets 37.07 31.47 Share of Group in % 50% 50% Share of Group in ` 18.54 15.74 Carrying amount 18.54 15.74