122 / 132
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)