121 / 140
119
Notes
to Consolidated financial statements
(
`
cr)
NOTE 27.1 CONTINGENT LIABILITIES
As at
March 31, 2013
As at
March 31, 2012
(i) Claims against the Company not acknowledged as debts in
respects of:
(a) Excise
5.84
6.25
(b) Income tax
35.03
27.70
(c) Sales tax
-
0.74
(d) Customs
2.78
2.78
(e) Water charges
71.92
68.63
(f) Others
13.54
13.26
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determinable on receipt of judgements | decisions pending with
various forums | authorities.
(ii) Guarantees given by the Company:
(a) Corporate guarantee to a bank on behalf of subsidiary company
for facilities availed by them
8.85
0.61
(
`
cr)
NOTE 27.2 COMMITMENTS
As at
March 31, 2013
As at
March 31, 2012
Estimated amount of contracts remaining to be executed on capital
accounts and not provided for (net of advances)
21.18
15.44
NOTE 27.3 RESEARCH AND DEVELOPMENT
Details of expenditure incurred on in-house Research and Development (R&D) facilities approved by Department of
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of Income Tax Act, 1961.
(
`
cr)
Particulars
2012-13
2011-12
Capital expenditure
3.80
0.40
Recurring expenditure
12.88
10.48
16.68
10.88
NOTE 27.4 FINANCIAL DERIVATIVES HEDGING TRANSACTIONS:
Pursuant to the announcement issued by the Institute of Chartered Accountants of India dated March 29, 2008
in respect of forward exchange contracts and currency and interest rate swaps, the Company has applied the
Hedge Accounting Principles set out in the Accounting Standard-30 ‘Financial Instruments: Recognition and
Measurement’. Accordingly, range forward contracts are marked to market and the gain aggregating
`
0.74 cr
(Previous year loss
`
0.78 cr) arising consequently on contracts that were designated and effective as hedges of
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Accounting.