147 / 168
145
(
`
cr)
NOTE 28.1 CONTINGENT LIABILITIES
As at
March 31, 2015
As at
March 31, 2014
i) Claims against the Company not acknowledged as debts in
respects of:
a) Excise
7.25
7.21
b) Income tax
8.33
28.10
c) Sales tax
0.67
0.67
d) Customs
0.18
2.78
e) Water charges
79.84
77.03
f) Customer claims
32.35
–
g) Others
14.93
14.64
Note: Future cash outflows in respect of (a) to (g) above are
determinable on receipt of judgements | decisions pending with
various forums | authorities.
ii) Guarantees given by the Company:
Corporate guarantee to a bank on behalf of a subsidiary company for
facilities availed by it
9.25
10.73
NOTE 28.2 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
`
0.11 cr
(Previous year gain
`
1.54 cr) arising consequently on contracts that were designated and effective as hedges of
future cash flows has been recognised directly in the Hedging reserve account. Actual gain or loss on exercise of
these range forward contracts or any part thereof is recognised in the Consolidated Statement of Profit and Loss.
Hedge accounting will be discontinued if the hedging instrument is sold, terminated or no longer qualifies for
hedge accounting.
(
`
cr)
NOTE 28.3 COMMITMENTS
As at
March 31, 2015
As at
March 31, 2014
Estimated amount of contracts remaining to be executed on capital
accounts and not provided for (net of advances)
121.86
23.57
Notes
to the Consolidated Financial Statements