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Corporate Identity Serving Diverse Industries Purpose and Values Overview by the Chairman Operational Highlights Financial Analysis Research and Technology
Safety, HealthandEnvironment Serving the Society Directors’ Report Management Discussion andAnalysis Report on Corporate Governance
Financial Statements
Name of Company
Countryof
Incorporation
Extent of
Holding
A Ameer Trading Corporation Ltd
India
100%
B Atul Americas Inc
America
100%
C Atul Europe Ltd
England
100%
D Atul Deutschland GmbH
Germany
100%
E Atul International Trading (Shanghai) Co Ltd
China
100%
F Atul Rajasthan Date Palms Ltd.
India
74%
17 Previous year's figures have been regrouped wherever necessary.
18 Figures less than Rs 50,000 has been shown at actual in bracket as the figures have been rounded off to nearest lacs.
(c) 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 (AS) 30 'Financial Instruments : Recognition and
Measurement'. Accordingly, Range Forward Contracts are marked to market and the loss aggregating Rs 15.03
crores arising consequently on contracts that were designated and effective as hedges of future cash flows has
been recognized 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 profit and loss account. Hedge accounting will be discontinued
if the hedging instrument is sold, terminated or no longer qualifies for hedge accounting.
12 Significant accounting policies followed by the Company are as stated in the statement annexed to this Schedule.
13 Included under loan and advances is an amount of Rs 21.29 crores given to an associate company. The said Company
is registered under BIFR and is in the process of implementing its revival plan. First charge over all their assets have
been assigned exclusively in favour of the Company. Considering present market value of assets, this amount is con-
sidered as good and recoverable.
14 The Company has revalued (i) Leasehold land and (ii) commercial land and 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 Rs 107.47 crores has been transferred to Revaluation Reserve.
15 With effect from April 01, 2009 the Company has implemented Oracle as ERP platform and the valuation of inven-
tories is done on the basis of Moving Weighted Average Method instead of FIFO/YTD average basis applied in the
earlier years. The impact on profits due to this change is not material.
16 Companies Considered in Financial Statements are
As per our attached report of even date
For and on behalf of the Board of Directors
For Dalal and Shah
Firm Registration No 102020W
G S Patel
Sunil S Lalbhai
Chartered Accountants
B S Mehta
Chairman and Managing
H S Shah
Director
S M Datta
S Venkatesh
R A Shah
Partner
T R Gopi Kannan V S Rangan
Samveg A Lalbhai
Membership No 037942
President, Finance and
B N Mohanan
Managing Director
Mumbai
Company Secretary
Directors
Mumbai
July 19, 2010
July 19, 2010
Schedule
forming part of the Consolidated accounts
SCHEDULE 16 NOTES FORMING PART OF THE CONSOLIDATED ACCOUNTS
(contd)