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Atul Ltd | Annual Report 2017-18
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, 2018
As at
March 31, 2017
Share in contingent liabilities in respect of disputed demands for income tax
of the joint venture company
0.62
0.73
Total commitments and contingent liabilities
0.62
0.73
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, 2018
As at
March 31, 2017
Current assets
Cash and cash equivalents
4.69
7.57
Other assets
30.87
26.38
Total current assets
35.56
33.95
Total non-current assets
6.17
6.40
Current liabilities
Financial liabilities (excluding trade payables)
7.11
9.15
Other liabilities
9.46
8.07
Total current liabilities
16.57
17.22
Non-current liabilities
Financial liabilities (excluding trade payables)
2.64
2.67
Other liabilities
0.16
0.12
Total non-current liabilities
2.80
2.79
Net assets
22.36
20.34
Notes
to the Consolidated Financial Statements