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143
Note 27.12 Leases
a) Operating lease
The Company has taken various residential and office premises under operating lease or leave and license Agreements.
These are generally cancellable, having a term between 11 months and 3 years and have no specific obligation for
renewal. Payments are recognised in the Statement of Profit and Loss under 'Rent' in Note 26.
b) Finance lease
i)
The Company has given a building on finance lease for a term of 30 years.
Future minimum lease payments receivable under finance leases together with the present value of the net minimum
lease payments (MLP) are as under:
(
`
cr)
Particulars
As at March 31, 2017
As at March 31, 2016
As at April 01, 2015
Minimum
lease
payments
Present
value of
MLP
Minimum
lease
payments
Present
value of
MLP
Minimum
lease
payments
Present
value of
MLP
Not later than 1 year
0.20
0.20
–
–
0.20
0.20
Later than 1 year and not later than
5 years
0.40
0.34
0.40
0.35
0.40
0.33
Later than 5 years
2.00
0.84
2.20
0.94
2.20
0.88
Total minimum lease payments
receivable
2.60
1.38
2.60
1.29
2.80
–
Less: unearned finance income
1.22
–
1.31
–
1.38
–
Present value of minimum lease
payments receivable
1.38
1.38
1.29
1.29
1.42
–
Less: allowance for uncollectible
lease payments
–
–
–
–
–
–
1.38
1.38
1.29
1.29
1.42
–
ii) The Company has taken on lease a parcel of land from Gujarat Industrial Development Corporation for a period of
99 years with an option to extend the lease by another 99 years on expiry of lease at a rental that is 100% higher
than the current rental. However, the Company has no specific obligation for renewal. The Company has considered
that such a lease of land transfers substantially all of the risks and rewards incidental to ownership of land, and has
thus accounted for the same as finance lease.
Note 27.13 Loans
Disclosures pursuant to Regulation 34(3) read with para A of Schedule V to the SEBI (Listing obligations and disclosure
requirements) Regulations, 2015 read with Section 186 (4) of the Companies Act, 2013.
Particulars
Purpose
Amount outstanding
as at
Maximum balance
during the year
March 31,
2017
March 31,
2016
April 01,
2015
2016-17 2015-16 2014-15
i)
Subsidiary
companies:
Atul Bioscience Ltd Seed funding
support as
promoters
4.30
4.30
4.30
4.30
4.30
4.30
Amal Ltd *
Interest free loan,
pursuant to Board
for Industrial
and Financial
Reconstruction
order
7.89
9.37
7.88
7.89
9.37
7.88
Corporate
guarantee:
Atul Europe Ltd Facilitate trade
finance
–
– £ 10,00,000
* At amortised cost
Notes:
a) Loans given to employees as per the policy of the Company are not considered.
b) The loanees did not hold any shares in the Share capital of the Company.
Notes
to the Financial Statements