Company Overview Financial Statements Notice Statutory Reports 45 Rudolf Atul Chemicals Ltd | Annual Report 2021-22 Notes to the Financial Statements Background Rudolf Atul Chemicals Ltd (the Company) is a limited company incorporated and domiciled in India. It is a joint venture company of Rudolf GmbH and Atul Ltd, engaged in manufacturing and marketing of textile chemicals in India. The Company is effectively leveraging the strengths of Rudolf GmbH and Atul Ltd in serving its customers by becoming a total solution provider and is thereby helping the two partners to participate in the growing marketplace. The registered office of the Company is located at B | 18598, Survey number 33, Atul 396 020, Gujarat, India. Note 1 Significant accounting policies This Note provides a list of the significant accounting policies adopted by the Company in the preparation of these Financial Statements. These policies have been consistently applied to all the years presented, unless otherwise stated. a) Statement of compliance The Financial Statements comply in all material aspects with Indian Accounting Standards (Ind AS) notified under Section 133 of the Companies Act, 2013 (the Act ) read with Rule 3 of the [Companies (Indian Accounting Standards) Rules, 2015] and other relevant provisions of the Act, as amended. b) Basis of preparation i) Historical cost convention: The Financial Statements have been prepared on a historical cost basis except for the following: a) Certain financial assets and liabilities: measured at fair value b) Defined benefit plans: plan assets measured at fair value The account ing pol icies are appl ied consistently to all the periods presented in the Financial Statements. All assets and liabilities have been classified as current or non-current as per the normal operating cycle of the Company and other criteria as set out in the Division II of Schedule III to the Companies Act, 2013. Based on the nature of products and the time between acquisition of assets for processing and their realisation in cash and cash equivalents, the Company has ascertained its operating cycle as 12months for the purpose of current or non-current classification of assets and liabilities. ii) The Financial Statements have been prepared on accrual and going concern basis. iii) New and amended in the Companies Act, 2013 and the Companies (CSR Policy) Amendment Rules, 2021 adopted: The Company has applied the following amendments to Schedule I I I to the Companies Act, 2013 and the Companies (CSR Policy) Amendment Rules, 2021 for its annual reporting period commencing April 01, 2021: a) The Ministry of Corporate Affairs, Government of India (MCA) has amended Schedu l e I I I o f the Companies Act 2013, on October 11, 2018. Schedule III of the Companies Act 2013, provides the format of Financial Statements of companies c omp l y i ng w i t h Ac c o u n t i ng Standards (AS) and Ind AS under its Division I and Division II, respectively. b) The MCA has notified provisions relating to CSR vide the Companies (Amendment ) Act, 2019, Companies (Amendment ) Act, 2020, and the Compan i es (Corporate Soc i a l Responsibility Policy) Amendment Rules, 2021, which is effective from January 22, 2021. The amendments listed above did not have any impact on the amounts recognised in prior periods and are not expected to significantly affect the current or future periods.
RkJQdWJsaXNoZXIy MjA2MDI2