Atul Ltd 2015-16

151 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 ` 0.70 cr (Previous year gain ` 0.11 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, 2016 As at March 31, 2015 Estimated amount of contracts remaining to be executed on capital accounts and not provided for (net of advances) 47.13 121.86 Note 28.4 (A) Related Party information Name of the Related Party and nature of relationship: No. Name of the Related Party Description of relationship Other Related Parties with whom transactions have taken place during the year 01 Amal Ltd Associate companies 02 Atul Ayurveda Ltd 03 Atul Crop Care Ltd 04 Atul Entertainment Ltd 05 Atul Hospitality Ltd 06 Atul Aarogya Ltd (formerly known as Atul Medical Care Ltd) 07 Atul Seeds Ltd 08 Jayati Infrastructure Ltd 09 Lapox Polymers Ltd 10 Osia Dairy Ltd In Atul Bioscience Ltd 11 Aagam Holding Pvt Ltd Enterprise over which control exercised by the Key Management Personnel 12 Samveg Agencies Pvt Ltd 13 Key Management Personnel In Atul Ltd S S Lalbhai Chairman and Managing Director S A Lalbhai Managing Director B N Mohanan Whole-time Director and President - U&S T R Gopi Kannan Whole-time Director and CFO In Atul Bioscience Ltd P Chebiyyam Managing Director In Atul Europe Ltd E Sharkey Director In DPD Ltd A L Brackpool Director 14 Relatives of Key Management Personnel Saumya S Lalbhai Son of S A Lalbhai Nishtha S Lalbhai Daughter of S S Lalbhai 15 Welfare funds Organisations over which significant influence exercised Atul Foundation Trust Atul Kelavani Mandal Atul Rural Development Fund Atul Vidyalaya Notes to the Consolidated Financial Statements