Notes to Accounts of Master Chemicals Ltd.

Mar 31, 2014

1. Corporate Information

master Chemicals Limited is a public company domiciled in India and incorporated under the provisions of Companies Act, 1956. Its shares are listed on Bombay stock exchange in India. the company''s main object of business is mentioned in the memorandum and Articles Association of the company.

2. Basis of Preparation

the financial statements of the company have been prepared in accordance with generally accepted accounting principles in India (Indian GAAP). the company has prepared these financial statements to comply in all material respects with the accounting standards notifed under the Companies (Accounting standards) Rules, 2006, (as amended) and the relevant provisions of the Companies Act, 1956. the financial statements have been prepared on an accrual basis and under the historical cost convention.

3. Related party disclosures

Related parties with whom transactions have taken place during the year is NIL

4. Capital and other commitments

Estimated amount of contracts remaining to be executed on capital account and not provided for are Rs –NIL (31st march 2013: Rs NIL)

5. Contingent liabilities

Contingent liabilities of the company as on 31st march 2014 is Rs –NIL (31st march 2013: Rs NIL)

6. Details of dues to micro and small enterprises as Defined under the MSMED Act, 2006

As per the information available with the company, no amounts are due to micro, small and medium enterprises as per msmeD Act, 2006 as at 31st march 2014 (31st march 2013 : Rs –NIL)

7. Previous year figures

Previous year''s figures have been regrouped where necessary to conform to this year''s classification.

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Mar 31, 2013

1. Corporate Information

Master Chemicals Limited is a public company domiciled in India and incorporated under the provisions of Companies Act, i 956. Its shares are listed on Bombay Stock Exchange in India. The company''s main object of business is mentioned in the Memorandum and Articles Association of the company.

2. Basis of Preparation

The financial statements of the company have been prepared in accordance with generally accepted accounting principles in India {Indian GAAP). The company has prepared these financial statements to comply in all material respects with the accounting standards notified under the Companies (Accounting Standards) Rules, 2006, (as amended) and the relevant provisions of the Companies Act, 1956. The financial statements have been prepared on an accrual basis and under the historical cost convention.

3. Related party disclosures

Related parties with whom transactions have taken piace during the year is NIL

4. Capital and other commitments

Estimated amount of contracts remaining to be executed on capital account and not provided for are Rs - NIL (31sl March 2012: Rs NIL)

5. Contingent liabilities

Contingent liabilities of the company as on 31s'' March 2013 is Rs -NIL (31st March 2012'' Rs NIL)

6. Details of dues to micro and small enterprises as defined under the MSMED Act, 2006

As per the information available with the company, no amounts are due to Micro, Small and Medium enterprises as per MSMED Act, 2006 as at 31st March 2013 (31st March 2012 : Rs - NIL)

7 Previous year figures

Previous year''s figures have been regrouped where necessary to conform to this year''s ¦classification

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Mar 31, 2012

1. Corporate Information

Master Chemicals Limited is a public company domiciled in India and incorporated under the provisions of Companies Act, 1956. Its shares are listed on Bombay Stock Exchange in India. The company's main object of business is mentioned in the Memorandum and Articles Association of the company.

2. Basis of Preparation

The financial statements of the company have been prepared in accordance with generally accepted accounting principles in India (Indian GAAP). The company has prepared these financial statements to comply in all material respects with the accounting standards notified under the Companies (Accounting Standards) Rules, 2006. (as amended) and the relevant provisions of the Companies Act, 1956. The financial statements have been prepared on an accrual basis and under the historical cost convention.

The Company has only one class of equity shares having par value of Rs. 10 per share, Each holder of equity shares is entitled to one vole per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. During the year ended 31 March 2012, the amount of per share dividend, recognized as distributions to equity shareholders was Nil (31 March 2011: Nil).

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

3. Related party disclosures

Related parties with whom transactions have taken place during the year is NIL

4. Capital and other commitments

Estimated amount of contracts remaining to be executed on capital account and. not provided for are Rs - NIL (31st March 201): Rs. NIL)

5. Contingent Liabilities

Contingent liabilities of the company as on 31st March 2012 is Rs. NIL (31st March 2011 : Rs. NIL)

6. Details of dues to micro and small enterprises as defined under the MSMED Act, 2006

As per the information available with the company, no amounts are due to Micro, Small and Medium enterprises as per MSMED Act, 2006 as at 31st March 2012 (31st March 2011 : Rs. - NIL)

7. Previews year figures

Till the year ended 31st March 2011, the company was using pre-revised Schedule VI to the Companies Act 1956, for preparation and presentation, of its financial statements. During the year ended 31st March) 2012, the revised Schedule VI notified under the Companies Act 1956, has become applicable to the company. The company has reclassified previous year figures to conform to this year's classification. Except accounting for dividend on investments in subsidiaries, the adoption of revised Schedule VI does not impact recognition, and measurement principles followed for preparation of financial statement. However, it significantly impacts presentation and disclosers made in the financial statement, particularly presentation of balance sheet.

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Mar 31, 2010

1 Contingent liabilities as at March 31, 2010—Rs. Nil (Previous year—Rs. Nil)

2 Estimated amount of contracts remaining to be executed on capital account and not provided for amounts (net of advances, if any) to Rs. Nil (previous year—Nil)

3 No provision is considered necessary for the retirement benefits of employees as there were no employees in the company.

4 The company has not commenced its business activities during the period. Hence, no disclosure is required pursuant to AS-17—Segmental Reporting issued by the Institute of Chartered Accountants of India.

5 There are no related party transactions during the year; hence no disclosure is being made as required by AS- 18—Related Party Disclosures. Related Party relationships have been identified by the management and relied upon by the Auditors.

6 Basic earnings per share (EPS) is calculated by dividing the Net profit for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the period. There are no diluted potential equity shares outstanding during this period.

7 The company has not recognized deferred tax asset/liability as there are no significant timing differences at the year end.

8 There are no Micro, Small and medium enterprises to which the company owes dues which are outstanding for more than 45 days at the Balance Sheet date. The above information has been determined to the extent such parties have been identified on the basis of information available with the company and has been relied upon by the Auditors.

9 Statement required under Schedule VI Part IV is given in the Annexure Aattached hereto.

Additional information pursuant to the provisions of paragraph 3, 4C and 4D of part II of the Schedule VI to the Companies Act, 1956 is not provided, as these are not applicable to the Company.

10 Previous year figures have been re-arranged and re-grouped wherever necessary in accordance with the current years figures.