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Notes to Accounts of Uniphos Enterprises Ltd.

Mar 31, 2015

Note :

The contingent liability for Income Tax is mainly on account of major disallowances /additions made in the assessment proceedings since AY 1992 – 93 to AY 2011-12 on account of taxability of amount of Advance License Benefit receivable, Pass Book Benefit receivable, data access fees paid, deduction in respect of premium paid for Lease Hold Land, benefit claimed u/s.80HHC, benefit Claimed U/S 80IA / IB and other miscellaneous addition / disallowances. The Company has contested all the above issues before the Commissioner of Income Tax (A) /Income Tax Appellate Tribunal and same are pending before the said authorities for disposal.

1. Related Party Disclosure

(a) Relationship :

(i) Holding company

Nerka Chemicals Private Limited ('Nerka')

(ii) Ultimate Holding Company Demuric Holdings Private Limited ('Demuric')

(iii) Enterprises over which Key Management personnel and their relatives have significant influence :

UPL Limited ('UPL')

Uniphos International Limited ('UIL')

Advanta Limited (Advanta)

(iv) Key Management Personnel and their relatives :

Mr. Rajanikant D. Shroff

Mrs. Sandra R. Shroff

Mr. Jaidev R. Shroff

Mr. K.M. Thacker

Mr. B.P. Chheda

2. Micro, small and medium enterprises disclosure

The identification of Micro, Small and Medium enterprises is based on the management's knowledge of their status. The Company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006.

3. Segment reporting

The Company is enganged in trading business in India, which in the context of Accounting Standard 17 is considered to be its only business segment and thus no geographic segment is applicable.

4. Previous Year regrouping

Previous year's figures have been regrouped/ rearranged wherever necessary.


Mar 31, 2014

1. Contingent liabilities Rs. in Lakhs 31-Mar-14 31-Mar-13

Disputed Income-tax liability 3,468.41 3,348.93

Note :

The contingent liability for Income Tax is mainly on account of major disallowances /additions made in the assessment proceedings since AY 1992 – 93 to AY 2011-12 on account of taxability of amount of Advance Licence benefit receivable, Pass Book benefit receivable, data access fees paid, deduction in respect of premium paid for Lease Hold Land, benefit claimed u/s.80HHC, benefit Claimed U/S 80IA / IB and other miscellaneous addition / disallowances. The Company has contested all the above issues before the Commissioner of Income Tax (A) /Income Tax Appellate Tribunal and same are pending before the said authorities for disposal.

2. Related Party Disclosure

Related party disclosure as required by Accounting Standard (AS) - 18 ''Related Party Disclosures'' notifed by Companies (Accounting Standards) Rules, 2006 is given below:

(a) Relationship :

(i) Holding company

Nerka Chemicals Private Limited (''Nerka'') w.e.f. April 10, 2012

(ii) Ultimate Holding Company

Demuric Holdings Private Limited (''Demuric'') w.e.f. April 10, 2012

(iii) Enterprises over which Key Management personnel and their relatives have significant infuence :

UPL Limited (Formerly known as United Phosphorus Limited) (''UPL'')

SWAL Corporation Limited (''SWAL'')

Uniphos International Limited (Formerly known as Uniphos Agro Industries Limited) (''UIL'')

(iv) Key Management Personnel and their relatives :

Mr. Rajnikant D. Shroff Mrs. Sandra R. Shroff Mr. Jaidev R. Shroff

3. Micro, small and medium enterprises disclosure

The identifcation of Micro, Small and Medium enterprises is based on the management''s knowledge of their status. The Company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006.

4. Segment reporting

The Company is enganged in trading business in India, which in the context of Accounting Standard 17 is considered to be its only business segment and thus no geographic segment is applicable.

5. Rights Issue of shares

During the year, the Company at its meeting held on 6th November, 2013, has issued and allotted 4,40,71,179 equity shares of Rs.2/- each at a price of Rs. 17/- per equity share (including premium of Rs.15/-), for an amount aggregating to Rs. 7,492.10 lakhs, to the successful applicants who subscribed to the Rights Issue of the Company in the ratio of 173 (One Hundred and Seventy Three) fully paid up equity shares of Rs.2/- each for every 100 (One Hundred) fully paid-up equity shares of Rs.2/- each held (i.e., 173:100) by the equity shareholders on the record date i.e. 19th September, 2013.

Consequent to the aforesaid allotment, the paid up Equity Share capital of the Company stands increased by Rs. 881.42 lakhs comprising of 4,40,71,179 fully paid-up equity shares of Rs. 2/- each and premium of Rs. 15 per share amounting to Rs. 6,610.68 lakhs has been credited to Securities premium account. The expenses incurred in connection with said rights issue has been adjusted against securities premium account amounting to Rs. 111.12 lakhs.

6. Previous Year regrouping

Previous year''s figures have been regrouped/ rearranged wherever necessary.


Mar 31, 2013

1. Corporate information

Uniphos Enterprises Limited is a public limited company incorporated under the provision of the Companies Act 1956. The Company is engaged in the business of trading of chemicals and other products. Its shares are listed on two stock exchanges in India and GDRs are listed on Luxembourg Stock exchange.

2. Basis of preparation

The financial statements have been prepared to comply in all material respects with the Accounting Standards notified by Companies (Accounting Standards) Rules, 2006, (as amended) and the relevant provisions of the Companies Act, 1956. The financial statements have been prepared under the historical cost convention on an accrual basis except in case of Land, which is accounted based on revaluation as indicated in 2.1.b below. The accounting policies applied by the Company are consistent with those used in the previous year.

3. Contingent liabilities Rs. in Lacs

31-Mar-13 31-Mar-12

Disputed Income-tax liability 3,348.93 3,353.96

Note :

The contingent liability for Income Tax is mainly on account of major disallowances /additions made in the assessment proceedings since AY 1992 – 93 to AY 2010-11 on account of taxability of amount of Advance Licence Benefit receivable, Pass Book Benefit receivable, data access fees paid, deduction in respect of premium paid for Lease Hold Land, benefit claimed u/s.80HHC, benefit Claimed U/S 80IA / IB and other miscellaneous addition / disallowances. The Company has contested all the above issues before the Commissioner of Income Tax (A) /Income Tax Appellate Tribunal and same are pending before the said authorities for disposal.

4. Related Party Disclosure

Related party disclosure as required by Accounting Standard (AS) - 18 ''Related Party Disclosures'' notified by Companies (Accounting Standards) Rules, 2006 is given below:

(a) Relationship :

(i) Holding company

Nerka Chemicals Private Limited (''Nerka'') w.e.f. April 10, 2012

(ii) Ultimate Holding Company

Demuric Holdings Private Limited (''Demuric'') w.e.f. April 10, 2012

(iii) Enterprises over which Key Management personnel and their relatives have significant influence :

United Phosphorus Limited (''UPL'')

SWAL Corporation Limited (''SWAL'')

Uniphos International Limited (Formerly known as Uniphos Agro Industries Limited) (''UIL'')

(iv)Key Management Personnel and their relatives :

Mr Rajanikant D. Shroff Mrs Sandra R. Shroff Mr Jaidev R. Shroff

5. Micro, small and medium enterprises disclosure

The identification of Micro, Small and Medium enterprises is based on the management''s knowledge of their status. The Company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006.

6. Segment reporting

The Company is enganged in trading business in India, which in the context of Accounting Standard 17 is considered to be its only business segment and thus no geographic segment is applicable.

7. Previous Year regrouping

Previous year''s figures have been regrouped/ rearranged wherever necessary.


Mar 31, 2012

1. Corporate information

Uniphos Enterprises Limited is a public limited company incorporated under the provision of the Companies Act 1956. The Company is engaged in the business of trading of chemicals and other products. Its shares are listed on two stock exchanges in India and GDR are listed on Luxembourg Stock exchange.

2. Basis of preparation

The financial statements have been prepared to comply in all material respects with the Accounting Standards notified by Companies (Accounting Standards) Rules, 2006, (as amended) and the relevant provisions of the Companies Act, 1956. The financial statements have been prepared under the historical cost convention on an accrual basis except in case of Land, which is accounted based on revaluation as indicated in 2.1.c below. The accounting policies have been consistently applied by the Company and except for the changes in accounting policy discussed more fully below, are consistent with those used in the previous year.

3. Segment reporting

The Company is enganged in trading business in India, which in the context of Accounting Standard 17 is considered to be its only business segment and thus no geographic segment is applicable.

4. Previous Year regrouping

Till the year ended 31st March 2011, the Company was using pre-revised Schedule VI to the Companies Act 1956, for the 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 re-classied previous year figures to conform to this year classification. The adoption of revised Schedule VI does not impact recognition and measurement principles followed for preparation of financial statements. However, it significantly impacts presentation and disclosures made in the financial statements, particularly presentation of the balance sheet.


Mar 31, 2010

NATURE OF OPERATIONS

Uniphos Enterprises Limited is engaged in the business of trading.

As at 31st As at 31st March, 2010 March, 2009 Rs. in 000 Rs. in 000

1. CONTINGENT LIABILITIES NOT PROVIDED :

Disputed Income-tax Liability 276,428.21 273,793.46

2. Break up of Deferred Tax Assests and Deferred Tax Liabilities :

a) Deferred Tax Assets :

Depreciation 43.48 43.48

43.48 43.48

3. The identification of Micro, Small and Medium enterprises is based on the managements knowledge of their status. The Company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 Hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid / payable as required under the said Act have not been made.

4. Related party disclosure as required by Accounting Standard (AS) - 18 Related Party Disclosures notified by Companies (Accounting Standards) Rules, 2006 is given below:

(a) Relationship:

(i) Enterprises over which Key Management personnel and their relatives have significant influence:

United Phosphorus Limited Nerka Chemicals Private Limited SWAL Corporation Limited Advanta India Limited Demuric Holdings Private Limited Unicorn Seeds Private Limited

(ii) Key Management Personnel and their relatives Mr. Rajju D. Shroff Mrs. Sandra R. Shroff Mr. Jaidev R. Shroff Mr. Arun C. Ashar

5. Segment reporting The Company is engaged in trading business, which in the conext of Accounting Standard 17 is considered to be its only business and geographical segment 6. Previous years figures have been regrouped/rearranged wherever necessary.

 
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