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Notes to Accounts of Uniphos Enterprises Ltd.

Mar 31, 2018

1. Corporate information

Uniphos Enterprises Limited (‘the Company’) is a public company domiciled in India and is incorporated under the provisions of the Companies Act applicable in India, Its shares are listed on two stock exchanges in India and Global Depository Receipt (‘GDRs’) are listed on Luxembourg stock exchange, The Company is engaged in the business of trading of chemicals and other products, The registered office of the Company is located at 11, GID^,, Vapi, Dist- Valsad, Gujarat, The financial statements were authorised for issue in accordance with a resolution of the directors on April 27, 2018,

2. Basis of preparation

The financial statements of the Company have been prepared in accordance with Indian Accounting Standards (Ind AS) notified under the Companies (Indian Accounting Standards) Rules, 2015 as amended thereafter

The financial statements for the year ended 31 March, 2018 are the first the Company has prepared under Ind AS, For all periods upto and including the year ended 31 March, 2017, the Company prepared its financial statements in accordance with the accounting standards notified under the section 133 of the Companies Act 2013, read together with paragraph 7 of the Companies (Accounts) Rules, 2014 (hereinafter referred to as ‘Previous GAAP’) used for its statutory reporting requirement in India immediately before adopting Ind AS, The financial statements for the year ended 31 March, 2017 and the opening Balance Sheet as at 1 April, 2016 have been restated in accordance with Ind AS for comparative information, Reconciliations and explanations of the effect of the transition from Previous GAAP to Ind AS on the Company’s Balance Sheet, Statement of Profit and Loss and Statement of Cash Flows are provided in note 30,

The financial statements have been prepared under the historical cost convention on an accrual basis except for certain financial assets and liabilities that are measured at fair value at the end of each reporting period as stated in the accounting policies set out below, The accounting policies applied by the Company are consistent with those used in the previous year, The financial statements are presented in Indian Rupee (‘INR’) or (‘‘‘) which is also the Company’s functional currency and all values are rounded to the nearest lakhs, except when otherwise indicated,

Significant accounting estimates, assumptions and judgements

The preparation of the Company’s financial statements requires management to make estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities, Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities in future periods,

Estimates and assumptions

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below, The Company based its assumptions and estimates on parameters available when the separate financial statements were prepared, Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Company, Such changes are reflected in the assumptions when they occur.

Taxes

There are many transactions and calculations undertaken during the ordinary course of business for which the ultimate tax determination is uncertain. Where the final tax outcome of these matters is different from the amounts initially recorded, such differences will impact the current and deferred tax provisions in the period in which the tax determination is made. The assessment of probability involves estimation of a number of factors including future taxable income,

Fair value measurement of financial instruments

When the fair values of financial assets and financial liabilities recorded in the balance sheet cannot be measured based on quoted prices in active markets, their fair value is measured using valuation techniques including the Discounted Cash Flow (DCF) model where appropriate. The inputs to these models are taken from observable markets where possible, but where this is not feasible, a degree of judgement is required in establishing fair values. Judgements include considerations of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions about these factors could affect the reported fair value of financial instruments, See Note 26 and 27 for further disclosures,

Impairment of financial assets

The Company recognises loss allowances for expected credit losses on:

- financial asset measured at amortized cost

- financial asset measured at FVTOCI- Equity instruments

- financial asset measured at FVTPL- Equity instruments

At each reporting date, the Company assesses whether financial assets carried at amortized cost and equity instrument at FVTOCI and FVTPL are credit impaired. A financial asset is ‘credit-impaired’ when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred,

Impairment of non-financial assets

The Company assesses at each reporting date whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Company estimates the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s fair value less costs of disposal and its value in use. It is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or group of assets. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre- tax discount rate that reflects current market assessment of the time value of money and the risk specific to the asset, In determining fair value less cost of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share price for publicly traded subsidiaries or other available fair value indicators,

Note

The contingent liability for income tax is mainly on account of major disallowances /additions made in the assessment proceedings since AY 1994 - 95 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,

3. 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.

4. Segment reporting

The income of the Company comprises of solely dividend and interest income and accordingly there are no reportable segments.

5 Related Party disclosure:

A. Name of the related partied where control exists irrespective of whether transaction have occurred or not:

(i) Holding company

Nerka Chemicals Private Limited (‘Nerka’)

(ii) Ultimate Holding Company

Demuric Holdings Private Limited (‘Demuric’)

B. Name of other related parties with whom transactios have taken place during the year:

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

UPL Limited (‘UPL’)

Uniphos International Limited (‘UIL’)

(ii) Key Management Personnel and their relatives :

Mr. Pradeep Goyal

Mrs. Swati Mayekar

K. M. Thacker- Company Secretary

B. P Chheda- Chief Financial Officer

(B) Measurement of fair value:

Valuation techniques and significant unobservable inputs:

(i) Financial instruments measured at fair value

The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The following methods and assumptions were used to estimate the fair values:

The management assessed that cash and cash equivalents, trade receivables, trade payables, other financial assets and other financial liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments.

The fair values of the remaining FVTOCI financial assets are derived from quoted market prices in active markets,

(ii) Financial instrument measured at amortized cost:

The carrying amount of financial assets and financial liability measured at amortized cost in the financial statements are a resonable approximation of their fair value since the Company does not anticipate that the carrying amounts would be significantly different from the value that would eventually be received or settled,

6. Fair Value hierarchy

The following table provides the fair value measurement hierarchy of the Company’s assets and liabilities,

The management assessed that cash and cash equivalents, trade receivables, trade payables, other financial assets and other financial liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments.

7. Financial risk management objectives and policies

The Company’s principal financial liabilities comprise trade and other payables. The main purpose of these financial liabilities is to finance the Company’s operations. The Company’s principal financial assets include loans, other receivables, and cash and cash equivalents that derive directly from its operations. The Company also holds FVTOCI investments.

The Company is exposed to market risk, credit risk and liquidity risk. The Company’s senior management oversees the management of these risks. The Board of Directors reviews and agrees policies for managing each of these risks, which are summarised below.

Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and other price risk, such as equity price risk.

Financial instruments affected by market risk include FVTOCI investments and Loans,

Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates.

Equity price risk

The Company’s listed and non-listed equity securities are susceptible to market price risk arising from uncertainties about future values of the investment securities. Company’s investment in it’s group company - UPL limited, which is listed, is significant. But being the startegic investment, company is not enfluenced by equity price risk,

Credit risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities from its financing activities, including deposits with banks and financial institutions and other financial instruments,

Financial instruments and cash deposits

Credit risk from balances with banks and financial institutions is managed by the Company’s board of directors. Investments of surplus funds are made only with approval of Board of directors,

Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company’s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company’s reputation.

The Company manages liquidity risk by maintaining adequate reserves, by continuously monitoring forecast and actual cash flows and matching the maturity profiles of the financial assets and liabilities,

8. Capital management

Capital includes equity attributable to the equity holders to ensure that it maintains an efficient capital structure and healthy capital ratios in order to support its business and maximise shareholder value. The Company manages its capital structure and makes adjustments to it, in light of changes in economic conditions or its business requirements. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. No changes were made in the objectives, policies or processes during the year ended March 31, 2018 and March 31, 2017,

9. First-time adoption of Ind AS

The Company has adopted Indian Accounting Standards (Ind AS) as notified by the Ministry of Corporate Affairs with effect from 1 April 2017, with the transition date on 1 April 2016. These financial statements for the year ended 31 March 2018 are the first financial statements that the Company has prepared under Ind AS. For all periods upto and including the year ended 31 March 2017 , the Company prepared its financial statements in accordance with the accounting standards notified under the section 133 of the Companies Act 2013, read together with paragraph 7 of the Companies (Accounts) Rules, 2014 (‘Previous GAAP’),

The adoption of Ind AS has been carried out in accordance with Ind AS 101, First-time Adoption of Indian Accounting Standards, Ind AS 101 requires that all Ind AS standards and interpretations that are issued and effective for the first Ind AS financial statements be applied retrospectively and consistently for all financial years presented. Accordingly, the Company has prepared financial statements which comply with Ind AS for year ended 31st March, 2018, together with the comparative information as at and for the year ended 31 March 2017 and the opening Ind AS Balance Sheet as at 1 April 2016, the date of transition to Ind AS.

In preparing these Ind AS financial statements, the Company has availed certain exemptions and exceptions in accordance with Ind AS 101, as explained below. The resulting difference between the carrying values of the assets and liabilities in the financial statements as at the transition date under Ind AS and Previous GAAP have been recognised directly in equity (retained earnings or another appropriate category of equity). This note explains the adjustments made by the Company in restating its financial statements prepared under previous GAAP, including the Balance Sheet as at 1st April, 2016 and the financial statements as at and for the year ended 31 March 2017,

A. Mandatory Exceptions from retrospective application

The Company has applied the following exceptions to the retrospective application of Ind AS as mandatorily required under Ind AS 101:

(i) Estimates

On assessment of the estimates made under the Previous GAAP financial statements, the Company has concluded that there is no necessity to revise the estimates under Ind AS, as there is no objective evidence of an error in those estimates, However, estimates that were required under Ind AS but not required under Previous GAAP are made by the Company for the relevant reporting dates reflecting conditions existing as at that date,

(ii) Classification and measurement of financial assets

The classification of financial assets to be measured at amortised cost or fair value through other comprehensive income is made on the basis of the facts and circumstances that existed on the date of transition to Ind AS,

B. Optional Exemptions from retrospective application

Ind AS 101 permits first-time adopters certain exemptions from retrospective application of certain requirements under Ind AS. The Company has elected to apply the following optional exemptions from retrospective application:

Deemed cost for investment property

There is no change in the functional currency of the Company and it has elected to continue with the carrying value of its property, plant and equipment in its financial statements as at 1 April 2016 measured as per previous GAAP as its deemed cost on transition. The same being in the nature of investment property has been re-classified as such in these financial statements,

C. Transition to Ind AS reconciliations

The following reconciliations provides the explanations & quantification of the differences arising from the transition from previous GAAP to Ind AS in accordance with Ind AS 101:

(i) Reconciliation of equity as at 1st April 2016

(ii) A Reconciliation of equity as at 31st March 2017,

B. Reconciliation of statement profit and loss for the year ended 31st March 2017,

(iii) Adjustments to statement of cash flows for the year ended 31st March 2017,

Previous GAAP figures have been reclassified / regrouped wherever necessary to confirm with financial statements prepared under Ind AS

Footnotes to the reconciliation of equity as at April 1, 2016 and March 31, 2017 and statement of profit and loss for the year ended March 31, 2017.

1. Investment Property

Company has opted to recognise investment property at revalued figure as appearing in the financials at the date of transition to Ind AS. It has no Profit and loss impact.

2. FVTOCI financial assets

Under previous GAAP, the Company recognised long-term investments in equity shares at cost. Under Ind AS, the Company has designated such investments as FVTOCI and measured them at fair value through Other comprehensive income. On the transition date, an increase of Rs. 1,13,712.30 Lakhs between the instruments’ fair value and previous GAAP carrying amount has been recognised in Other Comprehensive Income. Further for the year ended March 31, 2017 an additional gain of Rs. 63,484.80 Lakhs has been recorded in Other Comprehensive income.

3. Other comprehensive income

Under Indian GAAP, the Company has not presented other comprehensive income (OCI) separately. Hence, it has reconciled Indian GAAP profit or loss to profit or loss as per Ind AS. Further, previous GAAP profit or loss is reconciled to total comprehensive income as per Ind AS.

4. Statement of cash flows

The transition from Indian GAAP to Ind AS has not had a material impact on the statement of cash flows.

10. Details of specified bank notes (SBN)

The disclosure regarding details of specified bank notes held and transacted during 8 November 2016 to 30 December 2016 have not been made since the requirement does not pertain to financials year ended 31 March 2018. Corresponding amounts as appearing in the audited financial statements for the year ended 31 March 2017 have been disclosed as under :


Mar 31, 2016

(c) Terms/ rights attached to equity shares

The Company has only one class of equity shares having par value of Rs.2 per share. Each holder of equity shares is entitled to one vote per share.

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.

(e) There are 34,962 (Previous Year : 34,962) underlying Equity Shares of the Company in respect of GDR''s listed on Luxembourg Stock Exchange. Every GDR is issued against 2 equity shares.

Notes :

a) Loans from Non Banking Financials Company includes the following :

1) Loan amounting to Rs. NIL (Previous Year : Rs.1,000 Lacs) is secured by way of pledge of Nil (Previous Year :20,00,000) equity shares of UPL Limited (''UPL''). The loan carried interest at the rate of 11.25 % p.a.

b) Other loan from a private limited company of '' NIL (Previous Year : Rs.20 Lacs) is interest free loan repayable on demand.

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.

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 engaged 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, 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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