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Liberty Phosphate Ltd. Notes to Accounts
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You can view the entire text of Notes to accounts of the company for the latest year
Market Cap. (Rs.) - P/BV - Book Value (Rs.) -
52 Week High/Low (Rs.) - FV/ML - P/E(X) -
Bookclosure - EPS (Rs.) - Div Yield (%) -
Year End :2013-03 
1.1 Contingent liabilities not provided for:

(a) Bills discounted with bank outstanding - Rs. Nil (Previous year Rs. Nil).

(b) Letter of Credits outstanding - Rs. 9970.61 Lacs (Previous year - Rs. 10766.63 Lacs)and Margin Money given there against Rs.1907.80 Lacs (Previous Year - Rs. 2427.03 Lacs).

(c) Guarantees given by Company's Banker on behalf of the Company -Rs.227.15 Lacs (Previous year Rs. 228.46 Lacs).

(d) The Company has executed bonds in favour of Excise Department in connection with purchases of raw material without levy of excise - Rs. 344.00 Lacs ( Previous year Rs. 244.00 Lacs).

(e) The company purchased manufacturing facilities of fertilizers from Liberty Pesticides & Fertilizers Ltd (A Subsidiary Company) on 1.10.1997. Registration of transfer is pending as the company disputed that the registration of property in the name of company, is not liable for the payment of stamp duty under Rajasthan Stamp Law (Adaption) Act, 1952 read with section 9(1) (a) of Indian Stamp Act, 1899 and accordingly preferred writ before hon'ble High Court of Rajasthan. Likely amount of stamp duty, if any payable, will be Rs.26.85 Lacs (Previous year 26.85 Lacs).

(f) Demands of Sales Tax Authorities not acknowledged by the Company and contested/appealed, Rs.13.02 Lacs (Previous Year Rs. 13.02 Lacs). Amount paid there against as the matter of prudence Rs.2.77 Lacs (Previous Year- Rs.2.77 Lacs).

(g) Demand of Income Tax not acknowledged by the company and contested/appealed Rs. 03.50 Lacs (Previous year - Rs. 03.50 Lacs). Amount paid there against as the matter of prudence Rs. 03.50 Lacs (Previous year -Rs. 03.50 Lacs).

(h) Demand of Differential Customs Duty on Import of Rock Phosphate not acknowledged by the company and contested/appealed Rs.344.16 Lacs (Previous year - Rs. 344.16).

1.2 Claims against the company not acknowledged as debts:- Claims on account of rebate, discount & freight - Rs. NIL (Previous year- Rs. Nil).

1.3 Estimated capital commitments not provided for - Rs. 500.00 Lacs (Previous year Rs. 2000.00 Lacs).

1.4 Depreciation for the period has been calculated at the rates and in the manner specified in Schedule XIV to the Companies Act, 1956 vide notification No. GSR 756 (E) dated 16.12.93 of the Department of Company Affairs, Govt. of India. For the purpose of determining the appropriate depreciation rates, Plant and Machinery falling in the category of continuous process plants has been identified on the basis of technical opinion obtained by the company. Extra shift depreciation, wherever applicable is calculated on actual shift basis in respect of each plant/unit.

1.5 No provision has been made in respect of : - fall in the value of long term investment in shares of subsidiary company and others, since in the opinion of the management book value of the shares is sufficient to cover temporary fall in the value of shares.

Further, to inform that investment made is in the nature of trade investment.

-The Company has not received information from vendors regarding their status under the Micro,Small & Medium Enterprises Development Act, 2006 and hence disclosure relating to Amount unpaid at the year end together with interest paid/payable under the Act have not been given.

1.6 Remittance in Foreign Currency on account of Dividend:

The Company has remitted Rs. 53.61 Lacs (Previous Year Rs 29.61 Lacs) in foreign currencies on account of dividends during the year and does not have information as to the extent to which remittance, if any, in foreign currencies on account of dividends have been made by/on behalf of non-resident shareholders. The particulars of dividends paid to non- resident shareholders for the year 2011-2012 and 2012-2013, are as under:

1.7 Capitalisation of Pre Operative Expenditure :

During the Year, the company has capitalized the following expenses of revenue nature to the cost of capital work in progress. Consequently, the expenses disclosed under the respective notes are net of amounts capitalized by the Company.

1.8 In view of mandatory Accounting Standard (AS) -15 " Accounting for Retirement Benefits in the Financial Statements of Employers" is dealt as under: - Liability in respect of provident fund are provided for by monthly payments to pension and provident fund under the Employees' Provident (and Miscellaneous Provisions) Act, 1952, which are charged against revenue.

- Gratuity liabilities are determined as per the actuarial valuation done using the projected unit credit method.

- Accumulated Leave are determined as per the actuarial valuation done using the projected unit credit method.

- Gratuity Scheme in respect of the employees of the company is administered through Life Insurance Corporation of India (LIC). Annual contribution as determined by the LIC are charged to the Profit & Loss Account. The additional liability, if any, arising out of the difference between the actuarial valuation as at the Balance Sheet date and the fund balance is accrued and provided for at the year end.

- Employees are entitled to accumulate their privilege leave within specified limits and can claim encashment thereof while in service or on separation or on superannuation or otherwise. This is not treated as specific retirement benefit and the cost thereof is accounted for in the year in which the claims are received. 29.15 Related party disclosure under Accounting Standard (AS) -18

a) The list of the related parties as identified by the management are as under for the period from 01/04/2012 to 07/03/2013:

i) Enterprises over which Key Management Personnel with relatives, is able to exercise significant influence:

1. Tungabhadra Fertilizers & Chemicals Co. Ltd.

2. Liberty Pesticides & Fertilizers Limited (A wholly owned subsidiary).

3. A.R. Exports.

4. Liberty Urvarak Limited.

ii) Ke y Management personne l of the Company:

Directors of the Company.

iii) Relative of Key Management personnel:

1. Smt. A.R.Dhanani 2. Smt. Suchitra Dhanani

b) The list of the related parties as identified by the management are as under for the period from 08/03/2013 to 31/03/2013:

i) Enterprises over which Key Management Personnel with relatives, is able to exercise significant influence:

1. Coromandel International Ltd.

2. Liberty Pesticides & Fertilizers Limited (A wholly owned subsidiary).

3. Liberty Urvarak Limited.

1.9 Segment Reporting:

That the Board of Directors, is of the opinion that the company is engaged in manufacture & sale of Fertilizers namely Single Super Phosphate , NPK Mixture Fertilizers & MGSO4 and accordingly dealing in same segment namely Chemical Fertilizers. Likewise, the manufacturing and marketing operations of the company are also confined only in the India. As such, no segment is f ormed and accordingly no segment reporting is done in terms of the requirement of Accounting Standard (AS-17) " Segment Reporting" issued by the Institute of Chartered Accountants of India for the year ended 31st March, 2013.

1.10 Impairment of Assets :

That the Board of Directors, is of the opinion that the discounted net future generation from the Assets in use & shown in the schedule of Fixed Assets, is more than the carrying amount of Fixed Assets in Balance Sheet, as such, no provision for Impa irment of Assets is required to be made in terms of the requirement of Accounting Standard (AS -28) " Impairment of Assets" issued by the Institute of Chartered Accountants of India for the year ended 31st March'2013.

1.11 Financial Derivative Instruments and unhedged foreign currency exposure:

a. Nominal amount of forward contracts entered into by the Company and outstanding as on 31st March amount to Rs. 5409.17 Lacs (Previous Year Rs. Nil).

b. Foreign currency exposures on account of Import Trade Payable and are not hedged by forward contracts as on 31st March, 2013 amount to Rs. 1073.93 Lacs (Previous Year Rs. 5115.29 Lacs) ((In USD 19.78 Lacs ) (Previous Year USD 100.55 Lacs)).

1.12 In the opinion of the Directors, Current Assets, Loans and Advances have the value at which they are stated in the Balance Sheet, if realized in the ordinary course of business. Further, Directors are of the opinion that all the liabilities have been duly reflected in the Balance Sheet and nothing is remained to be disclosed for. Sundry Debtors, Creditors and Advances are subject to reconciliation and confirmation.

1.13 In the opinion of Board of Directors there exists adequate accounting & internal control system designed to prevent and detect fraud or errors and in the opinion of Board of Directors that any uncorrected misstatements resulting from either fraud or errors are in the managements opinion immaterial both individually & aggregate in the Financial statements.

1.14 The company has reclassified previous year figures to conform to this year' classification.

1.15 That during the year under review there is a change in the actuarial method used or assumption adopted for providing the retirement benefits cost comprising of Gratuity and Leave Encashment and accordingly, additional liability arising on the date of Balance Sheet on account of the new actuarial method on the amount of gratuity amounting to Rs. 85.82 Lacs and Leave Encashment Rs. 32.96 Lacs, aggregating to Rs. 118.78 Lacs, shown under the head as extraordinary item in the Statement of Profit and Loss for the year 31/03/2013, vide Clause 29 of the AS-15(Accounting for retirement benefit in the Financial Statement of Employees).


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