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International Edition

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Balance Sheet as at March 31, 2013(R in million) (US$ in million)

As at 31.3.2012 As at 31.3.2013 Note As at 31.3.2013 As at 31.3.2012

I. EQUITY AND LIABILITIES(1) Shareholders' Funds

4,257.98 4,258.76 (a) Share Capital 1 78.30 78.2952,195.70 56,453.68 58,553.13 62,811.89 (b) Reserves and Surplus 2 1,076.55 1,154.85 959.67 1,037.96

-- -- (2) Share Application Money Pending Allotment -- --

(3) Non-Current Liabilities3,541.30 3,538.30 (a) Long Term Borrowings 3 65.05 65.12 4,471.30 4,854.70 (b) Deferred Tax Liabilities (Net) 4 89.26 82.21

85.60 40.30 (c) Other Long Term Liabilities 5 0.74 1.57 2,510.20 10,608.40 2,729.20 11,162.50 (d) Long Term Provisions 6 50.18 205.23 46.15 195.05

(4) Current Liabilities 125,235.90 102,449.60 (a) Short Term Borrowings 7 1,883.63 2,302.58

6,343.10 15,663.40 (b) Trade Payables 8 287.99 116.62 4,735.70 6,391.10 (c) Other Current Liabilities 9 117.51 87.06 2,073.12 138,387.82 2,375.59 126,879.69 (d) Short Term Provisions 10 43.68 2,332.81 38.12 2,544.38

205,449.90 200,854.08 TOTAL 3,692.89 3,777.39

II. ASSETS(1) Non-Current Assets

(a) Fixed Assets 43,973.40 44,092.48 (i) Tangible Assets 11 810.68 808.49

237.20 189.10 (ii) Intangible Assets 12 3.48 4.36 4,700.40 5,930.80 (iii) Capital Work-in-Progress 13 109.04 86.42

33.45 23.80 (iv) Intangible Assets under Development 14 0.44 0.6222,514.15 24,216.20 (b) Non Current Investments 15 445.24 413.94 3,442.60 2,462.40 (c) Long Term Loans and Advances 16 45.27 63.30

59.90 74,961.10 94.70 77,009.48 (d) Other Non Current Assets 17 1.74 1,415.89 1.10 1,378.23

(2) Current Assets -- -- (a) Current Investments -- --

23,792.60 21,097.20 (b) Inventories 18 387.89 437.45 22,472.20 33,400.80 (c) Trade Receivables 19 614.11 413.17 13,612.80 2,086.00 (d) Cash and Bank Balances 20 38.35 250.28

2,309.30 1,919.40 (e) Short Term Loans and Advances 21 35.29 42.46 68,301.90 130,488.80 65,341.20 123,844.60 (f) Other Current Assets 22 1,201.36 2,277.00 1,255.80 2,399.16

205,449.90 200,854.08 TOTAL 3,692.89 3,777.39

Notes 1 to 28, form an integral part of the Financial Statements.

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Statement of Profit and Loss for the year ended March 31, 2013(R in million) (US$ in million)

Year ended 31.3.2012 Year ended 31.3.2013 Note Year ended 31.3.2013 Year ended 31.3.2012

I. Revenue from Operations 112,162.40 111,047.40 Sales 2,041.71 2,062.21

810.70 1,011.60 Less: Excise Duty 18.60 14.90

111,351.70 110,035.80 2,023.11 2,047.31

144,638.00 255,989.70 106,697.80 216,733.60 Subsidy on Fertilisers 1,961.75 3,984.86 2,659.31 4,706.62

5,516.90 5,374.20 II. Other Income 23 98.81 101.43

261,506.60 222,107.80 III. Total Revenue (I + II) 4,083.67 4,808.05

IV. Expenses(a) Cost of Materials Consumed

138,456.30 141,931.70 - Raw Materials 2,609.55 2,545.65

1,449.80 1,529.70 - Stores and Spares 28.13 26.65

555.70 592.20 - Chemicals and Catalysts 10.89 10.22

2,378.30 2,499.90 - Packing Materials 45.96 43.73

9,129.60 9,967.50 - Power, Fuel and Water 183.26 167.86

151,969.70 156,521.00 2,877.79 2,794.11

5,959.10 146,010.60 2,074.70 154,446.30 Less: Stock Transfer for Self Consumption 38.15 2,839.64 109.56 2,684.55

74,480.60 17,150.60 (b) Purchase of Traded Goods 315.33 1,369.40

(4,715.70) 1,314.60 (c) Changes in Inventories of 24 24.17 (86.70)

Finished Goods, Stock-in-Trade

and Stock-in-Process

7,818.60 8,741.80 (d) Employee Benefits Expense 25 160.73 143.75

8,052.00 7,895.20 (e) Finance Cost 26 145.16 148.04

4,739.50 4,880.20 (f) Depreciation and Amortisation Expense 89.73 87.13

14,943.20 16,604.80 (g) Other Expenses 27 305.30 274.75

251,328.80 211,033.50 Total Expenses 3,880.06 4,620.92

10,177.80 11,074.30 V. Profit before Tax (III - IV) 203.61 187.13

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Statement of Profit and Loss for the year ended March 31, 2013 (Contd.)

(R in million) (US$ in million)Year ended 31.3.2012 Year ended 31.3.2013 Note Year ended 31.3.2013 Year ended 31.3.2012

VI. Tax Expense 2,322.00 3,424.20 (a) Current Tax 62.96 42.69

308.00 383.30 (b) Deferred Tax 7.05 5.66

(174.00) 2,456.00 (20.40) 3,787.10 (c) Earlier Years (0.38) 69.63 (3.19) 45.16

7,721.80 7,287.20 VII.Profit after Tax (V - VI) 133.98 141.97

Profit transferred to: 10.00 -- Contribution towards Approved Donations -- 0.18

7,711.80 7,287.20 Net Profit as per Multi State Cooperative 133.98 141.79Societies Act, 2002

($) 1,810 ($) 1,709 Basic and Diluted Earnings per Share (US$) 31 (US$) 33

(Refer Note 28.17)

Notes 1 to 28, form an integral part of the Financial Statements.

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Cash Flow Statement for the year ended March 31, 2013(R in million) (US$ in million)

Year ended 31.3.2012 Year ended 31.3.2013 Year ended 31.3.2013 Year ended 31.3.2012

(A) Cash Flow from Operating Activities: 10,177.80 11,074.30 Net Profit Before Tax 203.61 187.13

Adjustment for:4,746.60 4,880.20 Depreciation and Amortisation Expense 89.73 87.27 7,621.10 7,889.70 Interest Expense 145.06 140.12

(1,595.00) (887.20) Interest Income (16.31) (29.33) (2,718.10) (2,794.10) Dividend Income (51.37) (49.98)

20.70 -- Provision for Bad and Doubtful Loans and Advances/Claims -- 0.38 0.10 5.40 Amount charged off / adjusted 0.10 0.01

13.60 15.90 Fixed Assets written-off 0.29 0.25 243.50 -- Loss on Sale of Government of India Fertiliser Bonds (Net) -- 4.48 (96.00) (102.10) Unrealised Exchange Rate Variations (Net) (1.88) (1.77) 266.60 (58.80) Loss on Disposal / Held for Disposal of Fixed Assets (Net) (1.08) 4.91

4.50 164.20 Provision for Diminution in value of Investments 3.02 0.08 (52.80) 8,454.80 (92.20) 9,021.00 Liabilities / Provisions written back (1.70) 165.86 (0.97) 155.45

18,632.60 20,095.30 Operating Profit before Working Capital Changes 369.47 342.58

Adjustment for changes in Working Capital : 205.00 9,320.30 Increase / (Decrease) in Trade Payables 171.36 3.77 170.40 219.00 Increase / (Decrease) in Long Term Provisions 4.03 3.13 142.80 94.60 Increase / (Decrease) in Short Term Provisions 1.74 2.63

(4,315.30) 1,744.70 Increase / (Decrease) in Other Current Liabilities 32.08 (79.34) (45.30) (50.70) Increase / (Decrease) in Other Long Term Liabilites (0.93) (0.83)

(21,004.50) (10,928.60) Decrease / (Increase) in Trade Receivables (200.93) (386.19) (9,950.80) 2,695.40 Decrease / (Increase) in Inventories 49.56 (182.96)

(151.30) (349.40) Decrease / (Increase) in Long Term Loans and Advances (6.42) (2.78) (1,331.70) 176.00 Decrease / (Increase) in Short Term Loans and Advances 3.24 (24.48)

(36,613.40) 2,957.80 Decrease / (Increase) in Other Current Assets 54.37 (673.17) (1.90) (72,896.00) (34.80) 5,844.30 Decrease / (Increase) in Other Non Current Assets (0.64) 107.46 (0.04) (1,340.26)

(54,263.40) 25,939.60 Cash Generated from / (used in) Operations 476.93 (997.68)

(2,016.00) (2,916.10) Direct Taxes Paid (Net of Refunds) (53.62) (37.07) (119.00) -- Payment towards Cooperative Education Fund -- (2.19)

-- (5.60) Contribution to Cooperative Development Fund (0.10) -- (3.50) (8.50) Payments to Cooperative Welfare Fund (0.16) (0.06)

(19.70) (2,158.20) -- (2,930.20) Donations Paid -- (53.88) (0.36) (39.68) (56,421.60) 23,009.40 Net Cash flow from/(used in) Operating Activities (A) 423.05 (1,037.36)

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Cash Flow Statement for the year ended March 31, 2013 (Contd.)(R in million) (US$ in million)


(B) Cash Flow from Investing Activities:(3,901.00) (4,805.30) Proceeds from / (Purchase of) Fixed Assets, (88.35) (71.72)

including Intangible Assets, Capital Work-in-Progress and Capital Advances

(1,307.00) (1,866.30) Proceeds from / (Purchase of) Non- (34.31) (24.03)Current Investments

31,814.60 -- Proceeds from/(Purchase of) Current Investments -- 584.94 2,718.10 2,794.10 Dividend Received 51.37 49.97 2,174.60 890.10 Interest Received 16.37 39.98

31,499.30 (2,987.40) Net Cash Flow from / (used in) (54.92) 579.14Investing Activities (B)

(C) Cash Flow from Financing Activities: (1.50) 0.80 Issue / (Repatriation) of Share Capital (Net) 0.01 (0.03)

(407.40) (3.00) Proceeds from / (Repayment of) Long Term Borrowings (Net) (0.06) (7.49) 21,781.40 (22,786.30) Proceeds from / (Repayment of) Short Term Borrowings (Net) (418.95) 400.47 (7,685.80) (7,909.40) Interest Paid (145.42) (141.31)

(854.00) (850.90) Dividend Paid on Equity Shares (15.64) (15.70)

12,832.70 (31,548.80) Net Cash Flow from / (used in) Financing Activities (C) (580.06) 235.94 (12,089.60) (11,526.80) Net Increase / (Decrease) in Cash and (211.93) (222.28)

Cash Equivalents (A+B+C)

25,702.40 13,612.80 Cash and Cash Equivalents as at the beginning of the year 250.28 472.56 13,612.80 2,086.00 Cash and Cash Equivalents as at the close of the year 38.35 250.28

Components of Cash and Cash Equivalents 3.00 5.30 Cash-in-Hand 0.10 0.06

418.10 195.80 Cheques-in-Hand 3.60 7.68 1,645.90 1,357.80 Remittance-in-Transit 24.96 30.26

Balances with Bank: 2,532.70 526.40 - In Current Account 9.68 46.57 9,000.00 -- - In Deposit Account -- 165.47

13.10 0.70 - In Unpaid Dividend Account 0.01 0.24

13,612.80 2,086.00 Total Cash & Cash Equivalents 38.35 250.28

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Note 1 : Share Capital(R in million) (US$ in million)

As at 31.3.2012 As at 31.3.2013 As at 31.3.2013 As at 31.3.2012

AUTHORISED:

9,000.00 9,000.00 90,000 (90,000) Equity Shares of $ 1,00,000/- each 165.47 165.47

500.00 500.00 50,000 (50,000) Equity Shares of $ 10,000/- each 9.19 9.19

500.00 500.00 5,00,000 (5,00,000) Equity Shares of $ 1,000/- each 9.19 9.19

10,000.00 10,000.00 TOTAL 183.85 183.85

ISSUED, SUBSCRIBED AND PAID-UP:

3,524.20 3,524.20 35,242 (35,242) Equity Shares of $ 1,00,000/- each, 64.80 64.80fully paid-up held by CooperativeSocieties / Institutions

395.92 396.58 39,658 (39,592) Equity Shares of $ 10,000/- each, 7.29 7.28fully paid-up held by CooperativeSocieties / Institutions

345.06 4,265.18 345.18 4,265.96 3,45,182 (3,45,062) Equity Shares of $ 1,000/- each, 6.34 78.43 6.34 78.42fully paid-up held by CooperativeSocieties / Institutions

7.20 7.20 Less: Redemption to Cooperatives 0.13 0.13

4,257.98 4,258.76 TOTAL 78.30 78.29

Figures in brackets relate to previous year.

Notes forming part of Financial Statements

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Note 1 : Share Capital (Contd.)Reconciliation of Shares Outstanding

(R in million) (US$ in million)

As at 31.3.2012 As at 31.3.2013 As at 31.3.2013 As at 31.3.2012Nos. Amount Nos. Amount Nos. Amount Nos. Amount

Equity Shares of R 1,00,000/- each 35,246 3,524.60 35,242 3,524.20 Shares Outstanding at the beginning of the year 35,242 64.80 35,246 64.81

5 0.50 9 0.90 Add: Shares issued during the year 9 0.02 5 0.01 9 0.90 9 0.90 Less: Shares redeemed during the year 9 0.02 9 0.02

35,242 3,524.20 35,242 3,524.20 Shares Outstanding at the end of the year 35,242 64.80 35,242 64.80

Equity Shares of R 10,000/- each 39,614 396.14 39,592 395.92 Shares Outstanding at the beginning of the year 39,592 7.28 39,614 7.28

-- -- 81 0.81 Add: Shares issued during the year 81 0.01 -- -- 22 0.22 15 0.15 Less: Shares redeemed during the year 15 0.00 22 0.00

39,592 395.92 39,658 396.58 Shares Outstanding at the end of the year 39,658 7.29 39,592 7.28

Equity Shares of R 1,000/- each 346,089 346.09 345,062 345.06 Shares Outstanding at the beginning of the year 345,062 6.34 346,089 6.36

2 0.00 188 0.19 Add: Shares issued during the year 188 0.01 2 0.00 1,029 1.03 68 0.07 Less: Shares redeemed during the year 68 0.00 1,029 0.02

345,062 345.06 345,182 345.18 Shares Outstanding at the end of the year 345,182 6.35 345,062 6.34

1,308 Equity Shares of $ 1,000/- each; 255 Equity Shares of $ 10,000/- each and 112 Equity Shares of $ 1,00,000/- each have been redeemed during a periodof five years immediately preceeding the Balance Sheet date.Share Application Money Pending Allotment - $ 25,325/-, equivalent to US$ 465.62 (Previous Year $ 1,000/-, equivalent to US$ 18.39) in Rupee / US Dollar terms.


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Note 2 : Reserves and Surplus



Reserve Fund(As per Bye-Law 56(i) of the Society)

18,412.30 20,725.80 Balance as at the beginning of the year 381.06 338.52 2,313.50 2,186.20 Add: Appropriation for the year 40.20 42.54

20,725.80 22,912.00 Balance as at the end of the year 421.26 381.06

Reserve Fund for Contingency(As per Bye-Law 56(iv) of the Society)

3,428.34 4,199.52 Balance as at the beginning of the year 77.21 63.03 771.18 728.70 Add: Appropriation for the year 13.40 14.18


Reserve for Cooperative Welfare Fund 22.10 18.60 Balance as at the beginning of the year 0.35 0.41

-- 5.00 Add: Appropriation for the year 0.09 -- 3.50 8.50 Less: Amount utilised during the year 0.16 0.06

18.60 15.10 Balance as at the end of the year 0.28 0.35

Capital Repatriated Reserve 215.50 217.60 Balance as at the beginning of the year 4.00 3.96

2.10 1.10 Addition during the year 0.02 0.04 217.60 218.70 Balance as at the end of the year 4.02 4.00

Cooperative Development Fund 41.20 46.10 Balance as at the beginning of the year 0.85 0.76 4.90 5.60 Addition during the year 0.10 0.09


Dividend Equalisation Fund 1,700.00 1,700.00 Balance as at the beginning of the year 31.26 31.26



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Note 2 : Reserves and Surplus (Contd.)



Reserve for Donations 15.00 10.30 Balance as at the beginning of the year 0.19 0.28 5.00 5.00 Add: Appropriation for the year 0.09 0.09 9.70 2.40 Less: Amount utilised during the year 0.04 0.18


Capital Repatriation Fund 60.00 57.90 Balance as at the beginning of the year 1.06 1.10 2.10 1.10 Less: Amount utilised during the year 0.02 0.04


General Reserve 21,526.48 25,219.88 Balance as at the beginning of the year 463.69 395.79 3,693.40 3,437.83 Add: Appropriation for the year 63.20 67.90


7,711.80 7,287.20 Net Profit as per Multi State Cooperative 133.98 141.79Societies Act, 2002

Appropriations: 2,313.50 2,186.20 - Reserve Fund 40.20 42.54

(As per Bye-Law 56(i) of the Society)

771.18 728.70 - Reserve Fund for Contingency 13.40 14.18 (As per Bye-Law 56(iv) of the Society)

-- 5.00 - Reserve for Cooperative Welfare Fund 0.09 -- 77.12 72.87 - Provision for Contribution to Cooperative Education Fund 1.34 1.42 5.00 5.00 - Reserve for Donations 0.09 0.09

851.60 851.60 - Provision for Proposed Dividend 15.66 15.66 3,693.40 -- 3,437.83 -- - Balance transferred to General Reserve 63.20 -- 67.90 --

52,195.70 58,553.13 TOTAL 1,076.55 959.67


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Note 3 : Long Term Borrowings



(I) SecuredTerm Loan -

-- -- (i) From Banks -- --

(ii) From Others 903.90 858.90 Interest free Deferred Trade Tax Loan from Pradeshiya 15.79 16.62

Industrial & Investment Corporation of Uttar Pradesh(Secured by Hypothecation of Plant & Machinery of Aonla II Unit)(Repayable $ 111.70 Million, equivalent toUS$ 2.05 Million on 31.05.2014; $ 143.60 Million,equivalent to US$ 2.64 Million on 31.05.2015;$ 243.40 Million, equivalent to US$ 4.48 Million on31.05.2016, $ 270.00 Million, equivalent toUS$ 4.96 Miilion on 31.05.2017 and $ 90.20 Million,equivalent to US$ 1.66 Million on 31.05.2018)

903.90 858.90 Total - Secured Long Term Borrowings 15.79 16.62

(II) UnsecuredTerm Loan -(i) From Banks

453.40 453.40 ICICI Bank 8.34 8.34(Zero coupon loan, repayable $ 47.30 Million,equivalent to US$ 0.87 Million on 31.03.2016,$ 226.70 Million, equivalent to US$ 4.17 Million on31.03.2017 and $ 179.40 Million, equivalent toUS$ 3.30 Million on 31.03.2018)

1,060.00 1,060.00 IDBI Ltd. 19.49 19.49(Zero coupon loan, repayable $ 153.80 Million,equivalent to US$ 2.83 Million on 31.03.2016,$ 530.00 Million, equivalent to US$ 9.74 Millionon 31.03.2017 and $ 376.20 Million, equivalent toUS$ 6.92 Million on 31.03.2018)


13

Note 3 : Long Term Borrowings (Contd.)



(ii) From Others 970.90 970.90 IFCI Ltd. 17.85 17.85

(Zero coupon loan, repayable $ 134.40 Million,equivalent to US$ 2.47 Million on 31.03.2016,$ 485.40 Million, equivalent to US$ 8.92 Million on31.03.2017 and $ 351.10 Million, equivalent toUS$ 6.46 Million on 31.03.2018)

30.00 30.00 The Oriental Insurance Company Ltd. 0.55 0.55(Zero coupon loan, repayable $ 3.70 Million,equivalent to US$ 0.07 Million on 31.03.2016,$ 15.00 Million, equivalent to US$ 0.27 Millionon 31.03.2017 and $ 11.30 Million, equivalent toUS$ 0.21 Million on 31.03.2018)

12.50 -- Interest free Deferred Trade Tax Loan from Pradeshiya -- 0.23Industrial & Investment Corporation of Uttar Pradesh

Deposits - 45.60 84.80 - Employees / Others 1.56 0.84 65.00 110.60 80.30 165.10 - Cooperative Institutions 1.47 3.03 1.20 2.04

2,637.40 2,679.40 Total - Unsecured Long Term Borrowings 49.26 48.50

3,541.30 3,538.30 TOTAL 65.05 65.12


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Note 4 : Deferred Tax Liabilities (Net)



Deferred Tax Liability 5,616.50 6,240.80 Depreciation 114.74 103.27

5,616.50 6,240.80 Total - Deferred Tax Liability 114.74 103.27

Deferred Tax Asset 1,102.30 1,338.10 Provision for Employees Retirement Benefits 24.60 20.27

18.90 20.60 Provision for Doubtful Trade Receivables / Claims 0.38 0.35 24.00 1,145.20 27.40 1,386.10 Others 0.50 25.48 0.44 21.06

1,145.20 1,386.10 Total - Deferred Tax Asset 25.48 21.06

4,471.30 4,854.70 Deferred Tax Liability (Net) 89.26 82.21

In accordance with Accounting Standard - 22 “Accounting for Taxes on Income”, the Deferred Tax Liability (Net) $ 383.30 Million, equivalent to US$ 7.05 Million has beenshown as debit for the current year.


15

Note 5 : Other Long Term Liabilities



5.00 10.40 Interest accrued but not due on Loans 0.19 0.09

Other Payables: 37.40 29.90 - Security Deposits / Retention Money 0.55 0.69 43.20 80.60 -- 29.90 - Others -- 0.55 0.79 1.48

85.60 40.30 TOTAL 0.74 1.57

Note 6 : Long Term Provisions



2,510.20 2,729.20 Provision for Employee Benefits 50.18 46.15

2,510.20 2,729.20 TOTAL 50.18 46.15


16

Note 7 : Short Term Borrowings



(I)SecuredLoans Repayable on DemandFrom Banks

24,828.00 19,592.70 Cash Credit 360.23 456.48(Secured by pari-passu charge by Hypothecation ofRaw Materials, Stores and Spares, Semi FinishedGoods, Finished Goods, Trade Receivables,Subsidy Receivables and other movables under aloan agreement with Consortium of Banks)

-- 340.00 Short Term Loans 6.25 --(Secured by first pari-passu charge on Inventoriesand Book Debts)

24,828.00 19,932.70 Total - Secured Short Term Borrowings 366.48 456.48

(II)Unsecured(a)Loans Repayable on Demand

100,397.20 77,228.50 From Banks 1,419.92 1,845.90

(b)Foreign Currency Loan -- 5,278.80 Buyers Credit 97.06 --

(c)Deposits 8.10 7.80 - Employees / Others 0.14 0.15 2.60 10.70 1.80 9.60 - Cooperative Institutions 0.03 0.17 0.05 0.20

100,407.90 82,516.90 Total - Unsecured Short Term Borrowings 1,517.15 1,846.10

125,235.90 102,449.60 TOTAL 1,883.63 2,302.58


17

Note 8 : Trade Payables



Trade Payables : 5,871.20 15,588.90 - Goods & Supplies 286.62 107.95

471.90 74.50 - Others 1.37 8.67

6,343.10 15,663.40 TOTAL 287.99 116.62


18

Note 9 : Other Current Liabilities



Current Maturities of Long Term Borrowings 300.00 -- - Rupee Term Loan from ICICI Bank -- 5.52 324.40 147.70 - Deferred Trade Tax Loan from Pradeshiya Industrial 2.72 5.96

& Investment Corporation of Uttar Pradesh 118.20 742.60 54.60 202.30 - Deposits from Employees / Cooperative Institutions 1.00 3.72 2.17 13.65

& Others

1,283.00 1,219.20 Employee Benefits Payable 22.42 23.59

48.10 20.70 Interest accrued but not due on Loans 0.38 0.88

31.30 40.50 Unpaid Matured Deposits and Interest 0.74 0.58accrued thereon

134.40 112.40 Advance from Customers 2.07 2.47

517.80 634.00 Earnest Money / Security Deposits / 11.66 9.52Retention Money

28.00 28.70 Unpaid Dividend 0.53 0.51

Other Payables : 916.60 1,125.80 - Statutory Dues 20.70 16.85 89.50 18.60 - Book Overdraft 0.34 1.65

944.40 1,950.50 2,988.90 4,133.30 - Others 54.95 75.99 17.36 35.86

4,735.70 6,391.10 TOTAL 117.51 87.06


19

Note 10 : Short Term Provisions



1,057.20 1,207.70 Provision for Employee Benefits 22.20 19.44

Other Provisions : 851.60 851.60 - Provision for Proposed Dividend 15.66 15.66 77.12 149.99 - Provision for Cooperative Education Fund 2.76 1.42 87.20 31.30 - Provision for Land Compensation 0.58 1.60

-- 1,015.92 135.00 1,167.89 - Provision for Taxation (Net) 2.48 21.48 -- 18.68

2,073.12 2,375.59 TOTAL 43.68 38.12


20

Note 11 : Tangible Assets (R in million)

GROSS BLOCK DEPRECIATION / AMORTISATION NET BLOCK

As at Additions Deductions/ As at As at For the Deductions/ As at As at As at1.4.2012 during the Adjustments 31.3.2013 1.4.2012 year Adjustments 31.3.2013 31.3.2013 31.3.2012

yearLand :

Freehold 402.80 4.90 121.70 286.00 -- -- -- -- 286.00 402.80Leasehold 1,807.30 1,130.20 -- 2,937.50 87.60 21.00 -- 108.60 2,828.90 1,719.70

Sub-total 2,210.10 1,135.10 121.70 3,223.50 87.60 21.00 -- 108.60 3,114.90 2,122.50

Building :Office - Freehold 1,316.40 57.10 -- 1,373.50 133.80 21.50 -- 155.30 1,218.20 1,182.60Office - Leasehold 19.50 1.20 -- 20.70 4.50 0.30 -- 4.80 15.90 15.00Factory 3,726.60 282.50 20.70 3,988.40 1,241.70 131.60 -- 1,373.30 2,615.10 2,484.90Township / Residential Premises 2,375.30 656.20 30.30 3,001.20 382.30 44.00 (3.50) 422.80 2,578.40 1,993.00

Road, Culvert & Other Facility 1,176.80 50.60 0.40 1,227.00 215.80 21.10 -- 236.90 990.10 961.00Temporary Structure 55.40 2.60 2.50 55.50 55.40 1.00 (1.80) 54.60 0.90 --

Sub-total 8,670.00 1,050.20 53.90 9,666.30 2,033.50 219.50 (5.30) 2,247.70 7,418.60 6,636.50

Plant, Machinery & Other Equipment 79,749.00 3,309.30 922.60 82,135.70 46,321.80 4,393.30 (435.78) 50,279.32 31,856.38 33,427.20Furniture & Fixture 1,524.60 122.60 36.60 1,610.60 631.50 82.20 (34.70) 679.00 931.60 893.10Office Equipment 65.60 5.20 6.10 64.70 26.40 2.90 (3.90) 25.40 39.30 39.20Vehicle & Mobile Equipment 742.70 70.00 36.60 776.10 462.80 59.40 (20.10) 502.10 274.00 279.90Rolling Stock & Locomotive 761.60 -- 7.10 754.50 657.40 4.10 (8.50) 653.00 101.50 104.20Railway Siding 276.70 1.90 2.10 276.50 193.70 6.10 (2.10) 197.70 78.80 83.00Liquid Cargo Jetty 530.30 9.80 -- 540.10 278.10 33.00 -- 311.10 229.00 252.20

Sub-total 83,650.50 3,518.80 1,011.10 86,158.20 48,571.70 4,581.00 (505.08) 52,647.62 33,510.58 35,078.80

Tangible Assets (I) 94,530.60 5,704.10 1,186.70 99,048.00 50,692.80 4,821.50 (510.38) 55,003.92 44,044.08 43,837.80

Assets Held for Disposal (II) 135.60 25.40 112.60 48.40 -- -- -- -- 48.40 135.60

Current Year's Total {(I) + (II)} 94,666.20 5,729.50 1,299.30 99,096.40 50,692.80 4,821.50 (510.38) 55,003.92 44,092.48 43,973.40

Previous Year's Total 92,021.10 3,494.50 849.40 94,666.20 46,396.50 4,684.30 (388.00) 50,692.80 43,973.40


21

Note 11 : Tangible Assets (Contd.) (US$ in million)

GROSS BLOCK DEPRECIATION / AMORTISATION NET BLOCK


yearLand :

Freehold 7.41 0.09 2.24 5.26 -- -- -- -- 5.26 7.41Leasehold 33.23 20.78 -- 54.01 1.61 0.39 -- 2.00 52.01 31.62

Sub-total 40.64 20.87 2.24 59.27 1.61 0.39 -- 2.00 57.27 39.03

Building :Office - Freehold 24.20 1.05 -- 25.25 2.46 0.40 -- 2.86 22.39 21.74Office - Leasehold 0.36 0.02 -- 0.38 0.08 0.01 -- 0.09 0.29 0.28Factory 68.52 5.19 0.38 73.33 22.83 2.42 -- 25.25 48.08 45.69Township / Residential Premises 43.67 12.07 0.56 55.18 7.03 0.81 (0.07) 7.77 47.41 36.64

Road, Culvert & Other Facility 21.64 0.93 0.01 22.56 3.97 0.39 -- 4.36 18.20 17.67Temporary Structure 1.02 0.05 0.05 1.02 1.02 0.02 (0.02) 1.02 (0.00) --

Sub-total 159.41 19.31 1.00 177.72 37.39 4.05 (0.09) 41.35 136.37 122.02

Plant, Machinery & Other Equipment 1,466.26 60.85 16.96 1,510.15 851.67 80.78 (8.01) 924.44 585.71 614.59Furniture & Fixture 28.03 2.25 0.67 29.61 11.62 1.50 (0.64) 12.48 17.13 16.41Office Equipment 1.21 0.10 0.11 1.20 0.49 0.05 (0.07) 0.47 0.73 0.72Vehicle & Mobile Equipment 13.66 1.29 0.67 14.28 8.51 1.09 (0.37) 9.23 5.05 5.15Rolling Stock & Locomotive 14.00 -- 0.13 13.87 12.09 0.07 (0.16) 12.00 1.87 1.91Railway Siding 5.09 0.03 0.04 5.08 3.56 0.11 (0.04) 3.63 1.45 1.53Liquid Cargo Jetty 9.75 0.18 -- 9.93 5.11 0.61 -- 5.72 4.21 4.64

Sub-total 1,538.00 64.70 18.58 1,584.12 893.05 84.21 (9.29) 967.97 616.15 644.95

Tangible Assets (I) 1,738.05 104.88 21.82 1,821.11 932.05 88.65 (9.38) 1,011.32 809.79 806.00

Assets Held for Disposal (II) 2.49 0.47 2.07 0.89 -- -- -- -- 0.89 2.49

Current Year's Total {(I) + (II)} 1,740.54 105.35 23.89 1,822.00 932.05 88.65 (9.38) 1,011.32 810.68 808.49

Previous Year's Total 1,691.90 64.25 15.61 1,740.54 853.05 86.12 (7.12) 932.05 808.49


22


Includes building costing $ 11.40 Million, equivalent to US$ 0.21 Million (Previous year $ 11.40 Million, equivalent to US$ 0.21 Million) and land measuring 169acres (Previous year 169 acres) at Phulpur and Kalol, leased to Cooperative Rural Development Trust (CORDET) for period up to April 27, 2039 at an annuallease rent of $ 1/- each.

Land includes leasehold land costing $ 6.10 Million, equivalent to US$ 0.11 Million (Previous year $ 6.10 Million, equivalent to US$ 0.11 Million ), pending registration/transfer in the name of the Society.

Residential Premises include flats costing $ 369.60 Million, equivalent to US$ 6.79 Million (Previous year $ NIL, equivalent to US$ NIL) acquired during the year,pending registration / transfer in the name of the Society.

The capitalization of Land measuring 291.80 acres (Previous year 291.80 acres) out of total Land measuring 1,273 acres (Previous year 1,273 acres) belongingto Aonla Unit has been taken on the basis of judgment passed by the Additional District Judge (IV), Bareilly. However, the Society has preferred an appeal beforeHon’ble High Court, Allahabad against compensation determined.

In respect of Phase II and III of Kandla Unit for which the renewal of lease is due since March 2008 and April 2008 respectively, Kandla Port Trust (KPT) hasalready recommended to Ministry of Shipping, Road Transport & Highways, GOI for approval of renewal of lease of Phase II for further period of 30 years. KPThas yet to recommend the case to Ministry of Shipping, GOI for Phase III.

Depreciation on Fixed Assets taken over at Paradeep Unit has been provided at the rates on straight line method based on useful life of assets given below, asper technical evaluation approved by the Management:

Plant and Machinery 14 Years (Previous year 14 years)Building (Factory) 24 Years (Previous year 24 years)Building (Others) 54 Years (Previous year 54 years)

Borrowing cost amounting to $ 7.90 Million, equivalent to US$ 0.15 Million (Previous Year $ 38.10 Million, equivalent to US$ 0.70 Million) in respect of QualifyingAssets has been capitalised during the year.

Note 11 : Tangible Assets (Contd.)

23

Note 12 : Intangible Assets (R in million)

GROSS BLOCK AMORTISATION NET BLOCK


year

Licence 180.00 -- -- 180.00 95.70 18.00 -- 113.70 66.30 84.30Technical Knowhow 371.80 1.00 -- 372.80 218.90 37.30 0.70 256.90 115.90 152.90Computer Software -- 10.30 -- 10.30 -- 3.40 -- 3.40 6.90 --

Current Year's Total 551.80 11.30 -- 563.10 314.60 58.70 0.70 374.00 189.10 237.20

Previous Year's Total 551.80 -- -- 551.80 259.40 55.20 -- 314.60 237.20


(US$ in million)

GROSS BLOCK AMORTISATION NET BLOCK


year

Licence 3.31 -- -- 3.31 1.76 0.33 -- 2.09 1.22 1.55Technical Knowhow 6.84 0.02 -- 6.86 4.03 0.69 0.01 4.73 2.13 2.81Computer Software -- 0.19 -- 0.19 -- 0.06 -- 0.06 0.13 --

Current Year's Total 10.15 0.21 -- 10.36 5.79 1.08 0.01 6.88 3.48 4.36

Previous Year's Total 10.15 -- -- 10.15 4.78 1.01 -- 5.79 4.36

Does not include any internally generated Intangible Asset

The intangible assets are amortized as under:Licence Licence Period or 10 Years, whichever is earlierTechnical Know-how 10 Years (Previous year 10 years)Computer Software 3 Years

24

Note 13 : Capital Work-in-Progress



11.40 32.00 Land Development 0.59 0.21

Building: 683.40 1,701.40 - Office and Factory 31.28 12.56 204.80 318.40 - Township / Residential 5.85 3.77 61.20 949.40 101.20 2,121.00 - Road, Culvert and Other Facility 1.86 38.99 1.13 17.46

3,644.70 3,679.60 Plant, Machinery and Other Equipment 67.65 67.01

83.20 88.10 Expansion Project 1.62 1.53

11.70 10.10 Railway Siding 0.19 0.21

4,700.40 5,930.80 TOTAL 109.04 86.42

Note 14 : Intangible Assets under Development



33.45 23.80 Computer Software 0.44 0.62

33.45 23.80 TOTAL 0.44 0.62


25

Note 15 : Non Current Investments (At Cost)



(I) Trade Investments(a) Investment in Equity Shares : (Unquoted)(i) Joint Ventures

3,290.80 3,290.80 Oman India Fertiliser Company SAOC 60.50 60.502,67,57,500 (2,67,57,500) Equity Shares ofOmani Rial 1 each, fully paid-up

803.70 803.70 Industries Chimiques du Senegal 14.78 14.788,26,232 (8,26,232) Equity Shares ofCFA-F.10,000 each, fully paid-up

4,094.50 4,094.50 Sub-Total 75.28 75.28

(ii) Subsidiaries

3,945.80 3,945.80 IFFCO-TOKIO General Insurance Company Limited 72.55 72.5519,56,35,138 (19,56,35,138) Equity Sharesof $ 10 each, fully paid-up

2,705.40 4,402.60 Jordan India Fertilizer Company LLC* 80.95 49.746,41,34,180 (4,23,09,000) Equity Shares ofJordan Dinar 1 each, fully paid-up

36.50 36.50 IFFCO Kisan Sanchar Limited 0.67 0.6736,49,500 (36,49,500) Equity Shares of$ 10 each, fully paid-up

150.00 190.00 IFFCO Kisan Bazar & Logistics Limited 3.50 2.761,90,00,000 (1,50,00,000) Equity Shares of$ 10 each, fully paid-up

487.50 616.50 IFFCO Kisan SEZ Limited 11.33 8.966,16,50,000 (4,87,50,000) Equity Shares of$ 10 each, fully paid-up


26

Note 15 : Non Current Investments (Contd.)



12.00 12.00 Kisan International Trading FZE 0.22 0.2210 (10) Equity Shares (including 9 bonusshares) of UAE Dirham 1 Million each, fully paid-up

125.40 125.40 Indian Farm Forestry Development Cooperative Limited 2.31 2.312,507 (2,507) Equity Shares of $ 50,000 each,fully paid-up

7,462.60 9,328.80 Sub-Total 171.53 137.21

(iii) Associates

26.80 26.80 Indian Potash Limited 0.49 0.4948,60,000 (48,60,000) Equity Shares(including 21,80,000 bonus shares)of $ 10 each, fully paid-up

4.50 4.50 Aria Chemicals (Orissa) Limited 0.08 0.084,50,000 (4,50,000) Equity Shares of$ 10 each, fully paid-up

4.50 -- 4.50 -- Less: Provision for diminution in value of investment 0.08 -- 0.08 --

26.80 26.80 Sub-Total 0.49 0.49

(iv) Other Companies / Entities

23.40 23.40 Grow Max Agri Corp 0.43 0.435,00,000 (5,00,000) Equity Shares ofUS$ 1 each, fully paid-up

23.40 23.40 Sub-Total 0.43 0.43

11,607.30 13,473.50 Total : Investment in Equity Shares : (Unquoted) 247.73 213.41


27




(II) Other Investments(a) Investment in Equity Shares : (Unquoted)(i) Subsidiaries

666.00 666.00 IFFCO Chhattisgarh Power Limited 12.25 12.256,66,00,000 (6,66,00,000) Equity Shares of$ 10 each, fully paid-up

666.00 666.00 Sub-Total 12.25 12.25

(ii) Other Companies / Entities

48.30 48.30 Freeplay Energy India Limited 0.89 0.897,88,333 (7,88,333) Equity Shares of $ 10 each,fully paid-up

24.15 24.15 48.30 -- Less: Provision for diminution in value of investment 0.89 -- 0.45 0.44

135.00 135.00 National Commodity and Derivatives Exchange Limited 2.48 2.4845,00,000 (45,00,000) Equity Shares of $ 10 each,fully paid-up

150.00 150.00 Universal Commodity Exchange Limited 2.76 2.761,50,00,000 (1,50,00,000) Equity Shares of $ 10 each,fully paid-up

277.50 277.50 National Collateral Management Services Limited 5.10 5.101,65,00,000 (1,65,00,000) Equity Shares of $ 10 each,fully paid-up

1.00 1.00 Maharashtra State Cooperative Bank Limited 0.02 0.021,001 (1,001) Equity Shares of $ 1,000 each,fully paid-up

0.50 0.50 Cooperative Bank of India Limited 0.01 0.0150 (50) Equity Shares of $ 10,000 each, fully paid-up

0.10 0.10 Indian Tourism Cooperative Limited 0.00 0.0020 (20) Equity Shares of $ 5,000 each, fully paid-up


28




0.10 0.10 National Film and Fine Arts Cooperative Limited 0.00 0.0027 (27) Equity Shares (including 7 bonus shares)of $ 5,000 each, fully paid-up

588.35 564.20 Sub-Total 10.37 10.81

1,254.35 1,230.20 Total : Other Investments in Equity Shares : (Unquoted) 22.62 23.06

(b) Investment in Preference Shares : (Unquoted)

Freeplay Energy India Limited 116.33 116.33 1,16,32,500 (1,16,32,500) 5 years, 1% Cumulative 2.14 2.14

Redeemable Preference Shares of $ 10 each, fully paid-up -- 116.33 116.33 -- Less: Provision for diminution in value of investment 2.14 -- -- 2.14

23.67 23.67 23,67,500 (23,67,500) 8 years, 1% Cumulative 0.44 0.44Redeemable Preference Shares of $ 10 each, fully paid-up

-- 23.67 23.67 -- Less: Provision for diminution in value of investment 0.44 -- -- 0.44

140.00 -- Total : Investment in Preference Shares : (Unquoted) -- 2.58

(c) Investment in Bonds : (Unquoted)

Fertiliser Companies, Government of India Special Bonds 7,252.40 7,252.40 7.00%, Fertiliser Companies, Government of 133.34 133.34

India Special Bonds, 2022

2,260.10 2,260.10 6.65%, Fertiliser Companies, Government of 41.55 41.55India Special Bonds, 2023

9,512.50 9,512.50 Total : Investment in Bonds : (Unquoted) 174.89 174.89

22,542.80 24,409.00 Aggregate amount of Unquoted Investments 448.79 414.47 28.65 192.80 Aggregate provision for diminution in value of investments 3.55 0.53

22,514.15 24,216.20 TOTAL 445.24 413.94

Figures in brackets relate to previous year.* Shares pledged with Arab Bank PLC, as collateral security for loans taken by Subsidiary Company (JIFCO LLC).


29

Note 16 : Long Term Loans and Advances



Capital Advances 1,604.80 275.00 Unsecured, Considered Good 5.06 29.51

Security & Other Deposits 83.70 188.80 Unsecured, Considered Good 3.47 1.54

Loans & Advances to Joint Ventures 818.50 870.20 Unsecured, Considered Good 16.00 15.05

Loans & Advances to Subsidiaries -- 120.00 Unsecured, Considered Good 2.20 --

Other Loans & Advances Secured, Considered Good

638.40 738.30 Loans to Employees 13.57 11.74

Unsecured, Considered Good 261.30 268.70 Loans to Employees 4.94 4.80 13.20 -- Advances to Employees -- 0.24 0.30 0.90 Prepaid Expenses 0.02 0.01

22.40 0.50 Other Advances 0.01 0.41

3,442.60 2,462.40 TOTAL 45.27 63.30

Capital Advances include $ NIL, equivalent to US$ NIL (Previous year $ 1,076.60 Million, equivalent to US$ 19.79 Million) deposited with Orissa Industrial InfrastructureDevelopment Corporation / State Government of Orissa for acquisition of additional land, $ NIL, equivalent to US$ NIL (Previous year $ 19.70 Million, equivalentto US$ 0.36 Million) deposited with Lucknow Development Authority for acquisition of land and $ NIL, equivalent to US$ NIL (Previous year $ 324.80 Million, equivalentto US$ 5.97 Million) deposited towards advance for purchase of flats.


30

Note 17 : Other Non Current Assets



Claims & Other Recoverable 59.90 94.70 Unsecured, Considered Good 1.74 1.10

59.90 94.70 TOTAL 1.74 1.10

Claims & Other Recoverable include an amount of $ 53.90 Million, equivalent to US$ 0.99 Million (Previous year $ 51.20 Million, equivalent to US$ 0.94 Million)recoverable from Excise Authorities.


31

Note 18 : Inventories



12,906.00 11,729.20 Raw Materials 215.65 237.29(Including Goods-in-Transit $ 5,087.70 Million,equivalent to US$ 93.54 Million, Previous Year$ 4,838.60 Million, equivalent to US$ 88.96 Million)

2,887.90 2,973.30 Stores and Spares 54.67 53.09(Including Goods-in-Transit $ 49.40 Million,equivalent to US$ 0.90 Million, Previous Year$ 92.90 Million, equivalent to US$ 1.70 Million)

16.60 18.50 Loose Tools 0.34 0.31(Including Goods-in-Transit $ NIL, Previous Year $ NIL)

960.10 822.40 Chemicals and Catalysts 15.12 17.65(Including Goods-in-Transit $ NIL, Previous Year $ NIL)

306.00 163.90 Packing Materials 3.01 5.63

84.20 72.80 Construction Materials 1.34 1.55

Stock in Process (including Intermediary Products) 168.60 273.70 Nitrogenous Fertilisers 5.03 3.10 406.00 921.30 Potassic & Phosphatic Fertilisers 16.94 7.46

3,215.50 3,595.40 Finished Goods 66.11 59.12

2,841.70 526.70 Stock-in-Trade 9.68 52.25(Including Goods-in-Transit $ 2.50 Million,equivalent to US$ 0.04 Million, Previous Year $ NIL,equivalent to US$ NIL)

23,792.60 21,097.20 TOTAL 387.89 437.45


32

Note 19 : Trade Receivables



Outstanding for a period exceeding six months fromdue date of payment

8.20 49.00 Unsecured, Considered Good 0.90 0.15 3.00 3.00 Unsecured, Considered Doubtful 0.06 0.06 3.00 8.20 3.00 49.00 Less : Provision for Doubtful Trade Receivables 0.06 0.90 0.06 0.15

Outstanding for a period upto six months fromdue date of payment

22,464.00 33,351.80 Unsecured, Considered Good 613.21 413.02

22,472.20 33,400.80 TOTAL 614.11 413.17

Note 20 : Cash and Bank Balances



Cash and Cash Equivalents: - Balances with Banks

2,532.70 526.40 - In Current Accounts 9.68 46.57 9,000.00 -- - In Deposits with Original Maturity of less than -- 165.47

three months 418.10 195.80 - Cheques-in-Hand 3.60 7.68

1,645.90 1,357.80 - Remittance-in-Transit 24.96 30.26 3.00 5.30 - Cash-in-Hand 0.10 0.06

Other Bank Balances: 13.10 0.70 - Unpaid Dividend 0.01 0.24

13,612.80 2,086.00 TOTAL 38.35 250.28


33

Note 21 : Short Term Loans and Advances



Loans & Advances to Subsidiaries 40.00 530.00 Unsecured, Considered Good 9.74 0.74

Loans & Advances to Associates 20.00 -- Unsecured, Considered Good -- 0.37 20.50 20.50 Unsecured, Considered Doubtful 0.38 0.38 20.50 20.00 20.50 -- Less: Provision for Doubtful Loans & Advances 0.38 -- 0.38 0.37

Security & Other Deposits 209.90 365.10 Unsecured, Considered Good 6.71 3.86

Other Loans & Advances Secured, Considered Good

78.50 107.20 Loans to Employees 1.97 1.44

Unsecured, Considered Good 86.40 90.50 Loans to Employees 1.66 1.59 61.70 64.20 Advances to Employees 1.18 1.13

220.00 -- Advance Tax (Net) -- 4.04 516.30 103.30 Prepaid Expenses 1.90 9.49

1,076.50 659.10 Other Advances 12.13 19.80

2,309.30 1,919.40 TOTAL 35.29 42.46

Security and Other Deposits include payments against disputed liabilities towards Sales Tax / Entry Tax $ 14.90 Million, equivalent to US$ 0.27 Million (PreviousYear $ 13.80 Million, equivalent to US$ 0.25 Million) and towards Land Compensation $ 16.90 Million, equivalent to US$ 0.31 Million (Previous Year $ 9.60 Million,equivalent to US$ 0.18 Million). Other Advances include an amount of $ 22.50 Million, equivalent to US$ 0.41 Million (Previous year $ 22.60 Million, equivalentto US$ 0.42 Million) outstanding on account of Cenvat Credit receivable.


34

Note 22 : Other Current Assets



182.40 182.40 Interest accrued but not due on Fertiliser 3.35 3.35Companies, GOI Special Bonds

2.90 -- Interest accrued but not due on Deposits -- 0.05

67,463.40 63,772.50 Subsidy / Concession Recoverable from GOI 1,172.52 1,240.39

Claims & Other Recoverable 653.20 1,386.30 Considered Good 25.49 12.01 57.90 57.90 Considered Doubtful 1.06 1.06 57.90 653.20 57.90 1,386.30 Less: Provision for Doubtful Claims 1.06 25.49 1.06 12.01

68,301.90 65,341.20 TOTAL 1,201.36 1,255.80

Claims & Other Recoverable include an amount of $ 343.90 Million, equivalent to US$ 6.32 Million (Previous year $ NIL, equivalent to US$ NIL) receivable fromUP State Tax Authorities vide Order of Hon'ble High Court, Allahabad, on account of VAT paid on purchase of gas.


35

Note 23 : Other Income



Interest: 1,370.30 658.00 Fertiliser Bonds 12.10 25.20

224.70 1,595.00 229.30 887.30 Others 4.21 16.31 4.13 29.33

Dividend (Non-Current Investments) 128.90 157.50 Subsidiaries 2.90 2.37

2,589.20 2,718.10 2,636.70 2,794.20 Others 48.47 51.37 47.61 49.98

189.10 171.90 Rental Income 3.16 3.48 98.70 114.00 Claims Received 2.10 1.81 52.80 92.20 Liabilities / Provisions written back 1.70 0.97 18.70 280.60 Profit on Sale / Disposal of Fixed Assets 5.16 0.34

-- 289.90 Exchange Rate Variations 5.33 -- 24.60 142.50 Income from Carbon Credit (CER) 2.62 0.45

819.90 601.60 Miscellaneous Income 11.06 15.07

5,516.90 5,374.20 TOTAL 98.81 101.43


Note 24 : Changes in Inventories of Finished Goods, Stock-in-Trade and Stock-in-Process



Closing Stocks: 3,215.50 3,595.40 Finished goods 66.11 59.12 2,841.70 526.70 Stock-in-Trade 9.68 52.25

574.50 6,631.70 1,195.00 5,317.10 Stock-in-Process (including Intermediary Products) 21.97 97.76 10.56 121.93

Opening Stocks: 945.30 3,215.50 Finished goods 59.12 17.38 469.50 2,841.70 Stock-in-Trade 52.25 8.63 501.20 1,916.00 574.50 6,631.70 Stock-in-Process (including Intermediary Products) 10.56 121.93 9.22 35.23

(4,715.70) 1,314.60 (Increase) / Decrease 24.17 (86.70)

36

Note 25 : Employee Benefits Expense



6,129.10 6,920.20 Salaries, Allowances, Wages and Bonus 127.23 112.69

564.00 485.00 Contribution to Provident Fund and Other Funds 8.92 10.37

651.50 800.40 Contribution towards Gratuity and Other 14.72 11.98Benefit Schemes

193.80 220.30 Medical Expenses 4.05 3.56

280.20 315.90 Other Welfare Expenses 5.81 5.15

7,818.60 8,741.80 TOTAL 160.73 143.75

Note 26 : Finance Cost



Interest Expense

From Banks: 274.50 4.90 On Term Loans 0.09 5.05

7,320.90 7,595.40 7,801.00 7,805.90 On Cash Credit & Short Term Loans 143.43 143.52 134.60 139.65

25.70 83.90 From Others 1.54 0.47

430.90 5.40 Exchange Differences on Foreign Currency 0.10 7.92Transactions and Translation

8,052.00 7,895.20 TOTAL 145.16 148.04


37

Note 27 : Other Expenses



Repairs and Maintenance: 361.50 382.80 Buildings 7.04 6.65 824.20 965.20 Plant, Machinery and other Equipments 17.74 15.15 199.80 1,385.50 279.90 1,627.90 Others 5.15 29.93 3.67 25.47

4.20 11.40 Consumption of Loose Tools 0.21 0.08 103.00 105.20 Electricity and Water Charges 1.93 1.89

Travelling Expenses: 45.90 40.30 Directors 0.74 0.85

225.30 271.20 208.80 249.10 Others 3.84 4.58 4.14 4.99 276.40 271.00 Local Conveyance Expenses 4.98 5.08 29.30 33.90 Printing and Stationery 0.62 0.54

136.10 177.90 Rent, Rates and Taxes 3.27 2.50 66.70 74.30 Communication Expenses 1.37 1.23

434.40 504.00 Insurance 9.27 7.99 493.60 580.00 Publicity and Sales Promotion 10.66 9.08

8,002.90 9,146.20 Freight 168.16 147.14 1,538.60 1,796.40 Handling and Storage 33.03 28.29

11.10 10.40 Directors' Sitting Fee 0.19 0.20 175.40 191.80 Vehicle Hire, Running and Maintenance 3.53 3.22 75.20 74.00 Horticulture Expenses 1.36 1.38

185.80 213.00 Security Expenses 3.92 3.42 85.00 121.60 Legal and Professional Charges 2.24 1.56

338.90 280.90 Bank and Finance Charges 5.16 6.23 6.00 23.10 Research and Development Expenses 0.43 0.11 0.10 5.40 Amounts charged off / adjusted 0.10 0.01

285.30 221.80 Loss on Disposal / Held for Disposal of Fixed Assets 4.08 5.25 13.60 15.90 Fixed Assets Written-Off 0.29 0.25

243.50 -- Loss on Sale of Government of India Fertiliser Bonds (Net) -- 4.48 4.50 164.20 Provision for Diminution in value of Long Term Investments 3.02 0.08

20.70 -- Provision for Bad and Doubtful Loans and Advances/Claims -- 0.38 107.90 -- Exchange Rate Variations -- 1.98

11.80 9.20 Prior Period Items (Net) (Refer Note 28.6) 0.17 0.22 636.50 696.20 Miscellaneous Expenses 12.80 11.70

14,943.20 16,604.80 TOTAL 305.30 274.75


38

Note 28 : Other Notes

28.1 Previous year figures have been regrouped wherever considered necessary to correspond with the current year figures.

28.2 Contingent Liabilities

Contingent liabilities at the year-end are R 2,376.00 Million, equivalent to US$ 43.68 Million (Previous year R 2,434.50 Million, equivalent to US$ 44.76 Million)as per details given below:

(Amount in million)

As at 31.3.2013 As at 31.3.2012(R) (US$) (R) (US$)

(i) Performance / Financial Guarantees including Letters of Credit issuedto Banks / Financial Institutions for Securing Loans / Financial Limits-(a) In respect of Joint Ventures / Subsidiaries 525.60 9.66 690.40 12.69(b) Others -- -- -- --

(ii) Claims against Society/Disputed Liabilities not acknowledged as Debt 5.00 0.09 32.30 0.59

(iii) Claims against Demand Notices issued by Income Tax, Customs,Excise and Sales Tax Authorities, against which Appeals /Adjudication preferred by the Society and pending disposal* 1,363.50 25.07 1,252.00 23.02

(iv) Others 481.90 8.86 459.80 8.46

TOTAL 2,376.00 43.68 2,434.50 44.76

* Includes R 803.20 Million, equivalent to US$ 14.77 Million (Previous year R 585.50 Million, equivalent to US$ 10.76 Million) towards Entry Tax in terms offiling of writ petition by the Society against the order of State of Orissa imposing the payment of Entry Tax on the materials purchased from outside the Stateof Orissa. The Hon'ble Supreme Court vide its interim order dated March 12, 2010 had stayed the State of Orissa from recovering the amount of Entry Taxin respect of Paradeep Unit, subject to payment of certain percentage of the amount due by the Society. Pursuant to the said order an amount of R 134.50Million, equivalent to US$ 2.47 Million (Previous year R 101.80 Million, equivalent to US$ 1.87 Million) has been paid against the total dues of R 803.20Million, equivalent to US$ 14.77 Million (Previous year R 585.50 Million, equivalent to US$ 10.76 Million) till March 31, 2013. Pending disposal of the orderby Hon'ble Supreme Court the amount so far paid is shown under "Short-Term Loans & Advances".

28.3 Commitments

(i) Capital Commitments

Estimated value of contracts (Net of advances) to be executed on capital account and not provided for amounts to R 3,640.30 Million, equivalent to US$66.93 Million (Previous year R 4,581.30 Million, equivalent to US$ 84.23 Million).

(ii) Other Commitments

(a) Equity Contribution to Subsidiaries / Joint Ventures

Comprising of IFFCO Kisan SEZ Limited (IKSEZ) - R 383.50 Million, equivalent to US$ 7.05 Million (Previous year R 512.50 Million, equivalent to


39

US$ 9.42 Million); IFFCO Chhattisgarh Power Limited (ICPL) - R 16,274.00 Million, equivalent to US$ 299.21 Million (Previous year R 16,804.00Million, equivalent to US$ 308.96 Million); Jordan India Fertilizer Company LLC (JIFCO) - R 1,409.80 Million, equivalent to US$ 25.92 Million (Previousyear R 1,928.60 Million, equivalent to US$ 35.46 Million) and IFFCO Kisan Bazar & Logistics Limited (IKBLL) - R 47.50 Million, equivalent toUS$ 0.87 Million (Previous year - R 47.50 Million, equivalent to US$ 0.87 Million), total aggregating to R 18,114.80 Million, equivalent to US$ 333.06Million (Previous year R 19,292.60 Million, equivalent to US$ 354.71 Million).

(b) Loans and Advances (Assets) to Subsidiaries / Joint Ventures

Other Commitments comprise of R 142.50 Million, equivalent to US$ 2.62 Million (Previous year R 262.50 Million, equivalent to US$ 4.83 Million)towards amount to be advanced to IFFCO Kisan Bazar & Logistics Limited (IKBLL).

28.4 Dividend

Dividend is proposed to be paid @ 20% on the paid-up Equity Share Capital of the Society. The total proposed dividend appropriated out of the profit for theyear is R 851.60 Million, equivalent to US$ 15.66 Million (Previous year R 851.60 Million, equivalent to US$ 15.66 Million).

28.5 Realisable Value of Assets

In the opinion of the Management, the value of assets other than fixed assets and non-current investments, on realisation in the ordinary course of business,will not be less than the value at which these are stated in the Balance Sheet.

28.6 Prior Period Items

The detail of prior period items is as under: (Amount in Million)

Year ended 31.3.2013 Year ended 31.3.2012(R) (US$) (R) (US$)

Income:Interest 3.60 0.06 -- --Others 11.20 0.21 3.50 0.06

14.80 0.27 3.50 0.06Expenditure:Depreciation (Net) 2.00 0.04 7.10 0.13Others 22.00 0.40 8.20 0.15

24.00 0.44 15.30 0.28

Prior Period Items (Net) 9.20 0.17 11.80 0.22

Note 28 (Contd.)


40

28.7 Impairment of Assets

In accordance with Accounting Standard - 28 (AS-28) "Impairment of Assets", Society has assessed as on the Balance Sheet date, whether there are anyindications (listed in paragraphs 8 to 10 of the Standard) with regard to the impairment of any of the assets. Based on such assessment, it has beenascertained that no potential loss is present and therefore, formal estimate of recoverable amount has not been made. Accordingly, no impairment loss hasbeen provided in the books of account.

28.8 Chemicals & Catalysts

Catalysts and Resins issued subsequent to Commissioning of the Plants are charged to revenue over their estimated useful lives, as technically assessed.

28.9 Subsidy from Government of India

(i) Nitrogenous Fertilisers are under the Group Concession Scheme as notified by Government of India (GOI) from time to time. The subsidy on NitrogenousFertilisers for the current year has been accounted for on the basis of Notified Concession Price, further adjusted for input price escalation / de-escalation,based on the norms prescribed or notified under the said scheme. On fixation of final Concession Price by the Government of India, necessary adjustments,if any, will be made in the accounts for the year in which, such price is notified.

(ii) Concession on Phosphatic Fertilisers has been accounted for based on the concession rate as notified by Government of India from time to time.

(iii) The reimbursement towards freight cost on Fertilisers has been accounted for based on the freight policy, as notified by Government of India from time totime.

28.10 Unhedged Foreign Currency Exposure

Foreign currency exposures that are not hedged by derivative instruments or otherwise:- (Amount in Million)

As at 31.3.2013 As at 31.3.2012(R) (US$) (R) (US$)

Amount Payable 7,210.40 132.57 309.20 5.68Amount Receivable 1,104.90 20.31 975.10 17.93

28.11 Income Tax

The provision for Current Tax liability has been made in accordance with the Income Tax Act, 1961 after taking into consideration the benefit under DoubleTaxation Avoidance Agreement entered into with Sultanate of Oman.


Note 28 (Contd.)

41

28.12 Employee Benefits

(i) The summarised position of post-employment benefits and long term employee benefits recognised in the Statement of Profit and Loss and BalanceSheet as required in accordance with Accounting Standard - 15 (Revised) "Employee Benefits" is as under:

(a) Expenses Recognised in the Statement of Profit and Loss(Amount in Million)

Year ended 31.3.2013 Year ended 31.3.2012 Gratuity Leave Encashment / Gratuity Leave Encashment /

Compensated Absences Compensated Absences Funded Unfunded Funded Unfunded

(R) (US$) (R) (US$) (R) (US$) (R) (US$)

Current Service Cost 172.40 3.17 152.50 2.80 159.20 2.93 142.80 2.63Interest Cost 319.00 5.87 235.60 4.33 291.20 5.35 215.70 3.97Expected Return on Plan Assets (325.90) (6.00) -- -- (260.50) (4.79) -- --Actuarial (Gain) / Loss on Plan Assets (5.70) (0.10) -- -- -- -- -- --Actuarial (Gain) / Loss on Plan Obligations 246.90 4.54 335.70 6.17 123.60 2.27 261.20 4.80

Total Expenses recognised inStatement of Profit & Loss 406.70 7.48 723.80 13.30 313.50 5.76 619.70 11.40

(b) Amount Recognised in the Balance Sheet(Amount in Million)

As at 31.3.2013 As at 31.3.2012 Gratuity Leave Encashment / Gratuity Leave Encashment /


(R) (US$) (R) (US$) (R) (US$) (R) (US$)

Estimated Present Value of Obligationsas at the end of the year 4,116.30 75.68 3,039.80 55.89 3,752.80 69.00 2,771.70 50.96

Fair Value of Plan Assets as atthe end of the year 3,579.10 65.81 -- -- 3,312.30 60.90 -- --

Unfunded Net Liability recognisedin the Balance Sheet* 537.20 9.87 3,039.80 55.89 440.50 8.10 2,771.70 50.96

* The total Unfunded Liability towards Gratuity, recognised in the Balance Sheet is Current. Of the total Unfunded Liability towards Leave Encashment /Compensated Absences, recognised in the Balance Sheet R 310.60 Million, equivalent to US$ 5.71 Million (Previous Year R 261.50 Million, equivalent toUS$ 4.81 Million) is Current and the balance R 2,729.20 Million, equivalent to US$ 50.18 Million (Previous Year R 2,510.20 Million, equivalent to US$ 46.15Million) is Non-Current.


Note 28 (Contd.)

42

(c) Changes in the Present Value of Obligations

(Amount in Million)



(R) (US$) (R) (US$) (R) (US$) (R) (US$)

Present Value of Obligations atthe beginning of the year 3,752.80 69.00 2,771.70 50.96 3,417.00 62.82 2,538.00 46.66

Interest Cost 319.00 5.87 235.60 4.33 291.20 5.35 215.70 3.97

Current Service Cost 172.40 3.17 152.50 2.80 159.20 2.93 142.80 2.63

Benefits Paid (374.80) (6.90) (455.70) (8.37) (238.20) (4.37) (386.00) (7.10)

Actuarial (Gain) / Loss on Obligations 246.90 4.54 335.70 6.17 123.60 2.27 261.20 4.80

Present Value of Obligations atthe end of the year 4,116.30 75.68 3,039.80 55.89 3,752.80 69.00 2,771.70 50.96

(d) Changes in Fair Value of Plan Assets

(Amount in Million)



(R) (US$) (R) (US$) (R) (US$) (R) (US$)

Fair Value of Plan Assets at thebeginning of the year 3,312.30 60.90 -- -- 2,974.60 54.69 -- --

Actual Return on Plan Assets 331.60 6.10 -- -- 260.50 4.79 -- --

Employers' Contribution 310.00 5.71 -- -- 315.40 5.79 -- --

Benefits Paid (374.80) (6.90) -- -- (238.20) (4.37) -- --

Fair Value of Plan Assets at theend of the year 3,579.10* 65.81 -- -- 3,312.30* 60.90 -- --

* Gratuity Funds are managed by various Life Insurance Companies. However, individual investment wise details of Plan Assets are not provided by thesecompanies.


Note 28 (Contd.)

43

Year ended 31.3.2013 Year ended 31.3.2012

(e) Actual Return on Plan Assets of Gratuity Fund 9.84% 8.76%

ii) Society's contribution to Provident Fund Scheme recognised as Expense for the year is as under:(a) Expenses Recognised in the Statement of Profit and Loss

(Amount in Million)


Contribution to Provident Fund 427.20 7.85 357.70 6.58Contribution to Pension Fund 34.60 0.64 35.20 0.65Expense recognised on account of Shortfall between Fair Value ofAssets of Provident Fund Trust and present value of Obligationsof the Provident Fund Trust 17.70 0.33 131.10 2.41

(b) Amount Recognised in the Balance Sheet (Amount in Million)

As at 31.3.2013 As at 31.3.2012(R) (US$) (R) (US$)

Present Value of Obligations at the beginning of the year 355.20 6.53 331.50 6.09Payment made to Provident Fund during the year (13.00) (0.24) (107.40) (1.97)Liability recognised on account of Shortfall between Fair Value ofAssets of Provident Fund Trust and present value of Obligationsof the Provident Fund Trust 17.70 0.33 131.10 2.41

Present Value of Obligations at the end of the year 359.90 6.62 355.20 6.53

(c) Investment Details of Provident Fund Trust (Amount in Million)

As at 31.3.2013 As at 31.3.2012Amount Invested Percentage of Amount Invested Percentage of

Investment Investment(R) (US$) (R) (US$)

Central Government Securities 2,944.30 54.13 25.95 2,834.30 52.11 27.63State Government Securities 2,144.20 39.42 18.90 1,902.20 34.97 18.54Financial Institutions Bonds 6,256.80 115.04 55.15 5,521.70 101.52 53.83

Total 11,345.30 208.59 100.00 10,258.20 188.60 100.00


Note 28 (Contd.)

44

iii) Principal actuarial assumptions at the Balance Sheet Date (expressed as weighted average)

As at 31.3.2013 As at 31.3.2012

Method used Projected Unit Credit Method Projected Unit Credit MethodDiscount Rate 8.50% 8.00%Expected Rate of return on Plan Assets*- Gratuity Fund 9.84% 8.76%- Provident Fund 8.14% 8.50%Expected Rate of Salary increase** 7.00% 7.00%* The expected rate of return on plan assets is determined considering composition of plan assets held, historical results of return on plan assets

and other relevant factors.** Considered taking into account inflation, seniority, promotion and other relevant factors.

28.13 Operating LeaseThe Society's significant leasing arrangements are in respect of Operating Lease of premises for offices of the Society and residential use of employees of theSociety. These leasing agreements are usually renewable on mutually agreed terms but are cancellable. These payments are shown in Note 27 under 'Rent,Rates and Taxes'.

28.14 Segment Reporting(a) Primary Segment

The Society's operating business are organised and managed separately according to the nature of products, with each segment representing a businessunit that offers different products. The two identified segments are 'Urea' and 'NPK/DAP', while the third segment 'Others' mainly consists of traded productsi.e. Imported DAP, Urea and Indigenous Seeds and Chemicals. Corporate income and expenses including interest are considered as part of unallocableincome and expenses which are not identifiable to any business segment.

Revenue :Sales 23,459 431 71,804 1,320 14,773 272 110,036 2,023Subsidy from GOI 51,692 950 50,359 926 4,647 85 106,698 1,961Other Revenue 205 4 493 9 -- 698 13Total Revenue (A) 75,356 1,385 122,656 2,255 19,420 357 217,432 3,997

Operating Expenses:Direct Expenses 63,552 1,168 104,519 1,922 19,289 355 187,360 3,445Allocated Expenses 3,548 65 5,531 102 176 3 9,255 170Total Operating Expenses (B) 67,100 1,233 110,050 2,024 19,465 358 196,615 3,615

Segmental Operating Income (A-B) 8,256 152 12,606 231 (45) (1) 20,817 382

(Amount in Million)

Manufactured Fertilisers Others Total UREA NPK/DAP

Year ended 31.3.2013 Year ended 31.3.2013 Year ended 31.3.2013 Year ended 31.3.2013(R) (US$) (R) (US$) (R) (US$) (R) (US$)


Note 28 (Contd.)

45

Unallocated Expenses 6,398 116

Operating Income 14,419 266

Add: Dividend Income 2,794 51

Add: Other Revenue 869 16

Add: Interest Income 887 16

Less: Interest Expense (7,895) (145)

Profit before Tax 11,074 204

Income Tax (Net) (3,787) (70)

Net Profit (after Tax) 7,287 134


As at 31.3.2013 As at 31.3.2013 As at 31.3.2013 As at 31.3.2013(R) (US$) (R) (US$) (R) (US$) (R) (US$)

Capital Employed

Segment Assets 55,513 1,021 76,784 1,412 1,801 33 134,098 2,466

Unallocated Corporate Assets -- -- -- -- -- -- 66,757 1,227

Total Assets 55,513 1,021 76,784 1,412 1,801 33 200,855 3,693Segment Liabilities 6,349 117 15,407 283 -- -- 21,756 400

Unallocated Corporate Liabilities -- -- -- -- -- -- 116,286 2,138

Total Liabilities 6,349 117 15,407 283 -- -- 1,38,042 2,538Other InformationCapital Expenditure 454 8 4,628 85 -- -- 5,082 93

Unallocated Capital Expenditure -- -- -- -- -- -- 590 11

Depreciation / Amortisation 2,130 39 2,629 48 -- -- 4,759 87

Unallocated Depreciation / Amortisation -- -- -- -- -- -- 123 2

Non-Cash Expenses other than Depreciation 206 4 28 1 173 3 407 8

(Amount in Million)


Year ended 31.3.2013 Year ended 31.3.2013 Year ended 31.3.2013 Year ended 31.3.2013(R) (US$) (R) (US$) (R) (US$) (R) (US$)


Note 28 (Contd.)

46

(b) Geographical Segment

The Society sells its products within India where the conditions prevailing are uniform. Hence no geographical segment disclosure is considerednecessary.

28.15 Related Party Disclosure

List of Related Parties

(A) Subsidiary Companies

- IFFCO-TOKIO General Insurance Company Limited

- Kisan International Trading FZE

- IFFCO Kisan Bazar & Logistics Limited

- IFFCO Chhattisgarh Power Limited

- IFFCO Kisan Sanchar Limited

- Jordan India Fertilizer Company LLC

- IFFCO Kisan SEZ Limited

- Indian Farm Forestry Development Cooperative Limited

Subsidiary of Subsidiary Companies

- IFFCO-TOKIO Insurance Services Limited

- Baylis Generators Limited

- Fert Coop Trading LLC

- Asset Infra Development Limited

- IFFCO Canada Enterprise Ltd.

(B) Joint Ventures

- Industries Chimiques du Senegal

- Oman India Fertiliser Company SAOC

(C) Associates

- Indian Potash Limited

- Cooperative Rural Development Trust

- IFFCO Kisan Sewa Trust

- IFFCO Foundation

- Aria Chemicals (Orissa) Limited


Note 28 (Contd.)

47

(D) Key Management Personnel(i) Dr. U. S. Awasthi - Managing Director(ii) Mr. Rakesh Kapur - Joint Managing Director & Finance Director(iii) Mr. K. L Singh - Director (Technical)(iv) Dr. G. N. Saxena - Director (Cooperative Development)(v) Mr. R. P. Singh - Director (Human Resource & Legal)(vi) Mr. A. Roy - Marketing Director(vii) Mr. Manish Gupta - Director (Strategy & Joint Venture)

(Amount in Million)

Related Party Nature of Transaction 2012-13 2011-12(R) (US$) (R) (US$)

Subsidiary Companies

IFFCO-TOKIO General Insurance Amount Receivable 17.10 0.31 3.70 0.07Company Limited Investments made -- -- 908.00 16.69

Services Received 395.00 7.26 597.30 10.98Claims Received / Settled 127.20 2.34 421.70 7.75Rent Received 72.20 1.33 86.50 1.59Security Deposit Paid 4.50 0.08 5.50 0.10

Kisan International Trading FZE Amount Receivable 9.70 0.18 17.70 0.33Amount Payable 2,826.70 51.97 864.30 15.89Purchase of Raw Materials 28,641.40 526.60 42,168.80 775.31Purchase of Finished Goods 1,714.30 31.52 9,124.40 167.76Services Received 3,058.70 56.24 314.30 5.78Payment for Interest 34.00 0.63 42.50 0.78Receipt for Services 29.90 0.55 -- --Dividend Income 150.20 2.76 121.60 2.24

IFFCO Kisan Bazar & Logistics Limited Investment made 40.00 0.73 -- --Amount Receivable 50.40 0.93 39.90 0.73Loan given 120.00 2.21 -- --Loan Outstanding 120.00 2.21 -- --Advance against Equity Commitment -- -- 40.00 0.74

IFFCO Chhattisgarh Power Limited Amount Receivable 35.40 0.65 3.00 0.06Advance against Equity Commitment 530.00 9.74 -- --


Note 28 (Contd.)

48

IFFCO Kisan Sanchar Limited Amount Receivable -- -- 1.30 0.02Receipt for Services -- -- 0.60 0.01Amount Payable 0.50 0.01 -- --Dividend Income 7.30 0.13 7.30 0.13Rent Received 1.20 0.02 0.40 0.01

Jordan India Fertilizer Company LLC Amount Receivable 5.40 0.10 65.40 1.20Investments made 1,697.20 31.20 161.50 2.97Receipt for Services 26.40 0.49 25.20 0.46

IFFCO Kisan SEZ Limited Amount Receivable 441.40 8.12 110.90 2.04Investments made 129.00 2.37 -- --Transfer of Fixed Assets 303.30 5.58 -- --

Indian Farm Forestry Development Amount Payable 16.30 0.30 13.50 0.25Cooperative Limited Amount Receivable 732.50 13.47 0.60 0.01

Services Received 132.00 2.43 8.20 0.15Purchase of Finished Goods 247.60 4.55 150.90 2.77Sale of Finished Goods 3,165.90 58.21 1,741.40 32.02Benefit to Farmers 65.90 1.21 41.00 0.75

Subsidiary of Subsidiary Companies

IFFCO-TOKIO Insurance Services Limited Payment for Interest 0.70 0.01 0.70 0.01Amount Payable 7.60 0.14 7.60 0.14

IFFCO Canada Enterprise Ltd. Amount Receivable 2.90 0.05 -- --

Joint Ventures

Industries Chimiques du Senegal Amount Receivable 86.50 1.59 65.30 1.20Loans Outstanding 870.20 16.00 818.50 15.05Interest Earned 8.70 0.16 8.20 0.15Amount Payable 169.70 3.12 97.70 1.80Purchase of Raw Materials 15,673.30 288.17 19,385.50 356.42Services Received 0.40 0.01 -- --Receipt for Services 6.00 0.11 -- --

(Amount in Million)



Note 28 (Contd.)

49

(Amount in Million)


Oman India Fertiliser Company SAOC Amount Receivable 51.30 0.94 50.90 0.94Purchase of Raw Materials 1,009.10 18.55 704.00 12.94Receipt for Services 191.80 3.53 214.20 3.94Amount Payable 150.70 2.77 -- --Dividend Income 2,619.10 48.15 2,572.10 47.29

Associates

Indian Potash Limited Amount Receivable 165.70 3.05 135.70 2.49Amount Payable 3,338.80 61.39 502.20 9.23Purchase of Raw Materials 7,453.30 137.04 15,033.40 276.40Purchase of Finished Goods 3,813.30 70.11 -- --Receipt for Services 90.30 1.66 281.10 5.17Services Received 4.20 0.08 -- --Dividend Income 12.25 0.23 12.10 0.22

Cooperative Rural Development Trust Amount Payable 18.40 0.34 17.00 0.31Grants 20.10 0.37 24.90 0.46Payment for Services 7.00 0.13 -- --Purchase of Finished Goods 19.70 0.36 12.80 0.24

IFFCO Kisan Sewa Trust Amount Receivable 4.50 0.08 3.00 0.06Contribution to Kisan Sewa Fund 4.40 0.08 1.80 0.03

IFFCO Foundation Grants 15.10 0.28 18.30 0.34Amount Receivable 1.70 0.03 -- --

Aria Chemicals (Orissa) Limited Advance against Equity Commitment 20.50 0.38 40.50 0.74Refund of Advance against Equity 20.00 0.37 -- --

Key Management PersonnelManagerial Remuneration 406.20* 7.47 61.70 1.13

* Includes R 276.80 Million, equivalent to US$ 5.09 Million towards transfer of two properties to the KMP at S.No. (i) and (ii) having book value of R 145.80 Million,equivalent to US$ 2.68 Million, Income Tax on Perquisites of R 108.10 Million, equivalent to US$ 1.99 Million and Stamp Duty / Registration Charges of R 22.90 Million,equivalent to US$ 0.42 Million (computed on circle rate of R 327.00 Million, equivalent to US$ 6.01 Million) as approved in the 39th AGM held on May 29, 2012.


Note 28 (Contd.)

50

28.16 Financial Reporting of Interest in Joint VenturesInvestments include R 4,094.50 Million, equivalent to US$ 75.28 Million (Previous year R 4,094.50 Million, equivalent to US$ 75.28 Million) representingSociety's interest in the following jointly controlled entities as at March 31, 2013.

(Amount in Million)

Contribution towards Equity Country of Percentage holding (R) (US$) Residence of IFFCO

(a) Oman India Fertiliser Company SAOC (OMIFCO) 3,290.80 60.50 Oman 25.00(b) Industries Chimiques du Senegal (ICS) 803.70 14.78 Senegal 18.54

TOTAL 4,094.50 75.28

The accounting year of both the above entities ends on December 31. The financial data as at March 31, 2013 in respect of OMIFCO is for the year 2012 andin case of ICS is for the year 2011. All the information is based on the Audited Accounts.

The aggregate amount of each of the Assets, Liabilities and Income and Expenses related to interest of the Society in the jointly controlled entities isas under:

ASSETS AND LIABILITIES (Amount in Million)

As at 31.3.2013 As at 31.3.2012(R) (US$) (R) (US$)

Liabilities :

Share Capital 4,680 86.05 4,420 81.27

Reserves and Surplus 1,930 35.48 1,560 28.68

Loan Funds 5,280 97.08 5,820 107.01

Current Liabilities and Provisions 3,850 70.79 3,630 66.74

TOTAL 15,740 289.40 15,430 283.70

Assets :

Net Fixed Assets including CWIP 10,390 191.03 10,310 189.56

Current Assets, Loans and Advances 5,350 98.37 5,120 94.14

TOTAL 15,740 289.40 15,430 283.70


Note 28 (Contd.)

51

INCOME AND EXPENSES (Amount in Million)


Income :

Income from Operations 9,200 169.15 6,560 120.61

Other Revenue 110 2.02 90 1.65

TOTAL 9,310 171.17 6,650 122.26

Expenses :

Operating Expenses 6,130 112.71 3,480 63.98

Non Operating Expenses 330 6.06 210 3.86

TOTAL 6,460 118.77 3,690 67.84

Profit before Tax 2,850 52.40 2,960 54.42

Less: Provision for Tax / Deferred Tax (20) (0.37) 20 0.37

Profit after Tax 2,870 52.77 2,940 54.05

28.17 Earnings per Share

Earnings per share has been computed in accordance with Accounting Standard - 20 "Earnings per Share" by dividing Net Profit after tax by the weightedaverage number of shares outstanding for the period, as under:


Net Profit after Tax (Amount in Million) 7,287 133.98 7,722 141.98

Weighted Average Number of Shares 42,65,962 42,65,182

Nominal Value per Share 1,000 18.39 1,000 18.39

Basic and Diluted Earnings per Share 1,709 31.42 1,810 33.28


Note 28 (Contd.)

52

28.18 ProvisionsThe status of various provisions shown in the accounts as at March 31, 2013 is as under:

(Amount in Million)

As at 1.4.2012 Provided during Amount Used As at 31.3.2013the year

(R) (US$) (R) (US$) (R) (US$) (R) (US$)

Land Compensation 87.20 1.60 0.90 0.02 56.80 1.04 31.30 0.58

28.19 Transactions with Micro, Small and Medium Enterprises(Amount in Million)

2012-13 2011-12(R) (US$) (R) (US$)

1. Principal amount due and remaining unpaid to anySupplier as at the end of Accounting Year. Nil Nil 2.00 0.04

2. Interest due on Principal amount remaining unpaidas at the end of Accounting Year. Nil Nil Nil Nil

3. Amount of Interest along with Principal amountpaid to Supplier beyond due date of payment. Nil Nil Nil Nil

4. Amount of Interest accrued/due and remainingunpaid at the end of Accounting Year. Nil Nil Nil Nil

The above information has been provided to the extent such parties have been identified on the basis of information available with the Society.

28.20 Value of Imports (CIF Basis)

(Amount in Million)


Raw Materials 82,696.50 1,520.45 94,941.80 1,745.60

Spare Parts and Catalysts 223.10 4.10 365.20 6.71

Capital Goods 848.80 15.61 283.10 5.21

Traded Products 13,707.20 252.02 65,423.80 1,202.88

TOTAL 97,475.60 1,792.18 161,013.90 2,960.40


Note 28 (Contd.)

53

28.21 Expenditure in Foreign Currency

(Amount in Million)


On Overseas Contracts 19.80 0.36 11.30 0.21

Professional, Consultancy Fee 0.90 0.02 8.90 0.16

Travelling Expenses 42.90 0.79 45.10 0.83

Interest on Buyers Credit 62.70 1.15 313.80 5.77

Others 78.60 1.45 29.60 0.54

TOTAL 204.90 3.77 408.70 7.51

28.22 Consumption of Raw Materials

(Amount in Million)

Year ended 31.3.2013 Year ended 31.3.2012Amount Percentage to total Amount Percentage to total

consumption consumption(R) (US$) (R) (US$)

Imported Raw Material 91,823.30 1,688.26 64.70 94,542.80 1,738.26 68.28

Indigenous Raw Material 50,108.40 921.29 35.30 43,913.50 807.39 31.72

TOTAL 141,931.70 2,609.55 100.00 138,456.30 2,545.65 100.00

28.23 Earning in Foreign Currency(Amount in Million)


Dividend Income 2,769.30 50.92 2,696.60 49.58

Others 338.60 6.22 230.90 4.24

TOTAL 3,107.90 57.14 2,927.50 53.82


Note 28 (Contd.)

54

28.24 Payment to Auditors'(Amount in Million)


Audit Fee (including a Foreign Branch) 4.20 0.08 4.10 0.07

Tax Audit Fee 0.80 0.01 0.70 0.01

Taxation Matters -- -- 0.30 0.01

Management / Other Services 0.60 0.01 0.50 0.01

Reimbursement of Expenses 2.90 0.05 2.70 0.05

TOTAL 8.50 0.15 8.30 0.15

28.25 Purchase of Traded Products, Sales and Consumption of Raw Materials

i) Purchase of Traded Products(Amount in Million)


OMIFCO Urea 5,980.90 109.96 6,145.50 112.99

Imported Urea 4,510.30 82.93 8,235.20 151.41

Imported DAP 6,277.60 115.42 40,477.40 744.22

Imported NPK / WSF 89.40 1.64 19,440.10 357.43

Seeds and Chemicals 292.40 5.38 182.40 3.35

TOTAL 17,150.60 315.33 74,480.60 1,369.40


Note 28 (Contd.)

55

ii) Sales

(Amount in Million)


Manufactured Products:

Urea 75,150.60 1,381.72 60,002.00 1,103.20

NPK - 10:26:26 (Kandla) 17,663.30 324.76 15,061.60 276.92

NPK - 10:26:26 (Paradeep) 183.20 3.37 -- --

NPK - 12:32:16 (Kandla) 21,459.60 394.56 33,298.10 612.22

DAP - 18:46:00 (Kandla) 29,154.20 536.03 17,437.60 320.61

DAP - 18:46:00 (Paradeep) 43,236.30 794.94 34,433.50 633.09

NP - 20:20:00:13 (Paradeep) 10,091.50 185.54 19,520.40 358.90

Water Soluble Fertiliser - 17:44:00 249.40 4.58 2,361.80 43.42

Power & Bye-Products -- -- 447.70 8.23

Others 72.80 1.34 213.80 3.93

Sub-Total 197,260.90 3,626.84 182,776.50 3,360.52

Traded Products:

OMIFCO Urea 5,885.10 108.20 7,671.20 141.05

Imported Urea 4,701.60 86.44 6,497.20 119.46

Imported DAP 7,342.40 135.00 40,724.20 748.76

Imported NPK 392.20 7.21 11,076.00 203.64

Imported NP 679.70 12.50 6,878.30 126.46

Water Soluble Fertiliser - 19:19:19 16.40 0.30 129.00 2.37

Seeds and Chemicals 317.70 5.84 189.90 3.49

Others 137.60 2.53 47.40 0.87

Sub-Total 19,472.70 358.02 73,213.20 1,346.10

GRAND TOTAL 216,733.60 3,984.86 255,989.70 4,706.62

* Sales includes Subsidy


Note 28 (Contd.)

56

iii) Raw Material Consumption

(Amount in Million)


Natural Gas - Domestic- APM 3,748.90 68.93 3,351.90 61.63- RIL 9,807.10 180.31 9,619.10 176.85- ONGC 1,155.70 21.25 156.50 2.88- PMTG - at APM Price 934.20 17.18 988.80 18.18- PMTG - at Market Price 346.00 6.36 356.50 6.55RLNG- Normal 31,079.00 571.42 22,280.90 409.65- Spot 321.90 5.92 637.20 11.72Naphtha 256.10 4.71 177.30 3.26Phosphoric Acid 33,506.30 616.04 34,723.60 638.43Ammonia 19,096.10 351.10 17,346.90 318.94Potash 10,666.80 196.12 11,771.50 216.43Urea 848.30 15.60 642.90 11.82Filler 2.10 0.04 9.20 0.17Rock Phosphate 21,006.20 386.22 23,831.30 438.16Sulphur 5,129.60 94.31 7,435.90 136.72Sulphuric Acid 2,687.50 49.41 2,812.90 51.72MAP 944.20 17.36 669.70 12.31SOP 25.50 0.47 1.60 0.03Zinc Ash 167.60 3.08 -- --NP - 20:20:00 -- -- 1,392.60 25.60Others 202.60 3.72 250.00 4.60

TOTAL 141,931.70 2,609.55 138,456.30 2,545.65

28.26 The functional currency of the Society is 'Indian Rupee'. These financial statements have been presented by translating the Revenue and Balance Sheet itemsat the year-end rate of R 54.3893 per US$.

28.27 Due to wide fluctuation in the Indian Rupee vis-à-vis US Dollar, the Revenue and Balance Sheet items of the previous financial year have also been restatedat the current year-end rate to make the same comparable and to have a realistic view of the financial performance of the Society.


Note 28 (Contd.)

INDIAN FARMERS FERTILISER COOPERATIVE LIMITEDbafM;u QkjelZ QfVZykbtj dksvkijsfVo fyfeVsM

IFFCO Sadan, C-1 District Centre, Saket Place,New Delhi 110 017, www.iffco.in, www.iffco.coop

Wholly owned by Cooperatives

IFFCO’s Fertiliser plant – The builder of Modern India, helped in making India self-sufficient in food grain production & saving precious foreign exchange.

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Documents

International Edition bafM;u QkjelZ QfVZykbtj dksvkijsfVo fyfeVsM … · 2019-09-26 · 6 Cash Flow Statement for the year ended March 31, 2013 (R in million) (US$ in million)Year