president & cfo - UB Group

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Schedules forming part of account for the year ended March 31, 2009 (Contd.)accrued based on actuarial valuation, based on Projected Unit Credit Method, carried out by an independentactuary at the balance sheet date. Actuarial Gains and Losses comprise experience adjustments and theeffect of changes in the actuarial assumptions and are recognised immediately in the Profit and Loss Accountas income or expense.Death Benefit:Death Benefit payable at the time of death is actuarially ascertained at the year-end and provided for in theaccounts.c) Other long term employee benefits:Compensated absences which are not expected to occur within twelve months after the end of the periodin which the employee renders the related services are recognised as a liability at the present value of thedefined benefit obligation at the balance sheet date based on actuarial valuation carried out at each balancesheet date.d) Short term employee benefits:Undiscounted amount of short term employee benefits expected to be paid in exchange for the servicesrendered by employees is recognised during the period when the employee renders the services. Thesebenefits include compensated absences such as paid annual leave and performance incentives.11. Expenditure on account of Voluntary Retirement SchemeExpenditure on account of Voluntary Retirement Scheme of employees is expensed in the period in which it isincurred.12. Research and DevelopmentRevenue expenditure on research and development is charged to Profit and Loss Account in the period in whichit is incurred. Capital Expenditure is included as part of fixed assets and depreciated on the same basis as otherfixed assets.13. Taxes on IncomeProvision for income tax comprises current taxes and deferred taxes. Current tax is determined as the amount oftax payable in respect of taxable income for the period.Deferred tax is recognised on timing differences between the accounting income and the taxable income for theyear and quantified using the tax rates and laws enacted or substantively enacted as on the Balance Sheet date.Deferred tax assets are recognised and carried forward to the extent that there is a reasonable/ virtual certaintythat sufficient future taxable income will be available against which such deferred tax asset can be realised.Fringe Benefit Tax is determined at current applicable rates on expenses falling within the ambit of “FringeBenefit” as defined under the Income Tax Act, 1961.14. Earnings per Share (EPS)Basic EPS is arrived at based on Net Profit after Taxation available to equity shareholders to the weighted averagenumber of equity shares outstanding during the year. The Diluted EPS is calculated on the same basis as Basic EPS,after adjusting for the effects of potential dilutive equity shares unless impact is anti-dilutive.44
Schedules forming part of account for the year ended March 31, 2009 (Contd.)15. ProvisionsA provision is recognised when an enterprise has a present obligation as a result of a past event and it is probablethat an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate canbe made. Provisions, other than employee benefits, are not discounted to their present value and are determinedbased on management estimate required to settle the obligation at the balance sheet date. These are reviewedat each balance sheet date and adjusted to reflect the current management estimates.16. ContingenciesLiabilities which are material and whose future outcome cannot be ascertained with reasonable certainty aretreated as contingent and, to the extent not provided for, are disclosed by way of notes on the accounts.17. Share / Foreign Currency Convertible Bonds [FCCB] issue expenses and Premium on Redemption of FCCBShare/ Foreign Currency Convertible Bonds issue expenses incurred are expensed in the same year and premiumpayable on FCCBs is expensed over the currency of FCCBs. Both are adjusted to the Securities Premium Account aspermitted by Section 78(2) of the Companies Act, 1956.18. ExpenditureExpenses are net of taxes recoverable, where applicable.45
Page 2 and 3: CONTENTSDr. Vijay MallyaChairmanRep
Page 5 and 6: Report of the DirectorsYour Directo
Page 8 and 9: Report of the Directors (Contd.)The
Page 10 and 11: Report of the Directors (Contd.)ANN
Page 12 and 13: Report of the Directors (Contd.)SL.
Page 14 and 15: Corporate Governance Report1. COMPA
Page 16 and 17: Corporate Governance Report (Contd.
Page 24 and 25: Annexure to Report of the Directors
Page 26 and 27: Auditors' Report to the Members of
Page 28 and 29: Annexure to the Auditors' Report (C
Page 30 and 31: Balance Sheet as at March 31, 2009S
Page 32 and 33: Cash Flow Statement for the year en
Page 34 and 35: Schedules forming part of Balance S
Page 44 and 45: Schedules forming part of Profit &
Page 46 and 47: Schedules forming part of account f
Page 74 and 75: Statement Pursuant To Section 212(1
Page 76 and 77: Details of Subsidiary CompaniesName
Page 78 and 79: BALANCE SHEET ABSTRACTBALANCE SHEET
Page 80 and 81: Consolidated Financial StatementBal
Page 82 and 83: Consolidated Financial StatementCas
Page 84 and 85: Consolidated Financial StatementSch
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Level 6-10, UB Tower, UB City, 24 V
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president & cfo - UB Group

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