1 CORPORATE INFORMATION:
 
 ULtramarine & Pigments Limited (''''UPL or the Company) is a
 pubLic Limited company domiciLed in India incorporated under the
 provisions of the Companies Act, 1956. Its shares are Listed on Bombay
 Stock Exchange in India. The Company is engaged in manufacturing and
 seLLing of pigments, surfactants, and aLso engaged in IT enabLed
 services.  The Company caters to both domestic and internationaL
 markets.
 
 Terms/rights attached to Equity Shares
 
 (a) The Company has only one cLass of share referred to as equity
 shares having a par vaLue of Rs. 2/-. Each hoLder of equity shares is
 enttiLed to one vote per share.
 
 (b) The Company decLares and pays dividends in Indian rupees. The
 dividend proposed by the Board of directors is subject to the approvaL
 of the sharehoLders in the ensuing AnnuaL GeneraL Meeting. During the
 year ended 31st March, 2013 the amount per share dividend recognised as
 distribution to equity sharehoLders was Rs. 2.25 (Previous year Rs.
 3/-)
 
 (c) In the event of Liquidation of the Company, the hoLders of equity
 shares wiLL be entitLed to receive any of the remaining assets of the
 Company, after distribution of aLL preferentiaL amount. The
 distribution wiLL be proportionate to the number of equity shares heLd
 by the share hoLders.
 
 (d) There is no change in issued and paid up share capitaL during the
 year
 
 Notes:
 
 (a) An exclusive charge by way of hypothecation over Wind Turbine
 Generators, acquired / to be acquired by the company and second pari
 passu charge by way of hypothecation of the Company''s other movable
 fixed assets and books debts.
 
 (b) Repayable in twelve quarterly equal instalments starting from 20th
 Mar 2012 of Rs. 66,66,667/- with interest @ 11.50% .
 
 (c) Repayable to Gujarat Industrial Development Corporation in twelve
 quarterly equal instalments starting from 30th June 2011 of Rs.
 27,75,645/- with interest @ 13.50% .
 
 (iii) The company had entered into an agreement on 28th April, 2011
 with Gujarat Industrial Development Corportation for allotment of land
 at Dahej. The company has acquired the land at Dahej-Petroleum,
 chemicals and petro chemicals investment region (PCPIR) in Gujarat with
 the intention of expanding its surfactant chemicals manufacturing and
 processing operations. As per the said agreement, the company within a
 period of two years from the agreement date build and completely finish
 it for occupation of building to be used as industrial factory.
 However, due to delay in the availability of adequate infrastructure
 (including water supply), it was decided to defer the proposed
 expansion for some time. As per the agreement with the GIDC the company
 has to pay penalty for delay in implementation of the project. As on
 31st March 2013, Rs. 13,29,770 has been provided for in the books of
 account towards this.
 
 Note 2.1 : (AS)-15 Employee benefits
 
 Defined contribution pLans
 
 The Company makes Provident Fund and Superannuation Fund contributions
 to defined contribution pLans for quaLifying empLoyees.  Under the
 Schemes, the Company is required to contribute a specified percentage
 of the payroLL costs to fund the benefits. The Company recognised Rs.
 12,170,492 (Year ended 31 March, 2012 Rs. 10,959,457) for Provident
 Fund contributions and Rs. 3,427,114 (Year ended 31 March, 2012 Rs.
 3,239,355) for Superannuation Fund contributios in the Statement of
 Profit and Loss. The contributions payabLe by the Company are at rates
 specified in the ruLes of the schemes.
 
 Other Long Term benefits
 
 The Company''s Long Term benefit includes Leave encashment payable at
 the time of retirement in full, otherwise it is encashable during the
 year in which services are rendered subject to in excesss of 90 days.
 Present value of obligation as at the beginning of the year is Rs.
 13,960,343 (Prev. Year Rs. 8,757,114) and the actuarial gains and
 losses are recognised in full in the Profit and Loss account for Rs.
 1,700,284 (Prev. Year Rs. 5,203,229). The present value of obligation
 as at March 31, 2013 is Rs. 15,660,627 (Prev. Year Rs. 13,960,343)
 
 The estimates of future salary increases considered in actuarial
 valuation take account of inflation, seniority, promotion and other
 relevant factors such as supply and demand in the employment market.
 
 Note 2.2 : Disclosure requirement of accounting Standard 17 Segment
 Reporting issued under Companies (Accounting Standards) Rules 2006.
 
 a.  Primary Segments
 
 The Company has disclosed Business Segment as the primary segment.
 Segments have been identified taking into account the nature of the
 products, the differing risks and returns, the organisation structure
 and internal reporting system. The Company''s operations predominantly
 relate to manufacture of Laundry and Allied products and its
 intermediaries and providing IT Enabled Services.
 
 b.  Secondary Segments
 
 The Company caters mainly to the needs of the domestic market. The
 export turnover is not significant (except IT Enabled Services
 Division) in the context of total turnover. As such there are no
 reportable geographical segments. The income from IT Enabled Services
 is pre-dominntly from exports.
 
 c.  Segment Revenue, Segment Results, Segment Assets and Segment
 Liabilities include the respective amounts identifiable to each of the
 segments as also amounts allocated on a reasonable basis. The expenses,
 which are not directly attributable to the business segment, are shown
 as unallocated corporate cost.
 
 d.  Assets and Liabilities that cannot be allocated between the
 segments are shown as a part of unallocated corporate assets and
 liabilities respectively.
 
 e.  Inter Segment transfers are made on cost plus basis.
 
 2.3 : AS 19 Details of Leasing arrangements
 
 The Company has taken premises for office use and godown under
 cancellable lease agreements. The total lease rentals recognised as
 expense during the year Rs. 28,215,040 (Prev. Year Rs. 24,643,185).
 
 As per the above lease agreements the rent and car parking charges will
 be enhanced by 15% over the last paid rent at the end of thrity six
 months from the date of commencement of the lease agreement. The option
 to renew the lease deed for a further period shall be at the sole
 option of the lessee to be excercised by giving six months prior notice
 in writing before the end of lease term of sixty months from the date
 of commencement of lease.