Dear Members,
Your Directors have pleasure in presenting the eighty - ninth Annual Report and the Audited Statements of Accounts of the Company for the year ended 31st March, 2008.
FINANCIAL RESULTS
| (Rupees in Crores) |
| Particulars |
31st March, 2008 |
|
31st March, 2007 |
| Turnover (excluding Inter - section Transfers) |
3,440.32 |
|
2,516.46 |
| Other Income |
38.85 |
49.04 |
| Total Income |
3,479.17 |
2,565.50 |
| Gross Profit |
641.80 |
400.08 |
| Less : Depreciation (Net of transfer from Revaluation Reserve) |
|
89.27
165.00
1.37
2.81 |
|
58.30
75.00
1.10
– |
| Provision for Income Tax |
|
| Provision for Fringe Benefit Tax |
| Provision for Deferred Tax Liability |
| |
258.45 |
|
134.40 |
| Net Profit |
383.35 |
265.68 |
| Amount available for appropriation which the Directors have appropriated as under : |
383.35 |
265.68 |
| (i) Proposed Dividend |
|
25.16 |
– |
| (ii) Tax on Proposed Dividend |
4.27 |
– |
| (iii) Interim Dividend |
|
18.30 |
| (iv) Income Tax on the Interim Dividend |
2.56 |
| (v) General Reserve |
40.00 |
30.00 |
| (vi) Balance carried forward to next year |
313.92 |
214.82 |
| |
383.35 |
265.68 |
| |
DEFERRED TAX
The Deferred Tax Liability for the year under review amounting to Rs. 2,957.04 lacs have been met partly by debiting to Share Premium Account under the head 'Reserve & Surplus' by Rs. 2,675.89 lacs (amount available) in terms of the Order of the Hon'ble Calcutta High Court dated 5th February, 2002 and the balance amount of Rs. 281.15 lacs was charged to Profit & Loss Account.
TRANSFER TO INVESTOR EDUCATION & PROTECTION FUND
In terms of sections 205A and 205C of the Companies Act, 1956 read together with General Circular no. 22 / 2002 dated 23rd September, 2002 issued by the Department of Company Affairs, the Company deposited about Rs. 33.45 Lacs, being the various unclaimed amounts of the company as well as that of an earlier merged company, during the year under review in the 'Investor Education and Protection Fund' created by the Central Government.
