Professional Documents
Culture Documents
Directors Report
TO THE MEMBERS Your directors are pleased to present the Fourth Annual Report of your Company with the audited accounts for the year ended March 31, 2008. Change in Name Your Company was incorporated as a private limited company in the name and style of Home Loan Services India Private Limited. Given the strong synergies that exist between the Company and Housing Development Finance Corporation Limited (HDFC), the promoter, it was recommended that the name of Company be changed to HDFC Sales Private Limited (HSPL) so as to enable customers to identify with the HDFC brand and to help the Company to attract the requisite talent for its business. Accordingly, the name of your Company was changed to HSPL with effect from March 25, 2008. Financial Results
For the year ended March 31, 2008 (Rupees) For the year ended March 31, 2007 (Rupees)
Directors Ms. Manju Malkani Mr. M. Ramabhadran (w.e.f. February 25, 2008) Mr. Suresh Menon Mr. Mathew Joseph Mr. Gautam Bhagat
Profit/(Loss) before Tax Provision for Fringe Benefit Tax Profit/(Loss) after Tax Balance brought forward from the previous year Auditors Deloitte Haskins & Sells Chartered Accountants Balance carried to Balance Sheet
Dividend Due to unavailability of profits for distribution, your directors do not recommend any dividend for the year ended March 31, 2008. Review of Operations Bankers HDFC Bank Ltd. Axis Bank Ltd. During the year under review, the approval and disbursement value of individual loans sourced by your Company was Rs. 9,933 crores and Rs. 7,395 crores respectively as against Rs. 7,249 crores and Rs. 5,254 crores during the previous year. Your Company continues to carry out the operations of the realty brokerage of HDFC Realty Limited, a wholly owned subsidiary of HDFC, on a fee basis. During the year, your Company assisted in brokerage related activities in respect of 757 units. Your company continues to act as a corporate agent of HDFC Standard Life Insurance Company Limited. During the period under review, your Company sold 5,048 policies.
The total staff strength of your Company is 1,945 employees as against 1,658 employees in the previous year, of which the sales staff comprises 1,610 employees as against 1,413 employees during the previous year. Branch Network In order to have a wide geographic spread, during the year, your Company opened 9 branches. Your Company now has 52 branches. In addition, your Company also operates from select offices of HDFC and thus has established its presence in 129 locations as against 116 locations in the previous year. Particulars of Employees Remuneration The Company has no employee drawing a salary in excess of the limits prescribed in Section 217(2A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules, 1975 as amended.
Registered Office Ramon House, H. T. Parekh Marg, 169, Backbay Reclamation, Churchgate, Mumbai 400 020. Tel. Nos. : 22-2283 6255, 2282 0282 Fax : 22-2202 8842
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Deposits Your Company has not accepted any deposits and, as such, no amount of principal or interest was outstanding as at March 31, 2008. Particulars regarding Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo Since the Company does not own any manufacturing facility, the particulars stipulated in the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988, are consequently not applicable. During the year under review, your Company has incurred Rs. 86,777 in foreign currency towards travelling expenses and has no other dealings in foreign currency. Directors During the year under review, the board met six times. In accordance with the provisions of the Companies Act, 1956 and the Articles of Association of the Company, Ms. Manju Malkani and Mr. Mathew Joseph are liable to retire by rotation at the ensuing Annual General Meeting (AGM). They are eligible for re-appointment. The Board of Directors of the Company appointed Mr. M. Ramabhadran as an additional director of the Company with effect from February 25, 2008. Pursuant to the provisions of Section 260 of the Companies Act, 1956 and the Articles of Association of the Company, Mr. M. Ramabhadran would hold office as a
director of the Company up to the date of ensuing AGM. The Company has received a notice from a Member under Section 257 of the Companies Act, 1956, signifying his intention to propose the candidature of Mr. M. Ramabhadran as a director of the Company, along with a deposit of Rs. 500 as required under the said Act. The necessary resolutions for the appointment/ re-appointment of the aforesaid directors have been included in the notice convening the ensuing AGM. None of the directors of the Company are disqualified from being appointed as directors as provided under the provisions of Section 274(1)(g) of the Companies Act, 1956. Auditors Messrs Deloitte Haskins & Sells, Chartered Accountants and statutory auditors of the Company, retire at the ensuing AGM and are eligible for re-appointment. The Company has received a certificate from them to the effect that their re-appointment, if made, would be within the limits prescribed under Section 224(1B) of the Companies Act, 1956. Directors Responsibility Statement In accordance with the provisions of Section 217(2AA) of the Companies Act, 1956 and based on the information provided by the management, your directors state that: (i) In the preparation of the accounts, the applicable accounting standards have been
followed; (ii) Accounting policies selected were applied consistently. Reasonable and prudent judgements and estimates were made so as to give a true and fair view of the state of affairs of the Company as at the end of March 31, 2008 and of the profit of the Company for the year ended on that date; (iii) Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956, for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; (iv) The annual accounts of the Company have been prepared on a going concern basis. Acknowledgements Your directors would like to express its sincere appreciation to all its customers, shareholders, investors and banks for their support and continued patronage. Your directors recognise and appreciate the sincere hard work, loyalty and efforts of the employees of the Company whose professionalism has ensured excellent all-round performance despite the challenging environment.
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Auditors Report
TO THE MEMBERS OF HDFC SALES PRIVATE LIMITED (FORMERLY HOME LOAN SERVICES INDIA PRIVATE LIMITED) 1. We have audited the attached Balance Sheet of HDFC SALES PRIVATE LIMITED as at March 31, 2008, the Profit and Loss Account and the Cash Flow Statement of the Company for the year ended on that date, both annexed thereto. These financial statements are the responsibility of the Companys Management. Our responsibility is to express an opinion on these financial statements based on our audit. 2. We conducted our audit in accordance with the auditing standards generally accepted in India. These Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the Management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 3. As required by the Companies (Auditors Report) Order (CARO), 2003 issued by the Central Government in terms of Section 227(4A) of the Companies Act, 1956, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order. 4. Further to our comments in the Annexure referred to in paragraph 3 above : (a) we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit; (b) in our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books; (c) the Balance Sheet, the Profit and Loss Account and the Cash Flow Statement dealt with by this report are in agreement with the books of account; (d) in our opinion, the Balance Sheet, the Profit and Loss Account and the Cash Flow Statement dealt with by this report are in compliance with the Accounting Standards referred to in Section 211(3C) of the Companies Act, 1956; (e) in our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India: (i) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2008; (ii) in the case of the Profit and Loss Account, of the profit of the Company for the year ended on that date; and (iii) in the case of the Cash Flow Statement, of the cash flows of the company for the year ended on that date. 5. On the basis of the written representations from the directors, taken on record by the Board of Directors as on March 31, 2008, none of the directors are disqualified as on March 31, 2008 from being appointed as a director under Section 274 (1)(g) of the Companies Act, 1956. For DELOITTE HASKINS & SELLS
Chartered Accountants
P. R. Ramesh
MUMBAI April 30, 2008 Partner (Membership No. 70928)
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(vi) To the best of our knowledge and belief and according to the information and explanations given to us, there were no contracts or arrangements which needed to be entered in the register maintained in pursuance of Sections 301 of the Companies Act, 1956. (vii) According to the information and explanations given to us, the Company has not accepted any deposits under the provisions of Sections 58 and 58AA of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975, with regard to the deposits accepted from the public. (viii) In our opinion, the internal audit functions carried out during the year by a firm of Chartered Accountants appointed by the Management have been commensurate with the size of the Company and the nature of its business. (ix) According to the information and explanations given to us in respect of statutory dues: (a) The Company has generally been regular in depositing undisputed statutory dues including Provident Fund, Employees State Insurance dues, Income-tax, Service tax and any other material statutory dues with the appropriate authorities during the year, except as indicated in (b) below. (b) There are no undisputed amounts payable on account of the above dues, outstanding as at March 31, 2008 for a period of more than six months from the date they became payable, except for profession tax amounting to Rs. 228,138, since payment thereof is not accepted by the authorities. (x) In our opinion and according to the information and explanations given to us, the Company does not have any dues outstanding to financial institutions, banks or debentures holders. Therefore, clause (xi) of the CARO, 2003 is not applicable to the Company. (xi) In our opinion and according to the information and explanations given to us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. Therefore, clause (xii) of the CARO, 2003 is not applicable to the Company.
(xii) In our opinion and according to the information and explanations given to us, the Company is not dealing in or trading in shares, securities, debentures and other investments. Therefore, clause (xiv) of the CARO, 2003 is not applicable to the Company. (xiii) In our opinion and according to the information and explanations given to us, the Company has not given any guarantees for loans taken by others from banks and financial institutions. Therefore clause (xv) of the CARO, 2003 is not applicable to the Company. (xiv) To the best of our knowledge and belief and according to the information and explanations given to us, in our opinion, the Company has not availed any term loans. Therefore, clause (xvi) of the CARO, 2003 is not applicable to the Company. (xv) According to the information and explanations given to us, and on an overall examination of the Balance sheet of the Company, funds raised on short term basis have not been used for long term investment. (xvi) According to the information and explanation given to us, during the year the Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act, 1956. (xvii) According to the information and explanations given to us, the Company has not issued any debentures. Accordingly, clause (xix) of the CARO, 2003 is not applicable to the Company. (xviii) During the year, the Company has not raised any money by public issue. (xix) To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the Company was noticed or reported during the year. For DELOITTE HASKINS & SELLS
Chartered Accountants
P. R. Ramesh
MUMBAI April 30, 2008 Partner (Membership No. 70928)
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1 2
APPLICATION OF FUNDS FIXED ASSETS Gross Block Less: Depreciation Net Block CURRENT ASSETS, LOANS AND ADVANCES Sundry Debtors Cash and Bank Balances Loans and Advances Less: CURRENT LIABILITIES AND PROVISIONS Current Liabilities Provisions NET CURRENT ASSETS PROFIT AND LOSS ACCOUNT
4 5 6
10,127,791 18,199,198 23,133,261 51,460,250 38,862,401 2,828,183 41,690,584 42,696,973 19,807,407 75,100,000 9,769,666 55,913,876 75,100,000
7 8
Notes forming parts of the Accounts Significant Accounting Policies Schedules 1 to 14 annexed hereto form part of the Accounts.
13 14
As per our report attached For Deloitte Haskins & Sells Chartered Accountants P. R. Ramesh Partner MUMBAI, April 30, 2008 Renu Sud Karnad Chairperson
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Profit and Loss Account for the year ended March 31, 2008
Schedule Current Year Rupees Previous Year Rupees
INCOME Commission Brokerage Management Fees Other Income Interest on Bank and Other Deposits Interest on Income Tax Refund
EXPENDITURE AND CHARGES Interest and Other Charges Staff Expenses Establishment Expenses Other Expenses Audit Fees (Note 5) Depreciation Loss on Sale of Assets Loss on Foreign Exchange
9 10 11 12
292,586 310,680,704 8,707,209 24,926,952 167,000 5,933,084 350,707,535 (23,641,524) 750,000 (24,391,524) (31,522,352) (55,913,876)
PROFIT/ (LOSS) BEFORE TAX Provision for Fringe Benefit Tax PROFIT/ (LOSS) AFTER TAX Balance brought forward from the Previous Period LOSS CARRIED TO THE BALANCE SHEET EARNINGS PER SHARE (Face value Rs. 10)(Note 10) Basic & Diluted Notes forming parts of the Accounts Significant Accounting Policies Schedules 1 to 14 annexed hereto form part of the Accounts.
9.00 13 14
(6.08)
As per our report attached For Deloitte Haskins & Sells Chartered Accountants P. R. Ramesh Partner MUMBAI, April 30, 2008 Renu Sud Karnad Chairperson
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Cash Flow Statement for the year ended March 31, 2008
Current Year Rupees Previous Year Rupees
CASH FLOW FROM OPERATING ACTIVITIES Profit/ (Loss) for the year Adjustments for : Interest Income Interest on Inter-Corporate Deposit Depreciation Loss on Sale of Assets Provision for Retirement Benefits Operating Loss before Working Capital Changes Adjustments for: Current Assets Current Liabilities Cash generated from operations Advance Taxes Net cash from/ (used) in operating activities
36,881,469 (2,115) 1,134,384 6,264,200 221,832 3,296,859 47,796,629 (10,643,623) 17,797,915 54,950,921 (36,620,186) 18,330,735 (9,665,194) (9,665,194)
(23,641,524) (694) 37,397 5,933,084 804,834 (16,866,903) (6,683,949) 17,616,879 (5,933,973) (8,605,646) (14,539,619) (5,409,431) 324 (5,409,107)
CASH FLOW FROM INVESTING ACTIVITIES Purchase of Fixed Assets Interest on Deposits Net cash used in investing activities
CASH FLOW FROM FINANCING ACTIVITIES Interest on Inter Corporate Deposit Repayment of Inter Corporate Deposit Inter-Corporate Deposit placed Net cash from/ (used) in financing activities Net increase in cash and cash equivalents Cash and cash equivalents at the beginning as per Schedule 5 Cash and cash equivalents at the end of the period as per Schedule 5
As per our report attached For Deloitte Haskins & Sells Chartered Accountants P. R. Ramesh Partner MUMBAI, April 30, 2008 Renu Sud Karnad Chairperson
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Schedules
Annexed to and forming part of the Accounts Schedule 1 SHARE CAPITAL
As at March 31, 2008 Rupees As at March 31, 2007 Rupees
AUTHORISED 5,000,000 Equity Shares of Rs.10 each 50,000,000 50,000,000 50,000,000 50,000,000
ISSUED, SUBSCRIBED AND PAID UP 4,010,000 Equity Shares of Rs.10 each (All the Shares are held by Housing Development Finance Corporation Limited)
40,100,000 40,100,000
40,100,000 40,100,000
35,000,000 35,000,000
35,000,000 35,000,000
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Balance with a Scheduled Bank: In Current Account In Deposit Account (Against guarantee issued)
Advances recoverable in cash or in kind for the value to be received Advance Income Tax (Net of provision) Advance for Fringe Benefit Tax (Net of provision)
Sundry Creditors - Micro, Small and Medium Enterprises Sundry Creditors - Other than Micro, Small and Medium Enterprises Other Liabilities Interest Accrued but not due on Inter-Corporate deposit
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Schedule 8 PROVISIONS
As at March 31, 2008 Rupees As at March 31, 2007 Rupees
Provision for Retirement Benefits (Note 4) Provision for Fringe Benefit Tax (Net of Advance Taxes)
2,828,183 2,828,183
Bank Charges Interest on Delayed Payments Interest on Inter Corporate Deposit Lease Rental Charges
Salaries and Bonus (Note 3) Contribution to Provident Fund and other funds Staff Training and Welfare Expenses Gratuity
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Travelling and Conveyance Printing & Stationery Postage, Telephone and Fax Royalty Advertisement & Promotion Expenses Service Tax Legal and Professional Fees (Note 6) Commission and Fees Computer Expense Computer Software Expenses Miscellaneous Expenses
4,897,088 2,771,623 6,630,420 180,000 1,761,663 3,133,493 3,043,100 6,403,166 209,198 263,895 1,907,880 31,201,526
3,184,782 2,169,410 6,433,207 180,000 2,174,018 243,121 2,203,054 7,741,781 54,016 101,200 442,363 24,926,952
Schedule 13 NOTES FORMING PART OF THE ACCOUNTS 1) 2) Estimated amount of contracts remaining to be executed on account of capital account and not provided for is Rs. 179,800 (Previous Year Rs.173,920). Sundry debtors include amounts from following Companies under the Same Management within the meaning of Section 370(1B) of the Companies Act, 1956.
Particulars Current Year Previous Year
HDFC Standard Life Insurance Company Limited HDFC Asset Management Company Limited Total 3) (i) (ii) 4)
1,407,448 1,407,448
Salaries and bonus includes Rs.10,674,325 (Previous Year Rs.7,279,944) being amount paid to Holding Company, on account of personnel deputed to the Company. Salaries and bonus is net of recovery from Holding Company, to the extent of Rs.32,922,889 (Previous Year Rs.27,596,885) towards outsourcing services rendered by the employees.
Consequent to the adoption of Accounting Standard on Employee Benefits (AS 15) (Revised 2005) notified under the Companies (Accounting Standard) Rules, 2006, the following disclosures have been made as required by the standard: (i) An amount of Rs. 590,344 being the difference between the liability as on March 31, 2007 on employee benefits including defined benefit plans determined based on the revised AS 15 and the liability as per the Companys previous accounting policy has been charged to the Profit & Loss Account since company has carried forward losses. The charge to the Profit and Loss Account for the year towards employee benefits is higher by Rs. 348,433 as compared to the expense as per the Companys previous accounting policy.
(ii)
(iii) The Company has recognised Rs. 7,443,623 in the Profit and Loss Account, on account of Contribution to Provident Fund.
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Schedule 13 (Continued) NOTES FORMING PART OF THE ACCOUNTS (iv) The details of the Corporations non funded post-retirement benefit plans for its employees are given below which is certified by the actuary and relied upon by auditors: Rupees Change in the Benefits Obligations: Liability at the beginning of the year 1,795,081 Current Service Cost 1,223,324 Interest Cost 241,472 Actuarial loss 74,618 Liability at the end of the year 3,334,495 Expense Recognised in the Profit and Loss Account: Rupees Current Service Cost 1,223,324 Interest Cost 241,472 Net Actuarial loss to be Recognised 74,618 Expense recognised in the Profit & Loss Account included under staff expenses 1,539,414 Reconciliation of the Liability Recognised in the Balance Sheet: Rupees Opening Net Liability 1,795,081 Expense Recognised 1,539,414 Amount Recognised in the Balance Sheet under Provision for Retirement Benefits 3,334,495 Principal Assumption:
Current Year % Previous Year %
5)
8
Current Year Rupees
8
Previous Year Rupees
6) 7)
Service tax on the above amounting to Rs. 30,900 (Previous Year Rs.20,441) shall be claimed as an input credit and hence disclosed under Advances Recoverable under Schedule 6. Professional Fees includes Rs.65,000 (Previous Year Rs. Nil) paid to a firm in which some of the partners of the Statutory Auditors are also partners. Related Party Transactions: As per the Accounting Standard on Related Party Disclosures (AS-18) notified under the Companies (Accounting Standard) Rules, 2006, the related parties of the Company are as follows: A) Holding Company : Housing Development Finance Corporation Limited B) Fellow Subsidiaries : HDFC Developers Limited HDFC Holdings Limited HDFC Trustee Company Limited HDFC Standard Life Insurance Company Limited GRUH Finance Limited HDFC Investments Limited HDFC Realty Limited HDFC Asset Management Company Limited HDFC ERGO General Insurance Company Limited (Formerly HDFC Chubb General Insurance Company Limited) HDFC Venture Capital Limited HDFC Ventures Trustee Company Limited HDFC Property Ventures Limited C) Key Management Personnel : Mr. Gautam Bhagat, Director
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Schedule 13 (Continued) NOTES FORMING PART OF THE ACCOUNTS The nature and volume of transactions of the Company with the above related parties were as follows:
Particulars Holding Company Rupees Subsidiary Companies Rupees Key Management Personnel Rupees
Insurance Commission Expenditure Fees Interest on Inter Corporate Deposit Royalty Rent Insurance Expense Remuneration Registration Fee Assets Deposits Amount Due 1,285 (695,299) 84,000 (84,000) 791,076 (387,500) 1,134,384 (37,397)
#180,000 (180,000) *NIL (60,020) 3,874,936 (2,740,292) @4,500 (NIL) *NIL (11,536) @3,395,064 (1,407,448) $5,708 (NIL)
Liabilities Amount Due Inter Corporate Deposit Interest Accrued but not due on Inter Corporate Deposit
Note: Figures in bracket pertain to the previous year. @ HDFC Standard Life Insurance Company Limited. # HDFC Realty Limited * HDFC ERGO General Insurance Company Limited (Formerly HDFC Chubb General Insurance Company Limited) $ HDFC Asset Management Company Limited
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Schedule 13 (Continued) NOTES FORMING PART OF THE ACCOUNTS 8) The major components of Deferred Tax Asset and Deferred Tax Liability are as under:
Particulars Deferred Tax Asset Current Year Previous Year Deferred Tax Liability Current Year Previous Year
7,768 7,768
7,768 7,768
Deferred Tax Asset (Net) Rs.1,960,851 (Previous Year Rs 1,296,098) Although there is net deferred tax asset, recognition thereof has been restricted to the extent of the deferred tax liability of Rs. 7,768 (Previous Year Rs. 7,768) in the absence of virtual certainty in view of accumulated losses. 9) Segment Reporting The Company is primarily engaged in Marketing Home Loans in India. As such, there are no separate reportable segments, as per the Accounting Standard on Segment Reporting (AS-17) notified under the Companies (Accounting Standard) Rules, 2006. 10) Earnings Per Share In accordance with the Accounting Standard on Earnings Per Share (AS 20), notified under the Companies (Accounting Standard) Rules, 2006, the Basic Earning Per Share has been computed by dividing the Profit/(Loss) for the period by the weighted average number of equity shares for the respective periods as follows.
Current Year Previous Year
a. b. c.
Profit /(Loss) for the period Weighted average number of shares for computation of Basic Earning Per Share EPS (Face value of Rs. 10 each)(Basic) (a/b)
11) Accounting Period Figures for the previous year have been regrouped / rearranged whenever necessary.
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Schedule 14 SIGNIFICANT ACCOUNTING POLICIES 1. Accounting Convention These accounts have been prepared in accordance with historical cost convention, applicable Accounting Standards issued by the Institute of Chartered Accountants of India and relevant provisions of the Companies Act, 1956. The preparation of financial statements requires the management to make estimates and assumptions considered in the reported amounts of assets and liabilities (including contingent liabilities) as of the date of the financial statements and the reported income and expenses during the reporting period. Management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Future results could differ from these estimates. 2. System of Accounting The Company adopts the accrual concept in the preparation of the accounts. 3. Revenue Recognition Commission Income and Management Fees are accounted for on an accrual basis. 4. Fixed Assets Fixed Assets are capitalised at cost inclusive of legal and/or installation expenses. 5. Depreciation Depreciation on all Fixed Assets is provided on a pro-rata basis from the date of installation / acquisition. Depreciation is provided in the year of sale on pro-rata basis till the date of Sale. Depreciation on Computers and Leasehold Improvements is calculated as per the straight-line method; and on other assets as per the reducing balance method. All assets except Computers and Leasehold Improvements are depreciated at the rates specified by the Companies Act, 1956. Depreciation on Computers is calculated at the rate of 25 per cent per annum. Depreciation on Leasehold Improvement is provided as per the straight-line method over the primary period of lease. 6. Income Tax The accounting treatment for Income tax in respect of the Companys income is based on the Accounting Standard on Accounting for Taxes on Income (AS 22) referred under the Companies (Accounting Standard) Rules, 2006. The provision made for Income-tax in the accounts comprises of the current tax and deferred tax. The deferred tax assets and liabilities for the year, arising on account of timing differences are recognised in the Profit and Loss account; and the cumulative effect thereof is reflected in the Balance Sheet. The major components of the respective balances of deferred tax assets and liabilities are disclosed in the accounts. 7. Employee Benefits
Provident Fund: The Companys contributions paid / payable during the year towards Provident Fund are charged to Profit and Loss Account every year. These Funds are recognised by the Income Tax authorities.
Gratuity and Leave Encashment: The net present value of the Companys obligation towards gratuity and leave encashment is actuarially determined based in the projected unit credit method. Actuarial gains and losses are immediately recognised in the Profit and Loss Account.
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BALANCE SHEET ABSTRACT AND COMPANYS GENERAL BUSINESS PROFILE (Submitted in terms of Part IV of Schedule VI to the Companies Act, 1956) I Registration Details Registration No. Balance Sheet Date II 3 1 1 4 4 1 8 2 3 2 0 0 8 Rights Issue N Private Placement N I I L L State Code 1 1
Capital Raised during the year (Amount in Rs. 000) Public Issue N I L Bonus Issue N I L
III
Position of Mobilisation and Deployment of Funds (Amount in Rs. 000) Total Liabilities 7 5 1 0 0 SOURCES OF FUNDS Paid-up Capital 4 0 1 0 0 Secured Loans N I L APPLICATION OF FUNDS Net Fixed Assets 1 2 5 9 6 Net Current Assets 4 2 6 9 7 Miscellaneous Expenses N I L
Unsecured Loans 3 5 0 0 0
IV
Performance of the Company (Amount in Rs. 000) Total Income 5 3 6 1 3 8 Profit Before Tax 3 6 8 8 1 Earnings Per Share (in Rs. ) 9 . 0 0 Total Expenditure 4 9 9 2 5 7 Profit After Tax 3 6 1 0 6 Dividend % N I L
Generic Names of Principal Services of the Company (as per Monetary terms) Item Code No. (ITC Code) N I L Product Description M A R K E T I N G
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