2003-2004 - Cgglobal.com

Crompton Greaves Ltd.
SCHEDULE [B] (Contd.)
39 Managerial Remuneration :
Computation of Net Profits in accordance with the provisions of Section 349 of the Companies Act, 1956
Rs. Crores
Particulars 2003-04 2002-03
Computation of Net Profits in accordance with
the provisions of Section 349 of the
Companies Act, 1956
Net Profit Before Tax as per Profit & Loss Account 89.52 37.20
Add:
VRS for Closed Units
(Refer Note 30 above) 8.46 20.95
Bounties on prepayment of sales tax
deferral liability 19.12 0.00
Managerial remuneration 1.96 0.68
Directors sitting fees 0.03 0.03
Revenue profit on sale of fixed assets 8.86 3.19
Government subsidy received 0.15 0.10
Advance written off 3.25 41.83 2.73 27.68
Less: Profit on sale of investments 4.38 8.93
Profit on sale of fixed assets 11.59 15.97 3.19 12.12
Less: Excess of expenditure over income
As calculated under section 349
Brought forward from previous years
(Refer Note 30 above) 42.09 140.10
Net Profit / Loss (-) in terms of Section 349 73.29 -87.34
Net profit for the purpose of Sec. 309
Maximum remuneration as per Sec.309 @ 5%
Rs.73.29 crores
Rs. 3.66 crores
Remuneration to Managing Director / Directors
Rs. crores
charged to accounts : 2003-04 2002-03
(a) Salaries and incentives 1.75 0.46
(b) Contribution to provident and other funds 0.13 0.14
(c) Other perquisites 0.08 0.08
1.96 0.68
Based on the Expert’s opinion, Net Loss for the purposes of Managerial Remuneration in accordance with
Section 349 has been re-computed for the financial year 2002-03.
40 The management has suspended the operations w.e.f. 22nd April 2003 in respect of the following
Divisions:-
(a) Capacitor-Pune, (b) Industrial Electronics-Satpur, Nasik and (c) Digital (Informatics)-Bangalore.
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