Scheduleforming part of the Balance Sheet - Domain-b

Annual Report 2007-2008
Schedule forming part of the Balance Sheet
Schedule 14 : Notes to the Balance Sheet and the Profit and Loss Account(Contd.)
iv. Property tax – Rs. 6.39 crores (previous year – Rs. 1.46 crores).
v. License Fee – Nil (previous year – Rs. 1.39 crores)
vi. Stamp Duty – Rs. 2.34 crores (previous year – Rs. 2.34 crores)
vii. Others – Rs. 7.81 crores (previous year – Rs. 5.13 crores)
(c) In respect of a disputed demand of Rs. 4.15 crores, made in an earlier year towards Entertainment Tax in respect of a
property, the Company has preferred an appeal in the High Court of Kolkata, West Bengal, against the
said demand and has paid an amount of Rs. 3.03 crores, under protest, to the relevant authorities, as directed by the
court. As a matter of prudence, the Company has made a provision of the entire amount, the unpaid demand of
Rs.1.12 crores is being reflected in the books of account as Provision for Contingencies.
(d) Other claims against the Company not acknowledged as debts - Rs. 56.67 crores (previous year - Rs. 17.16 crores)
mainly pertains to the demand of Rs. 17.14 crores, raised by the Delhi Development Authority, towards additional
License fees. (previous year - Rs. 17.14 crores ) and additional ground rent amounting to Rs. 39.16 (previous year -
Nil) demanded by Mumbai Port Trust.
(e) Guarantees given by the Company in respect of deposits received and loans obtained by other companies, and
outstanding as on 31 st March 2008 - Rs. 308.14 crores (previous year - Rs. 157.92 crores).
11. Managerial Remuneration:
Particulars Current Year Previous Year
Rs. crores Rs. crores
Salaries 2.39 2.28
Benefits in Cash or in kind(estimated monetary value) 0.97 1.52
Commission on Profits 1.80 1.50
Total 5.16 5.30
Managerial remuneration excludes provision for gratuity and leave availment, since it is provided on an actuarial
valuation of the Company’s liability to all its employees. Remuneration amounting to Rs. 0.11 crore is subject to the
approval of the shareholders.
12 The Company has taken on operating lease certain assets. The total lease rent paid on the same amounting to Rs. 2.97
crores (previous year Rs. 3.63 crores) is included under other expenses. The minimum future lease rentals payable in
respect thereof are as follows:-
Particulars Current Year Previous Year
Rs. crores Rs. crores
Not later than one year 2.10 2.97
Later than one year but not later than five years 1.39 3.49
Later than five years - -
97