Annual Report 2007 - Clariant

62 Clariant Chemicals (India) Limited12. Disclosure in respect of Derivative Instruments : (Contd.)(ii)31-12-07 31-12-06Amount inforeign AmountAmount inforeigncurrency Rs. Million currencyAmountRs. MillionAmount payable on account of import of goodsand services :CurrencyUSD 3692348 150.5 2137474 94.6EUR 1782150 103.1 2929480 170.8CHF 407456 14.2 343438 12.5GBP 59108 4.7 38602 3.4272.5 281.313. (a) Amount paid/payable by the Company to Directors (including Managing Director) as remuneration for services renderedin any capacity :January 07 toDecember 07Rs. MillionApril 06 toDecember 06Rs. MillionDirectors’ sitting fees 0.1 0.1Salaries 13.2 9.6Commission 2.9 2.4*Other perquisites and benefits in cash or in kind # #16.2 12.1Note: Provision for leave encashment and gratuity benefit which is based on actuarial valuation done on an overallCompany basis is excluded from above.* Actual paid during the year Rs. 2.0 Million and Rs. 0.4 Million reversed during the year and excludes NonCompete fees of Rs. NIL (Previous Year: Rs. 15.4 Million) paid to ex-Managing Director.# Indicates amount is less than Rs. 50,000.(b) Computation of net profit for commission payable to the Directors in accordance with Section 198 of the Companies Act, 1956 :January 07 toDecember 07April 06 toDecember 06Rs. Million Rs. Million Rs. Million Rs. MillionProfit after tax as per Profit and loss account 317.9 328.7Add: Provision for taxation-Net 175.4 179.1Managerial remuneration 16.2 12.1Wealth tax 0.5 0.7Voluntary Retirement scheme compensation 243.8 1.0435.9 192.9753.8 521.6Less: Profit on sale of investments 0.1 4.3Provision for doubtful debts written back (net) # 7.2Provision for unearned premium written back — 5.0Reversal of depreciation on change of method — 40.0Capital Profit on sale of Fixed assets 19.6 4.219.7 60.7Net profit as per Section 198 734.1 460.9Commission :To Vice-Chairman & Managing Director restricted tosum as determined by the Board of Directors. 2.1 1.6*To Directors who are not in whole-time employmentof the Company @ 1% of net profit i.e. Rs. 7.3 Million(Rs. 4.6 Million) restricted to sum as determined by theBoard of Directors. 0.8 0.82.9 2.4* Actual paid during the year Rs. 1.2 Million# Indicates amount is less than Rs. 50,000