Annual Report 2010-11

Annual Report 2010-11
Board of Directors visiting KRIBHCO Jetty at Hazira, Surat.
2. FINANCIAL PERFORMANCE
Your society has achieved good financial results
for the Financial Year 2010-2011. The Society has
posted Pre-Tax Profit of `230.26 crore during the year
and Profit after Tax is `200.55 crore. The net worth of
the Society has increased from `2697.13 crore to
`2825.56 crore as on March 31, 2011. The financial
results of the Society for the year are summarized
hereunder:
( ` in crore)
TABLE -1 2010-2011 2009-2010
Sales including 3554.09 2597.07
subsidies
Other Revenue 299.76 304.78
Increase/(Decrease) in Stock 50.50 (38.19)
Income 3904.35 2863.66
Profit before Tax 230.26 252.77
Provision for Taxation(Net) 29.71 24.60
Profit after Tax 200.55 228.17
3. FOREIGN EXCHANGE RISK
MANAGEMENT
During the year, the huge import of phosphatic
fertilisers and capital goods for Revamp involved
payments in foreign currency. The Society managed its
foreign currency payments competitively by availing
buyers credit and entering into forward contracts for
hedging the foreign exchange exposure. The Exchange
Risk management resulted in earning a profit of
approximately `21 crore during the year.
4. APPROPRIATIONS
Contribution towards Capital Repatriation
Fund of `0.40 crore is reduced from the Profit after Tax
for the purpose of arriving at the Net Profit in
accordance with provisions of Section 62 of the Multi-
State Cooperative Societies (MSCS) Act 2002.
Accordingly, the Net Allocable Profit works out to
`200.15 crore, which has been proposed for
appropriation as under:
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