Atul Ltd 2008-09

Schedules forming part of the Account s (Rs in lacs) 7 Managerial remuneration: (a) Calculation of Directors, Managing & Executive Directors’ commission: Profit as per Profit and Loss Account 3,786.97 Add: Managing Directors’ remuneration (including perquisites) 152.56 Executive Directors’ remuneration (including perquisites) 96.16 Directors’ commission 12.00 Depreciation 3,166.88 Provision for taxation 782.05 Payment under VRS scheme 94.22 4,303.87 8,090.84 Less: Depreciation under section 350 3,166.88 Profit on which commission is payable 4,923.96 (i) Commission to Managing Directors: Mr S S Lalbhai @0.75% on Rs4923.96 lacs 36.93 Mr S A Lalbhai @0.50% on Rs4923.96 lacs 24.62 61.55 (ii) Commission to Executive Director: Commission payable to Executive Director Mr J L Shah @ 1% of operating profit of Division viz P P Site upto December 31, 2008 or his basic salary upto the period of employment i.e. December 31, 2008 whichever is lower i.e. lower of Rs18.93 lacs or 1% of Rs21.04 lacs (nine months basic salary) 18.93 (iii) Directors’ commission: Directors’ commission @1% on Rs4923.96 lacs 49.24 Maximum as determined by the Board of Directors 12.00 SCHEDULE 16 NOTES FORMING PART OF THE ACCOUNTS (Contd.) 2008-09 (b) Details of payments and provisions on account of remuneration to Managing Directors included in the respective heads of expenditure in Profit and Loss Account are as under: Particulars S S Lalbhai S A Lalbhai 2008-09 2007-08 (i) Salary 35.99 21.99 57.98 57.98 (ii) House rent allowance – 2.20 2.20 2.20 (iii) Commission 36.93 24.62 61.55 56.43 (iv) Gratuity 1.73 1.06 2.79 2.41 (v) Contribution to provident and other funds 8.22 5.16 13.38 13.38 (vi) Perquisites 6.68 7.98 14.66 13.18 Total 89.55 63.01 152.56 145.58 Estimated monetary value of perquisites to Managing Directors on account of furniture – 0.42 0.42 0.42 (Rs in lacs) 68