| FORM NL-2-B-PL | ||||||
|---|---|---|---|---|---|---|
| Name of the Insurer: GENERAL INSURANCE CORPORATION OF INDIA | ||||||
| Registration No. 112 | ||||||
| Date of Registration with the IRDA : 2nd April, 2001 | ||||||
| PROFIT AND LOSS ACCOUNT FOR THE PERIOD ENDED 30.09.2013 | ( ` IN 000) | |||||
| PARTICULARS | SCHEDULE | FOR THE QUARTER | SIX MONTH ENDING 30.09.2013 | FOR THE QUARTER OF THE PRECEDING YEAR | SIX MONTH ENDING 30.09.2012 | |
| 1 | OPERATING PROFIT/(LOSS) | |||||
| (a) Fire Insurance | -4355 959 | -3267 758 | 234 554 | 551 396 | ||
| (b) Marine Insurance | 2112 776 | 3071 032 | 2490 717 | 2446 288 | ||
| (c) Miscellaneous Insurance | 6670 780 | 8719 910 | 6211 719 | 6243 457 | ||
| (d) Life Insurance | -139 121 | -153 453 | -20 621 | -89 675 | ||
| 2 | INCOME FROM INVESTMENTS | |||||
| (a) Interest, Dividend & Rent – Gross | 1913 063 | 3328 068 | 1378 537 | 2390 893 | ||
| (b) Profit on sale of investments | 885 469 | 1224 698 | 445 421 | 539 826 | ||
| Less: Loss on sale of investments | ||||||
| 3 | OTHER INCOME (To be specified) | |||||
| Profit on Exchange | 512 094 | 1134 586 | -1445 615 | 655 047 | ||
| Profit on sale of Assets (Net) | 12 | 52 | - 13 | 0 | ||
| Sundry Balances Written Back (Net) | 0 | 0 | 0 | 0 | ||
| Interest on Income-tax Refund | 0 | 54 696 | 9 144 | 9 144 | ||
| Motor Pool Service Charges | 39 372 | 39 372 | -11 957 | 15 270 | ||
| Miscellaneous Receipts | 325 | 1 655 | - 134 | 6 841 | ||
| TOTAL (A) | 7638 811 | 14152 858 | 9291 752 | 12768 487 | ||
| 4 | Provision for Doubtful Loans, Investment & Debts | 503 568 | 1335 002 | 63 350 | 33 987 | |
| 5. | Amortisation of premium on Investments | 51 373 | 102 220 | 46 928 | 92 915 | |
| 6. | Diminution in the value of investments written off | 0 | 0 | 0 | 0 | |
| 7. | OTHER EXPENSES | 0 | 0 | |||
| Expenses relating to Investments | 1 605 | 2 698 | 2 717 | 4 558 | ||
| Loss on Exchange | 0 | 0 | 0 | 0 | ||
| Loss on sale of Assets (Net) | 0 | 0 | 35 | 35 | ||
| Sundry Balances Written off (Net) | 0 | 0 | 0 | 0 | ||
| Loss on Distribution of LPA Assets | 0 | 0 | 0 | 0 | ||
| Interest on Service Tax | 333 378 | 738 781 | 0 | 0 | ||
| TOTAL (B) | 889 924 | 2178 701 | 113 030 | 131 495 | ||
| Profit Before Tax | 6748 887 | 11974 157 | 9178 722 | 12636 992 | ||
| Provision for Taxation : | ||||||
| Current Tax | 1294 356 | 2216 780 | 1868600 | 1868 600 | ||
| Wealth Tax | - 315 | - 315 | -555872 | 28 | ||
| Mat Tax | -1413 897 | -1832 797 | -1868600 | -1868 600 | ||
| Deferred Tax | 0 | 0 | 555900 | 0 | ||
| Fringe Benefit Tax | 0 | 0 | -61774 | 0 | ||
| Provision for Tax in respect of earlier years | 0 | 0 | 0 | 0 | ||
| Profit after Tax | 6868 743 | 11590 489 | 9240 468 | 12636 964 | ||
| Balance brought forward from last year | ||||||
| Profit available for appropriation | ||||||
| APPROPRIATIONS | ||||||
| (a) Interim dividends paid during the year | ||||||
| (b) Proposed final dividend | 0 | 1182 500 | 21282432 | 0 | ||
| (c) Dividend distribution tax | 0 | 200 966 | 0 | |||
| (d) Transfer to General Reserve | 0 | 0 | 0 | 0 | ||
| (e) Balance carried forward to Balance Sheet | 6868 742 | 1146 134 | -12041964 | -12041 964 | ||
| 6868 742 | 2529 600 | -12041 964 | ||||
| Notes: to Form NL-1-B-RA and NL-2-B- PL | ||||||
| (a) Premium income received from business concluded in and outside India shall be separately disclosed. | ||||||
| (b) Reinsurance premiums whether on business ceded or accepted are to be brought into account gross (i.e. before deducting commissions) under the head reinsurance premiums. | ||||||
| (c) Claims incurred shall comprise claims paid, specific claims settlement costs wherever applicable and change in the outstanding provision for claims at the year-end,. | ||||||
| (d) Items of expenses and income in excess of one percent of the total premiums (less reinsurance) or Rs.5,00,000 whichever is higher, shall be shown as a separate line item. | ||||||
| (e) Fees and expenses connected with claims shall be included in claims. | ||||||
| (f) Under the sub-head "Others” shall be included items like foreign exchange gains or losses and other items. | ||||||
| (g) Interest, dividends and rentals receivable in connection with an investment should be stated as gross amount, the amount of income tax deducted at source being included under 'advance taxes paid and taxes deducted at source”.. | ||||||
| (h) Income from rent shall include only the realised rent. It shall not include any notional rent. | ||||||