| 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 30.06.2014 |
( ` IN 000) |
Sr. No.
|
PARTICULARS |
SCHEDULE |
For the quarter ending 30.06.2014 |
Up to the quarter ending 30.06.2014 |
For the corresponding quarter of the preceeding year |
Up to the Quarter of the prceeding year |
| 1 |
OPERATING PROFIT/(LOSS) |
|
|
|
|
|
|
(a) Fire Insurance |
|
2120143 |
2120143 |
1088201 |
1088201 |
|
(b)Marine Insurance |
|
521729 |
521729 |
958256 |
958256 |
|
(c )Miscellaneous Insurance |
|
3211505 |
3211505 |
2049130 |
2049130 |
|
(d) Life Insurance |
|
-13820 |
-13820 |
-14332 |
-14332 |
|
|
|
|
|
|
|
| 2 |
INCOME FROM INVESTMENTS |
|
|
|
|
|
|
(a) Interest, Dividend & Rent – Gross |
|
1594439 |
1594439 |
1415005 |
1415005 |
|
(b) Profit on sale of investments |
|
1491534 |
1491534 |
339229 |
339229 |
|
Less: Loss on sale of investments |
|
|
|
|
|
|
|
|
|
|
|
|
| 3 |
OTHER INCOME (To be specified) |
|
|
|
|
|
|
Profit on Exchange |
|
-59151 |
-59151 |
622492 |
622492 |
|
Profit on sale of Assets (Net) |
|
0 |
0 |
40 |
40 |
|
Sundry Balances Written Back (Net) |
|
0 |
0 |
0 |
0 |
|
Interest on Income-tax Refund |
|
757504 |
757504 |
54696 |
54696 |
|
Motor Pool Service Charges |
|
677 |
677 |
0 |
0 |
|
Miscellaneous Receipts |
|
1041 |
1041 |
1330 |
1330 |
|
TOTAL (A) |
|
9625601 |
9625601 |
6514047 |
6514047 |
| 4 |
Provision for Doubtful Loans, Investment & Debts |
|
27459 |
27459 |
831434 |
831434 |
| 5. |
Amortisation of premium on Investments |
|
47116 |
47116 |
50847 |
50847 |
| 6. |
Diminution in the value of investments written off |
|
0 |
0 |
0 |
0 |
| 7. |
OTHER EXPENSES |
|
0 |
|
0 |
|
|
Expenses relating to Investments |
|
1371 |
1371 |
1093 |
1093 |
|
Loss on Exchange |
|
0 |
0 |
0 |
0 |
|
Loss on sale of Assets (Net) |
|
2 |
2 |
0 |
0 |
|
Sundry Balances Written off (Net) |
|
0 |
0 |
0 |
0 |
|
Loss on Distribution of LPA Assets |
|
0 |
0 |
0 |
0 |
|
Interest on Service Tax |
|
310848 |
310848 |
405403 |
405403 |
|
TOTAL (B) |
|
386796 |
386796 |
1288777 |
1288777 |
|
Profit Before Tax |
|
9238805 |
9238805 |
5225270 |
5225270 |
|
Provision for Taxation : |
|
|
|
|
|
|
Current Tax |
|
1910151 |
1910151 |
922424 |
922424 |
|
Wealth Tax |
|
0 |
0 |
0 |
0 |
|
Mat Tax |
|
0 |
0 |
-418900 |
-418900 |
|
Deferred Tax |
|
0 |
0 |
0 |
0 |
|
Fringe Benefit Tax |
|
0 |
0 |
0 |
0 |
|
Provision for Tax in respect of earlier years |
|
0 |
0 |
0 |
0 |
|
Profit after Tax |
|
7328654 |
7328654 |
4721746 |
4721746 |
|
Balance brought forward from last year |
|
896 |
896 |
-9060889 |
-9060889 |
|
Profit available for appropriation |
|
7329550 |
7329550 |
-4339143 |
-4339143 |
|
APPROPRIATIONS |
|
|
|
|
|
|
(a)Interim dividends paid during the year |
|
|
|
|
|
|
(b)Proposed final dividend |
|
0 |
0 |
1182500 |
1182500 |
|
(c)Dividend distribution tax |
|
0 |
0 |
200966 |
200966 |
|
(d)Transfer to General Reserve |
|
0 |
0 |
0 |
0 |
|
(e) Balance carried forward to Balance Sheet |
|
7329552 |
7329552 |
-5722608 |
-5722608 |
|
|
|
7329552 |
7329552 |
-4339142 |
-4339142 |
| 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 otheritems. |
| (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. |