ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Multiple Adversities

Multiple Adversities Hansavivek the sharp rise in cotton prices and cost of labour. Despite poor performance, dividend has been stepped up by three points to 15 per cent on the capital as enlarged by issue of bonus shares, The company has changed its method of providing depreciation in respect of additions to the fixed assets of the textiles division since April 1, 1972 from the 'reducing balance' method to the 'straight-line' method. This has created a surplus in the provision for depreciation made in the past years to the extent of Rs 59 lakhs, which amount of excess has been added to the general reserves. This change in the method of providing depreciation has also resulted in reduction of depreciation charge in the accounts by over Rs 37 lakhs. This has had the effect of increasing' the year's profit by that amount. Auditors have been paid, apart from Rs 50,000 by way of audit fees, Rs 15,905 for taxation matters, Rs 15,000 for company law matters, Rs 38,775 for 'other services' and Rs 2,937 for

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