Annual Report AMC - 130508.pmd - IDFC Mutual Fund

ANNUAL REPORT DECEMBER 2007
STANDARD CHARTERED ASSET MANAGEMENT
COMPANY PVT. LTD.
16. Deferred Tax Liability of Rs.1,318 Thousands is on account of tax effect of depreciation.
17. Details of Movement in Provisions, in terms of Accounting Standards 29 issued by the Institute of Chartered Accountants of India, is as under :
(Rupees in Thousands)
Nature of Provision Opening Provisions Provisions Closing
Balance as on made reversed / Balance as on
01/01/2007 during the year adjusted 31/12/2007
Provision for Income Tax 205,131.18 35,700.00 2,405.58 238,425.60
Provision for Deferred Tax Liability 854.00 464.00 - 1,318.00
Provision for Fringe Benefit Tax 4,972.00 2,500.00 - 7,472.00
18. As on the Balance sheet date there was no amount exceeding Rs. 1 Lac, due to any small-scale Industrial undertaking, outstanding for more than 30 days.
19. Previous year's figures have been regrouped wherever necessary.
20. Pursuant to a Share Purchase Agreement dated January 26, 2007, between Standard Chartered Bank (SCB) and the UBS Group, SCB had agreed to sell
its entire stake held in Standard Chartered Asset Management Company Private Limited (SCAMC) to the UBS Group. SCB had also agreed to procure the
sale of shares held by minority shareholders to the UBS Group. As the requisite regulatory approvals were not received by the UBS Group, Standard
Chartered Bank decided not to proceed with the planned disposal of its India fund management business to UBS AG. Thereafter, SCB reinitiated the bidding
process and on March 7, 2008, SCB signed an agreement to sell its Mutual Fund business in India to IDFC, subject to applicable regulatory approvals.
For M. P. Chitale & Co.
Chartered Accountants
For and on behalf of the Board of Directors
Vidya V. Barje Naval Bir Kumar Atul C. Choksey
Partner Managing Director Director
Place: Mumbai
Place: Mumbai
Date : March 18, 2008 Date: March 17, 2008
Uttara Deka
Company Secretary
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