minerals minerals ltd Management discussions


MINERALS AND MINERALS LIMITED ANNUAL REPORT 2005-2006 MANAGEMENT DISCUSSION AND ANALYSIS FINANCIAL RESULTS: The working during the year shows a gross surplus of Rs.5.74 lacs against Rs.9.57 lacs in the previous year out of which a sum of Rs.0.74 lacs (Rs.0.72 lacs) has been provided for depreciation, Rs.1.75 lacs for Income Tax (Rs.2.98 lacs), Rs.0.09 lacs for Fringe Benefit Tax and Rs.0.19 lacs for Deferred Tax (Rs.0.28 lacs) thereby the net profit comes to Rs.3.35 Lacs. A sum of Rs.6.67 Lacs being previous years net Profit has been transferred to General Reserve Account. GENERAL: Bauxite raised during the year under review has been to 37,236 MT as against production of 60,100 MT in the previous year. Production has been low due to depleting reserves in the lease area. Your Company is making efforts to expedite new Mining Leases, application for which are pending with the Government of Jharkhand, Chhatisgarh and Orissa.