Videsh Sanchar Nigam Limited
27 June 2000
Letter to: Company Announcements Office
Videsh Sanchar Nigarn Limited
(A G0VT OF INDIA ENTERPRISE)
Sub: Decisions at Board Meeting for consideration of Annual Accounts.
This is further to our letter No. HQ/CS/CL.24B/7534 dated 15 June 2000. Please
be informed that the Board at 108th meeting held on 27 June 2000 at Mumbai have
considered Annual Accounts for the financial year ended 31 March, 2000 and have
recommended final dividend in total of 80% (including interim dividend of 60%)
for the year 1999-2000 before submitting the accounts to the statutory auditors
for their report thereon.
2. Please also be informed that the Board could not consider any other major
agenda note and hence had to defer consideration of the proposal to consider
recommending to the shareholders, appropriate increase in Authorised Capital of
the Company, Issue of Bonus Shares and amendment of Objects Clause for the next
Board Meeting. This is due to the reason that the outstation Board Members could
not reach the Board Meeting till lunch time due to traffic disturbance between
airport and the venue of the meeting.
Letter from: Videsh Sanchar Nigam Limited
(I) FINANCIAL RESULTS FOR THE YEAR ENDED ON 31 MARCH 2000
(Rs. in lakhs)
Particulars For the year ended on For the year ended on
31.3.2000 31.3.99
Net Sales 696,759.66 683,146.64
0ther Receipts 26,291.22 34,410.16
Total Income 723,050.88 717,556.80
Total Expenditure 519,318.71 513,015.53
Gross Profit:(before deducting
any of the following) 203,732.17 204,541.27
Interest 115.02 0.00
Provision for Depreciation 9,344.62 7,990.98
Provision for Taxation:
-Current year 63,753.00 57,912.00
-Earlier years - 1,028.26
-Excess Tax provision written back - 0.00
Others, if any (Prior period items) 46,491.89* 5,115.00
Net Profit 84,027.64 132,495.03
Surplus brought forward 996.82 937.79
Amount available for appropriation 85,024.46 133,432.82
Appropriation of Profit and/Reserves:
(a) Proposed Dividend
(incl. 60% interim dividend) 7,600.00 7,600.00
(b) Tax on Proposed Dividend 1,045.00 836.00
(c) General Reserves 75,000.00 124,000.00
Cumulative Profit/(Loss) 1,379.46 996.82
Dividend (in Rs.):
(a) per ordinary share; 8.00 8.00
(b) per right share; if any N.A N.A
(c) per bonus share; if any N.A N.A
(d) per share arising on conversion
of debentures N.A N.A
(e) per preference share N.A N.A
Paid up Equity Capital 9,500.00 9,500.00
Reserves, except revaluation
reserves 607,697.55 532.555.58
*Includes a sum of Rs.51,275.96 lakhs pertaining to write down of investment in
ICO Global Communications (Holdings) Limited.
(II) Particulars of proposed Right/Bonus
issue, if any : None
(III) Date of closure of Register of Members
and purpose (Please give 30 days's advance
notice) : To be decided
(IV) Date from which the dividend is payable : The date of the Annual
General Meeting.
(V) Remarks/Qualifications, if any : None.
