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Notes to Accounts of Can Fin Homes Ltd.

Mar 31, 2015

1. During the year the Company has allotted 61,34,992 Equity Shares of Rs. 10/- each for cash at a price of Rs. 450/- each (inclusive of a premium of Rs. 440/- per share) on Rights basis during March 2015 and the allotment of 10,583 equity shares are kept in abeyance pending receipt of final order by the Hon''ble High Court of Kerala.

2. Special Reserve has been created over the years in terms of Income Tax Act 1961, out of the distributable Profits of the Company.

3. As per Section 29C of the National Housing Bank Act, 1987, the Company is required to transfer at least 20% of its net profits every year to a reserve before any dividend is declared. For this purpose, any Special Reserve created by the Company under Section 36(1) (viii) of the Income Tax Act, 1961 is considered to be an eligible Transfer U/S 29C of the NHB Act, 1987 also. The Company has transferred a sum of Rs. 2,850 lakh (previous year Rs. 2,500 lakh) to Special Reserve which is in terms of Section 36(1)(viii) of the Income Tax Act, 1961 and Rs. 1,800 lakh (previous year Rs. 1,600 lakh) to Additional Reserve U/S 29C of the NHB Act, 1987 during the FY 2014-15.

4. Vide Circular NHB(ND)/DRS/Pol.62/2014 dated May 27, 2014, the National Housing Bank (NHB) had directed Housing Finance Companies (HFCs) to provide for deferred tax liability in respect of the balance in the "Special Reserve" created under section 36(1)(viii) of the Income Tax Act, 1961 as on 31/03/14 and permitted to adjust the same from Retained Earnings. Further, vide Circular NHB(ND)/DRS/Pol.65/2014 dated August 22, 2014, NHB has permitted HFCs to adjust the Deferred Tax Liability in a phased manner, over a period of three years in the ratio of 25:25:50 starting from FY 2014-15. Accordingly the Company has to adjust the DTL of Rs. 7399.96 lakh in three years. The Company has transferred Rs. 1850.00 lakh in the current year from the General Reserve to DTL on the Special Reserve outstanding as on 31/03/14.

5. Further, Deferred Tax Liability of Rs. 797.91 lakh (previous year Rs. 1 lakh) is charged off to the Statement of Profit & Loss, on account of Special Reserve appropriated during the current year.

6. The Company has reworked the useful life on various Fixed Assets as prescribed in Part C of Schedule II of the Companies Act, 2013. In respect of those assets whose remaining useful life as on 01/04/14 is NIL, the same has been adjusted to the General Reserve as prescribed under 7(b) to the notes of the said Schedule II of the Companies Act, 2013.

7. The borrowings from National Housing Bank, Canara Bank, HDFC Bank, Bank of Baroda, Kotak Mahindra Bank Federal Bank and Deutsche Bank are secured by way of specific charge on book debts, outstanding, receivables, etc.,/ promissory notes and / or a negative lien on assets of the Company. The tenure of the Long term borrowings are between 2-15 years and that of short term borrowings is less than 1 year.

8. During the year the Company has issued Secured Redeemable Non-Convertible Non-Cumulative Taxable Debentures worth Rs. 30,000 lakh (previous year Rs. 25,000 lakh) through private placement totalling to Rs. 55,000 lakh. These debentures are secured by way of floating charge on the assets i.e., loan receivables specifically earmarked for the purpose. The debentures to the extent of Rs. 25000 lakhs (raised in the previous year) are secured by way of floating charge on the assets i.e., loan receivables specifically earmarked for the purpose and also by mortgage of an immovable property (an apartment located at Kodigehalli, Hebbal, Bangalore) in favour of the Debenture Trustees.

9. Further, the Company has also issued Unsecured Debentures in the nature of Tier II Bonds worth Rs. 10,000 lakh (previous year NIL) for a term of 10 years through private placement. These Debentures are subordinated to present and future senior indebtedness of the Company and qualify as Tier II Capital under the National Housing Bank (NHB) guidelines for assessing capital adequacy. Based on the balance term to maturity as at March 31, 2015, 100% of the book value of the subordinated debt is considered as Tier II Capital for the purpose of Capital Adequacy computation.

10. As per the Directions of the National Housing Bank, the Company has created floating charge on Statutory Liquid Assets (Investments in Govt. Securities and Deposits in Commercial Banks) in favour of the Trustees of the depositors in a manner prescribed by the National Housing Bank in terms of sub-sections (1) & (2) of section 29B of the NHB Act, 1987.

11. The Overdraft account with related party includes Rs. 5,312.48 lakh (previous year Rs. 4,164.34 lakh) being the cheques issued towards disbursements to borrowers and towards expenses but not encashed as on 31/03/15.

12. The Company has issued Commercial Paper at a discount to the face value and the discount is amortised for the current year to the extent accrued and the unamortised amount of Rs. 2,929.13 lakh (previous year Nil) is shown under Current Asset.

13. Other Liabilities include Rs. Nil (Previous Year Rs. Nil) payable to "Suppliers" registered under The Micro, Small & Medium Enterprises Development Act 2006. No interest has been paid by the company during the year to the "suppliers" covered under The Micro, Small & Medium Enterprises Development Act 2006. The above information takes into account only those suppliers who have responded to inquiries made by the company for this purpose.

14. As required under Section 125 of the Companies Act, 2013, the Company has transferred H19.43 lakh (Previous Year H14.46 lakh) to Investor Education and Protection Fund (IEPF) during the year as of March 31, 2015, except to the extent of H5.51 lakh (previous year H5.79 lakh) in respect of claims that are disputed. As of March 31, 2015, no amount was due for transfer to the IEPF.

15. Provision for Expenses includes provision made for interest on NHB borrowings of Rs. NIL (previous year H51.41 cr), interest on Canara Bank borrowings of Rs. NIL (previous year H18.79 cr) and interest on Debentures of H13.34 cr (previous year H5.12 cr).

16. DEFERRED TAX ASSET

In view of Accounting Standard 22 "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India, adjustment to the deferred tax asset of Rs. 797.91 Lakh {Previous year Rs. 1 lakh} has been made and is adjusted against provision for tax for the current year. The tax effects of significant timing (temporary) differences that resulted in deferred tax assets and liabilities and description of the financial statement items are as follows:

17. Loans and instalments due from borrowers are secured, partly secured or otherwise by:

(a) Equitable mortgage of property and/or

(b) Other securities, assignment of life insurance policies and/or

(c) Bank guarantees, company guarantees or personal Guarantees and/or

(d) Negative lien and/or

(e) Undertaking to create a security.

18. The accounts where the tenure of repayment was extended on 30/1 1/2013, upon review, the Company has classified such accounts as on 31/03/2015 as Standard Assets in respect of Loan accounts having satisfactory performance of one year and where the overdues are less than 90 days. In respect of loan accounts where the overdues are more than 90 days, they have been classified as NPA.

19. Recognition of income and provision for non-performing assets has been made in accordance with the guidelines on prudential norms applicable as of March 31, 2015. Provision of loans is required to be maintained as per NHB guidelines on prudential norms to the extent of Rs. 758.38 lakh (Previous year Rs. 658.65 lakh) against which the company, by way of prudence and abundant caution has maintained cumulative provision of Rs. 1435.19 lakh(Previous year Rs. 1210.42 lakh).

20. As per the National Housing Bank Circulars NHB.HFC.DIR.4/CMD/2012 dated January 19, 2012 & NHB.HFC.DIR.9 /CMD/2013 dated September 6, 2013, in addition to the provision for non performing assets, all housing finance companies are required to carry a general provision (i) at the rate of 1% of Standard Assets in respect of Commercial Real Estates other than Residential

21. contingent liabilities

(Rs. in Lakh)

Nature As of As of Risk involved of 31.03. 31.03. claims 2015 2014

Disputed 761.16 927.55 1. The Income Tax Appeals filed by Income the Department for the Asst.Years 1996-97 Tax to 1999-2000 have been dismissed by matters the Hon''ble High Court of Karnataka under and allowed in favour of the Company. appeal: The Department has filed two separate appeals before the Hon''ble Supreme Court of India for the Asst. Year 1996- 97 which has since been dismissed. 2. The appeals filed by the Company for the Asst. Year 2006-07 and 2007- 08 were dismissed by the 2nd appellate authority and the Company has preferred appeals before the Hon''ble High Court of Karnataka which are admitted and yet to be heard. The alleged demand for the Asst. Year 2006-07 (under appeal) has been recovered by the Department to the extent of Rs. 535 lakh out of the refunds determined to the Company. The alleged demand for the Asst. Year 2007- 08 (under appeal) amounting to Rs.448.13 lakh towards the alleged Income Tax and interest, is continued to be shown as such under disputed Tax.

3. An amount of Rs. 16.44 lakh demanded for the Asst. Year 2011-12 continues to be shown under disputed tax, pending receipt of rectification orders against which the Company has determined a liability of Rs. 1.97 lakh to be adjusted against the refund due to the Company.

Claims 4.66 3.16 1. There are four cases in Consumer made by Court and one case in High Court borrowers pending where compensation is of the sought against the Company. company before various Consumer Forums.

22. The Company has entered into lease cum licence agreement with M/s Theme Encore Ltd., for implementation of Integrated Business Suite (IBS) software. The expenditure incurred in this regard amounting to H239.08 lakh (Previous Year H193.04 lakh) is charged off to the P & L account under Professional fees - IBS.

The Company has provided 100% provision for Non-Performing assets. Additional Provision provided in the current year is H224.77 lakh (previous year Rs. Nil) and withdrawal of excess provision in the current year Rs. NIL (previous year H355.69 lakh)

Rs. 26 Disclosure required as per NHB

The following additional disclosures have been given in terms of the circular no. NHB/ND/DRS/Pol-No.35/2010-1 1 dt. October 11, 2010 issued by the National Housing bank.

23. Disclosure on Employee Benefits - AS 15 Revised

Gratuity is an Employee Benefit payable on retirement / superannuation / resignation on completion of 5 years of service.

Privilege Leave is an employee benefit wherein confirmed Officer/Employee is entitled to 30 days of PL every year, which can be accumulated upto a max of 240 days.

Provident Fund is a statutory employee benefit wherein contributions are made by the employee and employer in prescribed proportion.

Sick Leave is a Benefit, which an Officer/Employee is entitled to 15 days in a year, which can be accumulated upto a maximum of 270 days.

Leave Fare Concession is an employee benefit wherein all confirmed Employees/Officers are entitled once in two years.

Segment Reporting - There are no separate reportable segments as per Accounting Standard on Segment Reporting (AS-17) as the company''s primary business is of housing finance.

(B) Key Management Personnel:

Shri C.Ilango - Managing Director

Shri K.S.Sathyaprakash - Company Secretary upto 31/03/15

Shri Atanu Bagchi - Assistant General Manager & Chief Financial Officer (CFO)

Smt. Veena G Kamath - Company Secretary w.e.f. 01/04/15

The National Housing Bank has levied penalty of Rs. 2000/- (previous year Nil) for a single instance of delayed submission of one Statutory Return.

The adverse comments on the company made in writing by the National Housing Bank on Regulatory compliance, which requires disclosure have been disclosed wherever required.

The Company has appointed one woman director from 22/09/2014 in compliance to section 149 of the Companies Act, 2013.

The Company has constituted Corporate Social Responsibility (CSR) Committee to prescribe CSR policies and its implementation as per the section 135 of Companies Act, 2013. The CSR policy has been approved by the Committee on 19/01/15 and the Board of Directors on 20/01/15 and the same is already uploaded in the Company''s website. The total amount to be spent under the CSR for the F.Y. 2014-15 is to the extent of Rs. 162 lakh (previous year Nil), out of which the Company has so far spent Rs. 3.10 lakh during the year. The balance unspent amount of Rs. 158.90 lakh will be carried forward to F.Y. 2015-16.

The Company has complied with requirements as per Para 29 of the Housing Finance Companies (NHB) Directions 2010.

Previous year figures have been rearranged/regrouped wherever necessary to correspond with the current year''s classification/ disclosure.


Mar 31, 2014

1. Special Reserve has been created over the years in terms of Income Tax Act 1961, out of the distributable Profits of the Company.

2. As per Section 29C of the National Housing Bank Act, 1987, the Company is required to transfer at least 20% of its net profits every year to a reserve before any dividend is declared. For this purpose, any Special Reserve created by the Company under Section 36(1) (viii) of the Income Tax Act, 1961 is considered to be an eligible Transfer U/S 29C of the NHB Act, 1987 also. The Company has hitherto transferred a sum of Rs. 19,871 lakh to Special Reserve which is in terms of Section 36(1)(viii) of the Income Tax Act, 1961 and Rs. 1,100 lakh to Additional Reserve created during 2012-13 U/S 29C of the NHB Act, 1987. During the FY 2013-14, Company has transferred a sum of Rs. 2,500 lakh to the Special Reserve and Rs.1,600 lakh to the Additional Reserve.

3. Presentation of Reserve Fund as per NHB''s policy circular reference NHB(ND)/ DRS/ Pol.Circular.61/ 2013-14 dated April 7, 2014;

4. The borrowings from National Housing Bank, Canara Bank, HDFC Bank and Bank of Baroda are secured byway of specific charge on book debts, outstanding, receivables, etc.,/ promissory notes and / or a negative lien on assets of the Company. The tenure of the Long term borrowings are between 2-15 years and that of short term borrowings is less than 1 year.

5. During the year the Company has issued Secured Redeemable Non-Convertible Non-Cumulative Taxable Debentures worth Rs. 250 cr, repayable after three years with yearly fixed interest of 10.05%, through private placement. These debentures are secured by negative lien on the assets of the Company and immovable property - an apartment located at Kodigehalli, Hebbal, Bangalore.

6. As per the Directions of the National Housing Bank, the Company has created floating charge on Investments

in Govt. Securities and Deposits in Commercial Banks in favour of depositors in a manner prescribed by the National Housing Bank.

7. Other Liabilities include Rs. Nil (Previous Year Rs. Nil) payable to "Suppliers" registered under The Micro, Small S-Medium Enterprises Development Act 2006. No interest has been paid by the company during the year to the "suppliers" covered under The Micro, Small S-Medium Enterprises Development Act 2006. The above information takes into account only those suppliers who have responded to inquiries made by the company for this purpose.

8. As required under Section 205C of the Companies Act, 1956, the Company has transferred Rs. 14.46 lakh (Previous Year Rs. 6 lakh) to Investor Education and Protection Fund (IEPF) during the year as of March 31, 2014.

9. Provision for Expenses includes provision made for interest on NHB borrowings of Rs. 51.41 cr (previous year Rs. 37.57 cr), interest on Canara Bank borrowings of Rs. 18.79 cr (previous year Rs. 12.92 cr), interest on Debentures of Rs.5.12 cr (previous year NIL) and Service Tax liability under Rule 6(3B) of Cenvat Credit Rules, 2004 amounting to Rs. 0.59 cr (previous year NIL).

10. Loans and installments due from borrowers are secured, partly secured or otherwise by:

(a) Equitable mortgage of property and/or

(b) Other securities, assignment of life insurance policies and/or

(c) Government guarantees, bank guarantees, company guarantees or personal Guarantees and/or

(d) Negative lien and/or

(e) Undertaking to create a security.

11. The Company has extended the repayment period of all individual and rural housing loans by two years uniformly on 1st November 2013 (Board approval on 15/08/13) subject to restriction of 70 years age or 30 years tenure whichever is earlier, in line with the guidelines issued by NHB vide their Circular NHB (ND)/ DRS/Pol.55/2012-13 dated April 16, 2013 and such extension is not treated as renegotiated or rescheduled account for the purpose of income recognition and asset classification norms.

12. Recognition of income and provision for non-performing assets has been made in accordance with the guidelines on prudential norms applicable as of March 31, 2014.

Provision of loans is required to be maintained as per NHB guidelines on prudential norms to the extent of Rs. 658.65 lakh (Previous year Rs. 893.97 lakh) against which the company, by way of prudence and abundant caution has maintained cumulative provision of Rs. 1210.42 lakh(Previous year Rs. 1566.11 lakh).

13. The Company has entered into lease cum licence agreement with M/s Theme Encore Ltd., for implementation of Integrated Business Suit (IBS) software. The expenditure incurred in this regard amounting to Rs. 193.04 lakhs (Previous Year Rs. 99.88 lakhs towards partial implementation) is charged off to the P S-L account under Professional fees - IBS.

14. The Company has provided for 100% provision for Non-Performing assets, a sum of Rs. 355.69 Lakhs (Previous Year Rs. 823.81 Lakhs) representing excess provision has been withdrawn S-credited to Profit S-Loss Account.

15. Disclosure on Employee Benefits -AS 15 Revised

Gratuity is an Employee Benefit payable on retirement / superannuation / resignation on completion of 5 years of service.

Privilege Leave is an employee benefit wherein confirmed Officer/Employee is entitled to 30 days of PL every year, which can be accumulated up to a max of 240 days.

Provident Fund is a statutory employee benefit wherein contributions are made by the employee and employer in prescribed proportion.

Sick Leave is a Benefit, which an Officer/Employee is entitled to 15 days in a year, which can be accumulated up to a maximum of 270 days.

Leave Fare Concession is an employee benefit wherein all confirmed Employees/Officers are entitled once in two years.

16. Segment Reporting - There are no separate reportable segments as per Accounting Standard on Segment Reporting (AS-17) as the company''s primary business is of housing finance.

(B) Key Management Personnel:

Sri C.llango - Managing Director (From 29/04/11)

17. There are no penalties levied on the company by the National Housing Bank.

18. There are no adverse comments on the company made in writing by the National Housing Bank on Regulatory compliance, which requires disclosure.

19. The Company has complied with requirements as per Para 29 of the Housing Finance Companies (NHB) Directions 2001.

20. Previous year figures have been rearranged / regrouped wherever necessary.


Mar 31, 2013

1.1 Loans and instalments due from borrowers are secured, partly secured or otherwise by:

(a) Equitable mortgage of property and/or

(b) Other securities, assignment of life insurance policies and/or

(c) Government guarantees, Bank guarantees, Company guarantees or personal guarantees and/or

(d) Negative lien and/or

(e) Undertaking to create a security.

1.2 Recognition of income and provision for non-performing assets has been made in accordance with the guidelines on prudential norms applicable as of March 31, 2013.

Provision of loans is required to be maintained as per NHB guidelines on prudential norms to the extent of Rs. 894 Lakhs (Previous year Rs. 1340 Lakhs) against which the company, by way of prudence and abundant caution has maintained cumulative provision of Rs.1566 Lakhs (Previous year Rs. 2389 Lakhs).

1.3 As per the directions of NHB vide their letter – NHB (ND)/ DRS / Pol No. 45/2011-2012 dated January 19, 2012, the provision for Standard Assets in respect of commercial real estates is required to be at 1.00% and for other Standard Assets is required to be made at 0.40%. Accordingly the Company has made provision for Standard Assets as under.

2.1) Miscellaneous Expenses include provision for wealth Tax to extent of Rs.0.40 lakhs (Previous Year nil)

2.2) The Company has entered into lease cum licence agreement with M/s Theme Encore Ltd., for implementation of Integrated Business Suit (IBS) software. The expenditure incurred in this regard amounting to Rs. 99.88 Lakhs is charged off to the P & L account under Profession fees – IBS.

3. Disclosure on Employee Benefits – AS 15 Revised

Gratuity is an Employee Benefit payable on retirement / superannuation / resignation on completion of 5 years of service.

Privilege Leave is an employee benefit wherein confirmed Officer/Employee is entitled to 30 days of PL every year, which can be accumulated upto a maximum of 240 days.

Provident Fund is a statutory employee benefit wherein contributions are made by the employee and employer in prescribed proportion.

Sick Leave is a Benefit, which an Officer/Employee is entitled to 15 days in a year, which can be accumulated upto a maximum of 270 days.

Leave Fare Concession is an employee benefit wherein all confirmed Employees/Officers are entitled once in two years.

4. Segment Reporting – There are no separate reportable segments as per Accounting Standard on Segment Reporting (AS-17) as the Company''s primary business is of housing finance.

5. The transactions with related parties as per Accounting Standard 18 "Related Party Disclosures” issued by the Institute of Chartered Accountants of India and as required under the Listing Agreement with Stock Exchanges are furnished below:

(B) Key Management Personnel:

Mr. C.Ilango - Managing Director (From 29/04/11)

6. There are no penalties levied on the Company by the National Housing Bank.

7. There are no adverse comments on the Company made in writing by the National Housing Bank on Regulatory compliance, which requires disclosure.

8. The Company has complied with requirements as per Para 29 of the Housing Finance Companies (NHB) Directions 2001.

9. Previous year figures have been rearranged / regrouped wherever necessary.


Mar 31, 2012

1. Loans and instalments due from borrowers are secured, partly secured or otherwise by:

(a) Equitable mortgage of property and/or

(b) Other securities, assignment of life insurance policies and/or

(c) Government guarantees, bank guarantees, company guarantees or personal guarantees and/or

(d) Negative lien and/or

(e) Undertaking to create a security.

2. Instalments Due from Borrowers (net of interest suspense) include RsNil (Previous year Rs2,07,05,775/-), whicn is outstanding for over six months on account of conversion of housing loan accounts from Annual Diminishing balance method to daily diminishing balance method.

3. Recognition of income and provision for non-performing assets has been made in accordance with the guidelines on prudential norms applicable as of March 31, 2012.

Provision of loans is required to be maintained as per NHB guidelines on prudential norms to the extent of Rs 13.40 crore (Previous year Rs11.30 crore) against which the company, by way of prudence and abundant caution has maintained cumulative provision of Rs 19.01 crore (Previous year Rs 23.48 crore).

After making 100% provision for non-performing assets, a sum of Rs3.61 crore representing the excess provision is withdrawn and credited to Profit S' Loss account.

4. The company has securitised till date, housing loans to the extent of Rs212,88,14,120/- (Previous year Rs212,88,14,120/-) consisting of Class A PTCs of Rs157,48,69,266/-, which is subscribed by various Banks/ Financial Institutions and Class B PTCs of Rs55,39,44,854/-, which is held by the Company. The total securitised assets outstanding as on date is TNil (Previous year Rs3,92,18,489/-) consisting of Class A PTCs of RsNil (Previous year Rs85,10,079/-) and Class B PTCs of RsNil (Previous year Rs3,07,08,410/-).

5. Particulars of Provision for Standard Assets - 2011 -12.

As per the directions of NHB vide their letter - NHB/HFC.DIR/3/CMD/2011 dated August 05, 2011, the provision for Standard Assets is required to be made at 0.40%. (Previous year the provision was required for Standard Assets - Non Housing Loans only). Accordingly the Company has made provision for Standard Assets as under.

6. Creation of Floating Charge in favour of Public deposits.

As per the Directions of the National Housing Bank, the Company has created floating charge on Investments in Govt. Securities and Deposits in Commercial Banks in favour of depositors in a manner prescribed by the National Housing Bank.

7. During the year bad debts written off amounting to Rs2,80,94,105/-. (Previous year RsNil) are included in other Expenses for which full provision was existing in the books of the Company.

8. Disclosure on Employee Benefits - AS 15 Revised

Gratuity is an Employee Benefit payable on retirement/superannuation/resignation on completion of 5 years of service.

Privilege Leave is an employee benefit wherein confirmed Officer/Employee is entitled to 30 days of PL every year, which can be accumulated upto a maximum of 240 days.

Provident Fund is a statutory employee benefit wherein contributions are made by the employee and employer in prescribed proportion.

Sick Leave is a Benefit, which an Officer/Employee is entitled to 15 days in a year, which can be accumulated upto a maximum of 270 days.

Leave Fare Concession is an employee benefit wherein all confirmed Employees/Officers are entitled once in two years.

9. In view of Accounting Standard 22 "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India, adjustment to the deferred tax asset of 8,42,000/- (Previous year Rs75,07,000/-) has been made and is adjusted against provision for tax for the current year.

10. Segment Reporting - There are no separate reportable segments as per Accounting Standard on Segment Reporting (AS-17) as the company's primary business is of housing finance.

(B) KEY MANAGEMENT PERSONNEL:

Dr.K.K.Deb - Managing Director (upto 29.04.2011)

Mr.C.iiango - Managing Director (From 29.04.2011)

11. There are no penalties levied on the Company by the National Housing Bank.

12. There are no adverse comments on the Company made in writing by the National Housing Bank on Regulatory compliance, which requires disclosure.

13. The Company has complied with requirements as per Para 29 of the Housing Finance Companies (NHB) Directions 2001.

14. During the year the Company has changed the policy of accounting for penal interest from cash system to accrual system. Had the Company followed the cash system, the profit for the year would have been lower by Rs1.73 crore.

15. Previous year figures have been rearranged/regrouped wherever necessary.

 
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