Mar 31, 2018
Corporate Information
IL&FS Investment Managers Limited (IIML) is incorporated in India as a public limited company under the provisions of the Companies Act, 1956. IIML is a domestic private equity fund management companies which manages funds on behalf of leading Indian and International Institutions
i) Rights, preference and restrictions attached to equity shares:
The Company has one class of Equity Shares with face value of Rs. 2 each. Each Shareholder has a voting right in proportion to their holding of the paid up Equity Share Capital of the Company. On winding up of the Company, the holders of equity shares will be entitled to receive the residual assets of the Company, in proportion to the number of equity shares held after distribution of all preferential amounts. However, no such preferential amounts exist currently
v) Number of equity shares allotted as fully paid up by way of bonus shares for preceding five years :
vi) Forfeited shares:
During the financial year 1997-98 the Company had forfeited 10,000 equity shares of Rs. 2/- each on which amount paid up was Rs. 20,000/-
vii) No shares were bought back by the Company during the last five years
viii) No shares were allotted by the Company as fully paid-up âpursuant to any contract without payment being received in cashâ in last five years
ix) Shares reserved for issue under Options:
- The particulars of the Options distributed under ESOP 2003, ESOP 2004 and ESOP 2006 are as follows:
- The effect of subdivision of each Equity share of Rs. 10/- into Equity shares of Rs. 2/- each and issue of bonus shares is considered in calculating the number of Options
- The Company calculates the employee compensation cost using the Intrinsic Value of the Options. The Exercise Price of the Options granted is based on the Market Price as on the date of the Grant
- No Options were granted during the year ended March 31, 2018 (Previous year : Nil). Further, no Options were outstanding as at the start of the year
The Company has paid dividend for the year ended March 31, 2017, on Equity Shares @ Rs. 0.60/- per share aggregating Rs. 195,251,230/inclusive of dividend distribution tax of Rs. 6,831,586/-
1) Long Term Provisions
Long Term provision consists of provision for amounts due to be settled beyond twelve months after the balance sheet date :
Particulars relating to Accounting Standard 15 âEmployee Benefitsâ (Revised) is provided below:
(i) Defined-Contribution Plans:
The Company has recognised Rs. 7,573,089 /- (Previous year - Rs. 9,292,080/-) as expense in the Statement of Profit and Loss under Companyâs Contribution to Provident Fund, which is maintained with the office of Regional Provident Fund Commissioner and Rs. 2,944,921 /- (Previous year Rs. 3,405,892/-) as Companyâs contribution to Superannuation Fund maintained with Life Insurance Corporation of India
(ii) Defined-Benefit Plans:
The Company operates funded post retirement defined benefit plans for gratuity, details of which are as follows :
Other Details:
The employerâs best estimate of the contributions expected to be paid to the plan during the next 12 month â Nil (Previous year Rs. 2,421,892/-)
The estimates of future salary increase considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors. The above information is certified by the actuary and relied upon by the Auditors
2) Other Current Liabilities:
i) Other Current Liabilities consists of:
ii) Other Payables pertains to amount payable for employees Provident Fund, Professional Tax and employee reimbursements
iii) Unclaimed Dividend of Rs. 33,837,536/- relates to the period from FY 2010-2011 to FY 2016-2017. During the year ended March 31, 2018 an amount of Rs. 4,043,059/- (Previous year: Rs. 3,502,324/-) has been transferred to the Investor Education and Protection Fund relating to amounts for the year ended March 31, 2010 (Previous year March 31, 2009)
3) Short Term Provisions:
a) Short Term provision consists of provision for amounts due to be settled within twelve months after the balance sheet date:
4) Deferred Tax Asset (net):
Deferred Tax provision has been made in accordance with the requirements under the Accounting Standard - 22 âAccounting for Taxes on Incomeâ
i) During the current year ended March 31, 2018 the timing difference has resulted in a net deferred tax charge of Rs. 3,303,000/-(Previous year net deferred tax charge of Rs. 777,000/-)
ii) The net deferred tax asset realised in the accounts as of March 31, 2018 are as follows:
Of the above, the balances that meet the definition of Cash and Cash Equivalents as per AS-3 âCash Flow Statementsâ are Cash on hand, Balances with bank in Current account, and Demand Deposits amounting to Rs. 24,038,059/- (Previous year Rs. 83,456,214/-)
The disclosures regarding details of specified bank notes held and transacted during 8th November 2016 to 30th December 2016 has not been made since it does not pertain to financial year ended 31 March 2018
5) Short Term Loans and Advances:
i) Short Term Loans and Advances consist of amounts expected to be realised within twelve months of the Balance Sheet date:
ii) Others includes advance recoverable on account of reimbursement of out of pocket expenses and travel advance given to employees
iii) Inter Corporate Deposits given to related parties represents the companies short term surplus funds placed with the IL&FS Transportation Networks Ltd.
Miscellaneous Expenses includes commission to non-whole time directors, advertisement expenses, business promotion expenses, postage and telecommunication, printing and stationery, subscription to clubs/ association, directorâs sitting fees, conference and seminar and books and periodicals
6) Earnings Per Share:
In accordance with the Accounting Standard on âEarnings Per Shareâ (AS-20), the Basic Earnings Per Share and Diluted Earnings Per Share has been computed by dividing the Profit After Tax by the number of equity shares for the respective period as under:
7) Leases:
The Company has entered into Operating Lease arrangements towards provision for vehicles and business centre arrangement towards use of office facility. The minimum future payments during non-cancellable periods under the foregoing arrangements in the aggregate for each of the following periods is as follows:
8) Dividend paid in Foreign Currencies to Non resident Shareholders :
No Dividend has been paid in Foreign Currencies to non-resident shareholders in current period and previous year
9) Derivatives and foreign currency Exposures:
a) There are no forward exchange contracts outstanding as at March 31, 2018
b) Foreign currency exposures:
The year end foreign currency exposures that have not been hedged by a derivative instrument or otherwise are given below :
10) According to the records available with the Company, there were no dues to Micro and Small Enterprises under the Micro, Small and Medium Enterprises Development Act 2006. Hence no disclosures are to be given in respect thereof. This has been provided by the Company and relied upon by the auditors
11) Disclosure as required by the AS 18 on âRelated Party Disclosuresâ are made below:
a) Name of the Related Parties and Description of Relationship:
12) Joint Venture Disclosure :
The Company has the following Joint Ventures as on March 31, 2018 and its proportionate share in the assets, liabilities, income and expenditure of the joint venture entities on the basis of the financial statements as at / for the year ended of those entities is given below:
13) Segment Reporting :
The Company is in the business of providing asset management and other related service. As such, there are no separate reportable business segment or geographical segment as per Accounting Standard 17 on âSegment Reportingâ. It is considered appropriate by the Management to have a single segment i.e. âAsset Management and other related serviceâ
14) CSR expenditure :
a) Gross amount required to be spent by the company during the year - â11,279,019/-
b) Amount spent during the year on :
15) Proposed Dividend
The Board of Directors, in their meeting held on May 4, 2018 have proposed a final dividend of Rs. 0.60 per equity share amounting to â197,051,564/-, inclusive of tax on dividend. The proposal is subject to the approval of shareholders at the Annual General Meeting
16) Figures for the previous year have been regrouped/reclassified wherever considered necessary to confirm to the current year classification/disclosure
Mar 31, 2016
iv) Rights, preference and restrictions attached to equity shares:
The Company has one class of Equity Shares with face value of Rs.2 each. Each Shareholder has a voting right in proportion to their holding of the paid up Equity Share Capital of the Company
vi) Forfeited shares:
During the financial year 1997-98 the Company had forfeited 10,000 equity shares of Rs. 2/- each on which amount paid up was Rs.20,000/-
- The effect of subdivision of each Equity share of Rs.10/- into Equity shares of Rs. 2/-each and issue of bonus shares is considered in calculating the number of Options
- The Company calculates the employee compensation cost using the Intrinsic Value of the Options. The Exercise Price of the Options granted is based on the Market Price as on the date of the Grant
- No Options were granted during the year ended March 31, 2016 (Previous year: Nil)
Particulars relating to Accounting Standard 15 âEmployee Benefitsâ (Revised) is provided below:
(i) Defined-Contribution Plans
The Company has recognized Rs. 10,082,531/- (Previous year - Rs. 10,872,091/-) as expense in the Statement of Profit and Loss under Company''s Contribution to Provident Fund, which is maintained with the office of Regional Provident Fund Commissioner and Rs. 3,633,198/- (Previous year Rs. 3,833,295/-) as Company''s contribution to Superannuation Fund maintained with Life Insurance Corporation of India
Other Details:
The employer''s best estimate of the contributions expected to be paid to the plan during the next 12 month '' Rs.Nil (Previous year Rs. Nil)
The estimates of future salary increase considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors. The above information is certified by the actuary and relied upon by the Auditors
ii) Other Payables pertains to amount payable for employees Provident Fund and Professional Tax
iii) Unclaimed Dividend of Rs. 32,213,561/- relates to the period from FY2008-2009 to FY2014-2015. During the year ended March 31, 2016 an amount of Rs. 1,852,834/- (Previous year: Rs. 1,414,260/-) has been transferred to the Investor Education and Protection Fund relating to amounts for the year ended March 31, 2008
1) Deferred Tax Asset (net):
Deferred Tax provision has been made in accordance with the requirements under the Accounting Standard - 22 âAccounting for Taxes on Incomeâ
(i) During the current year ended March 31, 2016 the timing difference has resulted in a net deferred tax charge of Rs. 574,000/-(Previous year net deferred tax credit of Rs.191,000)
2) Dividend paid in Foreign Currencies to Non resident Shareholders:
No Dividend has been paid in Foreign Currencies to non-resident shareholders in current year and previous year
3) According to the records available with the Company, there were no dues to Micro and Small Enterprises under the Micro, Small and Medium Enterprises Development Act 2006. Hence no disclosures are to be given in respect thereof. This has been provided by the Company and relied upon by the auditors
4) Segment Reporting:
The Company is in the business of providing asset management and other related service. As such, there are no separate reportable business segment or geographical segment as per Accounting Standard 17 on âSegment Reportingâ. It is considered appropriate by the Management to have a single segment i.e. âAsset Management and other related serviceâ
5) At its board meeting dated August 11, 2015, the Company had decided to acquire 86.61% stake of IL&FS Infra Asset Management Ltd and 100% stake of IL&FS AMC Trustee Limited subject to necessary approvals of the Securities and Exchange Board of India which are still awaited
6) Figures for the previous year have been regrouped / reclassified wherever considered necessary to conform to the current year''s classification / disclosure
Mar 31, 2013
1) Deferred Tax :
Deferred Tax provision has been made in accordance with the
requirements under the Accounting Standard - 22 ÂAccounting for Taxes
on IncomeÂ
i) During the current year ended March 31, 2013 the timing difference
has resulted in a net deferred tax asset of Rs. 4,639,000/-
ii) The deferred tax asset recognised in the accounts as of March 31,
2013 are as follows:
2) Leases :
The Company has entered into Operating Lease arrangements towards
provision for vehicles and Business Centre arrangement towards use of
offce facility. The minimum future payments during non-cancellable
periods under the foregoing arrangements in the aggregate for each of
the following periods is as follows:
3) Dividend paid in Foreign Currencies to Non resident Shareholders :
No Dividend has been paid in Foreign Currencies to non-resident
shareholders in current year and previous year
4) According to the records available with the Company, there were no
dues to Micro and Small Enterprises under the Micro, Small and Medium
Enterprises Development Act 2006. Hence disclosures, if any, relating
to amounts unpaid as at the period end together with the interest paid
/ payable as required under the said Act have not been given
5) Segment Reporting :
The Company is in the business of providing asset management and other
related service. As such, there are no separate reportable business
segment or geographical segment as per Accounting Standard 17 on
ÂSegment ReportingÂ. It is considered appropriate by the Management to
have a single segment i.e. ÂAsset Management and other related service
6) Figures for previous year have been regrouped and rearranged
wherever considered necessary to conform with those of the current year
Mar 31, 2012
A) Proposed Dividend
The Company has proposed dividend for the year ended March 31, 2012, on
Equity Shares @ Rs 1.50 per share aggregating to Rs 363,094,333/-
inclusive of dividend distribution tax of Rs 50,681,218/-
b) Forfeited shares
During the financial year 1997-98 the Company had forfeited 10,000
equity shares of Rs.2 each on which amount paid up was Rs.20,000/-
(i) The effect of subdivision of each Equity share of Rs.10/- into
Equity shares of Rs.2/-each and issue of bonus shares is considered in
calculating the number of Options
(ii) The Company calculates the employee compensation cost using the
Intrinsic Value of the Options. The Exercise Price of the Options
granted is generally based on the Market Price as on the date of the
Grant. The Company had issued 1,148,290 Options at an exercise price
lower than the market price and accordingly, the Intrinsic Value of
those Options was Rs 11,496,590/-, which has been already amortised over
the vesting period in previous years
(iii) No Options were granted during the year
(iv) The weighted average market price at the dates of exercise for
options during the year was Rs.28.66
b) Particulars relating to Accounting Standard 15 Employee
Benefits (Revised) is provided below:
(i) Defined-Contribution Plans
The Company has recognized Rs.9,743,798/- (Previous year - Rs.9,044,138/)
as expense in the Statement of Profit and Loss under Company's
Contribution to Provident Fund, which is maintained with the office of
Regional Provident Fund Commissioner and Rs.12,008,113/- (Previous year
Rs.11,179,111/-) as Company's contribution to Superannuation Fund
maintained with Life Insurance Corporation of India
Other Details :
The employer's best estimate of the contributions expected to be paid
to the plan during the next 12 month Rs.Nil
The estimates of future salary increase considered in actuarial
valuation, take account of inflation, seniority, promotion and other
relevant factors. The above information is certified by the actuary and
relied upon by the Auditors
b) Unclaimed dividend of Rs.17,163,619/- relates to the period from FY
2004-2005 to FY 2010-2011. During the year an amount of Rs.672,887/-
(Previous Year: Rs.517,111/-) has been transferred to the Investor
Education and Protection Fund relating to amounts for the year ended
March 31, 2004
(i) * Of the above an amount of Rs Nil (Previous year Rs 16,000,000/-) in
Fixed Deposits are held with more than 12 months maturity
(ii) Of the above, the balances that meet the definition of Cash and
Cash Equivalents as per AS-3 "Cash Flow Statements" are Cash on
hand , Cheques on hand , Balances with bank in Current and EEFC
accounts amounting to Rs 34,258,759/- (Previous year Rs 50,279,892/-)
1) Contingent Liabilities :
March 31, 2012 March 31, 2011
Particulars Rs. Rs.
Claims not acknowledged
as debts:
Income tax demand contested
by the Company 14,176,014 12,187,094
Estimated Project development
Cost for Urjankur Nidhi Trust - 21,331,380
The Company does not expect any outflow of economic resources in
respect of the above and therefore no provision is made in respect
thereof
b) Miscellaneous Income includes Rs.5,361,200/- (Previous year Rs.
23,040,870/- ) being the reversal of excess provision for Performance
Pay
c) Income from sale of Duty free licenses is based on invoices raised
for licenses sold to related party
2) Dividend paid in Foreign Currencies to Nonresident Shareholders :
No Dividend has been paid in Foreign Currencies to non-resident
shareholders in current year and previous year
3) According to the records available with the Company, there were no
dues to Micro and Small Enterprises under the Micro, Small and Medium
Enterprises Development Act 2006. Hence disclosures, if any, relating
to amounts unpaid as at the period end together with the interest paid
/ payable as required under the said Act have not been given
4) Segment Reporting :
The Company is in the business of providing asset management and other
related service. As such, there are no separate reportable business
segment or geographical segment as per Accounting Standard 17 on
'Segment Reporting". It is considered appropriate by the Management
to have a single segment i.e. "Asset Management and other related
service.
5) Consequent to the "NOTIFICATION NO. S.O. 447(E), DATED 28-2-2011
[AS AMENDED BY NOTIFICATION NO F.NO 2/6/2008-CL- V, DATED 30-3-2011]
the financial statements have been presented in accordance with the
Revised Schedule VI. As required under the said notification , the
corresponding amounts for the previous year have been reclassified and
presented in accordance with the current year presentation
Mar 31, 2011
1) Contingent Liabilities:
a) Claims against the Company not acknowledged as debts: (Amount in Rs.)
Particulars March 31,2011 March 31,2010
The Company has preferred appeals
against the income tax demands and 12,187,094 5,138,137
the same are pending with CIT(A) and
ITAT (Appeals). The Company is
hopeful of succeeding in the appeals.
b) ContingentLiability of Rs.21,331,380/-(previous year NIL) towards
estimated project development cost
c) The effect of subdivision of each Equity share of Rs. 10/- into Equity
shares of Rs. 21- each and issue of bonus shares is considered in
calculating the numberof Options
d) The Company calculates the employee compensation cost using the
Intrinsic Value of the Options. The Exercise Price of the Options
granted is generally based on the Market Price as on the date of the
Grant. The Company had issued 1,148,290 Options at an exercise price
lower than the market price and accordingly, the Intrinsic Value of
those Options was Rs. 11,496,590/-, which has been already amortised
overthe vesting period in previous years
e) No Options were granted during the year and hence calculation of the
weighted average Fair Value of Options granted during the year (based
on the calculation of external valuers using Black Scholes Model) is
not applicable
f) In the event the Company had used the Fair Value of Options for
calculating the employee compensation cost, the employee compensation
cost of the Options granted would have been Rs. 343,135/- which would
have reduced the Profit before Tax of the Company by Rs. 343,135/- and
the Basic and Diluted EPS would have reduced to Rs.1.84/- and Rs.1.81 /-
respectively
g) The weighte daverage marketprice at the dates of exercise for
options during the year was Rs.39.15
h) The range of Exercise Price for Stock Options outstanding as at
March 31, 2011 is Rs. 4.80/- to Rs. 19.20/- and the weighted average
remaining contractual life is 1.13 years
Method and significant assumptions used to estimate the Fair Value of
the Option for the ESOP 2004 and ESOP 2006 schemes:
The Fair Value of Options has been calculated by an independent valuer.
The valuation has been done using the Black-Scholes model based on the
assumptions, which are as below:
a) Expected Life of Options is the period within which the Options are
expected to be exercised. The Options can be exercised immediately on
vesting. All the Options vest at the end of one to three years from the
date of Grant. The Options can be exercised at any time upto 4 years
from the vesting date
b) Considering the above the average life of option period has been
assumed as expected life of Options
c) Risk free interest rate has been assumed at 7.5%
d) Share Price is the market price on the National Stock Exchange with
reference to the Grant date
e) Volatility is calculated based on period to represent a consistent
trend in the price movement after adjusting abnormal events, if any
f) Expected dividend yield has been calculated as follows:
Dividend per share / Market price of the share on the Grant Date
4) Deferred tax provision has been made in accordance with the
requirements under the Accounting Standard - 22 "Accounting for Taxes
on Income"
a) During the current year ended March 31,2011 the timing difference
has resulted in a net deferred tax asset of 13,659,000/-
5) Unclaimed dividend of Rs. 14,477,207/- (Previous Year Rs. 11,047,386/-)
relates to the period from the year ended March 31, 2004 to the year
ended March 31,2010. During the year an amount of Rs.517,111/-(Previous
Year Rs.529,527/-)has been transferred to the Investor Education and
Protection Fund relating to amounts forthe yearended March 31,2003
6) Derivative Instruments
7) Segment Reporting
The Company is in the business of providing asset management and other
related service. As such, there are no separate reportable business
segment or geographical segment as per Accounting Standard 17 on
"Segment Reporting" and the Company operates in a single segment i.e.
"Asset Management and other related service"
8) Disclosure as required underAccounting Standard -15 on "Employee
Benefits" is as under:
a) The Company has recognised Rs. 9,044,138/- (Previous Year- Rs.
8,038,080/-) in the Profit and Loss Account as Companys Contribution
to Provident Fund, which is maintained with the office of Regional
Provident Fund Commissioner
13) The Company has entered into Operating Lease arrangements towards
provision for vehicles and Business Centre arrangement towards use of
office facility. The minimum future payments during non-cancellable
periods under the foregoing arrangements in the aggregate for each of
the following periods is as follows:
(i) Not laterthan one year- Rs. 24,132,204/-
ii) Laterthan one year and not laterthan five years - Rs. 27,362,158/-
(iii) Laterthan five years-Rs. Nil
During the current year ended March 31, 2011 the lease payments
recognised in the Profit and Loss account for the aforesaid arrangement
amounts tor 25,194,690/-
15) On the basis of the information available with the Company there
are no suppliers registered under the Micro, Small, Medium Enterprises
Development Act, 2006. The disclosure under Schedule 8 is done
accordingly
16) Figures for the previous year have been regrouped and rearranged
wher ever considered necessary to conform with those of the current
year
Mar 31, 2010
1) Contingent Liabilities :
Claims against the Company not acknowledged as debts :
Particulars March 31,2010 March 31,2009
Income-tax Demands 5,138,137 35,604,531
The Company has preferred appeals against the income tax demands and
the same are pending with ITAT (Appeals)
2) Employee Stock Option Plan
a) The effect of subdivision of each Equity share of Rs 10/- into
Equity shares of Rs 21- each and issue of bonus shares is considered in
calculating the numberof Options
b) The Company calculates the employee compensation cost using the
Intrinsic Value of the Options. The Exercise Price of the Options
granted is generally based on the Market Price as on the date of the
Grant. The Company had issued 1,148,290 Options at an exercise price
lower than the market price and accordingly, the Intrinsic Value of
those Options was Rs 11,496,590/-, which has been already amortised
over the vesting period in previous years
c) No Options were granted during the year and hence calculation of the
weighted average Fair Value of Options granted during the year (based
on the calculation of external valuers using Black Scholes Model) is
notapplicable
d) In the event the Company had used the Fair Value of Options for
calculating the employee compensation cost. the employee compensation
cost of the Options granted would have been Rs 2,820,973/- which would
have reduced the Profit before Tax of the Company by Rs 2,820,973/- and
the Basic and Diluted EPS would have reduced to Rs 1.95/- and Rs 1.92/-
respectively
e) The weighted average market price at the dates of exercise for
options during the yearwas Rs 41.85
f) The range of Exercise Price for Stock Options outstanding as at
March 31, 2010 is Rs 4.80/- to Rs 15.84/- and the weighted average
remaining contractual life is 2.08 years
Method and significant assumptions used to estimate the Fair Value of
the Option for ESOP 2004 and ESOP2006 :
The Fair Value of Options has been calculated by an independent valuer.
The valuation has been done using the Black-Scholes model based on the
assumptions, which are as below :
a) Expected Life of Options is the period within which the Options are
expected to be exercised. The Options can be exercised immediately on
vesting. All the Options vest at the end of one to three years from the
date of Grant. The Options can be exercised at any time upto 4 years
from the vesting date
b) Considering above the average life of option period has been assumed
as expected life of Options
c) Riskfree interest rate has been assumed at 7.5%
d) Share Price is the market price on the National Stock Exchange with
reference to the Grant date
e) Volatility is calculated based on period to represent a consistent
trend in the price movement after adjusting abnormal events, if any
f) Expected dividend yield has been calculated as follows: Dividend
pershare / Market price of the share on the Grant Date
3) Deferred Tax provision has been made in accordance with the
requirements under the Accounting Standard - 22 "Accounting for Taxes
on Income"
a) During the current year ended March 31, 2010 the timing difference
has resulted in a net deferred tax asset of Rs 214,000/-
4) Unclaimed dividend of Rs 11,047,386/- (Previous Year Rs 7,412,578/-)
relates to the period from FY 2002-2003 to FY 2008-2009. During the
year an amount of Rs 529,527/- (Previous Year Rs 653,128/-) has been
transferred to Investor Education and Protection Fund pertaining to
FY2001-02
5) Derivative Instruments
a) Transactions with Key Management Personnel togetherwith Relatives of
such Personnel
Key Management Personnel :
DrArchana Hingorani CEO & Executive Director
Mr Alok Bhargava Executive Director
Upto December 31,2008:
Mr Shahzaad Dalai Vice Chairman & Managing Director
Mrs Nafisa Dalai Spouse of Mr Shahzaad Dalai
6) Segment Reporting
The Company is in the business of providing asset management and other
related service. As such, there are no separate reportable business
segment or geographical segment as per Accounting Standard 17 on
"Segment Reporting". It is considered appropriate by the Management to
have a single segment i.e. "Asset Management and otherrelated service"
7) Disclosure as required underAccounting Standard 15 on "Employee
Benefits" is as under :
a) The Company has recognised Rs 7,712,398/- (Previous Year Rs
8,793,833/-) in Profit and Loss Account under Companys Contribution to
Provident Fund, which is maintained with the office of Regional
Provident Fund Commissioner
8) The Company has entered into Operating Lease arrangements towards
provision for vehicles and Business Centre arrangement towards use of
office facility. The minimum future payments during non-cancellable
periods under the foregoing arrangements in the aggregate for each of
the following periods is as follows:
(i) Not laterthan one year Rs 28,115,837/-
(ii) Laterthan one yearand not laterthan five years Rs 52,985,939/-
(iii) Laterthan five years Rs Nil
During the current year ended March 31, 2010 the lease payments
recognised in the Profit and Loss account for the aforesaid arrangement
amounts to Rs 28,292,292/-
9) On the basis of the information available with the Company there
are no suppliers registered under the Micro, Small. Medium Enterprises
DevelopmentAct, 2006
10) Figures for the previous year have been regrouped and rearranged
whereverconsidered necessary