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Notes to Accounts of VLS Finance Ltd.

Mar 31, 2016

1. NOTES FORMING PART OF FINANCIAL STATEMENT

1. Contingent Liability:- NIL.

2. In some cases balances in the accounts of Debtors, Loans and Advances, Other Current Assets and Creditors are subject to confirmation by the respective parties.

3. Cash & Bank Balances :

Bank Deposits include fixed deposits of Rs.1,04,95,167/- (Previous Year -Rs.1,12,83,196/-) pledged with the banks as security for availing overdraft facilities.

6. Interest Receipts (Gross) Rs.84,84,401/-(inclusive of interest of Rs.12,93,639/- on Fixed Deposits and of Rs.59,71,809/- on margin money with share brokers and other interest received of Rs.12,18,953/-) (Previous Year Rs. 75,42,374/-, inclusive of interest of Rs.31,59,164/- on Fixed Deposits and Rs.42,51,498/-on margin money with share brokers and other interest received of Rs.1,31,712/-) grouped under Income from Operations includes Tax Deducted at Source amounting to Rs.8,37,661/- (Previous Year Rs. 7,49,332/-).

7. The Current Assets, Loans and advances have the value on realization in the ordinary course of business at least equal to the amount at which they are stated.

8. The term of lease agreements in respect of Leased Assets have expired and the assets continue in the possession of lessees. However, the said assets have been included in the block of fixed assets of the Company pending the transfer of titles.

9. Expenditure in Foreign Exchange:-

Foreign Travel Expenses Rs. 3,937/- (Previous year: Foreign Travel Expenses- Rs. 3,51,470) and Subscriptions Rs. 56,935/- ( Previous year: Rs. 47,179)

10. A non interest bearing amount of Rs. 9,29,010/- (maximum amount outstanding during the year is Rs.9,29,010/-) is due from VLS Asset Management Ltd., the subsidiary of the Company.

11. Accounting Standard (AS -17) relating to “Segment Reporting” has been complied with. The gross operating income and profit from the other segment is below the norms prescribed in AS-

12, hence separate disclosure has not been made.

13. As per Accounting Standard 15 “Employee benefits”, the disclosures as defined in the Accounting Standard are given below:-

Defined Benefit Plans

A) Disclosure required under Accounting Standard 15 - Employee Benefits.- Gratuity

(a) Gratuity (being administered by a Trust) is computed as 15 days salary, for every completed year of service or part thereof in excess of 6 months and is payable on retirement/termination/ resignation. The benefit vests on the employee completing 5 years of service. The Grautity plan for the Company is a defined contribution plan where annual contributions as demanded by the insurer are deposited.

Assumptions relating to future salary increases, attrition, interest rate for discount and overall expected rate of return on assets have been considered based on relevant economic factors such as inflation, market growth and other factors applicable to the period over which the obligation is expected to be settled.

14. Bad Debts recovery of Rs.41,17,000/- is net of bad debts written off of Rs. NIL (Previous year: Bad Debts recovery of Rs.19,95,000/- is net of bad debts written off of Rs.20,05,000/-)

15. After coming into effect of the Companies Act, 2013, the definition of “Associate” covers a Company or Companies in which the Company holds not less than 20% of the Total Share Capital of that company or those companies irrespective of whether they are in the same group or not. Hence, Sunair Hotels Ltd. and BMS IT Institute Private Ltd which are presently not in the same group, have been considered as Associate. Even though the company is in litigation with these companies, in the opinion of the Company, there is no adverse impact of such litigation on investments/advances made by it in these associates.

16. Notes 1 to 24 form an integral part of financial statements.

17. Previous year’s figures have been regrouped /reclassified wherever necessary to correspond with the current year’s classification/disclosure.


Mar 31, 2015

1. Contingent Liability:- NIL.

2. In some cases balances in the accounts of Debtors, Loans and Advances, Other Current Assets and Creditors are subject to confirmation by the respective parties.

3. Cash & Bank Balances include

Bank Deposits include fixed deposits of Rs.1,12,83,196/- (Previous Year – Rs.2,11,75,099/-) pledged with the banks as security for availing overdraft facilities.

4. In view of the requirements of Schedule II of the Companies Act 2013, depreciation for the year has been provided based on the lives prescribed under the schedule II. Further in view of transitional provision of the Schedule II, a sum of Rs.1,16,437 has been adjusted in retained earnings on account of those assets whose useful life was nil as on 31st March 2014 as per the provisions of Schedule II. Further due to applicability of schedule II during the year, the depreciation for the year is higher by Rs. 4,22,135/-

5. Interest Receipts (Gross) Rs.75,42,374/-(inclusive of interest of Rs.31,59,164/- on Fixed Deposits and of Rs.42,51,498/- on margin money with share brokers and other interest received of Rs. 1,31,712/-) (Previous Year Rs. 1,76,17,281/-, inclusive of interest of Rs.81,46,851/- on Fixed Deposits and Rs.90,20,938/-on margin money with share brokers and other interest received of Rs.4,49,492/-) grouped under Income from Operations includes Tax Deducted at Source amounting to Rs.7,49,332/- (Previous Year Rs. 17,58,779/-).

6. The Current Assets, Loans and advances have the value on realization in the ordinary course of business at least equal to the amount at which they are stated.

7. The term of lease agreements in respect of Leased Assets have expired and the assets continue in the possession of lessees. However, the said assets have been included in the block of fixed assets of the Company pending the transfer of titles.

8. Expenditure in Foreign Exchange:–

Foreign Travel Expenses Rs. 3,51,470/- (Previous year: Foreign Travel Expenses- Rs. 1,75,216) and Subscriptions Rs.47,179 ( Previous year: Rs.NIL)

9. A non interest bearing amount of Rs. 9,24,336/- (maximum amount outstanding during the year is Rs.9,24,336/-) is due from VLS Asset Management Ltd., the subsidiary of the Company.

10. Accounting Standard (AS -17) relating to "Segment Reporting" has been complied with. The gross operating income and profit from the other segment is below the norms prescribed in AS-17, hence separate disclosure has not been made.

Assumptions relating to future salary increases, attrition, interest rate for discount and overall expected rate of return on assets have been considered based on relevant economic factors such as inflation, market growth and other factors applicable to the period over which the obligation is expected to be settled.

11. Provision for non-performing assets of Rs. NIL/- is net off of Rs.20,05,000/- being excess provision written back of Non-performing assets/diminution in value of assets. (Previous year: Provision for Non- performing assets of Rs. 59,75,970/- is net off of Rs.30,24,030/- being excess provision written back of Non-performing assets/diminution in value of assets).

12. In respect of office premise acquired earlier, for which possession has already been taken by the Company, the registration formalities are yet to take place.

13. Bad Debts recovery of Rs.19,95,000/- is net of bad debts written off of Rs.20,05,000/- (Previous year: Bad Debts written off is Rs. 21,24,030/-).

14. After coming into effect of the Companies Act, 2013, the definition of "Associate" covers a Company or Companies in which the Company holds not less than 20% of the Total Share Capital of that company or those companies irrespective of whether they are in the same group or not. Hence, Sunair Hotels Ltd. and BMS IT Institute Private Ltd which are presently not in the same group, have been considered as Associate. Even though the company is in litigation with these companies, in the opinion of the Company, there is no adverse impact of such litigation on investments/advances made by it in these associates.

15. Notes 1 to 23 form an integral part of financial statements.

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


Mar 31, 2014

COMPANY OVERVIEW

The company is a public limited company registered under the Companies Act, 1956 and is listed on the National Stock Exchange (NSE), Bombay Stock Exchange (BSE), Calcutta Stock Exchange and Madras Stock Exchange. The company was Non-Banking Finance Company (NBFC) duly registered with Reserve Bank of India. The NBFC Certificate of Registration (CoR) with Reserve Bank of India (RBI) has voluntarily been surrendered by the Company during the year under review which has been accepted by RBI vide its letter dated 13/02/2014 w.e.f. 29/01/2014. The Company had applied for membership of Bombay Stock Exchange (BSE) during the year under review and the same has been approved by BSE vide letter dated 14/05/2014. The SEBI Registration Certificate in connection thereto is awaited.

1. Contingent Liability:- NIL.

2. In some cases balances in the accounts of Debtors, Loans and Advances, Other Current Assets and Creditors are subject to confirmation by the respective parties.

3. Cash & Bank Balances include

Bank Deposits include fixed deposits of Rs.2,11,75,099/- (Previous Year – Rs.3,86,76,747/-) pledged with the banks as security for availing overdraft facilities.

4. As for most part of the year under review, the Company was NBFC, the Company has followed the applicable Guidelines issued by the Reserve Bank of India to all Non-Banking Financial Companies regarding Capital Adequacy, Asset Classification, provisioning for and income recognition on non-performing assets.

5. Additional information pursuant to the provision of paragraphs 3, 4C & 4D of Part II of Schedule VI of the Companies Act, 1956

6. Interest Receipts (Gross) Rs.1,76,17,281/-(inclusive of interest of Rs.81,46,851/- on Fixed Deposits and of Rs.90,20,938/- on margin money with share brokers and other interest received of Rs.4,49,492/-) (Previous Year Rs. 1,79,47,838/-, inclusive of interest of Rs.35,45,052/- on Fixed Deposits and Rs.1,42,19,788/- on margin money with share brokers and other interest received of Rs.1,82,998/-) grouped under Income from Operations includes Tax Deducted at Source amounting to Rs.17,58,779/- (Previous Year Rs. 17,92,451/-).

7. The Current Assets, Loans and advances have the value on realization in the ordinary course of business at least equal to the amount at which they are stated.

8. The term of lease agreements in respect of Leased Assets have expired and the assets continue in the possession of lessees. However, the said assets have been included in the block of fixed assets of the Company pending the transfer of titles.

9. Related Party Disclosure Followings are the related parties:- Subsidiaries: - VLS Securities Ltd. (99.67%) and VLS Asset Management Ltd (99.15%),

Key Managerial Personnel:- 1) Shri S.K.Agarwal (Managing Director) 2) Shri K.K.Soni (Director Finance & CFO)

Associates: - South Asian Enterprises Ltd.

Summary of transactions with the above related parties is as follows:-

10. Expenditure in Foreign Exchange:–

Foreign Travel Expenses Rs. 1,75,,216/- (Previous year Rs. 41,588).

11. A non interest bearing amount of Rs. 9,19,595/- (maximum amount outstanding during the year is Rs.9,18,572/-) is due from VLS Asset Management Ltd., the subsidiary of the Company.

12. The Company remained an NBFC far most past of the year under review and was mainly engaged in finance business including dealing through stock Exchanges and Commodity Exchanges. As activities of the Company far most part of the year related to the finance business, there are no separate segments for reporting as per the Accounting Standard AS-17 issued by the Institute of Chartered Accountants of India.

Defined Benefit Plans

A) Disclosure required under Accounting Standard 15 - Employee Benefits.- Gratuity

(a) Gratuity (being administered by a Trust) is computed as 15 days salary, for every completed year of service or part thereof in excess of 6 months and is payable on retirement/termination/resignation. The benefit vests on the employee completing 5 year of service. The Grautity plan for the Company is a defined contribution plan where annual contributions as demended by the insurer are deposited.

Note:

Actuarial valuation has been taken as per Certificate issued by Registered Actuary. Till previous year, it was based on Certificate issued by LIC

13. Disclosure required under Accounting Standard 15 - Employee Benefits.

The liability of Leave Encashment benefit is provided for on actuarial valuation using Projected Unit Credit method. The disclosure as required under AS 15 regarding the Company''s Leave encashment benefit plan is as follows:-

Assumptions relating to future salary increases, attrition, interest rate for discount and overall expected rate of return on assets have been considered based on relevant economic factors such as inflation, market growth and other factors applicable to the period over which the obligation is expected to be settled.

14. Provision for non-performing assets of Rs. 59,75,970/- is net off of Rs.30,24,030/- being excess provision written back of Non-performing assets/ diminution in value of assets. (Previous year: Provision for Non-performing assets written back of Rs.3,42,120/- is net off of Rs.10,00,000/- being provision for Non- performing assets/diminution in value of assets).

15. In respect of office premise acquired earlier, for which possession has already been taken by the Company, the registration formalities are yet to take place.

16. Bad Debts written off during the year is Rs. 21,24,030/-(Previous year: Bad Debts recovery of Rs.1,32,880/- is net of bad debts written off of Rs.10,67,120).

17. Schedule to the Balance sheet of a non-deposit taking Non-Banking Financial Company, as required in terms of Paragraph 13 of Non-Banking Financial (Non- Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007 has not been annexed with the Balance sheet as on 31/03/2014 as the Company has voluntarily surrendered the NBFC Certificate of Registration (CoR) during the year under review which has been accepted by RBI vide its letter dated 13/02/2014 w.e.f. 29/01/2014. In view of this, Statutory Reserve u/s 45IC of the RBI Act, 1934 has not been created and Contingent Provisions against Standard Assets as per relevant guidelines of RBI has not been made in the financial statements.

18. During the year, 11,32,983 Fully Paid-up Equity Shares of Rs.10/-each have been bought back by the Company from the existing share holders at a price of Rs.14.50 per share and the Paid up Capital of the Company got reduced by Rs.1,13,29,830/-.

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


Mar 31, 2013

1. Contingent Liability:- NIL.

2. In some cases balances in the accounts of Debtors, Loans and Advances, Other Current Assets and Creditors are subject to confirmation by the respective parties.

3. Cash & Bank Balances include

(a) Share Transfer Stamps of Rs. Nil/- (Previous Year Rs.1,416/-).

(b) Bank Deposits include fixed deposits of Rs.3,86,76,747/- (Previous Year - Rs.10,83,548/-) pledged with the banks as security for availing overdraft facilities.

4. The Company has followed the applicable Guidelines issued by the Reserve Bank of India to all Non-Banking Financial Companies regarding Capital Adequacy, Asset Classification, provisioning for and income recognition on non-performing assets.

5. Additional information pursuant to the provision of paragraphs 3, 4C & 4D of Part II of Schedule VI of the Companies Act, 1956

6. Interest Receipts (Gross) Rs.1,79,47,838/-(inclusive of interest of Rs.35,45,052/- on Fixed Deposits and of Rs.1,42,19,788/- on margin money with share brokers and other interest received of Rs.1,82,998/-) (Previous Year Rs. 4,77,94,903/-, inclusive of interest of Rs.1,60,84,983/- on Fixed Deposits and Rs.3,16,77,569/- on margin money with share brokers and other interest received of Rs.32,351/-) grouped under Income from Operations includes Tax Deducted at Source amounting to Rs.17,92,451/- (Previous Year Rs. 47,77,056/-).

7. The Current Assets, Loans and advances have the value on realization in the ordinary course of business at least equal to the amount at which they are stated.

8. The term of lease agreements in respect of Leased Assets have expired and the assets continue in the possession of lessees. However, the said assets have been included in the block of fixed assets of the Company pending the transfer of titles.

9. Related Party Disclosure Followings are the related parties:-

Subsidiaries: - VLS Securities Ltd. (99.67%) and VLS Asset Management Ltd (99.15%), Key Managerial Personnel: - Shri S.K.Agarwal (Managing Director)

Associates: - South Asian Enterprises Ltd.

Summary of transactions with the above related parties is as follows:-

10. Expenditure in Foreign Exchange:-

Foreign Travel Expenses Rs. 41,588/- (Previous year Rs 5,87,906).

11. A non interest bearing amount of Rs. 9,18,572/- (maximum amount outstanding during the year is Rs.9,18,572/-) is due from VLSAsset Management Ltd., the subsidiary of the Company.

12. The Company being a Non-Banking Financial Company is mainly engaged in finance business including dealings through Stock and Commodity Exchanges. As all activities of the Company are covered under finance business; there are no separate segments for reporting as per the Accounting Standard AS-17 issued by the Institute of Chartered Accountants of India.

13 (a) Schedule to the Balance sheet of a non-deposit taking Non-Banking Financial Company

[as required in terms of Paragraph 13 of Non-Banking Financial (Non-Deposit Accepting or Holding) Companies. Prudential Norms (Reserve Bank) Directions, 2007]

Assumptions relating to future salary increases, attrition, interest rate for discount and overall expected rate of return on assets have been considered based on relevant economnic factors such as inflation, market growth and other factors applicable to the period over which the obligation is expected to be settled.

14. Allowance for Non-performing assets written back of Rs. 3,42,120/- is net off of Rs.10,00,000/- being allowance of Non-performing assets/diminution in value of assets. (Previous year: Allowance for Non-performing assets of Rs.22,624/- is net off of Rs.10,57,376/- being excess allowance written back in the value of Non-performing assets).

15. In respect of office premise acquired earlier, for which possession has already been taken by the Company, the registration formalities are yet to take place.

16. Bad Debts recovery of Rs.1,32,880/- is net of bad debts written off of Rs.10,67,120/- (Previous year: Bad Debts written off Rs.57376/-)

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

18. Notes 1 to 22 form an integral part of financial statements.


Mar 31, 2012

1. Contingent Liability:- NIL.

2. In some cases balances in the accounts of Debtors, Loans and Advances, Other Current Assets and Creditors are subject to confirmation by the respective parties.

3. Cash & Bank Balances include

(a) Share Transfer Stamps of Rs. 1,416/- (Previous Year Rs.1,416/-).

(b) Bank Deposits include fixed deposits of Rs.10,83,548/-(Previous Year - Rs.21,74,95,000/-) pledged with the banks as security for availing overdraft facilities.

4. The Company has followed the applicable Guidelines issued by the Reserve Bank of India to all Non-Banking Financial Companies regarding Capital Adequacy, Asset Classification, provisioning for and income recognition on non-performing assets.

5. Interest Receipts (Gross) Rs.4,77,94,903/-(inclusive of interest of Rs.1,60,84,983/- on Fixed Deposits and of Rs.3,16,77,569/- on margin money with share brokers and other interest received of Rs.32,351/-) (Previous Year Rs. 5,25,59,993/-, inclusive of interest of Rs.1,31,65,975/- on Fixed Deposits and Rs.3,93,55,549/- on margin money with share brokers and other interest received of Rs.38,469/-) grouped under Income from Operations includes Tax Deducted at Source amounting to Rs.47,77,056/- (Previous Year Rs. 52,52,158/-).

6. The Current Assets, Loans and advances have the value on realization in the ordinary course of business at least equal to the amount at which they are stated.

7. The term of lease agreements in respect of Leased Assets have expired and the assets continue in the possession of lessees. However, the said assets have been included in the block of fixed assets of the Company pending the transfer of titles.

8. Related Party Disclosure Followings are the related parties:-

Subsidiaries: - VLS Securities Ltd. (99.67%) and VLS Asset Management Ltd (99.15%), Key Managerial Personnel: - Shri S.K.Agarwal (Managing Director)

Associates: - South Asian Enterprises Ltd.

9. Expenditure in Foreign Exchange:-

Foreign Travel Expenses Rs.5,87,906/- (Previous year Rs 27,56,104).

10. A non interest bearing amount of Rs. 9,17,551/- (maximum amount outstanding during the year is Rs.9,17,551/-) is due from VLS Asset Management Ltd., the subsidiary of the Company.

11. The Company being a Non-Banking Financial Company is mainly engaged in finance business including dealings through Stock and Commodity Exchanges. As all activities of the Company are covered under finance business; there are no separate segments for reporting as per the Accounting Standard AS-17 issued by the Institute of Chartered Accountants of India.

12 (a) Schedule to the Balance sheet of a non-deposit taking Non-Banking Financial Company

[as required in terms of Paragraph 13 of Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007]

Defined Benefit Plans

A) Disclosure required under Accounting Standard 15 - Employee Benefits.- Gratuity

(a) Gratuity (being administered by a Trust) is computed as 15 days salary, for every completed year of service or part thereof in excess of 6 months and is payable on retirement/termination/ resignation. The benefit vests on the employee completing 5 years of service. The Gratuity plan for the Company is a defined contribution plan where annual contributions as demanded by the insurer are deposited.

Assumptions relating to future salary increases, attrition, interest rate for discount and overall expected rate of return on assets have been considered based on relevant economic factors such as inflation, market growth and other factors applicable to the period over which the obligation is expected to be settled.

13. Allowance for Non-performing assets of Rs. 22,624/- is net off of Rs.10,57,376/- being excess allowance written back in the value of Non-performing assets. (Previous year: Allowance for Non-performing assets of Rs.15,00,000/- is net off of Rs.10,00,000/- being excess allowance written back in the value of Non-performing assets).

14. In respect of office premise acquired earlier, for which possession has already been taken by the Company, the registration formalities are yet to take place.

15. The Revised Schedule VI has become effective from 1st April, 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year's figures have been regrouped/reclassified wherever necessary to correspond with the current year's classification/disclosure.

16. Notes 1 to 24 form an integral part of financial statements.


Mar 31, 2010

1. Contingent Liability:- Nil

2. In some cases balances in the accounts of Debtors, Loans and Advances, Other Current Assets and Creditors are subject to confirmation by the respective parties.

3. Cash & Bank Balances include

(a) Share Transfer Stamps of Rs. 1,416/- (Previous Year Rs.1,416/-).

(b) Bank Deposits include fixed deposits of Rs. 10,56,00,000/- (Previous Year – Rs.12,71,277/-) pledged with the banks as security for overdraft facilities.

4. The Company has followed the applicable Guidelines issued by the Reserve Bank of India to all Non-Banking Financial Companies regarding Capital Adequacy, Asset Classification, provisioning for and income recognition on non-performing assets.

5. Interest Receipts (Gross) Rs.6,81,62,628/-(inclusive of interest of Rs.66,86,772/- on Fixed Deposits and of Rs.6,07,59,761/- on margin money with share brokers and other interest received of Rs.7,16,095/-) (Previous Year Rs. 4,16,56,649/-, inclusive of interest of Rs.2,25,546/- on Fixed Deposits and Rs.4,14,05,007/- on margin money with share brokers and other interest received of Rs.26,096/-) grouped under Income from Operations includes Tax Deducted at Source amounting to Rs.67,85,853/- (Previous Year Rs. 91,00,492/-).

6. The term of lease agreements in respect of Leased Assets have expired and the assets continue in the possession of lessees. However, the said assets have been included in the block of fixed assets of the Company pending the transfer of titles.

7. Expenditure in Foreign Exchange: - Foreign Travel Expenses Rs. 6,17,574/- (Previous year Rs 12,28,397).

8. A non interest bearing amount of Rs. 9,15,511/- (maximum amount outstanding during the year is Rs.9,15,511/-) is due from VLS Asset Management Ltd., the subsidiary of the Company.

9. The Company being a Non-Banking Financial Company is mainly engaged in finance business including dealings through Stock and Commodity Exchanges. As all activities of the Company are covered under finance business; there are no separate segments for reporting as per the Accounting Standard AS-17 issued by the Institute of Chartered Accountants of India.

10. Outstanding derivatives contracts at the year end are of Rs. Nil (Previous year Rs. 1,35,68,625/-). The loss on these derivatives have been provided for.

11. The assets of VLS Investments Inc., Delaware, USA, a wholly owned subsidiary of the Company, have been realized and the cash in hand of US$ 365 was utilized for meeting the dissolution expenses of the said subsidiary. The process of dissolution of the said subsidiary is in progress as no assets and liabilities of the same are left as on 31-03-2010.

12 Disclosure required under Accounting Standard 15 - Employee Benefits.

(a) Gratuity (being administered by a Trust) is computed as 15 days salary, for every completed year of service or part thereof in excess of 6 months and is payable on retirement/termination/resignation. The benefit vests on the employee completing 5 years of service. The Gratuity plan for the Company is a defined contribution plan where annual contributions as demanded by the insurer are deposited.

The amount recognised as expenses for this defined contribution plan in the financial statement is Rs. 1,22,494/- (Previous year: Rs.4,25,516/-) which includes Rs.23,408/- (Previous year: Rs.83,082/-) towards contribution for key managerial personnel.

Assumptions relating to future salary increases, attrition, interest rate for discount and overall expected rate of return on assets have been considered based on relevant economic factors such as inflation, market growth and other factors applicable to the period over which the obligation is expected to be settled.

13. Provision for Diminution in the value of Investment Rs. 80,000/- is net off of Rs.23,00,000/- being excess provision written back in the value of assets.(Previous year: Provision for Diminution in the value of Investment Rs.1,22,14,494/- is net off of Rs.3,77,85,506/- being excess provision written back in the value of assets ).

14. In respect of office premise acquired earlier, for which possession has already been taken by the Company, the registration formalities are yet to take place.

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

16. Schedules from 1 to 18 form an integral part of accounts.