Notes to Accounts of B N Rathi Securities Ltd.

Mar 31, 2019

1. Corporate Information:

B. N. Rathi Securities Limited (“BNRSL” or “the Company”) is a listed public company domiciled in India and is incorporated under the Companies Act, 1956 (“the Act”) on September 30, 1985. The registered office of the company is located at 6-3-652, IV Floor, Kautilya Amrutha Estates, Somajiguda, Hyderabad, Telangana - 500 082.

The Company is primarily engaged in the business of broking in securities. The Company also deals in depository operations and institutional equities. The Company is listed on Bombay Stock Exchange Limited (“BSE”).

(a) Rights, preferences and restrictions attached to equity shares: The company has one class of equity shares having a par I value of Rs.10 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing annual general meeting. However, interim dividend can be declared by the Board of Directors subject to the provisions of the Companies Act 2013, relevant rules and regulations thereunder.

Nature and purpose of Other Equity:

(a) Capital Reserve

This represents surplus amount on forfeiture of shares and premium on issue of shares.

(b) Securities Premium

Securities premium reserve is used to record the premium on issue of shares. The reserve is utilised in accordance with provisions of the Act.

(c) General Reserve

This represents appropriation of profit by the company.

(d) Retained Earnings

Retained earnings comprise of the company’s accumulated undistributed earnings.

2. Employee Benefits

The Company has a defined benefit gratuity plan. The scheme is funded with an insurance company in the form of a qualifying insurance policy.

The following tables summarize the components of net benefit expense recognized in the statement of profit and loss and the funded status and amounts recognized in the balance sheet:

The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

The overall expected rate of return on assets is determined based on the market prices prevailing on that date, applicable to the period over which the obligation is to be settled.

3. Segment information

The company is operating in financial service sector in India. Thus, there are no reportable segments as defined in Ind AS 108 “Operating Segments”. The company earns its entire “revenue from external customers” in India, being company’s country of domicile. All non-current assets other than financials instruments and deferred tax assets are located in India. There are no single major customers on whom the company’s revenue is dependent upon and revenue from none of the single customer is more than or equal to 10% of the company’s revenue.

4. Balance Confirmations

Confirmations of receivables and payable balances have not been received by the Company, hence, reliance is placed on the balances as per books. In the opinion of the management, the amounts are realizable/payable in the ordinary course of business.

5. Due to Micro and Small Enterprises

The Company has no dues to Micro and Small Enterprises as at March 31, 2019 and March 31, 2018 in the financial statements based on information received and available with the company.

6. During FY 2012-13, company entered into an agreement for sale of land with Mrs. Hari Gayathri, wife of Mr. Venkata Appa Rao Yeleswarapu, client of the company. Mr. Venkata Appa Rao is liable to pay Rs. 34,43,070 to the company as on January 31, 2013. In the process of recovery, the company entered into an agreement for sale of land on February 01, 2013 with his wife for a consideration of Rs. 14,74,864. The consideration is to be treated as advance receivable by her from the company against the amount payable by her husband. The registration of land in the favour of company is pending. The company has decided to disclose the consideration under the head “Long term loans & advances” as ‘Property pending for registration & possession.’ The company has filed a suit for specific performance for the same. The status of the case is ‘pending’ and recovery of the same is doubtful.

7. Fair Value Measurements

i. Fair value hierarchy

Financial assets and financial liabilities measured at fair value in the statement of financial position are grouped into three levels of a fair value hierarchy. The three levels are defined based on the observability of significant inputs to the measurement, as follows:

Level 1: Quoted prices (unadjusted) in active markets for financial instruments.

Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques which maximize the use of observable market data rely as little as possible on entity specific estimates.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.

The Company’s principal financial liabilities comprise loans and borrowings, trade and other payables. The main purpose of these financial liabilities is to finance the Company’s operations. The Company’s principal financial assets include loans, trade and other receivables, and cash and cash equivalents that derive directly from its operations. The Company also holds FVTPL investments and investment in its subsidiaries.

The Company is exposed to market risk, credit risk and liquidity risk. The Company’s Board of Directors oversees the management of these risks. The Company’s Board of Directors is supported by the senior management that advises on financial risks and the appropriate financial risk governance framework for the Company. The senior management provides assurance to the Company’s board of directors that the Company’s financial risk activities are governed by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the Company’s policies and risk objectives.

The carrying amounts reported in the statement of financial position for cash and cash equivalents, trade and other receivables, trade and other payables and other liabilities approximate their respective fair values due to their short maturity.

8. Financial Instruments Risk Management

i. Market Risk

Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices, which will affect the company’s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimizing the return.

a. Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The company has exposure only to financial instruments at fixed interest rates. Hence, the company is not exposed to significant interest rate risk.

b. Price Risk

The company’s exposure to equity securities price risk arises from investments held by the company and classified in the balance sheet either at fair value through OCI or at fair value through profit and loss. The majority of the company’s equity instruments are publicly traded.

c. Sensitivity analysis - Equity price risk

The table below summarizes the impact of increase/decrease of the equity indexes on the Company’s profit for the period. The analysis is based on the assumption that the equity indexes had increased/decreased by 5% with all the other variables held constant and that of the company’s equity instruments moved in line with the index.

ii. Credit Risk

Credit risk is the risk that a counterparty fails to discharge an obligation to the Company, leading to a financial loss. The Company is mainly exposed to the risk of its balances with the bankers and trade and other receivables.

iii. Liquidity Risk

Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an adequate amount of committed credit facilities to meet obligations when due. Due to the nature of the business, the Company maintains flexibility in funding by maintaining availability under committed facilities.

Management monitors rolling forecasts of the Company’s liquidity position and cash and cash equivalents on the basis of expected cash flows. The Company takes into account the liquidity of the market in which the entity operates. The Company’s principal sources of liquidity are the cash flows generated from operations. The Company has no long-term borrowings and believes that the working capital is sufficient for its current requirements. Accordingly, no liquidity risk is perceived.

The tables below analyses the Company’s financial liabilities into relevant maturity groupings based on their contractual maturities for all non-derivative financial liabilities. The amounts disclosed in the table are the contractual undiscounted cash flows. Balances due within 12 months equal their carrying balances as the impact of discounting is insignificant.

9. Capital Risk Management

The Company’s objective when managing capital is to safeguard the Company’s ability to continue as a going concern in order to provide returns for shareholders and benefits for stakeholders. The Company also proposes to maintain an optimal capital structure to reduce the cost of capital. Hence, the Company may adjust any dividend payments, return capital to shareholders or issue new shares. Total capital is the equity as shown in the statement of financial position. Currently, the Company primarily monitors its capital structure on the basis of gearing ratio. Management is continuously evolving strategies to optimize the returns and reduce the risks. It includes plans to optimize the financial leverage of the Company.

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Mar 31, 2017

The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

The overall expected rate of return on assets is determined based on the market prices prevailing on that date, applicable to the period over which the obligation is to be settled.

1. Segment reporting

The Company''s operations predominantly consist only of Broking activities. Hence, there are no reportable segments under Accounting Standard - 17 “Segment Reporting” (AS-17).

During the year, the company''s business has been carried out in India. The conditions prevailing in India being uniform, no separate geographical disclosures are considered necessary. There are no other reportable segments.

2. There is no balance confirmation available for the receivables and payables outstanding as on March 31, 2017 and such balances are subject to confirmation and reconciliation.

3. Due to Micro and Small enterprise:

The principal amount remaining unpaid as at March 31, 2017 in respect of enterprises covered under “Micro, Small and Medium Enterprises Development Act, 2006” (MSMEDA) is Rs. Nil.

In respect of transactions with “Suppliers” who constitute Micro, Small and Medium Enterprises under Micro, Small and Medium Enterprises Development Act, 2006 disclosures relating to interest paid/payable are not applicable.

4. During FY 2012-13, company entered into an agreement for sale of land with Mrs. Hari Gayathri, wife of Mr. Venkata Appa Rao Yeleswarapu, client of the company. Mr. Venkata Appa is liable to pay Rs.34,43,070 to the company as on January 31, 2013. In the process of recovery, the company entered into an agreement for sale of land on February 01, 2013 with his wife for a consideration of Rs.14,74,864. The consideration is to be treated as advance receivable by her from the company against the amount payable by her husband. The registration of land in the favour of company is pending. The company has decided to disclose the consideration under the head “Long term loans & advances” as ''Property pending for registration & possession.'' The company has filed a suit for specific performance for the same. The status of the case is ''pending'' and recovery of the same is doubtful.

5. Disclosure of Specified Bank Notes (SBNs):

During the year, the Company had specified bank notes or other denomination note as defined in the MCA notification G.S.R. 308(E) dated March 31, 2017 on the details of Specified Bank Notes (SBN) held and transacted during the period from November 08, 2016 to December 30, 2016, the denomination wise SBNs and other notes as per the notification is given below:

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

1.. The balance for receivables and payables outstanding as on March 31, 2017 are subject to confirmation and reconciliation.

2. The principal amount remaining unpaid as at March 31, 2017 in respect of enterprises covered under “Micro, Small and Medium Enterprises Development Act, 2006” (MSMEDA) is Rs. Nil.

In respect of transactions with “Suppliers” who constitute Micro, Small and Medium Enterprises under Micro, Small and Medium Enterprises Development Act, 2006 disclosures relating to interest paid/payable are not applicable.

3. The Company''s operations predominantly consist only of Property Development. Hence, there are no reportable segments under Accounting Standard - 17 “Segment Reporting” (AS-17).

During the year, the company''s business has been carried out in India. The conditions prevailing in India being uniform, no separate geographical disclosures are considered necessary. There are no other reportable segments.

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

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Mar 31, 2015

1. Corporate Information:

B.N. Rathi Securities Limited ("BNRSL" or "the Company") was incorporated under the Companies Act, 1956 ("the Act") on September 30, 1985.

The Company is primarily engaged in the business of broking in securities. The Company also deals in depository operations and institutional equities. The Company is listed on Bombay Stock Exchange Limited ("BSE").

Basis of preparation of financial statements

The financial statements are prepared with generally accepted accounting principles in India under the historical cost convention and on an accrual basis of accounting.

The Company has prepared these financial statements to comply in all material respects with the accounting standards notified under Section 133 of the Companies Act 2013, read together with paragraph 7 of the Companies (Accounts) Rules, 2014 , and with the relevant provisions of the Act, pronouncements of The Institute of Chartered Accountants of India (''ICAI'').

The accounting policies adopted in the preparation of financial statements are consistent with those of previous year, except for the change in accounting policy explained.

2. Rights, preferences and restrictions attached to equity shares:

The company has one class of equity shares having a par value of Rs.10 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend.

3. Contingent liabilities :

i) Bank Guarantees :

Particulars 2014-15 2013-14

Bank Guarantees 4,50,00,000 3,00,00,000

ii) The company had filed appeal before ITAT against the order passed by CIT-Appeals, for the assessment year 2010-11, which came up during the year and was referred back to the assessing officer for the reassessing the valuation. The same is not quantified as of date.

4. Gratuity :

The Company has a defined benefit gratuity plan. The scheme is funded with an insurance company in the form of a qualifying insurance policy.

The following tables summarize the components of net benefit expense recognized in the statement of profit and loss and the funded status and amounts recognized in the balance sheet:

5.The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

The overall expected rate of return on assets is determined based on the market prices prevailing on that date, applicable to the period over which the obligation is to be settled.

6. Segment reporting

The Company''s operations predominantly consist only of Broking activities. Hence, there are no reportable segments under Accounting Standard - 17 "Segment Reporting" (AS-17).

During the year, the company''s business has been carried out in India. The conditions prevailing in India being uniform, no separate geographical disclosures are considered necessary. There are no other reportable segments.

7. Related party disclosures as per AS 18:

a) Names of the related parties and nature of relationship:

Nature of Relationship Name of Related Party

Subsidiaries: B.N. Rathi Comtrade Private Limited B.N. Rathi Industries Private Limited

Key Management Personnel (KMP): Hari Narayan Rathi - Managing Director Chetan Rathi - Executive Director

Relatives of Key Management Personnel (KMP): Chanda Devi Rathi -Wife of Hari Narayan Rathi Nisha Rathi - Wife of Chetan Rathi Anuradha Pasari - Daughter of Hari Narayan Rathi Govind Narayan Rathi - Brother of Hari Narayan Rathi

8. Lease obligation as Lessee (Lease Payments):

Lease payments made under cancellable operating leases have been recognized as an expens in the Statement of Profit and Loss.

9. There is no balance confirmation available for the receivables and payables outstanding as on March 31, 2015 and such balances are subject to confirmation and reconciliation.

10. Due to Micro and Small enterprise:

The principal amount remaining unpaid as at March 31, 2015 in respect of enterprises covered under "Micro, Small and Medium Enterprises Development Act, 2006" (MSMEDA) is Rs. Nil.

In respect of transactions with "Suppliers" who constitute Micro, Small and Medium Enterprises under Micro, Small and Medium Enterprises Development Act, 2006 disclosures relating to interest paid/payable are not applicable.

11. During FY 2012-13, company entered into an agreement for sale of land with Mrs. Hari Gayathri, wife of Mr. Venkata Appa Rao Yeleswarapu, client of the company. Mr. Venkata Appa is liable to pay Rs.34,43,070 to the company as on January 31,2013. In the process of recovery, the company entered into an agreement for sale of land on February 01, 2013 with his wife for a consideration of Rs.14,74,864./ The consideration is to be treated as advance receivable by her from the company against the amount payable by her husband. The registration of land in the favour of company is pending. The company has decided to disclose the consideration under the head "Long term loans & advances" as ''Property pending for registration & possession.'' The company has filed a suit for specific performance for the same. The status of the case is ''pending'' and recovery of the same is doubtful.

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

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Mar 31, 2013

1. Information required to be furnished pursuant to clause 4-A.4-C and 4-D of part -II Schedule VI to the Companies Act, 1956 is not provided as the same is not applicable to the Company.

2. The Company has not paid remuneration to any of it''s employees exceeding Rs. 24,00,000/- per annum or Rs.2,00,000/- per month as the case may be .

3. Contingent Liability:

(i)on behalf of the Company. HDFC Bank have given Bank Guarantees of Rs 300.00 Lakhs (Previous Year Rs. 300.00 Lakhs) to NSCCL and BSE.

(ii) In the absence of information Income tax contingent liability in respect other appeals could not be quantified.

4. The Company has obtained a net profit 3,54,475/- in share trading. The aggregate value of shares purchased worked out Rs.1814.79 Crores and the sale thereof worked out to Rs.1818.33 Crores The above profit has been included in other income.

5. Provision for Income tax is Rs. 17,04,945/- made for the year.

6. Subsidiary Company M/s B N Rathi Comtrade Private Limited is member of MCX.NCDEX and National Spot Exchange.

7. During the year, the company has written off balance in VSATs Fixed Assets written down value of Rs 12, 63,778/- as the Assets become obsolescence and recorded in the minutes of the Board of Directors Meeting.

8. Bad Debts written off Rs.57, 727/-during the year.

9. During the year, the company has become Trading member of MCX Stock Exchange for Equity and Derivative Segment.

10. During the year the Company has purchased Equity shares of M/s B N Rathi Industries Private Limited by transfer from related parties Rs 99,700/-as per the Board of Directors resolution. Consequently to holding 99.70% Equity Shares, M/s B N Rathi Industries Private Limited became the Subsidiary Company.

11. During the year, the company has entered in to agreement for sale of land with Smt.Hari Gayatri spouse of the client Mr Venkata Appa Rao Yeleswarapu. It was informed that the client has outstanding due to the company of Rs 34, 43,070/- towards purchase & sale of shares as on 31.01.2013.Further informed that during the course of recovery the company accordingly entered into agreement of sale vide agreement dated 01.02.2013 with the clients''s wife and agreed to treat Rs 14, 74,864/-as advance from the company against amount payable by her husband to the company registration infavour of the company. The company has disclosed in the financial statement the amount of Rs. 14, 78,464/- under Loans & Advances "Property Pending for Registration and possession".

12. Related Party Disclosure:

Key Management Personnel: Hari Narayan Rathi Relatives of Key Management Personnel:

Sri . Govind Narayan Rathi brother of Sri Hari Narayan Rathi Smt. Chanda Devi Rathi wife of Sri Hari Narayan Rathi Sri Chetan Rathi son of Sri Hari Narayan Rathi Smt Nisha Rathi Daughter-ln-Law of Sri Hari Narayan Rathi Smt Anuradha Pasari Daughter of Sri Hari Narayan Rathi Sri Amit Rathi son of Govind Narayan Rathi Subsidiary : M/s B N Rathi Comtrade Private Limited M/s B N Rathi Industries Private Limited

13. As required by Accounting Standard 20 Earning Per Share issued by Institute of Chartered accountants of India (ICAI) .basic earning per share has been calculated by dividing net profit after tax weighted average number of equity shares outstanding during the year as per details given below:

14. Figures of the previous year have been regrouped or re-arranged wherever Considered necessary.

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Mar 31, 2012

1. Information required to be furnished pursuant to clause 4-A.4-C and 4-D of part -II Schedule VI to the Companies Act, 1956 is not provided as the same is not applicable to the Company.

2. The Company has not paid remuneration to any of it's employees exceeding Rs. 24,00,000/- per annum or Rs.2,00,000/- per month as the case may be .

3. Contingent Liability:

(i) on behalf of the Company. HDFC Bank & Axis Bank have given Bank Guarantees of Rs 300.00 Lakhs (Previous Year Rs. 450.00 Lakhs) to NSCCL and BSE.

(ii) In the absence of information Income tax contingent liability in respect other appeals could not be quantified.

4. The Company has obtained a net profit 3,46,254/- in share trading. The aggregate value of shares purchased worked out Rs.27.32 Crores and the sale thereof worked out to Rs.27.35 Crores The above profit has been included in other income.

5. Provision for Income tax is Rs. 15,49,162/- made for the year.

6. Subsidiary Company M/s B N Rathi Comtrade Private Limited is member of MCX,NCDEX and National Spot Exchange.

7. Bad Debts written off Rs. 57,727/- during the year.

8. Related Party Disclosure:

Key Management Personnel: Hari Narayan Rathi Relatives of Key Management Personnel:

Sri . Govind Narayan Rathi brother of Sri Hari Narayan Rathi

Smt. Chanda Devi Rathi wife of Sri Hari Narayan Rathi

Sri Chetan Rathi son of Sri Hari Narayan Rathi

Smt Nisha Rathi Daughter-In-Law of Sri Hari Narayan Rathi

Smt Anuradha Pasari Daughter of Sri Hari Narayan Rathi

Sri Amit Rathi son of Govind Narayan Rathi

Subsidiary : M/s B N Rathi Comtrade Private Limited

9. Figures of the previous year have been regrouped or re-arranged wherever Considered necessary.

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Mar 31, 2011

1. Information required to be furnished pursuant to clause 4-A, 4-C and 4-D of part-ll Schedule VI to the Companies Act, 1956 is not provided as the same is not applicable to the Company.

2. The Company has not paid remuneration to any of it's employees exceeding Rs. 24,00,000/- per annum or Rs. 2,00,000 per month as the case may be.

3. Contingent Liability :

(i)On behalf of the company, HDFC Bank & AXIS Bank have given Bank Guarantees of Rs 450.00 Lakhs (Previous Year Rs.400.00 Lakhs) to NSCCL and IL&FS.

(ii) The Company has disputed Income Tax demand Rs.1,44,656/- for the Assessment year 2006-07 and Rs 79,900/- for the Asst Year 2007-08 and appeals are pending disposal.

(iii) In the absence of information Income tax contigent Liability in respect other appeal could not be quantified.

4. Taxes on Income: Current tax is determined on taxable income for the period . Deferred tax isrecognized, subject to the consideration of prudence, on timing differences, being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.Deferred Tax assets on difference between WDV of assets as per Companies Act and Income Tax Act is Rs.23,600/-

5. The Company has incurred a net loss of Rs 10096/- in share Trading. The aggregate value of shares purchased worked out Rs. 581.65 Lakhs and the sale thereof worked out to Rs.581.75 Lakhs. The above loss has been included in other income.The above profit has been included imother income.

6. Provision for Income Tax is Rs 27,49,801/- made for the year.

7. During the year an amount of Rs. 1,51,642/- has been transferred to General Reserves from out of profits.

8. Subsidiary company M/s. B N Rathi Comtrade Private Limited is member of MCX & NCDEX Exchanges.

9. Bad Debts written off Rs 32,644/- during the year.

10. Related Party Disclosure:

Key Managment Personnel: Sri HARI NARAYANRATHI

Relatives of Key Management Personnel

Sri. Badri Narayan Rathi father of Sri. HARI NARAYANRATHI

Smt. Basanthi Devi Rathi Mother of Sri. HARI NARAYANRATHI

Sri. Govind Narayan Rathi brother of Sri. HARI NARAYANRATHI

Smt. Chanda Devi Rathi wife of Sri. HARI NARAYANRATHI

Smt. Kamala Devi Rathi Sister-in-law of Sri. HARI NARAYANRATHI

Sri. Chetan Rathi Son of Sri.HARI NARAYANRATHI

Smt. Nisha Rathi Daughter-in-law of Sri. HARI NARAYANRATHI

Smt. Neetha Rathi Sister-in-law of Sri.HARI NARAYANRATHI

Smt. Sunita Rathi Sister-in-law of Sri.HARI NARAYANRATHI

Smt. Anuradha Pasari Daughter of Sri.HARI NARAYANRATHI

11. Figures of the Previous Year have been re-grouped or re-arranged wherever considered necessary.

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Mar 31, 2010

1. Information required to be furnished pursuant to clause 4-A, 4-C and 4-D of part-ll Schedule VI to the Companies Act, 1956 is not provided as the same is not applicable to the Company.

2. The Company has not paid remuneration to any of its employees exceeding Rs. 24,00,000/- per annum or Rs. 2,00,000 per month as the case may be.

3. Contingent Liability :

(i)On behalf of the company, HDFC Bank & Karur Vysya Bank have given Bank Guarantees of Rs 400.00 Lakhs (Previous Year Rs.300.00 Lakhs) to NSCCL and IL&FS. (ii) The Company has disputed Income Tax demand Rs.1,44,656/- for the Assessment year 2006-07 and Rs 79,900/- for the Asst Year 2007-08 and appeals are pending disposal.

(iii) In the absence of information Income tax contigent Liability in respect other appeal could not be quantified.

4. Taxes on Income: Current tax is determined on taxable income for the period Rs. 45 lakhs. Deferred tax is recognized, subject to the consideration of prudence, on timing differences, being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods. Deferred Tax assets on difference between WDV of assets as per Companies Act and Income Tax Act is Rs.23,600/-

5. The Company has incurred a net loss of Rs 84,654/- in share Trading. The aggregate value of shares purchased worked out Rs. 42.24 Lakhs and the sale thereof worked out to Rs.43.08 Lakhs. The above loss has been included in other income.Profit on Sale of Stock In Trade Rs 1,94,394/- included under other imcome.

6. During the year the Promoters have subscribed Share Capital Rs 20,80,000 by conversion of 208000 warrants into equity shares of Rs 10/- each at apremium of Rs 12/- per share.

7. During the year, the company has sold the Land for Rs 46,00,000/- and the same has been disclosed under the other income.

8. Preferential Convertible Warrants of Rs 11,92,400/- have been forfeited due to lapse of period for conver sion and the same transferred to Capital Reserve.

9. During the year an amount of Rs. 2,16,150/- has been transferred to General Reserves from out of profits.

10. Subsidiary company M/s. B N Rathi Comtrade Private Limited is member of MCX & NCDEX Exchanges.

11. During the year, preliminary Expenses Rs. 76,236/- and Expenses Rs. 75,000/- incurred in Connection with increase of authorised capital of M/s. B N Rathi Comtrade Private Limited were absorbed by the company and the same has been debited to profit and Loss account.

12. Bad Debts written off Rs 3, 33,775/- during the year.

14. Figures of the Previous Year have been re-grouped or re-arranged wherever considered necessary.