Team India Guaranty Ltd. के अकाउंट के लिये नोट

Mar 31, 2025

p) Provisions and other Contingent liabilities

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result
of past events, and it is probable that an outflow of resources embodying economic benefits will be
required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.
When the effect of the time value of money is material, the Company determines the level of provision
by discounting the expected cash flows at a pre-tax rate reflecting the current market assessment of time
value of money and risk is specific to liabilities. The expense relating to any provision is presented in the
statement of profit and loss net of any reimbursement in other operating expenses.

A disclosure for a contingent liability is made when there is a possible obligation or a present
obligation that may, but probably will not require an outflow of resources embodying economic benefits
or the amount of such obligation cannot be measured reliably. When there is a possible obligation or a
present obligation in respect of which likelihood of outflow of resources embodying economic benefits
is remote, no provision or disclosure is made.

q) Retirement and other employee benefits

i) Provident Fund (Defined Contribution Plans)

Contributions to defined contribution plans are recognised as expense when employees have
rendered services entitling them to such benefits.

ii) Gratuity (Defined Benefit Plan)

For defined benefit plans, the cost of providing benefits is determined using the projected unit
credit method with acturial valuations being carried out at each balance sheet date. Acturial gains
and losses are recognised in full in other comprehensive income for the period in which they occur.
Past service cost both vested and unvested is recognised as an expense at the earlier of (a.) when the
plan amendment or curtailment occurs; (b) when the entity recognises related restructuring costs or
related termination benefits.

The retirement benefits / obligations recognised in the balance sheet represents the present value
of the defined benefit / obligations reduced by the fair value of scheme assets. Any assets resulting
from this calculation is limited to present value of available refunds and reductions in future
contributions to the scheme.

iii) Short-term employee benefits

All employee benefits payable wholly within twelve months of rendering the service are classified
as short-term employee benefits. These benefits include compensated absences such as paid annual
leave and sickness leave. The undiscounted amount of short-term employee benefits expected to be
paid in exchange for the services rendered by employees is recognized in the Statement of Profit
and Loss during the year.

r) Earnings per share

Basic earnings per share (EPS) is calculated by dividing the net profit for the year attributable to equity
holders of the company by the weighted average number of equity shares outstanding during the year.
Diluted EPS is calculated by dividing the net profit attributable to equity holders of company by the
weighted average number of equity shares outstanding during the year plus dilutive potential shares
except where results are anti-dilutive.

s) Rounding of amounts

All amounts disclosed in the financial statements and notes have been rounded off to the nearest Lakhs
as per the requirements.

t) Events after reporting date

Where events occurring after the balance sheet date provide evidence of conditions that existed at the end
of the reporting period, the impact of such events is adjusted within the financial statements. Otherwise,
events after the balance sheet date of material size or nature are only disclosed.

u) Recent Pronouncements

The following Indian Accounting Standards have been modified on miscellaneous issues with effect
from April 1, 2024. Such changes include clarification/guidance on:

Ind AS 117 — Insurance Contracts: Introduced to replace Ind AS 104, primarily applicable to insurance
entities.

Ind AS 116 — Leases: Amended to clarify accounting for sale and leaseback transactions.

Ind AS 101 — First-time Adoption of Indian Accounting Standards: Updated to incorporate transition
provisions relating to Ind AS 117.

Ind AS 103 — Business Combinations: Amended to address the classification and measurement of
insurance contracts acquired in business combinations.

Ind AS 105 — Non-current Assets Held for Sale and Discontinued Operations: Modified to include
groups of contracts within the scope of Ind AS 117.

Ind AS 107 and Ind AS 109 — Financial Instruments: Enhanced guidance on disclosures and
measurement principles related to insurance contracts.

None of the above amendments had any material effect on the company’s financial statements, except
for disclosure of Material Accounting Policies instead of Significant Accounting Policies in the Financial
Statements.

(b) Terms/rights/restrictions attached to equity shares

(i) The company has one class of equity shares having a par value of Rs. 10 per share. Each holder of
equity shares is entitled to one vote per share. The company declares and pays dividend in Indian
Rupees. The dividend if any proposed by the Board of Director is subject to the approval of the
share holders in the ensuing Annual General Meeting.

(ii) In the event of Liquidation of the company, the holders of equity shares will be entitled to receive
remaining assets of the company, after distribution of all preferential amounts. The distribution
will be in proportion to the number of equity shares held by the shareholders.

Nature and Purpose of Reserves

a) Capital Redemption Reserve

It is created in accordance with Section 55 of the Companies Act, 2013, the Company had created
capital redemption reserve of an amount equal to the nominal value of the shares redeemed as an
appropriation from profits.

b) Securities Premium

Securities premium is used to record the premium on issue of shares. It can be utilised only for limited
purposes in accordance with the provisions of the Companies Act, 2013.

c) Reserve fund in terms of section 45-IC(1) of the Reserve Bank of India Act, 1934

Section 45IC of Reserve Bank of India Act, 1934 ("RBI Act,1934") defines that every non banking
financial institution which is a Company shall create a reserve fund and transfer therein a sum not less
than twenty percent of its net profit every year as disclosed in the statement of profit and loss before
any dividend is declared. The Company has transferred an amount of Rs. 35.84 Lakhs (PY: Rs. 18.73
Lakhs) to Reserve Fund pursuant to Section 45-IC of RBI Act, 1934.

d) Retained Earnings

Retained earnings represents profits that the company earned till date, less any transfers to General
Reserve, Statutory Reserves, Dividends and other distributions paid to the shareholders.

e) Other Comprehensive Income/(Loss)

Other comprehensive income consist of remeasurement gains / losses on defined benefit plans, gain /
(loss) of equity instruments carried through FVTOCI.

22. Contingent Liabilities and Commitments

Claims not acknowledged as debts Rs. 1.50 lakhs (Previous year Rs. 1.50 lakhs). The company has been
advised that the demand is likely to be either deleted or substantially reduced and accordingly no provision is
considered.

23. Impairment of Assets

There are no such impairable assets at the year ended in term of Ind AS - 36. Hence company has not made
any provision for impairment loss.

24. Asset Received under settlement

The company had received under settlement from debtors, an immovable property which is shown under the
head Investment Property.

Prior to March 31, 2005 this asset was treated as fixed asset (now Property, Plant and Equipments) as
per Accounting Standards and depreciation was charged on it. However, it was transferred to Investment in
Immovable property from April 01, 2005 under the head non-current investment, which is now re-classified as
Investment Property as per IND AS. During the current financial year, the said investment property has been
sold of. Accordingly, it no longer forms part of the company’s assets as on the balance sheet date.

25. Inventories

During the earlier years, company had written off loss on account of non-availability of share certificates of
own securities. Subsequently, whenever the shares certificates were available and it is substantially established
that the shares belong to the company, they have been included as part of stock of security and shown under
Inventories by assigning a value of Re. 1 to each of such securities by crediting to profit & loss account of such
year. Such value of Re. 1 is considered as cost for the purpose of valuation of relevant securities.

Furthermore, in presenting the above sensitivity analysis, the present value of the Defined Benefit
Obligation has been calculated using the projected unit credit method at the end of the reporting period,
which is the same method as applied in calculating the Defined Benefit Obligation as recognised in the
balance sheet.

There was no change in the methods and assumptions used in preparing the sensitivity analysis from prior
years.

Notes:

i) Gratuity is payable as per entity''s scheme as detailed in the report.

ii) Actuarial gains/losses are recognized in the period of occurrence under Other Comprehensive
Income (OCI). All above reported figures of OCI are gross of taxation.

iii) Salary escalation & attrition rate are considered as advised by the entity; they appear to be in line
with the industry practice considering promotion and demand & supply of the employees.

iv) Maturity Analysis of Benefit Payments is undiscounted cashflows considering future salary, attrition
& death in respective year for members as mentioned above for forseeable future of next 10 years.

v) Average Expected Future Service represents Estimated Term of Post - Employment Benefit
Obligation.

vi) Weighted Average Duration of the Defined Benefit Obligation is the weighted average of cash flow
timing, where weights are derived from the present value of each cash flow to the total present value.

vii) Any benefit payment and contribution to plan assets is considered to occur end of the year to depict
liability and fund movement in the disclosures.

viii) Value of asset provided by the entity is not audited by us and the same is considered as unaudited fair
value of plan asset as on the reporting date.

ix) In absence of specific communication as regards contribution by the entity, Expected Contribution in
the Next Year is considered as the sum of net liability/assets at the end of the current year and current
service cost for next year, subject to maximum allowable contribution to the Plan Assets over the
next year as per the Income Tax Rules.

Qualitative Disclosures

Para 139 (a) Characteristics of defined benefit plan

The entity has a defined benefit gratuity plan in India (funded). The entity’s defined benefit gratuity plan is a
final salary plan for employees, which requires contributions to be made to a separately administered fund.

The fund is managed by a trust which is governed by the Board of Trustees. The Board of Trustees are
responsible for the administration of the plan assets and for the definition of the investment strategy.

Para 139 (b) Risks associated with defined benefit plan

Gratuity is a defined benefit plan and entity is exposed to the Following Risks:

Interest rate risk: A fall in the discount rate which is linked to the G.Sec. Rate will increase the present
value of the liability requiring higher provision. A fall in the discount rate generally increases the mark to
market value of the assets depending on the duration of asset.

Salary Risk: The present value of the defined benefit plan liability is calculated by reference to the future
salaries of members. As such, an increase in the salary of the members more than assumed level will
increase the plan''s liability.

Investment Risk: The present value of the defined benefit plan liability is calculated using a discount rate
which is determined by reference to market yields at the end of the reporting period on government bonds.
If the return on plan asset is below this rate, it will create a plan deficit. Currently, for the plan in India, it has
a relatively balanced mix of investments in government securities, and other debt instruments.

Asset Liability Matching Risk: The plan faces the ALM risk as to the matching cash flow. Since the plan
is invested in lines of Rule 101 of Income Tax Rules, 1962, this generally reduces ALM risk.

Mortality risk: Since the benefits under the plan is not payable for life time and payable till retirement age
only, plan does not have any longevity risk.

Concentration Risk: Plan is having a concentration risk as all the assets are invested with the insurance
company and a default will wipe out all the assets. Although probability of this is very low as insurance
companies have to follow stringent regulatory guidelines which mitigate risk.

Para 139 (c) Characteristics of defined benefit plans

During the year, there were no plan amendments, curtailments and settlements.

Para 147 (a)

A separate trust fund is created to manage the Gratuity plan and the contributions towards the trust fund is
done as guided by rule 103 of Income Tax Rules, 1962.

28. Segment Reporting

The company has only single reportable segment, viz. Income from Investing and Financial activities and the
Company operates in a single geographical segment i.e. domestic. Hence no additional disclosures are made
as required under Indian Accounting Standard 108 “Segment Reporting”.

29. Related Party Disclosures

As per Ind AS 24, the disclosures of transactions with the related parties are given below

1. Parent Company:

• Bennett, Coleman & Company Limited (upto 7^th November 2024)

2. Associate Company:

• Team India Management Ltd (w.e.f 07^th November 2024)

3. Key Management Personnel (“KMP”):

• Mrs. Niru Kanodia (appointed w.e.f 07^th November 2024)

• Mr. Manoj Agrawal (appointed w.e.f 12^th February 2025)

• Ms. Aarti Pandey (appointed w.e.f 12^th February 2025)

• Mr. Sivakumar Sundaram (resigned w.e.f 07^th November 2024)

• Mr. Jayaprakash Nair (resigned w.e.f 07^th November 2024)

• Mr. Gopalkrishnan Ramaswamy (resigned w.e.f 07^th November 2024)

• Mrs. Anita Malusare (change in designation to Non- Executive Director w.e.f 29.03.2025)

• Dr. Arun Arora (resigned w.e.f 07^th November 2024)

• Ms. Mitu Samarnath Jha(resigned w.e.f 07^th November 2024)

• Mr. Pramod Karmarkar (ceased to be CFO of the company w.e.f 12^th February 2025)

• Ms. Shweta Chaturvedi (resigned w.e.f 27^th October, 2023)

• Ms. Muskaan Tinwala (resigned w.e.f 10^th December , 2024)

31. Reserve Fund

In accordance with the provisions of section 45- IC of the RBI Act, 1934, the Company has to create a Reserve
Fund. During the year 2024-25, 20% of the profits amounting to Rs. 46.94 Lakhs (F.Y 23-24: 35.84 lakhs) has
been transferred to Reserve fund.

32. Income Tax

The components of income tax expense for the years ended 31 March, 2025 and 31 March, 2024 are:

33. Capital Management

The primary objectives of the Company’s capital management policy are to ensure that the Company complies
with externally imposed capital requirements and maintains strong credit ratings and healthy capital ratios in
order to support its business and to maximise shareholder value.

The Company manages its capital structure and makes adjustments to it according to changes in economic
conditions and the risk characteristics of its activities. In order to maintain or adjust the capital structure,

the Company may adjust the amount of dividend payment to shareholders, return capital to shareholders or
issue capital securities. No changes have been made to the objectives, policies and processes during the year
ended March 31, 2025 and March 31, 2024. However, they are under constant review by the Board. As regards
to return of capital to shareholders, the company has not proposed or paid dividend on equity shares during the
financial year 2024-25 and 2023-24.

Leverage ratio represents ratio of total outside liabilities by owned funds. During the financial year 2024-25
and 2023-24, at any point of time, the leverage ratio of the company is less than the ceiling limit prescribed by
the Reserve bank. As per paragraph 6 of the RBI Master Direction - Non-Banking Financial Company - Non
- Systematically Important Non-Deposit taking Company (Reserve Bank) Directions, 2016, the leverage ratio
of an NBFC shall not be more than 7 at any point of time.

34. Fair Value Measurement

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction in the principal (or most advantageous) market at the measurement date under current market
conditions (i.e., an exit price), regardless of whether that price is directly observable or estimated using a
valuation technique. In order to show how fair values have been derived, financial instruments are classified
based on a hierarchy of valuation techniques.

This note describes the fair value measurement of both financial and non-financial instruments.

I) Categorisation of financial instruments

The carrying value of financial instruments by categories i.e; Fair value through profit and loss (FVTPL)
and Amortised cost is presented below :

As at March 31, 2025

II) Fair value hierarchy

The Company determines fair values of its financial instruments according to the following hierarchy:
Level 1: The fair value of financial instruments traded in active markets (such as debentures, bonds, etc.)
is based on quoted market prices at the end of the reporting period. These instruments are included in
level 1.

Level 2: The fair value of financial instruments that are not traded in an active market (for example,
mutual funds) is determined using the fair value hence the fair value is determined using observable
market data such as latest declared NAV/ recent market deals.

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

Valuation Techniques used to determine fair values :

Specific valuation techniques used to value financial instruments include :

Mutual Funds - Net asset value (NAV) of the scheme reported by the Asset Management Company as at
the reporting date

III) Financial Instruments not measured at fair value

Financial assets not measured at fair value includes cash and cash equivalents, other bank balances,
loans, inventories and other financial assets. These are financial assets whose carrying amounts
approximate fair value, due to their short-term nature.

Additionally, financial liabilities such as other payables is not measured at FVTPL, whose carrying
amount approximate fair value, because of its short-term nature.

35. Financial Risk Management

Risk is an integral part of the Company''s business and sound risk management is critical to the success of
Healthy Business Model. As a financial intermediary, the Company is exposed to risks that are particular to its
investment and the environment within which it operates and primarily includes liquidity and market risks.

The financial instruments of the company have exposure to the following risks :

I) Liquidity risk

The Company monitors asset liability mismatches to ensure that there are no imbalances or excessive
concentrations on either side of the Balance Sheet.

The Company continuously monitors liquidity in the market; and the Company maintains a liquidity
buffer to reduce this risk.

Liquidity risk refers to the risk that the Company may not meet its financial obligations. Liquidity
risk arises due to the unavailability of adequate funds at an appropriate cost or tenure. The objective
of liquidity risk management is to maintain sufficient liquidity and ensure that funds are available for
use as per requirements. The Company consistently generates sufficient cash flows from operating and
investment activities to meet its financial obligations as and when they fall due.

II) Market risk

Market risk is the risk that the fair value or future Cash flows of a financial instrument will fluctuate
because of changes in market prices. The objective of market risk management is to manage and control
market risk exposures within acceptable parameters, while optimizing the return.

(i) Market price risk

The Company is exposed to market price risk, which arises from investments classified at FVTPL.
The management monitors the proportion of these investments in its investment portfolio based on
market indices. Material investments within the portfolio are managed on an individual basis and
all buy and sell decisions are approved by the appropriate authority.

(ii) Interest rate risk
On investment book

The company holds shorter duration investment portfolio and thus it has a minimum fair value
change impact on its investment portfolio. The interest rate risk on the investment portfolio and
corresponding fair value change impact is monitored using Value at Risk (VaR) and the parameters
for monitoring the same are defined in its investment policy.

Equity Price Sensitivity analysis:

The fair value of mutual funds, non-convertible debentures, equity, ETF, derivatives and bonds
as at March 31, 2025 and March 31, 2024 was Rs.2,200.92 Lakhs and Rs. 2,054.79 Lakhs
respectively. A 5% change in price of these mutual funds and non-convertible debentures and
bonds held as at March 31, 2025 and March 31, 2024 would result in:

38. Analytical Ratios:

Since the company is a non-systemically important non-deposit taking NBFC, the ratios prescribed under
division III of schedule III are not applicable. Further, as per the master directions issued by the RBI , leverage
ratio is applicable which has been disclosed in note no. 33 to the financial statements.

39. Disclosure in relation to Undisclosed Income

During the year, the Company has not surrendered or disclosed any income in the tax assessments under the
Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961).
Accordingly, there are no transactions which are not recorded in the books of accounts.

40. Disclosure For Security of Borrowed Funds

The Company has not borrowed any funds from banks or financial institutions.

41. Disclosure of Transactions with Struck Off Companies

The Company did not have any material transactions with companies struck off under Section 248 of
the Companies Act, 2013 or Section 560 of Companies Act, 1956 during the financial year.

42. Registration of Charges or Satisfaction With Registrar of Companies (ROC)

The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the
statutory period.

43. Compliance With Number of Layers of Companies

The Company has complied with the requirements of the number of layers prescribed under clause (87) of
section 2 of the Companies Act, 2013 read with Companies (Restriction on number of Layers) Rules, 2017.

44. Additional Disclosures

No transactions or disclosures to report against the following disclosure requirements as notified by MCA
pursuant to amended Schedule III of the Act:

a) Revaluation of intangible assets

b) Capital Work in Progress and Intangible assets under development ageing schedule

c) Benami Property held under Prohibition of Benami Property Transactions Act, 1988 and rules made
thereunder

d) Wilful defaulter

e) Scheme of arrangements in terms of section 230 to 237 of the Act

f) Utilisation of borrowed funds/ share premium

g) Crypto currency or Virtual currency

45. Schedule to Balance sheet of NBFC as required in terms of Paragraph 19 of the ‘Non-Banking Financial
Company’ - Non-Systemically Important Non-Deposit taking Company (Reserve Bank) Directions, 2016 is
given in Annexure I.

46. Subsequent Events

There were no significant events after the end of the reporting period which require any adjustment or
disclosure in the financial statements.

47. Previous year figures have been rearranged, regrouped & recast wherever necessary.

For Vinod Kumar Jain & Co. For and on behalf of the Board of

Chartered Accountants TIMES GUARANTY LIMITED

FRN : 111513W

Sd/- Sd/- Sd/-

(Vinod Kumar Jain) Ashok Paranjpe Niru Kanodia

Proprietor Chairman & Director Chief Executive Officer

M.No.:036373 DIN : 07440788 DIN : 02651444

Sd/- Sd/-

Aarti Pandey Manoj Agarwal

Place : Mumbai Company Secretary Chief Financial Officer

Date : 21^st May, 2025 Membership No. : A70218

---

Mar 31, 2024

(b) Terms/rights/restrictions attached to equity shares

(i) The company has one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividend in Indian Rupees. The dividend if any proposed by the Board of Director is subject to the approval of the share holders in the ensuing Annual General Meeting.

(ii) In the event of Liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders..

Nature and Purpose of Reserves

a) Capital Redemption Reserve

It is created in accordance with Section 55 of the Companies Act, 2013, the Company had created capital redemption reserve of an amount equal to the nominal value of the shares redeemed as an appropriation from profits.

b) Securities Premium

Securities premium is used to record the premium on issue of shares. It can be utilised only for limited purposes in accordance with the provisions of the Companies Act, 2013.

c) Reserve fund in terms of section 45-IC(1) of the Reserve Bank of India Act, 1934

Section 45IC of Reserve Bank of India Act, 1934 ("RBI Act,1934") defines that every non banking financial institution which is a Company shall create a reserve fund and transfer therein a sum not less than twenty percent of its net profit every year as disclosed in the statement of profit and loss before any dividend is declared. The Company has transferred an amount of Rs. 35.84 Lakhs (PY: Rs. 18.73 Lakhs) to Reserve Fund pursuant to Section 45-IC of RBI Act, 1934.

d) Retained Earnings

Retained earnings represents profits that the company earned till date, less any transfers to General Reserve, Statutory Reserves, Dividends and other distributions paid to the shareholders.

e) Other Comprehensive Income/(Loss)

Other comprehensive income consist of remeasurement gains / losses on defined benefit plans, gain / (loss) of equity instruments carried through FVTOCI.

22. Contingent Liabilities and Commitments

Claims not acknowledged as debts Rs. 1.50 lakhs (Previous year Rs. 33.78 lakhs). The company has been advised that the demand is likely to be either deleted or substantially reduced and accordingly no provision is considered.

23. Impairment of Assets

There are no such impairable assets at the year ended in term of Ind AS - 36. Hence company has not made any provision for impairment loss.

24. Asset Received under settlement

The company had received under settlement from debtors, an immovable property which is shown under the head Investment Property.

Prior to March 31, 2005 this asset was treated as fixed asset (now Property, Plant and Equipments) as per Accounting Standards and depreciation was charged on it. However, it was transferred to Investment in Immovable property from April 01, 2005 under the head non-current investment, which is now re-classified as Investment Property as per IND AS.

25. Inventories

During the earlier years, company had written off loss on account of non-availability of share certificates of own securities. Subsequently, whenever the shares certificates were available and it is substantially established that the shares belong to the company, they have been included as part of stock of security and shown under Inventories by assigning a value of Re. 1 to each of such securities by crediting to profit & loss account of such year. Such value of Re. 1 is considered as cost for the purpose of valuation of relevant securities.

The sensitivity analysis have been determined based on reasonably possible changes of the respective assumptions occurring at the end of the reporting period, while holding all other assumptions constant.

The sensitivity analysis presented above may not be representative of the actual change in the projected benefit obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be correlated.

Furthermore, in presenting the above sensitivity analysis, the present value of the projected benefit obligation has been calculated using the projected unit credit method at the end of the reporting period, which is the same method as applied in calculating the projected benefit obligation as recognised in the balance sheet.

There was no change in the methods and assumptions used in preparing the sensitivity analysis from prior years.

Notes:

i) Gratuity is payable as per entity''s scheme as detailed in the report.

ii) Actuarial gains/losses are recognized in the period of occurrence under Other Comprehensive Income (OCI). All above reported figures of OCI are gross of taxation.

iii) Salary escalation & attrition rate are considered as advised by the entity; they appear to be in line with the industry practice considering promotion and demand & supply of the employees

iv) Maturity Analysis of Benefit Payments is undiscounted cashflows considering future salary, attrition & death in respective year for members as mentioned above for forseable future of next 10 years.

v) Average Expected Future Service represents Estimated Term of Post - Employment Benefit Obligation.

vi) Weighted Average Duration of the Defined Benefit Obligation is the Weighted average of cash flow timing, where weights are derived from the present value of each cash flow to the total present value.

vii) Any benefit payment and contribution to plan assets is considered to occur end of the year to depict liability and fund movement in the disclosures.

viii) Value of asset provided by the entity is not audited by us and the same is considered as unaudited fair value of plan asset as on the reporting date.

ix) In absence of specific communication as regards contribution by the entity, Expected Contribution in the Next Year is considered as the sum of net liability/assets at the end of the current year and current service cost for next year, subject to maximum allowable contribution to the Plan Assets over the next year as per the Income Tax Rules.

Qualitative Disclosures

Para 139 (a) Characteristics of defined benefit plan

The entity has a defined benefit gratuity plan in India (funded). The entity’s defined benefit gratuity plan is a final salary plan for employees, which requires contributions to be made to a separately administered fund. The fund is managed by a trust which is governed by the Board of Trustees. The Board of Trustees are responsible for the administration of the plan assets and for the definition of the investment strategy.

Para 139 (b) Risks associated with defined benefit plan

Gratuity is a defined benefit plan and entity is exposed to the Following Risks:

Interest rate risk: A fall in the discount rate which is linked to the G. Sec. Rate will increase the present value of the liability requiring higher provision. A fall in the discount rate generally increases the mark to market value of the assets depending on the duration of asset.

Salary Risk: The present value of the defined benefit plan liability is calculated by reference to the future salaries of members. As such, an increase in the salary of the members more than assumed level will increase the plan’s liability.

Investment Risk: The present value of the defined benefit plan liability is calculated using a discount rate which is determined by reference to market yields at the end of the reporting period on government bonds. If the return on plan asset is below this rate, it will create a plan deficit. Currently, for the plan in India, it has a relatively balanced mix of investments in government securities, and other debt instruments.

Asset Liability Matching Risk: The plan faces the ALM risk as to the matching cash flow. Since the plan is invested in lines of Rule 101 of Income Tax Rules, 1962, this generally reduces ALM risk.

Mortality risk: Since the benefits under the plan is not payable for life time and payable till retirement age only, plan does not have any longevity risk.

Concentration Risk: Plan is having a concentration risk as all the assets are invested with the insurance company and a default will wipe out all the assets. Although probability of this is very low as insurance companies have to follow stringent regulatory guidelines which mitigate risk.

Para 139 (c) Characteristics of defined benefit plans

During the year, there were no plan amendments, curtailments and settlements.

Para 147 (a)

A separate trust fund is created to manage the Gratuity plan and the contributions towards the trust fund is done as guided by rule 103 of Income Tax Rules, 1962.

28. Segment Reporting

The company has only single reportable segment, viz. Income from Investing and Financial activities and the Company operates in a single geographical segment i.e. domestic. Hence no additional disclosures are made as required under Indian Accounting Standard 108 “Segment Reporting”.

32. Refund from Income Tax Department under Vivad se Vishwas Scheme

The company had a long pending litigation for AY 1993-94 which was pending before the High Court of Mumbai. During the FY 2020-21, the company has opted for Vivad se Vishwas Scheme to settle the said litigation and accordingly have filed the respective Forms before the department. During the FY 2021-22, the company had received Form 5 which is Order for Full and Final Settlement of Tax Arrears determining a refund of Rs. 1,10,84,481. The said refund was kept on hold and an intimation u/s 245 was issued for proposal to adjust the said refund against the outstanding tax liability of the company. During the current financial year, the company has received the said refund after adjusting an amount of Rs. 6,48,142 against the old outstanding demands.

The primary objectives of the Company’s capital management policy are to ensure that the Company complies with externally imposed capital requirements and maintains strong credit ratings and healthy capital ratios in order to support its business and to maximise shareholder value.

The Company manages its capital structure and makes adjustments to it according to changes in economic conditions and the risk characteristics of its activities. In order to maintain or adjust the capital structure, the Company may adjust the amount of dividend payment to shareholders, return capital to shareholders or issue capital securities. No changes have been made to the objectives, policies and processes during the year ended March 31, 2024 and March 31, 2023. However, they are under constant review by the Board. As regards to return of capital to shareholders, the company has not proposed or paid dividend on equity shares during the financial year 2023-24 and 2022-23.

Leverage ratio represents ratio of total outside liabilities by owned funds. During the financial year 2023-24 and 2022-23, at any point of time, the leverage ratio of the company is less than the ceiling limit prescribed by the Reserve bank. As per paragraph 6 of the RBI Master Direction - Non-Banking Financial Company - Non - Systematically Important Non-Deposit taking Company (Reserve Bank) Directions, 2016, the leverage ratio of an NBFC shall not be more than 7 at any point of time.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction in the principal (or most advantageous) market at the measurement date under current market conditions (i.e., an exit price), regardless of whether that price is directly observable or estimated using a valuation technique. In order to show how fair values have been derived, financial instruments are classified based on a hierarchy of valuation techniques..

This note describes the fair value measurement of both financial and non-financial instruments.

II) Fair value hierarchy

The Company determines fair values of its financial instruments according to the following hierarchy: Level 1: The fair value of financial instruments traded in active markets (such as debentures, bonds, etc.) is based on quoted market prices at the end of the reporting period. These instruments are included in level 1.

Level 2: The fair value of financial instruments that are not traded in an active market (for example, mutual funds) is determined using the fair value hence the fair value is determined using observable market data such as latest declared NAV/ recent market deals.

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

Valuation Techniques used to determine fair values :

Specific valuation techniques used to value financial instruments include :

Mutual Funds - Net asset value (NAV) of the scheme reported by the Asset Management Company as at the reporting date

III) Financial Instruments not measured at fair value

Financial assets not measured at fair value includes cash and cash equivalents, other bank balances, loans, inventories and other financial assets. These are financial assets whose carrying amounts approximate fair value, due to their short-term nature.

Additionally, financial liabilities such as other payables is not measured at FVTPL, whose carrying amount approximate fair value, because of its short-term nature.

36. Financial Risk Management

Risk is an integral part of the Company’s business and sound risk management is critical to the success of Healthy Business Model. As a financial intermediary, the Company is exposed to risks that are particular to its investment and the environment within which it operates and primarily includes liquidity and market risks.

The financial instruments of the company have exposure to the following risks :

I) Liquidity risk

The Company monitors asset liability mismatches to ensure that there are no imbalances or excessive concentrations on either side of the Balance Sheet.

The Company continuously monitors liquidity in the market; and the Company maintains a liquidity buffer to reduce this risk.

Liquidity risk refers to the risk that the Company may not meet its financial obligations. Liquidity risk arises due to the unavailability of adequate funds at an appropriate cost or tenure. The objective of liquidity risk management is to maintain sufficient liquidity and ensure that funds are available for use as per requirements. The Company consistently generates sufficient cash flows from operating and investment activities to meet its financial obligations as and when they fall due.

II) Market risk

Market risk is the risk that the fair value or future Cash flows of a financial instrument will fluctuate because of changes in market prices. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimizing the return.

(i) Market price risk

The Company is exposed to market price risk, which arises from investments classified at FVTPL. The management monitors the proportion of these investments in its investment portfolio based on market indices. Material investments within the portfolio are managed on an individual basis and all buy and sell decisions are approved by the appropriate authority.

(ii) Interest rate risk

On investment book

The company holds shorter duration investment portfolio and thus it has a minimum fair value change impact on its investment portfolio. The interest rate risk on the investment portfolio and corresponding fair value change impact is monitored using Value at Risk (VaR) and the parameters for monitoring the same are defined in its investment policy.

Equity Price Sensitivity analysis:

The fair value of mutual funds, non-convertible debentures and bonds as at March 31, 2024 and March 31, 2023 was Rs.2,054.79 Lakhs and Rs. 2,108.77 Lakhs respectively. A 5% change in price of these mutual funds and non-convertible debentures and bonds held as at March 31, 2024 and March 31, 2023 would result in:

39. Ratios:

Since the company is a non-systemically important non-deposit taking NBFC, the ratios prescribed under division III of schedule III are not applicable. Further, as per the master directions issued by the RBI, leverage ratio is applicable which has been disclosed in note no. 34 to the financial statements.

41. During the year, the previous year figure of Fixed Deposit with HDFC Ltd amounting to Rs. 2,000 lakhs has been reclassified from the Bank balance other than cash & cash equivalents to Investments in the financial statements.

42. Disclosure in relation to Undisclosed Income

During the year, the Company has not surrendered or disclosed any income in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961). Accordingly, there are no transactions which are not recorded in the books of accounts.

43. Disclosure For Security of Borrowed Funds

The Company has not borrowed any funds from banks or financial institutions.

44. Disclosure Of Transactions with Struck Off Companies

The Company did not have any material transactions with companies struck off under Section 248 of the Companies Act, 2013 or Section 560 of Companies Act, 1956 during the financial year.

45. Registration Of Charges or Satisfaction With Registrar Of Companies (ROC)

The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period..

46. Compliance With Number of Layers of Companies

The Company has complied with the requirements of the number of layers prescribed under clause (87) of section 2 of the Companies Act, 2013 read with Companies (Restriction on number of Layers) Rules, 2017.

47. Additional Disclosures

No transactions or disclosures to report against the following disclosure requirements as notified by MCA pursuant to amended Schedule III of the Act:

a) Revaluation of intangible assets

b) Capital Work in Progress and Intangible assets under development ageing schedule

c) Benami Property held under Prohibition of Benami Property Transactions Act, 1988 and rules made thereunder

d) Wilful defaulter

e) Scheme of arrangements in terms of section 230 to 237 of the Act

f) Utilisation of borrowed funds/ share premium

g) Crypto currency or Virtual currency

48. Schedule to Balance sheet of NBFC as required in terms of Paragraph 18 of the ‘Non-Banking Financial Company’ - Non-Systemically Important Non-Deposit taking Company (Reserve Bank) Directions, 2016 is given in Annexure I.

49. Previous year igures have been rearranged, regrouped & recast wherever necessary.

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Mar 31, 2018

b) Terms/ Rights Attached to equity shares

The company has one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividend in Indian Rupees. The dividend if any proposed by the Board of Director is subject to the approval of the share holders in the ensuing Annual General Meeting.

In the event of Liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

1. Contingent Liabilities and Commitments

i) Claims not acknowledged as debts Rs. 34.28 lakhs. (Previous year Rs. 34.28 lakhs). The company has been advised that the demand is likely to be either deleted or substantially reduced and accordingly no provision is considered.

ii) Tax Demand - Based on the decisions of the Appellate authorities and interpretations of other relevant provisions, the company has been legally advised that the demand raised which is mentioned below is likely to be either deleted or substantially reduced accordingly no provision is considered.

a) Income Tax

The income tax assessment for the assessment year 1993-94 was completed resulting in demand of Rs. 144.42 Lakhs, (Previous year Rs. 144.42 lakhs) against which the Company is in appeal. The company has deposited the amount in dispute with the authorities.

b) Sales Tax

Sales tax assessment under the Bombay Sales Tax Act for the assessment year 1998-99, was completed in respect of Lease Tax and resulted in demand for Rs. 15.67 lakhs. (Previous year Rs. 15.67 lakhs). The company has preferred an appeal against the orders with Deputy Commissioner.

2. Impairment of Assets

There are no such impairable Assets at the year ended in term of AS - 28. Hence company has not made any provision for impairment loss.

3. Asset Received under settlement

The company had received under settlement from debtors, an immovable property which is shown under the head Non-Current Investment “Investment in Immovable property”. Prior to 31^st March’2005 this asset was treated as fixed asset and depreciation was charged on it. However, it was transferred to Investment in Immovable property from 01^st April’ 2005 under the head non-current investment.

4. Inventories

During the earlier years, company had written off loss on account of non-availability of share certificates of own securities. Subsequently, wherever the shares certificates were available and it is substantially established that the shares belong to the company, they have been included as part of stock of security and shown under Inventories by assigning a value of Re. 1 to each of such securities by crediting to profit & loss account of such year. Such value of Re. 1 is considered as cost for the purpose of valuation of relevant securities.

During the current year, the company has sold certain shares where ownership of the company is substantially established which is credited to profit & loss account under the head Revenue from operations and dividend on such shares received in earlier years shown under long term provision is written back.

5. Employee Benefits : Defined Contribution Plans

The Company has recognized the following amounts in the Profit and Loss Account for the year ended March 31, 2018

Defined Benefit Plans

Valuations in respect of gratuity have been carried out by independent actuary, as at the Balance Sheet date on Projected Unit Credit Method, based on the following assumptions:

6. Segment Reporting

The company has only one Business Segment, viz. Income from Investing and Financial activities and Company’s business activities are confined only to India. Hence no additional disclosures are made as required under Accounting Standard 17 “Segment Reporting”.

7. Earning Per Shares

The earning considered in ascertaining the Company’s earnings per share comprises the net profit after tax. The number of shares used in calculation of basic/diluted EPS is the weighted average number of shares outstanding during the period which is calculated as below:

8. Reserve Fund

In accordance with the provisions of section 45- IC of the RBI Act, 1934, the Company has to create a Reserve Fund. During the year 20% of the current year profits amounting to Rs. 9.62 Lakhs (Previous Year Rs. 81.15 Lacs) has been transferred to Reserve fund.

9. Tax & MAT Credit Entitlement

a) The Company has made provision of Rs. 11 lacs (previous year Rs. 107 Lacs) of Income Tax payable under the provision of Section 115JB of Income Tax Act, 1961.

b) In view of uncertainty regarding generation of sufficient future taxable income, on prudent basis, deferred tax assets have not been recognized in the accounts.

c) The company is entitled to MAT credit for which no effects are given in the books of accounts due to its uncertainty about its reversal in future.

10. Disclosure under the Micro, Small and Medium Enterprises Development Act, 2006

There are no amounts unpaid as at the year end as required under the Micro, Small and Medium Enterprise Development Act, 2006.

11. Schedule to Balance sheet of NBFC as required in terms of Paragraph 18 of the ‘Non-Banking Financial Company - Non-Systemically Important Non-Deposit taking Company (Reserve Bank) Directions, 2016’ given in Annexure l.

12. Previous year figures have been rearranged, regrouped & recast wherever necessary.

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Mar 31, 2016

Coupondunia Media Pvt. Ltd., Akuate Internet Services Pvt. Ltd., Grade Stack Learning Private Ltd. (w.e.f.07.01.2016), Times content Ltd.(w.e.f.06.08.2015), Moneygoals Solutions Ltd (w.e.f. 29.02.2016), Digi Smart Digital Media Private Ltd. (w.e.f.11.08.2015), Viral Craft Digital Media Private Ltd.( w.e.f.13.08.2015), Times Sports Content Inc. (w.e.f.23.07.2015), Locovida Digital Solutions Private Ltd.( w.e.f. 15 04.2015), Bennett Broadcasting & Distribution Services Ltd., Sub: Times Box TV Media PTE Ltd., Amrita Estates Pvt. Ltd., Ananta Properties Pvt. Ltd., BCCL International Events Pvt. Ltd., Times Conferences Ltd., Junglee Pictures Ltd., Brand Incubator Ltd. (w.e.f.07.01.2016), BCCL Worldwide Inc.

Key Management Personnels

Directors :-

Mr. S. Sivakumar Mr. Arun Arora

Mr. Avinash Jain (Resigned w.e.f. 18/04/2016)

Ms. Aashu Gurudeep Madhan

Ms. Mitu Samar Nath (Appointed w.e.f. 03/02/2016)

Other Key Management Personnel :-

Ms. Anita Malusare - Manager

Mr. Pramod Karmarkar - Chief Financial Officer

Ms. Prajakta Powle - Company Secretary

Related party relationships are as identified by the management.

Transactions with Holding Company, Bennett, Coleman & Co. Ltd.

1. Reserve Fund

In accordance with the provisions of Section 45- IC of the RBI Act, 1934, the Company has to create a Reserve Fund,

during the year in view of losses incurred the Company has not transferred any amount to such fund.

2. Tax & MAT Credit Entitlement

a) The Company has made provision of Rs. Nil (previous year 0.82 lakhs) of Income Tax payable under the provision of Section 115JB of Income Tax Act, 1961.

b) In view of uncertainty regarding generation of sufficient future taxable income, on prudent basis, deferred tax assets have not been recognized in the accounts.

c) The company is entitled to MAT credit for which no effects are given in the books of accounts due to its uncertainty about its reversal in future.

3. Disclosure under the Micro, Small and Medium Enterprises Development Act, 2006

There are no amounts unpaid as at the yearend as required under the Micro, Small and Medium Enterprise Development Act, 2006.

4. Schedule to Balance sheet of NBFC as required in terms of Paragraph 13 of Non - Banking Financial (Non - Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007” given in Annexure I

Previous year figures have been rearranged, regrouped & recast wherever necessary.

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Mar 31, 2014

1. Impairment of assets

There are no such impairable Assets at the year ended in term of AS – 28. Hence company has not made any provision for impairment loss.

2. Asset received under settlement

The company had received under settlement from debtors, a immovable property which is shown under the head Non Current Investment "Investment in Immovable property". Prior to 31st March''2005 this asset was treated as fixed asset and depreciation was charged on it. However it was transferred to Investment in Immovable property from 01st April''2005 and no depreciation was charged. The company in current year has provided for depreciation on this asset as per Straight line method. The total depreciation provided during the year is Rs. 3.03 lacs of which depreciation of prior year amounts to Rs. 2.70 lacs.

3. Inventories

During the earlier years, on account of non-availability of share certifcates in respect of certain equity shares and transfer of shares for settlement of PMS account, relevant book value of such shares were written off / adjusted. Subsequently, after proper scrutiny and wherever the shares were available or shares have not been transferred, they have been included as part of stock of security and shown under Inventories by assigning a value of Re. 1 to each of such securities by crediting to Profit & loss account of such year. Such value of Re. 1 is considered as cost for the purpose of valuation of relevant securities and accordingly any dividend received from these shares are shown in other current liabilities as dividend received on shares pending for settlement of PMS account.

4. Segment reporting

The company has only one Business Segment, viz. Income from Investing and Financial activities the source of which is recovery of past dues and Company''s business activities are confned only to India. Hence no additional disclosures are made as required under Accounting Standard 17 "Segment Reporting".

5. Related party Disclosures

Related Party Relationship

Bennett, Coleman & Company Ltd. Holding Company

(Holds 74.92% of the Equity Share Capital as at

March 31, 2014) Dharmayug Investments Limited, Satyam Properties & Finance Ltd., Times Journal India. Ltd., Times Global Broadcasting Company Ltd., Times Business Solutions Ltd., Magicbricks Realty Services Ltd. Times Jobs Ltd., Zoom Entertainment Network Ltd., Times Digital Ltd., Times Centre for Learning Ltd.,( Earlier known as Times Yoga Ltd.) Centre for Excellence in Management Training and Development, Speaking Tree Properties Ltd., Media Network & Distribution (India) Ltd. Times Innovative Media Ltd.,

TIM Delhi Airport Advertising Pvt. Ltd. Worldwide Media Pvt. Ltd., Times VPL Ltd. Metropolitan Media Co. Ltd., Brand Equity Treaties Ltd., Mind Games Shows Pvt. Ltd., Vardhaman Publishers Limited, Mirchi Movies (India) Ltd. Times Infotainment Media Limited, Entertainment Network (India) Limited, Alternate Brand Solutions (India) Ltd., TIML Global Ltd., TIML Golden Square Ltd., TIML Radio Holdings Ltd., One Golden Square Creative Ltd., TIML Radio Ltd., TIML Digital Radio Ltd., Artha Financial Services Ltd., Artha Broking Services Ltd., Artha Commodities Ltd., Artha Distribution Services Ltd., Artha Insurance Broking Services Ltd., Artha Credit Pvt. Ltd., Artha Forex Services Ltd., Artha Network Services Ltd., Artha Realty Pvt. Ltd. Times Internet Limited, Times Internet Inc., USA. Times Internet (UK) Limited, UK, Times Websol Ltd., Times Mobile Ltd. A2zShopping Ltd., (merged with TIL), Times City Ltd., Times Deals Ltd, Bennett Broadcasting & Distribution Services Ltd., Times Box TV Media PTE Ltd. Amrita Estates Private Ltd., Ananta Properties Private Ltd. BCCL International Events Private Ltd., Times Conferences Ltd. Light Feather Films Ltd. TimesofMoney Inc., TimesofMoney Ltd., TimesofMoney UK-PLC(UK), TOM Payment Solutions Ltd., Aegon Religare Life Insurance Co. Ltd., 21st Century Constructions Ltd., Aadidev Properties Ltd., Anagha Estates Ltd., Artha Broking Services Ltd., Artha Commodities Ltd., Artha Distribution Services Ltd., Artha Financial Services Ltd., Artha Insurance Broking Services Ltd., Aryabhata Properties Ltd., Ativeer Properties Ltd., Banhem Estates and IT Parks Ltd., Bennett Property Holdings Company Ltd. (BPHCL), Cyber Space Infotainment Ltd., Nandeeshwar Properties Ltd., Rajdhani Printers Ltd., Shubhan Properties Ltd., Suryashankar Properties Ltd., Sushena Properties Ltd., Surge Enterprises Ltd., Vaidehi Estates Ltd.

Mr. S. Sivakumar – Director

Mr. Shrijeeet Mishra – Director

Mr. Arun Arora – Director

Mr. Avinash Jain – Director

Mr. D. N. Shukla – (Director till 20.04.2013)

Related party relationships are as identified by the management.

6. Reserve Fund

In accordance with the provisions of section 45- IC of the RBI Act, 1934, the Company has created a Reserve Fund & during the year, the Company has transferred an amount of Rs. 23.79 lakhs (Previous Year Rs. 38.73 lakhs) to Reserve Fund, it being 20% of the Profit after Tax.

7. Tax & mat Credit entitlement

a) The Company has made provision of Rs. 14.48 lacs (previous year 16.90 lakhs) of Income Tax payable under the provision of Section 115JB of Income Tax Act, 1961.

b) In view of uncertainty regarding generation of suffcient future taxable income, on prudent basis, deferred tax assets have not been recognized in the accounts.

c) The company is entitled to MAT credit for which no effects are given in the books of accounts due to its uncertainty about its reversal in future.

8. Disclosure under the micro, small and medium enterprises Development act, 2006

There are no amounts unpaid as at the year end as required under the Micro, Small and Medium Enterprise Development Act, 2006.

9. Schedule to Balance sheet of NBFC as required in terms of Paragraph 13 of Non – Banking Financial (Non – Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007" given in Annexure I

10. Previous year figures have been rearranged, regrouped & recast wherever necessary.

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Mar 31, 2013

1. Contingent Liabilities

Claims not acknowledged as debts Rs. 34.28 lakhs. (Previous year Rs.34.28 lakhs)

2. Tax Demand

a) Income Tax

i) The income tax assessment for the assessment year 1993-94 was completed resulting in demand of Rs. 113.06 Lakhs, (Previous year Rs.113.06 lakhs) against which the Company is in appeal.

ii) The income tax assessment for the assessment year 2009-1 0 was completed resulting in demand of Rs.1.90 lakhs (Previous year Rs. 1.90 lakhs ) against which the company is in appeal

b) Sales Tax

Sales tax assessment under the Bombay Sales Tax Act for the assessment year 1998-99, was completed in respect of Bombay Sales Tax and Lease Tax and resulted in demand for Rs.3.92 lakhs and Rs. 15.67 lakhs respectively (Previous year Rs. 3.92 lakhs and Rs. 15.67 lakhs respectively). The company has preferred an appeal against the orders with Deputy Commissioner.

3 . Impairment of Assets

There are no such impair able Assets at the year ended in term of AS - 28. Hence company has not made any provision for impairment loss.

4. Assets Received under Settlement

1 ) The Company in the past had written-off amounts recoverable from certain debtors as the recovery of the same was uncertain.

In earlier years, the company had received land under the settlement in case of a debtor which was fully written off. However, the ownership of this land has still not been transferred to the company and hence being shown under debtors at NIL value. This land in the current year has been sold by the company for Rs 68.5 Lakhs. The same is shown in the Statement of profit and loss as other operating revenue.

2) In case of a debtor, the Company in October 1997 had received under a settlement, the right to receive property to be developed in future. These assets were treated as fixed assets from October 1 997 until March 31st, 2005 and accordingly depreciated in the books of account for the above said period.

It had been decided to dispose of such assets in the financial year 2005-06 and was accordingly transferred from April 1st, 2005 to Non current assets at its written down value as ''assets held for sale'' and hence no further depreciation charged on it.

The assets as per the requirement of Accounting Standard -13 "Accounting for Investments" have been disclosed under Investments. The depreciation needs to be provided from April 1st, 2005 to date. The additional cumulative depreciation works out to Rs 2.69 lacs of which the prior period amounts to Rs.2.35 lacs and current year charge amounts to Rs 0.34 lacs, the effect of which not being material has not been provided in the books of account.

5. Current Assets, Loans and Advances

The assets other than fixed assets and noncurrent investments of the Company are expected to be realized in the ordinary course of business at least equal to the amount at which they are stated in the Balance Sheet.

During the earlier years, on account of non-availability of share certificates in respect of certain equity shares and transfer of shares for settlement of PMS account, relevant book value of such shares were written off / adjusted. Subsequently, after proper scrutiny and wherever the shares were available or shares have not been transferred, they have been included as part of stock of security by assigning a value of Re. 1 to each of such securities by crediting to profit & loss account of such year. Such value of Re. 1 is

6. Segment Reporting

The company has only one Business Segment, viz. Income from Investing and Financial activities the source of which is recovery of past dues and Company''s business activities are confined only to India. Hence no additional disclosures are made as required under Accounting Standard 17 "Segment Reporting".

7. Related Party Disclosures

Related Party Relationship

Bennett, Coleman & Company Ltd. Holding Company

(Holds 74.92% of the Equity Share Capital as at March 31, 2013)

Fellow Subsidiaries

Dharmayug Investments Limited, Satyam Properties & Finance Ltd., Times Journal India. Ltd., Times Global Broadcasting Company Ltd., Times Business Solutions Ltd., Times Jobs Ltd. ,Zoom Entertainment Network Ltd. , Times Digital Ltd., Times Centre for Learning Ltd. , (Earlier khown as Times Yoga Ltd.) Centre for Excellence in Management Training and Development, Speaking Tree Properties Ltd., Media Network & Distribution (India) Ltd. Times Innovative Media Ltd., TIM Delhi Airport Advertising Pvt. Ltd. Worldwide Media Pvt. Ltd. Metropolitan Media Co. Ltd. Brand Equity Treaties Ltd., Mind Games Shows Pvt. Ltd., Vardhaman Publishers Limited, Times VPL Ltd., Times Infotainment Media Limited, Mirchi Movies (India) Ltd. Entertainment Network (India) Limited, Alternate Brand Solutions (India) Ltd., TIML Global Ltd., TIML Golden Square Ltd., TIML Radio Holdings Ltd., One Golden Square Creative Ltd., TIML Radio Ltd., TIML Digital Radio Ltd., Artha Financial Services Ltd., Artha Broking Services Ltd., Artha Commodities Ltd., Artha Distribution Services ltd., Artha Forex Services Ltd., Artha Insurance Broking Services Ltd., Artha Credit Pvt. Ltd., Artha Network Services Ltd., Artha Realty Pvt. Ltd. Times Internet Limited, Times Internet Inc., USA. Times Internet (UK) Limited, UK, Times Websol Ltd., Times Mobile Ltd. a2zShopping Ltd., Times City Ltd., Times Deals Ltd, Bennett Broadcasting & Distribution Services Ltd., Times Box TV Media PTE Ltd. Amrita Estates Private Ltd., Ananta Properties Private Ltd., BCCL International Events Private Ltd., Times Conferences Ltd., Aegon Religane Life Insurance Private Ltd.

Key Management Personnels:

Dr. Bhaskar Das - Chairman (Upto September 28, 2012)

Mr. S. Sivakumar - Director

Mr. Shrijeet Mishra - Additional Director (w.e.f. October 29, 2012) Related party relationships are as identified by the management.

8. Reserve Fund

In accordance with the provisions of section 45 - IC of the RBI Act, 193 4, the Company has created a Reserve Fund & during the year, the Company has transferred an amount of Rs 38.73 lakhs (Previous Year Rs. 18.56 lakhs) to Reserve Fund, it being 20% of the Profit after Tax.

9. Tax

The Company has made provision of Rs. 16.90 lakhs (previous year Nil) of Income Tax payable under the provision of Section 115JB of Income Tax Act, 1961. In view of uncertainty regarding generation of sufficient future taxable income, on prudent basis, deferred tax assets have not been recognized in the accounts.

10. Disclosure under the Micro, Small and Medium Enterprises Development Act, 2006

There are no amounts unpaid as at the yearend as required under the Micro, Small and Medium Enter prise development Act, 2006 .

11. Schedule to Balance sheet of NBFC as required in terms of Paragraph 1 3 of Non - Banking Financial (Non - Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007" given in Annexure I

12. Previous year figures have been rearranged, regrouped & recast wherever necessary.

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

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Mar 31, 2012

1 SHARE CAPITAL

a) Terms/ Rights Attached to equity shares

The company has one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividend in Indian Rupees. The dividend proposed by the Board of Director is subject to the approval of the share holders in the ensuing Annual General Meeting.

In the event of Liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders

b) Aggregate number of bonus shares issued, shares issued for consideration other than cash and shares bought back during the period of five years immediately preceding the reporting date : Nil (P.Y. Nil)

2. Contingent Liabilities

Claims not acknowledged as debts Rs. 34.28 lakhs. (Previous year Rs. 34.28 lakhs)

3. Tax Demand

a) Income Tax

i) The income tax assessment for the assessment year 1993-94 was completed resulting in demand of Rs. 113.06 lakhs, (Previous year Rs. 113.06 lakhs) against which the Company is in appeal.

ii) The income tax assessment for the assessment year 2009-10 was completed resulting in demand of Rs. 1.90 lakhs (Previous year Rs. Nil) against which the company is in appeal

b) Sales Tax

Sales tax assessment under the Bombay Sales Tax Act for the assessment year 1998-99, was completed in respect of Bombay Sales Tax and Lease Tax and resulted in demand for Rs. 3.92 lakhs and Rs. 15.67 lakhs respectively (Previous year Rs. 3.92 lakhs and Rs. 15.67 lakhs respectively). The company has preferred an appeal against the orders with Deputy Commissioner.

4. Impairment of Assets

There is no such impairable Assets at the year ended in term of AS - 28. Hence company has not made any provision for impairment loss.

5. Assets Received under Settlement

The Company in the past had written-off amounts recoverable from certain debtors as the recovery of the same was uncertain.

In earlier years, the company had received land under the settlement in case of a debtor which was fully written off. However, the ownership of this land has still not been transferred to the company and hence being shown under debtors at NIL value.

In case of a debtor, the Company in October 1997 had received under a settlement, the right to receive property to be developed in future. These assets were treated as fixed assets from October 1997 until March 31st, 2005 and accordingly depreciated in the books of account for the above said period.

It had been decided to dispose off such assets in the financial year 2005-06 and was accordingly transferred from April 1st, 2005 to current assets at its written down value as 'assets held for sale' and hence no further depreciation charged on it.

The assets as per the requirement of Accounting Standard -13 Accounting for Investments have been disclosed under Investments. The depreciation needs to be provided from April 1st, 2005 to date. The additional cumulative depreciation works out to Rs. 2.35 lacs of which the prior period amounts to Rs. 2.02 lacs and current year charge amounts to Rs. 0.34 lacs, the effect of which not being material has not been provided in the books of account.

6. Current Assets, Loans and Advances

The current assets, loans and advances and the investments of the Company are expected to be realized at values not less than those stated in the Balance Sheet. Hence no impairment loss recognized on such assets.

During the earlier years, on account of non-availability of share certificates in respect of certain equity shares and transfer of shares for settlement of PMS account, relevant book value of such shares were written off/adjusted. Subsequently, after proper scrutiny and wherever the shares were available or shares have not been transferred, they have been included as part of stock of security by assigning a value of Rs. 1 to each of such securities by crediting to profit & loss account of such year. Such value of Rs. 1 is considered as cost for the purpose of valuation of relevant securities

7. Segment Reporting

The company has only one Business Segment, viz. Income from Investing and Financial activities the source of which is recovery of past dues and Company's business activities are confined only to India. Hence no additional disclosures are made as required under Accounting Standard 17 "Segment Reporting".

8. Related Party Disclosures

Related Party Relationship

Bennett, Coleman & Company Ltd. Holding Company (Holds 74.92% of the Equity Share Capital as at March 31, 2012)

Fellow Subsidiaries

Dharmayug Investments Limited, Satyam Properties & Finance Ltd., Rajdhani Printers Ltd., Surge Enterprises Ltd., Banhem Estates & IT Parks Ltd., 21st Century Constructions Ltd., Times Journal India. Ltd., Times Global Broadcasting Company Ltd., Times Business Solutions Ltd., Suryashankar Properties Ltd., Shubhan Properties Ltd., Aadidev Properties Ltd., Aryabhata Properties Ltd., Anagha Estates Ltd., Sushena Properties Ltd., Vaidehi Estates Ltd., Zoom Entertainment Network Ltd., Times Digital Ltd., Times Yoga Ltd., PT Ventures Private Ltd., Bennett Broadcasting & Distribution Services Ltd., (Earlier known as Times Goa Media Ltd.) Centre for Excellence in Management Training and Development, Speaking Tree Properties Ltd., Nandeshwar Properties Ltd., Ativeer Properties Ltd., Media Network & Distribution (India) Ltd., TIM Delhi Airport Advertisement Pvt. Ltd.., Times Innovative Media Ltd., Worldwide Media Pvt. Ltd, Metropolitian Media Pvt. Ltd, Brand Equity Treaties Ltd., Mind Games Shows Pvt. Ltd., Vardhaman Publishers Limited, Times VPL Ltd., Times Infotainment Media Limited, Mirchi Movies (India) Ltd., Entertainment Network (India) Limited, Alternate Brand Solutions (India) Ltd., TIML Global Ltd., TIML Golden Square Ltd., TIML Radio Holdings Ltd., One Golden Square Creative Ltd., TIML Radio Ltd., TIML Digital Radio Ltd., Artha Financial Services Ltd., Artha Broking Services Ltd., Artha Commodities Ltd., Artha Distribution Services Ltd., Artha Forex Services Ltd., Artha Insurance Broking Services Ltd., Artha Credit Pvt. Ltd., Artha Network Services Ltd, Artha Realty Pvt. Ltd, Times Internet Limited, Times Internet Inc., USA, Times Internet (UK) Limited, UK, Times Websol Ltd., Times Mobile Ltd., a2zShopping Ltd., TimesofMoney Limited, TimesofMoney Inc. (USA), TimesofMoney UK-PLC(UK), TOM Payment Solutions Ltd.

Key Management Personnels:

Dr. Bhaskar Das - Chairman

Mr. S. Sivakumar – Director

Related party relationships are as identified by the management.

9. Reserve Fund

In accordance with the provisions of section 45- IC of the RBI Act, 1934, the Company has created a Reserve Fund & during the year, the Company has transferred an amount of Rs. 18.56 lakhs (Previous Year Rs. 6.05 lakhs) to Reserve Fund, it being 20% of the Profit after Tax.

10. Tax

The Company has not made provision of Income Tax payable under the provision of Income Tax Act, 1961 since the Company has unabsorbed depreciation and carried forward losses available for set off under the Income Tax Act 1961. In view of uncertainty regarding generation of sufficient future taxable income, on prudent basis, deferred tax assets have not been recognized in the accounts

11. Disclosure under the Micro, Small and Medium Enterprises Development Act, 2006

There are no amounts unpaid as at the year end as required under the Micro, Small and Medium Enterprise Development Act, 2006.

12. Schedule to Balance sheet of NBFC as required in terms of Paragraph 13 of Non – Banking Financial (Non – Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007 given in Annexure I

13. Previous year figures have been rearranged, regrouped & recast wherever necessary.

Notes:

1. As defined in paragraph 2(1)(xii) of the Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 1998

2. Provisioning norms shall be applicable as prescribed in Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007

3. All Accounting Standards and Guidance Notes issued by ICAI are applicable including for valuation of investments and other assets as also assets acquired in satisfaction of debt. However, market value in respect of quoted investments and break up/fair value/NAV in respect of unquoted investments should be disclosed irrespective of whether they are classified as long term or current in (4) above.

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Mar 31, 2011

1. Contingent Liabilities

Claims not acknowledged as debts Rs. 34.28 lakhs. (Previous year Rs.34.28 lakhs)

Tax Demand

Income Tax

The income tax assessment for the assessment year 1993-94 was completed resulting in demand of Rs. 113.06 lakhs, (Previous year Rs.113.06 lakhs) against which the Company is in appeal.

Sales Tax

Sales tax assessment under the Bombay Sales Tax Act for the assessment year 1998-99, was completed in respect of Bombay Sales Tax and Lease Tax and resulted in demand for Rs.3.92 lakhs and Rs. 15.67 lakhs respectively (Previous year Rs.3.92 lakhs and Rs.15.67 lakhs respectively). The company has preferred an appeal against the orders with Deputy Commissioner.

2. Impairment of Assets

There is no such impairable Assets at the year ended in term of AS - 28. Hence company has not made any provision for impairment loss.

3. Assets Received under Settlement

The Company in the past had written-off amounts recoverable from certain debtors as the recovery of the same was uncertain.

In earlier years, the company had' received land under the settlement in case of a debtor which was fully written off. However, the ownership of this land has still not been transferred to the company and hence being shown under debtors at NIL value'

In case of a debtor, the Company in Oct 1997, had received under a settlement, the right to receive property to be developed in future. These assets were treated as fixed assets from October 1997 until March 31st, 2005 and accordingly depreciated in the books of account for the above said period.

It had been decided to dispose off such assets in the financial year 2005-06 and were accordingly transferred from April 1st, 2005 to current assets at its written down value as 'assets held for sale' and hence no further depreciation charged on it.

The assets as per the requirement of Accounting Standard -13 "Accounting for Investments" have been disclosed under Investments. The depreciation needs to be provided from April 1st. 2005 to date. The additional cumulative depreciation works out to Rs. 2,02,153 of which the prior period amounts to Rs. 1,68,461 and current year charge amounts to Rs. 33,692, the effect of which not being material has not been provided in the books of account.

4. Current Assets, Loans and Advances

The current assets, loans and advances and the investments of, the Company are expected to be realized at values not less than those stated in the Balance Sheet. Hence no impairment loss recognized on such assets.

During the earlier years, on account of non-availability of share certificates in respect of certain equity shares and transfer of shares for settlement of PMS account, relevant book value of such shares were written off / adjusted. Subsequently, after proper scrutiny and wherever the shares were available or shares have not been transferred, they have been included as part of stock of security by assigning a value of Re. 1 to each of such securities by crediting to profit & loss account of such year. Such value of Re. 1 is considered as cost for the purpose of valuation of relevant securities.

5. Segment Reporting

The company has only one Business Segment, viz. Income from Investing and Financial activities the source of which is recovery of past dues and Company's business activities are confined only to India. Hence no additional disclosures are made as required under Accounting Standard 17 "Segment Reporting".

6. Related Party Disclosures

Related Party Relationship

Bennett. Coleman & Company Ltd- Holding Company

(Holds 74.92% of the Equity Share Capital as at March 31, 2011)

Fellow Subsidiaries

Dharmayug Investments.Limited, Satyam Properties & Finance Ltd., Rajdhani Printers Ltd., Surge Enterprises Ltd., Banhem Estates & IT Parks Ltd., 21st Century Constructions Ltd., Times Journal India. Ltd., Times Global Broadcasting Company Ltd., Times Business Solutions Ltd., Suryashankar Properties Ltd., Shubhan Properties Ltd., Aadidev Properties Ltd., Aryabhata Properties Ltd., Anagha Estates Ltd., Sushena Properties Ltd., Vaidehi Estates Ltd., Zoom Entertainment Network Ltd., Zoom Movies (TV) Ltd., Times Digital Ltd., Times Yoga Ltd., PT Ventures Private Ltd., Bennett Broadcasting & Distribution Services Ltd., (Earlier known as Times Goa Media Ltd.) Centre for Excellence in Management Training and Development, Speaking Tree Properties Ltd., Nandeshwar Properties Ltd., Ativeer Properties Ltd., Media Network & Distribution (India) Ltd., Bennett Property Holdings Company Ltd., Times Innovative Media Ltd., Brand Equity Treaties Ltd., Mind Games Shows Pvt. Ltd., Vardhaman Publishers Limited, Times VPL Ltd., Times Infotainment Media Limited, Mirchi Movies (India) Ltd., Entertainment Network (India) Limited, Alternate Brand Solutions (India) Ltd., TIML Global Ltd., TIML Golden Square Ltd., TIML Radio Holdings Ltd., One Golden Square Creative Ltd., TIML Radio Ltd., TIML Digital Radio Ltd., Artha Financial Services Ltd., Artha Broking Services Ltd., Artha Commodities Ltd., Artha Distribution Services Ltd., Artha Forex Services Ltd., Artha Insurance Broking Services Ltd., Artha Credit Pvt. Ltd., Times Internet Limited, Times Internet Inc., USA. Times Internet (UK.) Limited, UK, Times Websol Ltd., Times Mobile Ltd., a2zShopping Ltd., Times of Money Limited, Times of Money Inc. (USA), Times of Money UK- PLC(UK), TOM Payment Solutions Ltd.

Key Management Personnels:

Dr. Bhaskar Das - Chairman

Mr. S. Sivakumar - Director

Mr. P. M. Rao - Director (up to 16/05/2011)

Related party relationships are as identified by the management.

7. Reserve Fund

In accordance with the provisions of section 45- IC of the RBI Act, 1934, the Company has created a Reserve Fund & during the year, the Company has transferred an amount of Rs6.05 lakhs (Previous Year Rs. 33.96 lakhs) to Reserve Fund, it being 20% of the Profit after Tax.

8. Tax

The Company has made adequate provision of Income Tax of Rs Nil (P.Y. Rs. Nil) payable under the provision of Income Tax Act, 1961. The Company has unabsorbed depreciation and carried forward losses available for set off under the Income Tax Act 1961 In view of uncertainty regarding generation of sufficient future taxable income, on prudent basis, deferred tax assets have not been recognized in the accounts.

9. Disclosure under the Micro, Small and Medium Enterprises Development Act, 2006

Disclosures, relating to amounts unpaid as at the year end together with interest paid / payable as required under the Micro, Small and Medium Enterprise Development Act, 2006 have been given to the extent Group has received intimation from "Suppliers" regarding their status under the said Act.

10 Contingent Provision against Standard Assets

In accordance with the notification dated 17.01.2011 issued under the Non Banking (Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007, the Company has created a Contingent Provision against Standard Asset and during the year, the Company has transferred an amount of Rs 771 (Previous Year Nil) to Reserve Fund, it being 0.25% of the Standard Assets.

11. Previous Year's Figures

Previous year figures have been rearranged, regrouped & recast wherever necessary.

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Mar 31, 2010

1. Contingent Liabilities

Claims not acknowledged as debts Rs. 34.28 lakhs. (Previous year Rs.36.28 lacs)

1.1 Tax Demand

Income Tax

The income tax assessment for the assessment year 1993-94 was completed resulting in demand of Rs. 113.06 lakhs, (Previous year Rs.113.06 lakhs) against which the Company is in appeal.

Sales Tax

Sales tax assessment under the Bombay Sales Tax act for the assessment year 1998-99, was completed in respect of Bombay Sales Tax and Lease Tax and resulted in demand for Rs.3.92 lakhs and Rs.15.67 lakhs respectively (Previous year Rs.3.92 lakhs and Rs.15.67 lakhs respectively). The company has preferred an appeal against the orders with Deputy Commissioner.

2. Fixed Assets

In the opinion of the board, the current assets, loans & advances and Investments of the Company are expected to be realized at values not less than those stated in the Balance Sheet. Further provisions have been made for all known & accrued liabilities.

3. Impairment on Fixed Assets

No impairment loss is recognized on fixed assets.

4. Assets Received under Settlement

The Company in the past had written-off amounts recoverable from certain debtors as the recovery of the same was uncertain.

In earlier years, the company had received land under the settlement in case of a debtor which was fully written off. However, the ownership of this land has still not been not transferred to the company and hence being shown under debtors at NIL value.

In case of some of the debtors, the Company in Oct 1997, had received under a settlement, the right to receive property to be developed in future. These assets were treated as fixed assets from October 1997 until March 31st, 2005 and accordingly depreciated in the books of account for the above said period.

It has been decided to dispose off such assets in the financial year 2005-06 and were accordingly transferred from April 1st, 2005 to current assets at its written down value as assets held for sale and hence no further depreciation charged on it.

The assets disclosed under current assets needs to be disclosed under Investments as per the requirements of Accounting Standard -13 " Accounting for Investments". Accordingly, depreciation needs to be provided from April 1st, 2005 to date. The additional cumulative depreciation works out to Rs.1,73,923 of which the prior period amounts to Rs.1,39,138 and current year charge amounts to Rs.34,785 the effect of which not being material has not been provided in the books of account.

5. Current Assets & Loans & Advances

The current assets, loans and advances and the investments of the Company are expected to be realized at values not less than those stated in the Balance Sheet. Hence no impairment loss recognized on such assets.

6. Segment Reporting

The company has only one Business Segment, viz. Income from Investing and Financial activities the source of which is recovery of past dues and Companys business activities are confined only to India. Hence no additional disclosures are made as required under Accounting Standard 17 "Segment Reporting" issued by Institute of Chartered Accountant of India.

7. Related Party Disclosures

Related Party Relationship

Bennett, Coleman & Company Ltd. Holding Company

(Holds 74.92% of the Equity Share Capital as at March 31, 2010)

Fellow Subsidiaries:

Dharmayug Investments Limited, Satyam Properties & Finance Ltd., Rajdhani Printers Ltd., Surge Enterprises Ltd., Banhem Estates & I T Parks Ltd., Optimal Media Solutions Ltd., 21st Century Constructions Ltd., Times Journal India. Ltd., Times Global Broadcasting Company Ltd., Times Business Solutions Ltd., Times Business Solutions FZLLC (Dubai), Suryashankar Properties Ltd., Shubhan Properties Ltd., Aadidev Properties Ltd., Aryabhata Properties Ltd., Anagha Estates Ltd., Sushena Properties Ltd., Vaidehi Estates Ltd., Zoom Entertainment Network Ltd., Times Digital Ltd., Times Yoga Ltd., PT Ventures Private Ltd., Times Goa Media Ltd., Centre for Excellence in Management Training and Development, Brand Equity Treaties Ltd., Mind Games Shows Pvt. Ltd., Vardhaman Publishers Limited, Vijayanand Printers Ltd., Times Infotainment Media Limited, Mirchi Movies (India) Ltd., Entertainment Network (India) Limited, Times Innovative Media Ltd., Alternate Brand Solutions (India) Ltd., TIML Global Ltd., TIML Golden Square Ltd., TIML Radio Holdings Ltd., One Golden Square Creative Ltd., TIML Radio Ltd., TIML Digital Radio Ltd., Artha Financial Services Ltd., Artha Broking Services Ltd., Artha Commodities Ltd., Artha Distribution Services Ltd., Artha Forex Services Ltd., Artha Insurance Broking Services Ltd., Artha Credit Pvt. Ltd., Times Internet Limited, Times Internet INC., USA, Times Internet (UK) Limited, UK, Times websol Ltd., Times Mobile Ltd., a2zShopping Ltd., TimesofMoney Limited, TimesofMoney Inc. (USA), TimesofMoney UK-PLC(UK), TOM Expat Services Ltd., TOM Global Payment Services Ltd., TOM Payment Solutions Ltd., TimesofMoney Financial Services Ltd.,

Key Management Personnels:

Dr. Bhaskar Das - Chairman

Mr. S. Sivakumar - Director

Mr. P. M. Rao – Director

Related party relationships are as identified by the management.

8. Reserve Fund

In accordance with the provisions of section 45- IC of the RBI Act, 1934, the Company has created a Reserve Fund & during the year, the Company has transferred an amount of Rs. 33.96 lakhs (Previous Year Rs. 26.04 lakhs) to Reserve Fund, it being 20% of the Profit after Tax.

9. Tax

The Company has unabsorbed depreciation and carried forward losses available for set off under the Income Tax Act 1961. In view of uncertainty regarding generation of sufficient future taxable income, on prudent basis, deferred tax assets have not been recognized in the accounts.

10. Capital Commitments : NIL

11. Disclosures, relating to amounts unpaid as at the year end together with interest paid / payable as required under the Micro, Small and Medium Enterprise Development Act, 2006 have been given to the extent Group has received intimation from “Suppliers” regarding their status under the said Act.

12. Previous Years Figures

Figures for the previous year have been regrouped, rearranged and reclassified wherever necessary to conform to the current years classification.