Integrated Finance Company Ltd. இன் கணக்கு குறிப்புகள்

Mar 31, 2012

1.1 Terms / Rights attached to equity shares

The company has only one class of equity shares having a par value of Rs10 Per share. Each Holder of equity shares is entitled to one vote per share.

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 in the proportion to the number of equity shares held by the shareholders.

1.2 Terms/ Rights attached to 13.5% Cumulative Redeemable Preference Shares

The company issued Rs.5,00,00,000 13.5% Cumulative Redeemable Preference Shares of Rs. 10 each fully paid . Each holder of 13.5% Cumulative Redeemable Preference Shares is entitled to one vote per share only on resolutions placed before the company which directly affects the rights attached to 13.5% Cumulative Redeemable Preference Shares. The period of redemption of cumulative redeemable preference shares issued by the Company, which was originally, due for redemption on 27.12.2000 was extended with the consent of preference shareholder in terms of Section 106 of the Companies Act, 1956. As per revised terms the shares are redeemable after 36 months from the date they become originally due for redemption i.e. on 27.12.2003.

1.3 The Company does not have any holding company/ultimate holding company.

1.4 There has been no change/movements in number of shares outstanding at the beginning and at the end of the reporting period.

1.5 No equity shares have been reserved for issue under options and contracts/ commitments for the sale of shares/disinvestment as at the balance sheet date.

2.1 Redeemable bonds are Secured by the hypothecation of Fixed Assets, Loans and Advances, unquoted investments, lease receivables and Stock on Hire other than charged/hypothecated to secured lenders and income receivables by the Company for the business contracts for UTI Bank both present and future as may be notified from time to time.

2.2 Term loan from banks are secured by hypothecation of vehicles and machinery covered by Hire Purchase/Lease Agreement by a deed of hypothecation in favour of a consortium of banks ranking pari-passu inter se.

2.3 Term loan from companies are secured by immovable properties of the Company at Mumbai and Kozhicode and receivables from specific party.

2.4 In regard to the security offered to the secured lenders in the form of charge on various receivables, inspite of the difficulties faced by the management in the recovery of the receivables, the management is confident of eventually recovering these dues and hence in the opinion of the management there is no potential sacrifice on adequacy of security at present. Hence taking into consideration of the management the secured lenders are considered as adequately secured.

2.5 The company has filed a restructuring proposal for meeting the liability towards Bonds and fixed deposits under section 391 of the Comoanies Act, 1956 on 21.06.2005 which was approved by the Hon''ble High Court, Madras on 19.08.2006 vide order of Single Judge Bench, which on an appeal the Division Bench of Madras High Court decided the proposal for restructuring against the company, in respect of which the company appealed to Supreme Court through a Special Leave Petition (SLP) and the same been admitted by the Hon''ble Supreme Court.

2.6 All loans have turned Non-Performing Assets in the books of the lenders and the same have been recalled by them and at present being contested in Debt Recovery Tribunals . Hence, the clause relating to disclosure of terms of repayment of loans in such cases has become inapplicable.

2.7 The Company has been negotiating with various Banks for OTS and in this direction the company reached OTS with M/s. State Bank of Hyderabad, for a sum of Rs.35 lakhs as against the limit sanctioned by them amounting to Rs.461 lakhs. (Loan outstanding Rs.522.34 Lakhs) in previous year. The Company has adjusted the difference between outstanding balance in its books and limit sanctioned against the interest expenditure of the previous year and the limit sanctioned to the credit of Profit and Loss Account.

3.1 The Reserve Bank of India passed an order, prohibiting the company from accepting any deposits from public from 18th January 2005. The company has filed a restructuring proposal for meeting the liability towards deposits under section 391 of the Comoanies Act, 1956 on 21.06.2005 which was approved by the Hon''ble High Court, Madras on 19.08.2006 vide order of Single Judge Bench, which on an appeal the Division Bench of Madras High Court decided the proposal for restructuring against the company, in respect of which the company appealed to Supreme Court through a Special Leave Petition (SLP) and the same been admitted by the Hon''ble Supreme Court pending the outcome of the same the interest amounting to Rs. 418.97 lakhs on deposits has not been provided after 19.05.2005.

3.2 The company has filed a restructuring proposal for meeting the liability towards Bonds under section 391 of the Companies Act. 1956 on 21.06.2005 which was approved by the Hon''ble High Court, Madras on 19.08.2005 vide order of Single Judge Bench, which on an appeal the Division Bench of Madras High Court decided the proposal for restructuring against the company, in respect of which the company appealed to Supreme Court through a Special Leave Petition (SLP) and the same been admitted by the Hon''ble Supreme Court pending the outcome of the same the interest amounting to Rs. 4657.28 on bond has not been provided after 19.05.2005, the company has not repaid the matured bonds on due dates, amounting to Rs. 8407.81 lakhs.

3.3 Other Payables includes Rs. 9.18 Lakhs due to Managing Director (Previous year Rs. 6.74 Lakhs).

4.1 The Company entered into an arrangement with a Bank to market various financial products including sourcing of hire purchase loans. The arrangement is akin to that of a principal and Agent. The arrangements and further agreements entered between parties envisages that upon happening of certain events, the Company has to repossess the underlying assets, dispose the same, and credit the proceeds towards repayment of amount advanced by bank. In the event of there being any deficit in loan repayment, after sale of the assets, the same shall be made good by the Company. The amount so involved under such an obligation being contingent in nature, is not quantifiable at this point of time. The overall value of contracts covered under this arrangement is Rs.130.99 Lakhs.

However, the Company entered into a Memorandum of understanding with the said bank consequent to which such obligation does not arise on the contracts entered into after the said Memorandum of Understanding dated 6th November 2002. Further, the company made claims towards the entitlement of fees for services aggregating to 263.23 lakhs which is yet to be acknowledged by the bank. Also the banks has raised certain counter claims on the company, as the counter claims are at the very early stage, no provision is made in the accounts for such claims.

4.2 Trade / security deposits includes Rs.8.55 Lakhs towards Sales Tax Deposit under protest/ recoverable.

5.1 Balances with Banks in Current Accounts includes Rs.67.50 lakhs being balance in a current account with a Scheduled Bank intended for meeting commitments towards preference dividend as and when declared. The said bank has adjusted the same towards the Bank''s Funds and Investments Branch at Chennai. The company has taken up the matter with the Bank, pending the outcome of the same is continued to be shown under Balances with Banks in Current Accounts . However this has no impact on the operating results of the Company.

5.2 The Company has made a no lien deposit of Rs.52 lakhs during earlier years with State Bank of Tranvancore for proposed one time settlement with the consortium of Banks. Consequent to the decision made by the consortium of banks that the bank would settle the dues independent of the consortium, the no lien deposit has become repayable to the Company. However, one of the banks approached DRT and obtained stay against the release of the deposit which is being contested by the Company. The above deposit has been adjusted against the dues to the State Bank of Travancore in the books of the Company.

5.3 The company has reconciled only the operative accounts. Inoperative accounts have not been reconciled in the absence of confirmation or statements from banks.

Note No.6.

Since the number of employees in roll of the company is less than 50, the disclosure as required by Accounting standard (AS 15) not disclosed. Note No.23. Deferred Taxation:

In view of past losses and difference in income recognition under sum of digits and equated installments method the company is required to create a deferred tax asset. However in view of various pending proceedings under the Income Tax Act, which is having a bearing on the ultimate amount to be allowed to be carried forward to subsequent years, no deferred tax asset has been created.

Note No.7.

Hire Purchase/Lease contracts entered include contracts with existing hirer/ lessees the proceeds of which have been adjusted against the arrears/ outstanding arrears/outstanding of the respective hirers/lessees under the existing H.P/Lease contracts.

Note No.8.

The levy of Service Ta x on Hire Purchase and Leasing transactions introduced with effect from 16-07-2001 has been challenged by Trade Associations. The court has dismissed the appeal filed by the association. The company has not provided for Service Tax payable if any to the authorities for the orders pending.

Note No.9. Contingent Liability:

a. Interest tax:

The Company has gone on appeal for the assessment year 1992-93 to 2000-01 in respect of disputed demand of interest tax of Rs.85.18 lakhs on account of certain disallowances and the demand arising out of the disallowances were adjusted/paid against the refund due amounting to Rs.84.98 lakhs. The quantum of liability, if any, is ascertainable only on completion of these appeals/assessments. Hence no provision has been made for the balance demand in the books of accounts.

b. Income Tax

i. Disputed Income tax demands totaling to Rs.7.21 lakhs (previous year Rs. 7.21 lakhs) for which the Income-tax department has gone on appeal.

ii. The Company has gone on appeal for the assessments 1991-92 to 2008-09 in respect of disputed demand of Rs.2,308.31 Lakhs (previous year Rs. 2,308.31 Lakhs) against which an amount of Rs.166.86 Lakhs paid/adjusted in subsequent years. (Previous year Rs. 166.86 Lakhs). Depending upon the outcome of these appeals, a demand for income tax may be made on the Company for subsequent years also as the matter under dispute are recurring. The exact quantum of liability if any, is ascertainable only on completion of these appeals/assessments. Hence, no provision has been made for the potential liability if any, in the books of accounts. However, the income-tax department attached the current account maintained in banks towards recovery of their dues and adjusted.

c. Sales tax:

The Company has gone on appeal against a total demand of Sales Tax for Rs. 50.33 Lakhs (previous year Rs.50.33 Lakhs) from the Commercial Tax Authorities in the States of Tamilnadu, Kerala, Maharashtra and New Delhi against which the Company has deposited a sum of Rs.9.85 Lakhs (Previous year Rs.9.85 Lakhs) and Bank Guarantee and Corporate Bond are furnished for Rs.12.85 Lakhs (Previous year Rs.12.85 Lakhs) and for the balance amount, stay has been granted. No provision has been made in the books of accounts.

d. Guarantee given on behalf of other companies Rs.330 Lakhs (previous year Rs.330 Lakhs)

e. Claims against the Company not acknowledged as debts Rs.10.97 Lakhs (previous year Rs.10.97 Lakhs)

Note No. 10.

Segment Reporting: The Company is engaged primarily in the business of financing and accordingly there are no separate reportable segments as per Accounting Standard AS 17 - ''Segment Reporting''.

Note No.11.

The Company is in the process of ascertaining the vendor/supplier who fall under the purview of "The Micro, Small and Medium Enterprise Development Act, 2006" and on completion of this process, will take necessary steps to comply with the said Act.

Note No.12.

The Revised Schedule VI to the Companies Act, 1956 has become effective from April 1, 2011 for preparation and presentation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Accordingly, the figures for the previous year have been reclassified, wherever necessary to conform with the current year''s classification.

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Mar 31, 2011

1. Stock on hire includes a sum of Rs.229.31 lakhs towards balance in Hire Purchase contracts /accounts in respect of which assets has been repossessed and sold.

2. Since the number of employees in roll of the company is less than 50, the disclosure as required by Accounting standard (AS 15) not disclosed.

3. (a) Cash and bank balance includes Rs.67.50 lakhs being balance in a current account with a Scheduled Bank intended for meeting commitments towards preference dividend as and when declared. The said bank has adjusted the same towards the Bank''s Funds and Investments Branch at Chennai. The company has taken up the matter with the Bank, pending the outcome of the same is continued to be shown under cash and bank balances. However this has no impact on the operating results of the Company.

(b) The company has reconciled only the operative accounts. Inoperative accounts have not been reconciled in the absence of confirmation or statements from banks.

(c) The majority of the banks have filed suits during earlier years before the DRT against the company for recovery of the dues to the banks.

(d) The Company has made a no lien deposit of Rs.52 lakhs during earlier years with State Bank of Tranvancore for proposed one time settlement with the consortium of Banks. Consequent to the decision made by the consortium of banks that the bank would settle the dues independent of the consortium, the no lien deposit has become repayable to the Company. However, one of the banks approached DRT and obtained stay against the release of the deposit which is being contested by the Company. The above deposit has been adjusted against the dues to the State Bank of Travancore in the books of the Company.

(e) The Company has been negotiating with various Banks for OTS and in this direction the company reached OTS with M/s. State Bank of Hyderabad, for a sum of Rs.35 lakhs as against the limit sanctioned by them amounting to Rs.461 lakhs. (Loan outstanding Rs.522.34 Lakhs). The Company has adjusted the difference between outstanding balance in its books and limit sanctioned against the interest expenditure of the current year and the limit sanctioned to the credit of Profit and Loss Account.

4. Under Loans and Advances, advances recoverable in cash or in kind includes:

a. Rs.8.55 Lakhs towards Sales Ta x Deposit under protest/ recoverable.

b. Consequent to the filing of Block assessment return, the related lease contracts have been transferred from leased assets to loans and advances and classified as block adjustment account amounting to Rs.1.72 Lakhs.

5. Deferred Taxation:

In view of past losses and difference in income recognition under sum of digits and equated installments method the company is required to create a deferred tax asset. However in view of various pending proceedings under the Income Ta x Act, which is having a bearing on the ultimate amount to be allowed to be carried forward to subsequent years, no deferred tax asset has been created.

6. Current Liabilities:

a. Sundry Creditors for expenses includes Rs.6.74 Lakhs due to Managing Director (Previous year Rs. 6.93 Lakhs).

b. Sundry Creditors for other finance includes Rs.511.29 Lakhs received as deposits under Hire Purchase and Lease contracts (previous year Rs. 511.42 Lakhs).

7. The Company entered into an arrangement with a Bank to market various financial products including sourcing of hire purchase loans. The arrangement is akin to that of a principal and Agent. The arrangements and further agreements entered between parties envisages that upon happening of certain events, the Company has to repossess the underlying assets, dispose the same, and credit the proceeds towards repayment of amount advanced by bank. In the event of there being any deficit in loan repayment, after sale of the assets, the same shall be made good by the Company. The amount so involved under such an obligation being contingent in nature, is not quantifiable at this point of time. The overall value of contracts covered under this arrangement is Rs.130.99 Lakhs.

However, the Company entered into a Memorandum of understanding with the said bank consequent to which such obligation does not arise on the contracts entered into after the said Memorandum of Understanding dated 6th November 2002. Further, the company made claims towards the entitlement of fees for services aggregating to 263.23 lakhs which is yet to be acknowledged by the bank. Also the banks has raised certain counter claims on the company, as the counter claims are at the very early stage, no provision is made in the accounts for such claims.

8. Hire Purchase/Lease contracts entered include contracts with existing hirer/ lessees the proceeds of which have been adjusted against the arrears/ outstanding arrears/outstanding of the respective hirers/lessees under the existing H.P/Lease contracts.

9. The levy of Service Tax on Hire Purchase and Leasing transactions introduced with effect from 16-07-2001 has been challenged by Trade Associations. The court has dismissed the appeal filed by the association. The company has not provided for Service Ta x payable if any to the authorities for the orders pending.

10. Contingent Liability:

a. Interest tax:

The Company has gone on appeal for the assessment year 1992-93 to 2000-01 in respect of disputed demand of interest tax of Rs.85.18 lakhs on account of certain disallowances and the demand arising out of the disallowances were adjusted/paid against the refund due amounting to Rs.84.98 lakhs. The quantum of liability, if any, is ascertainable only on completion of these appeals/assessments. Hence no provision has been made for the balance demand in the books of accounts.

b. Income Tax

i. Disputed Income tax demands totaling to Rs.7.21 lakhs (previous year Rs. 7.21 lakhs) for which the Income-tax department has gone on appeal.

ii. The Company has gone on appeal for the assessments 1991-92 to 2008-09 in respect of disputed demand of Rs.2307.56 Lakhs (previous year Rs.1936.99 Lakhs) against which an amount of Rs.166.86 Lakhs paid/adjusted in subsequent years. (Previous year Rs. 166.86 Lakhs). Depending upon the outcome of these appeals, a demand for income tax may be made on the Company for subsequent years also as the matter under dispute are recurring. The exact quantum of liability if any, is ascertainable only on completion of these appeals/ assessments. Hence, no provision has been made for the potential liability if any, in the books of accounts. However, the income-tax department attached the current account maintained in banks towards recovery of their dues and adjusted.

c. Sales tax:

The Company has gone on appeal against a total demand of Sales Tax for Rs. 50.33 Lakhs (previous year Rs.50.33 Lakhs) from the Commercial Ta x Authorities in the States of Tamilnadu, Kerala, Maharashtra and New Delhi against which the Company has deposited a sum of Rs.9.85 Lakhs (Previous year Rs.9.85 Lakhs) and Bank Guarantee and Corporate Bond are furnished for Rs.12.85 Lakhs (Previous year Rs.12.85 Lakhs) and for the balance amount, stay has been granted. No provision has been made in the books of accounts.

d. Guarantee given on behalf of other companies Rs.330 Lakhs (previous year Rs.330 Lakhs)

e. Claims against the Company not acknowledged as debts Rs.10.97 Lakhs (previous year Rs.10.97 Lakhs)

11. Arrears of Cumulative Redeemable Preference Shares Dividend up to 31st March 2011 amount to Rs.742 Lakhs (Previous year Rs.675 Lakhs).

12. Segment Reporting: The Company is engaged primarily in the business of financing and accordingly there are no separate reportable segments as per Accounting Standard AS 17 - ''Segment Reporting''.

13. The Company is in the process of ascertaining the vendor/supplier who fall under the purview of "The Micro, Small and Medium Enterprise Development Act, 2006" and on completion of this process, will take necessary steps to comply with the said Act.

14. Previous year figures have been regrouped wherever necessary.

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Mar 31, 2010

I BALANCE SHEET:

1. Secured Loans:

(A) Bonds: Secured by the hypothecation of Fixed Assets, Loans and Advances, unquoted investments, lease receivables and Stock on Hire other than charged/ hypothecated to secured lenders and income receivables by the Company for the business contracts for UTI Bank both present and future as may be notified from time to time.

(B) From Banks:

Secured by hypothecation of vehicles and machinery covered by Hire Purchase/Lease Agreement by a deed of hypothecation in favour of a consortium of banks ranking pari-passu inter se.

(C) From Companies:

The other secured loans are secured by immovable properties of the Company at Mumbai and Kozhicode and receivables from specific party.

(D) In regard to the security offered to the secured lenders in the form of charge on various receivables, inspite of the difficulties faced by the management in the recovery of the receivables, the management is confident of eventually recovering these dues and hence in the opinion of the management there is no potential sacrifice on adequacy of security at present. Hence taking into consideration of the management the secured lenders are considered as adequately secured.

2. Stock on hire includes a sum of Rs.229.30 lakhs towards balance in Hire Purchase contracts /accounts in respect of which assets has been repossessed and sold.

3. Since the number of employees in roll of the company is less than 50: the disclosure as required by Accounting standard (AS 15) not disclosed.

4. (a) Cash and bank balance includes Rs.67.50 lakhs being balance in a current account with a Scheduled Bank intended for meeting commitments towards preference dividend as and when declared. The said bank has adjusted the same towards the Banks Funds and Investments Branch at Chennai. The company has taken up the matter with the Bank, pending the outcome of the same is continued to be shown under cash and bank balances. However this has no impact on the operating results of the Company.

(b) The Companys banks accounts have not been reconciled in the absence of confirmation on statements from banks.

c) The majority of the banks have filed suits during earlier years before the DRT against the company for recovery of the dues to the banks.

d) The Company has made a no lien deposit of Rs.52 lakhs during earlier years with State Bank of Tranvancore for proposed one time settlement with the consortium of Banks. Consequent to the decision made by the consortium of banks that the bank would settle the dues independent of the consortium, the no lien deposit has become repayable to the Company. However, one of the banks approached DRT and obtained stay against the release of the deposit which is being contested by the Company. The above deposit has been adjusted against the dues to the State Bank of Travancore in the books of the Company.

e) The Company had maintained SLR security in the form of fixed deposits with banks and lodge the same with Designated Banks for the benefit of public depositors. In order to comply with SLR stipulated by Reserve Bank of India, the Company had deposited a sum of Rs.66 lakhs with State Bank of Saurashtra and deposits receipts were lodged with Federal Bank. But State Bank of Saurashtra have appropriated the above funds in violation of Banking Rules and adjusted againt their dues from our Company.

5. Under Loans and Advances, advances recoverable in cash or in kind includes:

a. Rs.8.55 lakhs towards Sales Tax Deposit under protest/ recoverable.

b. Consequent to the filing of Block assessment return, the related lease contracts have been transferred from leased assets to Joans and advances and classified as block adjustment account amounting to Rs.1.72 lakhs.

6. Deferred Taxation: In view of past losses and difference in income recognition under sum of digits and equated installments method the company is required to create a deferred tax asset. However in view of various pending proceedings under the Income Tax Act, which is having a bearing on the ultimate amount to be allowed to be carried forward to subsequent years, no deferred tax asset has been created.

II. GENERAL

7. The Company entered into an arrangement with a Bank to market various financial products including sourcing of hire purchase loans. The arrangement is akin to that of a principal and Agent. The arrangements and further agreements entered between parties envisages that upon happening of certain events, the Company has to repossess the underlying assets, dispose the same, and credit the proceeds towards repayment of amount advanced by bank. In the event of there being any deficit in loan repayment, after sale of the assets, the same shall be made good by the Company. The amount so involved under such an obligation being contingent in nature, is not quantifiable at this point of time. The overall value of contracts covered under this arrangement is Rs.130.99 Lakhs.

However, the Company entered into a Memorandum of understanding with the said bank consequent to which such obligation does not arise on the contracts entered into after the said Memorandum of Understanding dated 6th November 2002. Further, the company made claims towards the entitlement of fees for services aggregating to Rs.263.40 lakhs which is yet to be acknowledged by the bank. Also the banks has raised certain counter claims on the company, as the counter claims are at the very early stage, no provision is made in the accounts for such claims.

8. Hire Purchase/Lease contracts entered include contracts with existing hirer/ lessees the proceeds of which have been adjusted against the arrears/ outstanding arrears/outstanding of the respective hirers/lessees under the existing H.P/Lease contracts.

9. The levy of Service Tax on Hire Purchase and Leasing transactions introduced with effect from"l 6-07-2001 has been challenged by Trade Associations before the Courts and a stay has been obtained. Pending Disposal of the Writ petitions, the company is not remitting service tax on the aforesaid transactions.

10. Contingent Liability:

a. Interest tax:

The Company has gone on appeal for the assessment year 1992-93 to 2000-01 in respect of disputed demand of interest tax of Rs.85.18 lakhs on account of certain disallowances and the demand arising out of the disallowances were adjusted/paid against the refund due amounting to Rs.84.98 lakhs. The quantum of liability, if any, is ascertainable only on completion of these appeals/assessments. Hence no provision has been made for the balance demand in the books of accounts.

b Income Tax

i. Disputed Income tax demands totaling to Rs.7.21 lakhs (previous year Rs.7.21 lakhs for whichthe Income-tax department has gone on appeal.

ii. The Company has gone on appeal for the assessments 1991-92 to 2007-08 in respect of disputed demand of Rs.1936.99 lakhs (previous year Rs.1903.98 lakhs for the year against which an amount of Rs. 166.86 lakhs paid/adjusted in subsequent years. (Previous year Rs. 166.86 lakhs). Depending upon the outcome of these appeals, a demand for income tax may be made on the Company for subsequent years also as the matter under dispute are recurring. The exact quantum of liability if any, is ascertainable only on completion of these appeals/assessments. Hence, no provision has been made for the potential liability if any, in the books of accounts. However, the income tax department attached the current account maintained in Banks towards recovery of their dues and adjusted.

c. Sales tax:

The Company has gone on appeal against a total demand of Sales Tax for Rs.50.33 lakhs (previous year Rs.50.33 lakhs) from the Commercial Tax Authorities in the states of Tamilnadu, Kerala, Maharashtra and New Delhi against which the Company has deposited a sum of Rs.9.85 lakhs (Previous year Rs.9.85 lakhs) and Bank Guarantee and Corporate Bond are furnished for Rs.12.85 lakhs {Previous year Rsl2.85 lakhs and for the balance amount, stay has been granted. No provision has been made in the books of accounts.

d. Guarantee given on behalf of other companies Rs. 330 lakhs (previous year Rs.330 lakhs)

a Claims against the Company not acknowledged as debts Rs. 10.97 lakhs (previous year Rs. 10.97 lakhs)

11. Arrears of Cumulative Redeemable Preference Shares Dividend up to 31st March 2010 amounts to Rs.675 lakhs {Previous year Rs.608 lakhs).

12. Segment Reporting: The Company is engaged primarily in the business of financing and accordingly there are no separate reportable segments as per Accounting Standard AS 17 - Segment Reporting.

13. The Company is in the process of ascertaining the vendor/supplier who fall under the purview of "The Micro, Small and Medium Enterprise Development Act, 2006" and on completion of this process, will take necessary steps to comply with the said Act.

14. Previous year figures have been regrouped wherever necessary.