DETAILS OF RESEARCH PAPERS

RESEARCH PAPER-I

Title: “A Comparative Study on Cash Flow Statements of Tata Chemicals Ltd.

and Pidilite Chemicals Ltd.”

Author-1: Kalpesh B. Gelda (Assistant Professor, National College of

Commerce, Ahmedabad)

Author-2: Dr. Bhavsinh M. Dodiya (Assistant Professor, Smt. B.V. Dhanak

Arts, Commerce, Science & Management College, Bagasara, Dist.-Amreli)

Published in Paripex - Indian Journal of Research (Journal for all Subjects)

Peer Reviewed & Referred International Journal

Journal DOI: 10.15373/22501991

ISSN – 2250-1991

Impact Factor – 1.6714

Volume:3, Issue:6, June-2014

RESEARCH PAPER-II

Title: “Cash Flow Statement of State Bank of India and HDFC Bank: A

Comparative Study”

Author-1: Dr. Bhavsinh M. Dodiya (Assistant Professor, Smt. B.V. Dhanak

Arts, Commerce, Science & Management College, Bagasara, Dist.-Amreli)

Author-2: Kalpesh B. Gelda (Assistant Professor, National College of

Commerce, Ahmedabad)

Published in Paripex - Indian Journal of Research (Journal for all Subjects)

Peer Reviewed & Referred International Journal

Journal DOI: 10.15373/22501991

ISSN – 2250-1991

Impact Factor – 1.6714

Volume:3, Issue:12, December-2014

A COMPARATIVE STUDY ON CASH FLOW

STATEMENTS OF TATA CHEMICALS LTD.

AND PIDILITE CHEMICALS LTD.

______________________________________________________________

(1) KALPESH GELDA (ASSISTANT PROFESSOR, NATIONAL

COLLEGE OF COMMERCE, AHMEDABAD)

(2) Dr. BHAVSINH M. DODIYA (ASSISTANT PROFESSOR, SMT. B.V.

DHANAK ARTS, COMMERCE, SCIENCE AND MANAGEMENT

COLLEGE, BAGASARA)

_____________________________________________________________

ABSTRACT :-

A cash flow statement is required as part of a complete set of financial statements

prepared in conformity with Indian Accounting Standards. AS-3 lays down a formal

structure for the cash flow statement. Cash flows should be classified under the

following three standard headings: “Operating activities”, “Investing activities”, and

“Financing activities”. The classification of cash flows among operating, investing

and financing activities is essential to the analysis of cash flow data. Net cash flow

(the change in cash and equivalents during the period) has little informational content

by itself; it is the classification and individual components that are informative.

Although the classification of cash flows into the three main categories is important, it

should be mentioned that classification guidelines are arbitrary.

_____________________________________________________________________

Key Words: Cash, Cash equivalents, Operating Activities, Investing Activities,

Financing Activities

_____________________________________________________________________

INTRODUCTION :-

The users of an enterprise‟s financial statements are interested in how the enterprise

generates and uses cash and cash equivalents. This is the case regardless of the nature

of the enterprise‟s activities and irrespective of whether cash can be viewed as the

product of the enterprise, as may be the case with a financial enterprise. Enterprises

need cash to conduct their operations, to pay their obligations and to provide returns

to their investors.

Success of every business depends on its cash management. The supply of cash is

frequently a limitation on the successful execution of many policies and programs. So

it is necessary to study the composition of cash of company to know the impact of its

cash flow decision on its liquidity, profitability and solvency.

In this study, the matters relating to the cash flow statements, which normally forms a

part of the financial statements of various enterprises to which the Accounting

standard (AS) 3, „Cash Flow Statements‟, become mandatory as given by ICAI, is

discussed in the light of, and on the basis of, the said Accounting Standard.

OBJECTIVES :-

There are three important activities which are the significant parts of Cash Flow

Statements. The analysis of all these activities is undertaken with the following

objectives:

(1) To undertake comparative study on Operating Activities for the period of

study of selected companies.

(2) To undertake comparative study on Investing Activities for the period of study

of selected companies.

(3) To undertake comparative study on financing Activities for the period of study

of selected companies.

RESEARCH METHODOLOGY :-

SAMPLE SELECTION

For the purpose of the study two (2) companies from Chemical Industry i.e. Tata

Chemicals Ltd. and Pidilite Chemicals Ltd. have been selected.

PERIOD OF STUDY

The study is conducted for a period of five (5) financial years i.e. from 2008–‟09 to

2012–‟13.

DATA COLLECTION

In this study, mainly secondary data is collected. Secondary data has been obtained

from the following sources:

Published Annual Reports of the companies for the financial years 2008–

‟09 to 2012–‟13.

Directory of Mumbai Stock Exchange

Websites of the selected companies

Other related websites

STATISTICAL TOOLS AND TECHNIQUES

The statistical analysis technique is selected to analyze the Cash Flow Statements of

the companies understudy. For this, following techniques are being used.

(a) Mean

(b) Standard Deviation

(c) Co – efficient of Variation

COMPARATIVE STUDY (Rs. In crores)

ACTIVITI

ES

2008-09 2009-10 2010-11 2011-12 2012-13

TATA PIDILI

TE

TATA PIDILI

TE

TATA PIDILI

TE

TAT

A

PIDILI

TE

TAT

A

PIDILI

TE

Operating

Activities

1027.

87 260.23

843.

07 429.91 427.78 322.41

340.

73 506.91

223.

34 512.7

Investing

Activities

-684.

93 -227.99 -48.35 -337.46 -248.19 -37.06

89.2

9 -231.52

-238.

74 -196.75

Financing

Activities -91.55 -53.72

-

7951.

51 -186.56

-

15592.

78 -245.86

-336.

93 -285.84 130.

33 -325.82

COMPARATIVE CHART FOR OPERATING ACTIVITIES

COMPARATIVE CHART FOR INVESTING ACTIVITIES

COMPARATIVE CHART FOR FINANCING ACTIVITIES

0100200300400500600700800900

10001100

2008-09 2009-10 2010-11 2011-12 2012-13OPERATING ACTIVITIES TATA OPERATING ACTIVITIES Pidilite

-800

-600

-400

-200

0

200

2008-09 2009-10 2010-11 2011-12 2012-13

INVESTING ACTIVITIES TATA INVESTING ACTIVITIES Pidilite

-18000-16000-14000-12000-10000

-8000-6000

-4000-2000

02000

2008-09 2009-10 2010-11 2011-12 2012-13

FINANCING ACTIVITIES TATA FINANCING ACTIVITIES Pidilite

MEAN, STANDARD DEVIATION AND CO-VARIANCE

OPERATING ACTIVITIES

COMPANY Average

(Mean) Rank

Standard

Deviation Rank

Co-

Variance Rank

TATA 572.56 1 308.92 2 53.95 2

Pidilite 406.43 2 100.37 1 24.7 1

INVESTING ACTIVITIES

COMPANY Average

(Mean) Rank

Standard

Deviation Rank

Co-

Variance Rank

TATA -226.18 2 261.63 1 -115.67 1

Pidilite -206.16 1 97 2 -47.05 2

FINANCING ACTIVITIES

COMPANY Average

(Mean) Rank

Standard

Deviation Rank

Co-

Variance Rank

TATA -4768.49 2 6209.8 1 -130.23 1

Pidilite -219.56 1 94.83 2 -43.19 2

FINDINGS :-

The Performance evaluation can be examined with the use of different techniques –

accounting as well as statistics. All these techniques have certain limitations and

merits. To come to the reasonable conclusion apart from accounting analysis the use

of statistics is also applied. By cash flow statement the trend and measurement of

three activities to be done for evaluation purpose. And for all these activities

comparison with other statistical techniques become necessary. Average is calculated

to see the quantum of different companies for each company for given period of time.

Subsequently ranks are allotted on the basis of their quantum. But this does not serve

the complete purpose hence standard deviation is calculated and ranks are given to

them on the basis of their results. This helps to know variation of respective activates

for given period of time from its coverage. Theoretically higher the standard

deviation, lower the rank and vice versa. Finally co – efficient variation is also

calculated to know the consistency level of each activity of each company and ranks

are given accordingly. Theoretically higher the co – efficient, lower the consistency.

(1) Average :

Theoretically higher the average, higher the rank and vice versa.

For Operating activities, Average of TATA Co. (Rs. 572.56 crore) is greater

than Pidilite Co. (Rs. 406.43 crore). Accordingly, TATA is given 1st rank and

Pidilite is given 2nd

rank.

But, for investing activities and financing activities, Average of Pidilite Co. is

greater than the TATA Co. So, Pidilite is given 1st rank and TATA is given 2

nd

rank.

(2) Standard Deviation :

Theoretically higher the Standard Deviation, lower the rank and vice versa.

For Operating activities, Standard Deviation of TATA is 308.92 whereas for

Pidilite Co. it is 100.37. It is lower in Pidilite Co. So, it is given 1st rank and

TATA Co. is given 2nd

rank.

But, for Investing activities and Financing activities, Standard deviation of

TATA Co. is lower than the Pidilite Co. So, TATA is given 1st rank and

Pidilite is given 2nd

rank.

(3) Co – Efficient of Variation :

Theoretically higher the Co-efficient of Variation, lower the rank and vice

versa.

For Operating activities, Co-efficient of Variation of for Pidilite Co. (24.70) is

less than TATA Co. (53.95). Accordingly, Pidilite is given 1st rank and TATA

is given 2nd

rank.

But, for Investing activities and Financing activities, Co-efficient of Variation

of TATA Co. is lower than the Pidilite Co. So, TATA is given 1st rank and

Pidilite is given 2nd

rank.

OVERALL CONCLUSION

LIMITATIONS OF THE STUDY :-

Every researcher tries to give justice to his research. Yet, there are some limitations to

his findings because he has to depend on information given by some published or

unpublished records and other sources. So, the further research can be carried out by

considering the aspects given below.

This study is entirely based on the published financial statements of the company and

other information received from the company officials. So, all analysis is based on

this data. So it can be reliable to that extent.

(1) As the information is collected from limited sources, it is not possible to use

different tools and techniques of statistical analysis.

(2) The study is based on secondary data; the secondary data has its own

limitation.

Level Operating

Activities

Investing

Activities

Financing

Activities

Best PIDILITE TATA TATA

Poorest TATA PIDILITE PIDILITE

(3) Some external factors also could affect directly or indirectly to the companies‟

efficiency. But it is not easy to judge completely right about them.

(4) The entire study is limited to two companies only. It can be carried out by

including Industry.

CONCLUSION AND RECOMMENDATION :-

A materially misstated cash flow statement, whether it is in terms of incorrect

classification in the categories or numerical accuracy, can be misleading to the user

and can lead to wrong decisions taken by the users of the statement. The survey has

revealed that although sample banks prepare cash flow statement according to

Accounting Standard-3 (AS-3), there is also a degree of non-compliance. It is,

however, found that there are not many differences between companies in their

reporting of cash flow information. This is expected because the preparation of cash

flow statement does not allow for many choices, differences of interpretation or

different accounting treatments. To make cash flow statement more informative and

useful for users, the banks should disclose additional voluntary information such as

cash flow per share in their cash flow statements. Items consisting of cash flows from

operating, investing and financing activities should also be clarified in the notes of the

financial statements. Due to the limited scope of the present study, a large number of

research issues have not been attempted but are identified in the course of the study.

Disclosure practices of additional items other than operating, investing and financing

activities, disclosure practices differences between listed and unlisted companies,

disclosure practices differences between financial and other institutions are some such

potential issues for future research.

BIBLIOGRAPHY :-

M. Y. Khan, P. K. Jain, Financial Management 2001, Third Edition, Tata

McGraw – Hill, Publishing Company Ltd., New Delhi.

Dr. P. C. Tulsian – Financial Management, 2009, First Edition, S. Chand &

Co. Ltd., Ram Nagar, New Delhi – 110 055.

J. Made Gowda – Accounting for Managers, 2009, First Edition, Himalaya

Publishing House Pvt. Ltd., Ansari Road, Darya Ganj, New Delhi – 110 002.

Dr. P. Periasamy – A Textbook of Financial Cost and Management

Accounting, 2009, First Edition, Himalaya Publishing House Pvt. Ltd. Ansari

Road, Darya Ganj, New Delhi – 110 002.

C.R.Kothari, Research Methodology- Methods and Techniques.

S.N. Maheshwari and S.K. Maheshwari – A Textbook of Accounting for

Management 2006 (1st edition), Vikas Publishing House Pvt. Ltd., New Delhi-

110014.

J. Made Gowda – Accounting for Managers, 2009, First Edition, Himalaya

Publishing House Pvt. Ltd., Ansari Road, Darya Ganj, New Delhi – 110 002.

Dr. P. Periasamy – A Textbook of Financial Cost and Management

Accounting, 2009, First Edition, Himalaya Publishing House Pvt. Ltd. Ansari

Road, Darya Ganj, New Delhi – 110 002.

N Ramchandran, Ram Kumar Kakani – How to Read a Cash Flow Statement

2010, The Mcgraw Hill Education Private Limited, West Patel Nagar, New

Delhi – 110008.

Debarshi Bhattacharyya – Management Accounting, 2010, Dorling Kindersley

(India) Pvt. Ltd., Panchsheel Park, New Delhi - 110017.

CASH FLOW STATEMENTS OF STATE BANK

OF INDIA AND HDFC BANK:

A COMPARATIVE STUDY

______________________________________________________________

(1) Dr. BHAVSINH M. DODIYA (ASSISTANT PROFESSOR, B.V.

DHANAK ARTS, COMMERCE, SCIENCE & MANAGEMENT

COLLEGE, BAGASARA)

(2) KALPESH GELDA (ASSISTANT PROFESSOR, NATIONAL

COLLEGE OF COMMERCE, AHMEDABAD)

______________________________________________________________

ABSTRACT:-

From the financial year 2004-05, it has become mandatory for all the Indian

companies to present Cash Flow Statement in their Annual Reports. Institute of

Chartered Accounts of India (ICAI) has issued Accounting Standard-3 (AS-3) for the

cash flow statement. According to this, all the cash transactions of the company are

divided in three activities i.e. Operating, Investing and Financing activities. Such

classification helps the investors and other stakeholders in analyzing the cash flow

data. In this paper, a comparative study has been undertaken between two banks: State

Bank of India (a public sector bank) and HDFC Bank (a private sector bank).

-------------------------------------------------------------------------------------------------------

Key Words: Cash, Cash equivalents, Operating Activities, Investing Activities,

Financing Activities

-------------------------------------------------------------------------------------------------------

INTRODUCTION :-

By studying cash flow statements, one can come to know about the capacity of the

organizations to generate cash and cash equivalents. It helps the users in comparing

the present value of the future cash flows of the different organizations. It removes the

effects of using different accounting treatments for the repeated transactions and

events. In this way, it improves the comparison of the various enterprises‟ reporting

about operating performance. To know about the amount, timing and surety of future

cash flows, historical information about cash flow is used. It is also helpful in

checking the correctness of the past judgments of future cash flows. It also helps in

determining the relationship between cash flow and profitability and the effect of

inflation.

Cash flow statements are provided with the other financial statements in the annual

reports of the companies. The information provided in these statements helps the

users

To find out the changes in net assets of an organization

To find out the changes in the financial structure of an organization

To find out the liquidity and solvency position of an organization

To know about the ability of an organization to make changes in time

if the circumstances and opportunities are changing.

In this paper, a comparative study has been undertaken about the cash flow statement

between a public sector bank (State Bank of India) and a private sector bank (HDFC

Bank).

RESEARCH METHODOLOGY:-

SAMPLE SELECTION

For the purpose of the study two (2) banks State Bank of India and HDFC Bank have

been selected.

PERIOD OF STUDY

The study is conducted for a period of five (5) financial years i.e. from 2009–‟10 to

2013–‟14.

DATA COLLECTION

In this study, mainly secondary data is collected. Secondary data has been obtained

from the following sources :

Published Annual Reports of the companies for the financial years 2009-‟10 to

2013–‟14.

Directory of Mumbai Stock Exchange

Websites of the selected companies

Other related websites

OBJECTIVES

There are three important activities which are the significant parts of Cash Flow

Statements. The analysis of all these activities is undertaken with the following

objectives:

(1) To study the trend of various activities such as Operating, Investing and

Financing of selected companies of chemical industry.

(2) To analyze the variation amongst three activities i.e. Operating, Investing and

Financing of the selected companies of chemical industry.

(3) To provide suggestions for improvement in Cash Management.

HYPOTHESES

Considering the objectives of the study the following hypothesis were formed under

investigation:

(1) There is no significant difference between the trends of Operating activities of

the selected banks.

(2) There is no significant difference between the trends of Investing activities of

the selected banks.

(3) There is no significant difference between the trends of Financing activities of

the selected banks.

(4) There is no significant difference between the means of Operating activities of

the selected banks.

(5) There is no significant difference between the means of Investing activities of

the selected banks.

(6) There is no significant difference between the means of Financing activities of

the selected banks.

STATISTICAL TOOLS AND TECHNIQUES

The statistical analysis technique is selected to analyze the Cash Flow Statements of

the companies understudy. For this, following techniques are being used:

(1) Mean

(2) Standard Deviation

(3) Co – efficient of Variation

(4) T-Test

STATISTICAL ANALYSIS

MEAN, STANDARD DEVIATION AND CO-VARIANCE)

YEAR

OPERATING

ACTIVITIES

INVESTING

ACTIVITIES

FINANCING

ACTIVITIES

S.B.I. H.D.F.C. S.B.I. H.D.F.C. S.B.I. H.D.F.C.

2009-10 -1804.99 9389.89 -1761.52 -551.51 -3359.67 3598.91

2010-11 34282.27 -375.83 -1245.28 -1122.74 2057.11 1227.99

2011-12 -28468.59 -11355.61 -1648.56 -686.85 2147.66 3286.19

2012-13 21661.23 -1868.78 -1999.41 -858.88 -3259.72 9065.84

2013-14 14,107.42 8363.6 -3,105.67 -1591.26 3,811.17 5562.98

TOTAL 39777.34 4153.27 -9760.44 -4811.24 1396.55 22741.91

AVERAGE 7955.47 830.65 -1952.09 -962.25 279.31 4548.38

RANK 1 2 2 1 2 1

S.D. 24190.77 8474.28 700.18 411.29 3350.08 2956.20

RANK 2 1 2 1 2 1

CO-

VARIANCE 304.08 1020.19 -35.87 -42.74 1199.41 64.99

RANK 1 2 2 1 2 1

-3500

-3000

-2500

-2000

-1500

-1000

-500

0

S.B

.I.

H.D

.F.C

.

S.B

.I.

H.D

.F.C

.

S.B

.I.

H.D

.F.C

.

S.B

.I.

H.D

.F.C

.

S.B

.I.

H.D

.F.C

.

2009-10 2010-11 2011-12 2012-13 2013-14

Cash flow from

Investing Activities

-6000

-3000

0

3000

6000

9000

12000

S.B.I. H.D.F.C. S.B.I. H.D.F.C. S.B.I. H.D.F.C. S.B.I. H.D.F.C. S.B.I. H.D.F.C.

2009-10 2010-11 2011-12 2012-13 2013-14

Cash flow from Financing Activities

-30000

-20000

-10000

0

10000

20000

30000

40000S.

B.I

.

H.D

.F.C

.

S.B

.I.

H.D

.F.C

.

S.B

.I.

H.D

.F.C

.

S.B

.I.

H.D

.F.C

.

S.B

.I.

H.D

.F.C

.2009-10 2010-11 2011-12 2012-13 2013-14

Cash flow from

Operating Activities

TREND ANALYSIS OF AVERAGE, S.D. & CO-VARIANCE

FINDINGS :-

(1) From the table, it can be seen that the average of cash flow from operating

activities of S.B.I. is higher than that of H.D.F.C. Theoretically, higher the

average, higher will be the rank and vice versa. So, S.B.I. is given 1st rank and

H.D.F.C. is given 2nd

rank. But, the situation is totally different in investing

and financing activities. Accordingly, H.D.F.C. is given 1st rank and S.B.I. is

given 2nd

rank.

(2) In case of Standard Deviation, lower the value, higher will be the rank and

vice versa. Considering this aspect, it is observed that the S.D. for all the three

activities of H.D.F.C. bank is lower than the S.B.I. bank. So, for the three

activities, H.D.F.C. bank obtained 1st rank and S.B.I. obtained 2

nd rank.

(3) In case of Co-variance also, lower the value, higher will be the rank and vice

versa. Situation remains same in Co-variance also. Co-variance for all the

three activities of H.D.F.C. bank is lower than the S.B.I. bank. So, for all the

three activities, H.D.F.C. bank obtained 1st rank and S.B.I. obtained 2

nd rank.

-4000.00-2000.00

0.002000.004000.006000.008000.00

10000.0012000.0014000.0016000.0018000.0020000.0022000.0024000.0026000.00

S.B.I. H.D.F.C. S.B.I. H.D.F.C. S.B.I. H.D.F.C.

OPERATING ACTIVITIES INVESTING ACTIVITIES FINANCING ACTIVITIES

AVERAGE S.D. CO-VARIANCE

OVERALL CONCLUSION

PAIRED T-TEST BETWEEN TWO MEANS

t-Test: Paired Two Sample for Means for Investing Activities

S.B.I. H.D.F.C.

Mean -1952.088 -962.248

Variance 490253.44 169162.121

Observations 5 5

Hypothesized Mean Difference 989.84

df 4

t Stat -8.4438538

t Critical two-tail 2.77644511

Level of

Performance

Operating

Activities

Investing

Activities

Financing

Activities

Best S.B.I. H.D.F.C. H.D.F.C.

Poor H.D.F.C. S.B.I. S.B.I.

t-Test: Paired Two Sample for Means for Operating Activities

S.B.I. H.D.F.C.

Mean 7955.468 830.654

Variance 585193367.6 71813343.55

Observations 5 5

Hypothesized Mean Difference 7124.82

df 4

t Stat -6.073E-07

t Critical two-tail 2.776445105

t-Test: Paired Two Sample for Means Financing Activities

S.B.I. H.D.F.C.

Mean 279.31 4548.382

Variance 11223062.1 8739116.16

Observations 5 5

Hypothesized Mean Difference 4269.07

df 4

t Stat -3.572023598

t Critical two-tail 2.776445105

HYPOTHESIS TESTING :-

(1) In case of operating activities, the trend for average, standard deviation and

co-variance is different for both the banks. So, it can be said that the

hypothesis is rejected.

(2) But, for investing activities, the trend for average, standard deviation and co-

variance is equal for both the banks. So, it can be said that the hypothesis is

accepted.

(3) For financing activities also, the trend for average, standard deviation and co-

variance is equal for both the banks. So, it can be said that the hypothesis is

accepted.

(4) From the T-table, it is observed that the calculated value of t for operating

activities (-6.07) is less than the table value (2.78), the hypothesis is accepted.

It means that there is no significant difference between the means of operating

activities of selected banks.

(5) For Investing activities also, calculated value of t for operating activities (-

8.44) is less than the table value (2.78), the hypothesis is accepted. It means

that there is no significant difference between the means of investing activities

of selected banks.

(6) For Financing activities also, calculated value of t for operating activities (-

3.57) is less than the table value (2.78), the hypothesis is accepted. It means

that there is no significant difference between the means of financing activities

of selected banks.

ACTIVITIES tc tt

HYPOTHESIS ACCEPTED

OR REJECTED

OPERATING ACTIVITIES -6.07 2.78 ACCEPTED

INVESTING ACTIVITIES -8.44 2.78 ACCEPTED

FINANCING ACTIVITIES -3.57 2.78 ACCEPTED

LIMITATIONS OF THE STUDY :-

This study is entirely based on the published financial statements of the company and

other information received from the company officials. So, all analysis is based on

this data. So it can be reliable to that extent.

(1) As the information is collected from limited sources, it is not possible to use

different tools and techniques of statistical analysis.

(2) The study is based on secondary data; the secondary data has its own

limitation.

(3) The entire study is limited to two banks only. It can be carried out by

including Industry.

BIBLIOGRAPHY :-

C.R.Kothari, Research Methodology- Methods and Techniques.

S.N. Maheshwari and S.K. Maheshwari – A Textbook of Accounting for

Management 2006 (1st edition), Vikas Publishing House Pvt. Ltd., New Delhi-

110014.

Dr. P. C. Tulsian – Financial Management, 2009, First Edition, S. Chand &

Co. Ltd., Ram Nagar, New Delhi – 110 055.

M. Y. Khan, P. K. Jain, Financial Management 2001, Third Edition, Tata

McGraw – Hill, Publishing Company Ltd., New Delhi.

N Ramchandran, Ram Kumar Kakani – How to Read a Cash Flow Statement

2010, The Mcgraw Hill Education Private Limited, West Patel Nagar, New

Delhi – 110008.

Debarshi Bhattacharyya – Management Accounting, 2010, Dorling Kindersley

(India) Pvt. Ltd., Panchsheel Park, New Delhi - 110017.