net worth

means the aggregate value of the paid-up share capital and all reserves created out of the profits 1[, securities premium account and debit or credit balance of profit and loss account,] after deducting the aggregate value of the accumulated losses, deferred expenditure and miscellaneous expenditure not written off, as per the audited balance sheet, but does not include reserves creat ed out of revaluation of assets, write-back of depreciation and amalgamation