Dear Rajaram,
Please check the values you have entered in TPM74, the NBV in VC and PC need to be filled. If the NBV is equal to current book value, you will get message VAL105 "The valuation of the position resulted in no write-ups or write-downs", as there is no difference in old and new book value.
Please also refer to the online help for one-step Valuation:
http://help.sap.com/erp2005_ehp_04/helpdata/en/42/c97df81d446baee10000000a1553f6/frameset.htm
One-Step Valuation Sequence
http://help.sap.com/erp2005_ehp_04/helpdata/en/42/c97df81d446baee10000000a1553f6/frameset.htm
Best regards,
Jasmine