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Notes to Accounts of Paul Merchants Ltd.

Mar 31, 2016

NOTES ON FINANCIAL STATEMENTS

The previous year figures have been regrouped / reclassified, wherever necessary to conform to the current year presentation.

Note 1: SHARE CAPITAL

A. Authorised, Issued, Subscribed & Paid up Share Capital and Par Value per Share

B. Reconciliation of Number of Shares Outstanding at the beginning and end of the year

C. Rights, Preferences and Restrictions attaching to various classes of Shares

D. Shares in the company held by each shareholder holding more than 5% shares

Terms of repayment and repayment schedule

Disclosure pursuant to Note No. L (iv) of Part I of Schedule III to the Companies Act, 2013

Loans and advances due by directors or other officers of the company or any of them either severally or jointly with any other person or amount due by firms or private companies respectively in which any director is a partner or a director or a member are stated below:

Advance Tax includes Rs. 8.88 Crores which has been deposited for the Assessment Years from 2008-09 to 2014-15 and the cases for the said Assessment Years are pending for settlement.

Disclosure pursuant to Note No. R (iv) of Part I of Schedule III to the Companies Act, 2013

Loans and advances due by directors or other officers of the company or any of them either severally or jointly with any other person or amount due by firms or private companies respectively in which any director is a partner or a director or a member are stated below:

OTHER NOTES

A: Disclosure pursuant to Note no. 6(V) of Part I of Schedule III to the Companies Act, 2013

Investment of utilized amounts collected on issue of securities for specific purposes where whole or part of the amount has not been used for that purpose

B: Disclosure pursuant to Note no. 6(W) of Part I of Schedule III to the Companies Act, 2013

In the opinion of the Board, all assets other than fixed assets and non current investments, have a realizable value in the ordinary course of business which is not less than the amount at which it is stated.

During the year the company paid an amount of Rs. 3,21,44,243.00 (Previous Yr Rs. 2,74,13,532.00) to Whole Time Directors as remuneration the details of which are given as below:

Computation of Net Profit in accordance with Section 198 of the Companies Act, 2013:

There are no transactions with related parties, which are not in ordinary course of business or not at arm’s length.

Note 2. Joint Venture Details

(As per Accounting Standard 27 issued by ICAI)

The company has a Joint Venture (JV) with Weizmann Forex Ltd. having 29.424% (Previous Year 29.389%) stake in a Company in Malaysia. The stake was acquired by direct acquisition of shares of M/s Horizon Remit SDN BHD (formally M/s Prabhu Remit SDN BHD). The Other Details pursuant to Accounting Standard (AS) 27 Financial Reporting of Interests in Joint Ventures are as follows:

Note 3. Other Notes

1. Traveling Expenses in Office & Administrative Expenses includes Rs. 33,51,893.76.00 (Previous Yr Rs. 54,76,202.00) towards foreign travel.

2. As per information available to the company there are no outstanding dues owed to Small Scale undertakings as on 31.03.2016.

3. Balance under Sundry Debtors, Sundry Creditors, Loans & Advances and Other Receivable and Payables are subject to confirmation and reconciliation.

4. Additional information pursuant to Schedule III part I & II of the Companies Act. 2013 other than stated above is either NIL or NOT APPLICABLE.

5. Notes 1 to 37 form integral part of Accounts for the year ending 31st March 2016.


Mar 31, 2015

1. Traveling Expenses in Office & Administrative Expenses includes Rs.54,76,202.00 (Previous Yr Rs. 20,69,238.66) towards foreign travel.

2. As per information available to the company there are no outstanding dues owed to Small Scale undertakings as on 31.03.2015.

3. Balance under Sundry Debtors, Sundry Creditors, Loans & Advances and Other Receivable and Payables are subject to confirmation and reconciliation.

4. Additional information pursuant to Schedule III part I & II of the Companies Act. 2013 other than stated above is either NIL or NOT APPLICABLE.

5. Notes 1 to 37 form integral part of Accounts for the year ending 31st March 2015.


Mar 31, 2014

Note 1. Contingent Liability not provided for

Particulars As at As at 31 March 2014 31 March 2013 (Rs. Lakhs) (Rs. Lakhs)

Claims against company not acknowledged as Debt 145.51 142.64

Bank Guarantees 125 79.89

Service Tax Demand Notice pending Appeal with CESTAT (excl. Interest) 335.42 NIL

Corporate Guarantee in Respect of JV in Malaysia 1202 1090.00

Capital Commitments 54.35 98.82

TOTAL 1862.28 1312.53

2. Cash & Cash Equivalents in the cash flow statement comprise cash in hand and at bank.

3. Traveling Expenses in Office & Administrative Expenses includes Rs.20,69,238.66 (Previous Yr Rs. 21,97,580.00) towards foreign travel.

4. As per information available to the company there are no outstanding dues owed to Small Scale undertakings as on 31.03.2014.

5. Balance under Sundry Debtors, Sundry Creditors, Loans & Advances is subject to confirmation and reconciliation.

6. Additional information pursuant to Schedule VI part II of the Companies Act. 1956 is either NIL or NOT APPLICABLE.

7. In the opinion of the Statutory Auditors, there are adequate systems for concurrent audit and internal control commensurate with the size of the company and the nature of its business. The company is complying with AML/KYC/CFT Guidelines issued by Reserve Bank of India and is also maintaining all records/ registers as required to be maintained under various rules and regulations to the extent applicable on the company.

8. Notes 1 to 37 form integral part of Accounts for the year ending 31st March 2014.


Mar 31, 2013

Note 1. Contingent Liability not provided for

Particulars As at 31 As at 31 March 2013 March 2012 (Rs. Lakhs) (Rs. Lakhs)

Claims against company not acknowledged as Debt 142.64 136.66

Bank Guarantees 79.89 79.89

Service Tax Demand Notice pending Appeal NIL 670.84 with CESTAT (excl. Interest)

Corporate Guarantee in Respect of JV in Malaysia 1090.00 900.00

TOTAL 1312.53 1786.55

2. Cash & Cash Equivalents in the cash flow statement comprise cash in hand and at bank.

3. Traveling Expenses in Office & Administrative Expenses includes Rs.21,97,580.00 (Previous Yr Rs. 25,00,958.00) towards foreign travel.

4. As per information available to the company there are no outstanding dues owed to Small Scale undertakings as on 31.03.2013.

5. Balance under Sundry Debtors, Sundry Creditors, Loans & Advances is subject to confirmation and reconciliation.

6. Additional information pursuant to Schedule VI part II of the Companies Act. 1956 is either NIL or NOT APPLICABLE.

7. In the opinion of the Statutory Auditors, there are adequate systems for concurrent audit and internal control commensurate with the size of the company and the nature of its business. The company is complying with AML/KYC/CFT Guidelines issued by Reserve Bank of India and is also maintaining all records/ registers as required to be maintained under various rules and regulations to the extent applicable on the company.

8. Notes 1 to 37 form integral part of Accounts for the year ending 31st March 2013.


Mar 31, 2012

1 A: Disclosure pursuant to Note no. 6(V) of Part I of Schedule VI to the Companies Act, 1956 Investment of untilised amounts collected on issue of securities for specific purposes where whole or part of the amount has not been used for that purpose

Not Applicable

B: Disclosure pursuant to Note no. 6(W) of Part I of Schedule VI to the Companies Act, 1956

In the opinion of the Board, all assets other than fixed assets and non-current investments have a realisable value in the ordinary course of business which is not less than the amount at which it is stated.

Note 2. Contingent Liability not provided for

Particulars As at 31 March 2012 As at 31 March 2011 (Rs. Lakhs) (Rs. Lakhs)

Claims against company not acknowledged as Debt 136.66 145.10

Bank Guarantees 79.89 122.02

Service Tax Demand Notice pending Appeal with 670.84 670.84 CESTAT (excl. Interest)

Corporate Guarantee in Respect of JV in Malaysia 900.00 900.00

TOTAL 1786.55 1837.96

3. Cash & Cash Equivalents in the cash flow statement comprise cash in hand and at bank.

4. Traveling Expenses in Office & Administrative Expenses includes Rs 25,00,958.00 (Previous Yr Rs. 13,48,624.00) towards foreign travel.

5. As per information available to the company there are no outstanding dues owed to Small Scale undertakings as on 31.03.2012.

6. Balance under Sundry Debtors, Sundry Creditors, Loans & Advances are subject to confirmation and reconciliation.

7. Additional information pursuant to Schedule VI part II of the Companies Act. 1956 is either NIL or NOT APPLICABLE.

8. In the opinion of the Statutory Auditors, there are adequate systems for concurrent audit and internal control commensurate with the size of the company and the nature of its business. The company is complying with AML/KYC/CFT Guidelines issued by Reserve Bank of India and is also maintaining all records/ registers as required to be maintained under various rules and regulations to the extent applicable on the company.

9. Notes 1 to 36 form integral part of Accounts for the year ending 31st March 2012.


Mar 31, 2011

1. SECURED LOANS

a. Cash Credit limit from HDFC Bank is secured against hypothecation of stock of Foreign Currency & Encashed Travelers cheques and Sundry Debtors besides personal guarantee of the Directors.

b. Term loan from ICICI bank is secured against the Mortgage of Land & buildings purchased and personal guarantees of Directors.

c. Car loans from HDFC Bank, Axis Bank, Kotak Mahindra Bank Ltd., and Magma Sharchi Finance Ltd. are secured against hypothecation of the respective cars.

2. Prior period Adjustments of Rs. 73,63,635.00 is on account of refund of managerial remuneration by CMD of the company which was paid in excess of the limits prescribed in Schedule XIII of Companies Act, 1956 in the previous financial year.

3. CONTINGENT LIABILITY not provided for

Current Year Previous Year (Rs. Lakhs) (Rs. Lakhs)

* Claims against company 145.10 134.59 not acknowledged as Debt

* Bank Guarantees 122.02 124.87

* Service Tax Demand 670.84 670.84 Notice pending Appeal with CESTAT (excl. Interest)

* Corporate Guarantee in 900.00 NA Respect of JV in Malaysia

4. Provision for Current Tax Includes Provision for Wealth Tax Rs. 59,484/-, Provision for Dividend Distribution Tax Rs. 1,70,738/- and Provision for Income Tax Rs. 7,18,29,262/-.

5. Cash and cash equivalents in the cash flow statement comprises cash at bank and in hand.

6. Traveling & Conveyance includes Rs 13,48,624.00 (Previous Yr Rs. 4,79,562.72) towards foreign travel.

7. In the opinion of Board of Directors, the Current Assets, loans & advances have a realizable value, at least equal to the amount at which they have been stated in the Balance Sheet.

8. As per information available to the company there are no outstanding dues owed to Small Scale undertakings as on 31.03.2011.

9. Balance under Sundry Debtors, Sundry Creditors, Loans & Advances are subject to confirmation and reconciliation.

10. During the year under audit, the Company has made a provision for Income Tax, & Wealth Tax to the tune of Rs.7,20,59,484.00 (Previous Yr. Rs. 5,03,55,864.00).

11. Previous year''s figures have been regrouped, rearranged and reclassified wherever necessary to confirm with the current year figures.

12. Additional information pursuant to Schedule VI part II of the Companies Act. 1956 is either NIL or NOT APPLICABLE.

13. In the opinion of the Statutory Auditors, there are adequate systems for concurrent audit and internal control commensurate with the size of the company and the nature of its business. The company is complying with AML/KYC/CFT Guidelines issued by Reserve Bank of India and is also maintaining all records/ registers as required to be maintained under various rules and regulations to the extent applicable on the company.

14. Schedule 1 to 16 form integral part of Accounts for the year ending 31st March 2011.