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Notes to Accounts of Premier Capital Services Ltd.

Mar 31, 2015

A) Terms / Right attached to equity shares

The Company has one class of issued shares referred to as equity shares having a par value Rs. 1/-each. Holder of equity shares is entitled to one vote per share. The dividend proposed by the board of directors, if any, is subject to the approval of shareholders in Annual General Meeting. In the event of liquidation of the Company the holder of the equity shares will be entitled to receive remaining assets of the Company after settlement of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the equity shareholders.

D) Aggregate number of bonus shares issued, shares issued for consideration other than cash and shares bought back during the period of five years immediately preceding the reporting date

No Bonus shares, shares for consideration other than cash have been issue during the period of five years immediately preceding the reporting date.

2 OTHER NOTES TO ACCOUNTS

The Balance in parties accounts are subject to confirmation and reconcilition, if any. In the opinion of the management all current assets including sundry debtors and loans and advances in the normal course of business would realize the value at least to the extent stated in the Balance sheet.

3 MICRO, SMALL AND MEDIUM ENTERPRISES

The company is in process of identifying the parties who are covered under Micro, Small and Medium Enterprises.

4 CONTINGENT LIABILITIES (to the extent not provided for)

2015 2014

a) Guarantee given by Bankers and outstanding - -

b) Estimated amount of contracts remaining to be executed on Capital Accounts and not Provided or - - (net - - after advance Payment)

c) Liability towards Income Tax as determined by the authority through 15,573,740.00 -

The Assessment Order dated 28/03/2015 U/s 143(3) of the Income Tax Act. An appeal to the CIT (A) U/s 246 has been preferred by the company against the said order on 22/04/2015.

5 RELATED PARTY DISCLOSURES

(As identified by the management and relied upon by Auditors)

a) Name of related parties and nature of relationship where control exists are as under:-

I) Directors

Mr. Manoj Kasliwal Mrs. Sharda Kasliwal Mr. Dalip Kumar

II) Key Management Personnel

Ms. Deepti Dubey (CEO)

Mr. Rajendra Kumar Mungar (CFO)

Mr. Punit Kumar Sahu (CS)

III) Companies in which Directors are interested

Pumarth Meadows Private Limited Pumarth Credit and Capital Limited

6 Previous Year figures have been regrouped / reclassified wherever necessary.


Mar 31, 2014

The Balance in parties accounts are subject to confirmation and reconciliation, if any. In the opinion of the management all current assets including sundry debtors and loans and advances in the normal course of business would realize the value at least to the extent stated in the Balance sheet.

1 Micro, Small and Medium Enterprises The company is in process of identifying the parties who are covered under Micro, Small and Medium Enterprises.

CONTINGENT LIABILITIES (to the extent not provided 2 , A for)

2014 2013

a) Guarantee given by Bankers and - - outstanding

b) Estimated amount of contracts - - remaining to be executed on Capital Accounts and not Provided for (net after advance Payment )

c) Liability towards statutory taxes - -

3 RELATED PARTY DISCLOSURES (As identified by the management and relied upon by Auditors)

a) Name of related parties and nature of relationship where controll exists are as under:-

I) Associate Companies

Pumarth Meadows Private Limited Pumarth Properties & Holdings Private Limited Pumarth Infrastructure Private Limited Pumarth Credit and Capital Limited Nishant Finance Private Limited

II) Key Management Personnel

Dalip Kumar Manoj Kasliwal Sharda Kasliwal

Transaction during the year with related parties/Key Management Personnel

4 Previous Year figures have been regrouped/ reclassified wherever necessary.


Mar 31, 2013

1 The Balance in parties accounts are subject to confirmation and reconciliation, if any. In the opinion of the management all current assets including sundry debtors and loans and advances in the normal course of business would realize the value at least to the extent stated in the Balance sheet.

2 Micro, Small and Medium Enterprises

The company is in process of identifying the parties who are covered under Micro, Small and Medium Enterprises.

3 CONTINGENT LIABILITIES (to the extent not provided for)

2013 2012

a) Guarantee given by Bankers and outstanding - -

b) Estimated amount of contracts remaining to be executed on Capital Accounts and not Provided for (net after advance Payment) - -

c) Liability towards statutory taxes - -

4 RELATED PARTY DISCLOSURES

(As identified by the management and relied upon by Auditors)

a) Name of related parties and nature of relationship where control exists are as under:-

I) Associate Companies

Pumarth Meadows Private Limited

Pumarth Properties & Holdings Private Limited

Pumarth Infrastructure Private Limited

Pumarth Credit & Capital Ltd

Nishant Finance Private Limited

II) Key Management Personnel

Dalip Kumar

Manoj Kasliwal

Sharda Kasliwal

5 Previous Year figures have been regrouped/ reclassified wherever necessary. The purchase of shares was incorrectly classified as stock in trade, is now recognized as long term investments at cost.


Mar 31, 2012

A) Terms / Right attached to equity shares

The Company has one class of issued shares referred to as equity shares having a par value Rs 10/-each.

Holder of equity shares is entitled to one vote per share. The dividend proposed by the board of directors, if any, is subjected to the approval of shareholders in Annual General Meeting. In the event of liquidation of the Company the holder of the equity shares will be entitled to receive remaining assets of the Company after settlement of all preferential amount.

The distribution will be in proportion to the number of equity shares held by the equity shareholders.

B) Aggregate number of bonus shares issued, shares issued for consideration other than cash and shares bought back during the period of five years immediately preceding the reporting date:

1) In the opinion of the Directors' Current Assets, Loans and Advances ,If realized in ordinary course of the Business has on realization at least the value at which they are stated in the Balance Sheet.

2) Number of employees in respect of remuneration of Rs. 24,00,000/-P.A. or more if employed throughout the financial year ( or Rs.2,00,000/-If employed for the part of the period) is Nil.

1) The Balance in parties accounts are subject to confirmation and reconciliation , if any. In the opinion of the management all current assets including sundry debtors and loans and advances in the normal course of business would realize the value at least to the extent stated in the Balance sheet.

2) Micro, Small and Medium Enterprises

The company is in process of identifying the parties who are covered under Micro, Small and Medium Enterprises.

3) As notified by Ministry of Corporate Affairs, Revises Schedule VI under the Companies Act,1956 is applicable to the Financial Statement for the financial year commencing on or after 1st April,2011. Accordingly, the Financial Statement for the year ended March 31,2012 are prepared in accordance with the Revised Schedule VI. The amounts and disclosures included in the financial statement of the previous year have been reclassified to conform to the requirements of Revised Schedule VI.

4) The Company has only one reportable business segment namely Trading in Shares

5) CONTINGENT LIABILITIES ( to the extent not provided for )

As at 31-03-2012 As at 31-03-2011

a) Guarantee given by Bankers and outstanding - -

b) Estimated amount of contracts remaining to be executed on Capital Accounts and not Provided for (net after advance Payment ) - -

c) Liability towards statutory taxes - -

6) RELATED PARTY DISCLOSURES ( As identified by the management and relied upon by Auditors )

a) Name of related parties and nature of relationship where control exists are as under:-

I) Associate Companies

Pumarth Meadows Private Limited

Pumarth Properties & Holdings Private Limited

II) Key Management Personnel

Dalip Kumar

Manoj Kasliwal

Sharda Kasliwal

7. The company is in the Business of investing in shares and has income from interest.

The entire income /expenses pertain to that activity only, hence no separate report as required by AS-17 " Segment Reporting" are applicable.

8. RELATED PARTY DISCLOSURES

a) Key Managerial Persons :-

1) Mr. Manoj Kasliwal

2) Mrs. Sharda Kasliwal

3) Mr. Dalip Kumar

b) Relative of Managerial Persons : - Nil

c) Concerns in which Managerial Persons are interested :- Nil

Transaction with Related Party

a) Key Management Persons - Nil (Previous Year : Nil)

b) Relative of Key Management Persons - Salary Nil (Previous Year : Nil)

c) Concerns in which Managerial Persons are interested :- Nil

9. Previous year's Figures

The figures of previous year have been recast, rearranged and regrouped wherever considered necessary.


Mar 31, 2009

1) The Company is in the Business of investing in shares and has income from Commission/ Interest. The entire income/ expenses pertain to that activity only , hence no separate report as requiredjby AS-17 "Segment Reporting " are applicable.

2) a) Income Tax provision and FBT Provision has been made as per provisions of Income Tax Act. 1956

b) In accordance with Accounting Standard -22 "Accounting for Taxes on Income " Issued by the Institute of Chartered Accountants of India , which has become mandatory from 01.04.2001, the company has to account the deferred tax Assets / Liabilities . While making the calculation , the company has to account for Deferred Tax Assets (Net) to the extent of Rs. Nil . Hence no Deferred Tax Assets /Liabilities accounted during the year.

3) RELATED PARTY DISCLOSURE UNDER AS-18

a) Name of related parties and nature of Related Party Relationship :-

Premier Industries (I) Ltd., Girdharilal Sugar and Allied Industries Ltd. .Vertex Investments Pvt. Ltd. And Vastu Commodities Pvt. Ltd., Premier Feed Products Pvt. Ltd. are Companies in which the director of the company are interested as a Managing Director / Director.

b) Key Managerial Persons :- Mr. Rajesh Agrawal

Relatives of Key Managerial Person :- Smt. Sangeeta Agrawal

4) Retirement Benefits :- As the company has only one employee hence no retirement benefits policies have been framed by the company.


Mar 31, 2000

1) Stocks of Shares at the End of the Financial Year are valued at Cost or Market Price whichever is Lower, as valued and certified by the Management.

2) Separate Trading Account has been prepared for Shares treated as stock in trade by the Company.

3) The Company has taken loan from flank of Bahrain & Kuwait, B.S.C.,Mumbai against pledge of Shares held (i) by the Company as Stock in Trade, (ii) by a Director and (iii) by a Private Limited Company. The Company could not repay the amount of Loan till now and the matter is suhjudiced, since the said Bank has initiated recovery proceedings at High Court at Mumbai.The Company has provided Interest on the Loan as per the Agreement with the said Bank and the aggregate interest payable till 31/03/2000, amounting to Rs. 44.02,714,12 has been shown under the head "Secured Loans", as interest accrued & due.

Current Year Previous Year Rupees Rupees

4) Amount remitted Nil Nil during the year in foreign Currency on account of Dividends

5) Contingent liability in respect of :-

Current Year Previous Year Rupees Rupees

a) Income Tax desand disputed in appeal Nil Nil

 
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