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Notes to Accounts of Pressman Advertising Ltd.

Mar 31, 2015

A) Rights, Preferences & Restrictions attached to shares

The company has issued equity shares having par value of X 2 per share. Each holder of ordinary shares is entitled to one vote per share and equal right for dividend. The dividend proposed by the Board of Directors is subject to the approval of shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after payment of all preferential amounts, in proportion to their shareholding.

b) The company does not have any holding company.

c) There has been no change/movements in number of shares outstanding at the beginning and at the end of the reporting period.

e) No shares have been reserved for issue under options and contracts/committments for the sale of shares/disinvestment as at the balance sheet date.

f) 10,352,113 equity shares of X 2 each have been allotted by the company in the last five years.

g) No Convertible securities have been issued by the company during the period.

h) No calls are unpaid by any Director and officer of the company during the period.

2 Employee Benefits as per Accounting Standard -15 (Revised) a) Defined Contribution Plan

The company makes contribution towards Provident Fund and ESIC to a defined contribution retirement benefit plan for qualifying employees. The Provident fund plan is operated partly by Regional Provident Fund Organisation and partly by an independent trust and ESIC by government agencies. Under the said schemes the company is required to contribute a specific percentage of pay roll costs in respect of eligible employees to the retirement benefit scheme to fund the benefits.

(b) Defined Benefits Plan

The employees' gratuity is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognises each period of service as giving rise to additional unit to employee benefit entitlement and measures each unit separately to build up the final obligation.

3 Segment Reporting as per Accounting Standard -17 prescribed under the Act.

a) Primary Segment (Business)

The Company is solely engaged in advertising, PR and allied services business. Accordinglythere are no reportable business or geographic segments in terms of Accounting Standard 17-Segment reporting prescribed by the Companies(Accounting Standard) Rules, 2006.

4 Related Party disclosures as identified by the Management in accordance with Accounting Standard-18 are given below:

a) Related Parties

Key Management Personnel Dr Niren Suchanti Mr Navin Suchanti Ms Sujata Suchanti MrBG Pasari

i) Relatives of Key Management Personnel Ms Pramina Suchanti

ii) Associates/Enterprises over which significant control exists Sinclairs Hotels Limited

Pressman Realty Limited Pressman Properties Ltd Prima Communications Ltd Son-et-Lumiere Art Gallery Private Limited

5 Previous years's figures have been re-arranged/re-grouped wherever necessary.


Mar 31, 2014

1 CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF :

Income Tax matters in dispute/under appeal : NIL (Previous year Rs 3,325,443)

2 EXCEPTIONAL ITEMS

Exceptional items represent write back of liability provided for in earlier year no longer required Rs 60 lacs and amounts written off in earlier years now realised Rs 146.10 lacs.

3 EMPLOYEE BENEFITS AS PER ACCOUNTING STANDARD-15 (REVISED) a) Defined Contribution Plan

The company makes contribution towards Provident Fund and ESIC to a defined contribution retirement benefit plan for qualifying employees. The Provident fund plan is operated partly by Regional Provident Fund Organisation and partly by an independent trust and ESIC by government agencies. Under the said schemes the company is required to contribute a specific percentage of pay roll costs in respect of eligible employees to the retirement benefit scheme to fund the benefits.

(b) Defined Benefits Plan

The employees'' gratuity is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognises each period of service as giving rise to additional unit to employee benefit entitlement and measures each unit separately to build up the final obligation.

The following Table sets forth the particulars in respect of the Defined Benefit Plans of the Company for the year ended 31st March, 2014.

4 SEGMENT REPORTING AS PER ACCOUNTING STANDARD–17 PRESCRIBED UNDER THE ACT

a) Primary Segment (Business)

The Company is solely engaged in advertising and public relations business. Accordingly there are no reportable business or geographic segments in terms of Accounting Standard 17-Segment reporting prescribed by the Companies(Accounting Standard) Rules, 2006.

5 RELATED PARTY DISCLOSURES AS IDENTIFIED BY THE MANAGEMENT IN ACCORDANCE WITH ACCOUNTING STANDARD–18 ARE GIVEN BELOW:

a) Related Parties

i) Key Management Personnel Dr. Niren Chand Suchanti

ii) Relatives of Key Management Personnel Mr. Navin Chand Suchanti Ms. Sujata Suchanti Ms. Pramina Suchnati

iii) Associates/Enterprises over which significant control exists Sinclairs Hotels Limited Pressman Realty Limited Pressman Properties Limited Prima Communications Ltd Sonet-Lumiere Art Gallery Private Limited

6 The name of the Company has changed from Nucent Estates Ltd. to Pressman Advertising Ltd. with effect from 22nd August, 2013.

7 Previous year''s figures have been re-arranged/re-grouped whereever necessary.


Mar 31, 2013

1 CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:

Income Tax matters in dispute / under appeal Rs. 33,25,443 (Previous year Rs. 33,25,443).

2 SCHEME of AMALGAMATION

Pursuant to the Scheme of Amalgamation (Scheme) between Pressman Advertising Limited (PAL) and the Company as approved by Shareholders of the Company on 19th January,2013 and sanctioned by the Hon''ble High Court at Calcutta on 17th May,2013 under the provisions of Companies Act, 1956, PAL has merged with the Company w.e.f 1st April,2012 (being the appointed date). The Certified copy of the order has been filed with the Registrar of the Companies, West Bengal on 3rd July, 2013.

a) The Salient Features of the scheme are as under:

i. PAL is engaged in the business of advertising and public relations. All the assets and liabilities of PAL on the appointed date have been incorporated in the books of the Company at their respective book values on the basis of the audited accounts. ii. In terms of the Scheme, the Company shall issue 100 (one hundred) equity shares of Rs. 2 (two) each fully paid up, ranking pari passu, for 142(one hundred & forty-two) equity shares of Rs. 2 (two) each fully paid up held by the shareholders in PAL. The shareholding of company in PAL as on record date stood cancelled. iii. The difference between the purchase consideration and value of net assets of PAL acquired, after giving impact of cancellation of shareholding, a sum of Rs. 23,48,524 has been treated as capital reserve in terms of Accounting Standard 14 "Accounting for Amalgamation" being amalgamation in the nature of merger.

b) Others :

i. Share Suspense represents 103,52,113 Equity shares of Rs. 2 (two) each fully paid to be issued in terms of a) ii above, which will rank pari-passu with the existing shareholders of the company as per the Scheme effective from the appointed date. ii. As per the requirements of the listing agreement, the board of the Company had approved and published the audited accounts of the company for the year ended 31.03.2013 on 30th May, 2013 without giving the impact of the Scheme. Since the scheme has been approved and filed with the Registrar of the Companies, impact of the same has been given in the financial statement.

3 DEFERRED TAX

a) The company is entitled to the following Deferred Tax Assets due to the undermentioned timing differences :

On account of : Amount (Rs.)

i. Depreciation 768,979

ii. Brought forward Business Loss / Unabsorbed Depreciation 22,075,338

iii. Brought forward Capital Loss 205,311

Total 23,049,629

In the absence of virtual certainty, the same has not been recognized.

4 MAT CREDIT ENTITLEMENT

MAT credit entitlment includes Rs. 5,222,604 for earlier years.

5 EXCEPTIONAL ITEMS

Exceptional item during previous year relates to amount payable towards liability for damages against termination of a development agreement with a body corporate.

6 Employee Benefits as per Accounting Standard-15 (Revised) a) Defined Contribution Plan

The company makes contribution towards Provident Fund & ESIC to a defined contribution retirement benefit plan for qualifying employees. The Provident Fund plan is operated partly by Regional Provident Fund Organisation and partly by an independent trust and ESIC by government agencies. Under the said schemes the company is required to contribute a specific percentage of pay roll costs in respect of eligible employees to the retirement benefit scheme to fund the benefits.

(b) Defined Benefits Plan

The employees'' gratuity is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognises each period of service as giving rise to additional unit to employee benefit entitlement and measures each unit separately to build up the final obligation.

The following Table sets forth the particulars in respect of the Defined Benefit Plans of the Company for the year ended 31st March, 2013.

7 Segment Reporting as per Accounting Standard – 17 prescribed under the Act.

a) Primary Segment (Business)

Consequent to the merger of Pressman Advertising Ltd with the company, the main business of the company is advertising and public relations. The real estate business is being discontinued. Accordingly there are no reportable segments in terms of Accounting Standard -17 "Segment Reporting" prescribed by the Companies (Accounting Standard) Rules, 2006.

8 Related Party disclosures as identified by the Management in accordance with Accounting Standard–18 are given below:

a) Related Parties

i) Key Management Personnel Dr. Niren Chand Suchanti

ii) Relatives of Key Management Personnel Mr. Navin Chand Suchanti Ms. Sujata Suchanti Ms. Pramina Suchnati

iii) Associates / Enterprises over which significant control exists Sinclairs Hotels Limited Pressman Realty Limited. Pressman Properties Limited. Sonet - Lumiere Art Gallery Private Limited

9 Current year''s figures are not comparable with that of previous year on account of impact of scheme of amalgamation. Previous years figures have been re-arranged/re-grouped where ever necessary.


Mar 31, 2012

1. Corporate Information

NuCent Estates Limited is a public limited company incorporated under the Companies Act, 1956 engaged into development of real estate activities, etc. The shares are listed in National Stock Exchange, Bombay Stock Exchange, Calcutta Stock Exchange and Delhi Stock Exchange.

(a)Terms/ rights attached to equity shares

The company has only one class of equity shares having par value of Rs. 2 per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

2.1 Micro, Small and Medium Enterprises Development Act, 2006

The Company has not received any memorandum (as required to be filed by the suppliers with the notified authority under the Micro, Small and Medium Enterprises Development Act, 2006) claiming their status as on 31st March 2012 as micro, small or medium enterprises. Consequently the amount paid / payable to these parties during the period is Rs. Nil.

The disclosures as required under the said Act are as under:

Sl. No. Particulars Amount

a Principal Amount due to Supplier under MSMED Nil

b Interest due to Supplier on above Nil

c Any payment made to Supplier beyond appointed date (under Section 16 of the Act) Nil

d Interest due and payable to Suppliers under MSMED Nil

e Interest accrued and remaining unpaid as at 31st March, 2011 Nil

f Interest remaining due and payable under section 23 of the Act Nil

3. Contingent liabilities not provided in respect income tax demand for assessment years 1997-1998 for Rs. 33,25,443/ - for which the company has preferred appeals to higher authorities

4. Bank balance of Rs. 1294/- with Swastik Janata Sahakari Bank, Mumbai is inoperative and is subject to confirmation.

5. As a matter of prudence, company has not recognized Deferred Tax Assets due to virtual uncertainty of its realization in future years.

6. During the year 2009-10, the company had terminated Development Agreement entered into with a body corporate for the development of real estate project at Durgapur due to recessionary trend and compensation was paid to them towards financial loss.

However, after several negotiations, the said claim has been finally settled at an additional amount of Rs. 60 lacs during the year and has been accounted for accordingly.

7. Since the company is presently involved mainly in the activity of real estate development, no segment information is given as required under Accounting Standard AS-17 "Segment Information". However, pending execution of real estate project, surplus money has been invested in mutual funds etc.

8. Related Party Disclosure:

i. List of Related party:

a) Enterprises having significant influence over the company Pressman Advertising Limited

b) Enterprises having significant influence by key management personnel of the company Sinclairs Hotels Limited

9. The Central Government vide notification SO.447(E) dated February 28, 2011 has revised the Schedule VI under the Companies Act, 1956 and the same has become applicable for the Financial Statements to be prepared for the financial year commencing on or after April 1, 2011. Accordingly, the Company has reclassified the previous year figures to conform to this year's classification.


Mar 31, 2011

1. Contingent liabilities not provided in respect income tax demand for assessment years 1997-1998 for Rs. 33,25,443/- for which the company has preferred appeals to higher authorities.

2. Bank balance of Rs. 1294/- with Swastik Janata Sahakari Bank, Mumbai is inoperative and is subject to confirmation.

3. Based on the records of the company, no amount is due to micro, small and medium enterprises as defined under MSME Act, 2006.

4. Deposit of Rs. 10,60,000/- with a scheduled Bank made on behalf of a partnership firm in which the company was one of the partner has become bad and doubtful of recovery, hence has been written off.

5. Since the company is presently involved mainly in the activity of real estate development, no segment information is given as required under Accounting Standard AS-17 "Segment Information".

6. Related Party Disclosure List of Related party

a) Enterprises having significant influence over the company Pressman Advertising Limited

b) Enterprises having significant influence by key management personnel of the company Sinclairs Hotels Limited

7. Previous year's figure have been regrouped/rearranged wherever found necessary.




Mar 31, 2010

1. Contingent liabilities not provided in respect income tax demand for assessment years 1997-1998 for Rs. 33,25,443/- for which the company has preferred appeals to higher authorities.

2. Income from operation includes recovery of the outstanding dues/Bad Debts of the earlier years.

3. During the year, the company has terminated the Development Agreement entered into with a Body Corporate for the development of a Real Estate project at Durgapur due to recessionary trend. Consequently, the company has settled the claim with a compensation of Rs. 184.50 lacs.

4. Advance includes Rs. 10,60,000/- deposited with a scheduled Bank which was made on behalf of a partnership firm in which the company was one of the Partner. In view of the partnership coming to an end by efflux of time, the company becomes the sole owner of the said business and the deposit is considered good by the management.

5. The company has not recognized the net deferred tax assets, in respect of accumulated losses and unabsorbed depreciation in view of the virtual uncertainty of availing the benefit in future.

6. Based on the records of the company, no amount is due to micro, small and medium enterprises as defined under MSMED Act, 2006.

7. Since the company is presently involved mainly in the activity of real estate development, no segment information is given as required under Accounting Standard AS-17 "Segment Information".

8. Related Party Disclosure List of Related party

a) Enterprises having significant influence over the company Pressman Advertising Limited

b) Enterprises having significant influence by key management personnel of the company Sinclairs Hotels Limited

9. Previous years figure have been regrouped/rearranged wherever found necessary. Schedules A to I which form integral part of the accounts.

 
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