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Notes to Accounts of Prithvi Softech Ltd.

Mar 31, 2015

1 Corporate information

Prithvi Softech Limited (L30006TN1995PLC031931), a public limited company incorporated under Companies Act, is licensed by RBI to function as Authorised dealer Category II. Prithvi Softech Limited operates under the brand name of "PRITHVI EXCHANGE" which conveys the company's line of business i.e. Money Exchange. The company deals in all tradeable foreign currencies, traveller cheques, drafts and swift transfers. At present the company has 15 branches spread in the state of TamilNadu, Karnataka, Andhra Pradesh and Gujarat.

Prithvi Exchange is also an authorised agent to receive Money Transfer send through Western Union Money Transfer, Money Gram and Xpress Money.

2 Disclosures required under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006

The company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act,2006 and Hence, disclosure, if any, relating to amout unpaid as at the year end together with interest paid/payable as required under the said Act have not been given.

3 Employee benefits

Regular contributions are being made towards the Provident fund and the same has been charged to revenue. The company has provided for employees gratuity, leave encashment or any other benefits of similar nature on estimated basis.

4 Segment information

The Company operates mainly in a single segment i.e trading of foreign currencies and hence not call for seg- mentwise disclosure of assets, liabilities, revenues or expenses as prescribed under Accounting Standard 17 on "Segment Reporting" issued by ICAI


Mar 31, 2014

1 Corporate information

Prithvi Softech Limited, a public limited company incorporated under Company Act, is licensed by RBI to function as Authorised Dealer Category II. Prithvi Softech Limited operates under the brand name of "PRITHVI EXCHANGE" which conveys the company''s line of business i.e. Money Exchange. The company deals in all tradable foreign currencies, traveller cheques, drafts and swift transfers. At present the company have 15 branches spread in the state of TamilNadu, Karnataka, Andhra Pradesh and Gujarat.

Prithvi Exchange is also the authorised agent to receive Money Transfer send through to Western Union Money Transfer, Money Gram and Xpress Money.

As at As at

2 Contingent liabilities and commitments (to the extent not 31 March, 2014 31 March, 2013 provided for) INR INR

(i) Contingent liabilities

(a) Claims against the Company not acknowledged as debt 12.15 Lakhs 12.15 Lakhs

- Disputed Income tax demands appealed against, not provided for :

3 Disclosures required under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006

The company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act,2006 and Hence, disclosure, if any, relating to amout unpaid as at the year end together with interest paid/payable as required under the said Act have not been given.

Particulars

4 Employee benefit plans

4.1.a Defined contribution plans

The Company makes Provident Fund and other Fund contributions to defined contribution plans for qualifying employees. Under the Schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recognised INR 14,29,333/- (Year ended 31 March, 2013 INR 14,05,134/-) for Provident Fund and other fund contributions in the Statement of Profit and Loss. The contributions payable to these plans by the Company are at rates specified in the rules of the schemes.

4.1.b Leave Encashment

The Company provides benefit to employees for leave encashment as per the scheme laid down.

5 Segment information

The Company operates in a single segment i.e trading of foreign currencies and hence not call for segmentwise disclosure of assets, liabilities, revenues or expenses as prescribed under Accounting Standard 17 on "Segment Reporting", issued by ICAI


Mar 31, 2013

1 Corporate information

Prithvi Softech Limited, a public limited company incorporated under Company Act, is licensed by RBI to function as Authorised dealer Category II. Prithvi Softech Limited operates under the brand name of "PRITHVI EXCHANGE" which conveys the company''s line of business i.e. Money Exchange. The company deals in all tradable foreign currencies, traveller cheques, drafts and swift transfers. At present the company have 15 branches spread in the state of TamilNadu, Karnataka, Andhra Pradesh and Goa.

Prithvi Exchange is also the authorised agent to receive Money Transfer send through to Western Union Money Transfer, Money Gram and Xpress Money.

Note 2 Disclosures required under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006

The company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and Hence, disclosure, if any, relating to amout unpaid as at the year end together with interest paid/payable as required under the said Act have not been given.

Note 3 Employee benefit plans

3.1.a Defined contribution plans

The Company makes Provident Fund and other Fund contributions to defined contribution plans for qualifying employees. Under the Schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recognised INR 14,05,134/- (Year ended 31 March, 2012 INR 6,03,693/-) for Provident Fund other other fund contributions in the Statement of Profit and Loss. The contributions payable to these plans by the company are at rates specified in the rules of the schemes.

3.1.b Leave Encashment

The Company provides benefit to employees for leave encashment as per the scheme laid down.

Note 4 Segment information

The Company operates in a single segment i.e trading of foreign currencies and hence not call for segmentwise disclosure of assets, liabilities, revenues or expenses as prescribed under Accounting Standard 17 on "Segment Reporting", issued by ICAI.


Mar 31, 2012

1 Corporate information

'Prithvi Softech Limited, a public limited company incorporated under Company Act, is licensed by RBI to function as Authorised Dealer Category - II. Prithvi Softech Limited operates under the brand name of "PRITHVI EXCHANGE" which conveys the company's line of business i.e. Foreign Exchange. The company deals in all tradable foreign currencies, traveller cheques, drafts and swift transfers. At present we have 15 branches spread in the state of TamilNadu, Karnataka, Andhra Pradesh and Goa.

'Prithvi Exchange is also the authorised agent to receive Money Transfer sent through Western Union Money Transfer, Money Gram and Xpress Money.

2 Abridged financial statement

The abridged financial statements have been prepared pursuant to Rule 7A of the Companies (Central Government's) General Rules and Forms, 1956 as per notification F.No. 17/51/2012-CL-V, dated May 31, 2012 and are based on the annual financial statements for the year ended March 31, 2012 approved by the Board of Directors at their meeting held on May,30 2012.

3. Contingent liabilities and commitments (to the extent not provided for)

(i) Contingent liabilities(Refer No. 23 of Financial Statements)

(a) Claims against the Company not acknowledged as debt

(i) Disputed Income tax demands appealed against,

not provided for : 12.15 Lakhs 24.76 Lakhs

4. Disclosures required under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006 (Refer No. 24 of Finanical Statements)

The company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and Hence, disclosure, if any, relating to amount unpaid as at the year end together with interest paid/payable as required under the said Act have not been given.

5. Employee benefit plans(Refer No.27 of financial statements)

5.1.a Defined contribution plans

The Company makes Provident Fund and other Fund contributions to defined contribution plans for qualifying employees. Under the Schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recognised INR 603693 (Year ended 31 March, 2011 INR 626703) for Provident Fund and other fund contributions in the Statement of Profit and Loss. The contributions payable to these plans by the Company are at rates specified in the rules of the schemes.

5.1.b Leave Encashment

The Company provides benefit to employees for leave encashment as per the scheme laid down.

5.1.c Grautity

The Company provides grautiy to the employees on estimated basis and is unfunded.

6. Segment information(Refer No.28 of financial statements)

The Company operates in a single segment i.e trading of foreign currencies and hence not call for segmentwise disclosure of assets, liabilities, revenues or expenses as prescribed under Accounting Standard 17 on "Segment Reporting", issued by ICAI

7. The Revised Schedule VI has become effective from 1 April, 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification / disclosure. (Refer no. 32 of financial statements)


Mar 31, 2011

1 Segment Reporting

The company operates in a single segment i,e trading of foreign currencies and hence does not calls for segmentwise disclosure of assets,liabilities,revenues or expenses as prescribed under Accounting Standard 17 on "Segment Reporting", issued by the Institute of Chartered Accountants of India.

2 Disclosure requirement regarding Micro, Small & Medium Scale Enterprises

The company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and Hence, disclosure, if any, relating to amount unpaid as at the year end together with interest paid/ payable as required under the said Act have not been given.

3 Contingent Liabilities

Year ended Year ended March 31, 2011 March 31, 2010

(a) Disputed Income tax demands appealed against, not provided for : 24.76 Lakhs 12.15 Lakhs

4 No further information pursuant to paragraphs 4C & 4D of Schedule VI of the Companies Act,1956 is either NIL or Not Applicable.

5 Previous year's figures have been regrouped and rearranged wherever found necessary.


Mar 31, 2010

1 Contingent Liabilities

(a) Disputed Income tax demands appealed against, not

provided for: 12.15 Lakhs 20.72 Lakhs

2. Related Party Disclosure

A. Manegerial Personel

Name Relationship

Mr.Delichand Jain Chairman

Dr.Ashok Kumar Kavad . Managing Director

Mr.M.D Vasudevan Director

M.RV.GVenkadri Director

Mr.V.Krishnaswami Director

3. No further information pursuant to paragraphs 4C & 4D of Schedule VI of the Companies Act,1956 is either NIL or Not Applicable.

4. Previous years figures have been regrouped and rearranged wherever found necessary.

 
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