Accounting Policies of Pro Clb Global Ltd. Company

Mar 31, 2015

1. Corporate information :

Provestment Services Limited is engaged in dealing of Air Ticketing, Tour Operator &Money Changer and providing professional Services to corporate entities across the globe. The company was incorporated in the year 1994.

Set out hereunder are the significant accounting policies adopted by the company in the preparation of the accounts for the year ended 31st March, 2015. There is no material change in accounting policies of the Company

a) Basis of Accounting:

The accounts of the Company are prepared under the historical cost convention and in accordance with the applicable accounting standards issued by the Institute of Chartered Accountants of India and relevant provisions of the Companies Act, 2013 except where otherwise stated. There is no material change in the accounting policies of the company as compared to the previous year.

b) Fixed Assets and Depreciation:

Fixed Assets are stated at historical cost less depreciation. Depreciation is provided on fixed Assets on Straight Line Method according to useful life prescribed in Schedule II of the Companies Act, 2013. Depreciation provided on web portal under intangible assets as per AS 26i.e. on "Intangible Assets".

c) Employees benefits:

Contribution to defined contribution retirement benefits scheme is recognized as an expense when employees have rendered services entitling them to contributions.

The undiscounted amount of short-term employee benefits expected to be paid in exchange for the service rendered by employees is recognized during the period when employees renders the service. Provision has been made for gratuity by the company for post employment by management and no actuarial valuation has been done in accordance with the AS-15.No provision has been made for Bonus under the Bonus Act, 1962

d) Revenue Recognition:

Mercantile system of accountings is followed.

e) Contingent Liabilities:

Contingent Liabilities are determined on the basis of available information and if any disclosed by way of notes to the accounts.

f) Insurance/ Claims

The company covers all the normal risks on the basis of cost for the fixed assets and Inventories. The premium pertaining to the year is charged against the revenue of the year.

Insurance claims lodged by the company will be adjusted as and when the final amount will be determined by the Insurance Companies

g) Stock in Trade:

Valuation of Stock in Trade done as follows:

a. For Stock-In-Trade (Equity Shares) -Unquoted Share at cost.

Quoted Share at cost or market price whichever is lower.

b. Stock-In-Trade (foreign currency) of money changing business. -Valued at prevailing Bank Mean Rate at close of the year.

h) Deferred Tax Deferred tax resulting from timing difference between book profit and tax profit is accounted for at the current tax rate without surcharge and in compliance with the Accounting Standard 22 "Accounting for Taxes on Income" issued by The Institute of Chartered Accountants of India. Deferred Tax assets and liabilities are measured using tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the profit and loss account in the year of change. Deferred tax assets and deferred tax liabilities are recognized for the future tax consequences attributable to differences between the financial statements carrying amounts of exiting assets and liabilities

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Mar 31, 2014

Set out hereunder are the significant accounting policies adopted by the company in the preparation of the accounts for the year ended 31st March, 2014. There is no material change in accounting policies of the Company

a) Basis of Accounting:

The accounts of the Company are prepared under the historical cost convention and in accordance with the applicable accounting standards issued by the Institute of Chartered Accountants of India and relevant provisions of the Companies Act, 1956 except where otherwise stated. There is no material change in the accounting policies of the company as compared to the previous year.

b) Fixed Assets and Depreciation: 4

Fixed Assets are stated at historical cost less depreciation. Depreciation is provided on fixed Assets on Straight Line Method at the rates prescribed in Schedule XIV of the Companies Act, 1956. Depreciation provided on web portal under intangible assets at the rates prescribed for ''data processing'' under schedule XIV of the Companies Act on Straight Line Method.

c) Employees benefits:

i)Post-employment benefits plans :

Contribution to defined contribution retirement benefits scheme is recognized as an expense when employees have rendered services entitling them to contributions.

ii)Other employee benefits :

The undiscounted amount of short-term employee benefits expected to be paid in exchange for the service rendered by employees is recognized during the period when employees renders the service. Proper provision made for gratuity and provident fund by the company for post employment.

d) Revenue Recognition:

Mercantile system of accountings is followed.

e) Contingent Liabilities:

Contingent Liabilities are determined on the basis of available information and if any disclosed by way of notes to the accounts.

f) Insurance/ Claims

The company covers all the normal risks on the basis of cost for the fixed assets and Inventories. The premium pertaining to the year is charged against the revenue of the year. Insurance claims lodged by the company will be adjusted as and when the final amount will be determined by the Insurance Companies

g) Stock in Trade:

Valuation of Stock in Trade done as follows:

a. For Stock-In-Trade (Equity Shares) -Unquoted Share at cost.

-Quoted Share at cost or market price whichever is lower.

b. Stock-In-Trade (foreign currency) of money changing business.

-Valued at prevailing Bank Mean Rate at close of the year.

h) Deferred Tax Deferred tax resulting from timing difference between book profit and tax profit is accounted for at the current tax rate without surcharge and in compliance with the Accounting Standard 22 "Accounting for Taxes on Income" issued by The Institute of Chartered Accountants of India. Deferred Tax assets and liabilities are measured using tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the profit and loss account in the year of change. Deferred tax assets and deferred tax liabilities are recognized for the future tax consequences attributable to differences between the financial statements carrying amounts of exiting assets and liabilities.

3.27) Previous year figures:

The previous year''s figures have been reworked, regrouped, rearranged and reclassified wherever considered necessary to make their classification comparable with that of the current year.

3.28) Contingent Liabilities

The Company has given a guarantee, in favour of Pro Labels Private Limited, with respect to a loan of EUR 3,63,000 (Equivalent INR 2,98,30,200 as on 31.03.2014) taken to import machinery.

3.29) Loans (Secured and Unsecured)

Secured Loans:

i) ODP Loans & Term Loan from Punjab & Sind Bank is secured against all current & fixed assets. The loan is guaranteed by two directors of the company and corporate guarantees of M/s Chaitali Exports Pvt Ltd.

ii) The vehicle loans are secured by way of hypothecation of vehicles. Unsecured Loans:

The company has taken loan from India Bull Financial Services Limited against the security of the properties of Directors and also guaranteed by the Directors of the Company. The balance outstanding as on 31.03.2014 amounting Rs. 257.68 lacs.

3. 30) Provision of Income Tax:

Provision of Rs.13,79,630/- on account of Income Tax has been made for the year.

3.33) The Current Assets, loans & Advances have a value on realization in the ordinary course of business at least equal to the amount at which they have been stated in the balance sheet.

3.34) Money Received against Share Warrants

(a) Issue of 5, 91,176 convertible equity warrants on preferential basis to Bennett Coleman & Co. Limited (BCCL):

During the year 2012-2013, Company has made Preferential Allotment of 591176 convertible Equity Share Warrants to BCCL of Rs. 10/- each at a Premium of Rs.58.57/- per warrants issued as per SEBI, ICDR Regulations, 2009 against which 25% Warrant Subscription Amount i.e. Rs. 1,01,34,234.58/- (Rupees One Crore One Lakh Thirty Four Thousand Two Hundred Thirty Four and paise Fifty Eight Only).

In the event if BCCL does not exercise its option to exercise all the Warrants within the Warrant Exercise Period i.e. within 18 months, the Warrant Subscription Amount shall be forfeited by the Company and the Warrants shall lapse.

(b) Description of Contract for Advertisement

During the year 2012-2013 the Company has entered into an agreement with Bennett Coleman & Co. Limited (BCCL) to advertise on non exclusive basis only, the Products, Services and Brands owned and exclusively used by the Company, by print and non print media. The Company has given a Deposit of Rs. 101.34 Lacs to BCCL for the advertisement for Company''s brand building.

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Mar 31, 2013

Set out hereunder are the significant accounting policies adopted by the company in the preparation of the accounts for the year ended 31st March, 2013. There is no material change in accounting policies of the Company

a) Basis of Accounting:

The accounts of the Company are prepared under the historical cost convention and in accordance with the applicable accounting standards issued by the Institute of Chartered Accountants of India and relevant provisions of the Companies Act, 1956 except where otherwise stated. There is no material change in the accounting policies of the company as compared to the previous year.

b) Fixed Assets and Depreciation:

Fixed Assets are stated at historical cost less depreciation. Depreciation is provided on fixed Assets on Straight Line Method at the rates prescribed in Schedule XIV of the Companies Act, 1956. Depreciation provided on web portal under intangible assets at the rates prescribed for ''data processing'' under schedule XIV of the Companies Act on Straight Line Method.

c) Employees benefits:

i)Post-employment benefits plans :

Contribution to defined contribution retirement benefits scheme are recognized as an expense when employees have rendered services entitling them to contributions.

ii)Other employee benefits :

The undiscounted amount of short-term employee benefits expected to be paid in exchange for the service rendered by employees is recognized during the period when employees renders the service. Proper provision made for gratuity and provident fund by the company for post employment.

d) Revenue Recognition:

Mercantile system of accountings is followed.

e) Contingent Liabilities:

Contingent Liabilities are determined on the basis of available information and if any disclosed by way of notes to the accounts.

f) Insurance/ Claims

The company covers all the normal risks on the basis of cost for the fixed assets and Inventories. The premium pertaining to the year is charged against the revenue of the year. Insurance claims lodged by the company will be adjusted as and when the final amount will be determined by the Insurance Companies

g) Stock in Trade:

Valuation of Stock in Trade done as follows:

a. For Stock-In-Trade (Equity Shares) -Unquoted Share at cost.

-Quoted Share at cost or market price whichever is lower.

b. Stock–In-Trade (foreign currency) of money changing business. -Valued at prevailing Bank Mean Rate at close of the year.

h) Deferred Tax Deferred tax resulting from timing difference between book profit and tax profit is accounted for at the current tax rate without surcharge and in compliance with the Accounting Standard 22 "Accounting for Taxes on Income” issued by The Institute of Chartered Accountants of India. Deferred Tax assets and liabilities are measured using tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the profit and loss account in the year of change. Deferred tax assets and deferred tax liabilities are recognized for the future tax consequences attributable to differences between the financial statements carrying amounts of exiting assets and liabilities.

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Mar 31, 2012

Set out hereunder are the significant accounting policies adopted by the company in the preparation of the accounts for the year ended 31st March, 2012. There is no material change in accounting policies of the Company

a) Basis of Accounting:

The accounts of the Company are prepared under the historical cost convention and in accordance with the applicable accounting standards issued by the Institute of Chartered Accountants of India and relevant provisions of the Companies Act, 1956 except where otherwise stated. There is no material change in the accounting policies of the company as compared to the previous year.

b) Fixed Assets and Depreciation:

Fixed Assets are stated at historical cost less depreciation. Depreciation is provided on fixed Assets on Straight Line Method at the rates prescribed in Schedule XIV of the Companies Act, 1956. Depreciation provided on web portal under intangible assets at the rates prescribed for 'data processing' under schedule XIV of the Companies Act on Straight Line Method.

c) Employees benefits:

i) Post-employment benefits plans :

Contribution to defined contribution retirement benefits scheme are recognised as an expense when employees have rendered services entitling them to contributions.

ii) Other employee benefits :

The undiscounted amount of short-term employee benefits expected to be paid in exchange for the service rendered by employees is recognized during the period when employees renders the service. Proper provision made for gratuity and provident fund by the company for post employment.

d) Revenue Recognition:

Mercantile system of accountings is followed.

e) Contingent Liabilities:

Contingent Liabilities are determined on the basis of available information and if any disclosed by way of notes to the accounts.

f) Insurance/ Claims

The company covers all the normal risks on the basis of cost for the fixed assets and Inventories. The premium pertaining to the year is charged against the revenue of the year. Insurance claims lodged by the company will be adjusted as and when the final amount will be determined by the Insurance Companies

g) Stock in Trade:

Valuation of Stock in Trade done as follows:

a. For Stock-In-Trade (Equity Shares)

- Unquoted Share at cost.

- Quoted Share at cost or market price whichever is lower.

b. Stock-In-Trade (foreign currency) of money changing business.

- Valued at prevailing Bank Mean Rate at close of the year.

h) Deferred Tax

Deferred tax resulting from timing difference between book profit and tax profit is accounted for at the current tax rate without surcharge and in compliance with the Accounting Standard 22 "Accounting for Taxes on Income" issued by The Institute of Chartered Accountants of India. Deferred Tax assets and liabilities are measured using tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the profit and loss account in the year of change. Deferred tax assets and deferred tax liabilities are recognized for the future tax consequences attributable to differences between the financial statements carrying amounts of exiting assets and liabilities.

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Mar 31, 2011

Set out hereunder are the significant accounting policies adopted by the company in the preparation of the accounts for the year ended 31st March, 2011. There is no material change in accounting policies of the Company

a) Basis of Accounting:

The accounts of the Company are prepared under the historical cost convention and in accordance with the applicable ac- counting standards issued by the Institute of Chartered Accountants of India and relevant provisions of the Companies Act, 1956 except where otherwise stated. There is no material change in the accounting policies of the company as compared to the previous year.

b) Fixed Assets and Depreciation:

Fixed Assets are stated at historical cost less depreciation. Depreciation is provided on fixed Assets on Straight Line Method at the rates prescribed in Schedule XIV of the Companies Act, 1956.

c) Inventories:

Inventories are valued as follows:

a. For Stock-In-Trade (Equity Shares)

- Unquoted Share at cost.

- Quoted Share at cost or market price whichever is lower.

b. Stock -In -Trade (foreign currency) of money changing business.

- Valued at prevailing Bank Mean Rate at close of the year.

d) Revenue Recognition:

Mercantile system of accounting is followed.

e) Contingent Liabilities:

Contingent Liabilities are determined on the basis of available information and if any disclosed by way of notes to the accounts.

f) Insurance/ Claims

The company covers all the normal risks on the basis of cost for the fixed assets and Inventories. The premium pertaining to the year is charged against the revenue of the year.

Insurance claims lodged by the company will be adjusted as and when the final amount will be determined by the Insurance Companies

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Mar 31, 2010

Set out hereunder are the significant accounting policies adopted by the company in the preparation of the accounts for the year ended 31st March, 2010. There is no material change in accounting policies of the Company.

a) Basis of Accounting:

The accounts of the Company are prepared under the historical cost convention and in accordance with the applicable account- ing standards issued by the Institute of Chartered Accountants of India and relevant provisions of the Companies Act, 1956 ex- cept where otherwise stated. There is no material change in the accounting policies of the company as compared to the previous year.

b) Fixed Assets and Depreciation:

Fixed Assets are stated at historical cost less depreciation. Depreciation is provided on fixed Assets on Straight Line Method at the rates prescribed in Schedule XIV of the Companies Act, 1956.

c) Inventories:

Inventories are valued as follows:

a. For Stock-In-Trade (Equity Shares)

- Unquoted Share at cost.

- Quoted Share at cost or market price whichever is lower.

b. Stock–In-Trade (foreign currency) of money changing business.

- Valued at prevailing Bank Mean Rate at close of the year.

d) Revenue Recognition:

Mercantile system of accounting is followed.

e) Contingent Liabilities:

Contingent Liabilities are determined on the basis of available information and if any disclosed by way of notes to the accounts.

f) Insurance/ Claims

The company covers all the normal risks on the basis of cost for the fixed assets and Inventories. The premium pertaining to the year is charged against the revenue of the year.

Insurance claims lodged by the company will be adjusted as and when the final amount will be determined by the Insurance Companies