Mar 31, 2015
The Directors take pleasure in presenting this 21st (Twenty First)
Annual Report together with the Audited Accounts for the year ended
31st March, 2015.
1. FINANCIAL RESULTS
The Financial Results of the Company during the Financial Year ended on
31st March, 2015 are as under:
Particulars Financial Year ended
31st March 2015 31st March 2014
Total Income 846,167,725 759,614,497
Total Expenditure 840,253, 578 753,495,364
Profit Before Tax 5,914,147 6,119,132
Current Tax 1,549,430 1,379,630
Deferred Tax (590,030) 241,442
Profit after Tax
for the Year 4,954,747 4,498,061
Add: Balance brought
forward from previous
Year 6,000,000 6,000,000
Surplus available for
appropriation 24,659,291 20,161,230
Less: Other Reserves 11,561 -
Add: Share Warrants
Forfeited 10,134,235 -
Balance Surplus carried
to Balance Sheet 45,736,712 30,659,291
2. Results of Operations and the State of Company's Affairs/ Material
Changes
During the year 2014-15, your Company recorded profit before tax of Rs.
59.14 Lacs (previous year Rs 61.19 Lacs). The Income for the year has
been increased by 11.39 % to Rs. 846,167,725/- as compared to Rs.
759,614,497/- in 2014. The Profit after tax for the year was Rs.
4,954,747/- as compared to Rs. 4,498,061/- in 2014
3. DIVIDEND
The Board of Directors does not recommend any Dividend for the
Financial Year 2014-15.
4. RESERVES
During the year under review, your Company has not transferred any
amount to General Reserves. While an amount of Rs. 49, 54, 747/- has
been transferred to Reserve and Surplus.
5. SHARE CAPITAL
The Paid-up Equity Share Capital as on March 31, 2015 was Rs. 51, 030,
000/-. During the year under review, the Company has not issued any
further Share Capital.
6. FINANCE
Cash and cash equivalent as at March 31, 2015 was Rs. 11,127,129/-. The
Company continues to focus on judicious management of its working
capital.
6.1 DEPOSITS
The Company has not accepted any Public Deposits during the Financial
Year ended 31st March, 2015 and your Board of Directors have also
passed the necessary Resolution for non-acceptance of any Public
Deposits during the Financial Year 2015-16.
The Company has also complied with the applicable provisions of
"Non-Banking Financial (Non-Deposit Accepting or Holding) Companies
Prudential Norms (Reserve Bank) Directions, 2007" and "Non-Systemically
Important Non- Banking Financial (Non-Deposit Accepting or Holding)
companies Prudential Norms (Reserve Bank) Directions, 2015".
7. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
During the year under review your Company has not given any Loans,
Guarantees or made any Investments covered under the provisions of
Section 186 of the Companies Act, 2013(the Act). However, the company
had provided corporate guarantee during Financial Year 2013-14
(Equivalent INR 1,62,80,000 as on 31.03.2015) favoring UBS AG
Switzerland on behalf of Pro Labels Private Limited.
8. DIRECTORS & KEY MANAGERIAL PERSONNEL
8.1 CHANGE IN DIRECTORS AND KEY MANAGERIAL PERSONNEL
The Board of Directors at its meeting held on March 31, 2015 has
appointed Mr. Anil Bhat and Mr. Gurcharan Dass Bhalla as Additional
Director of the Company, subject to the approval of the shareholders of
the Company at the ensuing 21st Annual General Meeting.
Further, Pursuant to Section 152 of the Companies Act, 2013 (the Act),
Mr. Gurcharan Dass Bhalla (DIN: 02735042), shall retire by rotation at
the ensuing 21st Annual General Meeting and being eligible offer
himself for reappointment.
The Board of Directors of the Company recommends the regularization of
Mr. Gurcharan Dass Bhalla as Director of the Company, liable to retire
by rotation and appointment of Mr. Anil Bhat and Mr. Gurcharan Dass
Bhalla as Directors of the Company.
8.1 BOARD EVALUATION
Pursuant to the provisions of Section 134 and 178 of the Companies Act,
2013 and Clause 49 of the Listing Agreement, the Company has devised a
mechanism for evaluating the performance of Independent Directors,
Board, Committees and other individual Directors. On the basis of the
said mechanism, the Board has evaluated the performance of Committees
of Board, individual directors and Board as a whole.
The Nomination and Remuneration Committee ("NRC") reviewed the
performance of the Individual Directors and the Board as a whole on the
basis of the criteria specified in Board Evaluation Mechanism
(Mechanism) as approved by Board in its meeting held on March 31, 2015.
The Board based on the recommendations of NRC and criteria specified in
the Mechanism evaluated performance of individual Directors on the
Board. The Board also evaluated the performance of various committees
and Board as a whole taking into account inputs received from
individual Directors/ committee members and criteria specified in the
Mechanism.
The Independent Directors in their separate meeting which was later
noted by Board of Directors evaluated the performance of
Non-Independent Directors and performance of the Board as a whole.
8.2 DECLARATION BY AN INDEPENDENT DIRECTOR(S)
The Company has received declarations from all the Independent
Directors of the Company confirming that they meet the criteria of
independence as prescribed under the Section 149(6) of Companies Act,
2013 and Clause 49 of Listing Agreement.
8.3 NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS
During the period under review, Fourteen Meetings of Board of Directors
were held on April 1, 2014; May 14, 2014; May 30, 2014; July 10, 2014;
July 24, 2014; August 9, 2014; August 19, 2014; September 2, 2014;
October 1, 2014; November 8, 2014; November 22, 2014; December 31,
2014; February 2, 2015; March 31, 2015. The gap between any two Board
Meetings did not exceed 120 days.
As per the provisions of Section 149 of the Companies Act, 2013 (the
Act) read with Schedule IV (Code for Independent Directors), the
Company is required to hold at least one meeting in year, without the
attendance of Non-Independent Directors and Members of the Management.
During the year, one Meeting was held on March 31, 2015 under the
Chairmanship of Mr. Anil Lakhani, Independent Director.
8.4 FAMILIARIZATION PROGRAMME FOR BOARD MEMBERS
The Board members are provided with necessary documents/articles,
reports and internal policies to enable them to familiarize with the
Company's procedures and practices to understand its business in depth
and contribute to the Company.
The policy on familiarization programmes for Independent Directors are
posted on the website of the Company and can be accessed at
www.provestment.net.
9. BUSINESS RISK MANAGEMENT
The Company has process in place to identify and assess business risks
and opportunities in the form of a Risk Assessment Policy. The Policy
was adopted by the Board of directors at its Meeting held on March 31,
2015. The main objective of this Policy is to ensure sustainable
business growth with stability and to promote a pro-active approach in
reporting, evaluating and resolving risks associated with the business.
10. MANAGEMENT'S DISCUSSION AND ANALYSIS REPORT
Management's Discussion and Analysis Report (MDA) for the year under
review, as stipulated under Clause 49 of the Listing Agreement, is
presented in a separate section forming part of the Annual Report.
11. COMMITTEES OF THE BOARD
A) Audit Committee: The Composition of the Committee is as per the
following particulars:
S.
No. Name of the Member Category
1. Mr. Anil Lakhani Non-Executive & Independent Director
2. Mrs. Anjali Khurana Non-Executive & Independent Director
3. Mr. Vinod Ralhan Non- Executive Director
All the recommendations made by the Audit Committee have been accepted
by the Board.
B) Nomination & Remuneration Committee: The Composition of the
Committee is as per the following particulars :
S.
No. Name Category
1 Mr. Anil Lakhani Non-Executive & Independent Director
2 Mrs. Anjali Khurana Non-Executive & Independent Director
3 Mr. Vinod Ralhan Non- Executive Director
Nomination and Remuneration Committee vide its resolution dated March
31, 2015 has formulated the Nomination & Remuneration Policy, inter
alia, for appointment and remuneration of the directors, key managerial
personnel and other employees. The policy has been approved by the
Board at its Meeting held on March 31, 2015. The said Policy is
attached herewith as Annexure I.
C) Stakeholders Relationship Committee: The Composition of the
Committee is as per the following particulars:
S.
No. Name Category
1 Mr. Vinod Ralhan Non-Executive Director
2 Mr. Anil Lakhani Non-Executive & Independent Director
3 Mrs. Anjali Khurana Non-Executive & Independent Director
12. SUBSIDIARY/JOINT VENTURES/ASSOCIATE COMPANIES
During the year under review, M/s SAAB Travel & Tours have ceased to be
a subsidiary of the company.
The Company has no Subsidiary / Joint Ventures/ Associate Companies as
on 31st March, 2015. As such the company is not required to consolidate
its account with any other company.
As per the Companies (Accounts) Rules, 2014, the Company is not
required to consolidate its Financial Results with the Associate
Companies for the Financial Year ended March 31, 2015.
13. AUDITORS & AUDITORS REPORT
13.1 STATUTORY AUDITORS
M/s Ahuja Arun & Co. (FRN: 012985N), Chartered Accountants, the
Statutory Auditors of the Company holds the office until the conclusion
of 21st Annual General Meeting (AGM) and, they being eligible are
recommended for reappointment as Statutory Auditors of the Company from
the conclusion of 21st AGM till the conclusion of 22nd AGM to be held
in the year 2016.
The Company has received a Certificate from them to the effect that
their appointment, if made, would be as per the requirements specified
under Section 141 of the Act and the Rules framed there under for
reappointment as Auditors of the Company. As required under Clause 49
of the Listing Agreement, the auditors have also confirmed that they
hold a valid certificate issued by the Peer Review Board of the
Institute of Chartered Accountants of India.
The Notes on Accounts read with the Auditors' Reports are
self-explanatory and therefore, do not call for any further comments or
explanations. The Statutory Auditor's Report does not contain any
qualification, reservation or adverse remark.
13.2 SECRETARIAL AUDIT
Pursuant to the provisions of Section 204 of the Companies Act, 2013
and The Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, the Company has appointed M/s. M B & Co.,
Company Secretaries, a firm of Company Secretaries in Practice to
conduct the Secretarial Audit of the Company for the Financial Year
2014-15. The Report of the Secretarial Audit Report is annexed herewith
as "Annexure II".
14. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
Provisions relating to disclosure of particulars with respect to
Conservation of Energy are not applicable on the Company and it has no
information to be published regarding Technology Absorption. The
Company has not carried on during the period under report any activity
relating to exports and has not used or earned any foreign exchange.
15. INTERNAL CONTROL SYSTEM AND THEIR ADEQUACY
The Company has adequate system of internal control to safeguard and
protect from loss, unauthorized use or disposition of its assets. All
the transactions are properly authorized, recorded and reported to the
Management. The Company is following all the applicable Accounting
Standards for properly maintaining the books of accounts and reporting
Financial Statements.
16. CORPORATE SOCIAL RESPONSIBILITY INITIATIVES
The provisions of Section 135 of the Act, with regard to Corporate
Social Responsibility (CSR) are at present not applicable on the
Company.
17. VIGIL MECHANISM / WHISTLE BLOWER POLICY
Pursuant to provision of section 177 of the Act and Clause 49 of the
Listing Agreement, the Company has established Whistle Blower
Policy/Vigil Mechanism for directors and employees to report their
genuine concerns. The Whistle Blower Policy/Vigil Mechanism is
available at the website of the Company www. provestment.net
18. CORPORATE GOVERNANCE
As per Clause 49 of the Listing Agreement entered with the Stock
Exchange, a separate section on corporate governance practices followed
by the Company, together with a certificate from the Practicing Company
Secretary confirming compliance forms an integral part of this Report,
attached at Annexure III.
19. RELATED PARTY TRANSACTIONS
All Related Party Transactions that were entered into by the Company
during the financial year were on an Arm's Length Basis and were in the
ordinary course of business. There are no material significant related
party transactions made by the Company with Promoters, Directors and
Key Managerial Personnel which may have a potential conflict with the
interest of the Company at large. The policy on Related Party
Transactions is available at the website of the Company i.e.
www.provestment.net. The details of Related Party Transactions have
been provided in Form AOC -2 marked as Annexure IV.
20. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS
There are no orders passed by the Regulators / Courts, which would
impact the going concern status of the Company and its future
operations.
21. PARTICULARS OF EMPLOYEES
The Company has no employee in respect of whom the statement under
Section 197 of the Act is required to be furnished. Other details as
per Section 197 of the Act are attached herewith as Annexure V.
22. DIRECTORS' RESPONSIBILITY STATEMENT
To the best of their knowledge and belief and according to the
information and explanations obtained by them, your Directors make the
following statements in terms of Section 134(3) (c) of the Act, that:
(a) in the preparation of the Annual Accounts for the Financial Year
ended 31st March, 2015, the applicable accounting standards had been
followed along with proper explanation relating to material departures;
(b) the Directors had selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company at the end of the Financial Year 2014-15 and of the
Profit and Loss of the Company for that period;
(c) the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act for safeguarding the assets of the
company and for preventing and detecting fraud and other
irregularities;
(d) the Directors have prepared the annual accounts on a going concern
basis;
(e) the Directors have laid down internal financial controls to be
followed by the Company and that such internal financial controls are
adequate and were operating effectively; and
(f) the Directors have devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems were
adequate and operating effectively.
23. EXTRACT OF THE ANNUAL RETURN
The details forming part of the extract of the Annual Return in form
MGT-9 is annexed herewith as Annexure VI.
24. ACKNOWLEDGEMENT
The Directors acknowledge with appreciation, the cooperation and
assistance received from the Government, Banks, Authorities and other
Business Constituents and arcade during the year.
The Directors wish to place on record their appreciation of the
contribution made by employees, customers and suppliers for their
continuous support given by them to the Company at all levels during
the period under report.
Your Board of Directors also takes this opportunity to convey their
gratitude and sincere thanks for the co- operation & assistance
received from the shareholders. The Board acknowledges your confidence
and continued support and looks forward for the same in future as wel
On behalf of the Board of Directors
For PROVESTMENT SERVICES LIMITED
Sd/- Sd/- Sd/-
(Deepika Rajput) (Anil Lakhani) (Praveen Bhatia)
Company Secretary Director Director
(PAN: AMUPD4639A) (DIN: 00450542) (DIN: 00147498)
(Add: H No. 200, 3rd
Floor, (Add: A-16/1, Rishi
Apartment, (Add:W-12/30,
Bhai Parmanand Colony 282/1, Saket, Meerut, DLF-3, Gurgaon,
East,Delhi-110009) U.P-250001) Haryana-122001)
Place: New Delhi
Date: 02.09.2015
Mar 31, 2014
Dear Members,
PERFORMANCE:
The Directors have pleasure to present the 20 Annual Report along with
audited accounts of the Company for the period ended 31 March, 2014.
CONSOIDATED FINANCIAL DATA ;
(IN Rs.)
Current Year
(2013-2014)
Turnover 825942101
Other Income 10879879
Less: Operating Cost 816597035
Less: Financial Cost& 10879685
Profit before Depreciation 9345260
Less: Depreciation 3063601
Profit/ (Loss) before tax 6281660
Less: Provision for tax 1410600
Less: Deferred Tax 4271475
Less: Transfer to Reserves _
Profit/ (Loss) after tax and appropriation 4599585
Less: Share of Profit transferred to Minority Interest 14178
Profit/(Loss) after adjustment for Minority Interest 4585407
Opening Balance of Profit/(Loss)j: 20267889
General and Capital Reserve 6190814
Reserve and Surplus to be carried to Balance Sheet 31044110
STAND ALONE FINANCIAL DATA
(In Rs.)
Current Year Previous Year
(2013-2014) (2012-2013)
Turnover 748940303 402681346
Other Income 10674194 9127892
Less: Operating Cost 740864207 396508315
Less: Financial Cost 9869990 7019652
Profit before Depreciation 8880299 8281271
Less: Depreciation 2761167 2461791
Profit/ (Loss) before tax 6119132 5819480
Less: Provision for tax 1379630 1395410
Less: Deferred Tax 241442 276930
Less: Transfer to Reserves - 1500000
Profit/ (Loss) after tax and
appropriation 4498061 2647140
Opening Balance 20161230 17514090
General Reserve 6000000 6000000
Reserve and Surplus to be carried
to Balance Sheet 30659291 26161230
REVIEW OF PERFORMANCE:
During the year under review, the performance of the Company was
satisfactory and the Company continued to maintain the track record of
earning profit. The total Turnover achieved by the Company during the
year under review is Rs.74.89 Cr. Considering the present position of
the Company the directors are of the opinion that the Company has the
good potential and adequate resources to achieve the fast rate of
growth in the coming year.
During the year 2013-2014, your Company recorded profit before tax of
Rs. 61.19 Lacs (previous year Rs 58.19 Lacs). Although the Company is
doing well, profit is also on the higher side in comparison to last
year in spite of stiff competition in the market.
DIVIDEND
The Directors in view of the current scenario to carry out the future
plans it is necessary to conserve the resources. Your directors are of
the opinion of retaining the profits for the year within the Company,
and thus have not recommended any dividend for the year ended 31 March
2014.
DIRECTORS
In accordance with the provisions of the Companies Act, 1956 (now the
Companies Act, 2013) and Articles of Association of the Company Sh.
Vinod Ralhan retire by rotation at the ensuing Annual General Meeting
and is eligible for reappointment. During the Year Mr. Raj Kumar Ram
Rakhiyani has been appointed as an Additional Director on 13.11.2013
and has resigned on 13.02.2014. Also Mrs. Anjali Khurana has been
appointed as Additional Director on 13.02.2014 as an independent
Director.
DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to the requirement under section 217 (2AA) of the Companies
Act, 1956, with respect to the Directors'' Responsibility Statement, it
is hereby confirmed:
(i) That in the preparation of the annual accounts for the financial
year ended 31 March 2014 the applicable accounting standards had been
followed and no material departure have been made from the same;
(ii) That the directors had selected such accounting policies and
applied them consistently and made judgments and estimates that are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the company at the end of financial year and of the
profit of the Company for the year under review;
(iii) That Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956, for safeguarding the assets of
the company and for preventing and detecting fraud and other
irregularities;
That Director has prepared the annual accounts for the financial year
ended 31 March, 2014 on a going concern'' basis.
FIXED DEPOSITS
The Company has not accepted any deposit covered by Companies
(Acceptance of Deposit) Rules, 1975.
DEMATERIALIZATION OF EQUITY SHARES
The company''s equity shares are available for trading in the Depository
system of both the National Securities Depository Limited (NSDL) and
the central Depository Services (India) Limited (CDSL). The
International Security Identification Number (ISIN) allotted by NSDL
and CDSL to the company is INE438C01010. The Demat status of the
Company as on March 31, 2014 is as under:-
Particulars No of Shares Percentage
Electronic Mode
NSDL 3184107 62.40
CDSL 802320 15.72
Total Demat Holding 3986427 78.12
Physical Mode 1116573 21.88
Total Shares 5103000 100.00
CORPORATE GOVERNANCE
Your Company has successfully implemented the mandatory provisions of
Corporate Governance in accordance with the provisions of Clause 49 of
the Listing Agreement of the Stock Exchanges. Separate Report on
Corporate Governance and Management Discussion & Analysis are included
in the Annual Report and Certificate dated 30.05.2014 of the Auditors
of your Company confirming the compliance of conditions of Corporate
Governance is also annexed thereto.
PARTICULARS OF EMPLOYEES
There was no employee in respect of whom information is required to be
given pursuant to section 217(2A) of the Companies Act, 1956, read with
the Companies (Particulars of Employees) Rules,1975 as amended up-to-
date.
AUDITORS
Ahuja Arun & Co. ,Chartered Accountants, the existing auditors of the
Company retire at the conclusion of this Annual General Meeting and
being eligible, offer themselves for re-appointment. Your Directors
recommend their re-appointment. The Company has received audit report
from Ahuja Arun & Co., Chartered Accountants and your directors do not
observe any adverse remark therein.
INDUSTRIAL RELATIONS
During the year under review, your Company had amiable and pleasant
industrial relations at all levels of the Organization.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS & OUTGO:
The information required under Section 217 (1) of the Companies Act,
1956 read with the Companies (Disclosure of Particulars in the Report
of Board of Directors) Rules, 1988 are not applicable.
THE YEAR IN RETROSPECT
PROFOREX MONTHLY NEWS LETTER
As your Company is RBI authorized Full Fledged Money Changers operating
in India. Now, we have completed 11 years of serving newsletter to our
clients, around 3000 copies every month to all business segments such
as exporters, MNC''s, professional organizations, traders, travel
agents, Government organizations and other corporate and has gained
substantial recognition. Now the Company has decided to send these
newsletters through email to our clients in view to keep the
environment green and to save paper.
PACKAGING EXHIBITIONS:
Your Company is specialized in providing consultancy services for
clients engaged in the packaging industry for their end to end
requirements. The Company provides new ideas, concepts and new avenues
for the corporate in the packaging industry. We are also specialized in
organizing tours to world''s largest Packaging Exhibitions like K-PLAST,
INTERPACK, DRUPA, PACK EXPO, CHINA PLAS and many other International
exhibitions. The Company is also providing consultancy to clients who
include Travel Tickets and its supplements and also business travel
activities effectively in a manner which facilitate substantial
reduction in their travel cost related to Pharma Industries. The main
exposure of CPHI which took place in China and Switzerland. Recently
focused consultancy is on CPHI exhibition to be held in Paris Nord
Villepinte, France, Tokyo, Istanbul, Russia, South America, South East
Asia and Korea.
WEBSITE:
Your company with a view to strengthen its brand image and also offer
its prospective customers ease of navigation, had revamped its website,
www.provestment.net and the website now neatly categorizes various
businesses carried out by your company. The Company has also doing our
business under the Trade Mark proyatra.com for its business to
establish its brand in the market.
BSE INDONEXT LISTING AND TRADING:
The Shares of the Company has been traded at BSE under INDONEXT
SEGMENT.
TRAVEL INDUSTRY: A RETROSPECT
The current scenario witnesses a drastic and marvelous change in
travelling industry and the day is not far when travelling industry
will be at apex. There are various reasons behind that like:
¦S The Ministry of Tourism, through a tie-up with various state tourism
boards, continues to push travel and tourism with the help of
television commercials. The Ministry has played an important role in
the development of the industry, initiating advertising campaigns such
as the ''Incredible India'' campaign, which promoted India''s culture and
tourist attractions in a fresh and memorable way. The campaign helped
create a colorful image of India in the minds of consumers all over the
world, and has directly led to an increase in the interest among
tourists.
¦S Travelling is no longer limited to a single annual holiday with the
family. Customers have started to travel for adventure sports,
photography, wildlife, heritage, buildings and more.
¦S Travel and tourism became one of the pillars in the growth of GDP of
the country during the year.
India''s tourism industry is experiencing a strong period of growth,
driven by the burgeoning Indian middle class, growth in high spending
foreign tourists, and coordinated government campaigns to promote
''Incredible India''.
India''s travel and tourism industry is one of them most profitable
industries in the country, and also credited with contributing a
substantial amount of foreign exchange
EXPANSION IN TRAVEL VERTICAL
Your Company realized the need for having all travel related services
to cater to all types of clients and to improve more top line and
bottom line of the Company. With this objective in mind, the Company
has started FIT division (Free Independent Travel), GIT Division (Group
Incentive Tours) along with specialized services to Corporate Clients.
This has been very effective and the Company has added reputed
Corporate Clients.
ONLINE TRAVEL PORTAL:
Because of the importance of online travel portal and its convenience
to the customers to book Air Tickets at their comfort and even to pay
online, the Company has already launched the travel portal
www.proyatra.com. The response is very positive and will expect to grow
in coming years. The Company has also applied for trade Mark
Proyatra.com to establish company''s Brand in the market.
BRANCHES FOR FFMC:
Your Company, during the year has obtained License from Reserve Bank of
India to open new branches at South Extension in addition to existing
Branches in New Delhi, also at Gurgaon in Haryana and Indira Puram in
Ghaziabad. Now the Company has decided to open around 50 branches all
over India during the year to expand its business. These branches would
focus on all travel needs of the customers even in India and abroad
too.
FOREX BUSINESS:
Your Company is an RBI approved Foreign Exchange dealer and has been
doing handsome business in currency conversion for clients. We wish to
provide single window service to our clients which includes Air
Tickets-both domestic and International, Currency Conversion, Visa
Assistance. We have already opened additional branches in New Delhi, in
Gurgaon and Indrapuram and are planning to open more branches to
enhance the facilities of foreign exchanges.
OVERSEAS OFFICES:
The Company has been planning to open offices in overseas countries
mainly in Bangkok, Pattaya, China and Hongkong etc. to promote the
travel business. This would enable interactions with the suppliers
directly and offer best rates for hotels, transport and cruise for the
Indian tourist traveling abroad.
EXPANSION OF BUSINESS IN POWER TRADING:
Because of the importance of the electricity in the market, it has been
decided that to start up a new venture in a company by diversifying its
business to POWER TRADING. It is assumed that the response will be very
positive and will expect to grow in coming years.
ACKNOWLEDGEMENTS:
The Directors acknowledge with appreciation, the co-operation and
assistance received from the Government, Banks, Authorities and other
Business Constituents and arcade during the year.
The Directors wish to place on record their appreciation of the
contribution made by employees, customers and suppliers for their
continuous support given by them to the Company at all levels during
the period under report.
On behalf of the Board
FOR PROVESTMENT SERVICES LIMITED
Sd/- Sd/- Sd/-
(DEEPIKA RAJPUT) (ANIL LAKHANI) (PRAVEEN BHATIA)
COMPANY SECRETARY DIRECTOR WHOLETIME DIRECTOR
Date: 02.09.2014
Place: New Delhi
Mar 31, 2012
The Directors have pleasure to present the 18th Annual Report along
with audited accounts of the Company for the period ended 31st March,
2012.
FINANCIAL DATA
(In Rs.)
Current Year Previous Year
(2011-2012) (2010-2011)
Profit before Depreciation 7157319 8325665
Less:- Depreciation 1579826 1530433
Profit/(Loss) before Tax 5577493 6795232
Less:- Provision for Tax 1062791 1520026
Less: Deferred Tax 795133 387684
Less: Transfer to Reserves 1500000 1500000
Profit/(Loss) after tax and 2219569 3387522
Current Year Previous Year
(2011-2012) (2010-2011)
appropriation
Opening Balance 15294522 11907000
General Reserve 4500000 3000000
Reserve and Surplus carried to Balance 22014091 18294522
REVIEW OF PERFORMANCE
During the year 2011-12, your Company recorded profit before tax of
Rs.55.77 Lacs (previous year Rs 67.95 Lacs). Although the Company is
doing well but due to stiff competition in the market and reduction in
commission on sale of tickets by the airlines companies our profit
turns down this year.
DIVIDEND
The Directors in view of the current scenario to carry out the future
plans it is necessary to conserve the resources. Your directors are of
the opinion of retaining the profits for the year within the Company,
and thus have not recommended any dividend for the year ended 31st
March 2012.
DIRECTORS
In accordance with the provisions of The Companies Act, 1956 and
Articles of Association of the Company Sh. Gaurav Bhatia retire by
rotation at the ensuing Annual General Meeting and is eligible for
reappointment. Mr. Gurdev Singh Vedi has resigned during the year.
(Resignation w.e.f. 31.12.2011).
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the requirement under section 217 (2AA) of the Companies
Act, 1956, with respect to the Directors' Responsibility Statement,
it is hereby confirmed:
(i) That in the preparation of the annual accounts for the financial
year ended 31st march 2012 the applicable accounting standards had been
followed and no material departure have been made from the same;
(ii) That the directors had selected such accounting policies and
applied them consistently and made judgments and estimates that are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the company at the end of financial year and of the
profit of the Company for the year under review;
(iii) That Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956, for safeguarding the assets of
the company and for preventing and detecting fraud and other
irregularities;
(iv) That Director has prepared the annual accounts for the financial
year ended 31st March, 2012 on a 'going concern' basis.
FIXED DEPOSITS
The Company has not accepted any deposit covered by Companies
(Acceptance of Deposit) Rules, 1975.
DEMATERIALIZATION OF EQUITY SHARES
The company's equity shares are available for trading in the
Depository system of both the National Securities Depository Limited
(NSDL) and the central Depository Services (India) Limited (CDSL). The
International Security Identification Number (ISIN) allotted by NSDL
and CDSL to the company is INE438C01010. The Demat status of the
Company as on March 31, 2012 is as under:-
Particulars No of Shares Percentage
Electronic Mode
NSDL 3500645 68.600
CDSL 340782 6.678
Total Demat Holding 3841427 75.278
Physical Mode 1261573 24.722
^Total Shares 5103000 100.00
CORPORATE GOVERNANCE
Your Company has successfully implemented the mandatory provisions of
Corporate Governance in accordance with the provisions of Clause 49 of
the Listing Agreement of the Stock Exchanges. Separate Report on
Corporate Governance and Management Discussion & Analysis are included
in the Annual Report and Certificate dated 14.08.2012 of the Auditors
of your Company confirming the compliance of conditions of Corporate
Governance is also annexed thereto.
PARTICULARS OF EMPLOYEES
There was no employee in respect of whom information is required to be
given pursuant to section 217(2A) of the Companies Act, 1956, read with
the Companies (Particulars of Employees) Rules, 1975 as amended
up-to-date.
AUDITORS
Ahuja Arun & Co. ,Chartered Accountants, the existing auditors of the
Company retire at the conclusion of this Annual General Meeting and
being eligible, offer themselves for re-appointment. Your Directors
recommend their re- appointment. The Company has received audit report
from Ahuja Arun & Co., Chartered Accountants and your directors do not
observe any adverse remark therein.
INDUSTRIAL RELATIONS
During the year under review, your Company had amiable and pleasant
industrial relations at all levels of the Organization.
SUBSIDIARY COMPANY
There was no Subsidiary Company during the year under review.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS & OUTGO:
The information required under Section 217 (1) of the Companies Act,
1956 read with the Companies (Disclosure of Particulars in the Report
of Board of Directors) Rules, 1988 are not applicable.
THE YEAR IN RETROSPECT
PROFOREX MONTHLY NEWS LETTER:
As your Company is RBI authorized Full Fledged Money Changers operating
in India. This year we have completed 8 years of serving newsletter to
our clients around 3000 copies every month to all business segments
such as exporters, MNC's, professional organizations, traders, travel
agents, Government organizations and other corporate and has gained
substantial recognition.
PACKAGING EXHIBITIONS:
Your Company has also been carrying on end to end travel services for
Packaging Exhibitions for clients engaged in the packaging industry.
These Exhibitions include Drupa in Germany and CPHI in Shanghai etc.
WEBSITE:
Your company with a view to strengthen its brand image and also offer
its prospective customers ease of navigation, had revamped its website,
www.provestment.net and the website now neatly categorizes various
businesses carried out by your company.
BSE INDONEXT LISTING AND TRADING:
The equity shares of the Company has been traded at the traded at BSE
under INDONEXT SEGMENT w.e.f. 10th June, 2011 after obtaining its
principal approval for trading of 51,03,000 fully paid up equity shares
of the Company.
TRAVEL INDUSTRY: A RETROSPECT
The recent global financial meltdown is definitely going to have an
impact on the Indian economy as well and the tourism is usually a
casualty in such troubled times. However, the Indian domestic and
outbound travel industry still remains strong and is expected to tide
over the crisis period much better. We have no doubts that given the
proper importance and direction, the tourism and hospitality industry
has the potential to emerge as the single largest employer in the
country in the coming years.
FUTURE TRENDS IN INDIAN TRAVEL INDUSTRY
- Travel is the largest e-commerce category in India.
- Dynamic Packages by tour and travel agents will be one of the
growth drivers for the industry this year.
- India is one of the most prospective markets for tourism in the
world. There are so many India travel packages offered by India Tourism
for foreigners all over India.
- India with its 8 per cent GDP growth rate and stable economy has
witnessed an all around development, especially in the travel and
tourism sector.
- In coming years, India will surely maintain and strengthen its
positioning as a world tourism destination, thanks to the government
and tourism initiatives and other such campaigns.
EXPANSION IN TRAVEL VERTICAL
Your Company realized the need for having all travel related services
to cater to all types of clients and to improve more top line and
bottom line of the Company. With this objective in mind, the Company
has started FIT division (Free Independent Travel), GIT Division (Group
Incentive Tours) along with specialized services to Corporate Clients.
This has been very effective and the Company has added reputed
Corporate Clients.
ONLINE TRAVEL PORTAL:
Because of the importance of online travel portal and its convenience
to the customers to book Air Tickets at their comfort and even to pay
online, the Company has launched the travel portal www.proyatra.com
during the year. The response is very positive and will expect to grow
in coming years.
BRANCHES FOR FFMC:
As your Company has obtained License from Reserve Bank of India to open
four branches at Indira Puram (Ghaziabad), Jallandhar, Amritsar and
Indore for full fledge money changers. This is to inform you that the
operation at all the branches has started during the year. These
branches would focus on all travel needs of the customers.
FOREX BUSINESS:
Your Company is an RBI approved Foreign Exchange dealer and has been
doing handsome business in currency conversion for clients. We wish to
provide single window service to our clients which includes Air
Tickets-both domestic and International, Currency Conversion, Visa
Assistance. We have already opened four branches in India to enhance
the facilities of foreign exchanges.
OVERSEAS OFFICES:
The Company has been planning to open offices in overseas countries to
promote the travel business. This would enable interactions with the
suppliers directly and offer best rates for hotels, transport and
cruise for the Indian tourist traveling abroad.
ACKNOWLEDGEMENTS:
Your Directors place on record their gratitude to the Government
Departments, Company's Bankers for the assistance, co- operation and
encouragement they extended to the company. For the continuing support
and unstinting efforts of Investors, Dealers, Business Associates and
Employees in ensuring an excellent all around operational performance,
your directors also wish to place on records their sincere thanks and
appreciation.
On behalf of the Board
FOR PROVESTMENT SERVICES LIMITED
Sd/- Sd/- Sd/-
(DEEPIKA RAJPUT) (ANIL LAKHANI) (PRAVEEN BHATIA)
COMPANY SECRETARY DIRECTOR WHOLETIME DIRECTOR
Date: 14.08.2012
Place: New Delhi
Mar 31, 2011
Dear Members,
PERFORMANCE:
The Directors have pleasure to present the 17th Annual Report along
with audited accounts of the Company for the period ended 31st March
'2011.
FINANCIAL DATA
(In Rs.)
Current Year Previous Year
(2010-2011) (2009-2010)
Profit before Depreciation 8325665 7161209
Less: - Depreciation 1530433 1430816
Profit/(Loss) before Tax 6795232 5730393
Less: - Provision for tax 1520026 1439977
Less: Prior Period Taxes 0 100000
Less: Deferred Tax 387684 419467
Profit/(Loss) after provisions 4887522 3801193
Opening Balance 11907000 9605807
Transfer to General Reserve 1500000 1500000
Profit /(Loss) carried to the
Balance Sheet 15294522 11907000
REVIEW OF PERFORMANCE
During the year 2010-11 , your Company recorded profit before tax of
Rs.67.95 Lacs (previous year Rs 57.30 lacs) representing a growth of
18.58% where as Profit after Tax recorded a growth of 28.57% which is
quite remarkable achievement inspite of global slow down phase.
DIVIDEND
The Directors in view of the current scenario to carry out the future
plans it is necessary to conserve the resources. Your directors are of
the opinion of retaining the profits for the year within the Company,
and thus have not recommended any dividend for the year ended 31st
March 2011.
DIRECTORS
In accordance with the provisions of The Companies Act, 1956 and
Articles of Association of the Company Shri Vinod Ralhan retire by
rotation at the ensuing Annual General Meeting and is eligible for
reappointment. However, Mr. Arvind Kumar Narang, Wholetime Director,
has resigned from the Directorship of the Company w.e.f. 02.08.2011.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the requirement under section 217 (2AA) of the Companies
Act, 1956, with respect to the Directorsà Responsibility Statement, it
is hereby confirmed:
(i) That in the preparation of the annual accounts for the financial
year ended 31st March 2011 the applicable accounting standards had been
followed and no material departure have been made from the same;
(ii) That the directors had selected such accounting policies and
applied them consistently and made judgments and estimates that are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the company at the end of financial year and of the
profit of the Company for the year under review;
(iii) That Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956, for safeguarding the assets of
the company and for preventing and detecting fraud and other
irregularities;
(iv) That Director has prepared the annual accounts for the financial
year ended 31st March, 2011 on a 'going concern' basis.
FIXED DEPOSITS
The Company has not accepted any deposit covered by Companies
(Acceptance of Deposit) Rules, 1975.
DEMATERIALIZATION OF EQUITY SHARES
The company's equity shares are available for trading in the Depository
system of both the National Securities Depository Limited (NSDL) and
the central Depository Services (India) Limited (CDSL). The
International Security Identification Number (ISIN) allotted by NSDL
and CDSL to the company is INE438C01010. The Demat status of the
Company as on March 31, 2011 is as under:-
Particulars No of Shares Percentage
Electronic Mode
NSDL 3073559 60.23
CDSL 228518 04.47
Total Demat Holding 3302077 64.70
Physical Mode 1800923 35.30
Total Shares 51,03,000 100.00
CORPORATE GOVERNANCE
Your Company has successfully implemented the mandatory provisions of
Corporate Governance in accordance with the provi- sions of Clause 49
of the Listing Agreement of the Stock Exchanges. Separate Report on
Corporate Governance and Management Discussion & Analysis are included
in the Annual Report and Certificate dated 18.08.2011 of the Auditors
of your Company confirm- ing the compliance of conditions of Corporate
Governance is also annexed thereto.
PARTICULARS OF EMPLOYEES
There was no employee in respect of whom information is required to be
given pursuant to section 217(2A) of the Companies Act, 1956, read with
the Companies (Particulars of Employees) Rules,1975 as amended
up-to-date.
AUDITORS
Ahuja Arun & Co. , Chartered Accountants, the existing auditors of the
Company retire at the conclusion of this Annual General Meeting and
being eligible, offer themselves for re-appointment. Your Directors
recommend their re-appointment. The Company has received audit report
from Ahuja Arun & Co., Chartered Accountants and your directors do not
observe any adverse remark therein.
INDUSTRIAL RELATIONS
During the year under review, your Company had amicable and pleasant
industrial relations at all levels of the Organization.
SUBSIDIARY COMPANY
There was no Subsidiary Company during the year under review.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS & OUTGO:
The information required under Section 217 (1) of the Companies Act,
1956 read with the Companies (Disclosure of Particulars in the Report
of Board of Directors) Rules, 1988 are not applicable.
THE YEAR IN RETROSPECT
PROFOREX MONTHLY NEWS LETTER:
We are pleased to inform that amongst all RBI authorized Full Fledged
Money Changers operating in India your Company is the first ones to
start a newsletter on foreign exchange in the year 2003 which has
completed 8 years of presence in the professional and corporate arena.
2500 copies of this newsletter is presently circulated to all business
segments such as exporters, MNC's, professional organiza- tions,
traders, travel agents, Government organizations and other corporate
and has gained substantial recognition. Going further we intend to
share our views and analysis to all existing corporate and top
management personnel.
PACKAGING EXHIBITIONS:
Your Company specializes in arranging end to end travel services for
Packaging Exhibitions for clients engaged in the packaging industry
along with potential clients who wish to enter in this Industry. These
Exhibitions include Canton Fair in China, Pack Expo in USA, Inter Pack
in Germany.
WEBSITE REVAMP:
Your company with a view to strengthen its brand image and also offer
its prospective customers ease of navigation, had revamped its website,
www.provestment.net and the website now neatly categorizes various
businesses carried out by your company.
BSE INDONEXT LISTING:
Your company with a view to offer marketability and liquidity for the
shareholders, Exchange has granted its principal approval for trading
of 51,03,000 fully paid up equity shares of the Company under BSE
Indonext Segment. Hence, the listing of shares at BSE INDONEXT SEGMENT
has been started from 10th day of June, 2011.
TRAVEL INDUSTRY: A RETROSPECT
The recent global financial meltdown is definitely going to have an
impact on the Indian economy as well and the tourism is usually a
casualty in such troubled times. However, the Indian domestic and
outbound travel industry still remains strong and is expected to tide
over the crisis period much better. We have no doubts that given the
proper importance and direction, the tourism and hospitality industry
has the potential to emerge as the single largest employer in the
country in the coming years.
But regardless of these hindrances, India remains packed with potential
and easily the most tantalising platform for travel ecom- merce growth.
FUTURE TRENDS IN INDIAN TRAVEL INDUSTRY
- Travel is the largest e-commerce category in India.
- Dynamic Packages by tour and travel agents will be one of the growth
drivers for the industry this year.
- The industry is anticipating an increase in corporate travel for
2011-12, which would be a welcome boost in customer demand for the
hospitality and travel sectors.
- In India, religious travel is not a niche it is akin to leisure
travel.
- In 2011-12, India will surely maintain and strengthen its positioning
as a world tourism destination, thanks to the government and tourism
initiatives like ÃIncredible Indiaà and other such campaigns.
EXPANSION IN TRAVEL VERTICAL
Your Company realized the need for having all travel related services
to cater to all types of clients and to improve more top line and
bottom line of the Company. With this objective in mind, the Company
has started FIT division (Free Independent Travel), GIT Division (Group
Incentive Tours) along with specialized services to Corporate Clients.
This has been very effective and the Company has added reputed
Corporate Clients such as Educomp Group, A2Z Group and others.
ONLINE TRAVEL PORTAL:
Your Company has realized the importance of Online travel portal for
the convenience of the customers to book Air Tickets at their comfort
and even pay online. The travel portal www.proyatra.com is on the final
stage of testing and we hope to launch the same very soon.
NEW BRANCHES:
Your Company has obtained Licence from Reserve Bank of India to open
four branches at Indira Puram (Ghaziabad), Jallandhar, Amritsar and
Indore. We are pleased to inform that two branches namely Indira Puram
and Amritsar are operational as of now. The other two branches would be
operational very soon. These branches would focus on all travel needs
at local level with complete professional support from Head Office at
New Delhi.
FOREX BUSINESS:
Your Company is an RBI approved Foreign Exchange dealer and has been
doing handsome business in currency conversion for clients. We wish to
provide single window service to our clients which includes Air
Tickets-both domestic and International, Currency Conversion, Visa
Assistance. Your Company is planning to offer sub dealership to travel
agents in religious cities which attract lot of foreign tourists.
OVERSEAS OFFICES:
The Company has been planning to open offices in overseas countries to
promote the travel business. The Company is in advanced stages of talks
with interested concerns in USA for opening of your company's first
overseas office. This would enable interactions with the suppliers
directly and offer best rates for hotels, transport and cruise for the
Indian tourist traveling abroad.
ACKNOWLEDGEMENTS:
The Directors acknowledge with appreciation, the co-operation and
assistance received from the Government, Banks, Authorities and other
Business Constituents and arcade during the year.
The Directors wish to place on record their appreciation of the
contribution made by employees, customers and suppliers for their
continuous support given by them to the Company at all levels during
the period under report.
On behalf of the Board
FOR PROVESTMENT SERVICES LIMITED
Sd/- Sd/- Sd/-
(DEEPIKA RAJPUT) (ANIL LAKHANI) (PRAVEEN BHATIA)
COMPANY SECRETATY DIRECTOR WHOLETIME DIRECTOR
Date : 18.08.2011
Place : New Delhi
Mar 31, 2010
PERFORMANCE:
The Directors have pleasure to present the 16th Annual Report along
with audited accounts of the Company for the period ended 31st March
2010.
FINANCIAL DATA
(In Rs..)
Current Year Previous Year
(2009-2010) (2008-2009)
Profit before Depreciation 7182845 6017420
Less:- Depreciation 1430816 997830
/(Loss) before Tax 5752029 5019590
Less: - Provision for tax/deferred
tax charge 1509732 (1064983)
Less: - FBT 0 (121053)
Less: - Provision for Gratuity 21636 (16443)
Adj: - For Deferred Tax Liabilities
for the Year 419467 (486071)
Profit/(Loss) after provisions 3801193 3331041
Opening Balance 9605807 6274766
Transfer to General Reserve 1500000 0
Profi t/(Loss) carried to the
Balance Sheet 11907000 9605807
REVIEW OF PERFORMANCE
During the year 2009-10 , your Company recorded profit before tax of
Rs.57.52 Lacs (previous year Rs 50.19 lacs) representing a growth of
14.59% where as Profit after Tax recorded a growth of 14.11% which is
quite remarkable achievement inspite of global slow down phase.
DIVIDEND
The Directors in view of the current scenario to carry out the future
plans it is necessary to conserve the resources. Your directors are of
the opinion of retaining the profits for the year within the Company,
and thus have not recommended any dividend for the year ended 31st
March 2010.
DIRECTORS
In accordance with the provisions of The Companies Act, 1956 and
Articles of Association of the Company Shri Anil Lakhani retire by
rotation at the ensuing Annual General Meeting and is eligible for
reappointment.
DIRECTORSÃ RESPONSIBILITY STATEMENT
Pursuant to the requirement under section 217 (2AA) of the Companies
Act, 1956, with respect to the Directorsà Responsibility Statement, it
is hereby confirmed:
(i) That in the preparation of the annual accounts for the financial
year ended 31st March 2010 the applicable accounting standards had been
followed and no material departure have been made from the same;
(ii) That the directors had selected such accounting policies and
applied them consistently and made judgments and estimates that are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the company at the end of financial year and of the
profit of the Company for the year under review;
(iii) That Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956, for safeguarding the assets of
the company and for preventing and detecting fraud and other
irregularities;
(iv) That Director has prepared the annual accounts for the financial
year ended 31st March, 2010 on a going concernà basis.
FIXED DEPOSITS
The Company has not accepted any deposit covered by Companies
(Acceptance of Deposit) Rules, 1975.
DEMATERIALIZATION OF EQUITY SHARES
The companyÃs equity shares are available for trading in the Depository
system of both the National Securities Depository Limited (NSDL) and
the central Depository Services (India) Limited (CDSL). The
International Security Identification Number (ISIN) allotted by NSDL
and CDSL to the company is INE438C01010. The Demat status of the
Company as on March 31, 2010 is as under:
Particulars No of Shares Percentage
Electronic Mode
NSDL 481289 9.43
CDSL 93518 1.83
Total Demat Holding 574807 11.26
Physical Mode 4528193 88.74
Total Shares 51,03,000 100.00
CORPORATE GOVERNANCE
Your Company has successfully implemented the mandatory provisions of
Corporate Governance in accordance with the provi- sions of Clause 49
of the Listing Agreement of the Stock Exchanges. Separate Report on
Corporate Governance and Management Discussion & Analysis are included
in the Annual Report and Certificate dated 17.07.2010 of the Auditors
of your Company confirm- ing the compliance of conditions of Corporate
Governance is also annexed thereto.
PARTICULARS OF EMPLOYEES
There was no employee in respect of whom information is required to be
given pursuant to section 217(2A) of the Companies Act, 1956, read with
the Companies (Particulars of Employees) Rules,1975 as amended
up-to-date.
AUDITORS
Ahuja Arun & Co. ,Chartered Accountants, the existing auditors of the
Company retire at the conclusion of this Annual General Meeting and
being eligible, offer themselves for re-appointment. Your Directors
recommend their re-appointment. The Company has received audit report
from Ahuja Arun & Co., Chartered Accountants and your directors do not
observe any adverse remark therein.
INDUSTRIAL RELATIONS
During the year under review, your Company had amiable and pleasant
industrial relations at all levels of the Organization.
SUBSIDIARY COMPANY
There was no Subsidiary Company during the year under review.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS & OUTGO:
The information required under Section 217 (1) of the Companies Act,
1956 read with the Companies (Disclosure of Particulars in the Report
of Board of Directors) Rules, 1988 are not applicable.
THE YEAR IN RETROSPECT
PROFOREX MONTHLY NEWS LETTER:
We are pleased to inform that amongst all RBI authorized Full Fledged
Money Changers operating in India your Company is the first ones to
start a newsletter on foreign exchange and therefore the response to
our newsletter has been widespread and very encouraging.
2500 copies of this newsletter is presently circulated to all business
segments such as exporters, MNCÃs, professional organiza- tions,
traders, travel agents, Government organizations and other corporate
and has gained substantial recognition. Going further we intend to
share our views and analysis to all existing corporate and top
management personnel.
PACKAGING EXHIBITIONS:
Your Company specializes in arranging end to end consultancy services
for clients engaged in the packaging industry for their end to end
requirements. Your Company provides new ideas, concepts and new avenues
for the corporate in the packaging industry. In this endeavor your
Company organizes tours to worldÃs largest Packaging Exhibitions held
at Las Vegas, namely PACK EXPO in the year 2009. Your Company has been
providing consultancy to clients for various new products being
developed in China and has been organizing tours for CANTON FAIR held
in Peoples Republic of China.
WEBSITE REVAMP
Your company with a view to strengthen its brand image and also offer
its prospective customers ease of navigation, had revamped its website,
www.provestment.net and the website now neatly categorizes various
businesses carried out by your company.
BSE INDONEXT LISTING:
Your company with a view to offer marketability and liquidity for the
shareholders has decided to get its equity shares listed on the BSE
INDONEXT Platform. Towards this end, we have entered into discussions
with merchant bankers and we are at advanced stages of completing the
documentation so as to enable the listing of shares at BSE INDONEXT
Platform.
TRAVEL INDUSTRY: A RETROSPECT
The recent global financial meltdown is definitely going to have an
impact on the Indian economy as well and the tourism is usually a
casualty in such troubled times. However, the Indian domestic and
outbound travel industry still remains strong and is expected to tide
over the crisis period much better. We have no doubts that given the
proper importance and direction, the tourism and hospitality industry
has the potential to emerge as the single largest employer in the
country in the coming years.
But regardless of these hindrances, India remains packed with potential
and easily the most tantalising platform for travel ecom- merce growth.
FUTURE TRENDS IN INDIAN TRAVEL INDUSTRY
. The Indian online travel market will be US$7 billion by the
end of 2011.
. Travel is the largest e-commerce category in India.
. In a complex and diverse marketplace with 28 states, 25 official
languages and over one billion people, regional reach and
local context trump national brands and strategies.
. In a strongly faithful culture, one out of five leisure travelers
take religious pilgrimages.
. About US$130 million has been poured into the OTA (Online Travel
Agency) space in the last 30 months, indicating the serious potential
of online travel in the country.
. The Indian domestic air market will double in size from US$3.6
billion to reach $8 billion in 2011
. In India, religious travel is not a niche it is akin to leisure
travel.
. Religious travel accounts for almost 20% of the total trips taken
by the middle class in India.
. The travel problem in India is not only the air and hotel. It is
the about the last mile. The bus segment has also seen the entry
of online bus aggregators like Redbus and Ticketvala.com.
. India has been promoting its healthcare tourism by providing the
visitors with private healthcare facilities. It is expected that
the total market for medical tourism will reach US$ 2 Billion by
2012, representing a CAGR of 60.69%.
FUTURE PLANNING BY YOUR COMPANY
The economy in general and Travel Industry in particular is on the
verge of recovery from the recession and your company is gearing up for
the same as planned below:-
ONLINE TRAVEL PORTAL:
Your Company has realized the importance of Online travel portal for
the convenience of the customers to book Air Tickets at their comfort
and even pay online. The domain name www.protravel.in has been booked
and the preparation for the launch is in ad- vanced stage now. We hope
to start offering the travel portal service from the second half of
this fiscal.
NEW BRANCHES:
Your Company has three outlets in Delhi to cater to the clients located
in different parts of the city. Your Company has conceived plans to
open branches in tier II cities and has shortlisted couple of places to
commence operation within this year. This would give your company
visibility for the Forex operations. This would help the Company to
expand its base and generate more revenues for the Company.
FOREX BUSINESS:
Your Company is an RBI approved Foreign Exchange dealer and has been
doing handsome business in currency conversion for clients. We wish to
provide single window service to our clients which includes Air
Tickets-both domestic and International, Currency Conversion, Visa
Assistance. Your Company is planning to offer sub dealership to travel
agents in religious cities which attract lot of foreign tourists.
OVERSEAS OFFICES:
The Company has been planning to open offices in overseas countries to
promote the travel business. The Company is in advanced stages of talks
with interested concerns in USA for opening of your companyÃs first
overseas office. This would enable interactions with the suppliers
directly and offer best rates for hotels, transport and cruise for the
Indian tourist traveling abroad.
FOREX EDUCATION:
The Company has also signed MOU with a UK based Company in imparting
education to people ,more specifically trading in Forex , Shares and
Commodities in overseas market. We would like to highlight that Reserve
Bank of India permit investment in shares, stock and Forex in overseas
market to the tune of US $ 2, 00,000 under Liberalized Remittance
Scheme.
ACKNOWLEDGEMENTS:
The Directors acknowledge with appreciation, the co-operation and
assistance received from the Government, Banks, Authorities and other
Business Constituents and arcade during the year.
The Directors wish to place on record their appreciation of the
contribution made by employees, customers and suppliers for their
continuous support given by them to the Company at all levels during
the period under report.
On behalf of the Board
FOR PROVESTMENT SERVICES LIMITED
Sd/- Sd/- Sd/-
(DEEPIKA RAJPUT) (PRAVEEN BHATIA) (ARVIND KUMAR NARANG)
COMPANY SECRETARY DIRECTOR WHOLETIME DIRECTOR
Dat e: 17.07.2010
Place: New Delhi
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