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Notes to Accounts of Provestment Services Ltd.

Mar 31, 2015

1. 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.

2. Change in Method of charging Depreciation

Pursuant to the enactment of Companies Act 2013, the company has applied the estimated useful lives as specified in Schedule II of Companies Act, 2013. Accordingly the unamortized carrying value is being depreciated/ amortized over the revised/ remaining useful lives. The difference raised due to change in method of depreciation has been adjusted with retained earnings of the company.

3. Contingent Liabilities

i) The Company has given a guarantee, in favor of Pro Labels Private Limited, with respect to a loan of EUR 2,41,993.11 (Equivalent INR 1,62,80,000 as on 31.03.2015) taken to import machinery.

ii) Estimated amount of Contracts remaining to be executed on capital account and not provided for: Nil

iii) Claims against the company not acknowledged as debts- Nil.

4. 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 Chantal Exports Pvt Ltd.

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

5. Provision of Income Tax:

Provision of Rs. 15,49,430/- on account of Income Tax has been made for the year.

6. Disclosure regarding relationship with M/s SAAB Travel and Tours Limited as per AS-21:

During the year, the Company has sold 13413 shares of M/s SAAB Travel and Tours Limited. Now, Company holds 3837 equity shares of M/s SAAB Travel and Tours Limited i.e. 19.14% of the capital resulting no holding –subsidiary relationship exists as on 31.03.2015 between the Company and M/s SAAB travel and Tours Limited.

7. 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.

8. Cancellation of Warrants issued under the preferential guidelines:

As per the approval granted by the members of the Company at their Extra Ordinary General Meeting during 2012-13 and on receipt of the requisite Stock Exchange Approvals the company had issued 591176 Equity Share Warrants, carrying the entitlement of conversion of 1(one) equity share of Rs. 10/– each (Rupees Ten only) at Rs.68.57/– per warrant to Bennett Coleman & Co Limited (BCCL). The warrants were due for conversion in August,2014. Since the Warrant holder did not exercise the conversion option, the said warrants have been cancelled and the amount paid for subscription of warrants has been forfeited.

9. Description of Contract for Advertisement

During the year 2012-2013 the Bennett Coleman & Co Limited (BCCL) has entered into an agreement with the Company to advertise on non exclusive basis only for the products, services and brands owned by the Company in 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 and the same is still outstanding as at the close of the year.

10. Cancellation of Joint Venture with M/s Gold Star Realtors Ltd:

The Company has invested Rs 300 Lacs in Joint Venture with M/s Gold Star Realtors Ltd. during 2011-2012 for developing Residential Flats in VarindavanYojna, RaiBarelly, Lucknow. Both the parties agreed that after completion of the project the additional funds andthe initial deposit of Rs. 300 Lacswill be returned back to the company together with the project profit as calculated @ 5% of the sales of the flats in the scheme.

However due to delay in project the board of the company has decided to cancel joint venture agreement and the whole amount including project development expenditure of Rs. 89,89,503 will be refunded by the M/s Gold Star Realtors Limited. Outstanding debit balance as on 31.03.2015 in the books of the Company is Rs.58,18,255.

11. The Company had given Rs. 4.30 crores to Swiss Holidays Pvt. Ltd. to set up a Hotel in Switzerland on or before 30.04.2013 with 50% sharing in the business. Since Swiss Holidays Pvt. Ltd has failed to set up hotel and in accordance with agreement dt. 1st January 2014 Swiss Holiday Pvt Ltd is liable to pay interest @14% per annum on the due amount. The legal notice has been served for the recovery of the amount given however no provision has been made.

12. Balance in accounts whether in debtors, creditors, share application money pending allotment and loans & advances are subject to verification and confirmations.

13. Provision for Gratuity and Bonus:

As at the close of the year, the provision for gratuity is amountingRs.2,39,135/-. No provision has been made for the Bonus in accordance with the Bonus Act, 1965.

14. Fixed Assets:

Tangible & Intangible Assets: Total additions made in tangible assets amounting Rs. 32 thousand. No addition made during the year under intangible assets Depreciation charged at straight-line method as prescribed by the Companies Act, 2013.

Capital Work-in Progress: The property is under construction at Niota and shown under capital work in progresses


Mar 31, 2014

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 also entered a joint venture with M/s Gold Star Realtors Ltd for the development of a real estate project. The company was incorporated in the year 1994.

2.1) The Company had given Rs. 4.30 crores to Swiss Holidays Pvt. Ltd. to set up/ buy a Hotel in Switzerland on or before 30.04.2013 with 50% sharing in this business. Since Swiss Holidays Pvt. Ltd has failed to set up hotels, the company is receiving interest of 14% P.a on the amount paid.

2.2) Balance in accounts whether in debtors, creditors, share application money pending allotment and loans & advances are subject to verification and confirmations.

2.3) Contingent Liabilities:

i) Estimated amount of Contracts remaining to be executed on capital account and not provided for - Rs.''Nil

ii) Claims against the company not acknowledged as debts-Rs. Nil.

2.4) Provision for Gratuity and ESI:

The company has been advised that the provision of ESI Act is not applicable to the Company. Provisions of Rs. Nil have been made on account of Gratuity for the year.

2.5) Fixed Assets:

Tangible & Intangible Assets: Total additions made in tangible assets amounting Rs. 47.45 lacs. No addition made during the year under intangible assets Depreciation charged at straight-line method as prescribed by the Companies Act, 1956.

Capital Work-in Progress: The Company has paid Rs. 51.25 lacs advance for the purchase of property at Noida. The property is under construction and shown in capital work in progress.

2.6) As no manufacturing activities were carried out during the year, information required under Para 3 and 4 of part 11 of schedule VI of Companies Act, 1956 is not given.


Mar 31, 2013

1. Corporate information :

Provestment Services Limited is engaged in dealing of Air Ticketing, Tour Operator &Money Changerand providing professional Services to corporate entities across the globe. The company also entered a joint venture with M/s Gold Star Realtors Ltd for the development of a real estate project. The company was incorporated in the year 1994.

2.1) 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.

2.2) 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 31.03.2013 amounting Rs. 288.65 lacs.

2.3) Provision of Income Tax:

Provision of Rs. 13, 95,410/- on account of Income Tax has been made for the year.

2.4) Related Party Disclosures as prescribed by Accounting Standard 18 of issued by the Institute of Chartered Accountant of India.

2.5) 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.

2.6) 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 the 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) have been received by the Company.

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 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.

2.7) Balances in accounts whether in debtors, creditors, share application money pending allotment and loans & advances are subject to verification and confirmations.

2.8) Contingent Liabilities:

i) Estimated amount of Contracts remaining to be executed on capital account and not provided for - Rs. Nil

ii) Claims against the company not acknowledged as debts-Rs. Nil.

2.9) Provision for Gratuity and ESI:

The company has been advised that the provision of ESI Act is not applicable to the Company. Provisions of Rs. 54090/- has been made on account of Gratuity for the year.

2.10) Fixed Assets:

Tangible & Intangible Assets: Total additions made in tangible assets amounting Rs. 14.60 lacs. No addition made during the year under intangible assets Depreciation charged at straight-line method as prescribed by the Companies Act, 1956.

Capital Work-in Progress: The company has paid Rs. 33.86 lacs advance for the purchase of property at Noida. The property is under construction and shown in capital work in progress.

2.11) As no manufacturing activities were carried out during the year, information required under Para 3 and 4 of part 11 of schedule VI of Companies Act, 1956 is not given.


Mar 31, 2011

1. Nature of Operations :

PROVESTMENT SERVICES LIMITED is engaged in dealing of Air Ticketing, Foreign Exchange, shares and providing Professional Services.

a) 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.

b) Secured Loans:

i) ODP Loans & Term Loan from Punjab & Sind Bank is secured against all current & fixed assets. Further the above 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.

c) Provision of Income Tax:

Provision of Rs. 15, 20,026/- on account of Income Tax has been made for the year.

d) 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 existing assets and liabilities.

e) Related Party Disclosures as prescribed by Accounting Standard 18 of issued by the Institute of Chartered Accountant of India. "As per Annexure A"

f) In the opinion of the Board 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.

h) Directors Remuneration u/s 198 and place of profit u/s 314

i) Balances in parties' accounts whether in debtors, creditors, share application money pending allotment and loans & advances are subject to confirmations.

j) Contingent Liabilities:

i) Estimated amount of Contracts remaining to be executed on capital account and not provided for - Rs. Nil

ii) Claims against the company not acknowledged as debts - Rs. Nil.

iii) The company's bankers have given a Bank Guarantee for Rs. 20.00 Lac in favour of IATA and margin held by Bank Rs. 2 Lac.

k) Provision for Gratuity and ESI.

The company has been advised that the provision of ESI Act is not applicable to the Company. Provisions of Rs. 74,423/- has been made on account of Gratuity for the year.

l) As no manufacturing activities were carried out during the year, information required under para 3 and 4 of part 11 of schedule VI of Companies Act, 1956 is not given.

m) Stock of investment in shares made in other company and Foreign Currency "As per Annexure B".

 
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