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 Âsubsidiary 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/Â each (Rupees Ten only) at Rs.68.57/Â 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, 2012
1. Corporate information :
Provestment Services Limited is engaged in service of Air Ticketing,
Foreign Exchange and providing professional Services to corporate
entities across the globe. The company has been incorporated in the
year 1994.
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) 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.
3) Provision of Income Tax:
Provision of Rs. 10,62,791- on account of Income Tax has been made for
the year.
4) Related Party Disclosures as prescribed by Accounting Standard 18
of issued by the Institute of Chartered Accountant of India. ÃAs per
AnnexureÃ
5) 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.
6) Balances in accounts whether in debtors, creditors, share
application money pending allotment and loans & advances are subject to
verification and confirmations.
7) 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.
8) 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. 1,64,375/- has been made
on account of Gratuity for the year.
9) 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".
Mar 31, 2010
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 yearÃs 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. and M/s Profile Packaging Pvt Ltd.
ii) The vehicle loans are secured by way of hypothecation of vehicles.
c) Provision for Gratuity:
Provisions of Rs. 21,636/- has been made for the year.
d) Provision of Income Tax:
Provision of Rs. 14,09,732/- on account of Income Tax has been made for
the year.
e) 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 ÃAccounting for Taxes
on Incomeà 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.
f) Related Party Disclosures as prescribed by Accounting Standard 18 of
issued by the Institute of Chartered Accountant of India: As per
Annexure.
g) 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.
j) Balances in partiesà accounts whether in debtors, creditors and
loans & advances are subject to confirmations.
k) 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 companyÃs bankers have given a Bank Guarantee for Rs. 20.00
Lac in favour of IATA and margin held by Bank Rs. 2 Lac.
l) Provision for Bonus and ESI Liabilities
The company has been advised that the provision of the payment of Bonus
Act, 1965 & ESI Act are not applicable to the Company
m) 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.
o) Stock of investment in shares made in other company are as per
annexure.