Mar 31, 2015
Dear Shareholders,
The have pleasure in presenting the 20th Annual Report and Audited
Statements of Accounts of the Company for the year ended 31st March,
2015.
PERFORMANCE
The financial results for the year ended 31st March 2015 are as under:
Rs. (In Lacs)
Particulars 31.03.2014 31.03.2015
Income 813.32 860.14
Total Expenses 464.31 476.93
Profit before depreciation 349.01 383.22
Depreciation 10.32 25.07
Profit / (loss) before Tax 338.69 358.15
Provision for taxation 113.24 123.65
Balance of profit of brought forward 903.99 1097.47
Profit available for appropriations 225.45 234.51
Appropriations:
Dividends 31.96 33.34
Balance carried forward to Balance Sheet 1097.47 1298.64
Surplus carried to Balance Sheet 1097.47 1298.64
Business Outlook & Prospects
The company had improved its profitability from 225.45 lacs to 234.51
lacs . There was no material change or commitment, affecting the
financial position of the Company between the end of the financial year
of the Company and the date of the report other than those disclosed in
the financial statements.
DIVIDEND
The company had declared an interim dividend of Rs.0.50 per share
exclusive of dividend tax for the financial year ended 31st March 2015
which is being recommended as final dividend
BOARD OF DIRECTORS
The composition of the Board of Directors of the Company and other
details related to the board is furnished in the Corporate Governance
Report annexed to this report as " Annexure A"
In terms of Section 149 of the Companies Act, 2013 (Act), Ms.Anuradha
and Mr.MahavirChand were co-opted to the Board as additional directors
Mr. D Suresh Kumar director is liable to retire by rotation at the
ensuing AGM and is eligible for reappointment Necessary resolutions for
the appointment/ re-appointment of the aforesaid directors have been
included in the notice convening the ensuing AGM and details of the
proposal for appointment / re-appointment are mentioned in the
explanatory statement of the notice.
Your directors commend their appointment / re-appointment.
Mr. V. Krishnaswami, Mr. P Delichand & Mr.V.G Venkatadri resigned from
the directorship of the company. The board placed its warm regards for
the services rendered by them during their tenor.
DEPOSITS
Your Company has not accepted any deposits within the meaning of
Section 73 of the Companies Act, 2013 and the Companies (Acceptance of
Deposits) Rules, 2014.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:
The company has not given any loans or guarantees and made any
investments as covered under the provisions of section 186 of the
Companies Act, 2013 during the said financial year.
INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY:
The Company has an Internal Control System, commensurate with the size,
scale and complexity of its operations. The scope and authority of the
Internal Audit function is defined in the Internal Audit Manual. To
maintain its objectivity and independence, the Internal Audit function
reports to the Chairman of the Audit Committee of the Board & to the
Chairman & Managing Director.
The Internal Audit Department monitors and evaluates the efficacy and
adequacy of internal control system in the Company, its compliance with
operating systems, accounting procedures and policies at all locations
of the Company. Based on the report of internal audit function, process
owners undertake corrective action in their respective areas and
thereby strengthen the controls. Significant audit observations and
recommendations along with corrective actions thereon are presented to
the Audit Committee of the Board.
STATUTORY AUDITORS
M/S. CHANDARANA& SANKLECHA, (ICAI Registration No.000557S) Chartered
Accountants were appointed as Statutory Auditors at the last Annual
General Meeting (AGM) held on 27/09/2014 for a period of three years
i.e until the conclusion of the 22nd AGM. Their appointment is however,
subject to ratification by the members at every AGM.
The Company has received letter from the Statutory Auditors consenting
to the re-appointment and a confirmation to the effect that their
appointment, would be within the prescribed limits and that they do not
suffer from any disqualifications under Section 141 of the Companies
Act, 2013 and the rules made thereunder. The Statutory Auditors Report
does not contain any qualification, reservation, adverse remark or
disclaimer.
Secretarial Auditors
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 N K BHANSALI &
Co., a firm of Company Secretaries in Practice, to undertake the
Secretarial Audit of the Company. The report on the Secretarial Audit
carried out for the year 2014-15 is annexed herewith as 'Annexure- B'.
The Secretarial Audit Report does not contain any qualification,
reservation, adverse remark or disclaimer.
Directors' Responsibility Statement
In terms of Section 134(3)(c) read with section 134(5) of the Companies
Act, 2013, the Directors, to the best of their knowledge and belief and
according to the information and explanations obtained by them, confirm
that they had:
i. followed the applicable accounting standards in the preparation of
the financial statements for the financial year 2014-15 and there are
no material departures;
ii. selected such accounting policies and applied them consistently
and made judgments and estimates that were 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 and of the profit of the Company for the
year under review;
iii. taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of the Act for
safeguarding the assets of the Company, preventing and detecting fraud
and other irregularities and
iv. prepared the financial statements for the financial year on a
'going concern' basis.
v. laid down internal financial controls to be followed by the Company
and such internal financial controls were adequate and were operating
effectively.
vi. devised proper systems to ensure compliance with the provisions of
all applicable laws and such systems were adequate and operating
effectively.
BUSINESS RISK MANAGEMENT
Pursuant to section 134 (3) (n) of the Companies Act, 2013 & Clause 49
of the listing agreement, the company has constituted a business risk
management committee. The details of the committee and its terms of
reference are set out in the corporate governance report forming part
of the Boards report. At present the company has not identified any
element of risk which may threaten the existence of the company.
PARTICULARS OF EMPLOYEES
Section 197 read with rule 5 of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014 in respect of
employees of the Company is not applicable as the directors have not
drawn any remuneration during the year ended 31/03/2015 .
CORPORATE GOVERNANCE REPORT
Your Company has complied with the corporate governance requirements as
stipulated under clause 49 of the listing agreement. Detailed report on
the compliance and a certificate by the Statutory Auditors forms part
of this report
Other disclosures
a) The Internal control systems and adequacy are discussed in detail in
the Management Discussion and Analysis annexed to the Directors Report.
b) The details forming part of the extract of the Annual Return in form
MGT-9 is annexed herewith as 'Annexure C.
c) Particulars of employees :
The information required pursuant to Section 197 read with Rule, 5 of
The Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014 in respect of employees of the Company is attached as
annexure D
d) Particulars regarding Conservation of Energy, Technology Absorption
and Foreign Exchange Earnings and Expenditure Energy conservation,
technology absorption and foreign exchange earnings and outgo
e) The information on conservation of energy, technology absorption and
foreign exchange earnings and outgo stipulated under Section 134(3)(m)
of the Companies Act 2013 read with Rule 8 of the Companies (Accounts)
Rules, 2014 is NIL
f) Disclosure under the sexual harassment of women at workplace
(prevention, prohibition and redressal) act, 2013. The company has in
place an Anti-Sexual Harassment Policy in line with the requirements of
the Sexual Harassment of women at the workplace (Prevention,
Prohibition and Redressal) Act, 2013. Internal Complaints Committee
(ICC) has been set up to redress complaints received regarding sexual
harassment. All employees (permanent, contractual, temporary, trainees)
are covered under this policy. The following is a summary of sexual
harassment complaints received and disposed off during the year 2014-15
a. No. of complaints received: Nil b. No of complaints disposed off:
nil
ACKNOWLEDGEMENTS:
Your directors would like to express their grateful appreciation for
the support and co-operation of all stakehold - ers. At the very heart
of our success and our ability to deliver quality service and
satisfaction is the consider - able skill and motivation of our
employees. On behalf of all the company's stakeholders who benefit from
the hard work of the employees, the Board would like to express its
sincere appreciation and gratitude.
For and on behalf of the Board
Sd/-
Place: Chennai (Mr.Deenadayalan K N)
Date :27/07/2015 Chairman
Mar 31, 2014
Dear Shareholders,
We have pleasure in presenting the 19th Annual Report and Audited
Statements of Accounts of the Company for the year ended 31st March,
2014.
PERFORMANCE
The financial results for the year ended 31st March 2014 are as under:
Rs. (In Lacs)
Particulars 31.03.2014 31.03.2013
Income 813.32 623.72
Profits before depreciation and interest 352.89 224.01
Depreciation 10.32 10.81
Interest 3.88 0.28
Profit before Tax 338.69 212.92
Provision for taxation 113.24 52.25
Profit After Tax 225.45 160.66
Provision for Dividend 27.50 27.50
Tax on proposed Dividend 4.46 4.67
Transfer to general Reserve Nil Nil
Surplus carried to Balance Sheet 193.49 128.49
COURSE OF BUSINESS AND OUTLOOK
During the year under review, the company has earned income from
operation Rs. 8.13 crores as compared to Rs. 6.24 crore in the last
year. The profit before tax is Rs3.39 crores as compared to Rs. 2.13
crores in the previous year, which is around 59% growth over the
previous year level. The board of directors have planned to consolidate
and improve the growth of existing business for the current year.
Your Company enjoys a loyal clientele and the company is taking various
steps to increase its business The Directors are confident that the
operations in the current year will be much better.
FIXED DEPOSIT:
The company has not accepted any fixed deposit during the year.
DIVIDEND
The Directors recommend a dividend of 5% exclusive of dividend tax for
the financial year ended 31st March 2014.
DIRECTORS
Mr. Krishnaswami and Mr.Deenadayalan Director liable to retire by
rotation at the ensuing AGM and is eligible for reappointment.
Mr Suresh Kumar was appointed as an additional director of the company
on 22/01/2014 .He holds office as a director of the company upto the
date of its annual geneal meeting .The company has received a notice in
writing from a member proposing him for the office of the director who
was appointed as additional director.
Necessary resolutions for the appointment /re-appointment of the
aforesaid directors have been included in the notice convening the
ensuing AGM and details of the proposal for appointment /
re-appointment are mentioned in the explanatory statement of the
notice.
Your directors recommend their appointment / re-appointment. All the
directors of the Company have confirmed that they are not disqualified
from being appointed as directors
AUDITORS
The auditors of the Company M/s. Chandranna&Sanklecha, Chartered
Accountants retire at the conclusion of the ensuing Annual General
Meeting and are eligible for re-appointment.
PARTICULARS OF EMPLOYEES AS PER SECTION 217(2A) OF THE COMPANIES ACT,
1956:
The Company has no employees, attracting the provisions of Section
217(2A) of the Companies Act, 1956 read with the Companies (Particulars
of Employees) Rules, 1975.
DIRECTORS'' RESPONSIBILITY STATEMENT:
Directors hereby declare:
i. that in the preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures;
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 the financial year and of the
profit or loss of the company for that period ;
iii. that the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the company and
for preventing and detecting fraud and other irregularities subject to
the inherent limitations that should be recognized in weighing the
assurance ;
iv. that the directors had prepared the annual accounts on a going
concern basis.
Particulars regarding Conservation of Energy, Technology Absorption and
Foreign Exchange Earnings and Expenditure PRITHVI SOFTECH LTD., does
not have any foreign exchange earnings and expenditure. Particulars
relating to conservation of energy and technology absorption stipulated
in the Companies (Disclosure of Particulars in the Report of the Board
of Directors) Rules,1988, are not applicable to PRITHVI SOFTECH LTD.,
Particulars of Employees
The company had no employee covered by the provisions of section
217(2A) of the Companies Act, 1956.
EMPLOYEE RELATIONS:
Employee relations throughout the company were harmonious. The board
wishes to place on record its sincere appreciation of the devoted
efforts of all employees in advancing the company''s vision and strategy
to deliver another record performance.
CORPORATE SOCIAL RESPONSIBILITY- SERVICE TO COMMUNITY
Legacy is continued in contributing back to society in many ways.
The Corporate Social Responsibillity is part of our service that is
beyond serving the needy. The company has spent an amount of Rs.
25,22,250/- towards its CSR projects.
CSR Activites of the company includes support to needy and handicapped
parsons. In this direction the Company performs its CSR through,
Aadhyatmik Shiksh Samiti, Empathy Foundation, Gajendra Nidhi, Help Age,
Hyderabad Science Society, Shree Jain Medical Relief Society, Mahaveer
Educational Trust, Sevalaya, Shri Bagwan Mahaveer Vikland Sahayata
Samiti, We firmly believe to move beyond the business and colours to
many lives, because we believe in... LIVE AND LET LIVE.
VOLUNTARY DELISTING OF SHARES FROM MADRAS STOCK EXCHANGE
The company is planning for voluntary delisting from Madras Stock
Exchange Management Discussion and Analysis Report and Report of the
Directors on Corporate Governance In accordance with clause 49 of the
listing agreements, the Management Discussion and Analysis Report and
Report of the Directors on Corporate Governance form part of this
report.
ACKNOWLEDGEMENTS:
Your directors would like to express their grateful appreciation for
the support and co-operation of all stakeholders. At the very heart of
our success and our ability to deliver quality service and satisfaction
is the considerable skill and motivation of our employees. On behalf of
all the company''s stakeholders who benefit from the hard work of the
employees, the Board would like to express its sincere appreciation and
gratitude.
Mar 31, 2011
Your Directors have the pleasure in presenting the 16th ANNUAL REPORT
and that of the Auditors together with the audited Balance Sheet as at
31st March 2011 and the Profit and Loss account for the year ended on
that date.
PERFORMANCE
The financial results for the year ended 31st March 2011 are as under:
Rs. (In Lacs)
31.03.2011 31.03.2010
Income 520.72 412.99
Profits before depreciation and interest 196.51 111.32
Depreciation 10.21 10.39
Interest 1.59 1.43
Profit before Tax 184.71 99.50
Provision for taxation 61.65 27.60
Profit After Tax 123.06 71.90
Provision for Dividend 27.50 27.50
Tax on proposed Dividend 4.67 4.67
Transfer to general Reserve NIL NIL
Surplus carried to Balance Sheet 90.89 39.73
AWARDS AND ACHIEVEMENTS
During the year the company has been World Quality Commitment (WQC)
award for the year 2011 by Business Initiative Directors (BID) Madrid,
Spain.
"Star Performer Award" given by Spice Money for Western Union Money
Transfer Business.
The company has won "Fly to Switzerland Contest" and "Travel Dhamaka"
contest by Axis Bank.
In recognition of our excellent performance during the year, Axis Bank
has launched Prithvi Exchange à Axis Bank Co-branded (VISA) foreign
Currency Prepaid Cards.
COURSE OF BUSINESS AND OUTLOOK
During the year under review, the company's performance was good. Your
company had achieved an income of Rs. 521 lacs as compared to Rs.413
lacs in previous year. The profit before tax stood at Rs.184.71 lacs as
compared to Rs.99.49 lacs in the previous year.
FIXED DEPOSIT
The company has not accepted any fixed deposit during the year.
DIVIDEND
The Directors recommend a dividend of 5% exclusive of dividend tax for
the financial year ended 31st March 2011.
DIRECTORS
Mr.M.D.Vasudevan and Mr.V G Venkatadri retires by rotation and being
eligible, offer for re-appointment.
AUDITORS
The auditors of the Company M/s.CHANDARANA & SANKLECHA, Chartered
Accountants retire at the conclusion of the ensuing Annual General
Meeting and are eligible for re-appointment.
STATUTORY DISCLOSURES
The Company had no employee covered by the provisions of section
217(2A) of the Companies Act, 1956.
CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS/OUTGO:
Being into Forex business, Particulars with respect to Conservation of
Energy , as required under Part "a" of the above rules are NIL.
FOREIGN EXCHANGE EARNINGS/OUTGO:
Foreign Earnings: Rs.2.14 lacs (P.Y Rs. 2.78 lacs) towards turnover
incentive received from American Express in US dollar.
Foreign outgo: Rs.5.28 lacs (P.Y Rs.5.26 lacs) towards annual seller
fee and distribution fee paid to American Express in US dollar.
DIRECTORS' RESPONSIBILITY STATEMENT:
Directors hereby declare:
i) That in the preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures;
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 the financial year and of the
profit or loss of the company for that period ;
iii) That the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the company and
for preventing and detecting fraud and other irregularities subject to
the inherent limitations that should be recognized in weighing the
assurance ;
iv) That the directors had prepared the annual accounts on a going
concern basis.
HUMAN RESOURCES MANAGEMENT :
Employee relations throughout the company were harmonious. The board
wishes to place on record its sincere appreciation of the devoted
efforts of all employees in advancing the company's vision and strategy
to deliver another record performance.
CORPORATE GOVERNANCE:
Pursuant to clause 49 of the Listing Agreement, a report of compliance
of corporate governance as on 31/03/2011 duly certified by the auditors
of the company is annexed (Annexure à A)
ACKNOWLEDGEMENTS:
Your Directors wish to place on record their sincere appreciation to
the Governmental authorities, Company's bankers and customers, vendors
and investors for their continued support during the year.
Your Directors are also pleased to record their appreciation for the
dedication and contribution made by employees at all levels who through
their competence and hard work have enabled your Company achieve good
performance year after year and look forward to their support in the
future as well.
For and on behalf of the Board
Sd/-
Place: Chennai P. Delichand Jain
Date : 01/06/2011 Chairman
Mar 31, 2010
The Directors have the pleasure in presenting the FIFTEENTH ANNUAL
REPORT and that of the Auditors together with the audited Balance Sheet
as at 31st March 2010 and the Profit and Loss account for the year
ended on that date.
PERFORMANCE
The financial results for the year ended 31st March 2010 are as under:
Rs. (In Lacs)
31.03.2010 31.03.2009
Income 412.99, 466.41
Profits before depreciation and
interest 111.32 174.83
Depreciation 10.39 10.42
Interest 1.43 2.60
Profit before Tax 99.50 161.81
Provision for
taxation 27.60 57.94
Profit After Tax 71.90 103.87
Provision for Dividend 32.16 Nil
Tax on proposed Dividend 4.67 Nil
Transfer to general Reserve Nil Nil
Surplus carried to Balance Sheet 35.07 103.87
COURSE OF BUSINESS AND OUTLOOK
During the year under review, the companys performance was
Satisfactory. Your company had achieved an income of Rs.413 lacs as
compared to Rs.466 lacs in previous year. The profit before tax stood
at Rs.99.50 lacs as compared to Rs. 161.80 lacs in the previous year.
The out look in the forthcoming year is far better than the year under
report.
FIXED DEPOSIT:
The company has not accepted any fixed deposit during the year.
DIVIDEND
The Directors recommend a dividend of 5% exclusive of dividend tax for
the financial year ended 31 st March 2010.
DIRECTORS
Mr.Deenadayalan and Mr.Delichand Jain retires by rotation and being
eligible, offer
for re-appointment.
INVESTOR EDUCATION AND PROTECTION FUND:
Pursuant to section 205C of the Companies Act, 1956, your company has
transferred a sum of Rs.64,100 /- being unclaimed final dividend for
the year 2001-02.
AUDITORS
The auditors of the Company M/s.CHANDRANNA & SANKLECHA ., Chartered
Accountants retire at the conclusion of the ensuing Annual General
Meeting and are eligible for re-appointment.
PARTICULARS OF EMPLOYEES AS PER SECTION 217(2A) OF THE
COMPANIESACT,1956:
The Information as per Section 217 (2A) of the Companies Act 1956
required to be given in the Directors report is annexed as Aneexure A
herewith.
CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS/OUTGO:
Being in to Forex business , Particulars with respect to Conservation
of Energy ., as required under Part "a" of the above rules are NIL .
FOREIGN EXCHANGE EARNINGS/OUTGO:
Foreign Earnings: Rs.2.78 lacs ( P.Y.) Rs. 3.36 lacs Foreign Outgo :
Rs.5.26 lacs (P.Y) NIL
DIRECTORS RESPONSIBILITY STATEMENT: Directors hereby declare:
I) that in the preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures;
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 the financial year and of the
profit or loss of the company for that period;
iii) that the directors had taken proper and sufficient care for the
maintenance of
adequate accounting records in accordance with the provisions of this
Act for safeguarding the assets of the company and for preventing and
detecting fraud and other irregularities subject to the inherent
limitations that should be recognized in weighing the assurance; iv)
That the directors had prepared the annual accounts on a going concern
basis.
EMPLOYEE RELATIONS:
Employee relations throughout the company were harmonious. The board
wishes to place on record its sincere appreciation of the devoted
efforts of all employees in advancing the companys vision and strategy
to deliver another record performance.-
CORPORATE GOVERNANCE:
Pursuant to clause 49 of the Listing Agreement, a report of compliance
of corporate governance as on 31 /03/2010 duly certified by the
auditors of the company is annexed (Annexure B)
ACKNOWLEDGEMENTS:
Your directors would like to express their grateful appreciation for
the support and co operation of all stakeholders. At the very heart of
our success and our ability to deliver quality service and satisfaction
is the considerable skill and motivation of our employees. On behalf of
all the companys stakeholders who benefit from the hard work of the
employees, the Board would like to express its sincere appreciation and
gratitude.
For and on behalf of the Board
Sd/-
Place: Chennai P.Delichand Jain
Date: 31/05/2010 Chairman