PROVESTMENT SERVICES LIMITED
1. PRESENTATION OF THE ANNUAL REPORT
Your Directors have pleasure to present the Twenty Fifth Annual Report(25th) Annual Report on the business and operations and Audited Statement ofAccounts of your Company for the Financial Year ended on 31stMarch 2019.
2. FINANCIAL RESULTS
The Financial Results of the Company for the Financial Year ending on31st March 2019 are as under:
|PARTICULARS ||Year ended on 31st March 2019 ||Year ended on 31st March 2018 |
| || || |
|Total income ||1188633099 ||1128262019 |
|Total Expenditure ||1179442601 ||1115871103 |
|Profit before tax ||9190498 ||12390916 |
|Tax Expenses || || |
|Less: || || |
|Current Tax ||3093782 ||4020893 |
|Previous year Tax ||183757 ||0.00 |
|Deferred tax ||493048 ||152080 |
|Profit after tax for the period ||5419911 ||8217943 |
|Add: Balance brought forward from previous Year ||6000000 ||6000000 |
|Surplus available for appropriation ||46985395 ||56687202 |
|Balance Surplus carried to Balance Sheet ||63119631 ||72821437 |
|Earnings per share || || |
|Basic ||1.06 ||1.61 |
|Diluted ||1.06 ||1.61 |
3. FINANCIAL PERFORMANCE
The total income has been increased from the last financial year.During the year 2018-19 your Company recorded profit before tax of Rs. 9190498(Previous year Rs. 1 23 90916).The Profit after tax for the year has come out to be Rs.5419911 as compared to Rs. 8217943 in year 2018. For details please refer to thestandalone financial statements forming part of this Annual Report.
For detailed analysis of operational performance please refer toManagement Discussion and Analysis Report forming part of this Annual Report.
The Board of Directors has not recommended any Dividend recommend forFinancial Year 2018-19.
During the year under review your Company has transferred an amount ofRs. 631 19631/- to Reserve and Surplus.
Cash and cash equivalent as at March 31 2019 was Rs. 94 23958/-. TheCompany continues to focus on judicious management of its working capital.
7. RESOURCE MOBILIZATION
Your Company constantly monitors its resource base and taps theappropriate opportunity to minimize the weighted average cost of funds. During the yearyour Company met its fund requirements for disbursement as well as repayment/redemption ofloans by way of financial assistance from banks on short term basis and internal accruals.The Company has tied up with various banks for financial assistance to meet its futurerequirement of resources. Your Company is confident of meeting the funds requirements byraising resources at competitive rates. The Company has not invited any deposit from thepublic under Section 73 and 74 of the Companies Act 2013 during the year under review.There was no public deposit outstanding as at the beginning or end of the year ended onMarch 31 2019.
8. REVIEW OF BUSINESS OPERATIONS AND FUTURE PROSPECTS
Your Directors are optimistic about company's business and hopeful ofbetter performance. There was no change in the nature of business of Company.
9. MATERIAL CHANGES AND COMMITMENT IF ANY AFFECTING THE FINANCIALPOSITION OF THE COMPANY OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR TO WHICH THISFINANCIAL STATEMENTS RELATE AND THE DATE OF THIS REPORT
Material changes and commitments affecting the financial position ofthe Company occurred between the ends of the financial year to which this financialstatements relate on the date of this report:
The Company has re-appointed Mr. Praveen Bhatia as a Whole TimeDirector on the Board of the Company after the end of Financial Year w.e.f. 02.08.2019.
10. SHARE CAPITAL
(A) AUTHORISED SHARE CAPITAL
The Authorised Share Capital of the Company stands at Rs. 62500000/-(divided into 62 50000 Equity Shares of Rs. 10/- each). During the year there has beenno change in Authorized Share Capital of the company.
(B) PAID -UP SHARE CAPITAL
The paid up Equity Share Capital as on 31st March 2019 wasRs.51030000/- (divided into 5103000 Equity Shares of Rs. 10/- each).During the yearunder review; the Company has not issued any further Share Capital.
There was no change in the Capital of the Company during the year.
11. CODE OF CONDUCT
Directors Key Managerial Personnel and Senior Management of theCompany have confirmed compliance with the Code of Conduct applicable to the Directors andemployees of the Company and the declaration in this regard made by the Whole-timeDirector is attached as "Annexure-I" which forms a part ofthis Report of the Directors.
12. DIRECTORS/ KEY MANAGERIAL PERSONNEL (KMP)
RE-APPOINTMENT OF WHOLE TIME DIRECTOR:
In accordance with the provisions of Section 2(94) 196 197 198 and203 and other applicable provisions if any of the Companies Act 2013 read with ScheduleV and Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014 and asper the Articles of Association of the Company Mr. Praveen Bhatia (DIN: 00147498)re-appointed as Whole Time Director of the Company for a period of five years effectivefrom 2nd August 2019 on the terms and conditions which has been approved by theRemuneration Committee at their meeting held on 13th August 2019.
RE-APPOINTMENT OF DIRECTORS
In accordance with the provisions of Section 152 of the Companies Act2013 and as per the Articles of Association of the Company Mr. Lal Tripathi (DIN:07720968) shall be retire by rotation at ensuing 25th Annual General Meeting(AGM) and being eligible offer himself for reappointment. The details of Directors seekingre-appointment at the ensuing Annual General Meeting has been provided in the Notice ofthe Annual General Meeting forming part of the Annual Report.
The Board of Directors of the Company recommends the re-appointment ofMr. Lal Tripathi (DIN: 07720968) who is liable to retire by rotation and being eligibleoffer himself for reappointment.
As per Para C clause (10)(i) of Schedule V of the Securities ExchangeBoard of India (Listing Obligations and Disclosure Requirement) Regulations 2015 readwith regulation 34(3) of the said Listing Regulations is attached and forms a part of thisReport as "Annexure -XI".
13. MANAGEMENT'S DISCUSSION AND ANALYSIS REPORT
A comprehensive Management's Discussion and Analysis Report asrequired under Regulation 34 (2) (e) of the SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015 is attached and forms a part of this Report as "AnnexureII'.
During the year Ten (10) Board Meetings were convened and held anddetails thereof are mentioned in the Report on Corporate Governance forming part of thisAnnual Report. The intervening gap between the Meetings was within the period asprescribed under the Companies Act 2013 and SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015.
GENERAL BODY MEETING
Annual General Meeting of the Company was held during the year. Detailsare given in Corporate Governance Report.
AUDIT COMMITTEE MEETINGS
During the year Four (4) Audit Committee Meetings were convened andheld the details of which are given in the Corporate Governance Report.
NOMINATION & REMUNERATION COMMITTEE MEETINGSS
During the year Three (3) Meetings of Nomination & RemunerationCommittee were convened and held the details of which are given in the CorporateGovernance Report.
STAKEHOLDERS' RELATIONSHIP COMMITTEE MEETING
During the year One (1) Meeting of Stakeholders' RelationshipCommittee was convened and held the details of which are given in the CorporateGovernance Report.
INDEPENDENT DIRECTORS MEETINGS
During the year One (1) Meeting of Independent Director's was convenedand held the details of which are given in the Corporate Governance Report.