The Directors have the pleasure in presenting the 17th ANNUAL REPORT
and that of the Auditors together with the audited Balance Sheet as at
31st March 2012 and the Profit and Loss account for the year ended on
The financial results for the year ended 31st March 2012 are as under:
Rs. (In Lacs)
Income 518.20 520.72
depreciation and interest 163.35 196.51
Depreciation 10.39 10.21
Interest 0.41 1.59
Profit before Tax 152.55 184.71
Provision for taxation 43.81 61.65
Profit After Tax 108.74 123.06
Provision for Dividend 27.50 27.5
Tax on proposed Dividend 4.25 4.67
Transfer to general Reserve NIL NIL
Surplus carried to Balance Sheet 76.99 90.89
COURSE OF BUSINESS AND OUTLOOK
During the year under review, the company''s operations were stable.
Your company had achieved an income of 518 lacs as compared to Rs.521
lacs in previous year. The profit before tax stood at Rs.152.55 lacs as
compared to Rs.184.71 lacs in the previous year due to inflationary
pressure and competition.
The company has not accepted any fixed deposit during the year.
The Directors recommends a dividend of 5% exclusive of dividend tax for
the financial year ended 31st March 2012.
Mr. V. Krishnaswami and Mr. K.N. Deendayalan 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.
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 in to Forex trading business, Particulars with respect to
Conservation of Energy, as required under Part a of the above rules
FOREIGN EXCHANGE EARNINGS/OUTGO:
Foreign Earnings: NIL (P.Y Rs. 2.14 lacs) towards turnover incentive
received from American Express in US dollar
Foreign outgo: Rs.5.92 lacs (P.Y Rs. 5.28 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
iv) That the directors had prepared the annual accounts on a going
Corporate social responsibility
The vision of the company Prithvi on Corporate Social Responsibility
(CSR) is To be a socially responsible corporate citizen.
CSR activities of the company includes support to needy and handicapped
person. In this direction the company performs its CSR through School
of Human Genetics and Population Health, Help Age, and Bhagwan Mahaveer
Viklang Sahayata Samiti etc. We firmly believe to move beyond the
business and add colours to many lives, because we believe ... LIVE AND
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.
Pursuant to clause 49 of the Listing Agreement, a report of compliance
of corporate governance as on 31/03/2012 duly certified by the auditors
of the company is annexed (Annexure - A)
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
Place: Chennai P. Delichand Jain
Date : 30/07/2012 Chairman