Moneycontrol
Get App
SENSEX NIFTY
you are here:

21st Century Management Ltd.

BSE: 526921 | NSE: 21STCENMGM |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE253B01015 | SECTOR: Finance - General

BSE Live

Apr 08, 16:00
12.20 0.19 (1.58%)
Volume
AVERAGE VOLUME
5-Day
20,092
10-Day
10,676
30-Day
3,774
105
  • Prev. Close

    12.01

  • Open Price

    11.77

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Apr 08, 15:32
10.40 0.10 (0.97%)
Volume
No Data Available
3,205
  • Prev. Close

    10.30

  • Open Price

    10.15

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

For Year :
2019 2016 2015 2014 2013 2012 2011 2010 2009

Auditor's Report

We have audited the accompanying financial statements of TWENTYFIRST CENTURY MANAGEMENT SERVICES LIMITED (the Company), which comprise the Balance Sheet as 31st March, 2014 and the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of at the significant accounting policies and other explanatory information. Management''s Responsibility for the Financial Statements The Company''s Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position and financial performance of the Company in accordance with the Accounting Standards referred to in Section 211(3C) of the Companies Act, 1956 (the Act) and in accordance with the accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. Auditors'' Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company''s internal control. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion a. Non provision for Gratuity has been made in accounts, in the event of any employee leaving the services by reason of death / incapability / retirement or resignation. Amount not ascertained. b. Non Provision of Doubtful Loans & Advances amounting to Rs. 2134.90 lacs advanced to its subsidiary company. We further report that, had the observation made by us in point (b) of Para above been considered, the loss for the year would have been Rs. 2160.55 lacs (as against the reported loss figures of Rs. 25.65 lacs) and accumulated loss would have been Rs.2318.85 Lacs (as against reported figure of accumulated Loss of Rs. 183.95 Lacs) and the balance of amount due from subsidiary company would have been Rs. Nil (as against the reported figure of Rs. 2134.90 lacs), In our opinion and to the best of our information and according to the explanations given to us, except for the effects of the matter described in the above paragraph, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India: a) in the case of Balance Sheet, of the state of affairs of the Company as at 31st March 2014 b) In the case of the Statement of Profit & Loss, of the Loss of the company for the year ended on that date. c) in the case of the Cash Flow Statement, of the cash flows of the Company for the year ended on that date. Report on Other Legal and Regulatory Requirements 1. As required by the Companies (Auditor''s Report) Order, 2003 (th eOrder) issued by the Central Government of India in terms of Section 227 (4A) of the Act, we give in the Annexure a statement on the matters specified in paragraph 4 & 5 of the Order. 2. As required by Section 227(3) of the Act, we report that: (a) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purposes of our audit. (b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books. (c) The Balance Sheet and the Statement of Profit and Loss and Cash Flow statement dealt with by this Report are in agreement with the books of account. (d) In our opinion the Balance Sheet and the Statement of Profit & Loss comply with the Accounting Standards referred to in Section 211(3C) of the Act, (e) On the basis of the written representations received from the directors, as on 31st March 2014 and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2014 from being appointed as a director in terms of section 274(1)(g) of the Act. ANNEXURE TO THE AUDITOR''S REPORT 1. The Company has maintained proper records showing full particulars, including quantitative details and situations of fixed assets. The fixed assets of the company have been physically verified by the Management during the year and no material discrepancies were noticed on such verification. In our opinion the verification is reasonable having regard to the size of the Company and the nature of its assets. As per the information and explanations given to us, during the year, the company has not disposed off any substantial part of the fixed assets that would affect the going concern. 2. The company is primarily engaged in investing activities. Accordingly, it does not hold any physical inventories. Thus paragraph 4(ii) of the Order is not applicable to the company. 3. The company has taken interest free loans of Rs. 5.50 Lacs from companies or firms listed in the register maintained under section 301 of the Companies Act 1956 and from company under the same management. The company has granted interest free loans of Rs. 2152.76 lacs to the companies listed in the register maintained under section 301 of the Companies Act 1956. In our opinion the terms & conditions of said loan is not prima facie prejudicial to the Interest of the Company. In our opinion the terms & conditions of said loan is not prima facie prejudicial to the Interest of the Company. But the Loan advanced to subsidiary company amounting to Rs. 2134.90 Lacs is doubtful in recovery. 4. The Company has adequate internal control procedures commensurate with its size and nature of business with regard to purchase of shares, fixed assets and for the sale of shares, assets or equipments. We have not observed any continuing failure to correct such internal control systems. 5. The transactions that are required to be entered into the register in pursuance of Section 301 of the act have been so entered. In our opinion and according the information and explanations given to us the transactions made in pursuance of contracts or arrangements entered in the register maintained u/s 301 of the Companies Act 1956 and exceeding the value of Rs.5 Lacs in respect of any party during the year have been made at prices which are reasonable, having regard to prevailing market prices at the relevant time where such market prices are available. 6. During the year under review, the company has not accepted any deposits from the public to which the provisions of Section 58A of the Companies Act, 1956 apply. 7. Company does not have any internal audit department, commensurate with the size of the company and nature of its business. 8. We have been informed that Central Government has not prescribed the maintenance of cost records under Section 209(1)(d) of the Companies Act, 1956, in respect of any activities carried on by the Company. 9. According to the information and explanations given to us, the company has been regular in depositing Employees Provident Fund dues and has also been regular in depositing undisputed income tax and other applicable statutory dues with appropriate authorities. According to the information and explanations given to us and the records of the Company examined by us, the particulars of income tax as at 31st March 2014 which have not been deposited on account of a dispute pending are as under: Name AY Nature Forum where Amount of the of the disputes Disputed Statute Dispute are pending Income 1995 - Demand raised ACIT Company Rs.4.81 tax Act, 96 Subject to recti- Circle III (2) lacs 1961 fication by ACIT Income 1996 - Rectification by ACIT Company Rs. 104.96 tax Act, 97 AO raised a Circle III (2) lacs 1961 demand Company has to file rectification for the interest working 34B waiver CCIT- I, Chennai Petition filed by he company, Expecting a relief of Rs. 45 lacs Income 2003 - Diminution in the Madras High Nil tax Act, 04 Value of stock Rs. Court 1961 1289 Lacs (Value Written off) However there will ot be any demand n this issue only arrived forward loss Will be reduced. However the arrived forward oss will be useful or AY 2007-2008 demand. Income 2005 - Assessment was CIT(A) III Rs. 35.15 tax Act, 06 re-opened for third lacs 1961 Time and order dated 28.03.2013 AO rejected the Excess relief u/s 115 JB Jurisdiction is Questioned Income 2006 - B/F loss not ACIT Company Rs. 1.33 tax Act, 07 Considered, Circle III (2) lacs 1961 rectification filed Name of Statute AY Nature Forum Where Amount Income of Dispute the disputes Disputed Income tax Act, 1961 2007 - Department has ITAT Rs.55.45 08 filed appeal before Lacs Hon''ble ITAT on the issue of Short Term Capital gains @ 30.99% instead of 15% . Revision order by AO has not consid -ered the Rebate Which is pending. Income 2007 - Department issued CIT-Appeal III Rs.68.69 tax Act, 08 148 notice and the lacs 1961 assessment got Completed The same issue o STCG @30.99% ] instead of 15% assessment Completed. Company had filed appeal before Commissioner Appeal - III Income 2009 - No demand, CIT Appeal III Nil tax Act, 10 However penalty 1961 as been initiated for addition u/s 14A As penalty initiated the company has filed Appeal before Commissioner Appeal III it is Pending Income 2010 - Credit for Self CIT Company Rs. 13.28 tax Act, 11 Assessment Tax Circle III (2) lacs 1961 of Rs. 7.02 Lacs has not been given, rectification field Income 2011 - Intimation u/s CIT Company Rs. 830.20 tax Act, 12 143 (1) wrongly Circle III (2) lacs 1961 Passed, Credit for Self Assessment Tax of Rs.182.04 Lacs has not been given, Rectification yet to be field 10. The company has accumulated loss of Rs. 158.30 lacs till the immediately preceding financial year, has incurred a loss of Rs. 25.65 lacs during the current financial year under this report. 11. On the basis of records examined by us and the information and explanations given to us, the Company has not defaulted in repayment of dues to financial institutions, banks or debenture holders. 12. The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. 13. In our opinion the company is not a Chit Fund or a Nidhi/Mutual Fund/Society. Therefore the provisions of clause 4 (xiii) of the companies (Auditor''s Report) Order, 2003 are not applicable to the company. 14. The Company has maintained proper records of transactions and contracts in respect of trading in shares, debentures and other investments and timely entries have been made therein. 15. According to the information and explanations given to us the company has not given any guarantee for the loans taken by others from banks or financial institutions. 16. According to the information and explanations given to us, the company has not obtained any term loans during the year under review. 17. On the basis of an overall examination of the balance sheet of the company, in our opinion and according to the information and explanations given to us, funds raised on short term basis, have not been used for long term investments. 18. The company has not made any preferential allotment of shares during the year. 19. There are no secured debentures issued during the year. 20. The company has not raised any money by public issue during the year. 21. To the best of our knowledge and belief and according to the information and explanations given to us no material fraud on or by the company has been noticed or reported during the course of our audit. For Lakhani & Lakhani Chartered Accountants (Firm Registration No.115728W) Suhas Shinde (M.No. 117107) Partner Place: Mumbai Date : 16-05-2014