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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

Jun 11, 16:00
18.20 0.35 (1.96%)
Volume
AVERAGE VOLUME
5-Day
3,082
10-Day
2,820
30-Day
1,446
5,663
  • Prev. Close

    17.85

  • Open Price

    18.20

  • Bid Price (Qty.)

    18.20 (8)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Jun 11, 15:53
17.75 0.30 (1.72%)
Volume
AVERAGE VOLUME
5-Day
1,627
10-Day
1,808
30-Day
3,338
1,338
  • Prev. Close

    17.45

  • Open Price

    17.75

  • Bid Price (Qty.)

    17.75 (1000)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

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

Auditor's Report

Report on the Financial Statements We have audited the accompanying standalone financial statements of TWENTYFIRST CENTURY MANAGEMENT SERVICES LIMITED (the Company), which comprise the Balance Sheet as at 31st March, 2015, the Statement of Profit and Loss and the Cash Flow Statement and a summary of the significant accounting policies and other explanatory information for the year then ended. Management''s Responsibility for the Financial Statements The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (the Act) with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position and financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, 2013 read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the preparation of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, 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 standalone financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. 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 financial control relevant to the Company''s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company''s Directors, 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 on the standalone financial statements. Basis of Opinion Non Provision of Doubtful Loans & Advances amounting to Rs. 2272.22 lacs advanced to its subsidiary company. We further report that, had the observation made by us above been considered, the profit for the year would have been Rs. 217.28 lacs (as against the reported profit figures of Rs. 2489.50 lacs) and profit after considering accumulated loss of previous years would have been Rs. 33.33 lacs (as against reported figure of profit of Rs. 2305.55 Lacs) and the balance of amount due from subsidiary company would have been Rs. Nil (as against the reported figure of Rs. 2272.22 lacs). Qualified Opinion 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 Basis for Qualified Opinion Paragraph above and Notes to Accounts, the aforesaid standalone 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 the Balance Sheet, of the state of affairs of the Company as at 31st March, 2015, (b) in the case of the statement of Profit and Loss, of the profit 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 (Auditors Report) Order, 2015 (''the Order'') issued by the Central Government of India in terms of sub section (11) of section 143 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 3 & 4 of the Order. 2. As required by Section 143(3) of the Act, we report that: (a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit. (b) Except for the effects of the matter described in the Basis for Qualified Opinion paragraph above, 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, the Statement of Profit and Loss, and the Cash Flow Statement dealt with by this Report are in agreement with the books of account. (d) Except for the effects of the matter described in the Basis for Qualified Opinion paragraph above, our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014 (e) The matter described in the basis of qualified Opinion paragraph above, in our opinion, may have an adverse effect on the functioning of the company. (f) On the basis of the written representations received from the directors as on 31st March, 2015 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2015 from being appointed as a director in terms of Section 164 (2) of the Act. (g) In our opinion the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls are adequate. (h) The qualification relating to the maintenance of accounts and other matters connected therewith are as stated in the Basis for Qualified Opinion Paragraph above. (i) With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us: i. The Company has not disclosed the impact of pending litigations of Income Tax Act 1961 on its financial position in its financial statements. ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses. iii. There has been no delay in transferring amounts, required to be transferred, to the Investor''s Education and Protection Fund by the company. ANNEXURE TO THE AUDITORS REPORT 1. The company has maintained proper records showing full particulars, including quantitative details and situation 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. 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 granted interest free loans of Rs. 2272.22 lacs to the company listed in the register maintained under section 189 of the Companies Act 2013. But the said Loan advanced to subsidiary company amounting to Rs.2272.22 lacs is doubtful in recovery. 4. In our opinion and according to the information and explanations given to us, there are adequate internal control systems commensurate with the size of the Company and the nature of its business for the purchase of fixed assets and Sale of services. The nature of the Company''s activities is such that it does not involve purchase of inventories and sale of goods. During the course of our audit, we have not observed any major weaknesses in the internal control system of the Company and hence, the question of any continuing failure to correct the same does not arise. 5. During the year under audit, the company has not accepted any deposits from the public to which the provisions of Sections 73 to 76 or any other relevant provisions of the Companies Act, 2013 and the rules framed there under apply. 6. We have been informed that Central Government has not prescribed the maintenance of cost records under Section 148(1) of the Companies Act, 2013, in respect of any activities carried on by the company. 7. 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 31 st March 2015 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 234B waiver CCIT- I, Chennai petition filed by the 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 not be any demand on this issue only carried forward loss will be reduced. However the Carried forward loss will be useful for 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 c onsidered, Circle III (2) lacs 1961 rectification filed Name AY Nature Forum where Amount of the of the disputes Disputed Statute Dispute are pending Income 2007 - Department has ITAT Rs.55.45 tax Act, 08 filed appeal before lacs 1961 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- Rs.68.69 tax Act, 08 148 notice and the Appeal III lacs 1961 assessment got completed The same issue of STCG @30.99% instead of 15% assessment completed. Company had filed appeal before Commissioner Appeal - III Income 2009 - No demand,However penalty 1961 CIT Nil tax Act, 10 has been initiated for Appeal III addition u/s 14A As penalty initiated the company has filed Appeal before Commissioner Appeal III it is pending Income 2010 - Credit for Self ACIT Rs. tax Act, 11 Assessment Tax1961 of Company 13.28 Rs. 7.02 Lacshas not Circle lacs been given,rectification III (2) field Income 2011 - Intimation u/s ACIT tax Act, 12 143 (1) wrongly 1961 passed, Company Rs. Rectification filed and it Circle 830.20 is pending III (2) lacs 8. The company has accumulated loss of Rs. 183.95 lacs till the immediately preceding financial year but has earned profit of Rs. 2489.50 lacs during the current financial year under this report which writes off the accumulated loss of the company. 9. 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. 10. 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. 11. According to the information and explanations given to us, the company has not obtained any term loans during the year under review. 21. To the best of our knowledge and belief and according to the information and explanations given to us, fraud in the nature of misappropriation of uncleared demand draft of Rs. 61.20 lakhs by an official of the company, which was lying with his custody, has been noticed and 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 : 16-05-2015