Mar 31, 2014
We have audited the accompanying financial Statements of M/s CENTURY
21ST PORTFOLIO LIMITED which comprise the Balance Sheet as at 31st
March 2014, The statement of Profit & Loss Account and the cash flow
Statement for the year ended, and a summary of the significant
accounting policies and other explanatory information.
Managements Responsibility for the Financial Statements
The Companies 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 Sub-section (3C) of section 211
of the companies Act, 1956. 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 misstatements, whether
due to fraud or error.
Auditors Responsibility
We have audited the attached Balance Sheet of M/s CENTURY 21ST
PORTFOLIO LIMITED, Hyderabad as at 31st March 2014, the Profit & Loss
Account and also the Cash Flow statement for the year ended on that
date annexed thereto. These financial statements are the responsibility
of the company''s management. Our responsibility is to express an
opinion on these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. These standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatements. An audit includes
examining on test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management as well as evaluating the overall financial statement
presentation.
We believe that our audit evidence, we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
In our opinion and to the best of our information and according to the
explanations given to us the said accounts read with other notes to
accounts and accounting policies give the information required by the
Companies Act 1956, in the manner so required and give a true and fair
view:-
i) In the case of Balance Sheet of the state of the affairs of the
Company as at 31st March 2014 and
ii) In the case of Profit & Loss Account of the Profit of the Company
for the year ended on that date.
iii) In the Cash Flow statement of the Cash Flow for the year ended on
that date.
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditor''s Report) Order,2003 ("the
Order") issued by the Central Government in terms of Section 227(4A) of
the Act, we give in the Annexure a statement on the matters specified
in paragraphs 4 and 5 of the Order.
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, 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) In our opinion, the Balance Sheet, the Statement of Profit and
Loss, and the Cash Flow Statement 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 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 AUDITOR''S REPORT
[Referred to in paragraph 3 of Auditor''s Report of even date to the
members of CENTURY 21ST PORTFOLIO LIMITED on the financial statements
for the year ended March 31, 2014]
1. (a) The company is maintaining proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) According to the information and explanations given to us, fixed
assets were physically verified by the management during the year and
no material discrepancies were noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, a substantial part of fixed assets has not been disposed
of by the company during the year.
2. The Company does not have any inventories and accordingly the
provisions of clause 4 (ii) (a), (b) and (c) of the order are not
applicable to this Company.
3. The company has neither granted nor taken any loans secured or
unsecured to/from companies, firms or parties covered in the register
maintained under section 301 of the Act.
4. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the company and the nature of its business for the
purchase of fixed assets and for the sale of services. The activities
of the company do not involve purchase of inventory and sale of goods.
Further, on the basis of our examination of the books and records of
the company, and according to the information and explanations given to
us, we have neither come across nor have been informed of any
continuing failure to correct major weaknesses in the aforesaid
internal control system.
5. According to the information and explanations given to us, there
have been no contracts or arrangements referred to section 301 of the
Act during the year to be entered in the register required to be
maintained under that section. Accordingly, commenting on transactions
made in pursuance of such contracts or arrangements does not arise.
6. The company has not accepted any deposits from the public within the
meaning of Sections 58A and 58AA of the Act and the rules framed there
under.
7. The Company has an adequate internal audit system commensurate with
its size and nature of its business.
8. The maintenance of cost records is not applicable to this company.
9. (a) According to the information and explanations given to us and
the records of the company examined by us, the Company is regular in
depositing with appropriate authorities undisputed statutory dues
including income-tax, and other material statutory dues as applicable
with the appropriate authorities. According to the information and
explanations given to us and the records of the company examined by us,
excise duty and cess are not applicable to the company for the current
year.
(b) According to the information and explanations given to us and the
records of the company examined by us, there are no dues of income-tax,
sales-tax, wealth tax, service tax, customs duty which have not been
deposited on account of any dispute.
10. The Company has accumulated losses of Rs. 19.04 Lakhs as at 31st
March, 2014 which is not more than 100% of net worth of the company and
company not incurred cash losses during the financial year ended on
that date and no loss in the immediately preceding financial year.
11. In our opinion and according to the information and explanations
given to us, the company has not defaulted in the repayment of dues to
banks and to the financial institutions.
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 in the business of Nidhi/Mutual
Benefit Fund/Societies.
14. In our opinion, the company is not a dealer or trader in shares,
securities, debentures and other investments.
15. In our opinion and according to the information and explanations
given to us, the company has not given guarantee for loans taken by
others from banks or financial institutions during the year.
16. In our opinion and according to the information and explanation
given to us, the term loan has been applied on an overall basis, for
the purposes for which they are obtained.
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, we report that funds raised on short-term
basis have not been used for long-term investment.
18. The Company has not made any preferential allotment of shares
during the year
19. The Company has not issued any debentures during the year.
20. The company has not raised any money by public issues during the
year.
21. During the course of our examination of the books and records of
the company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanations given to us, we have neither come across any instance of
fraud on or by the company, noticed or reported during the year, nor
have we been informed of such case by the management.
For M M REDDY & CO.,
Chartered Accountants
Firm Registration No. 010371S
Sd/-
M. Madhusudhana Reddy
Place: Hyderabad Partner
Date : May 30th, 2014 Membership No. 213077
Mar 31, 2013
We have audited the attached Balance Sheet of CENTURY 21ST PORTFOLIO
LIMITED as at 31st March, 2013, the Profit and Loss Account and Cash
Flow Statement for the year ended on that date, annexed thereto. These
financial statements are the responsibility of the Company''s
management. Our responsibility is to express an opinion on these
financial statements based our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statements
presentation. We believe that our audit provides a reasonable basis for
our opinion.
1. As required by the Companies Auditors'' Report order (CARO) 2003 as
amended by the Companies (Auditors report) (Amendment) Order, 2004,
issued by the Central Government of India in terms of section 227 (4A)
of the Companies Act, 1956, We enclose in the annexure a statement on
the matters specified in paragraphs 4 and 5 of the said Order.
2. Further to our comments in the Annexure referred to above, 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 purpose of our
audit.
b) In our opinion, proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books.
c) The Balance Sheet, the Profit and Loss Account and the Cash Flow
Statement dealt with by this report are in agreement with the books of
account.
d) In our opinion, the Balance Sheet, the Profit and Loss account and
the Cash Flow Statement dealt with by this report comply with the
Accounting Standards referred to in Section 211(3C) of the Companies
Act, 1956.
e) On the basis of information and explanations given to us and
representations received from the Directors of the company as on 31st
March, 2013 and taken on record by the Board of Directors, We report
that none of the Directors are disqualified as on 31st March, 2013 from
being appointed as Director of the company under Section 274 (1) (g) of
the Companies Act, 1956.
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with the
notes thereto, give the information required by the Companies Act, 1956
in the manner so required and give a true and fair view in conformity
with the Accounting Principles generally accepted in India,
(i) in the case of Balance Sheet, of the state of affairs of the
Company as at 31st March, 2013
(ii) in the case of the Profit and Loss Account, the Profit of the
Company for the year ended on that date, and
(iii) in the case of Cash Flow Statement, of the cash flows for the
year ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) We are informed that during the year, these fixed assets have been
physically verified by the management at reasonable intervals and no
materials discrepancies were noticed.
(c) No part of fixed assets has been disposed off during the year.
2. The company has no inventories hence the requirement of inventories
physical verification, physical verification procedures and maintaining
inventory records do not apply to the company.
3. (a) The Company has not taken any loans secured or unsecured from
companies, firms or other parties covered in the register maintained
under Section 301 of the Companies Act, 1956.
(b) The Company has not granted loans to companies, firms or other
parties listed in the register maintained under section 301 of the
Companies Act, 1956 and the terms and conditions of the loans are
reasonable.
(c) The loan accounts to the companies, firms or other parities listed
in the register maintained under section 301 of the companies Act, 1956
are regular.
(d) There are no overdue amounts.
4. There are adequate internal control procedures commensurate with
the size of the company and nature of its business, for the purchase
and sale of assets.
5. In our opinion and according to the information and explanations
given to us the transactions that need to be entered in the register
maintained under section 301 of the companies Act, 1956 have been so
entered.
6. The company has not accepted deposits from the public.
7. The Company has internal audit system commensurate with its size
and nature of its business.
8. The company is not required to maintain cost records under Section
209(1)(d) of the Companies Act, 1956.
9. According to the records of the company and as per the information
and explanations given to us, the company is generally regular in
depositing with the appropriate authorities, the undisputed statutory
dues, Investor Education and Protection Fund, Income Tax, Sales Tax,
Customs Duty, Excise Duty, Cess and any other material statutory dues
as applicable to it.
10. According to the information and explanations given to us and the
records of the company examined by us, there are no dues of Income Tax,
Wealth
For and on behalf of the Board
CENTURY 21ST PORTFOLIO LIMITED
Sd/-
Place: Hyderabad K. Ravi Kumar
Date: 14.08.2013 Director
Mar 31, 2012
We have audited the attached Balance Sheet of CENTURY 21st PORTFOLIO
LIMITED as at 31st March, 2012, the Profit and Loss Account and Cash
Flow Statement for the year ended on that date, annexed thereto. These
financial statements are the responsibility of the Company''s
management. Our responsibility is to express an opinion on these
financial statements based our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statements
presentation. We believe that our audit provides a reasonable basis for
our opinion.
1. As required by the Companies Auditors'' Report order (CARO) 2003 as
amended by the Companies (Auditors report) (Amendment) Order, 2004,
issued by the Central Government of India in terms of section 227 (4A)
of the Companies Act, 1956, We enclose in the annexure a statement on
the matters specified in paragraphs 4 and 5 of the said Order.
2. Further to our comments in the Annexure referred to above, 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 purpose of our
audit.
b) In our opinion, proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books.
c) The Balance Sheet, the Profit and Loss Account and the Cash Flow
Statement dealt with by this report are in agreement with the books of
account.
d) In our opinion, the Balance Sheet, the Profit and Loss account and
the Cash Flow Statement dealt with by this report comply with the
Accounting Standards referred to in Section 211(3C) of the Companies
Act, 1956.
e) On the basis of information and explanations given to us and
representations received from the Directors of the company as on 31st
March, 2012 and taken on record by the Board of Directors, We report
that none of the Directors are disqualified as on 31st March, 2012 from
being appointed as Director of the company under Section 274 (1) (g) of
the Companies Act, 1956.
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with the
notes thereto, give the information required by the Companies Act, 1956
in the manner so required and give a true and fair view in conformity
with the Accounting Principles generally accepted in India.
(i) in the case of Balance Sheet, of the state of affairs of the
Company as at 31st March, 2012
(ii) in the case of the Profit and Loss Account, the Profit of the
Company for the year ended on that date, and
(iii) in the case of Cash Flow Statement, of the cash flows for the
year ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE
1) (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) We are informed that during the year, these fixed assets have been
physically verified by the management at reasonable intervals and no
materials discrepancies were noticed.
(c) No part of fixed assets has been disposed off during the year.
2) The company has no inventories hence the requirement of inventories
physical verification, physical verification procedures and maintaining
inventory records do not apply to the company.
3) (a) The Company has not taken any loans secured or unsecured from
companies, firms or other parties covered in the register maintained
under Section 301 of the Companies Act, 1956.
(b) The Company has not granted loans to companies, firms or other
parties listed in the register maintained under section 301 of the
Companies Act, 1956 and the terms and conditions of the loans are
reasonable.
(c) The loan accounts to the companies, firms or other parities listed
in the register maintained under section 301 of the companies Act, 1956
are regular.
(d) There are no overdue amounts.
4) There are adequate internal control procedures commensurate with the
size of the company and nature of its business, for the purchase and
sale of assets.
5) In our opinion and according to the information and explanations
given to us the transactions that need to be entered in the register
maintained under section 301 of the companies Act, 1956 have been so
entered.
6) The company has not accepted deposits from the public.
7) The Company has internal audit system commensurate with its size and
nature of its business.
8) The company is not required to maintain cost records under Section
209(1)(d) of the Companies Act, 1956.
9) (a) According to the records of the company and as per the
information and explanations given to us, the company is generally
regular in depositing with the appropriate authorities, the undisputed
statutory dues, Investor Education and Protection Fund, Income Tax,
Sales Tax, Customs Duty, Excise Duty, Cess and any other material
statutory dues as applicable to it.
(b) According to the information and explanations given to us and the
records of the company examined by us, there are no dues of Income Tax,
Wealth Tax, Customs Duty, Excise Duty which have not been deposited on
account of any dispute.
10) The Company has accumulated losses of Rs.18.83 Lakhs as at 31st
March, 2012 which is not more than 100% of net worth of the company and
company not incurred any losses during the financial year ended on that
date and incurred cash loss of Rs. 4.21 lakhs in the immediately
preceding financial year.
11) In our opinion and according to the information and explanations
given to us, the company does not have any dues to financial
institutions and banks. The Company has not issued any debentures.
12) During the year, the Company has not granted any loans or advances
on the basis of security by way of pledge of shares, debentures and
other securities.
13) In our opinion and according to the information and explanations
given to us, the provisions of any special statute applicable to chit
fund / nidhi / mutual benefit fund / societies are not applicable to
the company.
14) The Company has not dealt or traded in shares, securities,
debentures or other investments during the year.
15) The Company has not given any guarantees for loan taken by others
from bank or financial institutions during the year.
16) In our opinion and according to the information and explanation
given to us, the company has not availed any term loans from the Banks
or Financial Intuitions.
17) According to the information and explanations given to us, the
company has not applied short term borrowings for long term use and
vice versa.
18) The Company has not made any preferential allotment of shares
during the year.
19) The Company has not issued any debentures and hence creation of
necessary securities does not arise.
20) The Company has not raised any money by public issue during the
year.
21) As per the information and explanations given to us and on the
basis of examination of records, no material fraud on or by the Company
was noticed or reported during the year.
For M M REDDY & Co.,
Chartered Accountants
Firm Reg. No. 010371S
Sd/-
Place: Hyderabad M. Madhusudhana Reddy
Date:14.08.2012 Partner
Membership No. 213077
Mar 31, 2011
We have audited the attached Balance Sheet of CENTURY 21ST PORTFOLIO
LIMITED as at 31st March, 2011, the Profit and Loss Account and Cash
Flow Statement for the year ended on that date, annexed thereto. These
financial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on these
financial statements based our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statements
presentation. We believe that our audit provides a reasonable basis for
our opinion.
1. As required by the Companies Auditors' Report order (CARO) 2003
as amended by the Companies (Auditors report) (Amendment) Order, 2004,
issued by the Central Government of India in terms of section 227 (4A)
of the Companies Act, 1956, We enclose in the annexure a statement on
the matters specified in paragraphs 4 and 5 of the said Order.
2. Further to our comments in the Annexure referred to above, 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 purpose of our
audit.
b) In our opinion, proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books.
c) The Balance Sheet, the Profit and Loss Account and the Cash Flow
Statement dealt with by this report are in agreement with the books of
account.
d) In our opinion, the Balance Sheet, the Profit and Loss account and
the Cash Flow Statement dealt with by this report comply with the
Accounting Standards referred to in Section 211(3C) of the Companies
Act, 1956.
e) On the basis of information and explanations given to us and
representations received from the Directors of the company as on 31st
March, 2011 and taken on record by the Board of Directors, We report
that none of the Directors are disqualified as on 31st March, 2011 from
being appointed as Director of the company under Section 274 (1) (g) of
the Companies Act, 1956.
f) In our opinion and to the best of our information and according to
the explanations given to us, they said accounts read together with the
notes thereto, give the information required by the Companies Act, 1956
in the manner so required and give a true and fair view in conformity
with the Accounting Principles generally accepted in India.
(i) in the case of Balance Sheet, of the state of affairs of the
Company as at 31st March, 2011
(ii) in the case of the Profit and Loss Account, of the Loss of the
Company for the year ended on that date, and
(iii) in the case of Cash Flow Statement, of the cash flows for the
year ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE
1) (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) We are informed that during the year, these fixed assets have been
physically verified by the management at reasonable intervals and no
materials discrepancies were noticed.
(c) No part of fixed assets has been disposed off during the year.
2) The company has no inventories hence the requirement of inventories
physical verification, physical verification procedures and maintaining
inventory records do not apply to the company.
3) (a) The Company has not taken any loans secured or unsecured from
companies, firms or other parties covered in the register maintained
under Section 301 of the Companies Act, 1956.
(b) The Company has not granted loans to companies, firms or other
parties listed in the register maintained under section 301 of the
Companies Act, 1956 and the terms and conditions of the loans are
reasonable.
(c) The loan accounts to the companies, firms or other parities listed
in the register maintained under section 301 of the companies Act, 1956
are regular.
(d) There are no overdue amounts.
4) There are adequate internal control procedures commensurate with the
size of the company and nature of its business, for the purchase and
sale of assets.
5) In our opinion and according to the information and explanations
given to us the transactions that need to be entered in the register
maintained under section 301 of the companies Act, 1956 have been so
entered.
6) The company has not accepted deposits from the public.
7) The Company has internal audit system commensurate with its size and
nature of its business.
8) The company is not required to maintain cost records under Section
209(1)(d) of the Companies Act, 1956.
9) (a) According to the records of the company and as per the
information and explanations given to us, the company is generally
regular in depositing with the appropriate authorities, the undisputed
statutory dues, Investor Education and Protection Fund, Income Tax,
Sales Tax, Customs Duty, Excise Duty, Cess and any other material
statutory dues as applicable to it.
(b) According to the information and explanations given to us and the
records of the company examined by us, there are no dues of Income Tax,
Wealth Tax, Customs Duty, Excise Duty which have not been deposited on
account of any dispute.
10) The Company has accumulated losses of Rs.42.85 Lakhs as at 31st
March, 2011 which is not more than 100% of net worth of the company and
incurred cash losses during the financial year ended on that date and
no loss in the immediately preceding financial year.
11) In our opinion and according to the information and explanations
given to us, the company does not have any dues to financial
institutions and banks. The Company has not issued any debentures.
12) During the year, the Company has not granted any loans or advances
on the basis of security by way of pledge of shares, debentures and
other securities.
13) In our opinion and according to the information and explanations
given to us, the provisions of any special statute applicable to chit
fund / nidhi / mutual benefit fund / societies are not applicable to
the company.
14) The Company has not dealt or traded in shares, securities,
debentures or other investments during the year.
15) The Company has not given any guarantees for loan taken by others
from bank or financial institutions during the year.
16) In our opinion and according to the information and explanation
given to us, the company has not availed any term loans from the Banks
or Financial Intuitions.
17) According to the information and explanations given to us, the
company has not applied short term borrowings for long term use and
vice versa.
18) The Company has not made any preferential allotment of shares
during the year.
19) The Company has not issued any debentures and hence creation of
necessary securities does not arise.
20) The Company has not raised any money by public issue during the
year.
21) As per the information and explanations given to us and on the
basis of examination of records, no material fraud on or by the Company
was noticed or reported during the year.
For M M REDDY & Co.,
Chartered Accountants
Place: Hyderabad Firm Reg.No.010371S
Date: 02.09.2011
M. Madhusudhana Reddy
Partner
Membership No.213077
Mar 31, 2010
1. We have audited the attached balance sheet of Century 21st Portfolio
Limited as at 31st March, 2010 and also the Profit and Loss Account and
also the Cash Flow Statement for the year ended on that date, annexed
thereto. These financial statements are the responsibility of the
companys management. Our responsibility is to express an opinion on
these financial statements based on our audit.
12. We conducted our audit in accordance with the auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. We report that:
a. As required by the Companies (Auditors Report) Order, 2003, issued
by the Government Of India in terms of sub - section 4A of Section 227
of The Companies act 1956, we enclose in the Annexure a Statement on
the matters specified in paragraphs 4 and 5 of the said order.
b. Further to the above our comments are as under :
1. Reference is invited to Note Number b(8) under Schedule Number I
regarding confirmation of balances.
Further to our comments in the Annexure referred to in paragraph (3)
and (4) above, we report that:
c. we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
d. in our opinion, proper books of accounts as required by law have
been kept by the company so far as appears from our examination of
those books.
e. the balance sheet, profit and loss account and the cash flow
statement dealt with by this report are in agreement with the books of
account.
f. In our opinion, the balance sheet, profit and loss account and cash
flow statement dealt with by this report comply with the accounting
standards referred to in sub-section (3C) of Section 211 of the
Companies act, 1956, in so far as they are applicable to the company.
g. On the basis of the written representations received from the
directors as on 31st March 2010 and taken on record by the Board Of
Directors we report that none of the directors are disqualified as on
31st March 2010 from being appointed as a Director in terms of clause
(g) of sub section (1) of Section 274 of the Companies Act 1956.
h. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts in conjunction with the
Schedules annexed therewith, give the information required by the
Companies Act 1956, in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India :
i. in the case of balance sheet, of the state of affairs of the
company as at 31st March 2010.
ii. in the case of the profit and loss account of the profit for the
year ended on that date.
iii. in the case of cash flow statement of the cash flows for the year
ended on that date.
ANNEXURE TO THE AUDITORS REPORT ( Century 21st Portfolio Limited )
[Referred to in paragraph 3(a) thereof]
1. (a) The company is maintaining proper records showing full
particulars, including quantitative details and situation of the fixed
assets.
(b) As explained to us, the management has physically verified the
fixed assets during the year and there is a regular programme of
verification which, in our opinion is reasonable having regard to the
size of the company and the nature of the assets. No material
discrepancies were noticed.
(c) The company has not disposed off a substantial part of its Fixed
assets during the year.
2. The company is engaged in the business of trading in equities and
commodities. According to the information and explanations given to us
by the management the company does not hold any inventory and hence in
our opinion paragraph (ii) of the Order is not applicable.
3. (a) The company has not granted any loans, secured or unsecured to
companies, firms or other parties listed in the register maintained
under section 301 of the Companies act 1956.
(b) The company has not taken any loans, secured or unsecured, from
companies, firms or other parties listed in the register maintained
under section 301 of the Companies act 1956.
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 for the sale of services.
5. In our opinion and according to the information and explanations
given to us there are no contracts or arrangements that need to be
entered into the register maintained under section 301 of the Companies
Act, 1956.
6. In our opinion and according to the information and explanations
given to us, the company has not accepted deposits from public.
7. The company is not having internal audit system.
8. To the best of our knowledge and belief the Central Government has
not prescribed the maintenance of cost records under section 209 (l)(d)
of the Companies act 1956.
9. (a) According to the information and explanations given to us the
particulars of undisputed statutory dues of income tax were in arrears
as at 31st March 2010 for a period of more than six months from the
date they became payable and which have not been deposited are Rs.
10,000/- towards penalty for the period 2002 - 2003.
(b) The company does not have any disputed dues of sales tax/ income
tax/ customs/wealth tax/ excise duty/cess etc which have not been
deposited
10. The company has accumulated losses to the tune of Rs.3,735,778/-
as at the end of the financial year. The company has not incurred any
cash losses during the financial year and the immediately preceding
financial year.
11. According to the information and explanations given to us the
company has no dues to any financial institution, bank or to debenture
holders during the year.
12. According to the information and explanations given to us the
company has not granted any loans or advances on the basis of
securities by way of pledge of shares, debentures and other securities.
13. The company is not a chit fund or a nidhi / mutual benefit fund/
society and therefore the provisions of any special statute under
paragraph (xiii) of the Order are not applicable to the company.
14. In our opinion and according to the information and explanations
given to us the company is dealing or trading in shares and commodities
and is maintaining proper records of the transactions and the timely
entries are made therein.
15. According to the information and explanations given to us the
company has not given any guarantee for loans taken by others from
banks or financial institutions.
16. According to the information and explanations given to us the
company has not raised any term loans.
17. Based on information and explanations given to us and on an
overall examination of the balance sheet of the company in our opinion
there are no funds raised on a short term basis which have been used
for long term investment.
18. The company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Companies Act 1956 during the year.
19. According to the information and explanations given to us the
company has not issued any debentures during the year under
consideration.
20. According to the information and explanations given to us the
company has not raised any money by public issues during the year.
21. According to the information and explanations given to us, during
the year no material fraud on or by the company has been noticed or
reported.
For Venkata Srinivas & Associates,
Chartered Accountants,
FirmRegn.No.: 00744IS
CVM Srinivas
Proprietor.
Membership No. 202765