Mar 31, 2014
Dear Members,
The Directors have pleasure in presenting the 22nd Annual Report
together with the Audited Accounts of the Company for the year ended
31st March 2014.
FINANCIAL HIGHLIGHTS (Rs. in lacs)
For the For the
Particulars Year ended Year ended
31.03.2014 31.03.2013
Net Sales/income from operation 17.27 16.92
TOTAL INCOME 17.27 16.92
TOTAL EXPENDITURE 15.40 26.44
Profit/ (Loss) before
depreciation & Financial Charges 1.87 (9.53)
Depreciation 0.04 0.04
Financial Charges 0.49 0.48
Profit Before Tax 1.33 (10.04)
Prior period items - -
Provision for tax 0.59 1.36
Deferred Tax 0.01 0.01
NET PROFIT / (LOSS) 0.74 (11.41)
Surplus Brought forward
from previous years - -
Transfer to Special Reserve @ 20% - -
Amount available for
appropriation - -
OPERATIONS:
During the financial year under review, your Company has achieved total
income of Rs. 17.27 lakhs as against the previous year income of Rs.
16.92 lakhs and recorded net profit of Rs. 0.74 lakhs for financial
year 2013-14 when compared to a net loss of Rs.11.41 lakhs during the
previous year.
The Company is hopeful that this fiscal the economy will witness upward
trend and good business and will experience a significant growth and
profitability this year. However things are restoring to normalcy and
the industry is recovering from the depression and your company would
do better in the years to come.
DIVIDEND:
Your Directors do not recommend any Dividend for the financial year
2013-2014 as the company has nominal profit from the business
operations.
FIXED DEPOSITS
The Company has neither accepted nor renewed any deposits falling
within the provisions of Section 73 and 76 of the Companies Act, 2013
read with the Companies (Acceptance of Deposits) Rules, 2014 from its
member and public during the Financial Year.
DIRECTORS
Smt Madhavi Musnuru, Directors of your Company retires by rotation at
the ensuing Annual General Meeting and being eligible, offers herself
for reappointment.
Pursuant to the provision of Section 149 and applicable provision of
the Companies Act, 2013 read with rules thereon all independent
directors of the company are seeking fresh appointment for 5
consecutive years commencing from ensuing Annual General Meeting.
DIRECTORS'' RESPONSIBILITY STATEMENT:
The Directors of your Company hereby report:
(i) that in the preparation of Annual Accounts for the Financial Year
ended 31st March, 2014, the applicable accounting standards have been
followed along with the proper explanation relating to material
departures, if any, there from;
(ii) that the Directors have 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 ended 31st
March, 2014 and of the profit and loss of the Company for that period;
(iii) that the Directors have 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;
(iv) that the Directors have prepared the annual accounts on a going
concern basis.
PARTICULARS OF EMPLOYEES:
Pursuant to Section 217(2A) of the Companies Act, 1956 read with
Companies (Particulars of Employees) Rules 2011, as amended, no
employee of your Company is in receipt of remuneration exceeding
Rs.5,00,000/- per month or Rs.60,00,000/- per annum during the
financial year.
AUDITORS:
Pursuant to the provisions of Section 139(2) of the Companies Act,
2013, the Statutory Auditor M/s. G.V.& Co, Chartered Accountant,
Hyderabad, as the Statutory Auditors of the Company to hold office from
conclusion of this Annual General Meeting for a period of 5 years in
accordance with the Act, subject to the ratification of shareholders at
every Annual General Meeting.. The Company is in receipt of
confirmation from the Statutory Auditor that in the event of his
re-appointment as Statutory Auditor at the ensuing Annual General
Meeting, such appointment will be in accordance with the limits
specified in Section 141 of the Companies Act, 2013.
The Notes on Financial Statements referred to in the Auditors'' Report
are self-explanatory and do not call for any further comments. There
are no qualifications in the report of the statutory auditors for the
year 2013-14.
INTERNAL AUDITOR:
The Board of Directors based on the recommendation of the Audit
Committee has re-appointed M/s. VNS Srinivas, Chartered Accountant,
Hyderabad, as the Internal Auditor of your Company. The Internal
Auditor are submitting their reports on quarterly basis.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO:
The Company is under the business of investment and financing so the
particulars of the Conservation of energy and Technology Absorption is
NOT APPLICABLE
Foreign Exchange Earnings and Out go : NIL
MANAGEMENT DISCUSSION & ANALYSIS
Pursuant to the provision of clause 49 of the listing agreement a
report on Management Discussion & Analysis is set out as an ANNEXURE--
A
COMPLIANCE CERTIFICATE
Your Company has obtained the necessary Compliance Certificate as
required in terms of Section 383A read with the Companies (Compliance
Certificate) Rules 2001 of the Companies Act, 1956 for the financial
year 2013-2014 from M/s P S Rao & Associates Practicing Company
Secretaries and the same is given in ANNEXURE--B
CORPORATE GOVERNANCE:
The Company has been making every endeavor to bring more transparency
in the conduct of business. As per the requirements of Listing
Agreement with the Stock Exchanges, a compliance report on corporate
Governance for the year 2013-2014 and a certificate from the Auditors
of the Company are furnished as a part of this Annual Report
LISTING FEE:
Your Company''s shares are presently listed on the BSE Limited, Delhi
Stock Exchange Association Limited and Madras Stock Exchange Limited.
The Company is regular in paying the listing fee to the Stock
Exchanges.
ACKNOWLEDGEMENTS:
Your Directors place on record their appreciation and gratitude for the
continuous support and assistance extended by all the Statutory
Authorities. The Board also extends its heartfelt gratitude to the
Creditors and Shareholders for the confidence reposed by them in the
Company. Your Directors also place on record their sincere appreciation
for the continued contributions made by the employees at all levels.
By order of the Board
For CITIPORT FINANCIAL SERVICES LIMITED
Sd/- Sd/-
Madhavi Musnuru Parthasarathi Prattipati
Director Director
Place: Hyderabad
Date: 14.08.2014
Mar 31, 2013
To The Members,
The Directors have pleasure in presenting the 21st Annual Report
together with the Audited Accounts of the Company for the year ended
31st March 2013.
FINANCIAL RESULTS:
(Rs In Lakhs)
For the For the
Year ended Year ended
31.03.2013 31.03.2012
Net Sales/income from operation 16.92 16.88
TOTAL INCOME 16.92 16.88
TOTAL EXPENDITURE 26.45 12.01
Proft/ (Loss) before depreciation
& Financial Charges (9.53) 4.87
Depreciation 0.04 0.04
Financial Charges 0.47 0.64
Proft Before Tax (10.04) 4.19
Prior period items
Provision for tax 1.36 1.47
Deferred Tax
NET PROFIT / (LOSS) (11.40) 2.72
Surplus Brought forward from previous years Transfer to Special Reserve
@ 20%
Amount available for appropriation
OPERATIONS:
During the fnancial year under review, your Company has achieved total
income of Rs. 16.92 lakhs as against the previous year income of Rs.
16.88 lakhs and recorded net loss of Rs. 11.40 lakhs for financial
year 2012-13 when compared to a net proft of Rs. 2.72 lakhs during the
previous year.
During the fnancial year under review due to the ongoing severe
recession that the economy is witnessing in almost all the industries
the company is able to achieve average revenues but has incurred loss
on investment due to which the Company has recorded nominal loss in the
current fnancial year
The Company is hopeful that this fiscal the economy will witness upward
trend and good business and will experience a signifcant growth and
profitability this year. However things are restoring to normalcy and
the industry is recovering from the depression and your company would
do better in the years to come.
DIVIDEND:
Your Directors do not recommend any Dividend for the fnancial year
2012-2013 as the company has incurred loss in the business operations.
FIXED DEPOSITS
The Company has neither accepted nor renewed any deposits falling
within the provisions of Section 58A of the Companies Act, 1956 read
with the Companies (Acceptance of Deposits) Rules, 1975 from the public
during the Financial Year.
DIRECTORS
Sri Ratan Kishan Musurnur and Sri Anil Kumar Talasila, Directors of
your Company retires by rotation at the ensuing Annual General Meeting
and being eligible, offers themselves for reappointment.
DIRECTORS'' RESPONSIBILITY STATEMENT:
The Directors of your Company hereby report:
(i) that in the preparation of Annual Accounts for the Financial Year
ended 31st March, 2013, the applicable accounting standards have been
followed along with the proper explanation relating to material
departures, if any, there from;
(ii) that the Directors have 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 ended 31st
March, 2013 and of the proft and loss of the Company for that period;
(iii) that the Directors have 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;
(iv) that the Directors have prepared the annual accounts on a going
concern basis.
PARTICULARS OF EMPLOYEES:
Pursuant to Section 217(2A) of the Companies Act, 1956 read with
Companies (Particulars of Employees) Rules 2011, as amended, no
employee of your Company is in receipt of remuneration exceeding
Rs.5,00,000/ - per month or Rs.60,00,000/- per annum during the
fnancial year.
AUDITORS:
M/ s. G. V. & Co, Chartered Accountant, Statutory Auditor of the
Company retire at the ensuing Annual General Meeting and the Company
has received a notice in writing from Mr. Grandhi Vittal Chartered
Accountant that in the event of appointment as Statutory Auditor at the
ensuing Annual General Meeting, such appointment will be in accordance
with the limits specifed in section 224(1B) of the Companies Act, 1956.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO:
The Company is under the business of investment and nancing so the
particulars of the Conservation of energy and Technology Absorption is
NA
Foreign Exchange Earnings and Out go: NIL
MANAGEMENT DISCUSSION & ANALYSIS
Pursuant to the provision of clause 49 of the listing agreement a
report on Management Discussion & Analysis is set out as an ANNEXURE--
A
COMPLIANCE CERTIFICATE
Your Company has obtained the necessary Compliance Certificate as
required in terms of Section 383A read with the Companies (Compliance
Certificate) Rules 2001 of the Companies Act, 1956 for the fnancial
year 2012- 2013 from M/s P S Rao & Associates Practicing Company
Secretaries and the same is given in
ANNEXURE--B
CORPORATE GOVERNANCE:
The Company has been making every endeavor to bring more transparency
in the conduct of business. As per the requirements of Listing
Agreement with the Stock Exchanges, a compliance report on corporate
Governance for the year 2012-2013 and a certifcate from the Auditors of
the Company are furnished as a part of this Annual Report ANNEXURE-C
LISTING FEE:
Your Company''s shares are presently listed on the BSE Limited, Delhi
Stock Exchange Association Limited and Madras Stock Exchange Limited.
The Company is regular in paying the listing fee to the Stock
Exchanges.
ACKNOWLEDGEMENTS:
Your Directors place on record their appreciation and gratitude for the
continuous support and assistance extended by all the Statutory
Authorities. The Board also extends its heartfelt gratitude to the
Creditors and Shareholders for the confdence reposed by them in the
Company. Your Directors also place on record their sincere
appreciation for the continued contributions made by the employees at
all levels.
By order of the Board
For CITIPORT FINANCIAL SERVICES LIMITED
Sd/- Sd/-
Date : 14-08-2013 MADHAVI MUSNURU PARTHASARATHI PRATTIPATI
Place: Hyderabad Director Director
Mar 31, 2010
The Directors have pleasure in presenting the 18th Annual Report
together with the Audited Accounts of the Company for the year ended
31st March 2010.
FINANCIAL RESULTS:
(Rs In Lakhs)
For the For the
Year ended Year ended
31.03.2010 31.03.2009
Net Sales/income from operation 16.32 12.01
TOTAL INCOME 16.32 12.01
TOTAL EXPENDITURE 18.58 5.94
Profit/ (Loss) before depredation
&Finanrial Charges -2.26 6.07
Depredation -0.21 0.56
Finandal Charges
Profit Before Tax -2.47 5.50
Prior period items
Provision for tax 1.55 1.84
Deferred Tax
NET PROFIT/(LOSS) -4,02 3.66
Surplus Brought forward from
previous years 18.03 15.47
Transfer to Sperial Reserve @ 20% - 1.10
Amount available for appropriation 14.01 18.03
DIVIDEND:
During the financial year under review Your Company has recorded a net
loss; hence your Directors do not recommend any dividend for the
Financial Year 2009-10.
FIXED DEPOSITS
The Company has neither accepted nor renewed any deposits falling
within the provisions of Section 58A of the Companies Act, 1956 read
with the Companies (Acceptance of Deposits) Rules, 1975 from the public
during the Financial Year.
DIRECTORS
Sri Parthasarathi Prathipatti and Sri Anil Kumar Talasila, Directors of
your Company retires by rotation at the ensuing Annual General Meeting
and being eligible, offers himself for reappointment.
DIRECTORSRESPONSIBILITY STATEMENT:
The Directors of your Company hereby report:
(i) that in the preparation of Annual Accounts for the Financial Year
ended 31st March, 2010, the applicable accounting standards have been
followed along with the proper explanation relating to material
departures, if any, there from;
(ii) that the Directors have 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 ended 31st
March, 2010 and of the profit and loss of the Company for that period;
(iii) that the Directors have 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;
(iv) that the Directors have prepared the annual accounts on a going
concern basis.
PARTICULARS OF EMPLOYEES:
MANAGEMENT DISCUSSION & ANALYSIS
There are no employees drawing remuneration exceeding the limits as
specified under the provisions of Section 217 (2A) of the Companies
Act, 1956, read with the Companies (Particulars of Employees) Rules,
1975.
AUDITORS:
M/s. Grandhi Vittal, Chartered Accountant, Statutory Auditor of the
Company retire at the ensuing Annual General Meeting and the company
has received a notice in writing from Mr. Grandhi Vittal Chartered
Accountant that in the event of appointment as Statutory Auditor at the
ensuing Annual General Meeting, such appointment will be in accordance
with the limits specified in section 224(1B) of the Companies Act,
1956.
In the 17th Annual General Meeting of the Members held on 19th
September, 2009, Company has received a notice under section 225 from a
member for the appointment of M/s Grandhi Vittal, Chartered Accountant
as Statutory Auditors of the Company in place of the retiring auditors
and necessary resolution was passed by the members for the appointment.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO:
The Company is under the business of investment and financing so the
particulars of the Conservation of energy and Technology Absorption is
NIL
Foreign Exchange Earnings and Out go: NIL
Pursuant to the provision of clause 49 of the listing agreement a
report on Management Discussion & Analysis is set out as an ANNEXURE- A
COMPLIANCE CERTIFICATE
Your Company has obtained the necessary Compliance Certificate as
required in terms of Section 383A read with the Companies (Compliance
Certificate) Rules 2001 of the Companies Act, 1956 for the financial
year 2009-2010 from M/s P S Rao & Associates Practicing Company
Secretary same is given in ANNEXURE--B
CORPORATE GOVERNANCE:
The Company has been making every endeavor to bring more transparency
in the conduct of business. As per the requirements of Listing
Agreement with the Stock Exchanges, a compliance report on corporate
Governance for the year 2009-2010 and a certificate from the Auditors
of the Company are furnished as a part of this Annual Report
LISTING FEE:
Your Companys shares are presently listed on the Bombay Stock Exchange
Limited, The Delhi Stock Exchange Association Limited and Madras Stock
Exchange Limited Company is regular in paying the listing fee to the
Stock Exchanges.
REGISTRAR AND SHARE TRANSFER AGENT
During the Financial Year under review the Company has changed the
Registrar and share transfer agent from M/s Skyline Financial Services
Private Limited New Delhi to M/s Bigshare Services Private Limited,
Hyderabad
SHIFTING OF REGISTERED OFFICE
As you are aware that the Company has passed necessary members
resolution through Postal Ballot for shifting of Registered office from
Chennai the State of Tamil Nadu to Hyderabad the state of Andhra
Pradesh and the Company has received the Final order from the Company
Law Board for Shifting of the registered office w.e.f 15.10.2009
ACKNOWLEDGEMENTS:
Your Directors place on record their appreciation and gratitude for the
continuous support and assistance extended by all the Statutory
Authorities. The Board also extends its heartfelt gratitude to the
Creditors and Shareholders for the confidence reposed by them in the
Company. Your Directors also place on record their sincere
appreciation for the continued contributions made by the employees at
all levels.
By order of the Board
For CITIPORT FINANCIAL SERVICES LIMITED
Sd/- Sd/-
Date : 11-08-2010 SURAJ THAMMINENNI PARTHASARATHI PRATTIPATI
Place: Hyderabad Director Director
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