Your Directors have pleasure in presenting the 24th Annual Report of theCompany for the financial year ended 31st March, 2010.
The performance of the Company for the financial year ended 31st March, 2010is summarized below:
| || ||(Rs.in Lakhs) |
|Particulars ||2009-10 ||2008-09 |
|Gross Revenue ||18.41 ||14.69 |
|Total Expenditure ||14.45 ||12.25 |
|Profit before financial charges, depreciation and taxation ||3.96 ||2.44 |
|Less: Financial Charges ||0.71 ||0 |
|Depreciation ||2.49 ||1.22 |
|Profit/fLoss) before tax (PBT) ||0.76 ||1.22 |
|Less: Provision for Current tax ||0.00 ||0.82 |
|Profit/(Loss) after tax ||0.76 ||0.41 |
|Add:- Balance brought forward from Previous year ||-37.58 ||-37.99 |
|Balance carried to Balance Sheet ||-36.82 ||-37.58 |
The Company has earned gross profit of Rs. 18.41 lakhs in the current year and made anet profit of Rs.0.76 lakhs during the year.
The Company has been continuously working to improve the performance to a greaterextent by following both organic and inorganic modes. In this regard the company seriouslycontemplating and on look out for acquisition of companies which are engaged inagri-related areas.
Your Company has not accepted any deposits falling within the meaning of Sec.58A of theCompanies Act, 1956 read with the Companies (Acceptance of Deposits) Rules, during thefinancial year under review.
The equity shares of your company are listed on Bombay Stock Exchange Ltd, Delhi StockExchange Ltd, Ahmedabad Stock Exchange Ltd and Ludhiana Stock Exchange Ltd.
Your directors pleased to mention that the Bombay Stock Exchange Ltd, has revoked thesuspension in trading of equity shares of the Company .
In accordance with the Companies Act, 1956 read with Articles of Association of thecompany the Director, Mr.T.Surya Prakasa Rao retires by rotation and do not seekreappointment.
During the year Mrs. Malisetty Anja Rajeswari and Mr. Kolluri Satyanandam were resignedas directors and Mr. Hemraj Baid was appointed as a Director
Further, Mr. Y.Kondal Reddy and Mr. D.V. Surendra Babu were appointed as additionalDirectors of the Company, w.e.f 12.07.2010 The company has received notice in writing frommembers of the company along with the requisite deposit under Section 257 read withsection 190 of the Companies Act, 1956 proposing the candidature of the above said personsfor the Office of Director, Hence your directors recommend the same for your approval.
DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to the provisions of Sec.217 (2AA) of the Companies Act, 1956 the Board ofDirectors of your Company hereby certifies and confirms that:
i. In the preparation of the Annual Accounts, the applicable accounting standards havebeen followed along with proper explanation relating to material departures;
ii. The Directors have selected such accounting policies and applied them consistentlyand made judgment and estimates that are reasonable and prudent so as to give a true andfair view of the state of affairs of the Company at the end of the financial year;
iii. The Directors have taken proper and sufficient care for the maintenance ofadequate accounting records in accordance with the provisions of the Companies Act, 1956for safeguarding the Assets of the Company and for preventing and detecting fraud andother irregularities;
iv. The Directors have prepared the Annual accounts on a going concern basis.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE EARNINGS AND OUTGO
The required information as per Sec.217 (1) (e) of the Companies Act 1956 is providedhereunder:
A. Conservation of Energy
Adequate measures have been taken to reduce energy consumption, wherever possible.Total energy consumption and energy consumption per unit of production is not applicableas company is not included in the industries specified in the schedule.
B. Technology Absorption
|1. Research and Development (R&D) ||: Nil |
|2. Technology absorption, adoption and innovation ||: Nil |
|C. Foreign Exchange Earnings and Out Go || |
|Foreign Exchange Earnings ||: Nil |
|Foreign Exchange Outgo ||: Nil |
PARTICULARS OF EMPLOYEES
As the Company is not having any employee during the year under review, the disclosuresrequired to be made under section 217 (2A) of the Companies Act, 1956 and the rules madethere under are not applicable.
CODE OF CONDUCT
The Code has been circulated to all the members of the Board and Senior Management andthe 'compliance of the same has been affirmed by them. A declaration signed by theDirector is given in Annexure.
M/s Venkata Srinivas & Associates., Chartered Accountants retire at the ensuingAnnual General Meeting and being-eligible have not opted for re-appointment. Yourdirectors propose the appointment of M/s M.M. Reddy & Co., Chartered Accountants, asstatutory auditors to hold office until the conclusion of the next Annual General Meetingof the company.
Compliance Certificate issued by Mr.K.V.Chalama Reddy,Practising Company Secretarypursuant to section 383A of the Companies Act, 1956 which forms part of the report isannexed herewith
Clause 49 of the Listing Agreement with Stock Exchanges is not applicable to ourcompany since the paid up capital is less than Rs. 3 Crores.
Your Directors would like to express their grateful appreciation for assistance andco-operation received from clients, banks, investors, Government, other statutoryauthorities and all others associated with the company. Your directors also wish to placeon record their deep sense of appreciation for the excellent contribution made by theemployees at all levels, which enabled the company to achieve sustained growth in theoperational performance during the year under review.
Declaration by Director of affirmation by Directors and senior Management personnel ofcompliance with the code of conduct
I, K. Ravi Kumar, Director & C.S of the Company, do hereby declare that theDirectors and senior management of the Company have exercised their authority and powersand discharged their duties and functions in accordance with the requirements of the codeof conduct as prescribed by the company and have adhered to the provisions of the same.
| ||For and on behalf of the |
| ||Board of Directors of |
| ||Century 21st Portfolio Limited |
|Place: Hyderabad ||K. Ravi Kumar |
|Date: 04.09.2010 ||Director & C.S. |
PERSONS CONSTITUTING GROUP AS DEFINED UNDER THE MONILOPLIES AND RESTRICTIVE TRADEPRACTICES ACT, 1969.
|1. K. Anasuya ||7.Nisha Baid |
|2. Hemraj Baid || |
|3. K. Ravi Kumar || |
|4. Y. Kondal Reddy || |
|5. D.V. Surendra Babu || |
|6. Harvy Stock Trade Pvt. Ltd. || |
The above statement has been published to avail the exemption under Regulation 3(1) (e)(ii) of Securities and Exchange Board of India (Substantial Acquisition of Shares andTakeovers) Regulations, 1997 as amended from time to time.