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CitiPort Financial Services Ltd.

BSE: 531235 Sector: Financials
NSE: N.A. ISIN Code: INE494D01011
BSE LIVE 12:59 | 13 Oct Stock Is Not Traded.
NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 5.70
52-Week high 8.17
52-Week low 5.70
P/E 190.00
Mkt Cap.(Rs cr) 1.77
Buy Price 5.70
Buy Qty 1220.00
Sell Price 0.00
Sell Qty 0.00
OPEN 5.70
CLOSE 6.00
52-Week high 8.17
52-Week low 5.70
P/E 190.00
Mkt Cap.(Rs cr) 1.77
Buy Price 5.70
Buy Qty 1220.00
Sell Price 0.00
Sell Qty 0.00

CitiPort Financial Services Ltd. (CITIPORTFIN) - Director Report

Company director report

Directors' Report


The Members

Your Directors have pleasure in presenting the 22nd Annual Report together with theAudited Accounts of the Company for the year ended 31st March 2014.

Particulars For the Year ended 31.03.2014 For the Year ended 31.03.2013
Net Sales/income from operation 17.27 16.92
TOTAL INCOME 17.27 16.92
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 -- --


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 profitof Rs. 0.74 lakhs for financial year 2013-14 when compared to a net loss of Rs.11.41 lakhsduring the previous year.

The Company is hopeful that this fiscal the economy will witness upward trend and goodbusiness and will experience a significant growth and profitability this year. Howeverthings are restoring to normalcy and the industry is recovering from the depression andyour company would do better in the years to come.


Your Directors do not recommend any Dividend for the financial year 2013-2014 as thecompany has nominal profit from the business operations.


The Company has neither accepted nor renewed any deposits falling within the provisionsof Section 73 and 76 of the Companies Act 2013 read with the Companies (Acceptance ofDeposits) Rules 2014 from its member and public during the Financial Year.


Smt Madhavi Musnuru Directors of your Company retires by rotation at the ensuingAnnual General Meeting and being eligible offers herself for reappointment.

Pursuant to the provision of Section 149 and applicable provision of the Companies Act2013 read with rules thereon all independent directors of the company are seeking freshappointment for 5 consecutive years commencing from ensuing Annual General Meeting.


The Directors of your Company hereby report:

(i) that in the preparation of Annual Accounts for the Financial Year ended 31st March2014 the applicable accounting standards have been followed along with the properexplanation relating to material departures if any there from;

(ii) that the Directors have selected such accounting policies and applied themconsistently and made judgments and estimates that are reasonable and prudent so as togive a true and fair view of the state of affairs of the Company at the end of theFinancial Year ended 31st March 2014 and of the profit and loss of the Company for thatperiod;

(iii) that the Directors have taken proper and sufficient care for the maintenance ofadequate accounting records in accordance with the provisions of this Act for safeguardingthe 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.


Pursuant to Section 217(2A) of the Companies Act 1956 read with Companies (Particularsof Employees) Rules 2011 as amended no employee of your Company is in receipt ofremuneration exceeding Rs.500000/- per month or Rs.6000000/- per annum during thefinancial year.


Pursuant to the provisions of Section 139(2) of the Companies Act 2013 the StatutoryAuditor M/s. G.V.& Co Chartered Accountant Hyderabad as the Statutory Auditors ofthe Company to hold office from conclusion of this Annual General Meeting for a period of5 years in accordance with the Act subject to the ratification of shareholders at everyAnnual General Meeting.. The Company is in receipt of confirmation from the StatutoryAuditor that in the event of his re-appointment as Statutory Auditor at the ensuing AnnualGeneral Meeting such appointment will be in accordance with the limits specified inSection 141 of the Companies Act 2013. The Notes on Financial Statements referred to inthe 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.


The Board of Directors based on the recommendation of the Audit Committee hasre-appointed M/s. VNS Srinivas Chartered Accountant Hyderabad as the Internal Auditorof your Company. The Internal Auditor are submitting their reports on quarterly basis.


The Company is under the business of investment and financing so the particulars of theConservation of energy and Technology Absorption is NOT APPLICABLE

Foreign Exchange Earnings and Out go:NIL


Pursuant to the provision of clause 49 of the listing agreement a report on ManagementDiscussion & Analysis is set out as an ANNEXURE-- A


Your Company has obtained the necessary Compliance Certificate as required in terms ofSection 383A read with the Companies (Compliance Certificate) Rules 2001 of the CompaniesAct 1956 for the financial year 2013-2014 from M/s P S Rao & Associates PracticingCompany Secretaries and the same is given in ANNEXURE--B


The Company has been making every endeavor to bring more transparency in the conduct ofbusiness. As per the requirements of Listing Agreement with the Stock Exchanges acompliance report on corporate Governance for the year 2013-2014 and a certificate fromthe Auditors of the Company are furnished as a part of this Annual Report ANNEXURE—C


Your Company’s shares are presently listed on the BSE Limited Delhi StockExchange Association Limited and Madras Stock Exchange Limited. The Company is regular inpaying the listing fee to the

Stock Exchanges.


Your Directors place on record their appreciation and gratitude for the continuoussupport and assistance extended by all the Statutory Authorities. The Board also extendsits heartfelt gratitude to the Creditors and Shareholders for the confidence reposed bythem in the Company. Your Directors also place on record their sincere appreciation forthe continued contributions made by the employees at all levels.

By order of the Board
Sd/- Sd/-
Madhavi Musnuru Parthasarathi Prattipati
Director Director
Place: Hyderabad
Date: 14.08.2014

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