Notes to Accounts of Twentyfirst Century Management Services Ltd.

Mar 31, 2025

k. Provisions & Contingent Liabilities

Provision is recognized when there is a present obligation as a result of past event that probably
requires an outflow of resources and a reliable estimate can be made of the amount of the
obligation. Disclosure for contingent liability is made when there is a possible obligation or
present obligation that may, but probably will not require an outflow of resources. No provision
is recognized or disclosure for contingent liability is made when there is a possible obligation
or a present obligation and the likelihood of outflow of resources is remote.

l. Impairment of Non-financial Assets

An impairment loss is recognised in the Statement of Profit and Loss to the extent, asset’s
carrying amount exceeds its recoverable amount. The recoverable amount is higher of an
asset’s fair value less cost of disposal and value in use. Value in use is based on the estimated
future cash flows, discounted to their present value using pre-tax discount rate that reflects
current market assessments of the time value of money and risk specific to the assets.

m. Cash and Cash Equivalents

Cash and Cash equivalents for the purpose of Cash Flow Statement comprise cash and
cheques in hand, bank balances, demand deposits with banks where the original maturity is
three months or less and other short term highly liquid investments.

n. Cash flow statement

Cash flows are reported using the indirect method, whereby profit / (loss) before extraordinary
items and tax is adjusted for the effects of transactions of non-cash nature and any deferrals or
accruals of past or future cash receipts or payments. The cash flows from operating, investing
and financing activities of the Company are segregated based on the available information.

o. Trade & Other Payables

These amounts represent liabilities for services received by the company prior to the end of
financial year which are unpaid. The amounts are unsecured and are usually paid within 90 days
of recognition. Trade and other payables are presented as current liabilities unless payment is
not due within 12 months after the reporting period. They are recognised initially at their fair value
and subsequently measured at amortised cost using the effective interest method.

p. Segment reporting

The Company operates in only one segment i.e., Capital Market operations, hence segment
reporting in accordance with Indian Accounting Standard-108 is not applicable.

c. Deferred taxes are recognized when there is timing difference between taxable income and
accounting income for a period that originate in one period and are capable of reversal in one
or subsequent periods.

As per the management there is no reasonable certainty that sufficient future taxable income
will be available against which deferred tax assets can be realized hence no deferred tax
assets has been recognized in the books on unabsorbed losses as per Income Tax Act, 1961.

g. The Company has not provided for contingent liabilities in respect of following disputed tax
Liability:

1. Income Tax liabilities in respect of AY 1996-97 of ''104.96 Lakhs for which appeal is
pending before the ACIT Assessing Officer.

2. Income Tax Liabilities in respect of AY2014-15 of ''259.71 lakhs for which appeals is
pending before the ITO Corporate ward 3(4) Chennai.

3. Income Tax Liabilities in respect of AY2015-16 of ''22.74 lakhs for which appeals is
pending before the ACIT (Appeals)

4. Income Tax Liabilities in respect of AY2018-19 of ''66.46 lakhs for which appeals is
pending before the CPC

It is not practicable to estimate the timing of cash outflows in respect of this matter.
However, the company has been advised that it has fair chance of winning the appeals.

h. The Company had made contingency provision of '' 75 lacs in the financial year 2014-15 towards
estimated settlement cost of ''75 lacs payable to Gujarat Industrial Investment Corporation for
pending legal cases in the High Court of Chennai. According to the management estimates,
sufficient provision has been made on review and does not require any additional provision for
the contingency.

Mr. Sundar Iyer, Promoter of Twenty first Century Management Services Limited has given
18,05,000 equity shares of the said company as collateral security for Bills Discounting Limit of
''75 Lacs. Honorable High Court, Chennai vide its order has stayed creating any encumbrance
on the said shares which are under dispute vide case no -Civil Suit No -749/2019. These
shares are lying in the demat account of Mr. Sundar Iyer.

i. During the year, the management has decided to write off loan of '' 22.13 lakhs which was
under dispute and is considered irrecoverable.

j. The Management is not able to receive bank statement for the following bank accounts as
the accounts have become dormant. Accordingly, the balances have been considered as per
previous year.

m. During the year the Company has filed for settlement of cases where the company was in
appeal under the Direct Tax Vivad se Vishwas Scheme, 2024 and has deposited '' 249.38
lacs, '' 21.06 lacs and '' 5.54 lacs for AY 2007-08, AY 2009-10 and AY 2010-11 respectively.
Further an amount of '' 13.25 lacs was deposited towards an income tax demand for AY 2011¬
12. These have been recorded in the Statement of Profit and Loss as short provision for tax of
earlier years.

n. Share certificates representing the holding of 10,000 shares in Rishiroop Limited have been
lost. The Company is following up with the Registrar and Transfer Agents for duplicate share
certificates.

o. In the Opinion of the Management, the current Assets and Loans and Advances as shown in
the books are expected to realize at their Book Values in the normal course of business and
adequate provision have been made in respect of all known liabilities.

p. Figures of the previous year have been regrouped/ rearranged wherever necessary to
correspond with the figures of the current year. Amounts and other disclosures for the preceding
period are included as an integral part of the current year financial statements and are to be
read in relation to the amounts and other disclosures relating to the current year.

The financial statements are presented in Indian Rupees (INR) which is also the Company’s
functional currency. All amounts have been rounded off to lakhs up to two decimal places,
unless otherwise indicated.

q. Pursuant to criteria specified in section 135 of the Act read with Companies (Corporate Social
Responsibility Policy) Rules, 2014, CSR provisions are applicable to the Company for FY
2024-25.

The Company has constituted a Corporate Social Responsibility (CSR) committee which have
recommended to the Board a Corporate Social Responsibility Policy (CSR Policy) indicating
the activities to be undertaken by the Company. The Corporate Social Responsibility policy
has been devised in accordance with Section 135 of the Companies Act, 2013. The brief

r. MCA notification dated 24th March 2021 for amendments to Schedule iii disclosures which are

applicable:

i. Title deeds of Immovable Property not held in name of the Company - Not applicable as
there are no immovable properties other than lease hold properties

ii. Revaluation of Property, plant & equipment by registered valuer - Not applicable since
no revaluation of property, plant & equipment has been performed by company during
the financial period.

iii. Details of Benami Property and its proceedings- Not applicable as there are no proceedings
which have been initiated or pending against the company for holding any benami property
under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and the rules made
thereunder.

iv. Willful Defaulter - Not applicable as the Company has no loans from Banks or Financial
Institution and the Company has not been classified as a willful defaulter

v. Relationship with Struck off Companies - Not applicable as there no transactions with
Stuck off Companies

vi. Compliance with number of layers of companies - Not Applicable as the Company has
complied with the number of layers prescribed under clause (87) of section 2 of the Act
read with Companies (Restriction on number of Layers) Rules, 2017.

vii. Compliance with approved Scheme(s) of Arrangements - Not Applicable as the Company
no Scheme of Arrangements that has been approved by the Competent Authority in terms
of sections 230 to 237 of the Companies Act, 2013

However, all the loans have been repaid and there are no dues with these banks / creditors as
on 31st March 2025. Company has filed relevant forms with Registrar of Companies, Chennai
towards satisfaction of charges. We have taken up the matter with Registrar of Companies,
Chennai to clear the charges in their records.

OTHER STATUTORY INFORMATION

i. As per section 248 of the Companies Act, 2013, there are no balances outstanding with
struck off companies.

ii. The Company do not have any Capital-work-in progress or intangible assets under
development, whose completion is overdue or has exceeded its cost compared to its
original plan.

iii. The Company have not advanced or loaned or invested funds to any other person(s)
or entity(ies), including foreign entities (Intermediaries) with the understanding that the
Intermediary shall:

(a) Directly or indirectly lend or invest in other persons or entities identified in any manner
whatsoever by or on behalf of the company (Ultimate Beneficiaries) or

(b) Provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

iv. The Company have not received any fund from any person(s) or entity(ies), including
foreign entities (Funding Party) with the understanding (whether recorded in writing or
otherwise) that the Company shall:

(a) Directly or indirectly lend or invest in other persons or entities identified in any manner
whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or

(b) Provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries

v. The Company do not have any such transaction which is not recorded in the books of
accounts that has been surrendered or disclosed as income during the year in the tax
assessments under the Income-tax Act,1961.

As per our report of even date

For Shankar & Kishor For and on behalf of the Board

Chartered Accountants
Firm Registration No. 112451W

Shankar B Shetty Sundar Iyer Karthik Sundar Iyer

Partner Director Managing Director

M. No.038139 DIN:00481975 DIN:08853430

Place: Mumbai AVM Sundaram Bhaskar Shetty

Date: 29^th May 2025 Company Secretary CFO

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Mar 31, 2024

Deferred taxes are recognized when there is Timing difference between taxable income and accounting income for a period that originate in one period and are capable of reversal in one or subsequent periods.

As per the management there is no reasonable certainty that sufficient future taxable income will be available against which deferred tax assets can be realized hence no deferred tax assets has been recognized in the books for Unabsorbed Losses Carry Forwarded as per Income Tax Act 1961.

g. The Company has not provided Contingent liabilities in respect of Following Disputed Tax Liability:

1. Income Tax liabilities in respect of AY 1996-97 of Rs.104.96 Lakhs for which appeal is pending before the ACIT Assessing Officer.

2. Income Tax liabilities in respect of AY 2006-07 of Rs.1.33 Lakhs for which appeal is pending before the ACIT Assessing Officer.

3. Income Tax liabilities in respect of AY 2007-08 of Rs.55.45 Lakhs for which appeal is pending before the ITAT.

4. Income Tax liabilities in respect of AY 2007-08 of Rs.68.69 Lakhs for which appeal is pending before the CIT(Appeals), Chennai.

5. Income Tax Liabilities in respect of AY2010-11 of Rs.22.16 lakhs for which appeals is pending before the ACIT Central Circle -12.

6. Income Tax Liabilities in respect of AY2011-12 of Rs.13.71 lakhs for which appeals is pending before the ACIT Assessing Officer.

7. Income Tax Liabilities in respect of AY2014-15 of Rs.259.71 lakhs for which appeals is pending before the ITO Corporate ward 3(4) Chennai.

8. Income Tax Liabilities in respect of AY2015-16 of Rs.22.74 lakhs for which appeals is pending before the ACIT (Appeals)

It is not practicable to estimate the timing of cash outflows in respect of this matter. However, the company has been advised that it has fair chance of winning the appeals.

h. The Company had made contingency provision in F.Y. 2014-15 of Rs. 75 lacs towards estimated settlement cost of Rs.75 lacs payable to Gujarat Industrial Investment Corporation for pending legal cases in the High Court of Chennai. According to the Management estimates sufficient provision has been made for on review and does not require any additional provision for the contingency.

Mr. Sundar Iyer, Promoter of Twenty first Century Management Services Limited have given 18,05,000 equity shares of the said company as collateral security for Bills Discounting Limit of Rs.75 Lacs. Honorable High Court, Chennai vide its order has stayed creating any encumbrance on the said shares which are under dispute vide case no -Civil Suit No -749/2019. These shares are lying in the demat account of Mr. Sundar Iyer.

i. The Company had an investment of 3100 Equity Shares (in physical form) of AVANTEL LIMITED 20 years back and same was untraceable and subsequently written off in the books of account since its market value was insignificant at that time. Subsequently AVANTEL LIMITED has declared bonus shares in the ratio of 3 shares for one share held and also Rs. 10 paid up shares was split into 5 shares of 2 each. As a result, post-split we have received 62000 physical shares from the company. During November 2023, we sent these physical shares for demat. We have recognized the same in the accounts as per fair market value as on 31-03-2024 and corresponding addition to OCI and in the event of sale of the same in future date, entire sale proceeds will be offered as capital gain with applicable tax. Further, bonus entitlement not yet credited to the demat account for pending KYC details and will be recognized in the next financial after due compliance.

The Company had 1000 Equity Shares of M/s. Sarda Energy Limited, which was also written of in the books of account on the same line. Subsequently Rs. 10 paid up shares was split in to

10 shares of 1 each and as a result, post-split we have received 10000 physical shares. During November 2023, we sent these physical shares for demat. We have recognized the same in the accounts as per fair market value as on 31-03-2024 and corresponding addition to OCI and in the event of sale of the same in future date, entire sale proceeds will be offered as capital gain with applicable tax.

j. The Management is not able to receive the Bank Statement for the following accounts as the accounts have become dormant accordingly balances have been taken as per last year:

l. Under the Micro, Small and Medium Enterprises Development Act, 2006 which came into force from October, 2 2006, certain disclosure is required to be made relating to Micro, Small & Medium Enterprises. There have been no reported cases of delays in payments to Micro and Small Enterprises or of interest payments due to delays in such payments.

m. In the Opinion of the Management, the current Assets and Loans and Advances as shown in the books are expected to realize at their Book Values in the normal course of business and adequate provision have been made in respect of all known liabilities.

n. Figures of the previous year have been regrouped/ rearranged wherever necessary to correspond with the figures of the current year. Amounts and other disclosures for the preceding period are included as an integral part of the current year financial statements and are to be read in relation to the amounts and other disclosures relating to the current year.

The financial statements are presented in Indian Rupees (INR) which is also the Company’s functional currency. All amounts have been rounded off to lakhs up to two decimal places, unless otherwise indicated.

o. Pursuant to criteria specified in section 135 of the Act read with Companies (Corporate Social Responsibility Policy) Rules, 2014, CSR provisions are applicable to the Company for FY 2023-24.

The Company has constituted a Corporate Social Responsibility (CSR) committee which have recommended to the Board a Corporate Social Responsibility Policy (CSR Policy) indicating the activities to be undertaken by the Company. The Corporate Social Responsibility policy has been devised in accordance with Section 135 of the Companies Act, 2013. The brief outline of the corporate social responsibility (CSR) policy of the Company is set out in the format prescribed in the Companies (Corporate Social Responsibility Policy) Rules, 2014.

p. MCA notification dated 24th March 2021 for amendments to Schedule iii disclosures which are

applicable:

i. Title deeds of Immovable Property not held in name of the Company - Not applicable as there are no immovable properties other than lease hold properties

ii. Revaluation of Property, plant & equipment by registered valuer - Not applicable since no revaluation of property, plant & equipment has been performed by company during the financial period.

iii. Details of Benami Property and its proceedings- Not applicable as there are no proceedings which have been initiated or pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and the rules made thereunder.

iv. Willful Defaulter - Not applicable as the Company has no loans from Banks or Financial Institution and the Company has not been classified as a willful defaulter

v. Relationship with Struck off Companies - Not applicable as there no transactions with Stuck off Companies

vi. Compliance with number of layers of companies - Not Applicable as the Company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with Companies (Restriction on number of Layers) Rules, 2017.

vii. Compliance with approved Scheme(s) of Arrangements - Not Applicable as the Company no Scheme of Arrangements that has been approved by the Competent Authority in terms of sections 230 to 237 of the Companies Act, 2013

viii. Details of Crypto Currency or Virtual Currency - Not Applicable as the Company has not traded or invested in Crypto currency or Virtual Currency during the financial year

ix. Registration of charges or satisfaction with Registrar of Companies - Following are the charges which are still appearing in the records of Ministry of Corporate Affairs:

However, all the loans have been repaid and there are no dues with these banks / creditors as on 31st March 2024. Company has filed relevant forms with Registrar of Companies, Chennai towards satisfaction of charges. We have taken up the matter with Registrar of Companies, Chennai to clear the charges in their records.

OTHER STATUTORY INFORMATION

i. As per section 248 of the Companies Act, 2013, there are no balances outstanding with struck off companies.

ii. The Company do not have any Capital-work-in progress or intangible assets under development, whose completion is overdue or has exceeded its cost compared to its original plan.

iii. The Company have not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall:

(a) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or

(b) Provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

iv. The Company have not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

(a) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or

(b) Provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries

v. The Company do not have any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income-tax Act,1961.

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Mar 31, 2019

1. Details of Shareholders holding more than 5% shares in the company.

2. Related party disclosures as required under IND AS-24 (Related Party Disclosures) Related party and their relationship

Related party__Relationship_

Twentyfirst Century Shares & Securities Ltd. Wholly owned Subsidiary Company_

Sundar Iyer__Chairman_

Krishnan Muthukumar__Director_

Iyer Vishwanath__Independent director_

S. Hariharan__Independent director_

Dipti Sakpal__Independent director_

Vanaja Sundar Iyer__Relative of Director_

Siddharth Sundar Iyer__Relative of Director_

Karthik Iyer__Relative of Director_

Shridhar Iyer__Relative of Director_

AVM Sundaram__Company Secretary_

Bhaskar Shetty__CFO_

Twentyfirst Century Money Growth Fund Ltd. Company in which Director''s are interested_

Twentyfirst Century Realty Ltd.__Company in which Director’s are interested_

SI Investments & Broking Pvt Ltd__Company in which Director’s relatives are interested

Lubricants & Allied Products Mfg. Co. Pvt. Company in which Director’s are interested

Ltd__

Palani Andavar Holding Pvt Ltd__Company in which Director’s are interested_

3. The Company has not provided income tax liability of Rs. 522.26 lacs for various Assessment years that may arise in respect of income tax matters pending in appeal. It is not practicable to estimate the timing of cash outflows in respect of this matter. However, the company has been advised that it has fair chance of winning the appeal.

4. Under the Micro, Small and Medium Enterprises Development Act, 2006 which came into force from October, 2 2006, certain disclosure are required to be made relating to Micro, Small & Medium Enterprises. There have been no reported cases of delays in payments to Micro and Small Enterprises or of interest payments due to delays in such payments.

5. The Company had made contingency provision in F.Y. 2014-15 of Rs. 75 lacs towards estimated settlement cost of Rs.75 lacs payable to Gujarat Industrial Investment Corporation for pending legal cases in the High Court of Chennai. According to the Management estimates sufficient provision has been made for on review and doesn''t require any additional provision for the contingency.

6. Equity Investment in Wholly Owned Subsidiary, Twenty-first Century Shares & Securities Ltd, requires impairment of investments due to negative Net-Worth of the Subsidiary Company. As per the Management estimates, since the erosion in the Net-Worth of the Subsidiary Company is temporary in nature, it is not impaired.

7. Previous year figures have been rearranged and regrouped wherever necessary to facilitate the comparison

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Mar 31, 2016

1. Rights, preferences and restrictions attached to shares:

The company has one class of equity shares having face value of Rs.10 per share. Every shareholder is entitled to one vote for every one share held. In the event of liquidation, the equity shareholders shall be entitled to receive remaining assets of the company after distribution of all dues in proportion to their share holdings.

2. Related party disclosures as required under AS-18 (Related Party Disclosures)

Related party and their relationship

Related party Relationship

Twentyfirst Century Shares & Securities Ltd. Wholly owned Subsidiary Company

Sundar Iyer Chairman

Vanaja Sundar Iyer Relative of Director

Siddharth Sundar Iyer Relative of Director

Karthik Iyer Relative of Director

Shridhar Iyer Relative of Director

Krishnan Muthukumar Director

AVM Sundaram Company Secretary

Bhaskar Shetty CFO

SI Investments & Broking Pvt Ltd Company in which Director’s relatives are

interested

Lubricants & Allied Products Mfg. Co. Pvt. Ltd Company in which Director’s are interested

Palani Andavar Holding Pvt Ltd Company in which Director’s are interested

3. The Company has not provided income tax liability of Rs. 274.96 lacs for the Assessment years 1995-96, 1996-97, 2005-06, 2006-07, 2007-08, 2010-11, that may arise in respect of income tax matters pending in appeal. It is not practicable to estimate the timing of cash outflows in respect of this matter. However, the company has been advised that it has fair chance of winning the appeal.

4. The Company has made adhoc provision for gratuity of employees and is in the process of completing the formalities for investment in LIC Gratuity Scheme.

5. Under the Micro, Small and Medium Enterprises Development Act, 2006 which came into force from October, 2 2006, certain disclosure are required to be made relating to Micro, Small & Medium Enterprises. There have been no reported cases of delays in payments to Micro and Small Enterprises or of interest payments due to delays in such payments.

6. The Company had made contingency provision in F.Y. 2014-15 of Rs. 75 lacs towards estimated interest cost of Rs.75 lacs payable to Gujarat Industrial Investment Corporation for pending legal cases in the High Court of Chennai. According to the Management estimates sufficient provision has been made for on review and doesn’t require any additional provision for the contingency.

7. Previous year figures have been rearranged and regrouped wherever necessary to facilitate the comparison.

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Mar 31, 2015

1. General information

Twenty first Century Management Services Limited is a listed company engaged in investments in Capital Market and Futures & Options segment.. The company has a wholly owned subsidiary which was a trading member of the National Stock Exchange of India Limited. Subsdiary has surrendered its membership card with the NSE and same has been approved during the year by the Exchange.

Our Company has been incorporated in the year 1986 to:

* Deploy the investible surplus funds in the Capital Market.

* Act as Intermediaries in the Financial Market.

* Assist Corporates for Mobilisation and Deployment of Resources(funds)

Company''s shares are listed in BSE and NSE. Trading in shares of the company in NSE was suspended in the year 2001-02, since company didn''t have Company Secretary. This requirement has been since met. The Company is following up with the NSE for revoking the suspension order.

2. Rights, preferences and restrictions attached to shares:

Equity Shares:

The company has one class of equity shares having face value of Rs. 10 per share. Every shareholder is entitled to one vote for every one share held. In the event of liquidation, the equity shareholders shall be entitled to receive remaining assets of the company after distribution of all dues in proportion to their share holdings.

Cumulative Redeemable Preference Share (CRPS) :

The company has issued 7,50,000 12% CRPS of Rs. 100 each. The company has redeemed during the year 7,50,000 12% CRPS of Rs. 100 each at par on 30th March 2015 together with arrears of dividend.

3. Company has not provided income tax liability of Rs. 1113.87 lacs for the Assessment years 1995- 96, 1996-97, 2005-06, 2006-07, 2007-08, 2010-11 and 2011-12 that may arise in respect of income tax matters pending in appeal. It is not practicable to estimate the timing of cash outflows in respect of this matter. However, the company has been advised that it has fair chance of winning the appeal.

4. The Company has made contingency provision of Rs. 75 lacs towards estimated interest cost of Rs 75 lacs payable to Gujarat Industrial Investment Corporation for pending legal case in the High Court of Chennai.

5. The company has written off Rs.61.20 lacs (shown under exceptional items) being the amount misappropriated by an official of the company. Matter is under investigation and steps for recovery is being initiated.

6. Under the Micro, Small and Medium Enterprises Development Act, 2006 which came into force from October, 2 2006 certain disclosure are required to be made relating to Micro, Small & Medium Enterprises. There have been no reported cases of delays in payments to Micro and Small Enterprises or of interest payments due to delays in such payments.

7. Previous year figures have been rearranged and regrouped wherever necessary to facilitate the comparison.

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Mar 31, 2013

1. General information

Twentyfirst Century Management Services Limited (TCMSL) is a listed company engaged in investments in Capital Market segment and Debt Instruments. The company has a wholly owned subsidiary which is a trading member of the National Stock Exchange of India Limited.

Our Company has been incorporated in the year 1986 to:

* Deploy the investible surplus funds in the Capital Market.

* Act as Intermediaries in the Financial Market.

* Assist Corporates for Mobilisation and Deployment of Resources (funds)

* Be a Trading Member of Fully Automated Stock Exchange - National Stock Exchange of India Limited (NSEIL) through our SUBSIDIARY COMPANY - TWENTYFIRST CENTURY SHARES AND SECURITIES LIMITED.

2. Rights, preferences and restrictions attached to shares:

Equity Shares:

The company has one class of equity shares having face value of Rs. 10 per share. Every shareholder is entitled to one vote for every one share held. In the event of liquidation, the equity shareholders shall be entitled to receive remaining assets of the company after distribution of all dues in proportion to their share holdings.__,

Cumulative Redeemable Preference Share (CRPS) :

The company has issued 7,50,000 12% CRPS of Rs. 100 each. Each CRPS will redeemable at par on 30th March 2015 together with arrears of dividend if any

3. Details of Shareholders holding more than 5% shares in the company.

4. The Unpaid Calls are not forfeited during the year.

5. In view of the loss during the year, no tax provision has been made in the accounts for the year ended 31st March 2013.

6. No deferred tax asset has been created on carried forward losses as per income tax, as there is no reasonable certainty of reversal of the same in one or more subsequent year.

7. Related party disclosures as required under AS-18 (Related Party Disclosures)

Wholly owned subsidiary

Twenty first Century Shares & Securities Limited

Key Management personnel

Mr. Sundar Iyer

Mr. Chandramouli

Entities owned by director/relative of a director

SI Investment & Broking Pvt Limited Twenty first Century Realty Limited

Transactions with Subsidiary & Related Parties

Interest free short term loans due from Subsidiary Company, Twenty first Century Shares & Securities Ltd. Amounting to Rs. 1955.83 lacs.

Furthermore, the company has the balance Loans and Advances to Twenty first Century Realty amounting to Rs. 17.86 lacs.

8. Company has not provided income tax liability of Rs. 1045.18 lacs for the Assessment years 1995- 96,1996-97 and 2007-08 that may arise in respect of income tax matters pending in appeal. It is not practicable to estimate the timing of cash outflows in respect of this matter. However, the company has been advised that it has fair chance of winning the appeal.

9. In view of loss during the year under review Rs. 90 lacs preference dividend for preference share capital has not been provided in the accounts.

10. Under the Micro, Small and Medium Enterprises Development Act, 2006 which came into force from October, 2 2006 certain disclosure are required to be made relating to Micro, Small & Medium Enterprises. There have been no reported cases of delays in payments to Micro and Small Enterprises or of interest payments due to delays in such payments.

11. Previous year figures have been rearranged and regrouped wherever necessary to facilitate the comparison.

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Mar 31, 2012

1. General information

Twentyfirst Century Management Services Limited (TCMSL) is a listed company engaged in investments in Capital Market segment and Debt Instruments. The company has a wholly owned subsidiary which is a trading member of the National Stock Exchange of India Limited.

Our Company has been incorporated in the year 1986 to:

* Deploy the investible surplus funds in the Capital Market.

* Act as Intermediaries in the Financial Market.

* Assist Corporates for Mobilisation and Deployment of Resources (funds)

* Be a Trading Member of Fully Automated Stock Exchange - National Stock Exchange of India Limited (NSEIL) through our SUBSIDIARY COMPANY - TWENTYFIRST CENTURY SHARES AND SECURITIES LIMITED.

2. Rights, preferences and restrictions attached to shares:

Equity Shares:

The company has one class of equity shares having face value of Rs. 10 per share. Every shareholder is entitled to one vote for every one share held. In the event of liquidation, the equity shareholders shall be entitled to receive remaining assets of the company after distribution of all dues in proportion to their share holdings.

Disclosure:

Sundry debtors shown in the current year are transferred from its subsidary and is subject to confirmation and the management is confident that there will not be any dispute arise from the debtors and that it will be realised in the ordinary course of its business.

3. In view of the loss during the year, no tax provision has been made in the accounts for the year ended 31st March 2012.

No deferred tax asset has been created on carried forward losses as per income tax, as there is no reasonable certainty of reversal of the same in one or more subsequent year.

Deferred tax asset of Rs. 2.52 lacs has been created for difference in written down value of fixed asssets between books and tax accounts, detailed as under:

4. Related party disclosures as required under AS-18 (Related Party Disclosures)

Wholly owned subsidiary

Twentyfirst Century Shares & Securities Limited

Key Management personnel

Mr. Sundar iyer Mr. Chandramouli

Entities owned by relative of Directors

SI Investments & Broking Pvt. Limited. Vasudhara Trading Pvt. Ltd.

Transactions with subsidiary & Related Parties (For Trading Activity)

Due to Twentyfirst Century Shares & Securities Ltd - 1741.50 lacs

Due from Vasudhara Trading Pvt Ltd. - Rs. 1296.43 lacs

Remuneration paid to directors

Mr. Sundar Iyer - 12.25 Lacs Mr. Chandramouli- 12.50 Lacs

5. Contingent liability of Rs.287.50 Lacs towards corporate guarantee given to ICICI Bank Ltd for the credit facilities availed by its subsidiary has not been provided for.

6. Company has not provided income tax liability of Rs. 1 160.47 Lacs for the Assessment year 2006-07 and 2007-08 that may arise in respect of income tax matters pending in appeal. It is not practicable to estimate the timing of cash outflows in respect of this matter. However, the company has been advised that it has fair chance of winning the appeal.

7. In view of loss during the year, under review Rs. 90 lacs preference dividend for preference share capital has not been provided in the accounts.

8. Under the Micro, Small and Medium Enterprises Development Act, 2006 which came into force from October, 2 2006 certain disclosure are required to be made relating to Micro, Small & Medium Enterprises. There have been no reported cases of delays in payments to Micro and Small Enterprises or of interest payments due to delays in such payments.

9. Previous year figures have been rearranged and regrouped wherever necessary to facilitate the comparison.