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Notes to Accounts of Worth Investment and Trading Company Ltd.

Mar 31, 2015

1. Share Capital

a) Terms/rights attached to equity shares

The Company has only one class of equity shares having a par value of Rs 10/- each. Each holder of equity shares is entitled to one vote per share The dividend proposed by the Board of Directors, if any, is subject to the approval of the shareholders in the subsequent Annual General Meeting. In the event of liquidation of the Company, the holder of equity shares will be entitled to receive remaining assets of the Company after distributions of ail preferential amount. The distributions will be in proportion to the number of equity shares held by the shareholders, and any other right as the Memorandum and Articles of Association of the Company may prescribe in relation to the aforesaid equity shares of the Company.

2. other Notes to Accounts :

a) Segment Reporting

The Company is predominantly engaged in the business of financial activities and is a 'Single Segment' Company.

b) Related Party Disclosures

As per Accounting Standard 18 Related Party Disclosures the disclosure of transactions with related parities are given below (i) Names of the related parties and description of relationship

1 Key Management Personnel (KMP):

Shri Rakesh Kumar Mishra

Shri Dilip Kumar Shaw

Shri Anup Pandey till January 2015

Shri Anand Chandak - from February 2015

c) Accounting for Taxes on Income

As availability of future taxable income is certain, on consideration of prudence, provision for deferred tax assets is not made in term of AS 22, Accounting

d) Details of dues to micro and small enterprises as defined under the MSMED Act,2006

On the basis of information available with the Company under the Micro, Small and Medium Enterprises Development Act. 2006, there are no Enterprises to whom the Company owes dues which are outstanding at year end This has been relied upon by the Auditors

e) Particulars as required in terms of Paragraph 13 of Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007 are given by way of an Annexure to the financial statements.

f) The Financial Statements and Notes on Accounts has been prepared as per the Companies Act. 2013 with their Schedule as the same is effective from 1st April, 2014

g) Effective 1st April 2014 the Company based on the useful life or the assets Schedule 11 the Companies Act it has recomputed the depreciation on various fixed assets in accordance with and in the manner prescribed with Part C of Schedule II of the Companies Act. 2013 The aggregate difference between the depreciation so computed as per the companies Act. 2013 till 31st March. 2014 and the depreciation charged in the accounts till 31st March. 2014 has been debited to the opening balance of profit & Loss Account

h) The management has assessed that there is no impairment of Fixed Assets requiring provision in the Accounts. Accordingly, there is no debit to the Statement of Profit & Loss for the impairment of Assets

i) No provision has been made on account of gratuity as none of the employees have put in completed years of service as required by the payment of gratuity act.

j) No provision has been made on account of leave salary as there are no leave to the credit of employees as at the end of the year

k) Provision for Outstanding Standard Assets have been made 0.25% as per RBI Circular No DNBPS.PD.CC.No 207/03.02.002 /2010-11 dated- 17-01-2011

l) There are no outstanding contract of future & option which has not been squared off as on the date of Balance Sheet

m) Previous year figures have been recast/reclassified wherever appropriate to confirm to current year's presentation as per revised Schedule III notified under the Companies Act, 2013


Mar 31, 2014

Not Available


Mar 31, 2013

A) Segment Reporting

The Company is predominantly engaged in the business of financial activities and is a ''Single Segment'' Company.

b) Related Party Disclosures

As per Accounting Standard 18 ''Related Party Disclosures'', the disclosure of transactions with related parties are given below:

(i) Names of the related parties and description of relationship

1 Key Management Personnel (KMP):

Shri Rakesh Kumar Mishra (w.e.f. 18/07/2011)

Shri Manoj Kumar Pandit (w.e.f. 01/06/2011)

Shri Dilip Kumar Shaw (w.e.f. 01/03/2011)

c) Accounting for Taxes on Income

As availability of future taxable income is not certain, on consideration of prudence, provision for deferred tax assets is not made in term of AS 22, Accounting for Taxes on Income.

d) Details of dues to micro and small enterprises as defined under the MSMED Act,2006

On the basis of information available with the Company under the Micro, Small and Medium Enterprises Development Act, 2006, there are no Enterprises to whom the Company owes dues which are outstanding at year end. This has been relied upon by the Auditors.

e) Particulars as required in terms of Paragraph 13 of Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007 are given by way of an Annexure to the financial statements.

f) Previous year figures have been recast/reclassified wherever appropriate to confirm to current year''s presentation as per revised Schedule VI notified under the Companies Act, 1956.

g) All the figures in these notes are in ''Rs'' except otherwise stated.

Notes :

1. As defined in Paragraph 2 (1) (xii) of the Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank ) Directions, 1998.

2. Provisioning norms shall be applicable as prescribed in the Non - Banking Financial Companies Prudential Norms ( Reserve Bank ) Directions, 1998.

3. All Accounting Standards and Guidance Notes issued by ICAI are applicable including for valuation of investments and other assets as also assets acquired in satisfaction of debt. However, market value in respect of quoted investments and break up / fair value / NAV in respect of unquoted investment should be disclosed irrespective of whether they are classified as long term or current in column (5) above.


Mar 31, 2012

A) Terms/rights attached to equity shares

The Company has only one class of equity shares having a par value of Rs. 10/- each. Each holder of equity shares is entitled to one vote per share. The dividend proposed by the Board of Directors, if any, is subject to the approval of the shareholders in the subsequent Annual General Meeting. In the event of liquidation of the Company, the holder of equity shares will be entitled to receive remaining assets of the Company after distributions of all preferential amount. The distributions will be in proportion to the number of equity shares held by the shareholders; and any other right as the Memorandum and Articles of Association of the Company may prescribe in relation to the aforesaid equity shares of the Company.

The Company is predominantly engaged in the business of financial activities and is a ''Single Segment'' Company.

b) Related Party Disclosures

As per Accounting Standard 18 ''Related Party Disclosures'', the disclosure of transactions with related parties are given below:

c) Accounting for Taxes on Income

As availability of future taxable income is not certain, on consideration of prudence, provision for deferred tax assets is not made in term of AS

d) Details of dues to micro and small enterprises as defined under the MSMED Act,2006

On the basis of information available with the Company under the Micro, Small and Medium Enterprises Development Act, 2006, there are no Enterprises

e) Particulars as required in terms of Paragraph 13 of Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007 are given by way of an Annexure to the financial statements.

f) Previous year figures have been recast/reclassified wherever appropriate to confirm to current year''s presentation as per revised Schedule VI notified

g) All the figures in these notes are in Rs. except otherwise stated.

h) Till 31st March, 2011 the Company was using pre revised Schedule VI to the Companies Act 1956, for preparation and presentation of its financial statements. During the year ended 31st March, 2012 the Revised Schedule VI notified under the Companies Act, 19S6 has become applicable to the company. The Company has re classified previous year figures as well as those in the bracket to confirm to this year''s classification as per revised Schedule VI. The adoption of revised Schedule VI does not impact recognition and measurement principles followed for preparation of financial statements. However it significantly impacts presentation and disclosure made in the financial statements, particularly presentation of Balance Sheet.


Mar 31, 2011

1. In accordance with Accounting Standard-22 on "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India and effective from 1st April, 2002, the company has not computed or recognized Deferred Tax effects as on 31st March, 2011 since the tax effect of timing difference from prior years and current year is not material.

 
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