Mar 31, 2015
We have audited the accompanying financial statements of WORTH
INVESTMENT & TRADING COMPANY LIMITED ("the Company"), which comprise
the Balance Sheet as at 31st March, 2015, the Statement of Profit and
Loss, the Cash Flow Statement for the year then ended, and a summary of
the significant accounting policies and other explanatory information.
MANAGEMENT'S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ( the Act ) with respect
to the preparation of these financial statements that give a true and
fair view of the financial position, financial performance and cash
flows of the Company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014. This responsibility also includes
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Company and
for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and
presentation of the financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
AUDITOR'S RESPONSIBILITY
Our responsibility is to express an opinion on these financial
statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
thereunder.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company's preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company's Directors, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the financial
statements.
OPINION
In our opinion and to the best of our information and according to the
explanations given to aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India,
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2015;
(b) In the case of the Statement of Profit and Loss, of the Profit for
the year ended on that date; and
(c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
EMPHASIS OF MATTERS
We draw attention to the following matters in the Notes to the
financial statements:
a) As certified by the management and relied upon by us in the matter
that no lawsuits filed against the company.
b) That the Company has accumulated losses at the end of the financial
year however it's net worth has not been eroded. The Company has not
incurred a net cash loss during the current financial year and in the
immediately previous financial year. However, the Company's current
liabilities do not exceed its current assets as at the balance sheet
date.
Our opinion is not modified in respect of these matters.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
1. We have not reported on internal financial control system as the
same has been deferred by Ministry of Corporate Affairs, Government of
India Notification No. G.S.R. 722(B) dated 14th October, 2014.
2. As required by the Companies (Auditor's Report) Order, 2015 issued
by the Central Government of India in terms of sub-section (11) of
section 143 of the Act, we give in the annexure a statement on the
matters specified in paragraph 3 and 4 of the order.
3. As required by Section 143(3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit.
(b) In our opinion, proper books of account as required by law have
been kept by the Company so far as it appears from our examination of
those books.
(c) The Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
(d) In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.
(e) On the basis of the written representations received from the
directors as on 31st March, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2015
from being appointed as a director in terms of Section 164 (2) of the
Act.
(f) With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
I. The Company does not have any pending litigations which would
impact its financial position.
II. The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses.
III. There were no amounts which were required to be transferred, to
the Investor Education and Protection Fund by the Company.
ANNEXURES TO THE AUDITOR'S REPORT
Referred to in paragraph 2 under the 'Report on Other Legal and
Regulatory Requirements' of our Report of even date on the Accounts for
the year ended on 31.03.2015.
1. a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b) All the fixed assets have been physically verified by the management
during the year which, in our opinion, is reasonable having regard to
the size of the company and the nature of its business. As informed no
material discrepancies were noticed on such verification.
2. The company had not any inventory during the year, hence this clause
is not applicable to it.
3. The Company has not granted any secured/unsecured loans to parties
covered in the Register maintained under section 189 of the Companies
Act. Accordingly, this clause is not applicable.
4. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business.
Further on the basis of our examinations and according to the
information and explanations given to us we have neither come across
nor have we been informed of any instance of major weakness in the
aforesaid internal control systems.
5. The Company has not accepted any deposits from the public. In our
opinion and according to the information and explanations given to us
the, directives issued by the Reserve Bank of India and the provisions
of sections 73 to 76 or any other relevant provisions of the
companies Act and the rules framed there under, to the extent
applicable have been complied with.
6. According to the information and explanations given to us, the
company is not required for the maintenance of cost records which has
been prescribed by the Central Government under sub-section (1) of
Section 148 of the Companies Act, 2013. Hence this clause is not
applicable to it.
7. a) According to the records examined by us, the company is regular
in depositing undisputed statutory dues with appropriate authorities
including Income Tax, Wealth Tax, Service Tax, Cess and any other
statutory dues applicable to it.
As informed to us provisions relating to Provident Fund, Employees
State Insurance, Sales Tax, Custom Duty, Value added Tax and Excise
Duty are not applicable to it.
Further there were no outstanding dues at the year end for a period of
more than Six Months from the date they became payable.
b) According to the information and explanations given to us, no
disputed amount is pending before any forum of the above mentioned
statutory dues.
c) According to the information and explanations given to us, the
company is not required to transfer any amount to the investor
education and protection fund in accordance with the relevant
provisions of Companies Act, and rules made thereunder has been
transferred to such fund within time.
8. The Company has accumulated loss at the end of the financial year
which is not more than fifty percent of its net worth and it has not
incurred net cash loss during the current financial year and in the
immediately preceding financial year.
9. Based on our audit procedures and as per the information and
explanations given by the management, the company has not defaulted in
repayment of dues to financial institutions or bank or debenture
holders.
10. According to the information and explanations given to us by the
management, the company has not given any guarantee for loans taken by
others from bank or financial institutions.
11. The Company has not obtained any term loans. Accordingly this
clause of the Order is not applicable.
12. Based upon audit procedures performed for the purposes of
reporting the true and fair view of the financial statements and as per
the information and explanation given by the management, we report that
no fraud on or by the company has been noticed or reported by the
management during the year under audit.
For MAROTI & ASSOCIATES
Chartered Accountants
KOMAL SURANA
(Partner)
(Membership No. 303583)
(Firm Registration No. 322770E)
Place : Kolkata
Date : 30th Day of May, 2015
Mar 31, 2014
We have audited the accompanying financial statements of WORTH
INVESTMENT & TRADING COMPANY LIMITED, which comprise the Balance Sheet
as at March 31,2014, and the Statement of Profit and Loss and Cash Flow
Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
MANAGEMENT''S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956. This responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation and presentation of the financial statements that give a
true and fair view and are free from material misstatement, whether due
to fraud or error.
AUDITOR''S RESPONSIBILITY
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement. An audit involves performing procedures to
obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditor''s
judgment, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud or
error. In making those risk assessments, the auditor considers internal
control relevant to the Company''s preparation and fair presentation
of the financial statements in orderto design audit procedures that are
appropriate in the circumstances. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of
the accounting estimates made by management, as well as evaluating the
overall presentation of the financial statements. We believe that the
audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion.
OPINION
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
(b) in the case of the statement of Profit and Loss, of the PROFIT
forthe year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
REPORT ON OTHER LEGALAND REGULATORY REQUIREMENTS
1. As required by the Companies (Auditor''s Report) Order, 2003
issued by the Central Government of India in terms of sub-section (4A)
of section 227 of the Act, we give in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a. We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b. In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
c. The Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d. In our opinion, the Balance Sheet, Statement of Profit and Loss,
and Cash Flow Statement comply with the Accounting Standards referred
to in subsection (3C) of section 211 of the Companies Act, 1956;
e. On the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31,2014, from being
appointed as a director in terms of clause (g) of subsection (1) of
section 274 of the Companies Act, 1956.
ANNEXURES TO THE INDEPENDENT AUDITORS'' REPORT
(Referred to in paragraph 1 under ''Report on Other legal and Regulatory
Requirements'' section of our Report of even date)
1. a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b) All the fixed assets have been physically verified by the management
during the year which, in our opinion, is reasonable having regard to
the size of the company and the nature of its business. As informed no
material discrepancies were noticed on such verification.
c) There has been no disposal of fixed assets during the year.
2. The company did not possess any inventories during the year.
Therefore, provisions of clauses 4(ii)(a) to 4(ii)(c) of the Companies
(Auditor''s Report) Order, 2003 are not applicable to the company.
3. a) The Company has not granted unsecured loans to parties covered
in the Register maintained under Sec 301 of the Companies Act. Hence
clause 4 (III) (b) (c) and (d) are not applicable.
b) The Company has not taken unsecured Loan from Party covered in the
Register maintained under Sec 301 of the Act. Hence clause 4(l!l) (f)
and (g) are not applicable.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business. Further on the basis of our examinations and according to the
information and explanations given to us we have neither come across
nor have we been informed of any instance of major weakness in the
aforesaid internal control systems.
5. a) In our opinion and according to the information and explanations
given to us we are of the opinion that the transactions in which
Directors are interested as contemplated under Sec 299 of the Companies
Act, 1956 and which required to be so entered in the register
maintained under Sec 301 of the said Act have been so entered, b) In
our opinion and according to the information and explanations given to
us the Company has not entered into any transaction made in pursuance
of contracts or arrangements entered in the Register maintained under
Sec 301 of the Companies Act 1956 exceeding Rs 5,00,000 / or more in
respect of any party. Accordingly Paragraph (V) (b) of the order is not
applicable.
6. The Company has not accepted any deposits from the public. In our
opinion and according to the information and explanations given to us
the directives issued by the Reserve Bank of India and the provisions
of sections 58A & 58AA or any other relevant provisions of the Act and
the rules framed there under, to the extent applicable have been
complied with.
7. In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
8. According to the information and explanationsgiven to us, the
Central Government has not prescribed the maintenance of cost records
under clause (d) of sub-section (1) of Section 209 of the Companies
Act,1956 in respect of services carried out by the Company
9. a) According to the records examined by us, the company is regular
in depositing with appropriate authorities undisputed Income Tax,
Wealth Tax, Service Tax, Cess and other statutory dues applicable to
it.
As informed to us provisions relating to Custom Duty, Excise Duty,
Investor Education Protection Fund, Provident Fund, Employees State
Insurance, Sales Tax, are not applicable to it.
b) According to the information and explanations given to us, no
undisputed amounts payable in respect of Income Tax, Wealth Tax,
Service Tax, Cess and other statutory dues were outstanding at the year
end for a period of more than Six Months from the date they became
payable.
As informed to us provisions relating to Custom Duty, Excise Duty,
Investor Education Protection Fund, Provident Fund, Employees State
Insurance, Sales Tax, are not applicable to it.
10. The Company has accumulated losses at the end of the Financial
Year which is less than fifty percent of the net worth. Further it has
hot incurred any cash losses during the financial year ended on that
date and in the immediately preceding financial year.
11. Based on our audit procedures and as per the information and
explanations given by the management, the company has not defaulted in
repayment of dues to financial institutions or bank. There were no
outstanding debentures during the year.
12. According to the information and explanations given to us and
based on the documents and records produced to us, the company has not
granted loans and advances on the basis of security by way of pledge of
shares, debentures and other securities.
13. In our opinion, the company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, the provisions of clause 4(xiii) of
the Companies (Auditor''s Report) Order, 2003 are not applicable to
the Company.
14. in respect of dealing/trading in shares in our opinion and
according to the information and explanations given to us proper
records have been maintained of the transactions and contracts and
timely entries have been made therein in. The shares have been held by
the Company in its own name.
15. According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from bank
orfinancial institutions.
16. The Company has not obtained any term loans. Accordingly clause
4(xvi) of the Order is not applicable.
17. According to the information and explanations given to us and on
the basis of an overall examination of the balance sheet of the
Company, we report that the Company has not utilized any funds raised
on short term basis for long term investments.
18. The Company has made preferential allotment of shares to parties
and companies covered in the register maintained under section 301 of
the Act. However, the prices at which such shares are issued are not
prima facie prejudicial to the interest of the company.
19. The Company did not have any outstanding debentures during the
year. Accordingly, clause 4(xix) of the order is not applicable.
20. The Company has not raised any money by public issues during the
year. Accordingly, clause 4(xx) of the order is not applicable.
21. Based upon audit procedures performed for the purposes of
reporting the true and fair view of the financial statements and as per
the information and explanation given by the management, we report that
no fraud on or by the company has been noticed or reported by the
management during the year under audit
For MAROTI & ASSOCIATES
Chartered Accountants
M.K.MAROTI
(Proprietor)
(M. No.057073)
(Firm Reg. No: 322770E)
Place: Kolkata
Date :30th Day of May, 2014
Mar 31, 2013
We have audited the accompanying financial statements of WORTH
INVESTMENT & TRADING COMPANY LIMITED, which comprise the Balance Sheet
as at March 31, 2013, and the Statement of Profit and Loss and Cash
Flow Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
MANAGEMENT''S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956. This responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation and presentation of the financial statements that give a
true and fair view and are free from material misstatement, whether due
to fraud or error.
AUDITOR''S RESPONSIBILITY
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement. An audit involves performing procedures to
obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditor''s
judgment, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud or
error. In making those risk assessments, the auditor considers internal
control relevant to the Company''s preparation and fair presentation of
the financial statements in order to design audit procedures that are
appropriate in the circumstances. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of
the accounting estimates made by management, as well as evaluating the
overall presentation of the financial statements. We believe that the
audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion.
OPINION
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2013;
(b) in the case of the statement of Profit and Loss, of the PROFIT for
the year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
1. As required by the Companies (Auditor''s Report) Order, 2003 issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of the Act, we give in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a. We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b. In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books and proper returns adequate for the purposes of our audit have
been received from branches not visited by us;
c. The Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account and with the returns received from branches not visited by us;
d. In our opinion, the Balance Sheet, Statement of Profit and Loss,
and Cash Flow Statement comply with the Accounting Standards referred
to in subsection (3C) of section 211 of the Companies Act, 1956;
e. On the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
ANNEXURES TO THE INDEPENDENT AUDITORS'' REPORT
Referred to in paragraph 3 of our Report of even date on the Accounts
for the year ended on 31.03.2013.
1. The company did not possess any fixed assets during the year.
Therefore, provisions of clauses 4(i)(a) to 4(i)(c) of the Companies
(Auditor''s Report) Order, 2003 are not applicable to the company.
2. The company did not possess any inventories during the year.
Therefore, provisions of clauses 4(ii)(a) to 4(ii)(c) of the Companies
(Auditor''s Report) Order, 2003 are not applicable to the company.
3. a) The Company has not granted unsecured loans to parties covered
in the Register maintained under Sec 301 of the Companies Act. Hence
clause 4 (III) ( b ) ( c ) and ( d ) are not applicable .
b) The Company has not taken unsecured Loan from Party covered in the
Register maintained under Sec 301 of the Act Hence clause 4( III ) ( f
) and ( g ) are not applicable.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business. Further on the basis of our examinations and according to the
information and explanations given to us we have neither come across
nor have we been informed of any instance of major weakness in the
aforesaid internal control systems.
5. a) In our opinion and according to the information and explanations
given to us we are of the opinion that the transactions in which
Directors are interested as contemplated under Sec 299 of the Companies
Act, 1956 and which required to be so entered in the register
maintained under Sec 301 of the said Act, have been so entered.
b) In our opinion and according to the information and explanations
given to us the Company has not entered into any transaction made in
pursuance of contracts or arrangements entered in the Register
maintained under Sec 301 of the Companies Act 1956 exceeding Rs
5,00,000 / or more in respect of any party . Accordingly Paragraph (V)
(b) of the order is not applicable.
6. The Company has not accepted any deposits from the public. In our
opinion and according to the information and explanations given to us
the directives issued by the Reserve Bank of India and the provisions
of sections 58A, 58AA or any other relevant provisions of the Act and
the rules framed there under, to the extent applicable have been
complied with.
7. In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
8. According to the information and explanations given to us, the
Central Government has not prescribed the maintenance of cost records
under clause (d) of sub-section (1) of Section 209 of the Companies
Act,1956 in respect of services carried out by the Company
9. a) According to the records examined by us, the company is regular
in depositing with appropriate authorities undisputed Income Tax Wealth
Tax, Service Tax, Cess and other statutory dues applicable to it.
As informed to us provisions relating to Custom Duty, Excise Duty,
Investor Education Protection Fund, Provident Fund, Employees State
Insurance, Sales Tax, are not applicable to it.
b) According to the information and explanations given to us, no
undisputed amounts payable in respect of Income Tax Wealth Tax, Service
Tax, Cess and other statutory dues were outstanding at the year end for
a period of more than Six Months from the date they became payable.
As informed to us provisions relating to Custom Duty, Excise Duty,
Investor Education Protection Fund, Provident Fund, Employees State
Insurance, Sales Tax, are not applicable to it.
10. The Company does not have any accumulated losses at the end of the
Financial Year. Further it has not incurred any cash losses during the
financial year ended on that date and in the immediately preceding
financial year.
11. Based on our audit procedures and as per the information and
explanations given by the management, the company has not defaulted in
repayment of dues to financial institutions or bank. There were no
outstanding debentures during the year.
12. According to the information and explanations given to us and
based on the documents and records produced to us, the company has not
granted loans and advances on the basis of security by way of pledge of
shares, debentures and other securities.
13. In our opinion, the company is not a chit fund or a nidhi / mutual
benefit fund/society. Therefore, the provisions of clause 4(xiii) of
the Companies (Auditor''s Report) Order, 2003 are not applicable to the
Company.
14. In respect of dealing / trading in shares in our opinion and
according to the information and explanations given to us proper
records have been maintained of the transactions and contracts and
timely entries have been made therein in. The shares have been held by
the Company in its own name.
15. According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from bank
or financial institutions.
16. The Company has not obtained any term loans. Accordingly clause
4(xvi) of the Order is not applicable.
17. According to the information and explanations given to us and on
the basis of an overall examination of the balance sheet of the
Company, we report that the Company has not utilized any funds raised
on short term basis for long term investments.
18. The Company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under
section301 of the Act. Accordingly, clause 4(xviii) of the order is not
applicable.
19. The Company did not have any outstanding debentures during the
year. Accordingly, clause 4(xix) of the order is not applicable.
20. The Company has not raised any money by public issues during the
year. Accordingly, clause 4(xx) of the order is not applicable.
21. Based upon audit procedures performed for the purposes of reporting
the true and fair view of the financial statements and as per the
information and explanation given by the management, we report that no
fraud on or by the company has been noticed or reported by the
management during the year under audit.
For MAROTI & ASSOCIATES
Chartered Accountants
M.K.MAROTI
(Proprietor)
(M. No.057073)
Place : Kolkata (Firm Reg. No: 322770E)
Date : 30th Day of May, 2013
Mar 31, 2012
We have audited the attached Balance Sheet of WORTH INVESTMENT AND
TRADING CO. LIMITED, as at 31st March 2012, the Statement of Profit &
Loss and also the Cash Flow Statement for the year ended on that date
annexed thereto. These Financial Statements are the responsibility of
the Company''s management. Our responsibility is to express an opinion
on these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India, Those Standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
As required by the Companies (Auditor''s Report) Order 2003 as amended,
issued by the Central Government of India in terms of Sub-section (4A)
of section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraph 4 and 5 of the said
order to the extent it is applicable to the Company. Further to our
comments in the Annexure referred to in paragraph above, we state that
:-
1. We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit ;
2. In our opinion, proper books of accounts as required by law have
been kept by the Company, so far as appears from our examination of
those books;
3. The Balance Sheet, Statement of Profit & Loss and the Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
4. In our opinion, the Balance Sheet, Statement of Profit & Loss and
the Cash Flow Statement dealt with by this report comply with the
accounting standards referred to in sub Section (3C) of Section 211 of
the Companies Act, 1956;
5. On the basis of written representations received from the
Directors, as on 31st March, 2012, and taken on record by the Board of
Directors, we report that none of the Directors is disqualified as on
31st March, 2012 from being appointed as Director in terms of clause
(g) of subsection (1) of section 274 of the Companies Act, 1956;
6. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with
Significant Accounting Policies, and Notes thereon give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India :-
I. In the case of Balance Sheet, of the state of affairs of the
company as at 31st March, 2012;
II. In the case of the Statement of Profit & Loss, of the PROFIT for
the Year ended on that date.and
III. In the case of the Cash Flow Statement, of the Cash Flows for the
Year ended on that date.
ANNEXURES TO THE AUDITORS" REPORT Referred to in paragraph 3 of our
Report of even date on the Accounts for the year ended on 31st March
2012.
1) a) The Company did not posses any fixed assets during the year.
Therefore the provisions of clauses 4(i)(a) to 4{i)(c) of the Companies
(Auditor''s Report) Order are not applicable to the Company.
2) a) During the year, the inventories have been physically verified by
the management. In our opinion, the frequency of verification is
reasonable.
b) In our opinion and according to the information and explanation
given to us, the procedure of physical verification of inventories
followed by the management is reasonable and adequate in relation to
the size of the Company and the nature of its business.
c) On the basis of our examination of the record of inventories, we are
of the opinion that the Company is maintaining proper records of
inventories. No material discrepancies have been noticed on physical
verification of inventories with book records and the same have been
properly dealt with in the books of accounts
3) a) The Company has not granted secured / unsecured loans to parties
covered in the Register maintained under Sec 301 of the Companies Act.
Hence clause 4( III) ( b) (c) and (d ) are not applicable .
e) The Company has not taken secured / unsecured Loan from Party
covered in the Register maintained under Sec 301 of the Act Hence
clause 4{ III) (f) and (g) are not applicable,
4) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its.
Further on the basis of our examinations and according to the
information and explanations given to us we have neither come across
nor have we been informed of any instance of major weakness in the
aforesaid internal control systems
5) a) In our opinion and according to the information and explanations
given to us we are of the opinion that the transactions in which
Directors are interested as contemplated under Sec 299 of the Companies
Act, 1956 and which required to be so entered in the register
maintained under SEC 301 of the said Act, have been so entered
b) In our opinion and according to the information and explanations
given to us as there are No Contracts or arrangements that need to be
entered in to the Register maintained under Sec 301 of the Companies
Act 1956, Paragraph (V) (b) of the order is not applicable .
6) The Company has not accepted any deposits from the public. In our
opinion and according to the information and explanations given to us
the directives issued by the Reserve Bank of India and the provisions
of sections 58A. 58AA or any other relevant provisions of the Act and
the rules framed there under and the rules framed there under are not
applicable.
7.In to our Opinion, the company has an internal audit system
commensurate with the size and nature of its business.
8. Accourding to the information and explanations given to us, the
Central Government has not prescribed the (JMNfHinance of cost records
under clause (d) of sub-section (1) of Section 209 of the Companies
Act, 1956 In rwpect of services carried out by the Company
I) I) According to the records examined by us, the company is regular
in depositing with appropriate authorities undisputed Income Tax,
Investor Education Protection Fund, Sales Tax, Wealth Tax, Service Tax,
Custom Duty, Excise Duty, Cess and other statutory dues applicable to
it.
As informed to us Provident Fund, Employees State Insurance, are
presently not applicable to the Company.
b) According to the information and explanations given to us, no
undisputed amounts payable in respect of Income Tax, Investor Education
Protection Fund, Sales Tax, Wealth Tax, Service Tax, Custom Duty,
Excise Duty, Cess and other statutory dues as applicable to it were
outstanding at the year end for a period of more than Six Months from
the date they became payable.
As informed to us Provident Fund, Employees State Insurance, are
presently not applicable to the Company 10) The Company has accumulated
losses as at 31st March, 2012 which is less than fifty percent of its
net worth. Further, it has not incurred cash losses during the
financial year ended on that date and in the immediately preceding
financial year.
II) Based on our audit procedures and as per the information and
explanations given by the management, we are of the opinion that the
company has not defaulted in repayment of dues to financial
institutions or bank. There were no outstanding debentures during the
year
12) According to the information and explanations given to us and based
on the documents and records produced to us, the company has not
granted loans and advances on the basis of security by way of pledge of
shares, debentures and other securities
13) In our opinion, the company is not a chit fund or a nidhi / mutual
benefit fund/society. Therefore, the provisions of clause 4(xiii) of
the Companies (Auditor''s Report) Order,2003 are not applicable to the
Company
14) .In respect of dealing / trading in shares in our opinion and
according to the information and explanations given to us proper
records have been maintained of the transactions and contracts and
timely entries have been made therein in. The shares have been held by
the Company in its own name
15) According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from bank
or financial institutions.
16) The company has not obtainedany term loans.Accoudingly clause of the
order is not Applicable
For MAROTI & ASSOCIATES
(CHARTERED ACCOUNTANTS)
Place: Kolkata
Date : 03/07/2012
MADAN KUMAR MAROTI
(PROPRIETOR)
(M.NO :057073)
(FIRM REG NO : 322770E)
Mar 31, 2011
The attached Balance Sheet of WORTH INVESTMENT COMPANY LIMITED, as at
31st March, 2011 and the Loss Account and the Cash Flow Statement for
the year ended h are in agreement with the books of accounts. These
financial the responsibility of the company's management. Our ;o
express an opinion on these financial statements based on.
audit in accordance with auditing standards generally Those Standards
require that we plan and perform the audit to assurance about whether
the financial statements are free of An audit includes examining, on a
test basis, evidence and disclosures in the financial statements. An
audit : the accounting principles used and significant estimates : as
well as evaluating the overall financial statement e believe that our
audit provides a reasonable basis for our.
As required by the Companies (Auditor's Report) Order, 2003 as amended
by (Auditor's Report) (Amendment) Order, 2004 issued by the Central (
of India in terms of sub-section (4A) of Section 227 of the Act, 1956,
we enclose in the Annexure a statement on the matters In paragraphs 4
and 5 of the said Order (to the extent applicable to the company),
In our opinion the Balance Sheet, Profit & Loss Account and Cash Flow
Statement subject to 7 (i) & (ii) below comply with the requirements of
Accounting Standards referred to in Section (3C) of section 211 of the
Companies Act, 1956.
the basis of information and explanation obtained, none of the Director
are disqualified as at 31st March, 2011 from being appointed as
Director in terms of Section 274 (l)(g) of the Companies Act, 1956.
whether to the above, we report that:
(i) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the Purpose of our
audit.
ii) In our opinion, proper books of accounts have been kept by the
company as required by law so far as appears from our examination of
those books.
iii) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and
give, true and fair view
a) in the case of the Balance Sheet, of the state of affairs of the
company as at 31st March, 2011 and
b) in the case of Profit & Loss Account, of the operating result of the
year ended on that date,
c) in the case of the Cash Flow Statement, of the Cash Flow of the
company for the year ended on that date.
ANNEXURE TO AUDITOR'S REPORT
The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
The fixed assets of the company have been physically verified by the
management at reasonable intervals and no discrepancy has been noticed
on such verification.
In our opinion and according to the information and explanations given
to us, no substantial portion of fixed assets have been disposed off
during the year.
2. In respect of its inventories
a) The stocks of shares and securities have been physically verified by
the Management during the year at reasonable intervals.
b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of shares &
securities followed by the management are reasonable and adequate in
relation to the size of the company and the nature of its business.
c) In our opinion, proper records are maintained by the company in
respect of stock securities and debentures. We have also been informed
that no discrepancies have been noted on such physical verification as
compared to the book records.
3. The Company has neither granted nor taken any loan, secured or
unsecured to/from companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
Accordingly, clauses 4(iii)(b) to (d) of the order are not applicable.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchase of inventory, fixed assets and for the sale of securities and
services. During the course of our audit, we have not observed any
major weaknesses in the internal control system.
5. In our opinion and according to the information and explanations
given to us, there are no contracts or arrangements referred to in
section 301 of the Act that need to be entered into a register
maintained under that section. Accordingly 4(v)(b) of the order is not
applicable.
b) According to information and explanations obtained and on the basis
of examination of the books and records of the company, there are no
dues relating to sales tax, income tax, custom duty, wealth tax, excise
duty, and service tax as at 31st March, 2011 which have not been
deposited on account of a dispute.
10 The company does not have accumulated losses as at 31st March, 2011
and has not Incurred cash loss during the financial year ended on that
date and Immediately preceding financial year.
According to explanations and information obtained and based on our of
the records of the company that the company has not defaulted repayment
of dues to any financial institution or bank or debenture holders.
11 In our opinion and according to the information and explanations
given to us, no loan and advance have been granted by the company on
the basis of security by way of pledge of shares, debentures and other
securities.
12 In our opinion, the company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore clause 4(xiii) of the Companies
(Auditor's Report) Order, 2003 is not applicable to the company.
13 The company has maintained proper records of transactions and
contracts in of its dealing in shares/investments. All the shares,
debentures and other investments have been held by the company in its
own name.
14 According to information and explanations given to us, the company
not given any guarantee for loans taken by others from bank or
financial institutions during the year.
15 According to information and explanations obtained and on the basis
examining of the books and records, the company has not taken any term
loan during the financial year.
16 An overall examination of the balance sheet of the company and as
information and explanations obtained, no fund raised on short term
basis has been used for long term investments.
17 During the year, the company has not made any preferential allotment
shares to parties and companies covered in the Register maintained
under section 301 of the Companies Act, 1956.
18 The company has not issued any debenture during the year.
19 The company has not raised any money by public issue during the year
20. While conducting an examination of the books records of the company
in accordance with the generally accepted auditing practices in India,
and according to all information and explanations given to us, we have
not come across by fraud on or by the company, noticed or reported
during the year.
For N. N. DAS & Co.
Chartered Accountants
(Registration No. 301008E)
S.GHOBAL
Partner
Membership No. 12957
Kolkata,
Dated : 15th June, 2011
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