Mar 31, 2015
Dear Members,
The Directors have pleasure in presenting their 35th Annual Report on
the business and operations of the Company together with the audited
financial statements for the financial year ended March 31st, 2015.
1. Financial Performance of the Company
(Amount in Rs.)
FINANCIAL RESULTS 2014-15 2013-14
Profit/(Loss) After Tax 42,421 58,934
Add: Profit Brought Forward From Previous (1,03,620) (1,50,767)
Year
(61,199) (91,883)
Less: Transferred to Special Reserve 8 500 11 787
(69,699) (1,03,620)
Balance Transferred over to next year
2. Dividend
Your Directors have not recommended any dividend in view of re-
investment of the surplus in order to maintain a healthy capital
adequacy ratio to support long term growth of your company.
3. Transfer Of Unclaimed Dividend To Investor Education And Protection
Fund.
The provisions of Section 125(5) of the Companies Act, 2013 do not
apply on the company as no dividend has been declared during the year.
4. Reserve
Your Directors have proposed to transfer a sum of Rs 8,500/- to the
Statutory Reserve Fund as per the guideline prescribed by the Reserve
Bank of India, being a Non-Banking Financial Company.
5. Share Transfer system and Registers & Share Transfer Agents
During the year under review, the Company has connectivity with both
Depositories, namely NSDL and CDSL (ISIN No: INE114O01012). The Company
has appointed M/s Maheswari Datamatics Private Limited at 6, Mango
Lane, 2nd Floor, Kolkata-700001 as Registrar and Share Transfer Agent
to facilitate shares transfer job to its members.
Members are requested to send their requests for share transfer, split,
issue of duplicate shares etc to RTA or secretarial department of the
Company at its registered office.
6. Listing on Stock Exchange
The Company's Equity Shares are listed on the The Calcutta Stock
Exchange. The Equity Shares of the Company are also listed on the
Bombay Stock Exchange w.e.f 12th June, 2014 (Scrip Code: 538451). The
Company has paid Listing Fee up-to date.
7. Brief description of the Company's working during the year/State of
Company's affair.
The Company being an Investment and Finance Company presently invests
to acquire, sell, transfer, subscribe for, hold and otherwise deal in
and invest in any shares, bonds, stocks issued or guaranteed by any
Company and also provide financial assistance by way of private
financing to the identified groups.
The business of the Company largely depends on the consumers spending
power.
8. Change in the nature of business, if any
The company has not changed its nature of business during the current
financial year.
9. Post Balance Sheet Events
No material changes have been occurred between the end of the financial
year of the company to which the financial statements relate and the
date of the report.
10. Details in respect of adequacy of internal financial controls with
reference to the Financial Statements.
The directors, have laid down internal financial controls to be
followed by the company and that such internal financial controls are
adequate and were operating effectively.
11. Deposits
The company has neither accepted nor renewed any deposits during the
year, covered under Chapter V of the Act.
12. Statutory Auditors
M/s. M.K. Maroti & Associates, Chartered Accountant, Statutory Auditors
of the Company, retires at the conclusion of this ensuing Annual
General Meeting and is eligible for reappointment and proposed to be
re-appointed at the ensuing Annual General Meeting for a term of Five
years i.e from the conclusion of this Annual General meeting till the
conclusion of 40th Annual General Meeting of the Company subject to
ratification at each and every Annual General Meeting. Pursuant to 139
of the Companies Act, 2013, they have furnished a Certificate regarding
their eligibility for appointment as Auditors.
Your Directors are recommending their name for re-appointment.
13. Appointment of Whole-time Company Secretary
The Board of Directors of the Company at their meeting held on 13th
February, 2015 appointed Mr Anand Chandak as Company Secretary of the
company w.e.f 13th February, 2015
14. Auditors' Report
The observations made by the Auditors are self- explanatory and do not
require any further clarification. Further, the explanations or
comments by the Board on every qualification, reservation or adverse
remark or disclaimer made by the auditor in his report shall be given.
15. Share Capital
Issue of equity shares with differential rights
Your company has not issued any of its securities with differential
rights during the year under review.
Buy Back of Securities
The company has not bought back any of its securities during the year
under review.
Sweat Equity, Bonus Shares & Employee Stock Option Plan
The company has neither issued sweat equity or bonus shares nor has
provided any stock option scheme to the employees.
16. Extract of the Annual Return
The extract of the Annual Return pursuant to the provisions of section
92 read with Rule 12 of the Companies (Rules), 2014 is furnished in
Annexure A (MGT - 9) and is attached to this Report.
17. Conservation of energy, Technology absorption and Foreign exchange
earnings and Outgo
The provisions of section 134(m) of the Companies Act 2013 regarding
the disclosure of particulars of conservation of energy and technology
absorption prescribed by the rules are not applicable to our company.
The company does not have any Foreign Exchange transactions during the
financial year.
18. Corporate Social Responsibility (CSR)
As the company does not have net worth of rupees five hundred crore or
more, or turnover of rupees one thousand crores or more or a net profit
of rupees five crore or more during any financial year, the disclosures
as per Rule 9 of Companies (Corporate Social Responsibility Policy)
Rules, 2014 is not applicable.
19. Directors:
A) Changes in Directors and Key Managerial Personnel: Pursuant to the
Resolution of the Board of Directors passed at its meeting,
NAME DESIGNATION
Suman Pal Independent Director
Dilip Kumar Shaw Independent Director
Rakesh Kumar Mishra Managing Director
Archana Sharma Additional Director
Anand Chandak Company Secretary
NAME PURPOSE
Suman Pal Appointed as Independent Director of
the Company for a period of five year.
Dilip Kumar Shaw Appointed as Independent Director of
the Company for a period of five year.
Rakesh Kumar Mishra Appointed as Managing Director of the
Company for a period of 5 years w.e.f
25th September, 2014
Archana Sharma Appointed as Additional Director of the
Company to regularize at the ensuing
AGM.
Anand Chandak Appointed as Company Secretary w.e.f
13 February, 2015
B) Declaration by Independent Director(s) and re-appointment
Mr. Suman Pal, Independent Directors of the Company have confirmed that
they fulfilled all the conditions of the Independent Directorship as
laid down in sub-section (6) of Section 149 of the Companies Act, 2013
and the rules made there under and the same have been noted by the
Board.
C) Formal Annual Evaluation
In compliance with the Schedule IV of the Companies Act 2013, a meeting
of the Independent Directors of the company was held to review and
evaluate the performance of the Non- Independent Directors and the
chairman of the company taking into account the views of the Executive
Directors and Non- Executive Directors, assessing the quality, quantity
and timeliness of flow of information between the company management
and the Board and also to review the overall performance of the Board.
The meeting of the company was held on 13/02/2015, wherein the
performance of the Board as a whole was evaluated.
20. Number of meetings of the Board of Directors
Five Meetings of the Board of Directors were held during the financial
year 2014-15. These were held on the following dates:
i) 15/05/2014, ii) 30/05/2014, iii) 12/08/2014, iii) 14/11/2014, iv)
13/02/2015
21. Particulars of Loans, Guarantee or Investment
There are no Loans, guarantee or Investment as per Section 186 of the
Companies Act, 2013
22. Audit Committee and its Composition
The Audit Committee of the Company reviews the report to be submitted
with the Board of Directors with respect to auditing and accounting
matters. It also overviews the Company's internal control and financial
reporting process.
Composition of the Audit committee is in accordance with the
requirements of section 177 of the Companies Act 2013 which is stated
below:
Name Designation
Suman Pal Chairman & Independent Director
Dilip Kumar Shaw Member, Independent Director
Rakesh Kumar Mishra Member, Non Executive Directo
23. Order of Court
The company is not subject to any legal proceedings and claims which
will have a material or adverse effect on the going concern status or
company's operations or financial conditions.
24. Sexual Harassment Of Women At Work Place
The Company has in place a policy in line with the requirements of The
Sexual Harassment of Women at Workplace (Prevention, Prohibition &
Redressal) Act, 2013. Internal Complaints Committee (ICC) has been set
up to redress complaints received regarding sexual harassment. All
employees (permanent, contractual, temporary, trainees) are covered
under this Policy. There were nil complaints received during the year
under review.
25. Details of establishment of vigil mechanism for directors and
employees
Pursuant to sub-section (9) & (10) of section 177 of the Companies Act,
2013, read with rule 7 of the Companies (Meetings of Board and its
Powers) Rules, 2014, the Company has established a Vigil mechanism
(Whistle Blower Policy) for Directors and Employees of the Company to
report their genuine concerns or grievances. The policy was approved by
the Board of Directors of the Company at its meeting held on 12/08/2014
and the Audit Committee was empowered by the Board of Directors to
monitor the same and to report to the Board about the complaints in an
unbiased manner.
26. Nomination and Remuneration Committee
Composition of the Nomination & Remuneration Committee is in accordance
with the requirements of section 178(1) of the Companies Act 2013. The
composition is as under:
Name Designation
Suman Pal Chairman & Independent Director
Dilip Kumar Shaw Member, Independent Director
Rakesh Kumar Mishra Member, Non- Executive Director
26. Stakeholder's Grievances Committee
The composition of the Investor grievance and Stakeholders Committee
under Section 178 of the Companies Act' 2013 is hereunder:
Name Designation
Suman Pal Chairman & Independent Director
Dilip Kumar Shaw Member, Independent Director
Rakesh Kumar Mishra Member, Non- Executive Director
27. Particulars Of Contracts Or Arrangements With Related Parties:
Your company has no material individual transactions with its related
parties which are covered under section 188 of the Companies Act, 2013,
which are not in the ordinary course of business and not undertaken on
an arm's length basis during the financial year 2014-15.
28. Managerial Remuneration:
The Company earned minimal profit during the year so the Company has
not provided any Managerial Remuneration to the Directors.
29. Secretarial Audit Report
CS Manjula Poddar, Practising Company Secretary [C.P.No, 11252], is
appointed as the Secretarial Auditor of the company. There is no
qualification, reservation or adverse remark or disclaimer made by the
company secretary in the secretarial audit report.
The Secretarial Audit Report is attach in this report as Form MR- 3
31. Corporate Governance Certificate & Management Discussion and
Analysis Report
The Corporate Governance certificate from the auditors regarding
compliance of conditions of corporate governance as stipulated in
Clause 49 of the Listing agreement and the Management Discussion and
Analysis Report has been annexed with the report.
32. Risk management policy
The company does not have any Risk Management Policy as the elements of
risk threatening the Company's existence are very minimal.
33. Directors' Responsibility Statement
Pursuant to Section 134(5) of the Companies Act, 2013, your Directors
confirm thatÂ
(a) in the preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures;
(b) the directors have selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the company at the end of the financial year and of the profit and
loss of the company for that period;
(c) the directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the company and
for preventing and detecting fraud and other irregularities;
(d) the directors have prepared the annual accounts on a going concern
basis;
(e) the directors, have laid down internal financial controls to be
followed by the company and that such internal financial controls are
adequate and were operating effectively, and
(F) the directors have devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems were
adequate and operating effectively.
34. Acknowledgements
Your Directors would like to express their appreciation of the
co-operation and assistance received from the shareholders, bankers and
other business constituents during the year under review.
For and on behalf of the Board of Directors
Rakesh Kumar Mishra Dilip Kumar Shaw
Managing Director Director
DIN: 00558379 DIN: 02880928
Place: Kolkata
Date: 30/05/2015
Mar 31, 2014
Dear members,
The Directors have the pleasure in presenting their report together
with audited accounts of the Company for the year ended 31st March,
2014.
Financial Results 31.03.2014 Rs. 31.03.2013 Rs.
Profit/(Loss) after tax 58,934 239,680
Add: Profit brought forward from (150,767) (342,447)
Previous Year
(91,833) (102,767)
Less: Transferred to Special Reserve 11,787 48,000
Balance transferred over to next year (103,620) (150,767)
Working
During the year, your Company has carried on the business of investment
in shares and securities including units of Mutual Fund and providing
financial assistance byway of loan.
Dividend
With a view to conserve the resources of the Company, the Board of
Directors do not recommend any Dividend.
Directors
During the year, Shri Manoj Kumar Pandit has resigned from the
Directorship of the Company with effect from15/05/2014. In accordance
with the provision of the Companies Act, 1956 and the Company''s
Articles of Association, ShriRakesh Kumar Mishraretires by rotation and
being eligible,offered himself for re-appointmentUpon the Companies
Act, 2013, coming into effect from 1st April, 2014, MrDilip Kumar Shaw&
Mr. Suman Pal proposed to be the Independent Directors w.e.f 1st April,
2014 & 15th May, 2014 respectively. The Executive Director of the
Company is proposed to be the Managing Director subject to the approval
of the members at the Annual general meeting and other statutory
approvals.
Particulars of Employees
Provisions of Section 217(2A) of the Companies Act, 1956 read with the
Companies (Particulars of employees) Rules, 1957 are not applicable to
your Company.
Listing on Stock Exchange
The Company''s Equity Shares are listed on the Calcutta Stock
Exchange.The Equity Shares of the Company are also listed on the Bombay
Stock Exchange w.e.fl 2th June, 2014 (Scrip Code: 538451). The Company
has paid Listing Fee up-to date.
Share Transfer system and Registers & Share Transfer Agents
During the year under review, the Company has connectivity with both
Depositories, namely NSDL and CDSL (ISIN No: INE114001012). The Company
has appointed M/s MaheswariDatamatics Private Limited at 6, Mango Lane,
2nd Floor, Kolkata-700001 as Registrar and Share Transfer Agent to
facilitate shares transfer job to its members. Members are requested to
send their requests for share transfer, split, issue of duplicate
shares etc to RTA or secretarial department of the Company at its
registered office.
Conservation of Energy & Technology absorption, Foreign Exchange
Earnings and Outgo
The Company has no activities relating to conservation of energy or
technology absorption. The Company has not earned/expense any foreign
exchange during the year.
Deposits
The Company has not accepted or invited /renewed any deposits from the
Public during the year under review.
Auditors
M/s. M.K. Maroti& Associates, Chartered Accountant, Statutory Auditors
of the Company, retire at the conclusion of the ensuing Annual General
Meeting and is eligible for reappointment. Pursuant to 139 of the
Companies Act, 2013, they have furnished a Certificate regarding their
eligibility for appointment as Auditors.
Your Directors are recommending their name for re-appointment.
Appointment of Whole-time Company Secretary
The Board of Directors of the Company at their meeting held on 24th
January, 2014 appointed MrAnupPandeyas Company Secretary of the company
w.e.f24th day of January, 2014.
Directors'' Responsibility statement
Pursuant to the requirement under Section 217(2AA) of the Companies
Act, 1956 with respect to Directors'' Responsibility Statement, it is
hereby confirmed:
(a) That in the preparation of the annual accounts for the financial
year ended 31st March, 2014.The applicable accounting standards had
been followed along with proper explanation relating to material
departures;
(b) That the directors had selected such accounting policies and
applied them consistently and made judgements and estimates that were
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company for the year under review;
(c) That the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with
provisions of the Companies Act 1956 for safeguarding the assets of the
Company and for preventing and detecting fraud and other
irregularities;
(d) That the directors had prepared the accounts for the Financial Year
ended 31 st March, 2014 on a going concern basis
By order of the Board
Rakesh Kumar Mishra Dilip Kumar Shaw
Director Director
Dated: 12th day of August, 2014
Regd. Office:
34, C.R Avenue
1st Floor,
Cabin No.2
Kolkata-700012
Mar 31, 2013
The Members,
The Directors have the pleasure in presenting their report together
with audited accounts of the Company for the year ended 31st March,
2013.
Working Results 31.03.2013 31.03.2012
Rs. Rs.
Profit/(Loss) after tax 239,680 27,531
Add: Profit brought forward from
Previous Year (342,447) 3,029,528
(102,767) 3,057,059
Less : Transferred to Special Reserve 48,000 3,399,506
Balance transferred over to next year (150,767) (342,447)
Working
During the year, your Company has carried on the business of investment
in shares and securities including units of Mutual Fund and providing
financial assistance by way of loan.
Dividend
With a view to conserve the resources of the Company, the Board of
Directors do not recommend any Dividend.
Particulars of Employees
Provisions of Section 217(2A) of the Companies Act, 1956 read with the
Companies (Particulars of employees) Rules, 1957 are not applicable to
your Company.
Conservation of Energy & Technology absorption, Foreign Exchange
Earnings and Outgo:
The Company has no activities relating to conservation of energy or
technology absorption. The Company has not earned/expense any foreign
exchange during the year.
Deposits
The Company has not accepted or invited /renewed any deposits from the
Public during the year under review.
Bonus Issue
1,400,000 Shares were allotted as Fully Paid-up Bonus shares in the
ratio of 7:1 by way of capitalization of Reserves of the Company during
the year under review.
Listing on Stock Exchange
The Company''s Equity Shares are listed on the Calcutta Stock Exchange.
Company has paid Listing fee up-to-date.
Share Transfer system and Registers & Share Transfer Agents
During the year under review, the Company has got connectivity with
both Depositories, namely NSDL and CDSL ( INE114O01012 & Kolkata-
700012). The Company has appointed M/s Maheswari Datamatics Private
Limited at 6, Mango Lane, 2nd Floor, Kolkata-700012 as Registrar and
Share Transfer Agent to facilitate shares transfer job to its members.
Members are requested to send their requests for share transfer, split,
issue of duplicate shares etc to RTA or secretarial department of the
Company at its registered office.
Auditors
M/s Maroti & Associates, Chartered Accountant Statutory Auditors of the
Company, retire at the conclusion of the ensuing Annual General Meeting
and is eligible for reappointment. Pursuant to Section 224 (1B) of the
Companies Act, 1956; they have furnished a Certificate regarding their
eligibility for appointment as Auditors.
Your Directors are recommending their name for re-appointment.
Directors'' Responsibility statement
Pursuant to the requirement under Section 217(2AA) of the Companies
Act, 1956 with respect to Directors'' Responsibility Statement, it is
hereby confirmed:
(a) That in the preparation of the annual accounts for the financial
year ended 31st March, 2013. The applicable accounting standards had
been followed along with proper explanation relating to material
departures;
(b) That the directors had selected such accounting policies and
applied them consistently and made judgements and estimates that were
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company for the year under review;
(c) That the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities;
(d) That the directors had prepared the accounts for the Financial Year
ended 31st March, 2013 on a going concern basis
Regd. Office: By order of the Board
34, C R Avenue
1st Floor, Cabin No.2
Kolkata-700012
Dated: 30th day of May, 2013 Dilip Kumar Shaw Rakesh Kumar Mishra
Director Director
Mar 31, 2012
To the Members of WORTH INVESTMENT & TRADING CO. LIMITED
The Directors present their 32nd Annual Report together with the
accounts of your Company for the year ended 31st March, 2012.
FINANCIAL HIGHLIGHTS
PARTICULARS 2011-2012 2010-2011
Total Revenue 13,42,917 726,415
Total Expenses 258,110 201,377
Profit/(Loss) Before Exceptional &
Extraordinary Items & Tax 10,84,807 525,038
Less: Exceptional Items 795,349 8,394
Profit/(Loss) Before Tax 289,458 516,644
Provision for Taxation 261,927 NIL
Profit/(Loss) After Tax 27,531 516,644
Less: Transferred to Reserve
Fund u/s 45IC of RBI Act, 1934 3,399,506 NIL
Profit/(Loss) After Appropriation (3,371,975) 516,644
Add: Profit/(Loss) Brought Forward 3,029,528 2,512,884
Profit/(Loss) Carried to Balance Sheet (342,447) 3,029,528
DIVIDEND
Your directors do not recommend any dividend.
AUDITORS
M/s Maroti & Associates, Chartered Accountant Statutory Auditors of the
Company, holds office until the conclusion of the ensuing Annual
General Meeting and is eligible for reappointment.
The Company has received letters from them to the effect that their
appointment / reappointment, if made, would be within the prescribed
limits under Section 224(1B) of the Companies Act, 1956 and that they
are not disqualified for such appointment / reappointment within the
meaning of Section 226 of the said Act.
The Notes on Accounts referred to in the Auditors'' Report are
self-explanatory and therefore do not call for any further comments.
EMPLOYEES
In terms of the provisions of Section 217(2A) of the Companies Act,
1956, read with the Companies (Particulars of Employees) Rules, 1975 as
amended, the names and other particulars of the employees are required
to be set out in the Annexure to the Directors'' Report. However, your
company has no such employees.
ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
The particulars relating to energy conservation, technology absorption
as required to be disclosed under Section 217(l)(e) of the Companies
Act, 1956 read with the Companies (Disclosure of Particulars in the
Report of Board of Directors) Rules, 1988 are not applicable to the
company. Details of foreign exchange earnings and outgo, as required to
be disclosed under Section 217(l)(e) of the Companies Act, 1956 read
with the Companies (Disclosure of Particulars in the Report of Board of
Directors) Rules, 1988 are given hereunder: -
DIRECTORS'' RESPONSIBILITY STATEMENT
The Directors, based on the representations received from the
operational management, confirm in pursuance of Section 217 (2AA) of
the Companies Act, 1956, that:
i) your Company has, in the preparation of the annual accounts for the
year ended 31st March, 2012, followed the applicable accounting
standards along with proper explanations relating to material
departures, if any;
ii) they have selected such accounting policies and applied them
consistently and made judgments and estimates that are reasonable and
prudent so as to give a true and fair view of the state of affairs of
the Company as at 31st March, 2012 and of the profit of your Company
for the financial year ended 31st March, 2012;
iii) they have taken proper and sufficient care to the best of their
knowledge and ability, for the 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 fraud and
other irregularities; and
iv) The annual accounts have been prepared on a going concern basis.
SECRETARIAL COMPLIANCE CERTIFICATE
As required by Section 383A of the Companies Act, 1956, the Compliance
Certificate received from Company Secretary in whole time practice is
enclosed herewith
ACKNOWLEDGEMENT
Your Directors would like to express their grateful appreciation for
assistance and co-operation received from the Banks, Government
Authorities, Customers, Vendors and Members during the year under
review. Your Directors also wish to place on record their deep sense of
appreciation for the committed services of the Executives, Staff and
Workers of the Company.
For and on behalf of the Board
Place: Kolkata Chairman
Date : The 3rd day of July, 2012
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