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WORTH INVESTMENT AND TRADING COMPANY LTD.

19 July 2024 | 04:01

Industry >> Finance & Investments

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ISIN No INE114O01020 BSE Code / NSE Code 538451 / WORTH Book Value (Rs.) 2.64 Face Value 1.00
Bookclosure 03/07/2024 52Week High 49 EPS 0.12 P/E 275.64
Market Cap. 510.11 Cr. 52Week Low 4 P/BV / Div Yield (%) 13.02 / 0.00 Market Lot 1.00
Security Type Other

AUDITOR'S REPORT

You can view full text of the latest Director's Report for the company.
Year End :2023-03 

We have audited the accompanying Ind AS financial statements of WORTH INVESTMENT & TRADING COMPANY LIMITED (the “Company”), which comprise the Balance Sheet as of March 31, 2023, and the Statement of Profit and Loss, statement of changes in equity and statement of cash flows for the year ended, and notes to the financial statements, including a summary of significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Ind AS Financial Statements give the information required by the Companies Act, 2013(“the Act”) in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under Section 133 of the Act read with the companies (Indian Accounting Standards) Rules, 2015, as amended, (“Ind AS”) and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2023, and profit and total comprehensive income (including other comprehensive income), changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the Ind AS financial statements in accordance with the Standards on Auditing specified under section 143(10) of the Act (SAs). Our responsibilities under those Standards are further described in the Auditor's Responsibility for the Audit of the Ind AS Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the ethical requirements that are relevant to our audit of the Ind AS financial statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI's Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the Ind AS financial statements.

Key Audit matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our opinion is not modified in respect of these matters. We have determined the matters described below to be key audit matter to be communicated in our report.

Key Audit Matters

How our audit addressed the key audit matter

Income Recognition, Asset Classification (IRAC) and Provisioning Norms

As per RBI guidelines every NBFC require to maintain minimum provision in the books of accounts of the NBFC.

As per norms company require to maintain 0.4% provision on all standard assets of the company.

In the books company have standard asset of amount Rs. 4275.66 Lakh and company has made provision on standard of Rs. 7.19 lakh in the current financial year.

As per verification of books of accounts of the company, all the loans and advances are standard hence company require to maintain only 0.4% provision on outstanding balance as on balance sheet date.

As per verification company maintain appropriate provision on standard assets. And in the books of company have not non-performing asset hence ECL (Expected Credit Loss) provision does not require to maintain as per Ind AS 109.

Information Other than the Financial Statements and Auditor's Report Thereon

The Company's Board of Directors is responsible for the other information. The other information comprises the information included in the Annual Report but does not include the Ind AS financial statements and our auditor's report thereon. The Annual Report is expected to be made available to us after the date of this auditor's report.

Our opinion on the Ind AS financial statements does not cover the other information and we will not express any form of assurance conclusion thereon.

In connection with our audit of the Ind AS financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the Ind AS financial statements, or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact. We have nothing to report in this regard.

Management's Responsibility for the Ind AS Financial Statements

The Company's Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these Ind AS financial statements that give a true and fair view of the financial position, financial performance, cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India including the Indian Accounting Standards (Ind AS) specified under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules 2015 as amended.

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 Ind AS financial statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Ind AS financial statements, management is responsible for assessing the ;

Company’s ability to continue as a going concern, disclosing, as applicable, matters related to J

going concern and using the going concern basis of accounting unless Board of Directors :

either intends to liquidate the Company or to cease operations, or has no realistic alternative ;

buttodoso. ;

That Board of Directors are also responsible for overseeing the Company’s financial reporting : process. :

Auditor’s Responsibility for the Audit of the Ind AS Financial Statements

Our objectives are to obtain reasonable assurance about whether the Ind AS financial ;

statements as a whole are free from material misstatement, whether due to fraud or error, ;

and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high J

level of assurance but is not a guarantee that an audit conducted in accordance with SAs will :

always detect a material misstatement when it exists. Misstatements can arise from fraud or ;

error and are considered material if, individually or in the aggregate, they could reasonably J be expected to influence the economic decisions of users taken on the basis of these Ind AS : financial statements. :

As part of an audit in accordance with SAs, we exercise professional judgment and maintain ; professional scepticism throughout the audit. We are also: J

• Identify and assess the risks of material misstatement of the Ind AS financial :

statements, whether due to fraud or error, design and perform audit procedures responsive ;

to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis ;

for our opinion. The risk of not detecting a material misstatement resulting from fraud is :

higher than for one resulting from error, as fraud may involve collusion, forgery, intentional :

omissions, misrepresentations, or the override of internal control. ;

• Obtain an understanding of internal financial control relevant to the audit in order to J

design audit procedures that are appropriate in the circumstances. Under section 143(3) (i) of '

the Act, we are also responsible for expressing our opinion on whether the Company has ;

adequate internal financial controls system in place and the operating effectiveness of such ;

controls. J

• Evaluate the appropriateness of accounting policies used and the reasonableness of :

accounting estimates and related disclosures made by the management. ;

• Conclude on the appropriateness of management’s use of the going concern basis of ;

accounting and, based on the audit evidence obtained, whether a material uncertainty exists :

related to events or conditions that may cast significant doubt on the Company’s ability to :

continue as a going concern. If we conclude that a material uncertainty exists, we are ;

required to draw attention in our auditor’s report to the related disclosures in the Ind AS J

financial statements or, if such disclosures are inadequate, to modify our opinion. Our '

conclusions are based on the audit evidence obtained up to the date of our auditor’s report. ;

However, future events or conditions may cause the Company to cease to continue as a going ;

concern. J

• Evaluate the overall presentation, structure and content of the Ind AS financial :

statements, including the disclosures, and whether the Ind AS financial statements represent ; the underlying transactions and events in a manner that achieves fair presentation. ;

Materiality is the magnitude of misstatement in the Ind AS financial statements that, -

individually or in aggregate, makes it probable that the economic decisions of a reasonable :

knowledgeable user of the financial statements may be influenced. We consider quantitative ;

materiality and qualitative factors in: J

(i) Planning the scope of our audit work and in evaluating the results of our work; and

(ii) To evaluate the effect of any identified misstatements in the financial statements.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the Ind AS financial statements for the financial year ended March 31, 2023, and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matters or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order, 2020 (the "Order”) issued by the Central Government of India in terms of sub-section (11) of section 143 of the Companies Act, 2013, we give in "Annexure A” a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

2. As required by Section 143(3) of the Act, based on our audit we report, to the extent applicable 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 including other comprehensive income, statement of changes in equity and the Cash Flow Statement dealt with by this Report are in agreement with the relevant books of account.

d) In our opinion, the aforesaid Ind AS financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 4 of the Companies Indian Accounting Standards Rules, 2015 as amended.

e) On the basis of the written representations received from the directors as on March 31, 2023, taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2023, from being appointed as a director in terms of Section 164(2) of the Act.

f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in "Annexure B”. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company’s internal financial controls over financial.

g) 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, as amended 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 on its financial position in its Ind AS financial statements.

ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.

iii. The company is not liable to transfer any amounts to the Investor Education and Protection Fund. Therefore, there has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.

iv.

1. The management has represented that, to the best of its knowledge and belief, as disclosed in note 26 to the accounts, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the company to or in any other persons or entities, including foreign entities ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall:

• directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever (“Ultimate Beneficiaries”) by or on behalf of the Holding Company or its subsidiary companies and joint venture company incorporated in India or

• provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

2. The management has represented, that, to the best of its knowledge and belief, as disclosed in note 26 to the accounts, no funds have been received by the Company from any persons or entities, including foreign entities ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company shall:

• directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever (“Ultimate Beneficiaries”) by or on behalf of the Funding Parties or

• provide any guarantee, security or the like from or on behalf of the Ultimate Beneficiaries.

3. Based on such audit procedures as considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (i) and (ii) of rule 11(e) as provided under clause (a) and (b) contain any material misstatement.

v. With respect to the other matters to be included in the Auditor's Report in accordance with the requirements of section 197(16) of the Act, as amended,

In our opinion and to the best of our information and according to the explanations given to us, the remuneration paid by the Company to its directors during the year is in accordance with the provisions of section 197 of the Act.

For DMKH & Co.

Chartered Accountants (FRN: 116886W)

CA Manish Kankani Partner

Membership No. 158020 UDIN: 23158020BGUSDQ4709 Place: Mumbai Date: May 30, 2023