Your Directors have pleasure in presenting their Director’s Report of the Company for the year
ended 31st March 2024.
PERFORMANCE OF THE COMPANY
The Highlights of the Performance of the Company during the financial year ended 31st March
2024 is summarized below:
|
Particulars
|
2023-2024
(Amount in
Rs. Hundreds)
|
2022-2023
(Amount in
Rs. Hundreds)
|
|
Total Income
|
53,52,945.01
|
29,13,871.64
|
|
Less: Total Expenses
|
46,00,574.59
|
26,45,159.17
|
|
Profit before tax
|
7,52,370.42
|
2,68,712.47
|
|
Less: Tax expense: Current Tax
Income Tax for Earlier Years
Deferred Tax
|
2,10.820.05
5,173.95
(3,034.94)
|
69.865.24
3,303.70
|
|
Profit after tax
|
5,39,411.36
|
1.95,543.53
|
STATE OF AFFAIRS
The Board of Directors take immense pleasure to place this report before the members of the
company.
The financial year ending 31.03.2024 was marked by robust growth, expansion in operations,
Improved margins and increased market peering. The company being an AWS partner also won
a number of accolades and has become one of the most awarded AWS partners in Eastern India.
During this period, the company focused on enhancing operational efficiency, expanding market
share, driving innovation and venturing into new business areas resulting in greater recognition
from AWS, Increased Top Line, more than 275% growth in the bottom line and improvement in
major financial ratios. Your Company has a yellow theme which is the colour of youth. The
Vibrant team of 100% certified resources brings the edge to customers for an End-to-End AWS
partner, committed towards quality and supporting their business on a 24X7 basis.
The Company has earned a profit after tax of Rs. 5,39,41,136/- and achieved a turnover of Rs.
53,52,94,501/- during the period under review. The management sees a bright and growth-
oriented future for the company in the coming times and is committed to deliver stellar operational
performance.
DIVIDEND:
No Dividend was declared for the current financial year.
CHANGE IN THE NATURE OF BUSINESS, IF ANY
During the year under review, there has been no change in the nature of the business in your
Company.
TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCTION AND
PROTECTION FUND
The provisions of Section 125(2) of the Companies Act, 2013 do not apply as there was no
dividend declared and paid last year.
NUMBER OF BOARD MEETINGS HELD DURING THE FINANCIAL YEAR
The Company has conducted six Board meetings during the financial year under review and the
dates of the same are stated as below:
1. 05th June, 2023
2. 04th September, 2023
3. 25th September, 2023
4. 06th November, 2023
5. 01st March, 2024
MATERIAL CHANGES AND COMMITMENT IF ANY AFFECTING THE FINANCIAL
POSITION OF THE COMPANY OCCURRED BETWEEN THE END OF THE
FINANCIAL YEAR TO WHICH THIS FINANCIAL STATEMENTS RELATE AND THE
DATE OF THE REPORT
No material changes and commitments affecting the financial position of the Company occurred
between the end of the financial year to which this financial statement relate and the date of this
report.
DIRECTORS & KEY MANAGERIAL PERSONNEL
There were no fresh appointments or resignation of Directors and Key Managerial Personnel
during the year under review.
DECLARATION OF INDEPENDENT DIRECTORS
The provisions of Section 149 for appointment of Independent Directors do not apply to the
company.
DIRECTORS RESPONSIBILITY STATEMENT
In terms of Section 134 (5) of the Companies Act, 2013, your Directors would like to confirm
that:
(a) In the preparation of the annual accounts for the financial year ended 31st March, 2024, the
applicable accounting standards had been followed along with proper explanation relating to
material departures;
(b) The Directors had 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 31s' March, 2024 and of the loss of the Company for that
period;
(c) The Directors had taken proper and sufficient care for the maintenance of adequate accounting
records in accordance with the provisions of the Companies Act 2013 for safeguarding the assets
of the Company and for preventing and detecting fraud and other irregularities;
(d) The Directors had prepared the annual accounts on a going concern basis;
(e) The Company being unlisted, sub clause (e) of section 134(3) of the Companies Act, 2013
pertaining to laying down internal financial controls is not applicable to the Company.
(f) The Directors had devised proper systems to ensure compliance with the provisions of all
applicable laws and that such systems were adequate and operating effectively.
REPORTING OF FRAUDS BY THE AUDITORS
The Board hereby informs that there were no such reporting’s made by the Auditors in their report
for the Financial Year ended 31.03.2024.
SHARE CAPITAL OF THE COMPANY
Paid up Share Capital of the Company is Rs. 1.00.000/- divided into 10.000 equity shares of Rs.
10/- each. However, there was no issue of Equity Shares with Differential Rights, Sweat equity
and under any scheme of Employee Stock Option as per the provisions of the Companies Act,
2013 and Rules made thereunder.
AMENDMENT TO THE ARTICLES OF ASSOCIATION OF THE COMPANY
No amendment to the Article of Association of the Company has been made between during the
year under review.
CONSERVATION OF ENERGY & TECHNOLOGY ABSORPTION
Considering that consumption of energy is very minimal in the Company, hence the disclosures
pertaining to conservation of energy and technology absorption, as specified in Section 134(3)(m)
of the Act read with Rule 8 of the Companies (Accounts) Rules, 2014, is not applicable for the
year under review.
FOREIGN EXCHANGE EARNINGS AND OUTGO
During the year under review, there have been foreign exchange earnings of Rs.77,23,610.
RISK MANAGEMENT POLICY
The Company has developed a Risk Management Policy for dealing with the elements of Risk
pertaining to the Company.
PARTICULARS OF LOAN / GUARANTEES OR INVESTMENTS
During the period under review, the Company has not made any loan or guarantee or provided
any securities or made any investments in terms of the provisions of Section 186 of the Act.
INTERNAL FINANCIAL CONTROL SYSTEM
The Directors have laid down Internal Financial Control System, which have been followed by
the company and that such financial controls are adequate and are operating effectively.
DETAILS OF APPLICATION MADE OR PROCEEDING PENDING UNDER
INSOLVENCY AND BANKRUPTCY CODE 2016
During the year under review, there were no applications made or proceedings pending in the
name of the company under Insolvency and Bankruptcy Code 2016.
DETAILS OF DIFFERENCE BETWEEN VALUATION AMOUNT ON ONE TIME
SETTLEMENT AND VALUATION WHILE AVAILING LOAN FROM BANKS AND
FINANCIAL INSTITUTIONS
During the year under review, there has been no one time settlement of loans taken from Banks
and Financial Institutions.
PARTICULARS OF DEPOSITS
During the year under review, the Company has not accepted nor renewed any deposits from
public or member within the meaning of Sections 134(3 )(q) of the Act read with the rule 8(5 )(v)
& (vi) of chapter IX Rules.
ANNUAL RETURN
As per the requirement of section 134 (3) (a) of the Companies Act, 2013 read along with the
provisions of Sections 92 & 94, copies of the Annual Return of the Company have been kept at
the registered office of the Company. The requirements with regard to providing the web address
of the same is not applicable to the Company as the Company is not having any website.
STATUTORY AUDITORS
M/s. M Choudhury & Co., Chartered Accountants, (FRN: 302186E) were appointed as the
Statutory Auditors of the Company for a period of 5 years in the AGM held in the year 2019 upto
the AGM to be held in the year 2024 which was approved by the shareholders of the Company.
Being eligible for reappointment M/s. M Choudhury & Co., have given their consent to act as
the Statutory Auditor of the Company for further period of 5 year s from 2024 till the AGM to be
held in 2029.Their appointment will be subject to the approval of shareholder in ensuring AGM
of the Company.
AUDITORS’ REPORT
The Notes of Account referred in the Auditor’s Report are self-explanatory and therefore, do not
call for any further comments.
VIGIL MECHANISM
As per Section 177(9) of the Companies Act and miles made thereunder the provisions of Vigil
Mechanism is not applicable to the Company.
PARTICULARS OF RELATED PARTY TRANSACTIONS
During the year ended 31st March, 2023, material contracts, arrangements or transactions has
been entered by the company with its related parties pursuant to Section 188 of the Companies
Act, 2013 has been specified in Form AOC-2 attached with the Balance sheet.
NOTE ON SUBSIDIARIES. JOINT VENTURES OR ASSOCIATE COMPANIES
The Company does not have any subsidiaries, joint ventures or associate Companies during the
period under review.
However, the company has approved the incorporation of a Wholly Owned Subsidiary in
Singapore with the name Workmates Core2Cloud Pte. Ltd on 29th July, 2024.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS
There were no significant or material orders passed by the regulators or courts or tribunals
impacting the going concern status and Company’s operations in future.
PARTICULARS OF EMPLOYEES
None of the employees of the Company are covered by the provisions contained in Rule 5(2) of
the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.
CSR POLICY
As per the Section 135 of the Companies Act, 2013 and Rules made there under the provisions in
respect of Corporate Social Responsibility is not applicable to the Company.
MAINTENANCE OF COST RECORDS
As per Section 148(1) of the Companies Act and rules made thereunder a disclosure as for
maintenance of cost records as specified by the Central Government is not applicable to the
Company.
OBLIGATION OF THE COMPANY UNDER THE SEXUAL HARASSMENT OF
WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT.
2013
The Company has complied with provisions relating to the constitution of Internal Complaints
Committee under the Sexual Harassment of Women at Workplace (Prevention. Prohibition and
Redressal) Act, 2013 to the extent applicable to it, so as to provide a safe environment for women
employees working in the organization.
The Company has also formed an Internal Complain Committee as per the Act.
ACKNOWLEDGEMENT
The Directors record their appreciation for the assistance rendered to the Company by its
Members, Banks, and various authorities under the Central and State Governments.
Date: 02/09/2024 For and on behalf of the Board
Place: Kolkata Workmates Core2cloud Solution Private Limited
Prajnashree Mohapatra Debasish Sarkar
Director Director
DEN: 08279321 DIN: 01044732
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