| We have audited the accompanying financial statements of CROWN TOURS
LIMITED ("the company"), which comprise the Balance Sheet as at 31st
March, 2015, the Profit and Loss Statement, Cash Flow Statement for the
year then ended and a summary of significant accounting Policies and
other explanatory information.
Management's Responsibility forthe Financial Statements
The company's Board of Directors are responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("The Act") with respect
to the preparation and presentation of these financial statements that
give a true and fair view of 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
ofthe 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
judgements 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 ofthe 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 provision 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 there
under.
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 misstatements.
An Audit involves performing procedure to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedure
selected depends 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 risks assessment, 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 control
system over financial reporting and the operating the effectiveness of
such controls. An audit also includes evaluating the appropriateness of
accounting policies used the reasonableness ofthe accounting estimates
made by company's Directors, as well as evaluating the overall
presentation of the financial statements.
We believe that 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 us, the 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: ofthe state of affairs ofthe Company as at
31st March, 2015, and its profit and its cash flows forthe year ended
on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2015 ("the
order") issued by 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 the paragraph 3 and 4 ofthe Order, to the
extent applicable.
2. As required by Section 143 (3) of the Act, we report that:
a. We have sought and obtained all 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 it appears from our examinations of those
books;
c. The Balance Sheet, the Profit and Loss Statement and 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
Accoutning Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.
e. On the basis of written representations received from the directors
as on 31st March, 2015 and taken on record by the Board of Directors,
none of the director is disqualified as on 31st March, 2015, from being
appointed as a director in terms of Section 164(2) of the Act., and.
a) The Company has disclosed the impact of pending litigations on its
financial position in its financial statements - Refer Note-22(a) to
the financial statements:
b) The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses.
c) There are no amounts, which are required to be transferred, to the
Investor Education and Protection Fund by the Company.
ANNEXURE TO THE AUDITOR'S REPORT
Annexure referred to in our Independent Auditors' Report to the members
of the CROWN TOURS LIMITED on the financial statements for the year
ended 31st March, 2015.
(i.) a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b) The Company has a regular programme of physically verification its
fixed assets by which fixed assets are verified in a phased manner by
the management during the year, which in our opinion is reasonable
having regard to the size of the company and nature of its assets. No
material discrepancies were noticed on such physical verification.
(ii) The Company is a service company, primarly rendering tours
services. Accordingly, it does not hold any physical inventories, Thus,
paragraph 3(ii) of the Order is not applicable.
(iii) The company has not granted any loans to parties covered in the
register maintained under section 189 of the Companies Act, 2013.
Therefore, the provisions of clause 3(iii)(a) to 3(iii)(b) of the
Companies (Auditor's Report) Order, 2015 are not applicable to the
company.
(iv) 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 nature of its business with regard to
the purchase of fixed assets, other assets and with regard to rendering
of services. Further, on the basis of our examination of the books of
accounts and records of the company and according to information and
explanations given to us, we have not observed any major weakness in
the internal control system during the course of the audit.
(v) The company has not accepted deposits from the public within the
meaning of Section 73 to 76 of the Companies Act, 2013 and the rules
made there under.
(vi) The maintenance of cost records has not been prescribed by the
Central Government under section 148(1) of the Companies Act, 2013, for
any of the services rendered by the Company.
(vii) a) According to the information and explanations given to us and
on the basis of our examination of the records of the company, amounts
deducted/accrued in the books of account in respect of undisputed
statutory dues including provident fund, employee's state insurance,
income tax, sales tax, wealth tax, service tax, duty of customs,duty of
excise, value added tax,cess and any other material statutory dues have
been regularly deposited during the year by the Company with the
appropriate authorities.
(b) According to the information and explanations given to us, there
are no material dues of Sales tax, Income Tax, Wealth tax, duty of
Customs or duty of excise or value added tax or cess which have not
been deposited with the appropriate authorities on account of any
dispute. However, according to information and explanations given to
us, the following dues of service tax have not been deposited by the
Company on account of disputes
Particulars Amount Involved Forum where
(in Rs.) dispute is pending as
on 31.03.2015
Demand for Service Tax 982,032 CESTAT, New Delhi
for F.Y. 2005-06
Demand for Service Tax for 2,262,511 Commissioner of Excise
the period from Oct., 2007 & Custom, Jaipur
to March, 2010
(c) According to the information and explanations given to us and the
records of the company examined by us, there is no such amount which is
required to be transferred to Investor Education and Protection Fund in
accordance with the relevant provisions of the Companies Act, 1956 (1
of 1956) and rules made there under.
(viii) The company does not have any accumulated losses at the end of
the financial year.
The company has also not incurred cash losses during the financial year
covered by our audit and in the immediately preceding financial year.
(ix) In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to a
financial institutions or bank. The company does not have any
outstanding debentures at the end of the year.
(x) According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from
banks or financial institutions.
(xi) The company has not taken any term loans during the year.
(xii) To the best of our knowledge and belief according to the
information and explanations given to us, no fraud on or by the company
has been noticed or reported during the course of our audit.
For KALANI & COMPANY
Chartered Accountants
FRN : 000722C
Sd/-
(Vikas Gupta)
Place of Signature : Jaipur Partner
Dated : 21.05.2015 M. NO. 77076 |