You are here » Home » Companies » Company Overview » Ace Tours Worldwide Ltd

Ace Tours Worldwide Ltd.

BSE: 536492 Sector: Services
NSE: N.A. ISIN Code: INE926O01019
BSE LIVE 12:41 | 28 Nov 2.08 0
(0.00%)
OPEN

2.08

HIGH

2.08

LOW

2.08

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 2.08
PREVIOUS CLOSE 2.08
VOLUME 8000
52-Week high 4.04
52-Week low 1.90
P/E
Mkt Cap.(Rs cr) 2.64
Buy Price 0.00
Buy Qty 0.00
Sell Price 2.18
Sell Qty 8000.00
OPEN 2.08
CLOSE 2.08
VOLUME 8000
52-Week high 4.04
52-Week low 1.90
P/E
Mkt Cap.(Rs cr) 2.64
Buy Price 0.00
Buy Qty 0.00
Sell Price 2.18
Sell Qty 8000.00

Ace Tours Worldwide Ltd. (ACETOURS) - Auditors Report

Company auditors report

Independent Auditor

To the Members of ACE TOURS WORLDWIDE LTD

Report On the Financial Statement

We have audited the accompanying financial statements of ACE TOURS WORLDWIDE LTD. ("theCompany") which comprise the Balance Sheet as at March 31 2014 and the Statementof Profit and Loss and Cash Flow Statement for the year then ended and a summary ofsignificant 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 atrue and fair view of the financial position financial performance and cash flows of theCompany in accordance with the Accounting principles generally accepted in Indiaincluding the Accounting Standards notified under the Companies Act 1956 read withGeneral Circular 15/2013 dated 13 September 2013 issued by the Ministry of CorporateAffairs in respect of Section 133 of the Companies Act 2013. This responsibilityincludes the design implementation and maintenance of internal control relevant to thepreparation and presentation of the financial statements that give a true and fair viewand 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 ouraudit. We conducted our audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatement. An audit involvesperforming procedures to obtain audit evidence about the amounts and disclosures in thefinancial statements. The procedures selected depend on the auditor’s judgmentincluding the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal control relevant to the Company’s preparation and fairpresentation of the financial statements in order to design audit procedures that areappropriate in the circumstances. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made bymanagement as well as evaluating the overall presentation of the financial statements.

Opinion

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion. In our opinion and to the best of our informationand according to the explanations given to us the financial statements give theinformation required by the Companies Act 1956 in the manner so required and give a trueand 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 March31 2014;

b) in the case of the Profit and Loss Account of the profit for the year ended on thatdate; and

c) in the case of the Cash Flow Statement of the cash flows for the year ended on thatdate.

Report on Other Legal and Regulatory Requirements:

1. As required by the Companies (Auditor’s Report) Order 2003 ("theOrder") issued by the Central Government of India in terms of sub-section (4A) ofsection 227 of the Act we give in the Annexure a statement on the matters specified inparagraphs 4 and 5 of the Order. 2. As required by section 227(3) of the Act we reportthat:

a) we have obtained all the information and explanations which to the best of ourknowledge 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 theCompany so far as appears from our examination of those books

c) the Balance Sheet Statement of Profit and Loss and Cash Flow Statement dealt withby this Report are in agreement with the books of account.

d) In our opinion the Balance Sheet Statement of Profit and Loss and Cash FlowStatement comply with the Accounting Standards notified under the Companies Act 1956 readwith General Circular 15/2013 dated 13 September 2013 issued by the Ministry of CorporateAffairs in respect of Section 133 of the Companies Act 2013;

e) on the basis of written representations received from the directors as on March 312014 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2014 from being appointed as a director in terms of clause (g) ofsub-section (1) of section 274 of the Companies Act 1956.

for RASESH SHAH & ASSOCIATES

Chartered Accountants
RASESH B. SHAH
(PARTNER)
Place : SURAT M. No. 34217
Date : 05/07/2014 (F. R. NO. 108671W)

Annexure to the Independent Auditors’ Report

(Referred to in paragraph (1) under the heading of "report on other legal andregulatory requirements" of our report of even date)

(1) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) The fixed assets have been physically verified by the management during the periodat reasonable interval. As explained no material discrepancy was noticed on physicalverification as compared with the record of fixed assets.

(c) In our opinion substantial part of fixed assets have not been disposed off duringthe year by the company hence it does not affect the going concern status of the company.

(2) (a) The management of the company is not required to conduct physical verificationof inventories at reasonable intervals during the year.

This company is in the business of Tours and Travels hence there is no closing stock.In the absence of any transactions related to above clause the question of our commentson point no. 2(b) 2(c) of CARO 2004 does not arise.

(3) (a) The company has granted loan to companies firms or other parties covered inthe register maintained under section 301 of the Companies Act1956. There are Twenty sixsuch parties to whom the company has granted unsecured loans and the amount of new loangranted is Rs 73680222/-. The loan granted has been repaid to the extent of Rs3179060/-.

(b) The rate of interest and other terms and conditions of loans given by the companyare prima facie not prejudicial to the interest of the company.

(c) In absence of any documentary evidence relating to stipulation for payment ofprincipal amount or interest amount it is not possible to comment whether payment ofprincipal amount & interest are regular.

(d) The company has taken unsecured loans from companies firms or other partiescovered in the register maintained under section 301 of the Act. There are thirty one suchparties from whom the company has taken loan and the amount of loan taken is Rs71863900/-. The loan taken has been repaid to the extent of Rs. 72826822/-.

(e) The rate of interest and other terms and conditions of loans taken by the companyare prima facie not prejudicial to the interest of the company.

(4) In our opinion and according to the information and explanation furnished there isadequate internal control procedure commensurate with the size of the company and thenature of its business for the purchase of inventory and fixed assets.

(5) (a) In our opinion and according to the information and explanations given to usthere are no transactions exceeding Rs. 500000/- in pursuance of contracts andarrangements that needed to be entered into the register maintained under section 301 ofthe Companies Act 1956.

(b) In respect to above Para 5(b) is not applicable

(6) In our opinion and according to the information and explanation given the companyhas not accepted any deposits falling within the preview of Section 58A/ 58AA of CompaniesAct 1956 during the financial year.

(7) In our opinion and according to the information and explanation given to us thecompany has adequate internal audit system commensurate with the size and nature of itsbusiness.

(8) The central government has not prescribed maintenance of cost records under clause(d) of sub-section (1) of section 209 of the Act.

(9) (a) In our opinion and according to the information and explanation given thecompany is generally regular in depositing undisputed statutory dues including ProvidentFund Employee's State Insurance Wealth Tax Cess with the appropriate authorities.However the company has following taxes outstanding as on the 31st March 2014outstanding for more than six months from the date it became due.

Service tax 2007-08 Rs.258133/-
Service tax 2008-09 Rs. 55586/-
Service tax 2009-10 Rs.823100/-
Service tax 2012-13 Rs.786592/-
Service tax 2013-14 Rs.1248807/-
Professional Tax 2009-10 Rs.21900/-
Professional Tax 2010-11 Rs.21278/-
Professional Tax 2011-12 Rs.4280/-
Professional Tax 2012-13 Rs.40520/-
Professional Tax 2013-14 Rs.5675/-
Income Tax 2009-10 Rs.120210/-
ESIC EARLIER YEARS Rs.91686/-
ESIC 2013-14 Rs.10989/-

(b) In our opinion and according to the information and explanation given there are nodues which have not been deposited on account of any dispute. (10) The Company does nothave any accumulated losses.

(11) The company has not made any default in repayment of dues to a financialinstitution or bank.

(12) No loans and advances have been granted on the basis of security by way of pledgeof shares debentures and other securities by the company.

(13) 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 notapplicable to the Company.

(14) No transaction has been carried out by the company for dealing or trading inshares securities debentures and other investments.

(15) According to the information and explanations given the company has not givenguarantees for the loans taken by others from banks or financial institutions.

(16) During the year under consideration the company has not raised any term loanhence the question of our comments on this point does not arise.

(17) According to the information and explanations given to us and on an overallexamination of Balance Sheet fund raised on short term basis have not been used for longterm investments.

(18) The company has not made any preferential allotment of shares to parties andcompanies covered in the Register maintained under section 301 of the Act.

(19) The company has not issued debenture during the year. Hence the question ofcreation of securities in respect of debentures does not arise.

(20) According to the information and explanations given to us the company has raiseda sum of Rs. 80000000/- (Including Security Premium of Rs. 30000000/-) by way ofpublic issues during the year under review. In this regard it is stated that the companyhas temporarily deployed the said fund in inter corporate deposits as an interim measuresto earn interest pending deployment towards object of the issue.

(21) In our opinion and according to the information & explanation given to us nofraud on or by the company has been noticed or reported during the year.

for RASESH SHAH & ASSOCIATES

Chartered Accountants
RASESH B. SHAH
(PARTNER)
Place : SURAT M. No. 34217
Date : 05/07/2014 (F. R. NO. 108671W)

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard