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Crest Ventures Ltd.

BSE: 511413 Sector: Financials
NSE: CREST ISIN Code: INE559D01011
BSE LIVE 15:22 | 19 Sep 175.00 2.10
(1.21%)
OPEN

179.50

HIGH

179.50

LOW

175.00

NSE 15:31 | 19 Sep 175.30 -2.05
(-1.16%)
OPEN

181.90

HIGH

185.00

LOW

174.00

OPEN 179.50
PREVIOUS CLOSE 172.90
VOLUME 280
52-Week high 214.75
52-Week low 58.55
P/E 135.66
Mkt Cap.(Rs cr) 456
Buy Price 173.00
Buy Qty 1.00
Sell Price 176.80
Sell Qty 50.00
OPEN 179.50
CLOSE 172.90
VOLUME 280
52-Week high 214.75
52-Week low 58.55
P/E 135.66
Mkt Cap.(Rs cr) 456
Buy Price 173.00
Buy Qty 1.00
Sell Price 176.80
Sell Qty 50.00

Crest Ventures Ltd. (CREST) - Auditors Report

Company auditors report

To The Members of

Crest Ventures Limited

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of Crest VenturesLimited ("the Company") which comprises the Balance Sheet as at March 312017 the Statement of Profit and Loss and the Cash Flow Statement for the year thenended and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance and the cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made thereunder. We conducted our audit inaccordance with the Standards on Auditing issued by the Institute of CharteredAccountants of India specified under Section 143(10) of the Act. Those Standards requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement. An audit involves performing procedures to obtain audit evidence about theamounts and disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof the financial statements. We believe that the audit evidence we have obtained issufficient and appropriate to provide a basis for our audit opinion on the standalonefinancial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at March 31 2017 and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of Section 143 ofthe Act we give in the "Annexure-A" a statement on the matters specified inparagraphs 3 and 4 of the Order.

2. As required by Section 143(3) of the Act we report that:

a) We have sought and obtained all the information and explanations which to the bestof 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 theCompany so far as appears from our examination of those books;

c) The Balance Sheet the Statement of Profit and Loss and the Cash Flow Statementdealt with by this Report are in agreement with the books of account;

d) In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014;

e) On the basis of written representations received from the directors as on March 312017 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2017 from being appointed as a director in terms of Section 164 (2) ofthe Companies Act 2013;

f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure B" to this report;

g) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements – refer note 37 to the financial statements;

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

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company;

iv. The Company has provided requisite disclosures in the financial statements asregards its holding and dealings in Specified Bank Notes as defined in the NotificationS.O.3407(E) dated November 8 2016 of the Ministry of Finance during the period fromNovember 8 2016 to December 30 2016. Based on audit procedures performed and therepresentations provided to us by the Management we report that the disclosures are inaccordance with the books of account maintained by the Company and as produced to us bythe Management.

For Chaturvedi & Shah
Chartered Accountants
Firm Registration No. 101720W
Amit Chaturvedi
Place: Mumbai Partner
Date: May 10 2017 Membership No. 103141

Annexure "A" to the Independent Auditor's Report referred to in paragraph 1under the heading of "Report on other legal and regulatory requirements" of ourreport of even date

i) In respect of its Fixed Assets :

a. The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets on the basis of available information.

b. As explained to us all the fixed assets have been physically verified by themanagement in a phased periodical manner which in our opinion is reasonable havingregard to the size of the Company and nature of its assets. No material discrepancies werenoticed on such physical verification.

c. In our opinion and according to the information and explanations given to us wereport that the title deeds of immovable property are held in the name of the Company.

ii) In respect of its inventories: As explained to us inventories consist of realtywork in progress representing properties under construction. According to the informationand explanations given to us physical verification of inventories have been conducted atreasonable intervals by the management which in our opinion is reasonable having regardto the size of the Company and nature of its inventories. No material discrepancies werenoticed on such physical verification.

iii) In respect of loans secured or unsecured granted by the Company to companiesfirms limited liability partnerships or other parties covered in the register maintainedunder Section 189 of the Act:

a. The terms and conditions of the grant of such loans are in our opinion primafacie not prejudicial to the Company's interest.

b. The schedule of repayment of principal and payment of interest has not beenstipulated and are repayable on demand.

c. There are no overdue amounts as at the year-end since repayable on demand.

iv) In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Section 185 and Section 186 of the Act.

v) According to the information and explanations given to us the Company has notaccepted any deposits within the meaning of provisions of Sections 73 to 76 or any otherrelevant provisions of the Act and the rules framed thereunder. Therefore the provisionsof clause (v) of paragraph 3 of the Order are not applicable to the Company.

vi) To the best of our knowledge and explanations given to us the Central Governmenthas not prescribed the maintenance of cost records under sub section (1) of Section 148 ofthe Act in respect of the activities undertaken by the Company. vii) In respect ofStatutory dues :

a. According to the records of the Company undisputed statutory dues includingprovident fund income-tax sales-tax service tax duty of customs duty of excise valueadded tax cess and any other statutory dues as applicable to it have been regularlydeposited with appropriate authorities. According to the information and explanationsgiven to us no undisputed amounts payable in respect of the aforesaid dues wereoutstanding as at March 31 2017 for a period of more than six months from the date ofbecoming payable.

b. On the basis of our examination of accounts and documents on records of the Companyand information and explanations given to us upon enquires in this regard there are nodues of income-tax sales-tax service tax duty of customs duty of excise value addedtax cess as applicable to it on account of any dispute which have not been depositedexcept the disputed statutory dues aggregating to Rs 795226 on account of disputedmatters pending before the appropriate authorities as under:

Sr. No. Name of the Statue Nature of dues Amount in Rs Assessment year to which the amount relates Forum where dispute is pending
1 Income Tax Act 1961 Income Tax 182233 2010-11 CIT(Appeal)
2 Income Tax Act 1961 Income Tax 611673 2011-12 CIT(Appeal)
3 Income Tax Act 1961 Income Tax 1320 2012-13 CIT(Appeal)

viii) In our opinion and according to the information and explanations given to us theCompany has not defaulted in repayment of dues to any financial institutions or bankers orgovernment. The Company has not raised loans by issue of debentures.

ix) The money raised by term loans has been applied for the purpose for which they areraised. The Company has not raised money by way of initial public offer or further publicoffer (including debt instruments) during the year.

x) Based on the audit procedures performed for the purpose of reporting the true andfair view of the financial statements and as per information and explanations given to usno fraud by the Company or on the Company by its officers or employees has been noticed orreported during the year.

xi) In our opinion and according to the information and explanations given to usmanagerial remuneration has been paid or provided in accordance with the requisiteapprovals mandated by the provisions of Section 197 read with Schedule V to the Act.

xii) In our opinion Company is not a nidhi Company. Therefore the provisions of clause(xii) of paragraph 3 of the Order are not applicable to the Company.

xiii) In respect of transactions with related parties: In our opinion and according tothe information and explanations given to us all transactions with related parties are incompliance with Sections 177 and 188 of the Act and their details have been disclosed inthe financial statements etc. as required by the applicable accounting standards.

xiv) In our opinion and according to the information and explanations given to us theCompany has not made any preferential allotment or private placement of shares or fully orpartly convertible debentures during the year and hence clause (xiv) of paragraph 3 of theOrder is not applicable to the Company.

xv) In our opinion and according to the information and explanations given to us theCompany has not entered into any non-cash transaction with the directors or personsconnected with him and covered under Section 192 of the Act. Hence clause (xv) of theparagraph 3 of the Order is not applicable to the Company.

xvi) Based on information and explanation given to us the Company is required to beregistered under Section 45-IA of the Reserve Bank of India Act 1934 and necessaryregistration has been obtained by the Company.

For Chaturvedi & Shah
Chartered Accountants
Firm Registration No. 101720W
Amit Chaturvedi
Place: Mumbai Partner
Date: May 10 2017 Membership No. 103141

Annexure "B" to the Independent Auditor's Report referred to in paragraph2(f) under the heading "Report on other legal and regulatory requirements" ofour report of even date

Report on the Internal Financial Controls under Clause (i) of sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the Internal Financial Controls over financial reporting of CrestVentures Limited ("the Company") as of March 31 2017 in conjunctionwith our audit of the standalone financial statements of the Company for the year thenended.

Management's Responsibility for the Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India (ICAI). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to Company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Act.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under Section 143(10) of the Act to the extent applicable to an audit ofinternal financial controls both applicable to an audit of Internal Financial Controlsand both issued by the ICAI. Those Standards and the Guidance Note require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A Company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A Company's internal financial control over financialreporting includes those policies and procedures that: (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the Company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the Company are being made only in accordance with authorisations ofmanagement and directors of the Company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of theCompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2017 based on theinternal controls over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the ICAI.

For Chaturvedi & Shah
Chartered Accountants
Firm Registration No. 101720W
Amit Chaturvedi
Place: Mumbai Partner
Date: May 10 2017 Membership No. 103141