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Crest Ventures Ltd.

BSE: 511413 Sector: Financials
NSE: CREST ISIN Code: INE559D01011
BSE LIVE 15:40 | 06 Dec 77.35 1.85
(2.45%)
OPEN

77.30

HIGH

77.50

LOW

77.30

NSE LIVE 15:13 | 06 Dec 77.50 1.55
(2.04%)
OPEN

75.55

HIGH

79.80

LOW

75.55

OPEN 77.30
PREVIOUS CLOSE 75.50
VOLUME 600
52-Week high 101.70
52-Week low 27.22
P/E 5.00
Mkt Cap.(Rs cr) 201.50
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 77.30
CLOSE 75.50
VOLUME 600
52-Week high 101.70
52-Week low 27.22
P/E 5.00
Mkt Cap.(Rs cr) 201.50
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Crest Ventures Ltd. (CREST) - Auditors Report

Company auditors report

To The Members of Crest Ventures Limited

(Formerly known as Sharyans Resources Limited)

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of Crest VenturesLimited ("the Company") which comprise the Balance Sheet as at 31st March2016 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 provision of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofthe appropriate accounting policies; making judgements and estimates that are reasonableand prudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and fair presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue 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 accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on theauditor’s judgement including the assessment of the risks of material misstatementof the financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to theCompany’s preparation of the financial statements that give a true and fair view inorder to design audit procedures that are appropriate in the circumstances. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by the Company’s Directors as well as evaluatingthe overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone financial 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 31st March 2016 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 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofSection 143 of the Act we give in the "Annexure A" a statement on the mattersspecified in paragraphs 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 purposes 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 31stMarch 2016 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2016 from being appointed as a director in terms ofSection 164(2) of the Act.

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".

g) With respect to the other matters to be included in the Auditor’s Report inaccordance with Rules 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 36 to the financial statements;

ii. The Company did not have material foreseeable losses on long term contractsincluding derivative contracts that require provision under any law or accountingstandards for which 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.

For Chaturvedi & Shah
Chartered Accountants
Firm Registration No. 101720W
Amit Chaturvedi
Place : Mumbai Partner
Date : May 14 2016 Membership No. 103141

"Annexure A" to Independent Auditor's Report referred to in Paragraph 1 underthe heading of "Report on other legal and regulatory requirements" of our reportof even date.

1) 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.

2) As explained to us inventories consist of finished realty stock and realty work inprogress representing unsold premises in completed projects and properties underconstruction. According to the information and explanations given to us physicalverification of inventories have been conducted at reasonable intervals by the managementwhich in our opinion is reasonable having regard to the size of the Company and nature ofits inventories. No material discrepancies were noticed on such physical verification.

3) 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.

4) In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Section 185 of the Act. As explained to usCompany being a Non-Banking Finance Company the provisions of Section 186 of the Act arenot applicable.

5) 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 there under. Therefore the clause (v)of paragraph 3 of the Order is not applicable to the Company.

6) 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.

7) In respect of Statutory dues :

a) According to the records of the Company undisputed statutory dues includingprovident fund employees’ state insurance income tax sales tax service tax dutyof customs excise duty value added tax cess and any other statutory dues as applicablehave been regularly deposited with appropriate authorities. According to the informationand explanations given to us no undisputed amounts payable in respect of the aforesaiddues were outstanding as at 31st March 2016 for a period of more than six months fromthe date they became payable.

b) According to the information and explanations given to us there are no dues ofincome tax sales tax service tax duty of customs excise duty value added tax and cessas applicable on account of any dispute which have not been deposited except the disputedstatutory dues aggregating to Rs. 1406372 on account of disputed matters pending beforeappropriate authorities are as under:

Sr.

No.

Name of the Statute 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 612466 2012-13 ITAT

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

9) 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.

10) 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.

11) 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.

12) 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.

13) In our opinion and according to the information and explanations given to us alltransactions with related parties are in compliance with Sections 177 and 188 of the Actand their details have been disclosed in the financial statements etc. as required by theapplicable accounting standards.

14) 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.

15) 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.

16) 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 14 2016 Membership No. 103141

"Annexure B" to Independent Auditor's Report referred to in paragraph 2(f)under the heading "Report on other legal and regulatory requirements" of ourreport 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 31st March 2016 in conjunction withour audit of the standalone financial statements of the Company for the year then ended. ManagementResponsibility 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 assetsthe prevention 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 controlssystem over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A Company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A Company’s internal financial control overfinancial reporting includes those policies and procedures that:

(1) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the Company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the Company are being made only inaccordance with authorisations of management and Directors of the Company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the Company’s assets that could havea 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 31st March 2016 based on theinternal control 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 14 2016 Membership No. 103141

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