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Crown Tours Ltd.

BSE: 538521 Sector: Services
NSE: N.A. ISIN Code: INE969E01010
BSE LIVE 15:40 | 07 Dec 41.75 0.50
(1.21%)
OPEN

42.00

HIGH

43.05

LOW

39.20

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 42.00
PREVIOUS CLOSE 41.25
VOLUME 16420
52-Week high 52.75
52-Week low 23.20
P/E 25.15
Mkt Cap.(Rs cr) 12.94
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 42.00
CLOSE 41.25
VOLUME 16420
52-Week high 52.75
52-Week low 23.20
P/E 25.15
Mkt Cap.(Rs cr) 12.94
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Crown Tours Ltd. (CROWNTOURS) - Auditors Report

Company auditors report

To

The Members of

CROWN TOURS LIMITED

Report on the standalone financial statements

We have audited the accompanying standalone financial statements of CROWN TOURS LIMITED("the Company") which comprise the Balance Sheet as at 31 March 2016 theStatement of Profit and Loss the Cash Flow Statement for the year then ended and asummary of the significant accounting policies and other explanatory information.

Management's responsibility for the standalone 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 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 design implementation and maintenance of adequate internalfinancial 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.

Auditors' 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 there under.

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 andthe 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 the 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: st

(a) In the case of Balance Sheet of the state of affairs of the Company as at 31March 2016;

(b) In the case of Statement of Profit and Loss of the profit for the year ended onthat date; and

(c) In the case of 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 2016 ("the Order")issued by the Government of India in terms of sub-section (11) of Section 143 of the Actand on the basis of such checks of the books and records of the Company as we consideredappropriate and according to the information and explanations given to us we give in the Annexure1 a statement on the matters specified in the paragraphs 3 and 4 of the said 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 it 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 the 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 of Section164 (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 2.

(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:

a. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements. Refer Note 22 to the financial statements;

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

c. There are no amounts which are required to be transferred to the InvestorEducation and Protection Fund by the Company.

For KALANI & COMPANY
Chartered Accountants
FRN : 000722C
Sd/-
(VIKAS GUPTA)
Place of Signature : Jaipur Partner
Dated : 12.05.2016 M.NO. 77076

ANNEXURE 1 TO THE INDEPENDENT AUDITORS' REPORT

Referred to in our report of even date to the members of CROWN TOURS LIMITED ontheaccounts for the year ended 31 March 2016.

(i) (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 at reasonableintervals; no material discrepancies were noticed on such verification and the same havebeen properly dealt with in the books of account.

(c) The no assets in the Company.

(ii) The Company is a service company primarily rendering tourism services.Accordingly it does not hold any physical inventories. This paragraph of the Order isnot applicable.

(iii) The Company has not granted any loans secured or unsecured to any companiesfirms limited liability partnership or other parties covered in register maintained underSection 189 of the Companies Act 2013.

(iv) The company has not made any loans investments guarantees and security underthe provisions of section 185 and 186 of the Companies Act 2013.

(v) The company has not accepted deposits from the public within the meaning ofSections 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 Governmentunder section 148(1) of the Companies Act 2013 for any of the services rendered by theCompany.

(vii) (a) Undisputed statutory dues including provident fund income tax sales-taxwealth tax service tax custom duty excise duty value added tax cess and otherstatutory dues have generally been regularly deposited with the appropriate authoritiesand there are no undisputed dues outstanding as on 31st March 2016.

(b) The disputed statutory dues aggregating to Rs. 3244543/- that have not beendeposited on account of matters pending before appropriate authorities are detailed below:

Sl. No Name of Statute Nature of dues Forum where the dispute is pending Amount
(in Rs.)
1. Finance Act 1994 Service Tax(2005-06) CESTAT & Appellate Tribunal of CEST 982032
2. Finance Act 1994 Service Tax For the period from Oct 2007 to March 2010 CESTAT & Appellate Tribunal of CEST 2262511
TOTAL 3244543

(viii) In our opinion and according to the information and explanations given to usthe Company has not made any borrowings from financial institutions banks or debentureholders.

(ix) The Company has not raised any money by way of initial public offer or furtherpublic offer.

(x) According to the information and explanations given to us and as represented by theManagement and based on our examination of the books and records of the Company and inaccordance with generally accepted auditing practices in India we have been informed thatno case of frauds has been committed on or by the Company or by its officers or employeesduring the year.

(xi) Managerial remuneration has been paid or provided in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule V to the CompaniesAct.

(xii) The provisions of clause 3 (xii) of the Order for Nidhi Company are notapplicable to the Company.

(xiii) The Company has complied with the provisions of Section 177 and 188 of theCompanies Act 2013 w.r.t. transactions with the related parties wherever applicable.Details of the transactions with the related parties have been disclosed in the financialstatements as required by the applicable accounting standards.

(xiv) The Company has not made any preferential allotment or private placement ofshares or fully or partly convertible debentures during the year.

(xv) The Company has not entered into any non-cash transactions with the directors orpersons connected with him as covered under Section 192 of the Companies Act 2013.

(xvi) According to information and explanation given to us the Company is not requiredto be registered u/s 45-IA of Reserve Bank of India Act 1934. Accordingly provision ofclause 3(xvi) of the Order is not applicable to the Company.

For KALANI & COMPANY
Chartered Accountants
FRN : 000722C
Sd/-
(VIKAS GUPTA)
Place of Signature : Jaipur Partner
Dated : 12.05.2016 M.NO. 77076

ANNEXURE 2 TO THE AUDITORS' REPORT

Referred to in our report of even date to the members of CROWN TOURS LIMITED on theaccounts for the year ended 31 March 2016

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 CROWN TOURSLimited ("the Company") as of 31' March 2016 in conjunction with our audit ofthe standalone financial statements of the Company for the year ended on that date.

Management's Responsibility for 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 of preparation reliable financial information asrequired as under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express all 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 Companies Act 2013. to the extentapplicable to an audit of internal financial controls. both applicable to an audit ofInternal Financial Controls and both issued by the ICAI Those Standards and the GuidanceNote require that we comply with ethical requirements and plan and perform the audit toobtain reasonable assurance about whether adequate internal financial controls overfinancial reporting was established and maintained and if such controls operatedeffectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial control system over financial reporting and their operatingeffectiveness. Our audit of internal financial control over financial reporting includedobtaining an understanding of internal financial control 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 authorizations ofmanagement and directors of the Company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized 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 controlsover 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 31 March 2016 based on theinternal controls over financial reporting criteria established by the Company consideringthe components of internal controls stated in the Guidance Note on Audit of InternalFinancial Controls over Financial Reporting issued by the ICAI.

For KALANI & COMPANY
Chartered Accountants
FRN : 000722C
Sd/-
(VIKAS GUPTA)
Place of Signature : Jaipur
Partner
Dated : 12.05.2016 M.NO. 77076

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