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Shree Raj Travels & Tours Ltd.

BSE: 523275 Sector: Services
NSE: N.A. ISIN Code: N.A.
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Shree Raj Travels & Tours Ltd. (SHRAJTRAVELS) - Auditors Report

Company auditors report

SHREE RAJ TRAVELS AND TOURS LIMITED ANNUAL REPORT 2007-2008 AUDITORS' REPORT To, The Members of M/s. Shree Raj Travels and Tours Ltd. MUMBAI We have audited the attached Balance Sheet of M/s. Shree Raj Travels and Tours Ltd ('the Company') as at 31st March, 2008 and also the Profit and Loss Account for the year ended on that date annexed thereto. These Financial Statements are the responsibility of the company's management. Our responsibility is to express an opinion on these financial statements based on our Audit. We Report that: We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes. examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. Subject to above: 1. As required by the Companies (Auditors Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraph 4 and 5 of the said Order. 2. Further to our comments in the Annexure referred to in paragraph (1) above, we report that: i) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purposes of our audit; ii) In our opinion, proper books of account as required by law have been kept by the company so far as appears from our examination of those books; iii) The Balance Sheet and Profit and Loss account dealt with by this report are in agreement with the books of account; iv) In our opinion, the Balance Sheet and the Profit and Loss account dealt with by this report comply with the Accounting Standards referred to in sub section (3C) of Section 211 of the Companies Act, 1956. v) As per information and explanation given to us, we report that none of the Directors are disqualified from being appointed as director under clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956. vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and 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 31st March, 2008; (b) in the case of the Profit and Loss Account, of the profit for the year ended on that date. And (c) in the case of the cash flow statement, of the cash flows of the company for the year ended on that date. For M/s. Bhuta Shah & Co. Chartered Accountants Partner Shailesh Bhuta Membership No. 33958 Place: Mumbai Date : 2nd September, 2008. ANNEXURE TO THE AUDITORS' REPORT Annexure referred to in paragraph (1) of our report of even date on the Accounts for the year ended 31st March, 2008 of M/s. Shree Raj Travels and Tours Ltd. ('the Company'). We report that: i. a) The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. b) All the assets have been physically verified at regular intervals by the management during the year, which in our opinion, is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification. c) During the year, Company has not disposed off any substantial/ major part of the fixed assets, which affects the going concern status of the company. ii. The company does not have any inventory hence the question of physical verification of inventory; maintenance of records does not arise. iii. The company has granted and taken interest free loans to/ from companies as covered in the register maintained under section 301 of the Companies Act, 1956. The terms and conditions of such loans are prima facie not prejudicial to the interest of the Company. The payment of principal is as per the agreed terms and reasonable steps have been taken by the company for recovery of the principal. iv. In our opinion, there are adequate internal control procedures commensurate with the size of the company anti the nature of its business, for the purchase of fixed assets and for the sale of services. In our opinion, there is no continuing failure to correct major weaknesses in internal control. v. The company has entered into contracts that need to be entered into a register in pursuance of section 301 of the Act and based on the information and explanation given to us, the same are made at prices which are reasonable having regard to the prevailing market prices. vi. As per the information and explanations given to us the company has not accepted any deposit from the public and therefore provisions of section 58A and section 58AA of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 with regard to the deposits accepted from public are not applicable to the company. National Company Law Tribunal has not passed any order in respect of public deposits accepted by the company. vii. Though the company does not have any internal audit department, in our opinion, company has an internal audit system commensurate with its size and nature of its business viii. According to the information and explanations given to us, the maintenance of cost records has not been prescribed by the Central Government under section 209(1)(d) of the Companies Act, 1956 for any of the products of the company. ix. a) According to the information and explanation 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, Employees' State Insurance, Income Tax, Sales Tax, Wealth Tax, and any other material statutory dues have been generally regularly deposited during the year by the company with the appropriate authorities, though there has been slight delays. b) According to the information and explanations given to us, and subject to Note No.10 to the Significant Accounting Policies, there are no. undisputed amounts payable in respect of Income Tax, Wealth Tax and Service Tax, Cess, which were in arrears. x. The company has not incurred cash losses in the financial year under report and in the financial year immediately preceding such financial year. xi. In our opinion, and according to the information and explanation given to us, the company has not defaulted in repayment of dues to a financial institution or bank. xii. The company has not granted loans and advances on the basis of security. xiii. The company is not a chit fund or a nidhi /mutual benefit fund/ society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor's Report) Order, 2003 are not applicable to the company. xiv. The company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditor's Report) Order, 2003 are not applicable to the company. xv. In our opinion and according to the information and explanation given to us, the company has given guarantees for loans taken by others from banks, which in our opinion are not prejudicial to the interest of the company. xvi. In our opinion and. according to the information and explanation given to us, the term loans have been applied for the purpose for which they were raised. xvii. According to the information and explanation given to us, we report that no funds raised on short-term basis that have been used for long-term investment and vice versa. xviii. According to information and explanations given to us, the Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act. xix. According to the information and explanation given to us, during the period covered by our audit report, the company has not created any security by issue of any debentures. xx. The company has not raised money by any public issues during the year and hence the question of disclosure and verification of end use of such money does not arise. xxi. To the best of our knowledge and belief and according to the information and explanation given to us, no fraud on or by the Company was noticed or reported during the year. For M/s. Bhuta Shah & Co. Chartered Accountants Partner Shailesh Bhuta Membership No. 33958 Place: Mumbai Date : 2nd September, 2008.