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Funworld & Tourism Development Ltd.

BSE: 531854 Sector: Services
NSE: N.A. ISIN Code: INE288H01018
BSE 05:30 | 01 Jan Funworld & Tourism Development Ltd
NSE 05:30 | 01 Jan Funworld & Tourism Development Ltd

Funworld & Tourism Development Ltd. (FUNWORLDTOUR) - Auditors Report

Company auditors report

To

The Members of

Funworld And Tourism Development Limited

Rajkot

Report on Financial Statement

We have audited the accompanying financial statement of FUNWORLD AND TOURISMDEVELOPMENT LIMITED (‘The Company') which comprise Balance Sheet as at 31stMarch 2017 and also the statement of the Profit and Loss the Cash Flow Statement for theyear ended on that date and a summary of significant accounting policies and otherexplanatory information.

Management's Responsibility for the financial statement

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 preparation ofthese financial statements that give a true and fair view of the state of the affairsfinancial performance and cash flows of the Company in accordance with the Accountingprinciples generally accepted in India including the accounting standards referred tosection 133 of the act read with rule 7 of the companies (Accounts) Rules 2014.

This responsibility also includes the maintenance of adequate accounting records inaccordance with the provisions of the act for safeguarding the assets of the company andfor preventing and detecting the frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgment and estimates that arereasonable and prudent; and design implementation and maintenance of internal controlthat were operating effectively for ensuring the accuracy and completeness of accountingrecords relevant to preparation of financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.

Auditors' Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit.

We have taken into account the provision 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 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 anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including 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 of the financialstatements that give true and fair view in order to design audit procedures that areappropriate in the circumstances but not for the purpose of expressing an opinion onwhether the company has in place and adequate internal financial controls system overfinancial reporting and the operating effectiveness of such control. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by management as well as evaluating the overallpresentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion.

OPINION

In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the company as at 31stmarch 2017 and its loss and its cash flow for the year ended on that date.

Report on other Legal and Regulatory Requirements

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 Companies Act 2013 we give in the "Annexure A" a statement on the mattersspecified in paragraphs 3 and 4 of the Order to the extent applicable.

As required by section 143(3) of the Act we further 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 Balance Sheet Statement of Profit and Loss and Cash FlowStatement comply with the Accounting Stan- dards referred to in section 133 of theCompanies Act 2013 read with rule 7 of The Companies (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 sub-section (2) ofsection 164 of the Companies Act 2013.

f) With reference to adequacy of the internal financial controls over financialreporting of the company and the operating effective- ness of such controls refer to ourseparate report in "Annexure-B" and

g) In our opinion and to the best of our information and according to the explanationsgiven to us We report as under with respect to other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules2014:

i) The Company does not have any pending litigations.

ii) The Company does not have any long term contracts including derivative contracts;as such the question of commenting on any material foreseeable losses thereon does notarise.

iii) There has not been an occasion in case of the company during the year under reportto transfer any sums to the Investor Education and Protection Fund. The question of delaytransferring such sums does not arise.

Place : AHMEDABAD
Date : 26.05.2017 for JEEVAN JAGETIYA AND CO
Chartered Accountants
FRN 121335W
JEEVAN JAGETIYA
PARTNER
M.NO. 046553

ANNEXURE TO THE AUDITORS' REPORT

Annexure-B to the Audit

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 FUNWORLDAND TOURISM DEVELOPMENT LIMITED ("The Company") as of 31 March 2017 inconjunction with our audit of the financial statements of the Company for the year endedon 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'). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

Auditors' 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 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 Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

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 31 March 2017 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 Institute of CharteredAccountants of India.

Place : AHMEDABAD
Date : 26.05.2017 for JEEVAN JAGETIYA AND CO
Chartered Accountants
FRN 121335W
JEEVAN JAGETIYA
PARTNER
M.NO. 046553

ANNEXURE TO THE AUDITORS' REPORT

With reference to the Annexure A referred to in our report to the members of TheCompany for the year ended 31st March 2017 We report the following:

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

(b) The Company has a regular programme of physical verification of its fixed assets bywhich the fixed assets are verified by the management according to a phased programmedesigned to cover all the items during the year. These fixed assets have been physicallyverified by the management and there was no Material discrepancies were noticed on suchverification.

(c) Total Assets of company does not include Immovable property.

ii. 2. The company is service company. Primarily rendering amusement services.Accordingly it does not held any physical inventory. Thus paragraph 3(ii) of the order isnot applicable to the company.

iii. 3. According to the information and explanation given to us the company has notgranted any loan secured or unsecured loans to compa- nies firm LLP or other partiescovered in the register maintained under section 189 of the Companies Act 2013.Accordingly Paragraph 3(iii) (a) and (b) of the order is not applicable to the company.

iv. 4. According to the information and explanation given to us the company has notgranted any loans or provide any guarantee or security to the parties covered underSection 185 of the Act. The company has complied with the provisions of the section 186 ofthe Act with respect to investment made.

v. 5. In our opinion and according to information given to us the company has notaccepted any deposits during the year. Therefore the provisions of clause 3 (v) of theCompanies (Auditor's Report) Order2016 are not applicable to the Company.

vi. 6. Maintenance of cost records has not been specified by the Central Governmentunder sub-section (1) of section 148 of the Companies Act 2013. Therefore the provisionsof clause 3 (vi) of the Companies (Auditor's Report) Order2016 are not applicable to theCompany.

vii. 7 (a) The company is regular in depositing undisputed statutory dues includingprovident fund Employee's state insurance income-tax sales-tax service tax duty ofcustoms duty of excise value added tax cess and any other statutory dues to theappropriate authorities.

(b) According to the information and explanations given to us no amounts payable inrespect of the aforesaid sues were in arrears as at 31.03.2017 for a period of more thansix months from the date they became payable.

viii. 8. The company hasn't made any default in repayment of loans or borrowing to afinancial institution bank Government or dues to deben- ture holders.

ix. 9. During the year the company doesn't raise any money by way of initial publicoffer or further public offer (including debt instruments)

x. 10. To the best of our knowledge and belief and according to the information andexplanations given to us no material fraud on or by the company by its officers oremployees during the year was noticed or reported nor have we been informed of such caseby the manage- ment.

xi. 11. In our opinion the managerial remuneration has been paid or provided inaccordance with the requisite approvals mandated by the provisions of Section 197 readwith Schedule V to the Companies Act 2013.

xii. 12. In our opinion the company is not a Nidhi Company. Therefore the provisionsof clause 3(xii) of the Companies(Auditor's Report) Order 2016 are not applicable to thecompany.

xiii. 13. In our opinion all transactions with the related parties are in compliancewith section 177 and 188 of the Companies act 2013 where applicable and the details havebeen disclosed in the financial statements as required by Accounting Standards (AS) 18Related Party Disclosures specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

xiv. 14. According to the information and explanations given to us the Company has notmade any preferential allotment or private placement of shares or fully or partlyconvertible debentures during the year under review and therefore the provisions ofclause 3(xiv) of the Compa- nies (Auditor's Report) Order 2016 are not applicable to thecompany.

xv. 15. In our opinion and according to the information and explanations given to usthe company has not entered any transaction that require compliance of provision ofSection 192 of Companies Act 2013 with respect to non cash transaction so the provisionsof clause 3(xv) of the Companies (Auditor's Report) Order 2016 are not applicable to thecompany.

xvi. 16. This clause is not applicable to the company as the company is not required tobe registered under section 45-IA of the Reserve Bank of India Act 1934.

Place : AHMEDABAD for JEEVAN JAGETIYA AND CO
Date : 26.05.2017 Chartered Accountants
FRN 121335W
JEEVAN JAGETIYA
PARTNER
M.NO. 046553