SHREE RAJ TRAVELS AND TOURS LIMITED
ANNUAL REPORT 2007-2008
The Members of
M/s. Shree Raj Travels and Tours Ltd.
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
(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.
Membership No. 33958
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
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
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
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
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
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
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.
Membership No. 33958
Date : 2nd September, 2008.