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Crown Tours Ltd.

BSE Live

Feb 19, 16:00
18.20 0.30 (1.68%)
Volume
AVERAGE VOLUME
5-Day
46,543
10-Day
42,579
30-Day
31,735
41,900
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    17.90

  • Open Price

    18.00

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    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

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Crown Tours is not listed on NSE

Annual Report

For Year :
2015 2014 2013

Auditor's Report

We have audited the accompanying financial statements of CROWN TOURS LIMITED (the company), which comprise the Balance Sheet as at 31st March, 2015, the Profit and Loss Statement, Cash Flow Statement for the year then ended and a summary of significant accounting Policies and other explanatory information. Management''s Responsibility forthe Financial Statements The company''s Board of Directors are responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (The Act) with respect to the preparation and presentation of these financial statements that give a true and fair view of financial position, financial performance and cash flows of the company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under section 133 of the Act, read with Rule 7 ofthe Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgements and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness ofthe accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. Auditor''s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We have taken into account the provision of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under. We conducted our audit in accordance with the standards on auditing specified under Section 143(10) of the Act. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatements. An Audit involves performing procedure to obtain audit evidence about the amounts and disclosures in the financial statements. The procedure selected depends on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risks assessment, the auditor considers internal financial control relevant to the company''s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the company has in place an adequate internal financial control system over financial reporting and the operating the effectiveness of such controls. An audit also includes evaluating the appropriateness of accounting policies used the reasonableness ofthe accounting estimates made by company''s Directors, as well as evaluating the overall presentation of the financial statements. We believe that audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements. Opinion In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India: ofthe state of affairs ofthe Company as at 31st March, 2015, and its profit and its cash flows forthe year ended on that date. Report on Other Legal and Regulatory Requirements 1. As required by the Companies (Auditor''s Report) Order, 2015 (the order) issued by Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure, a statement on the matters specified in the paragraph 3 and 4 ofthe Order, to the extent applicable. 2. As required by Section 143 (3) of the Act, we report that: a. We have sought and obtained all information and explanations which to the best of 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 the Company so far as it appears from our examinations of those books; c. The Balance Sheet, the Profit and Loss Statement and Cash Flow Statement dealt with by this report are in agreement with the books of account; d. In our opinion, the aforesaid financial statements comply with the Accoutning Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. e. On the basis of written representations received from the directors as on 31st March, 2015 and taken on record by the Board of Directors, none of the director is disqualified as on 31st March, 2015, from being appointed as a director in terms of Section 164(2) of the Act., and. a) The Company has disclosed the impact of pending litigations on its financial position in its financial statements - Refer Note-22(a) to the financial statements: b) The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses. c) There are no amounts, which are required to be transferred, to the Investor Education and Protection Fund by the Company. ANNEXURE TO THE AUDITOR''S REPORT Annexure referred to in our Independent Auditors'' Report to the members of the CROWN TOURS LIMITED on the financial statements for the year ended 31st March, 2015. (i.) a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. b) The Company has a regular programme of physically verification its fixed assets by which fixed assets are verified in a phased manner by the management during the year, which in our opinion is reasonable having regard to the size of the company and nature of its assets. No material discrepancies were noticed on such physical verification. (ii) The Company is a service company, primarly rendering tours services. Accordingly, it does not hold any physical inventories, Thus, paragraph 3(ii) of the Order is not applicable. (iii) The company has not granted any loans to parties covered in the register maintained under section 189 of the Companies Act, 2013. Therefore, the provisions of clause 3(iii)(a) to 3(iii)(b) of the Companies (Auditor''s Report) Order, 2015 are not applicable to the company. (iv) In our opinion and according to the information and explanations given to us, there are adequate internal control system commensurate with the size of the company and nature of its business with regard to the purchase of fixed assets, other assets and with regard to rendering of services. Further, on the basis of our examination of the books of accounts and records of the company and according to information and explanations given to us, we have not observed any major weakness in the internal control system during the course of the audit. (v) The company has not accepted deposits from the public within the meaning of Section 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 Government under section 148(1) of the Companies Act, 2013, for any of the services rendered by the Company. (vii) a) According to the information and explanations 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, employee''s state insurance, income tax, sales tax, wealth tax, service tax, duty of customs,duty of excise, value added tax,cess and any other material statutory dues have been regularly deposited during the year by the Company with the appropriate authorities. (b) According to the information and explanations given to us, there are no material dues of Sales tax, Income Tax, Wealth tax, duty of Customs or duty of excise or value added tax or cess which have not been deposited with the appropriate authorities on account of any dispute. However, according to information and explanations given to us, the following dues of service tax have not been deposited by the Company on account of disputes Particulars Amount Involved Forum where (in Rs.) dispute is pending as on 31.03.2015 Demand for Service Tax 982,032 CESTAT, New Delhi for F.Y. 2005-06 Demand for Service Tax for 2,262,511 Commissioner of Excise the period from Oct., 2007 & Custom, Jaipur to March, 2010 (c) According to the information and explanations given to us and the records of the company examined by us, there is no such amount which is required to be transferred to Investor Education and Protection Fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules made there under. (viii) The company does not have any accumulated losses at the end of the financial year. The company has also not incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year. (ix) In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to a financial institutions or bank. The company does not have any outstanding debentures at the end of the year. (x) According to the information and explanations given to us, the company has not given any guarantee for loans taken by others from banks or financial institutions. (xi) The company has not taken any term loans during the year. (xii) To the best of our knowledge and belief according to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit. For KALANI & COMPANY Chartered Accountants FRN : 000722C Sd/- (Vikas Gupta) Place of Signature : Jaipur Partner Dated : 21.05.2015 M. NO. 77076