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Crown Tours Ltd.

BSE Live

Feb 17, 16:00
18.00 0.20 (1.12%)
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44,842
10-Day
39,701
30-Day
29,698
46,582
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    17.80

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    17.90

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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, 2014, Statement of Profit and Loss Account and Cash Flow Statement for the year then ended, and a summary of significant accounting Policies and other explanatory information. Management Responsibility for the Financial Statements Management is responsible for the preparation of these financial statements that give a true and fair view of financial position, financial performance and cash flow of the company in accordance with the accounting standards notified under the Companies Act, 1956 (the Act) read with the General Circular 15/2013 dated 13th September 2013 ot the Ministry of Corporate Affairs in respect of section 133 of the Companies Act 2013. The responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of financial statements that give a true and fair view and are free from material misstatements, 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 conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. 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 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 control relevant to the entity''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the entity''s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, 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. Opinion In our opinion and to the best of our information and according to the explanations given to us, except for the possible effects of the matters described in Emphasis of matter the 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: (a) In case of the Balance Sheet, of the state of affairs of the Company as at 31st March 2014; (b) In case of Statement of Profit and Loss, of the profit for the year ended on that date; (c) Cash Flow Statements for the year ended on that date; and Report on Other Legal and Regulatory Requirements 1. Companies (Auditor''s Report) Order, 2003 (the order) issued by Central Government of India in terms of sub-section (4A) of section 227 of the Act is not applicable on the company. 2. As required by Section 227(3) of the Act, we report that: a. We have 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 appears from our examinations of those books; c. The Balance Sheet, Statement of Profit and Loss, dealt with by this report are in agreement with the books of account; d. In our opinion, the Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement comply with the Accounting Standards notified under the Companies Act, 1956 (the Act) read with the General Circular 15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs in respect to section 133 of the Companies Act 2013; e. On the basis of written representations received from the directors as on 31st March, 2014 and taken on record by the Board of Directors, none of the director is disqualified as on 31st March, 2014, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956. ANNEXURE TO THE AUDITOR''S REPORT Statement referred to in paragraph (1) under Report on Other Legal & Regulatroy Requirements, of our report of even date to the members of the CROWN TOURS LIMITED on the accounts for the year ended 31st March, 2014. (i.) a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. b) The fixed assets have been physically verified by the management during the year in a phased periodical manner, 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. c) During the year, Company has not disposed off any substantial/major part of fixed assets; hence the going concern status of the company is not affected. (ii) (a) to (c) As there was no inventory, no reporting is required for clause nos. 4(ii) a,b&c. (iii) (a) to (d) The company has not granted any loans to parties listed in the register maintained under section 301 of the Companies Act, 1956. Therefore, the provisions of clause 4(iii)(a) to 4(iii)(d) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company. (e) to (g) The company has not taken any loans secured or unsecured from companies, firms or other parties covered in the register maintained u/s 301 of the Companies Act, 1956. (iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures 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 neither come across nor have been informed of any continuing failure to correct weakness in the aforesaid internal control system. (v) a) On the basis of checks carried out by us and according to the information and explanations given to us, the particulars of contracts or arrangements referred to in section under section 301 of the Companies Act, 1956 have been entered in the register required to be maintained under that section. b) In our opinion and according to the explanations and information given to us, the transaction made in pursuance of such contract or arrangement have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time. (vi) The company has not accepted deposits from the public within the meaning of Sections 58A and 58AA of the Companies Act, 1956 and the rules made there under. (vii) In our opinion, the company has an internal audit system commensurate with its size and nature of its business. (viii) The maintenance of cost records has not been prescribed by the Central Government under section 209(1) (d) of the Companies Act, 1956. (ix) a) According to the information and explanations given to us and the records of the company examined by us, the company is generally regular in depositing with appropriate authorities all applicable undisputed statutory dues. According to the information and explanations given to us there were no arrears of outstanding statutory dues as at the last day of the financial year concerned for a period of more than six months from the date they became payable. (b) According to the information and explanations given to us and the records of the company examined by us, there are no dues of Income Tax, Sales tax, Customs duty, Wealth tax, Excise duty, Cess, Service Tax which have not been deposited on account of any dispute, except as stated under :- Amount Involved Forum where dispute is Particulars (in Rs.) pending as on 31.03.2014 Demand for Income Tax 384,180 Commissioner of Income Tax A.Y. 2009-10 (Appeals) Demand for Income Tax 252,760 Commissioner of Income Tax A.Y. 2010-11 (Appeals) Demand for Service Tax 982,032 CESTAT, New Delhi. For F.Y. 2005-06 Demand for Service Tax for 2,262,511 Commssioner of Excise the period from Oct., 2007 & Custom, Jaipur to March, 2010 (x) There are no 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. (xi) 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. (xii) According to the information and explanations given to us, the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. (xiii) The company is not a chit fund or a nidhi/mutual benefit society. Therefore, the provisions of clause 4 (xiii) (a) to 4(xiii) (d) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company. (xiv) The company is not dealing in or trading in the 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) 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. (xvi) The company has not taken any term loans during the year. (xvii) According to the Cash Flow Statement and records examined by us and information and explanations given to us and on overall examination of Balance Sheet, we report that no funds raised on short-term basis have been used for long-term investments. (xviii) According to the 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 Companies Act, 1956. (xix) The company has not issued debentures during the year. (xx) The company has not raised any money by way of public issue during the year. (xxi) 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 year. FOR KALANI & COMPANY Chartered Accountants FRN : 000722C Sd/- (Vikas Gupta) Place : Jaipur Partner Dated : 28.05.2014 M.NO. 77076