To,
The Members of
Funworld And Tourism Development Limited
Rajkot
Report on Financial Statement
We have audited the accompanying financial statement of FUNWORLD AND TOURISM
DEVELOPMENT LIMITED (‘The Company) which comprise Balance Sheet as at 31st
March, 2017 and also the statement of the Profit and Loss, the Cash Flow Statement for the
year ended on that date and a summary of significant accounting policies and other
explanatory information.
Managements Responsibility for the financial statement
The Companys Board of Directors is responsible for the matters stated in section
134(5) of the Companies Act, 2013 ("the Act") with respect to preparation of
these financial statements that give a true and fair view of the state of the affairs,
financial performance and cash flows of the Company in accordance with the Accounting
principles generally accepted in India, including the accounting standards referred to
section 133 of the act, read with rule 7 of the companies (Accounts) Rules, 2014.
This responsibility also includes the 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 the frauds and other irregularities; selection and
application of appropriate accounting policies; making judgment and estimates that are
reasonable and prudent; and design, implementation and maintenance of internal control
that were operating effectively for ensuring the accuracy and completeness of accounting
records, relevant to preparation of financial statements that give a true and fair view
and 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 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 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 misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the financial statements. The procedures selected depend on the auditors
judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Companys preparation of the financial
statements that give 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 and adequate internal financial controls system over
financial reporting and the operating effectiveness of such 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 the 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, 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 of the state of affairs of the company as at 31st
march 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 (Auditors Report) Order, 2016 ("the Order")
issued by the Central Government of India in terms of sub-section (11) of section 143 of
the Companies Act, 2013, we give in the "Annexure A" a statement on the matters
specified 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 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 examination of those books;
c) The Balance Sheet , the Statement of Profit and Loss and the Cash Flow Statement
dealt 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 Flow
Statement comply with the Accounting Stan- dards referred to in section 133 of the
Companies 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 31,
2017, and taken on record by the Board of Directors, none of the directors is disqualified
as on March 31, 2017, from being appointed as a director in terms of sub-section (2) of
section 164 of the Companies Act, 2013.
f) With reference to adequacy of the internal financial controls over financial
reporting of the company and the operating effective- ness of such controls, refer to our
separate report in "Annexure-B" and
g) In our opinion and to the best of our information and according to the explanations
given to us, We report as under with respect to other matters to be included in the
Auditors Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules,
2014:
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 not
arise.
iii) There has not been an occasion in case of the company during the year under report
to transfer any sums to the Investor Education and Protection Fund. The question of delay
transferring 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 Section
143 of the Companies Act, 2013 ("the Act")
We have audited the internal financial controls over financial reporting of FUNWORLD
AND TOURISM DEVELOPMENT LIMITED ("The Company") as of 31 March 2017 in
conjunction with our audit of the financial statements of the Company for the year ended
on that date. Managements Responsibility for Internal Financial Controls
The Companys management is responsible for establishing and maintaining internal
financial controls based on the internal control over financial reporting criteria
established by the Company considering the essential components of internal control stated
in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting
issued by the Institute of Chartered Accountants of India (‘ICAI). These
responsibilities include the design, implementation and maintenance of adequate internal
financial controls that were operating effectively for ensuring the orderly and efficient
conduct of its business, including adherence to companys policies, the safeguarding of
its assets, the prevention and detection of frauds and errors, the accuracy and
completeness of the accounting records, and the timely preparation of reliable financial
information, as required under the Companies Act, 2013.
Auditors Responsibility
Our responsibility is to express an opinion on the Companys internal financial
controls over financial reporting based on our audit. We conducted our audit in accordance
with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting
(the "Guidance Note") and the Standards on Auditing, issued by ICAI and deemed
to be prescribed under section 143(10) of the Companies Act, 2013, to the extent
applicable to an audit of internal financial controls, both applicable to an audit of
Internal Financial Controls and, both issued by the Institute of Chartered Accountants of
India. Those Standards and the Guidance Note require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance about whether
adequate internal financial controls over financial reporting was established and
maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of
the internal financial controls system over financial reporting and their operating
effectiveness. Our audit of internal financial controls over financial reporting included
obtaining an understanding of internal financial controls over financial reporting,
assessing the risk that a material weakness exists, and testing and evaluating the design
and operating effectiveness of internal control based on the assessed risk. The procedures
selected depend on the auditors judgment, including the assessment of the risks of
material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion on the Companys internal financial controls system
over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A companys internal financial control over financial reporting is a process designed
to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally
accepted accounting principles. A companys internal financial control over financial
reporting includes those policies and procedures that (1) pertain to the maintenance of
records that, in reasonable detail, accurately and fairly reflect the transactions and
dispositions of the assets of the company; (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that receipts and
expenditures of the company are being made only in accordance with authorisations of
management and directors of the company; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorised acquisition, use, or disposition of the
companys 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 financial
reporting, including the possibility of collusion or improper management override of
controls, material misstatements due to error or fraud may occur and not be detected.
Also, projections of any evaluation of the internal financial controls over financial
reporting to future periods are subject to the risk that the internal financial control
over financial reporting may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal
financial controls system over financial reporting and such internal financial controls
over financial reporting were operating effectively as at 31 March 2017, based on the
internal control over financial reporting criteria established by the Company considering
the essential components of internal control stated in the Guidance Note on Audit of
Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered
Accountants 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 The
Company for the year ended 31st March, 2017, We report the following:
i. 1. (a) The company has maintained proper records showing full particulars including
quantitative details and situation of its fixed assets.
(b) The Company has a regular programme of physical verification of its fixed assets by
which the fixed assets are verified by the management according to a phased programme
designed to cover all the items during the year. These fixed assets have been physically
verified by the management and there was no Material discrepancies were noticed on such
verification.
(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 is
not applicable to the company.
iii. 3. According to the information and explanation given to us, the company has not
granted any loan, secured or unsecured loans to compa- nies, firm, LLP or other parties
covered 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 not
granted any loans or provide any guarantee or security to the parties covered under
Section 185 of the Act. The company has complied with the provisions of the section 186 of
the Act with respect to investment made.
v. 5. In our opinion and according to information given to us, the company has not
accepted any deposits during the year. Therefore the provisions of clause 3 (v) of the
Companies (Auditors Report) Order,2016, are not applicable to the Company.
vi. 6. Maintenance of cost records has not been specified by the Central Government
under sub-section (1) of section 148 of the Companies Act, 2013. Therefore the provisions
of clause 3 (vi) of the Companies (Auditors Report) Order,2016, are not applicable to the
Company.
vii. 7 (a) The company is regular in depositing undisputed statutory dues including
provident fund, Employees state insurance, income-tax, sales-tax, service tax, duty of
customs, duty of excise, value added tax, cess and any other statutory dues to the
appropriate authorities.
(b) According to the information and explanations given to us , no amounts payable in
respect of the aforesaid sues were in arrears, as at 31.03.2017 for a period of more than
six months from the date they became payable.
viii. 8. The company hasnt made any default in repayment of loans or borrowing to a
financial institution, bank, Government or dues to deben- ture holders.
ix. 9. During the year, the company doesnt raise any money by way of initial public
offer or further public offer (including debt instruments)
x. 10. To the best of our knowledge and belief and according to the information and
explanations given to us, no material fraud on or by the company by its officers or
employees during the year was noticed or reported, nor have we been informed of such case
by the manage- ment.
xi. 11. In our opinion, the managerial remuneration has been paid or provided in
accordance with the requisite approvals mandated by the provisions of Section 197 read
with Schedule V to the Companies Act, 2013.
xii. 12. In our opinion, the company is not a Nidhi Company. Therefore, the provisions
of clause 3(xii) of the Companies(Auditors Report) Order, 2016 are not applicable to the
company.
xiii. 13. In our opinion, all transactions with the related parties are in compliance
with section 177 and 188 of the Companies act, 2013 where applicable and the details have
been disclosed in the financial statements as required by Accounting Standards (AS) 18,
Related Party Disclosures specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014.
xiv. 14. According to the information and explanations given to us, the Company has not
made any preferential allotment or private placement of shares or fully or partly
convertible debentures during the year under review and therefore, the provisions of
clause 3(xiv) of the Compa- nies (Auditors Report) Order, 2016, are not applicable to the
company.
xv. 15. In our opinion and according to the information and explanations given to us,
the company has not entered any transaction that require compliance of provision of
Section 192 of Companies Act, 2013 with respect to non cash transaction so the provisions
of clause 3(xv) of the Companies (Auditors Report) Order, 2016, are not applicable to the
company.
xvi. 16. This clause is not applicable to the company as the company is not required to
be 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 |
+91-9892691696
