INOEPENOEWT AUDITORS REPOftT TO THE MEMBERS Of CROWN LtFTEBS LIMITED_
TO
The Members,
Crown Utters Unvied
We lute audited the accompanied financial statements ol M/s CROWN L/fTtRS UMITIO, which comprise the halanct Sheet as at 31st March, 2024 and the Statement of Profit and toss. Statement of Changes in Equity and Cash Flow Statement for the year then ended, and a summary of significant accoieitlng polioes and other esplanatory Information
Opinion
in our option and to the best of our information and according to the esplanations given to us, the aforesaid financial statements give the information retsulred by the Companies Act, 2013 In the manner so required and give a true and fair view in conformity with the accounting prlnoples generally accepted in India:
(i| in the case of the Balance Sheet, of the state of affairs of the comoany as at 31st March, 2024;
|U) In the case of the Statement of Profit & Loss account, its Profit for the year ended on that date |Bi) in the case of the Cash Flow Statement, its cash flows for the year ended on that date.
Basis for Opinion
We conducted oi» au*t In accordance with the Standards on Auditing specified under section 143(10) of the Companies Act, 2013- Our responsibilities under those Standards on Auditing are fixther desenbed In the Auditor's Responsibilities /or the Audit of the financial Statements section of oie report We are independent of the Company In accordance with the code of ethics issued by the institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions ot the Act and the rules thereunder, and we have Milled our other ethical responsibilities w accordance with these requrremehts and the code of ethics
We believe that the audit evidence obtained by us Is sufficient and appropriate to provide a bases for our opinion on the financial statements.
he* Audit Matters
As per SA 701. Key Audit Matters are applicable to the listed Company in forming of our opinion thereon, however, no Key Audit Matter exists, hence, we do not provide separate opinion on these matters
mfgrmjWi gther trn<ilhg_ financial Statements and auditors' report thereon
The Company’s Management and Board of Directors sre responsible for the other information. The other information comprises the information included in the Companys annual report, but does not include the financial statements and our auditor's report thereon, but doos not include the financial statements and our auditor's report thereon. The Company's annual report Is expected to be made available to us after the date of this auditor's report
Oi* opinion on the financial statements does not cover the other information and we w<a not express any form of assurance conclusion thereon.
In connection with oiw audit ot the financial statements, our responsibly is to read the other information identified above when it becomes available and, in doing so. consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained In the audit or otherwise appears to be materially misstated.
When we read the Company’s annual report, if we conclude that there is a material misstatement therein, we are required to communicate the matter to those charged with governance and take necessary actions, as applicable under the relevant taws and regulations
lyianagemf "t's and Bpard of Directory Responsibilities for the financial Statement
Tlie Company's Management and Board of Directors is 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 the state of affairs, profit/km and other comprehensive income, changes m equity and cash flows of the Company In accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards |md AS) specified under Section 133 of the Act. read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also Includes maintenance of adequate accounting records in accordance with the provisions of the Act lor safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting polioes; making judgments and estimates that are reasonable and prudent; aid design. Implementation and maintenance of adequate internal financial controls, that were operating effectively tor ensuring the accuracy and completeness of the 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,
In preparing the financial statements, the Management and Board of Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the gong concern basis of accounting unless the Board of Directors either Intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so
The board of directors is also responsible for overseeing the Company's financial reporting process.
Auditors'J8RMgwibllHy for the Audit of the Financial Statements
Our obiectlves are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance Is a high level of assurance, but Is not a guarantee that an audit conducted In accordance with SAs will always detea a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or In the aggregate, they could reasonably be expected to Influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with SAs. we exercise professional judgment and maintain professional skepticism throughout the audit. We also
01 Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform the audit procedures responsive to those risks. and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the overnda of internal control.
(II) Obtain an understanding of internal control relevant to the audit m order to design audit procedures that are appropriate in the circumstances. Under section 143(3X>) of the Companies Art. 2013. we are also responsible for expressing our opinion on whether the company has adequate Internal financial controls with reference to financial statement m place and the operating effectiveness of such controls
(Hi) Evaluated the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Management and Board of Di'eaors.
(iv) Conclude on the appropriateness of Management and Board of Directors use of the going concern basis of accounting In preparation of financial statement and. based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention In our auditor's report to the related disclosures in the financial statements or. If such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
(v) Evaluate the overaN presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events In a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant defloences In internal control that we Identify during our audrt.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all reiationships and other matters that may reasonably be thought to bear on our Independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most significance In the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters In our auditor's report unless law or regulation precludes public disclosure about the matter or when. In extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public Interest benefits of such communication
Report on Other Legal and Regulatory Requirements
(II As required by the Companies (Auditor's Report) Orde1, 2020 ("the Order') issued by the Central Government of India in terms of section 143(11) of the A a, we give In the Annexure 'A' and Annexure "C, a statement on the matters specified in the paragraph 3 and 4 of the Order, to the extent applicable.
(2) As required by Section 143(3) of the Aa. we 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 purposes 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 examination of those books;
(c) The Balance Sheet, the Statement of Profit and loss, the Statement of Changes In Equity and Statement of Cash Flows dealt with by this Report are In agreement with the books of account.
(d) In our opinion, the aforesaid financial statements comply with the Indian Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules. 2014;
(e) On the basis of the written representations received (tom the directors as on 31st March 2024 taken on record by the board of Directors, none of the directors is disqualified as on 31st March 2024 from being appointed as a director in terms of Section 164(2) of the Ace and
(f) With respect to the adequacy of the internal financial controls with reference to financial statement of the company and the operative effectiveness of such controls, refer to our separate report in Annexure 'B'
(g) With respect to the other matters to be included m the Auditor's Report In accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014. in our opinion and to the best of our information and according to the explanations given to us:
(I) The Company is having the pending lltlgaton with the Income-tax Department of the A. Y. 2012-13 and the demand is raised by the Income-tax Deportment it Rt. 49.64 toa, the Company has not made any provision in the financials against this demand. However, the Management is certain about the merits of the case and are sure that this demand shad get nullified during the course of the appeal proceedings, which is already
initiated.
(II) The Company did not have any long term contracts Including derivative contracts for which there were any material foreseeable losses.
(Hi) There has been no delay In transferring amounts, required to be transferred, to the Investor Fducatlon and Protection Fund by the company
(hi) (a) The management has represented that, to the best of it's knowledge and belief, other than as disclosed In the notes to the accounts, no fundi have been advanced or loaned or Invested (either from borrowed funds or share premium or any other sources or kind of funds) by the company to or in any other persons or entities. Including foreign entitles ('Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall.
• directly or Indirectly lend or Invest In other persons or entitles identified in any manner whatsoever ("Ultimate beneficiaries') by or on behalf of the company or
• provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(b) The management has represented, that, to the best of Its knowledge and belief, other than as disclosed In the notes to the accounts, no funds have been received by the company from any persons or entitles, including foreign entitles ('Funding Parties'), with the understanding, whether recorded in writing or otherwise, that the company shall,
• directly or indirectly, lend or invest In other persons or entities identified m any manner whatsoever ("Ultimate Beneficiaries') by or on behalf of the Funding Party or
• provide any guarantee, secunly or the like from or on behalf of the Ultimate Beneficiaries; and
(c) Based on such audit procedures as considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause M(a) and (vi)|b) contain any material misstatement.
(v) The dividend declared or paid during the year by the company is in compliance with section 123 of the Companies Act, 2013.
(vi) Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 lor maintaining books of account using accounting software which has a feature of recording audit trail (edit log) facility is applicable to the company with effect from 1st April, 2023, as per reporting under Rule 11(g) of Companies (Audit and Auditors) Rules, 2014 is applicable for the financial year ended 31st March 2024 and the same was not operated throughout the year for all transactions recorded in the software.
For Shiv Pawan & Company Chartered Accountants
Partner ! ? ( NAVI MUMBAI Ml
(CA Shrvhari B. Garg) J1JJ
Firm Regn. Mo.: 120121W Membership No. :08SS17 A
Place: Navi Mumbai Date : 23rd May. 2024
UDIN : 24QgSS17 TK K 7? f X P 3 9 0 W
| 