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Notes to Accounts of Crown Tours Ltd.

Mar 31, 2015

Note : 1

The Company has only one class of shares referred to as equity shares having a par value of Rs. 10/- Each Holder of equity shares is entitled to one vote per share and dividend as and when declared by the Company.

In the event of liquidation of the company, the holders of equity shares will be entitled to receive any of the remaining assets of the company, after the distribution of all preferential amounts.

Note : 2

EMPLOYEES BENEFIT: AS-15

As per Accounting Standard 15 "Employee Benefits", disclosure of employee benefits as defined in the accounting standard are given below:

(a) Defined Contribution Plan

Company has made fixed contribution to Provident Fund at predetermined rates to Provident Fund Commissioner of Rajasthan. The obligation of the Company is limited to contribution. Amount recognized as expense in Statement of Profit and Loss for the year is as under:

(b) Defined Benefit Plan-

The Company has defined benefit gratuity plan. Every employee who has rendered continuous service of five years or more is entitled to get gratuity at 15 days for each completed year or more subject to provisions of The Payment of Gratuity Act, 1972. Company has invested to meet its such liability with Life Insurance Corporation of India under Group Gratuity Scheme. The liability for the same is recognized as per actuarial valuation by LIC.

Note : 3

(a) Details of contingent liabilities as on 31.03.2015are as under

(a) Claims against company not acknowledged as debt of Rs. 151,200 (P.Y. 151,200)

(b) Disputed Demand for Income Tax A.Y. 2012-13, Matter under Appeal with CIT(Appeals) Jaipur Rs. 86,000 (P.Y. NIL) Demand adjusted by I.T. department out of refund for A.Y. 2013-14

(c) Disputed Demand for Service Tax For F.Y. 2005-06, Matter under Appeal with CESTAT,

New Delhi of Rs. 9,82,032 (P.Y. Rs. 9,82,032) (Inclusive of Penalty)

(d) Disputed Demand for Service Tax For the period from Oct. 2007 to March, 2010, Matter under Appeal with CEC, Jaipur Rs. 22,62,511 (P.Y. 22,62,511)

Note : In Addition interest may also be payable if case decided against the company.

Note : 4

Accounting Standard 18 "Related Party Disclosure"

As per Accounting Standard 18, the disclosures of transactions with the related parties as defined in the Accounting Standard are given below:

1. Relationships: -

a) Associate Companies/Concerns :

- Blossom Holidays (India) Pvt. Ltd.(Formerly Known as Bhandari Tourism Finance Private Limited)

- Academy for Research & Training (India) Pvt. Ltd.

- Crown Tour and Travels

- Harwar Park and Spa Pvt. Ltd.

- Crystal Park Resorts Pvt. Ltd.

b) Key Management personnel:

- Mr. Bharat Raj Bhandari

- Mr. Kamlesh Bhandari

c) Relatives of Key management personnel and their enterprises where transactions have taken place.

- Mr. Bharat Raj Bhandari

- Mr. Kamlesh Bhandari

- Mrs. Suman Bhandari

- Mrs. Chirali Bhandari

- Mr. Vipul Bhandari

- Mrs. Shaila Bhandari

- Mrs. Abhilasha Bhandari

- Mr. T.R. Bhandari

- Mrs. Alpa Bhandari

Note : 5

Information in respect of :

(a) Expenses in foreign currency in respect of foreign travel Rs. NIL/- (Rs. 2,83,934/-)

(b) Earning in Foreign Currency:

Travelling ticket and tourism services Rs. 28,24,094/-(Rs. 46,06,235/-)

FOB value of Exports Rs. Nil (Rs. Nil )

(c) Foreign currency traded:

Purchased : Rs. Nil (Rs. Nil)

Sold : Rs. Nil (Rs. Nil )

NOTE: - Figure in brackets pertains to previous year.

Note : 6

Company has entered into agreement with Harwar Park & Spa (P) Ltd. and Academy for Research & Training (India) (P) Ltd. (companies under the same management) for taking the property of each company on lease; security deposits amounting to Rs. 8,00,000 and Rs.15,00,000 have been paid respectively to these companies.

Note : 7

There are no Micro and Small Enterprise to whom the company owes dues on account of principal amount together with interest which are outstanding for more than 45 days at the Balance Sheet date. Such information and that given in "Trade Payables- Note No:-5" regarding Micro and Small Enterprises has been determined to the extent such parties have been identified on the basis of information available with the company.

Note : 8

Balances of creditors, advances, debtors and other parties are subject to their confirmation.

Note : 9

The Company's equity share got listed with BSE Ltd. w.e.f. July 4th 2014, under the direct listing norms. The equity shares of the company were listed with Delhi and Jaipur Stock Exchanges. However, the said regional stock exchanges have been closed.

Note : 10

All assets and liabilities are presented as Current or Non-current as per criteria setout in Revised Schedule III to the Company's Act, 2013. Based on the nature of services rendered by the company, its operations and realization, the company has ascertained its operating cycle of less than 12 months. Accordingly 12 months period has been considered for the purpose of Current / Non-current classification of assets & liabilities.

Note : 11

Figures of the current & previous year have been rounded off to the nearest rupees. Figures of previous year have been regrouped & rearranged to make them comparable with the current year's figures.


Mar 31, 2014

Note No. 1-: Share Capital (Amount in Rs.)

Particulars As at As at 31.03.2014 31.03.2013

Authorised Equity Shares 40,00,000 (40,00,000) Equity shares of Rs 10 each 40,000,000 40,000,000

Issued 31,00,000 (31,00,000) Equity shares of Rs 10 each 31,000,000 31,000,000

Subscribed & Paid Up 31,00,000 (31,00,000) Equity Shares of Rs 10/- each fully paid 31,000,000 31,000,000

31,000,000 31,000,000

* Figures in Bracket are of Previous Year.

The Company has only one class of shares referred to as equity shares having a par value of Rs. 10/- Each Holder of equity shares is entitled to one vote per share and dividend as and when declared by the Company.

In the event of liquidation of the company, the holders of equity shares will be entitled to receive any of the remaining assets of the company, after the distribution of all preferential amounts.

Reconciliation of the number of shares outstanding

Equity shares Equity shares Particulars As at As at 31.03.2014 31.03.2013

Shares outstanding at the beginning of the year 3,100,000 3,100,000

( ) Shares Issued during the year - -

(-) Shares bought back during the year - -

Shares outstanding at the end of the year 3,100,000 3,100,000

EMPLOYEES BENEFIT : AS-15

As per Accounting Standard 15 "Employee Benefits", disclosure of employee benefits as defined in the accounting standard are given below:

(a) Defined Contribution Plan

Company has made fixed contribution to Provident Fund at predetermined rates to Provident Fund Commissioner of Rajasthan. The obligation of the Company is limited to contribution. Amount recognized as expense in Statement of Profit and Loss for the year is as under:

(Amount in Rs.) Particulars 2013-14 2012-13

Employer''s contribution to P.F.,Pension Fund, E.D.L.I 589,130 578,421

Employer''s Contribution to E.S.I 297,478 287,596

TOTAL 886,608 866,017

(b) Defined Benefit Plan-

The Company has defined benefit gratuity plan. Every employee who has rendered continuous service of five years or more is entitled to get gratuity at 15 days for each completed year or more subject to provisions of The Payment of Gratuity Act, 1972. Company has invested to meet its such liability with Life Insurance Corporation of India under Group Gratuity Scheme. The liability for the same is recognized as per actuarial valuation by LIC.

2 Information in respect of :

(a) Expenses in foreign currency in respect of foreign travel Rs. 2,83,934/- (Rs. 2,46,481/-)

(b) Earning in Foreign Currency:

Travelling ticket and tourism services Rs. 40,81,375/- (Rs. 43,87,495/-) FOB value of Exports Rs. Nil (Rs. Nil )

(c) Foreign currency traded:

Purchased : Rs. Nil (Rs. Nil) Sold : Rs. Nil (Rs. Nil )

NOTE: - Figure in brackets pertains to previous year.

3 Company has entered into agreement with Harwar Park & Spa (P) Ltd. and Academy for Research & Training (India) (P) Ltd. (companies under the same management) for taking the property of each company on lease; security deposits amounting to Rs. 8,00,000 and Rs.15,00,000 have been paid respectively to these companies.

4 The Company had taken a Key man Insurance Policy of Managing Director Shri Bharat Raj Bhandari which has been surrendered during the previous year. Amount realised Rs. 25,00,439 has been account for as other income.

5 There are no Micro and Small Enterprise to whom the company owes dues on account of principal amount together with interest which are outstanding for more than 45 days at the Balance Sheet date. Such information and that given in "Trade Payables- Note No:-5" regarding Micro and Small Enterprises has been determined to the extent such parties have been identified on the basis of information available with the company.

6 Balances of creditors, advances, debtors and other parties are subject to their confirmation.

7 Vehicles valuing Rs. 21,24,500/- (P.Y. Rs. 29,81,616/-) having W.D.V of Rs. 10,23,900/- (Rs. 16,84,190/- as on 31.03.2014 are awaiting registration in the name of the company. However, the same has been used exclusively for the purpose of business.

8 The Company had filled an application with BSE Ltd. for listing of its equity shares under the direct listing norms. The information memoradum and other related documents have been filed with BSE Ltd. on 29th January, 2014.

9 All assets and liabilities are presented as Current or Non-current as per criteria set out in Revised Schedue VI to the Company''s Act,1956 Notified by the Ministry of Corporate affairs vide Notification No. SO447(E) Dated 28th Feburary,2011 and SO653(E) Dated 30th March,2011. Based on the nature of services rendered by the company, its operations and realization, the company has ascertained its operating cycle of less than 12 months. Accordingly 12 months period has been considered for the purpose of Current / Non-current classification of assets & liabilities.

10 Figures of the current & previous year have been rounded off to the nearest rupees. Figures of previous year have been regrouped & rearranged to make them comparable with the current year''s figures.


Mar 31, 2013

1 (a) Details of contingent liabilities as on 31.03.2013 are as under :-

(Amount in Rs.)

Particulars 31.03.2013 31.03.2012

(a) Claims against company not acknowledged as debt 151,200 151200

(b) Counter guarantees provided by company to banks against guarantees given by them - 1593000

(c) Disputed Demand for Income Tax A.Y. 2009-10, Matter under Appeal with CIT(Appeals) Jaipur 384,180 384180

(d) Disputed Demand for Income Tax A.Y. 2010-11 Matter under Appeal with CIT (Appeals), Jaipur 252,760 -

2 Accounting Standard 18 "Related Party Disclosure"

As per Accounting Standard 18, the disclosures of transactions with the related parties as defined in the Accounting Standard are given below:

1. Relationships: -

a) Associate Companies:

- Blossom Holidays (India) Pvt. Ltd.(Formerly Known as Bhandari Toursim Finance Private Limited)

- Academy for Research & Training (India) Pvt. Ltd.

- Harwar Park and Spa Pvt. Ltd.

- Blossom Holidays Pvt. Ltd.

- Cross Country Adventure (A unit of HEPL India Pvt. Ltd.)

- Crystal Park Resorts Pvt. Ltd.

b) Key Management personnel:

- Mr. Bharat Raj Bhandari

- Mr. Kamlesh Bhandari

c) Relatives of Key management personnel and their enterprises where transactions have taken place.

- Mrs. Shaila Bhandari

- Mr. Bharat Raj Bhandari

- Mr. Kamlesh Bhandari

- Mrs. Kanchan Bhandari

- Mrs. Suman Bhandari

- Mrs. Chirali Bhandari

- Mrs. Ranju Bhandari

- Mr. Sagar Mal Bhandari

- Mr. Vipul Bhandari

- Mrs. Abhilasha Bhandari

- Mr. Alok Bhandari

- Mr. Manish Bhandari

- Mr. T.R. Bhandari

- Mrs. Alpa Bhandari

- Mr. Neeraj Bhandari

- Mr. Naveen Bhandari

3 Information in respect of:

(a) Expenses in foreign currency in respect of foreign travel Rs. 2,46,481 (Rs. 1,36,487)

(b) Earning in Foreign Currency:

Travelling ticket and tourism services Rs. 43,87,495/- ( Rs. 31,92,852/-) FOB value of Exports Rs.Nil (Rs.Nil )

(c) Foreign currency traded:

Purchased : Rs. Nil (Rs. Nil) Sold : Rs. Nil (Rs. Nil )

NOTE: - Figure in brackets pertains to previous year.

4 Company has entered into agreement with Harwar Park & Spa (P) Ltd. and Academy for Research & Training (India) (P) Ltd. (companies under the same management) for taking the property of each company on lease; security deposits amounting to Rs. 8,00,000 and Rs.15,00,000 have been paid respectively to these companies.

5 The Company had taken a Key man Insurance Policy of Managing Director Shri Bharat Raj Bhandari which has been surrendered during the year. Amount realised Rs. 25,00,439 hass ben account for as other income.

6 There are no Micro and Small Enterprise to whom the company owes dues on account of principal amount together with interest which are outstanding for more than 45 days at the Balance Sheet date. Such information and that given in "Trade Payables- Note No:-5" regarding Micro and Small enterprises has been determined to the extent such parties have been identified on the basis of information available with the company.

7 Balances of creditors, advances, debtors and other parties are subject to their confirmation.

8 Vehicles valuing Rs.29,81,616/- having W.D.V of Rs.16,84,190/- as on 31.03.2013 are awaiting registration in the name of the company. However, the same has been used exclusively for the purpose of business.

9 All assets and liabilities are presented as Current or Non-current as per criteria setout in Revised Schedue VI to the Company''s Act,1956 Notified by the Ministry of Corporate affairs vide Notification No. SO447(E) Dated 28th Feburary,2011 and SO653(E) Dated 30th March,2011. Based on the nature of services rendered by the company, its operations and realization, the company has ascertained its operating cycle of less than 12 months. Accordingly 12 months period has been considered for the purpose of Current / Non-current classification of assets & liabilities.

10 Figures of the current & previous year have been rounded off to the nearest rupees. The figures of the previous year have been regrouped & rearranged to make them comparable with the current year''s figures.


Mar 31, 2012

1 (a) Details of contingent liabilities as on 31.03.2012 are as under :-

(Amount in Rs.)

Particulars 31.03.2012 31.03.2011

(a) Claims against company not acknowledged as debt 151200 140400

(b) Counter guarantees provided by company to banks against guarantees given by them 1593000 1593000

(c) Disputed Demand for Income Tax A.Y. 2009-10, Matter under Appeal with CIT(Appeals) Jaipur 384180 -

(b) Capital commitment for unexecuted work of fixed asset Rs.1,17,250/- (net of advance paid Rs.3,50,000/-)(Previous year Rs. NIL).

2 Accounting Standard 18 "Related Party Disclosure"

As per Accounting Standard 18, the disclosures of transactions with the related parties as defined in the Accounting Standard are given below:

1. Relationships: -

a) Associate Companies:

- Blossom Holidays (India) Pvt. Ltd.(Formerly Known as Bhandari Toursim Finance Private Limited)

- Academy for Research & Training (India) Pvt. Ltd.

- Harwar Park and Spa Pvt. Ltd.

- Blossom Holidays Pvt. Ltd.

- Cross Country Adventure (A unit of HEPL India Pvt. Ltd.)

- Crystal Park Resorts Pvt. Ltd.

b) Key Management personnel:

- Mr. Bharat Raj Bhandari

- Mr. Kamlesh Bhandari

c) Relatives of Key management personnel and their enterprises where transactions have taken place.

- Mrs. Shaila Bhandari

- Mrs. Suman Bhandari

- Mrs. Kanchan Bhandari

- Mrs. Chirali Bhandari

- Mrs. Shalini Bhandari

- Mr. Sagar Mal Bhandari

- Mrs. Ranju Bhandri

- Ms. Sanvi Bhandari

- Mr. Alok Bhandari

- Mr. Manish Bhandari

- Mr. R.R. Bhandari

- Mr. T.R. Bhandari

- Mrs. Alpa Bhandari

- Mr. Naveen Bhandari

- Mrs. Meera Bhandari

3 Information in respect of:

(a) Expenses in foreign currency in respect of foreign travel Rs.Nil (Rs. Nil )

(b) Earning in Foreign Currency:

Travelling ticket and tourism services Rs.31,92,852/- ( Rs.29,37,554/-) FOB value of Exports Rs.Nil (Rs.Nil )

(c) Foreign currency traded:

Purchased: Rs.Nil (Rs.Nil) Sold: Rs.Nil (Rs.Nil )

NOTE: - Figure in brackets pertains to previous year.

4 Company has entered into agreement with Blossom Holidays (INDIA) (P) Ltd., Crystal Park Resorts (P) Ltd., Harwar Park & Spa (P) Ltd. and Academy for Research & Training (India) (P) Ltd. (companies under the same management) for taking the property of each company on lease; security deposits amounting to Rs.0,(Rs.50,00,000),Rs.0,(Rs.21,00,000),Rs. 8,00,000, (Rs.8,00,000) and Rs.15,00,000,(Rs.15,00,000) have been paid respectively to these companies. The agreement with Blossom Holidays (INDIA) (P) Ltd. and Crystal Park Resorts (P) Ltd. has been terminated during the current year.

5 The Company had taken a Key man Insurance Policy of Managing Director Shri Bharat Raj Bhandari coverage under this policy is continuing as on 31.03.2012. Premium for the year amounting to Rs.Nil (Previous Year Rs. Nil/-).

6 There are no Micro and Small Enterprise to whom the company owes dues on account of principal amount together with interest which are outstanding for more than 45 days at the Balance Sheet date. Such information and that given in "Trade Payables- Note No:-5" regarding Micro and Small enterprises has been determined to the extent such parties have been identified on the basis of information available with the company.

7 Balances of creditors, advances, debtors and other parties are subject to their confirmation.

8 Vehicles valuing Rs.29,81,616/- having W.D.V of Rs.19,67,444/- as on 31.03.2012 are awaiting registration in the name of the company. However, the same has been used exclusively for the purpose of business.

9 All assets and liabilities are presented as Current or Non-current as per criteria setout in Revised Schedue VI to the Company''s Act,1956 Notified by the Ministry of Corporate affairs vide Notification No. SO447(E) Dated 28th Feburary,2011 and SO653(E) Dated 30th March,2011. Based on the nature of services rendered by the company,its operations and realization, the company has ascertained its operating cycle of less than 12 months. Accordingly 12 months period has been considered for the purpose of Current /Non-current classification of assets & liabilities.

10 Figures of the current & previous year have been rounded off to the nearest rupees. The figures of the previous year have been reclassified, regrouped & rearranged to make them comparable with the current year''s figure to comply with the requirement of Revised Schedule VI.


Mar 31, 2011

1. (a) Contingent liabilities not provided for:

(Rs. in Lacs) AS AT AS AT 31.3.2011 31.3.2010

(i) Claims against company not acknowledged as debt 1.40 1.30

(ii) Counter guarantees provided by company to banks against 15.93 15.93 guarantees given by them

2. Disclosures with regard to mandatory Accounting Standard :- (a) As per accounting Standard 15 "Employee Benefits", disclosure of employee benefits as defined in the accounting standard are given below:

(b) Defined Benefit Plan-

The Company has defined benefit gratuity plan. Every employee who has rendered continuous service of five years or more is entitled to get gratuity at 15 days for each completed year or more subject to provisions of The Payment of Gratuity Act, 1972. Company has invested to meet its such liability with Life Insurance Corporation of India under Group Gratuity Scheme. The liability for the same is recognized as per actuarial valuation by LIC.

Actuarial Assumptions:

Discount Rate : 8% per annum

Mortality : LIC (1994-96) mortality tables

Withdrawal Rate : 1% to 3% depending on age

Salary Escalation : 7%

Valuation Method : Projected Unit Credit Method

The value of plan asset and present obligation at the end of the year is Rs. 18,82,938/- and Rs. 16,71,206/- respectively. The excess of plan asset over present obligation Rs. 2,11,732 (PY Rs. 2,17,538) has been set out as prepaid expenses in Schedule-6.

(A) At present the company is carrying only the activity of tourism business, hence Accounting Standard - 17 "Segment Reporting" is not applicable. Accordingly segment-wise reporting is not given.

(B) Accounting Standard - 18 "Related Party Disclosure"

The company has identified all the related parties having transactions during the year as per details given as under:

1. Relationships: -

a) Associate companies

- Bhandari Tourism Finance Pvt. Ltd.

- Academy for Research & Training (India) Pvt. Ltd.

- Harwar Park and Spa Pvt. Ltd

- Blossom Holidays Pvt. Ltd.

- Cross Country Adventure (A unit of HEPL India Pvt. Ltd.)

- Crystal Park Resorts Pvt. Ltd.

b) Key management personnel

- Mr. Bharat Raj Bhandari

- Mr. Kamlesh Bhandari

c) Relatives of key management personnel and their enterprises where transactions have taken place.

- Mrs. Shaila Bhandari

- Mrs. Suman Bhandari

- Mrs. Kanchan Bhandari

- Mrs. Chirali Bhandari

- Mrs. Shalini Bhandari

- Mr. Vipul Bhandari

- Mr. Sagar Mal Bhandari

- Mrs. Ranju Bhandari

- Ms. Sanvi Bhandari

- Mr. Alok Bhandari

- Mr. Manish Bhandari

- Mstr. R. R. Bhandari

- Mr. T. R. Bhandari

- Mrs. Alpa Bhandari

- Mrs. Meera Bhandari

2. Transactions carried out with related parties referred in (1) above, in ordinary course of business.

4. Information in respect of....

(a) Expenses in foreign currency in respect of foreign travel

Rs.Nil (Rs.Nil /-) (b Earning in Foreign Currency:

Travelling ticket and transport services

Rs. 29,37,554/- (Rs. 19,34,915/-)

FOB value of exports Rs. Nil (Rs. Nil) (c) Foreign currency traded:

Purchased. Rs.Nil (Rs. Nil)

Sold. Rs. Nil/- (Rs.Nil)

NOTE:-Figure in brackets pertains to previous year.

5. Travelling expenses includes Rs. 2,18,248/-(Previous year Rs. 1,59,912/-) incurred by Directors.

6. Receivables include Rs. NIL (Previous year Rs. 4.26 Lacs) due from Company, Blossom Holidays Pvt Ltd, under the same management within the meaning sub section (1-B) of section 370 of the Companies Act, 1956. Company has entered into agreement with Bhandari Tourism Finance (P) Ltd., Crystal Park Resorts (P) Ltd., Harwar Park & Spa (P) Ltd. and Academy for Research & Training (India) (P) Ltd. (companies under the same management) for taking the property of each company on lease; security deposits amounting to Rs. 50 lacs, Rs. 21 lacs, Rs. 8 lacs, and Rs. 15 lacs have been paid respectively to these companies.

7. The Company had taken a Key man Insurance Policy of Managing Director Shri Bharat Raj Bhandari. Premium for the year amounting to Rs.Nil (Previous Year Rs.Nil/-) The coverage under this policy is accounting as on 31.03.2011.

8. There are no Micro, Small and Medium Enterprises to whom the company owes dues on account of principal amount together with interest which are outstanding for more than 45 days at the Balance Sheet date. Such information and that given in "Current Liabilities – Schedule 8" regarding Micro and Small Enterprises has been determined to the extent such parties have been identified on the basis of information available with the company.

9. Balances of creditors, advances, debtors and other parties are subject to their confirmation.

10. Vehicles valuing Rs. 29,81,616/- having W.D.V. of Rs. 22,50,697/- as on 31.03.2011 are awaiting registration in the name of the company. However, the same has been used exclusively for the purpose of business.

11. Figures of Balance Sheet, Profit and Loss account and related Schedules have been rounded off to the nearest rupee. Figures of previous year have been regrouped and rearranged, wherever necessary, to make them comparable.

 
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