Mar 31, 2015
Dear Members,
Your Directors have pleasure in presenting the Annual Report together
with the Audited statement of Accounts of the Company for the year
ended 31st March, 2015.
OPERATION DURING THE YEAR
The company's operational activity was satisfactory.
FINANCIAL RESULTS
Your Company financial performance during the year 2013-14 is
summarized below:
(Rs. In Lacs)
Particulars 2014-2015 2013-2014
Turnover 0.00 0.00
Expenses 8.58 8.45
Profit Before Tax (8.58) (8.45)
Provision for Taxation - -
Profit After Tax (8.58) (8.45)
OPERATIONS
The Company's net Loss for the Financial Year ended March 31, 2015
stood at Rs. 8.58 lacs as against a net loss of Rs.8.45 lacs in the
previous year.
The Company has written off the Debtors and Investments in the year
under review.
DIVIDEND
The Board of directors express their inability to recommend any
dividend on equity shares for the year ended March 31, 2015 due to
absence of profit.
PUBLIC DEPOSITS
During the year, the Company has not accepted any deposit.
AUDITORS
M/s. D M Oza & Associates and M/s G. S. Toshiniwal & Associates
Chartered Accountants, the Statutory Auditors of the Company resigned
during the financial year due to their pre-occupations. The Board
appointed M M Pandit & Associates, Chartered Accountants as Statutory
Auditors to audit the books of accounts for the FY 2014-2015. The
Company has received confirmation that their appointment, if made, would
be within the prescribed limit specified under relevant sections of the
Companies Act and that they are not disqualified for such appointment.
Your Directors recommend re-appointment of M/s. M M Pandit & Associates
as the Statutory Auditors of the Company for the current financial year
and fixation of their remuneration.
AUDITORS' REPORT
The Auditors' Report on the financial statement for the current year is
self-explanatory, therefore does not require any further explanation.
Ramesh Chandra Bagdi & Associates were appointed as Secretarial Auditor
to conduct the Secretarial Audit of the Company for the Financial Year
2014-2015 pursuant to section 204 of the Companies Act, 2013 and rules
made thereunder.
The Secretarial Audit Report for the FY 2014-2015, forms part of the
Annual Report.
DIRECTORS
In accordance with the Companies Act, none of the director is liable to
retire by rotation at the ensuring Annual General Meeting.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE
EARNINGS AND OUTGO
The information on conservation of energy, technology absorption and
foreign exchange earnings and outgo stipulated under Section 134(3)(m)
of the Companies Act, 2013 read with Rule, 8 of The Companies
(Accounts) Rules, 2014, is annexed.
VIGIL MEGHANISM
The Company has established a Vigil Mechanism that enables the
Directors and Employees to report genuine concerns. The Vigil Mechanism
provides for (a) adequate safeguards against victimization of persons
who use the Vigil Mechanism; and (b) direct access to the Chairperson
of the Audit Committee of the Board of Directors of the Company in
appropriate or exceptional cases.
PARTICULARS OF EMPLOYEES
The Company does not have any employee/Director who is in receipt of
remuneration aggregating to the sum prescribed in Section 197 of the
Companies Act, 2013 ("the Act") read with Rule 5 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014
CORPORATE SOCIAL RESPONSIBILITY
The Company has incurred loss in the year under review. Hence, the CSR
Provisions does not apply to the company.
RELATED PARTY TRANSACTIONS
No transactions were carried out between any of the related parties in
the year under review.
RISK MANAGEMENT
The Company has devised and implemented a mechanism for risk management
and has developed a Risk Management Policy. The Policy provides for
creating a Risk Register, identifying internal and external risks and
implementing risk mitigation steps.
FAMILIARIZATION PROGRAMME FOR INDEPENDENT DIRECTORS
The Company proactively keeps its Directors informed of the activities
of the Company, its management and operations and provides an overall
industry perspective as well as issues being faced by the industry.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to Section 134 of the Companies Act, 2013 the Directors state
that:
(a) In the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures;
(b) Appropriate accounting policies have been selected and applied
consistently and have made judgments and estimates that are reasonable
and prudent, so as to give a true and fair view of the state of affairs
of the Company as at March 31, 2015 and of the profit and loss of the
Company for the year ended March 31, 2015;
(c) Proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, 2013 for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities;
(d) The annual accounts have been prepared on a going concern basis;
(e) Proper internal financial controls were followed by the Company and
such internal financial controls are adequate and were operating
effectively;
(f) Proper systems are devised to ensure compliance with the provisions
of all applicable laws and that such systems are adequate and operating
effectively.
CORPORATE GOVERNANCE
Pursuant to Clause 49 of the Listing Agreement the Company has adopted
most of the provisions of Clause 49 of the Listing agreement. A report
on Corporate Governance along with a certificate from the Auditors of
the Company regarding the compliance of conditions of Corporate
Governance and also the Management Discussion and Analysis Report are
annexed to this report.
DECLARATION BY INDEPENDENT DIRECTOR
Pursuant to Section 149(6) of the Companies Act, 2013 and Clause 49 of
the Listing Agreement, the Independent Directors of the Company have
given the declaration to the Company that they qualify the criteria of
independence as required under the Act.
BOARD EVALUATION
Pursuant to the provisions of Companies Act, 2013 and clause 49 of the
Listing Agreement, the Board has carried out annual performance
evaluation of its own performance, the directors individually as well
the evaluation of the working of its Audit, Nomination & Remuneration
and Stakeholder committee, including the Chairman of the Board who were
evaluated on parameters such as level of engagement and contribution
and independence of judgment thereby safeguarding the interest of the
Company. The performance evaluation of the Independent Directors was
carried out by the entire Board. The performance evaluation of the
Chairman and the Non Independent Directors was carried out by the
Independent Directors. The Directors expressed their satisfaction with
the evaluation process.
EXTRACT OF ANNUAL RETURN
The details forming part of the extract of the Annual Return in form
MGT 9 is annexed herewith.
ACKNOWLEDGEMENTS
Your Directors takes opportunity to show gratitude towards the
assistance and co-operation received from Shareholders, Bankers and
Regulatory Bodies.
For and on Behalf of the Board of Directors of
Regency Trust Limited
Date: September 03, 2015 Director Director
Mar 31, 2014
Dear Members,
The with the Audited statement of Accounts of the Company for the year
ended 31st March, 2014.
OPERATION DURING THE YEAR
The company''s operational activity was satisfactory.
FINANCIAL RESULTS
Your Company financial performance during the year 2013-14 is
summarized below:
(Rs. In Lacs)
Particulars 2013-2014 2012-2013
Turnover 0.00 57.26
Expenses 8.45 58.28
Profit Before Tax (8.45) (1.02)
Provision for Taxation - -
Profit After Tax (8.45) (1.02)
1. OPERATIONS
The Company''s net Loss for the Financial Year ended March 31, 2014
stood at Rs. 8.45 lacs as against a net loss of Rs.1.02 lacs in the
previous year.
2. DIVIDEND
The Board of directors express their inability to recommend any
dividend on equity shares for the year ended March 31, 2014 due to
absence of profit.
3. PUBLIC DEPOSITS
During the year, the Company has not accepted any deposit u/s. 58A of
the Companies Act, 1956.
4. AUDITORS
M/s D. M. Oza & Associates, Chartered Accountants, Statutory Auditors
of the Company retire at the conclusion of the ensuing Annual General
Meeting. M/s D. M. Oza & Associates offer themselves for appointment as
Statutory Auditor of the Company. The Company has received confirmation
that their appointment, if made, would be within the prescribed limit
specified u/s. 224(1B) of the Companies Act, 1956 and that they are not
disqualified for such appointment within the meaning of Section 226 of
the Companies Act, 1956. Your Directors recommend appointment of D. M.
Oza & Associates as the Statutory Auditors of the Company for the
current financial year and fixation of their remuneration.
5. AUDITORS'' REPORT
The Auditors'' Report on the financial statement for the current year is
self-explanatory, therefore does not require any further explanation.
6. DIRECTORS
In accordance with the Companies Act, 1956, the additional directors
appointed during the year shall be confirmed in the ensuing Annual
General Meeting.
7. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE
EARNINGS AND OUTGO
The Company has no activities relating to conservation of energy and
technology absorption. There are no foreign exchange transactions
during the year.
8. PARTICULARS OF EMPLOYEES
The Company does not have any employee who is in receipt of
remuneration aggregating to the sum prescribed u/s. 217 (2A) of the
Companies Act, 1956 read with the Companies (Particulars of Employees)
Rules, 1975 as amended till date.
9. DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to the requirements u/s. 217(2AA) of the Companies Act, 1956,
your Directors hereby state and confirm that.
(i) In preparation of the Annual Accounts, the applicable Accounting
Standards have been followed along with proper explanation relating to
material departures if any.
(ii) They have selected the accounting policies and applied them
consistently and made judgments and estimates that are reasonable and
prudent so as to give a true and fair view of the state of affairs of
the Company at the end of the financial year under review and for the
profit of the Company for the same period.
(iii) They have taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, 1956 for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities.
(iv) They have prepared the Annual Accounts on "GOING CONCERN"
basis.
10. CORPORATE GOVERNANCE
Pursuant to Clause 49 of the Listing Agreement the Company has adopted
most of the provisions of Clause 49 of the Listing agreement. A report
on Corporate Governance along with a certificate from the Auditors of
the Company regarding the compliance of conditions of Corporate
Governance and also the Management Discussion and Analysis Report are
annexed to this report.
11. ACKNOWLEDGEMENTS
Your Directors takes opportunity to show gratitude towards the
assistance and co-operation received from Banks and other Agencies and
Shareholders during the year under review.
Your Directors also wish to place on record their deep sense of
appreciation for the dedicated services rendered by Executives, staff
and workers of the Company.
For and on Behalf of the Board of
Directors of
Regency Trust Limited
Date: September 02, 2014 Director Director
Mar 31, 2013
Dear Members,
The Directors have pleasure in presenting the Annual Report together
with the Audited statement of Accounts of the Company for the year
ended 31st March, 2013.
OPERATION DURING THE YEAR
The company''s operational activity was satisfactory.
FINANCIAL RESULTS
Your Company financial performance during the year 2012-13 is
summarized below:
(Rs. In Lacs)
Particulars 2012-2013 2011-2012
Turnover 57.26 64.18
Expenses 58.28 62.19
Profit Before Tax (1.02) 1.99
Provision for Taxation - 0.52
Profit After Tax (1.02) 1.47
1. OPERATIONS
The Company''s net Loss for the Financial Year ended March 31, 2013
stood at Rs.1.02 lacs as against a net profit of Rs.1.47 lacs in the
previous year.
2. DIVIDEND
The Board of directors express their inability to recommend any
dividend on equity shares for the year ended March 31, 2013 due to
absence of profit.
3. PUBLIC DEPOSITS
During the year, the Company has not accepted any deposit u/s. 58A of
the Companies Act, 1956.
4. AUDITORS
M/s. K.R Bind & Co., Chartered Accountants, Statutory Auditors of the
Company retire at the conclusion of the ensuing Annual General Meeting.
M/s D. M. Oza & Associates offer themselves for appointment as new
Statutory Auditor of the Company. The Company has received confirmation
that their appointment, if made, would be within the prescribed limit
specified u/s. 224(1B) of the Companies Act, 1956 and that they are not
disqualified for such appointment within the meaning of Section 226 of
the Companies Act, 1956. Your Directors recommend appointment of D. M.
Oza & Associates. as the Statutory Auditors of the Company for the
current financial year and fixation of their remuneration.
5. AUDITORS'' REPORT
The Auditors'' Report on the financial statement for the current year is
self-explanatory, therefore does not require any further explanation.
6. DIRECTORS
In accordance with the Companies Act, 1956, the director liable to
retire by rotation at the ensuring Annual General Meeting, retires by
rotation and being eligible offer themselves for re-appointment.
7. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE
EARNINGS AND OUTGO
The Company has no activities relating to conservation of energy and
technology absorption. There are no foreign exchange transactions
during the year.
8. PARTICULARS OF EMPLOYEES
The Company does not have any employee who is in receipt of
remuneration aggregating to the sum prescribed u/s. 217 (2A) of the
Companies Act, 1956 read with the Companies (Particulars of Employees)
Rules, 1975 as amended till date.
9. DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to the requirements u/s. 217(2AA) of the Companies Act, 1956,
your Directors hereby state and confirm that:
(i) In preparation of the Annual Accounts, the applicable Accounting
Standards have been followed along with proper explanation relating to
material departures, if any
(ii) They have selected the accounting policies and applied them
consistently and made judgments and estimates that are reasonable and
prudent so as to give a true and fair view of the state of affairs of
the Company at the end of the financial year under review and for the
profit of the Company for the same period.
(iii) They have taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, 1956 for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities.
(iv) They have prepared the Annual Accounts on ÂGOING CONCERNÂ
basis.
10. CORPORATE GOVERNANCE
Pursuant to Clause 49 of the Listing Agreement the Company has adopted
most of the provisions of Clause 49 of the Listing agreement. A report
on Corporate Governance along with a certificate from the Auditors of
the Company regarding the compliance of conditions of Corporate
Governance and also the Management Discussion and Analysis Report are
annexed to this report.
11. ACKNOWLEDGEMENTS
Your Directors takes opportunity to show gratitude towards the
assistance and co-operation received from Banks and other Agencies and
Shareholders during the year under review.
Your Directors also wish to place on record their deep sense of
appreciation for the dedicated services rendered by Executives, staff
and workers of the Company.
For and on Behalf of the Board of Directors of
Regency Trust Limited
Place: Kolkata
Date: September 01, 2013 Director Director
Mar 31, 2012
To, The Members,
The Directors have pleasure in presenting the Annual Report together
with the Audited statement of Accounts of the Company for the year
ended 31st March, 2012.
OPERATION DURING THE YEAR
The company has a very good Operational activity during the year due to
good market.
FINANCIAL RESULTS
Your Company financial performance during the year 2011-12 is
summarized below:
(Rs. In Lacs)
Particulars 2011-2012 2010-2011
Turnover 64.18 28.25
Expenses 62.19 25.00
Profit Before Tax 1.99 3.24
Provision for Taxation 0.52 Nil
Profit After Tax 1.47 3.24
1. OPERATIONS
The Company''s Net Profit for the Financial Year ended March 31, 2012
stood at Rs.1.47 lacs as against Rs.3.24 lacs in the previous year.
2. DIVIDEND
Your Directors have considered it prudent not to recommend any dividend
on equity shares for the year ended March 31, 2012 in order to conserve
the resources for future.
3. PUBLIC DEPOSITS
During the year, the Company has not accepted any deposit u/s. 58A of
the Companies Act, 1956.
4. AUDITORS
M/s. Arun Jain & Associates., Chartered Accountants, Statutory Auditors
of the Company retire at the conclusion of the ensuing Annual General
Meeting. M/s. K.R Bind & Co. offer themselves for appointment as new
Statutory Auditor of the Company. The Company has received confirmation
that their appointment, if made, would be within the prescribed limit
specified u/s. 224(1B) of the Companies Act, 1956 and that they are not
disqualified for such appointment within the meaning of Section 226 of
the Companies Act, 1956. Your Directors recommend appointment of M/s. K
R Bind & Co. as the Statutory Auditors of the Company for the current
financial year and fixation of their remuneration.
5. AUDITORS''REPORT
The Auditors'' Report on the financial statement for the current year
is self-explanatory, therefore does not require any further
explanation.
6. DIRECTORS
In accordance with the Companies Act, 1956, the director liable to
retire by rotation at the ensuring Annual General Meeting, retires by
rotation and being eligible offer itself for re-appointment.
7. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE
EARNINGS AND OUTGO
The Company has no activities relating to conservation of energy and
technology absorption. There are no foreign exchange transactions
during the year.
8. PARTICULARS OF EMPLOYEES
The Company does not have any employee who is in receipt of
remuneration aggregating to the sum prescribed u/s. 217 (2A) of the
Companies Act, 1956 read with the Companies (Particulars of Employees)
Rules, 1975 as amended till date.
9. DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to the requirements u/s. 217(2AA) of the Companies Act, 1956,
your Directors hereby state and confirm that:
(i) In preparation of the Annual Accounts, the applicable Accounting
Standards have been followed along with proper explanation relating to
material departures, if any
(ii) They have selected the accounting policies and applied them
consistently and made judgments and estimates that are reasonable and
prudent so as to give a true and fair view of the state of affairs of
the Company at the end of the financial year under review and for the
profit of the Company for the same period.
(iii) They have taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, 1956 for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities.
(iv) They have prepared the Annual Accounts on "GOING CONCERN"
basis.
10. CORPORATE GOVERNANCE
Pursuant to Clause 49 of the Listing Agreement the Company has adopted
most of the provisions of Clause 49 of the Listing agreement. A report
on Corporate Governance along with a certificate from
the Auditors of the Company regarding the compliance of conditions of
Corporate Governance and also the Management Discussion and Analysis
Report are annexed to this report.
11. ACKNOWLEDGEMENTS
Your Directors takes opportunity to show gratitude towards the
assistance and co-operation received from Banks and other Agencies and
Shareholders resulting in good performance during the year under
review.
Your Directors also wish to place on record their deep sense of
appreciation for the dedicated services rendered by Executives, staff
and workers of the Company.
For and on Behalf of the Board of Directors of
Regency Trust Limited
Place: Kolkata
Date: September 01,2012 Director Director
Mar 31, 2010
The Directors have pleasure in presenting the Annual Report together
with audited statement of accounts of the Company for the year ended on
31st March 2010.
OPERATIONS DURING THE YEAR:
The company has a very good Operational activity during the year due to
good market.
FINANCIAL RESULTS:
Amount (Rs. In Lacs)
Financial Results
Years 2009-10 2008-09
Turnover 17.83 5.63
Expenses 16.53 15.84
Profit Before Tax 1.30 -10.21
Provision for tax 0.35 -
Profit after tax 0.95 -10-21
AUDITORS:
The members are requested to appoint auditors for the current year and
to fix their remuneration. M/s. ARUN JAIN & ASSOCIATES., Chartered
Accountants have consented for continuation to act as the auditors of
the Company, if re-appointed.
During the year, M/s K.N.GUTGUT1A & CO., Chartered Accountants, Kolkata
have submitted in writing their unwillingness to the Board of Director
for continue to be auditors of the company hence the Board of Directors
have approached to M/s Arun Jain & Associates, Chartered Accountants,
Kolkata and after receipt of their consent in writing, the Board
convened an EGM on 29-10-2009 for seeking consent of share holders of
the company.
PREFERENTIAL ALLOTMENT
The Company allotted 70,00,000 equity shares on preferential basis @
14/- per share on 19-01-2010.
PUBLIC DEPOSITS :
During the year the company has not accepted any deposit u/s. 58A of
the Companies Act, 1956.
DIRECTORS:
During the year Sunil Kajaria will retire by rotation at the ensuing
A.G.M and being eligible, offer himself for re-appointment.
Apart from this Jikesh Shah & Naresh Rachchh were appointed as
Directors of the Company due resignation of P. S. Chakraborty.
FOREIGN EXCHANGE EARNING AND EXPENDITURE:
à There were no Foreign Exchange transactions during the year.
PERSONNEL AND OTHER MATTERS:
As required by the provisions of Section 217(2A) of the Companies Act,
1956, read with the Companies (Particulars of Employees) Rules, 1975,
as amended, the names and other particulars of the employees are not
given as no employee was coming under the provisions set of section 217
(2A).
Since the Company does not own any manufacturing activity, the
disclosure of information relating to conservation of energy and
technology absorption to be disclosed in terms of Section 217(l)(e) of
the Companies Act, 1956, read with the Companies (Disclosure of
Particulars in the Report of Board of Directors) Rules, 1988, are not
applicable and hence not given.
AUDIT COMMITTEE:
The Company has formed an Audit Committee comprising of 3 directors.
The terms of the reference of the committee are in line with the
requirements as stipulated u/s 292A of the Co. Act, 1956 and Corporate
Governance as stated in Clause 49 of the Listing Agreement.
DIRECTORS RESPONSIBILITY STATEMENT :
The Directors confirm that in preparation of the annual accounts for
the year ended March 31, 2010-
1. the applicable accounting standards had been followed along with
proper explanation relating to material departures;
2. they had selected such accounting policies and applied them
consistently and made;
3. judgements and estimates that are reasonable and prudent had been
taken so as to give a true and fair view of the state of affairs of the
Company at the end of the financial year and of the profit of the
Company for that period;
4. they had taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, 1956, for safeguarding the assets of the company and for
preventing and detecting fraud and other irregularities; and
5. they had prepared the annual accounts on a going concern basis.
CORPORATE GOVERNANCE AND COMPLIANCE:
A report on corporate governance is annexed to this report. A
certificate from Statutory Auditors with regards to the compliance of
the corporate governance by the company is annexed to this report.
The company has fully complied with all mandatory requirements
prescribed under clause 49 of the listing agreement. In addition, the
company has also implemented some of the non mandatory provisions of
clause 49.
ACKNOWLEDGEMENTS:
The Directors thank the clients for the confidence reposed, which has
enabled the Company in successfully achieving the satisfactory
performance.
The Directors also thank the Companys bankers, lenders, the Government
of India, the Securities and Exchange Board of India, the Reserve Bank
of India and other statutory authorities for their continued support to
the Company.
The Directors express their gratitude for the support and guidance
received from its shareholders.
The" Directors also express their sincere thanks and appreciation to
all the employees for their commendable teamwork, professionalism and
contribution during the year.
BY ORDER OF THE BOARD OF DIRECTORS
FOR Regency Trust Ltd.
PLACE: KOLKATA
DATE : 01-09-2010 Sd/-
Sunil Kajaria
(CHAIRMAN)
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