Mar 31, 2014
We have audited the accompanying financial statements of Regal
Entertainment and Consultants Ltd. which comprise the balance sheet as
at 31 March 2014, the statement of profit and loss and the cash flow
statement for the year then ended and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act"), read with the General Circular
15/2013 dated September 13, 2013 of the Ministry of Corporate Affairs
in respect of section of 133 of the Companies Act 2013. This
responsibility includes the design, implementation and maintenance of
internal control 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.
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 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 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 risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. 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:
(i) In the case of the balance sheet, of the state of affairs of the
Company as at 31 March 2014;
(ii) In the case of the statement of profit and loss, of the Loss for
the year ended on that date; and
(iii) In the case of the cash flow statement, of the cash flows for the
year ended on that date. Report on Other Legal and Regulatory
Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order"), as amended, issued by the Central Government of India in terms
of sub-section (4A) of section 227 of the Act, we give in the Annexure
a statement on the matters specified in paragraphs 4 and 5 of the
Order.
2. As required by section 227(3) of the Act, we report that:
a) we have 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, Statement of Profit and Loss and 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 Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956 read with the
General Circular 15/2013 dated September 13, 2013 of the Ministry of
Corporate Affairs in respect of section of 133 of the Companies Act
2013 .and
e) On the basis of written representations received from the directors
as on 31 March 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31 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 Auditors'' Report
The Annexure referred to in our report to the members of Regal
Entertainment and Consultants Ltd. for the year ended 31 March 2014. We
report that:
1. (a) The Company has maintained proper records showing
full particulars including quantitative details and situation of the
fixed assets.
(b) All the assets have been physically verified by the management
during the year as per programme of verification which, in our opinion,
is reasonable having regard to the size of the company and the nature
of its fixed assets. No material discrepancies were noticed on such
verification.
(c) The Company has not disposed off any or substantial part of fixed
assets during the year.
2. Since the Company does not have any inventory during the year and
therefore 4 (ii) of the Order is not applicable.
3. The Company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms, or other parties covered in the
register maintained under section 301 of the Companies Act, 1956, and
therefore paragraph 4 (iii) of the said Order is not applicable.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the company and the nature of its business. During the
course of our audit, no major weaknesses have been noticed in the
internal control system.
5. In our opinion and according to the information and explanations
given to us, we are of the opinion that there are no transactions that
need to be entered into the register maintained under section 301 of
the Companies Act, 1956 and therefore paragraph 4 (v) of the said Order
is not applicable.
6. In our opinion and according to the information and explanations
given to us, the Company has not accepted deposits from the public to
which the provisions of the section 58 A and 58 AA of the Companies
Act, 1956 and the Rules framed there under are applicable, and
therefore paragraph 4(vi) of the Order is not applicable.
7. In our opinion, the company has an internal audit system, which is
commensurate with the size and the nature of its business.
8. As informed to us, the maintenance of cost records have not been
prescribed by the Central Government under Clause (d) of sub-section
(1) of section 209 of the Companies Act, 1956.
9. (a) In our opinion and according to the information and
explanations given to us, the Company is generally regular in
depositing undisputed statutory dues including Provident Fund, Investor
Education & Protection Fund, and Employees'' State Insurance, Income
Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty and other
statutory dues applicable to it.
(b) According to the records of the company and information and
explanation given to us, there are no arrears of outstanding undisputed
statutory dues referred to in (a) above as at 31st March, 2014 for a
period of more than six months from the date they became payable.
(c) According to the information and explanations given to us, there
are no dues of sales tax, income tax, custom duty, wealth tax, excise
duty and cess which have not been deposited on account of any dispute.
10. The accumulated loss of the Company as at the end of 31st March
2014 was not more than fifty percent of its net worth. The Company has
incurred cash losses in current year as well as cash losses were
incurred in immediately preceding previous year.
11. In our opinion and according to the information and explanation
given to us, the company has not taken any loans from banks and
financial institution or issued any debentures and therefore paragraph
4 (xi) of the said Order is not applicable.
12. According to the information and explanation given to us, and
based on the documents and records produced to us, the Company has not
granted loans and advances on the basis of security by way of pledge of
shares, debentures and other securities and therefore paragraph 4(xii)
of the Order is not applicable to the Company.
13. The provisions of any special statute applicable to chit fund and
Nidhi / mutual benefit fund / society are not applicable to the company
and therefore paragraph 4 (xiii) of the Order is not applicable.
14. The Company is dealing in or trading in shares, securities, and
other investments. The Company has maintained proper records of the
transactions and timely entries have been made in these records. We
also report that the company has held the shares, securities and other
securities in its own name.
15. According to the information and explanation given to us, during
the year the company has not given any guarantee for loans taken by
others from banks or financial institutions and therefore paragraph 4
(xv) of the order is not applicable.
16. According to the information and explanation given to us, the
company has not availed any term loans during the year and therefore
paragraph 4 (xvi) of the order is not applicable.
17. According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, in our
opinion there are no funds raised on short-term basis which have been
used for long term investment and vice versa.
18. According to the information and explanation 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 during the year.
19. According to the information and explanation given to us, the
company has not issued any debentures during the year and therefore
paragraph 4 (xix) of the order is not applicable.
20. The company has not raised any money by way of public issues
during the year and therefore paragraph 4 (xx) of the order is not
applicable.
21. During the course of our examination of the books and records of
the Company, carried out in accordance with auditing standards
generally accepted in India, we have neither come across any instance
of fraud on or by the Company, noticed or reported during the year, nor
have been informed of such case by the management.
For K. K. GADA & CO.
Chartered Accountants
KIRIT K. GADA
Proprietor
Place : Mumbai (Membership No.038952)
Date : May 30, 2014 (FR No. 102873W)
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of Regal
Entertainment and Consultants Ltd. which comprise the balance sheet as
at 31 March 2013, the statement of profit and loss and the cash flow
statement for the year then ended and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act"). This responsibility includes
the design, implementation and maintenance of internal control 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.
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 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 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 risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. 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:
(i) in the case of the balance sheet, of the state of affairs of the
Company as at 31 March 2013;
(ii) in the case of the statement of profit and loss, of the profit for
the year ended on that date; and
(iii) in the case of the cash flow statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order"), as amended, issued by the Central Government of India in terms
of sub-section (4A) of section 227 of the Act, we give in the Annexure
a statement on the matters specified in paragraphs 4 and 5 of the
Order.
2. As required by section 227(3) of the Act, we report that:
a) we have 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, Statement of Profit and Loss and 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 Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956; and
e) on the basis of written representations received from the directors
as on 31 March 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31 March 2013, 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 Auditors'' Report
The Annexure referred to in our report to the members of Regal
Entertainment and Consultants Ltd. for the year ended 31 March 2013. We
report that:
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of the fixed
assets.
(b) All the assets have been physically verified by the management
during the year as per programme of verification which, in our opinion,
is reasonable having regard to the size of the company and the nature
of its fixed assets. No material discrepancies were noticed on such
verification.
(c) The Company has not disposed off any or substantial part of fixed
assets during the year.
2. Since the Company does not have any inventory during the year and
therefore 4 (ii) of the Order is not applicable.
3. The Company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms, or other parties covered in the
register maintained under section 301 of the Companies Act, 1956, and
therefore paragraph 4 (iii) of the said Order is not applicable.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the company and the nature of its business. During the
course of our audit, no major weaknesses have been noticed in the
internal control system.
5. In our opinion and according to the information and explanations
given to us, we are of the opinion that there are no transactions that
need to be entered into the register maintained under section 301 of
the Companies Act, 1956 and therefore paragraph 4 (v) of the said Order
is not applicable.
6. In our opinion and according to the information and explanations
given to us, the Company has not accepted deposits from the public to
which the provisions of the section 58 A and 58 AA of the Companies
Act, 1956 and the Rules framed there under are applicable, and
therefore paragraph 4(vi) of the Order is not applicable.
7. In our opinion, the company has an internal audit system, which is
commensurate with the size and the nature of its business.
8. As informed to us, the maintenance of cost records have not been
prescribed by the Central Government under Clause (d) of sub-section
(1) of section 209 of the Companies Act, 1956.
9 (a) In our opinion and according to the information and explanations
given to us, the Company is generally regular in depositing undisputed
statutory dues including Provident Fund, Investor Education &
Protection Fund, and Employees'' State Insurance, Income Tax, Sales Tax,
Wealth Tax, Custom Duty, Excise Duty and other statutory dues
applicable to it.
(b) According to the records of the company and information and
explanation given to us, there are no arrears of outstanding undisputed
statutory dues referred to in (a) above as at 31st March, 2013 for a
period of more than six months from the date they became payable.
(c) According to the information and explanations given to us, there
are no dues of sales tax, income tax, custom duty, wealth tax, excise
duty and cess which have not been deposited on account of any dispute.
10. The accumulated loss of the Company as at the end of 31st March
2013 was not more than fifty percent of its net worth. The Company has
incurred cash losses in current year however no cash losses were
incurred in immediately preceding previous year.
11. In our opinion and according to the information and explanation
given to us, the company has not taken any loans from banks and
financial institution or issued any debentures and therefore paragraph
4 (xi) of the said Order is not applicable.
12. According to the information and explanation given to us, and
based on the documents and records produced to us, the Company has not
granted loans and advances on the basis of security by way of pledge of
shares, debentures and other securities and therefore paragraph 4(xii)
of the Order is not applicable to the Company.
13. The provisions of any special statute applicable to chit fund and
Nidhi / mutual benefit fund / society are not applicable to the company
and therefore paragraph 4 (xiii) of the Order is not applicable.
14. The Company is dealing in or trading in shares, securities, and
other investments. The Company has maintained proper records of the
transactions and timely entries have been made in these records. We
also report that the company has held the shares, securities and other
securities in its own name.
15. According to the information and explanation given to us, during
the year the company has not given any guarantee for loans taken by
others from banks or financial institutions and therefore paragraph 4
(xv) of the order is not applicable.
16. According to the information and explanation given to us, the
company has not availed any term loans during the year and therefore
paragraph 4 (xvi) of the order is not applicable.
17. According to the information and explanations given to us and on an
overall examination of the balance sheet of the company, in our opinion
there are no funds raised on short - term basis which have been used
for long term investment and vice versa.
18. According to the information and explanation 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 during the year.
19. According to the information and explanation given to us, the
company has not issued any debentures during the year and therefore
paragraph 4 (xix) of the order is not applicable.
20. The company has not raised any money by way of public issues
during the year and therefore paragraph 4 (xx) of the order is not
applicable.
21. During the course of our examination of the books and records of
the Company, carried out in accordance with auditing standards
generally accepted in India, we have neither come across any instance
of fraud on or by the Company, noticed or reported during the year, nor
have been informed of such case by the management.
FOR K. K. GADA & Co.
Chartered Accountants
Kirit K. Gada
Place : MUMBAI Proprietor
Date : May 30, 2013 (Membership No.38952)
(FR NO. 102873W)
Mar 31, 2012
We have audited the attached Balance Sheet of Regal Entertainment and
Consultants Ltd. As at 31st March, 2012 and also the Statement of
Profit & Loss and the Cash Flow Statement for the year ended on the
date annexed thereto. These financial statements are the responsibility
of the company's management. Our responsibility is to express an
opinion on these financial statements based on our audit. We conducted
our audit in accordance with the auditing standards generally accepted
in India Those Standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by the management, as well as
evaluating the overall financial statement presentation. We believe
that our audit provides a reasonable basis for our opinion.
As required by the Companies (Auditor's Report) Order, 2003 issued by
the Central Government of India in terms of Sub- section (4A) of
section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in the paragraphs 4 and 5 of the
said order.
Further to our comments in the Annexure referred to above, we report
that:
i) We have obtained all the information and explanations, which to our
best
knowledge and belief were necessary for the purposes of our audit;
ii) In our opinion, proper books of accounts as required by law have
been kept by the company so far as appears from our examination of
those books;
iii) The Balance Sheet, Statement of Profit & Loss and Cash Flow
Statement dealt by this report are in the agreement with the books of
accounts;
iv) In our opinion, the Balance Sheet, Statement of Profit & Loss and
Cash Flow Statement dealt with by this report comply with the
accounting standards referred to in sub -section (3C) of section 211 of
the Companies Act, 1956;
v) On the basis of written representations received from the directors,
as on 31st March, 2012 and taken on record by the Board of Directors,
we report that none of the directors is disqualified as on 31st March,
2012 from being appointed/reappointed as a director in terms of clause
(g) of sub -section (1) of section 274 of the Companies Act, 1956;
In our opinion and to the best of our information and according to the
explanation given to us, the said accounts read together with
Accounting Policies and Notes thereon give the information required by
the Companies Act, 1956 in the manner so required and give a true and
fair view in conformity with the accounting principles generally
accepted in India:
a) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31stMarch, 2012;
b) In the case of Statement of Profit & Loss of the Loss of the company
for the year ended on that date; and
c) In the case of Cash Flow Statement, of the cash flows for the year
ended on that date. For K. K. GADA & C
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE FOR THE
YEAR ENDED 31st MARCH 2011 TO THE MEMBERS OF REGAL ENTERTAINTMENT AND
CONSULTANTS LTD.
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of the fixed
assets.
(b) All the assets have been physically verified by he management
during the year as per programme of verification which, in our opinion,
is reasonable having regard to the size of the company and the nature
of its fixed assets. No material discrepancies were noticed on such
verification.
(c) The Company has not disposed off any or substantial part of fixed
assets during the year.
2. Since the Company does not have any inventory during the year and
therefore 4 (ii) of the Order is not applicable
3. The Company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms, or other parties covered in the
register maintained under section 301 of the Companies Act, 1956, and
therefore paragraph 4 (iii) of the said Order is not applicable.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control systems that
commensurate with the size of the company and the nature of its
business. During the course of our audit, no major weaknesses have been
noticed in the internal control system.
5. In our opinion and according to the information and explanations
given to us, we are of the opinion that there are no transactions that
need to be entered into the register maintained under section 301 of
the Companies Act, 1956 and therefore paragraph 4 (v) of the said Order
is not applicable.
6. In our opinion and according to the information and explanations
given to us, the Company has not accepted deposits from the public to
which the provisions of the section 58 A and 58 AA of the Companies
Act, 1956 and the Rules framed there under are applicable, and
therefore paragraph 4(vi) of the Order is not applicable.
7. In our opinion, the company has an internal audit system, which
commensurate with the size and the nature of its business.
8. As informed to us, the maintenance of cost records have not been
prescribed by the Central Government under Clause (d) of sub-section
(1) of section 209 of the Companies Act, 1956.
9. (a) In our opinion and according to the information and
explanations
given to us, the Company is generally regular in depositing undisputed
statutory dues including Provident Fund, Investor Education &
Protection Fund, Employees' State Insurance, Income Tax, Sales Tax,
Wealth Tax, Custom Duty, Excise Duty and other statutory dues
applicable to it.
(b) According to the records of the company and information and
explanation given to us, there are no arrears of outstanding undisputed
statutory dues referred to in (a) above as at 31st March, 2012 for a
period of more than six months from the date they became payable.
(c) According to the information and explanations given to us, there
are no dues of sales tax, income tax, custom duty, wealth tax, excise
duty and cess which have not been deposited on account of any dispute.
10. The accumulated loss of the Company as at the end of 31st March
2012 was not more than fifty percent of its net worth. The Company has
not incurred cash losses in current year as well as in immediately
preceding previous year.
11. In our opinion and according to the information and explanation
given to us, the company has not taken any loans from banks and
financial institution or issued any debentures and therefore paragraph
4 (xi) of the said Order is not applicable.
12. According to the information and explanation given to us, and
based on the documents and records produced to us, the Company has not
granted loans and advances on the basis of security by way of pledge of
shares, debentures and other securities and therefore paragraph 4(xii)
of the Order is not applicable to the Company.
13. The provisions of any special statute applicable to chit fund and
Nidhi / mutual benefit fund / society are not applicable to the company
and therefore paragraph 4 (xiii) of the Order is not applicable.
14. The Company is dealing in or trading in shares, securities, and
other investments. The Company has maintained proper records of the
transactions and timely entries have been made in these records. We
also report that the company has held the shares, securities,
securities, and other securities in its own name.
15. According to the information and explanation given to us, during
the year the company has not given any guarantee for loans taken by
others from banks or financial institutions and therefore paragraph 4
(xv) of the order is not applicable.
16. According to the information and explanation given to us, the
company has not availed any term loans during the year and therefore
paragraph 4 (xvi) of the order is not applicable.
17. According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, in our
opinion there are no funds raised on short -term basis which have been
used for long term investment and vice versa.
18. According to the information and explanation 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 during the year.
19. According to the information and explanation given to us, the
company has not issued any debentures during the year and therefore
paragraph 4 (xix) of the order is not applicable.
20. The company has not raised any money by way of public issues
during the year and therefore paragraph 4 (xx) of the order is not
applicable.
21. During the course of our examination of the books and records of
the Company, carried out in accordance with auditing standards
generally accepted in India, we have neither come across any instance
of fraud on or by the Company, noticed or reported during the year, nor
have been informed of such case by the management.
FOR K. K. GADA & Co.
Chartered Accountants
Kirit K. Gada
Place : MUMBAI Proprietor
Date : 29th August, 2012 (Membership No.38952)
(FR NO. 102873W)
Mar 31, 2010
We have audited the attached Balance Sheet of Regal Entertainment and
Consultants Ltd. As at 31st March, 2010 and also the Profit & Loss
Account and the Cash Flow Statement for the year ended on the date
annexed thereto. These financial statements are the responsibility of
the companyÃs management. Our responsibility is to express an opinion
on these financial statements based on our audit. We conducted our
audit in accordance with the auditing standards generally accepted in
India Those Standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by the management, as well as
evaluating the overall financial statement presentation. We believe
that our audit provides a reasonable basis for our opinion.
As required by the Companies (AuditorÃs Report) Order, 2003 issued by
the Central Government of India in terms of Sub- section (4A) of
section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in the paragraphs 4 and 5 of the
said order.
Further to our comments in the Annexure referred to above, we report
that:
i) We have obtained all the information and explanations, which to our
best knowledge and belief were necessary for the purposes of our audit;
ii) In our opinion, proper books of accounts as required by law have
been kept by the company so far as appears from our examination of
those books; iii) The Balance Sheet, Profit & Loss Account and Cash
Flow Statement dealt by this report are in the agreement with the books
of accounts; iv) In our opinion, the Balance Sheet, Profit & Loss
Account and Cash Flow Statement dealt with by this report comply with
the accounting standards referred to in sub Ãsection (3C) of section
211 of the Companies Act, 1956; v) On the basis of written
representations received from the directors, as on 31st March, 2010 and
taken on record by the Board of Directors, we report that none of the
directors is disqualified as on 31st March, 2010 from being appointed/
reappointed as a director in terms of clause (g) of sub Ãsection (1) of
section 274 of the Companies Act, 1956; In our opinion and to the best
of our information and according to the explanation given to us, the
said accounts read together with Accounting Policies and Notes thereon
give the information required by the Companies Act, 1956 in the manner
so required and give a true and fair view in conformity with the
accounting principles generally accepted in India:
a) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31stMarch, 2010;
b) In the case of Profit & Loss Account, of the Loss of the company for
the year ended on that date; and
c) In the case of Cash Flow Statement, of the cash flows for
the year ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE FOR THE
YEAR ENDED 31ST MARCH 2010 TO THE MEMBERS OF REGAL EPNTERTAINTMENT AND
CONSULTANTS LTD.
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of the fixed
assets.
(b) All the assets have been physically verified by the management
during the year as per programme of verification which, in our opinion,
is reasonable having regard to the size of the company and the nature
of its fixed assets. No material discrepancies were noticed on such
verification.
(c) The Company has not disposed off any or substantial part of fixed
assets during the year.
2. Since the Company does not have any inventory during the year and
therefore 4 (ii) of the Order is not applicable
3. The Company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms, or other parties covered in the
register maintained under section 301 of the Companies Act, 1956, and
therefore paragraph 4 (iii) of the said Order is not applicable.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the company and the nature of its business with regard
to purchases of fixed assets. During the course of our audit, no major
weaknesses have been noticed in the internal control system.
5. In our opinion and according to the information and explanations
given to us, we are of the opinion that there are no transactions that
need to be entered into the register maintained under section 301 of
the Companies Act, 1956 and therefore paragraph 4 (v) of the said Order
is not applicable.
6. In our opinion and according to the information and explanations
given to us, the Company has not accepted deposits from the public to
which the provisions of the section 58 A and 58 AA of the Companies
Act, 1956 and the Rules framed there under are applicable, and
therefore paragraph 4(vi) of the Order is not applicable.
7. In our opinion, the company has an internal audit system, which is
commensurate with the size and the nature of its business.
8. As informed to us, the maintenance of cost records have not been
prescribed by the Central Government under Clause (d) of sub-section
(1) of section 209 of the Companies Act, 1956.
9. (a) In our opinion and according to the information and explanations
given to us, the Company is generally regular in depositing undisputed
statutory dues including Provident Fund, Investor Education &
Protection Fund, Employeesà State Insurance, Income Tax, Sales Tax,
Wealth Tax, Custom Duty, Excise Duty and other statutory dues
applicable to it.
(b) According to the records of the company and information and
explanation given to us, there are no arrears of outstanding undisputed
statutory dues referred to in (a) above as at 31st March, 2010 for a
period of more than six months from the date they became payable.
(c) According to the information and explanations given to us, there
are no dues of sales tax, income tax, custom duty, wealth tax, excise
duty and cess which have not been deposited on account of any dispute.
10. The accumulated loss of the Company as at the end of 31st March
2010 was not more than fifty percent of its net worth. The Company has
incurred cash losses in the current year & has incurred cash losses in
immediately preceding financial year.
11. In our opinion and according to the information and explanation
given to us, since the company has not taken any loans from banks and
financial institution or issued any debentures and therefore paragraph
4 (xi) of the said Order is not applicable.
12. According to the information and explanation given to us, and based
on the documents and records produced to us, the Company has not
granted loans and advances on the basis of security by way of pledge of
shares, debentures and other securities and therefore paragraph 4(xii)
of the Order is not applicable to the Company.
13. The provisions of any special statute applicable to chit fund and
Nidhi / mutual benefit fund / society are not applicable to the company
and therefore paragraph 4 (xiii) of the Order is not applicable.
14.The Company is dealing in or trading in shares, securities,
debentures and other investments. The Company has maintained proper
records of the transactions and timely entries have been made in these
records. We also report that the company has held the shares,
securities, debentures and other securities in its own name.
15 According to the information and explanation given to us, during the
year the company has not given any guarantee for loans taken by others
from banks or financial institutions and therefore paragraph 4 (xv) of
the order is not applicable.
16. According to the information and explanation given to us, the
company has not availed any term loans during the year and therefore
paragraph 4 (xvi) of the order is not applicable.
17. According to the information and explanations given to us and on an
overall examination of the balance sheet of the company, in our opinion
there are no funds raised on short -term basis which have been used for
long term investment and vice versa.
18. According to the information and explanation 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 during the year.
19. According to the information and explanation given to us, the
company has not issued any debentures during the year and therefore
paragraph 4 (xix) of the order is not applicable.
20. The company has not raised any money by way of public issues during
the year and therefore paragraph 4 (xx) of the order is not applicable.
21. During the course of our examination of the books and records of
the Company, carried out in accordance with auditing standards
generally accepted in India, we have neither come across any instance
of fraud on or by the Company, noticed or reported during the year, nor
have been informed of such case by the management.
FOR K. K. GADA & Co.
Chartered Accountants
Kirit K. Gada
Place : MUMBAI Proprietor
Date : 30th August, 2010 (Membership No.38952)
(FR NO. 102873W)