Mar 31, 2015
We have audited the accompanying financial statements of Regency Trust
Limited which comprise the Balance Sheet as at 31 March 2015 & the
Statement of Profit and Loss 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
The Company's Board of Directors is responsible for the matters in
section 134(5) of the Companies Act, 2013 ("the Act") with respect to
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 accounting principles generally accepted
in India, including the Accounting Standards specified under section
133 of the Act, read with Rule 7 of the Companies (Accounts) Rules,
2014. This responsibility also includes the maintenance of adequate
accounting records in accordance with the provisions of the Act for
safeguarding of the assets of the Company and for preventing and
detecting the frauds and other irregularities; selection and
application of appropriate accounting policies; making judgments and
estimates that are reasonable and prudent; and design, implementation
and maintenance of internal financial control, that were operating
effectively for 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.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing
specified under section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the 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 financial control relevant to the Company's
preparation of the financial statements that give true and fair view in
order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on
whether the company has in place an adequate internal financial control
system over financial reporting and operating effectiveness of such
control. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by Company's Directors, 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 on the financial
statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid 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 2015
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, 2015 ('the
order') issued by the Central Government of India in terms of section
143 of the Companies Act, 2013, we give in the Annexure a statement on
the matters specified in paragraphs 3 and 4 of the Order.
2. As required by section 143 (3) of the Act, 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, 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 aforesaid financial statements comply with the
Accounting Standards specified under section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014;
e. on the basis of written representations received from the directors
as on 31 March 2015, taken on record by the Board of Directors, none of
the directors is disqualified as on 31 March 2015, from being appointed
as a director in terms of Section 164(2) of the Act;
f. With respect to the other matters included in the Auditor's Report
and to our best of our information and accounting to the explanations
given to us:
i. The company does not have any pending litigations which would
impact its financial position;
ii. The company did not have any long-term contracts including
derivatives contracts for which there were any material foreseeable
losses;
iii. There were no amounts which required to be transferred to the
Investor Education and Protection Fund by the Company
ANNEXURE TO THE AUDITOR'S REPORT
(Referred to in paragraph (1) under the heading 'Report on the Legal
and Regulatory Requirements' of our Report of even date)
1. (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets;
(b) As explained to us; fixed assets have been physically verified by
the management at regular intervals; as informed to us no material
discrepancies were noticed on such verification;
2. The company does not have any inventory and thus clause 3 (ii) of
the companies (Auditor's Report) Order, 2015, is not applicable to the
Company.
3. The Company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 189 of the Act.
4. In our opinion and according to the information and explanations
given to us; there is adequate internal control system commensurate
with the size of the Company and the nature of its business, for the
purchase of fixed assets and for the sale of services. Further, on the
basis our examination of the books and records of the company and
according to the information and explanations given to us, no major
weakness has not been noticed or reported.
5. The company has not accepted any deposits from the public covered
under section 73 to 76 of the Companies Act, 2013
6. According to the information and explanation given to us , the
Central Government has not prescribed maintenance of cost records under
sub-section (1) of Section 148 of the Act in respect of the any
activities of the Company.
7. (a) According to the information and explanations given to us and
based on the records of the company examined by us, the company is
regular in depositing the undisputed statutory dues with the
appropriate authorities. According to the information and explanations
given to us and the records of the Company examined by us, investor
Education protection Fund, Employees State Insurance, Custom Duty,
Excise Duty, Cess are not applicable to the Company.
(b) According to the information and explanations given to us and based
on the records of the company examined by us, there are no dues of
Income Tax, Wealth Tax, Service Tax, Sales Tax, Customs Duty and Excise
Duty which have not been deposited on account of any disputes.
(c) There has not been an occasion in case of the Company during the
year under report to transfer any sums to the Investor Education and
protection Fund. The question of reporting delay in transferring such
sums does not arise as at 31st March, 2015.
8. The accumulated losses of the Company have exceeded fifty percent
of its net worth. The Company has incurred cash loss during the
financial year covered by our audit and also in the immediately
preceding financial year.
9. According to the records of the company examined by us and as per
the information and explanations given to us, the company has not
availed of any loans from financial institutions or banks and has not
issued debentures.
10. In our opinion, and according to the information and explanations
given to us, the Company has not given any guarantee for loan taken by
others from a bank or financial institution during the year.
11. In our opinion, and according to the information and explanation
given to us, the company has not raised any term loans during the year.
12. During the course of our examination of the books and records of
the company, carried in accordance with the 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 course of
our audit nor have we been informed of any such instance by the
Management.
For M M Pandit & Associates
Chartered Accountants
FRN: 117496W
CA Prakash Modi
Partner
M. No. 101463
Date: September 03, 2015
Place: Mumbai
Mar 31, 2014
1. We have audited the attached Balance Sheet of REGENCY TRUST LIMITED
(''the Company'') as at 31st March, 2014 and the related Profit and
Loss Account and the Cash Flow Statement of the Company for the year
ended on that annexed thereto, which we have signed under reference to
this report. 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.
2. We conducted our audit in accordance with 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 mis-statement. An audit
includes examining on 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.
3. As required by the Companies (Auditor''s Report) Order, 2003 as
amended by Companies (Auditor''s Report) amendment Order, 2004 (together
with the order) issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Companies Act, 1956, we annex
here to a statement on the matters specified in paragraphs 4 and 5 of
the said Order.
4. Further to our comments in the Annexure referred in paragraph (3)
The Management Discussion and Analysis Report forms part of the Annual
report as above and information and explanations provided to us, 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 the
audit;
b. In our opinion, proper books of accounts as required by law have
been kept by the Company as far as it appears from our examination of
those books.
c. The Balance Sheet, Profit and Loss account and Cash Flow statement
referred to in this report are in agreement with the books of account
of the Company.
d. In our opinion, these financial statements comply with the
Accounting Standard referred to in sub-section (3C) of Section 211 of
the Companies Act, 1956 except as stated in para f (i) and (ii) below.
e. On the basis of the written representation received from the
Directors as on 31st March, 2014 and taken on record by the Board of
Directors, we report that none of the Directors is disqualified as on
31st March, 2014 from being appointed as Director in term of clause (g)
of sub-section (1) of section 274 of the Companies Act, 1956.
f. In our opinion, and to the best of our information and according to
the explanations given to us, the accounts together with the notes
thereon of schedule 11 and in particular 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:
I. In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2014 and
II. In the case of the Profit and Loss account, of the Loss for the
year ended on 31st March, 2014.
III. In the case of the Cash Flow Statement, of the Cash Flow for the
year ended on 31st March, 2014.
As required by the Companies (Auditor''s Report) Order, 2003 issued by
the Central Government of India in term of Section 227(4A) of the
Companies Act, 1956 and in our opinion and on the basis of such checks
as we considered appropriate, we further report that:
1. a. The Company has maintained proper records showing full
particulars including quantitative details & situation of fixed assets.
b. As explained to us, Fixed Assets, if any, have been physically
verified during the year by the Management at the reasonable interval
and no material discrepancies were noticed on such verification as
compared with the available records.
c. During the year, the Company has not disposed off any substantial
part of its fixed assets which has affected going concern status of the
Company.
2. a. As explained to us, the inventories were physically verified
during the year by the Management at reasonable intervals.
b. In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the Management were reasonable and adequate in relation to
the size of the Company and the nature of its business.
c. In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of its
inventories and no material discrepancies were noticed on physical
verification.
3. According to the information & explanation given to us, the Company
has not granted or taken loans, secured or unsecured to/from companies
or other parties listed in the register maintained u/s. 301 of the
Companies'' act 1956. According, sub-clause 4(iii) (b), (c), (d), (e),
(f) & (g) are not applicable to the Company.
4. According to the information & explanations given to us, there is
generally adequate internal control procedure commensurate with the
size of the Company and the nature of its business with regard to the
purchase of fixed assets, inventories & sale of goods. During the
course of our audit, we have not observed any continuing failure to
correct major weakness in internal controls.
5. The Company has not entered into any transaction covered by section
297 and 299 of the Act and so paragraphs 4(v) (a) and (b) 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
within the meaning of Section 58A and 58AA or any other provision of
the Companies Act, 1956.
7. The Company has neither formal internal audit department nor
internal auditors. However, Company''s control procedure ensures
reasonable internal checking of its financial and other records.
8. In our opinion and according to the information and explanation
given to us, maintenance of cost records has not been prescribed by the
Central Government under clause (d) of the Section 209(1) of the
Companies Act, 1956, hence the question of reporting under clause
4(viii) of the said Order does not arise.
a. In our opinion and according to the records of the Company, the
Company is regular in depositing with the appropriate authorities
undisputed statutory dues including Income Tax, Sales Tax, Wealth Tax,
Service Tax, Custom Duty, Excise Duty, Cess & other material statutory
dues applicable to it. We have been informed by the Company, provision
of Provident Fund, Employees State Insurance Scheme is not applicable
and also provisions of Investor Education & Protection Fund are not
applicable.
b. As per records of the Company and according to the information &
explanation given to us, generally no undisputed amount payable in
respect of Income Tax, Wealth Tax, Service Tax, Sales Tax, Customs
Duty, Excise Duty, Cess were outstanding at the year end for a period
more than six months from the date they become payable.
c. According to the information & explanation given to us there are no
dues of Sales Tax, Income Tax, Customs duty, Service Tax, Wealth Tax,
Excise Duty and Cess which have not been deposited on account of any
dispute.
9. The Company have accumulated losses at the end of the financial
year.
10. According to information & explanations given to us, the Company
has not defaulted in the repayment of dues to financial institution &
Banks. The Company has not borrowed any sums through Debentures.
11. Based on our examination of the records and information and
explanations given to us, the Company has not granted any loans and
advances on the basis of security by way of pledge of shares,
debentures and other securities.
12. In our opinion, the Company is not a chit fund or a nidhi / mutual
benefit fund / society. Therefore, the provision of clause 4 (xiii) of
the said Order, 2003 is not applicable to the Company.
13. In respect of dealing in Shares, Securities, Debentures and other
Investments, in our opinion and according to information and
explanations given to us, proper records have been maintained of the
transaction and contracts and timely entries have been made therein.
The Shares, Securities, Debentures and other Investments have been held
by the Company in its own name.
14. According to the information and explanations given to us, the
Company has not given any guarantees for loans taken by others from a
Bank or Financial Institutions.
15. The Company has not obtained any term loans. Accordingly, the
question of reporting on its applications does not arise.
16. According to the information and explanation given to us and on
overall examination of the Balance Sheet of the Company, we report that
generally no funds raised on short term basis have been used during the
year for the long term investment.
17. The Company has not made any preferential allotment of shares to
parties and Companies covered in the register maintained u/s. 301 of
the Companies Act, 1956.
18. There are no debentures issued or outstanding during the year.
19. The Company has not raised any money by public issue during the
year; accordingly paragraph 4(xx) of the said Order is not applicable.
20. According to the information & explanation given to us, no fraud on
or by the Company has been noticed or reported during the course of our
Audit.
For D M Oza & Associates
Chartered Accountants
Firm Registration No: 119407W
D.M. Oza
Proprietor
Date: May 30, 2014 M. No. : 106993
Mar 31, 2013
1. We have audited the attached Balance Sheet of REGENCY TRUST LIMITED
(''the Company'') as at 31st March, 2013 and the related Profit and Loss
Account and the Cash Flow Statement of the Company for the year ended
on that annexed thereto, which we have signed under reference to this
report. 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.
2. We conducted our audit in accordance with 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 mis-statement. An audit
includes examining on 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.
3. As required by the Companies (Auditor''s Report) Order, 2003 as
amended by Companies (Auditor''s Report) amendment Order, 2004 (together
with the order) issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Companies Act, 1956, we annex
here to a statement on the matters specified in paragraphs 4 and 5 of
the said Order.
4. Further to our comments in the Annexure referred in paragraph (3)
The Management Discussion and Analysis Report forms part of the Annual
report as above and information and explanations provided to us, 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 the
audit;
b. In our opinion, proper books of accounts as required by law have
been kept by the Company as far as it appears from our examination of
those books.
c. The Balance Sheet, Profit and Loss account and Cash Flow statement
referred to in this report are in agreement with the books of account
of the Company.
d. In our opinion, these financial statements comply with the
Accounting Standard referred to in sub-section (3C) of Section 211 of
the Companies Act, 1956 except as stated in para f (i) and (ii) below.
e. On the basis of the written representation received from the
Directors as on 31st March, 2013 and taken on record by the Board of
Directors, we report that none of the Directors is disqualified as on
31st March, 2013 from being appointed as Director in term of clause (g)
of sub-section (1) of section 274 of the Companies Act, 1956.
f. In our opinion, and to the best of our information and according to
the explanations given to us, the accounts together with the notes
thereon of schedule 11 and in particular 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:
I. In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2013 and
II. In the case of the Profit and Loss account, of the Loss for the
year ended on 31st March, 2013.
III. In the case of the Cash Flow Statement, of the Cash Flow for the
year ended on 31st March, 2013.
Annexure referred to in paragraph 3 of our report even date:
As required by the Companies (Auditor''s Report) Order, 2003 issued by
the Central Government of India in term of Section 227(4A) of the
Companies Act, 1956 and in our opinion and on the basis of such checks
as we considered appropriate, we further report that:
1. a. The Company has maintained proper records showing full
particulars including quantitative details & situation of fixed assets.
b. As explained to us, Fixed Assets, if any, have been physically
verified during the year by the Management at the reasonable interval
and no material discrepancies were noticed on such verification as
compared with the available records.
c. During the year, the Company has not disposed off any substantial
part of its fixed assets which has affected going concern status of the
Company.
2. a. As explained to us, the inventories were physically verified
during the year by the Management at reasonable intervals
b. In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the Management were reasonable and adequate in relation to
the size of the Company and the nature of its business.
c. In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of its
inventories and no material discrepancies were noticed on physical
verification.
3. According to the information & explanation given to us, the Company
has not granted or taken loans, secured or unsecured to/from companies
or other parties listed in the register maintained u/s. 301 of the
Companies'' act 1956. According, sub-clause 4(iii) (b), (c), (d), (e),
(f) & (g) are not applicable to the Company.
4. According to the information & explanations given to us, there is
generally adequate internal control procedure commensurate with the
size of the Company and the nature of its business with regard to the
purchase of fixed assets, inventories & sale of goods. During the
course of our audit, we have not observed any continuing failure to
correct major weakness in internal controls.
5. The Company has not entered into any transaction covered by section
297 and 299 of the Act and so paragraphs 4(v) (a) and (b) 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
within the meaning of Section 58A and 58AA or any other provision of
the Companies Act, 1956.
7. The Company has neither formal internal audit department nor
internal auditors. However, Company''s control procedure ensures
reasonable internal checking of its financial and other records.
8. In our opinion and according to the information and explanation
given to us, maintenance of cost records has not been prescribed by the
Central Government under clause (d) of the Section 209(1) of the
Companies Act, 1956, hence the question of reporting under clause
4(viii) of the said Order does not arise.
a. In our opinion and according to the records of the Company, the
Company is regular in depositing with the appropriate authorities
undisputed statutory dues including Income Tax, Sales Tax, Wealth Tax,
Service Tax, Custom Duty, Excise Duty, Cess & other material statutory
dues applicable to it. We have been informed by the Company, provision
of Provident Fund, Employees State Insurance Scheme is not applicable
and also provisions of Investor Education & Protection Fund are not
applicable.
b. As per records of the Company and according to the information &
explanation given to us, generally no undisputed amount payable in
respect of Income Tax, Wealth Tax, Service Tax, Sales Tax, Customs
Duty, Excise Duty, Cess were outstanding at the year end for a period
more than six months from the date they become payable.
c. According to the information & explanation given to us there are no
dues of Sales Tax, Income Tax, Customs duty, Service Tax, Wealth Tax,
Excise Duty and Cess which have not been deposited on account of any
dispute.
9. The Company have accumulated losses at the end of the financial
year.
10. According to information & explanations given to us, the Company
has not defaulted in the repayment of dues to financial institution &
Banks. The Company has not borrowed any sums through Debentures.
11. Based on our examination of the records and information and
explanations given to us, the Company has not granted any loans and
advances on the basis of security by way of pledge of shares,
debentures and other securities.
12. In our opinion, the Company is not a chit fund or a nidhi / mutual
benefit fund / society. Therefore, the provision of clause 4 (xiii) of
the said Order, 2003 is not applicable to the Company.
13. In respect of dealing in Shares, Securities, Debentures and other
Investments, in our opinion and according to information and
explanations given to us, proper records have been maintained of the
transaction and contracts and timely entries have been made therein.
The Shares, Securities, Debentures and other Investments have been held
by the Company in its own name.
14. According to the information and explanations given to us, the
Company has not given any guarantees for loans taken by others from a
Bank or Financial Institutions.
15. The Company has not obtained any term loans. Accordingly, the
question of reporting on its applications does not arise.
16. According to the information and explanation given to us and on
overall examination of the Balance Sheet of the Company, we report that
generally no funds raised on short term basis have been used during the
year for the long term investment.
17. The Company has not made any preferential allotment of shares to
parties and Companies covered in the register maintained u/s. 301 of
the Companies Act, 1956.
18. There are no debentures issued or outstanding during the year.
19. The Company has not raised any money by public issue during the
year; accordingly paragraph 4(xx) of the said Order is not applicable.
20. According to the information & explanation given to us, no fraud on
or by the Company has been noticed or reported during the course of our
Audit.
For K R Bind & Co
Chartered Accountants
M. No. : 126850W
Place: Kolkata Proprietor
Date: May 30, 2013
Mar 31, 2012
1. We have audited the attached Balance Sheet of REGENCY TRUST LIMITED
(''the Company'') as at 31st March, 2012 and the related Profit and
Loss Account and the Cash Flow Statement of the Company for the year
ended on that annexed thereto, which we have signed under reference to
this report. 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.
2. We conducted our audit in accordance with 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 mis-statement. An audit
includes examining on 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.
3. As required by the Companies (Auditor''s Report) Order, 2003 as
amended by Companies (Auditor''s Report) amendment Order, 2004
(together with the order) issued by the Central Government of India in
terms of sub-section (4A) of section 227 of the Companies Act, 1956, we
annex here to a statement on the matters specified in paragraphs 4 and
5 of the said Order.
4. Further to our comments in the Annexure referred in paragraph (3)
The Management Discussion and Analysis Report forms part of the Annual
report as above and information and explanations provided to us, 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 the
audit;
b. In our opinion, proper books of accounts as required by law have
been kept by the Company as far as it appears from our examination of
those books.
c. The Balance Sheet, Profit and Loss account and Cash Flow statement
referred to in this report are in agreement with the books of account
of the Company.
d. In our opinion, these financial statements comply with the
Accounting Standard referred to in sub-section (3C) of Section 211 of
the Companies Act, 1956 except as stated in para f (i) and (ii) below.
e. On the basis of the written representation 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 as Director in term of clause (g)
of sub-section (1) of section 274 of the Companies Act, 1956.
f. In our opinion, and to the best of our information and according to
the explanations given to us, the accounts together with the notes
thereon of schedule 11 and in particular 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:
I. In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2012 and
II. In the case of the Profit and Loss account, of the Profit for the
year ended on 31st March, 2012.
III. In the case of the Cash Flow Statement, of the Cash Flow for the
year ended on 31st March, 2012.
As required by the Companies (Auditor''s Report) Order, 2003 issued by
the Central Government of India in term of Section 227(4A) of the
Companies Act, 1956 and in our opinion and on the basis of such checks
as we considered appropriate, we further report that:
1. a. The Company has maintained proper records showing full
particulars including quantitative details & situation of fixed assets.
b. As explained to us, Fixed Assets have been physically verified
during the year by the Management at the reasonable interval and no
material discrepancies were noticed on such verification as compared
with the available records.
c. During the year, the Company has not disposed off any substantial
part of its fixed assets which has affected going concern status of the
Company.
2. a. As explained to us, the inventories were physically verified
during the year by the
Management at reasonable intervals
b. In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the Management were reasonable and adequate in relation to
the size of the Company and the nature of its business.
c. In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of its
inventories and no material discrepancies were noticed on physical
verification.
3. According to the information & explanation given to us, the Company
has not granted or taken loans, secured or unsecured to/from companies
or other parties listed in the register maintained u/s. 301 of the
Companies'' act 1956. According, sub-clause 4(iii) (b), (c), (d), (e),
(f) & (g) are not applicable to the Company.
4. According to the information & explanations given to us, there is
generally adequate internal control procedure commensurate with the
size of the Company and the nature of its business with regard to the
purchase of fixed assets, inventories & sale of goods. During the
course of our audit, we have not observed any continuing failure to
correct major weakness in internal controls.
5. The Company has not entered into any transaction covered by section
297 and 299 of the Act and so paragraphs 4(v) (a) and (b) 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
within the meaning of Section 58A and 58AA or any other provision of
the Companies Act, 1956.
7. The Company has neither formal internal audit department nor
internal auditors. However, Company''s control procedure ensures
reasonable internal checking of its financial and other records.
8. In our opinion and according to the information and explanation
given to us, maintenance of cost records has not been prescribed by the
Central Government under clause (d) of the Section 209(1) of the
Companies Act, 1956, hence the question of reporting under clause
4(viii) of the said Order does not arise.
a. In our opinion and according to the records of the Company, the
Company is regular in depositing with the appropriate authorities
undisputed statutory dues including Income Tax, Sales Tax, Wealth Tax,
Service Tax , Custom Duty, Excise Duty, Cess & other material statutory
dues applicable to it. We have been informed by the Company, provision
of Provident Fund, Employees State Insurance Scheme is not applicable
and also provisions of Investor Education & Protection Fund are not
applicable.
b. As per records of the Company and according to the information &
explanation given to us, generally no undisputed amount payable in
respect of Income Tax, Wealth Tax, Service Tax , Sales Tax, Customs
Duty, Excise Duty, Cess were outstanding as at 31.03.2012 for a period
more than six months from the date they become payable.
c. According to the information & explanation given to us there are no
dues of Sales Tax, Income Tax, Customs duty, Service Tax, Wealth Tax,
Excise Duty and Cess which have not been deposited on account of any
dispute.
9. The Company have accumulated losses at the end of the financial
year.
10. According to information & explanations given to us, the Company
has not defaulted in the repayment of dues to financial institution &
Banks. The Company has not borrowed any sums through Debentures.
11. Based on our examination of the records and information and
explanations given to us, the Company has not granted any loans and
advances on the basis of security by way of pledge of shares,
debentures and other securities.
12. In our opinion, the Company is not a chit fund or a nidhi / mutual
benefit fund / society. Therefore, the provision of clause 4 (xiii) of
the said Order, 2003 is not applicable to the Company.
13. In respect of dealing in Shares, Securities, Debentures and other
Investments, in our opinion and according to information and
explanations given to us, proper records have been maintained of the
transaction and contracts and timely entries have been made therein.
The Shares, Securities, Debentures and other Investments have been held
by the Company in its own name.
14. According to the information and explanations given to us, the
Company has not given any guarantees for loans taken by others from a
Bank or Financial Institutions.
15. The Company has not obtained any term loans. Accordingly, the
question of reporting on its applications does not arise.
16. According to the information and explanation given to us and on
overall examination of the Balance Sheet of the Company, we report that
generally no funds raised on short term basis have been used during the
year for the long term investment.
17. The Company has not made any preferential allotment of shares to
parties and Companies covered in the register maintained u/s. 301 of
the Companies Act, 1956.
18. There are no debentures issued or outstanding during the year.
19. The Company has not raised any money by public issue during the
year; accordingly paragraph 4(xx) of the said Order is not applicable.
20. According to the information & explanation given to us, no fraud
on or by the Company has been noticed or reported during the course of
our Audit.
For Arun Jain & Associates
Chartered Accountants
Arun Jain
Place: Kolkata Proprietor
Date: September 01, 2012
Mar 31, 2010
We have audited the attached Balance Sheet of M/S. Regency Trust Ltd.
as at 31st March, 2010 and also the Profit and Loss account of the year
ended on the date annexed thereto and cash flow statement for the year
ended on that date. These financial statements are the responsibility
of the Companys management. Our responsibility is to express an
opinion on these financial statements based on our audit.
We conducted our audit in accordance with 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 management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
1. 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.
2. In our opinion, proper books of accounts as required by law have
been kept by the Company so far as it appears from our examination of
the books.
3. The said Balance Sheet and Profit & Loss Account are in agreement
with the books of accounts.
4. 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-section (3C) of section 211 of the
Companies Act, 1956;
5. On the basis of written representations received from the
Directors, as on 31" 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 as a director in terms of clause
(g) of sub-section (1) of section 274 of the Companies Act, 1956.
6. As required by the Companies (Auditors Rep(ort) order, 2003 issued
by the central government of India in terms of sub-section (4A) of the
section 227 of the Companies Act, 1956. We enclose in the annexure a
statement on the matters specified in paragraph 4" and 5 of the said
order.
7. In our opinion and to the best of our information and according to
the explanations given to us, the Accounts together with the schedules
annexed thereto read with the notes on account made thereon subject to
annexure attached to this report and notes in the Notes of Accounts,
given the information required by the Companies Act, 1956, in the
manner so required and give a true and fair view in conformity with
accounting principles generally accepted in India:
i. In the case of the Balance Sheet, of the state of the affairs of
the Company as at 31st March 2010 and;
ii. In the case of the Profit and Loss Account of the profit for the
year ended on that date.
iii. In the case of the Cash Flow Statement for the year ended on that
date.
Annexure to the Auditors Report For the Year Ended on 31-03-2010
(Referred to in paragraph (3) of our report of even date)
(i) (a) The Company has maintained proper record to show full
particulars including quantitative details and situation of fixed
assets. (b) The fixed assets have been physically verified by the
management. In our opinion, the frequency of verification is
reasonable. No material discrepancies have been noticed on such
verifications. (ii) (a) As explained to us, physical verification .of
the inventory (except material in transit and lying with third parties)
has been conducted by the management at reasonable intervals. In our
opinion, the frequency of verification is reasonable.
(b) In our opinion, the procedure of physical verification of
inventories followed by the management are reasonable and adequate in
relation to the size of the company and the nature of the business.
( c) On the basis of our examination of the records of inventory, we
are of the opinion that the company is maintaining proper records of
inventory. However no verification of inventory took place during the
year.
(iii> (a) (i) The Company has not granted any loans secured or
unsecured to Companies, firm or other parties listed in the register
maintained under Section 301 of the Companies Act, 1956 and as such
information regarding rate of interest, overdue amounts and other terms
& conditions of loans granted is not required to be furnished. (ii)
The Company has not taken any loans during the year from the parties
covered in the registered maintained u/s. 301 of the Companies Act,
1956.
(b) In our opinion, the rate of interest and other terms and conditions
on which loans have been taken from Companies, firms or other parties
listed in the register maintained u/s. 301 are prima facia not
prejudicial to the interest of the Company.
(c) in our opinion, the company is regular in replying the principal
amounts as per stipulations & has been regular in payment of interest
whatever applicable.
(d) As per records, of the company, there is no overdue amounts of loan
taken from companies firms or other parties listed in the register
maintained u/s. 301 of the companies Act, 1956.
(iv) In our opinion and according to the information and explanations
given to us. There are adequate internal control system commensurate
with size of the company and the nature of its business with regards to
purchase of inventory and fixed assets and for the sale of goods and
services. Further on the basis of our examination of the books and
records of the company carried out in according with the auditing
standards generally accepting in India, we have not observed any
continuing failure to correct major weaknesses in the, foresaid
internal control procedure.
(v) (a) According to the information and explanations given to us we
are of the opinion that the transactions that need to be entered into
the registered maintained u/s. 301 of the Companies Act, 1956 have been
so entered
(b) In our opinion and according to the information and explanations
given to us, no transactions of purchase and sale of goods materials
and services, made in pursuance of contracts or arrangements to be
entered into the registered maintained u/s. 301 of the Companies Act,
1956, aggregate during the year to Rs. 5 Lacs in respect of any party.
(vi) In our opinion and according to the information and explanation
given to us, the company has not accepted any deposit within the
provision of section 58A and 58AA of the Companies Act, 1956 and the
Companies (Acceptance of Deposit) Rules 1975.
(vii) In our opinion, the company has an adequate internal audit system
commensurate with the size and the nature of its business.
(viii) We have broadly reviewed the books of account maintained by the
company pursuant to the order made by the Central Government for the
maintenance of cost records u/s. 209(1) (d) of the Companies Act,
1956, and we are of the opinion that prima facia the prescribed
accounts and records have been made and maintained.
(ix) (a) According to the records of the Company and as explained to
us, the company is regular in depositing with the appropriate
authorities undisputed statutory dues including Provident Funds,
Service tax, Investor Education and Provident Fund, Employees State
Insurance, Income Tax, Wealth Tax, Custom Duty, Excise Duty, Cess, and
other Statutory dues to the extent applicable to it.
(b) According to the information and explanation given to us, there are
no undisputed amounts payable in respect of income tax, wealth tax,
custom duty, excise duty and cess were outstanding as at 31st March
2010 for a period or more than six months from the date they become
payable.
(x) The company has incurred losses in previous years and it has
accumulated losses. However the company has earned the profit during
the year.
(xi) Based on our examination of documents and record maintained by the
company, we are of the opinion that since the company has not granted
any loan and advance on the basis of security by way of pledge of
shares, debenture and other securities, it is not required to maintain
records in respect thereof.
(xii) In our opinion, the company is neither a chit fund nor nidhi /
mutual benefit fund / Society and hence clause 4 (xii) of the Order is
not applicable.
(xiii) The company is dealing in or trading in share, securities,
debentures and other investments and accordingly the company has
maintained sufficient records showing quantity and value of shares
purchased and sold. The investments made by the company are held in the
name of the company.
(xiv) Based on our examination of the records, we are of the opinion
that the company has not given any guarantee for loans taken by others
from banks or financial institutions.
(xv) According to the information and explanations given to us and on
over all examination of the balance sheet of the company we report that
the funds raised on short term basis have not been used for long term
investment.
(xvi) During the year the company has not made any preferential
allotment of shares to parties and companies covered in the register
maintained u/s. 301 of the Companies Act, 1956.
(xvii) During the year the company has not issued any debenture.
(xviii) During the year under review no money was raised by public
issue.
(xix) During the course of 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 by
the Company, noticed or reported during the year not have been informed
of such case by the management.
PLACE : KOLKATA FOR ARUN JAIN & ASSO.
DATE : 01.09.2010 CHARTERED ACCOUNTANTS
Sd/-
ARUN JAIN
(PROPRIETOR)
M.No.53693