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Regency Investments Ltd.

BSE: 540175 Sector: Financials
NSE: N.A. ISIN Code: INE964R01013
BSE 09:46 | 26 Nov 14.00 -0.25
(-1.75%)
OPEN

14.30

HIGH

14.30

LOW

14.00

NSE 05:30 | 01 Jan Regency Investments Ltd
OPEN 14.30
PREVIOUS CLOSE 14.25
VOLUME 437
52-Week high 34.00
52-Week low 12.05
P/E 25.00
Mkt Cap.(Rs cr) 6
Buy Price 14.25
Buy Qty 11.00
Sell Price 14.30
Sell Qty 268.00
OPEN 14.30
CLOSE 14.25
VOLUME 437
52-Week high 34.00
52-Week low 12.05
P/E 25.00
Mkt Cap.(Rs cr) 6
Buy Price 14.25
Buy Qty 11.00
Sell Price 14.30
Sell Qty 268.00

Regency Investments Ltd. (REGENCYINVEST) - Auditors Report

Company auditors report

To

The Members of Regency Investments Limited

Report on the Financial Statements

We have audited the accompanying standalone financial statements of RegencyInvestments Limited ("the Company") which comprise the Balance Sheet as atMarch 31 2019 the Statement of Profit and Loss the Cash Flow Statement for the yearthen ended and a summary of significant accounting policies and other explanatoryinformation. However we found a clerical error in calculations and therefore it resultedin change in Financial Statement submitted earlier with BSE.

Management's Responsibility for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("The Act") with respect to the preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding the assets of the Companyand for preventing and detecting frauds and other irregularities selection andapplication of appropriate accounting policies making judgments and estimates that arereasonable and prudent and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made there under. We conducted our audit in accordancewith the Standards on Auditing specified under Section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement. An audit involves performing procedures to obtain audit evidence about theamounts and disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing anopinion on whether the Company has in place an adequate Internal financial control systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by the Company's Directors as well as evaluating theoverall presentation of the financial statements. We believe that the audit evidence wehave obtained is sufficient and appropriate to provide a basis for our audit opinion onthe standalone financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas on 31st March 2019 and its profits and its cash flows for the year endedon that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act we give in the Annexure A a statement on the matters specified in paragraphs 3and 4 of the Order to the extent applicable.

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 bestof our knowledge and belief were necessary for the purpose of our audit;

b) In our opinion proper books of accounts as required by law have been kept by theCompany so far as appears from our examination of those books;

c) The Balance Sheet Statement of Profit and Loss and Cash Flow Statement dealt withby this Report are in agreement with the books of accounts;

d) In our opinion the aforesaid Standalone Financial Statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

e) On the basis of written representations received from the directors and taken onrecord by the Board of Directors none of the directors is disqualified as on March 312019 from being appointed as a director in terms of section 164 (2) of the Act.

f) With respect to the adequacy of internal financial controls over financial reportingof the company and the operating effectiveness of such control refer to our separatereport in "Annexure B"; and

g) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

(i) The Company does not have any pending litigation as on 31.03.2019.

(ii) The Company did not have any long-term contracts including derivative contractsfor which there were any material foreseeable losses.

(ii) There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund.

FOR SUNIL K SHARMA & ASSOCIATES. CHARTERED ACCOUNTANTS

FIRM REG NO. 029335N

(CA SUNIL KUMAR) PARTNER

M.NO. 536370

PLACE: CHANDIGARH

DATE : 29.05.2019

Annexure - A to Independent Auditors' Report

(Referred to in paragraph 1 under ‘Report on Other Legal and RegulatoryRequirements' section of our report of even date)

i) In Respect of its Fixed Assets :

The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets. In our opinion the fixed assetscovering significant value have been physically verified by the Management during the yearat reasonable intervals and having regard to the size of the Company and the nature of itsassets and on the basis of the information and explanations given by the Management nomaterial discrepancies have been noticed on such verification. No substantial part offixed assets has been disposed off during the year which has affected the going concern.

ii) In Respect of its Inventory :

As the Company has not purchased/sold goods during the year ended 31.03.2019 and thereare no stocks requirement of reporting on physical verification of stocks or maintenanceof inventory records does not arise.

iii) In our opinion and according to information and explanations given to us thecompany has not granted any loans secured or unsecured to companies firms or otherparties listed in the register maintained under Section 189 of the Companies Act 2013.

iv) In our opinion and according to information and explanations given to us thecompany has not made investments given any guarantees or provided any securities coveredunder section 185 and 186 of the Companies Act 2013 during the year.

v) In our opinion and according to information and explanation given to us the Companyhas not accepted any deposits covered under section 73 or any other provisions of theCompanies' Act 2013.

vi) To the best of our knowledge the Central Government has not prescribed themaintenance of cost records under sub section (1) of section 148 of the Companies Act2013.

vii) According to the information and explanations given to us in respect of statutorydues :

a) The Company has generally been regular in depositing undisputed dues includingIncome Tax and any other statutory dues applicable to it with the appropriate authoritiesand there were no undisputed dues in arrears as at 31st March 2019 for a period of morethan six months from the date they become payable.

b) According to the information and explanations given to us there were no disputeddues of income tax or sales tax or wealth tax or service tax or duty of customs or duty ofexcise or value added tax or cess.

viii) The Company has not issued any debentures and has not borrowed any fund fromfinancial institutions Bank or Government; the said clause is not applicable.

ix) The Company has raised money by way of further public offer during the year.

x) According to the information and explanations given to us no material fraud by theCompany or on the Company by its officers or employees has been noticed or reported duringthe course of our audit.

xi) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not provided managerialremuneration during the year.

xii) In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company. Accordingly paragraph 3(xii) of the Order is notapplicable.

xiii) According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with section 188 of the Act where applicable and details of such transactionshave been disclosed in the financial statements as required by the applicable accountingstandards.

xiv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.

xv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable

xvi) The Company has obtained the requisite registration under section 45-IA of theReserve Bank of India Act 1934.

FOR SUNIL K SHARMA & ASSOCIATES.

CHARTERED ACCOUNTANTS

FIRM REG NO. 029335N

(CA SUNIL KUMAR)

PARTNER

M.NO. 536370

PLACE: CHANDIGARH

DATE : 29.05.2019

Annexure - B to the Auditors' Report

(Referred to in paragraph 2(f) under ‘Report on Other Legal and RegulatoryRequirements' section of our report of even date)

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of RegencyInvestments Limited ("the Company") as of 31st March 2019 inconjunction with our audit of the financial statements of the Company for the year endedon that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India (‘ICAI'). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. These Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31 March 2019 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

FOR SUNIL K SHARMA & ASSOCIATES.

CHARTERED ACCOUNTANTS

FIRM REG NO. 029335N

(CA SUNIL KUMAR)

PARTNER

M.NO. 536370

PLACE: CHANDIGARH

DATE : 29.05.2019

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