We have audited the accompanying statement of quarterly and year to date financial results of REGAL
ENTERTAINMENT & CONSULTANTS LIMITED (the "Company") for the quarter and year ended
March 31, 2024 ("Statement") attached herewith, being submitted by the Company pursuant to the
requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015, as amended (the "Listing Regulations").
In our opinion and to the best of our information and according to the explanations given to us, the Statement:
i. is presented in accordance with the requirements of the Listing Regulations in this regard; and
ii. gives a true and fair view in conformity with the applicable Indian accounting standards and other
accounting principles generally accepted in India, of the net Loss and other comprehensive
income and other financial information of the Company for the quarter and year ended March 31,
2024 except as stated in basis for qualification paragraph.
Basis for qualified Opinion
1. Company is registered as NBFC company under RBI section 451(a). The company has not received
any installment on loan amounting to Rs. 182.00 lakhs (including interest). As per NBFC norms,
company has to make a provision for doubtful debts on the same and to reverse the interest
charged on that loan amounting to Rs.8.66 lakhs.
2. Company has not complied with the provisions of RBI Act regarding filing of various
returns/certificate as required to file by NBFC.
3. We are not able to verify the Investments (18.73 lakhs) made in shares and securities, as
management has not provided us with the demat statement and other related documents. We are
not able to express our opinion on the same
4. The Company has not complied with the TDS provisions of the Income Tax Act.
5. Balances of Loans are subject to confirmation from the respective parties and consequential
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section
143(10) of the Companies Act, 2013, as amended ("the Act"). Our responsibilities under those
Standards are further described in the "Auditor's Responsibilities for the Audit of the
Financial Results" section of our report. We are independent of the Company in accordance
with the Code of Ethics issued by the Institute of Chartered Accountants of India together with
the ethical requirements that are relevant to our audit of the financial statements under the
provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities
in accordance with these requirements and the Code of Ethics. We believe that the audit evidence
obtained by us is sufficient and appropriate to provide a basis for our opinion.
Management’s Responsibilities for the Financial Results
The Statement has been prepared on the basis of the annual financial statements. The Board of Directors of
the Company are responsible for the preparation and presentation of the Statement that gives a true and
fair view of the net profit and other comprehensive income of the Company and other financial information in
accordance with the applicable accounting standards prescribed under Section 133 of the Act read with
relevant rules issued thereunder and other accounting principles generally accepted in India and in
compliance with Regulation 33 of the Listing Regulations.
This responsibility also includes 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
frauds and other irregularities; selection and application of appropriate accounting policies; making
judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of
adequate internal financial controls, that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and presentation of the Statement that
give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the Statement, the Board of Directors are responsible for assessing the Company's ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or
to cease operations, or has no realistic alternative but to do so.
The Board of Directors is also responsible for overseeing the Company’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Financial Results
Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from
material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.
Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in
accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise
from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of the Statement.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error,
design and perform audit procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also
responsible for expressing our opinion on whether the company has adequate internal financial
controls with reference to financial statements in place and the operating effectiveness of
such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the Board of Directors.
• Conclude on the appropriateness of the Board of Directors' use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to
events or conditions that may cast significant doubt on the Company's ability to continue as a going
concern. If we conclude that a material uncertainty exists, we are required to draw attention in our
auditor's report to the related disclosures in the financial results or, if such disclosures are inadequate,
to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our
auditor's report. However, future events or conditions may cause the Company to cease to continue as
a going concern.
• Evaluate the overall presentation, structure and content of the Statement, including the disclosures,
and whether the Statement represents the underlying transactions and events in a manner that achieves
fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope
and timing of the audit and significant audit findings, including any significant deficiencies in internal control
that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters
that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
Other Matters
The Statement includes the results for the quarter ended March 31, 2024 being the balancing figure between
the audited figures in respect of the full financial year ended March 31, 2024 and the published unaudited
year-to-date figures up to the third quarter of the current financial year, which were subjected to a limited
review by us, as required under the Listing Regulations
For D B S & ASSOCIATES
Chartered Accountants
Firm Registration No. 018627N
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Place: Mumbai Roxy Teniwal
Date: 1st June, 2024 Partner
Membership No.
UDIN: 24141538BKGEAG5632
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