Mar 31, 2014
We have audited the accompanying financial statements of RICHIRICH
INVENTURES LIMITED ("the Company") which comprise the Balance Sheet as
at 31st March, 2014, and the Statement of Profit and Loss and 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
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, issued by the Ministry of Corporate
Affairs in respect of Section 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 & perform the audit to obtain reasonable
assurance about whether the financial statements are free of 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 risk 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 but not for the purpose of expressing an opinion on the
effectiveness of the Company''s internal control. 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 our 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:
a. In the case of Balance Sheet, of the state of affairs of the
company as at March 31, 2014.
b. In the case of Profit & Loss Account, of the Profits 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.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies ( Auditor''s Report ) Order, 2003 ("
the Order") 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 & Loss, and Cash Flow
Statement dealt with by this report are in agreement with the books of
accounts.;
d) in our opinion, the Balance Sheet, Statement of Profit & Loss, and
Cash flow statement comply with the Accounting Standards notified under
the Act read with the General Circular 15/2013 dated 13th
September,2013 of the Ministry of Corporate Affairs in respect of
section 133 of the Companies Act, 2013;
e) on the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31st 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 AUDITOR''S REPORT (Referred to in Paragraph 3 of our
Report of even date)
(i) In respect of its fixed assets.
(a) The company has not maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) Fixed assets has not been physically verified during the year by
the management and discrepancies between book record and physical
verification, if any, will be determined only after the register is
completed/updated.
(c) Fixed Assets disposed off by the Company during the year were not
substantial; hence it does not affect the Company as a going concern.
(ii) In respect of its inventories:
(a) The Company does not have inventory during the year. Hence this
clause is not applicable to the Company.
(iii) The Company has received Interest Free Loans from director of
Rs7, 96,834/- to parties covered in the register maintained under
Section 301 of the Companies Act, 1956 during the year under review.
The Terms and Conditions are prima facie not prejudicial to the
interest of the company.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business, for purchase of inventory and fixed assets and for the sale
of goods & services. Further, on the basis of our examination of the
books and records of the company, and according to information and
explanations given to us, we have neither come across nor have been
informed of any continuing failure to correct major weaknesses in the
aforesaid internal control system.
(v) To the best of our knowledge and belief and accordingly to the
information and explanations given to us, we have noticed that there
are no transactions made by the company in pursuance of contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956 and aggregating during the year to Rs
5,00,000/- or more
(vi) The Company has not accepted deposit from the public under section
58A and 58AA of the Companies Act and rules framed there under.
(vii) As per information given to us and in our opinion the Company
have an internal audit system commensurate with the size and nature of
its business.
(viii) As informed to us The Central Government has not prescribed for
maintenance of cost records under Section 209(1) (d) of the Companies
Act, 1956 for the company.
(ix) Statutory and Other Dues:
(a) According to the information and explanations given to us and based
on the records examined by us in accordance with generally accepted
auditing practice in India and also based on Management representation,
the company is regular in depositing undisputed statutory dues. We have
been informed there is no undisputed dues which remained outstanding as
at the end of the financial year, for a period of more than six months
from the date they became payable.
(b) According to the information and explanations given to us and the
records of the company examined by us, there are no dues outstanding on
account of any dispute.
(x) The company is registered more than five
years and has not incurred accumulated losses as at 31st March, 2014
more than fifty percentage of its paid up capital. Hence the provision
of clause
(x) of Para 4 of CARO 2003 is not applicable to the company.
(xi) According to the records of the company examined by us and the
information and explanations given to us, the company has not taken any
loans from financial institutions, banks. Therefore the question of
default in the repayment of dues to financial institutions, banks has
not arisen. (
xii) The company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
(xiii) The company not being Chit Fund/ Nidhi/ Mutual benefit Fund this
clause and sub clause (a) (b) (c) (d) are not applicable.
(xiv) According to the information and explanations given to us, the
company is not dealing or trading in shares, securities, debentures and
other investment.
(xv) According to the information and explanations given to us, there
are no guarantees given by the company for loans taken by others from
banks and financial institutions.
(xvi) According to the information and explanations given to us, the
company has not taken any term loans; therefore disclosure of
application of term loans is not applicable to the company.
(xvii) On the basis of an overall examination of the Balance Sheet of
the Company, no funds raised on short- term basis have been used for
long-term investment and vice versa
(xviii) According to the information and explanations given to us
during the year under review the Company has not made preferential
allotment of shares to parties and companies covered in the register
maintained under Section 301 of the Companies Act, 1956.
(xix) According to the information and explanations given to us, the
company has not issued any debentures during the year.
(xx) According to the information and explanations given to us, the
company has not raised any money by way of public issues during the
year.
(xxi) During the course of examination of the books of accounts and
records of the company, carried out in accordance with the generally
accepted auditing practice in India, and according to the information
and explanations given to us, we have not come across any fraud on or
by the company, noticed or reported during the year, nor have we been
informed of such case by the management.
For Deepak SL Agarwal& Co
Chartered Accountants
FRN 123094W
Deepak S Agarwal
Proprietor
Place: Mumbai Mem. No. 110579
Date: 29/05/2014
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of RICHIRICH
INVENTURES LIMITED ("the Company") which comprise the Balance Sheet as
at 31st March, 2013, and the Statement of Profit and Loss and 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
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 & perform the audit to obtain reasonable
assurance about whether the financial statements are free of 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 risk 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 principles 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 our 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:
(a) in the case of Balance Sheet, of the state of affairs of the
company as at March 31, 2013.
(b) in the case of Profit & Loss Account, of the Profits 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.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies ( Auditor''s Report) Order, 2003 (" the
Order") 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 said
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 & Loss, and Cash Flow
Statement dealt with by this report are in agreement with the books of
accounts.;
d) in our opinion, the Balance Sheet, Statement of Profit & Loss, and
Cash flow statement comply with the Accounting Standards referred to in
sub section ( 3C ) of Section 211 of the Companies Act, 1956;
e) on the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31st 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 AUDITOR''S REPORT (Referred to in Paragraph 3 of our
Report of even date)
(i) In respect of its fixed assets.
(a) The company has not maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) Fixed assets has not been physically verified during the year by
the management and discrepancies between book record and physical
verification, if any, will be determined only after the register is
completed/updated.
(c) Fixed Assets disposed off by the Company during the year were not
substantial, hence it does not affect the Company as a going concern.
(ii) In respect of its inventories:
(a) The Company does not have inventory during the year. Hence this
clause is not applicable to the Company.
(iii)The Company has granted loan to one of director of Rs. 2, 84,152
from parties covered in the register maintained under Section 301 of
the Companies Act, 1956 during the year under review. The Terms and
Conditions are prima facie not prejudicial to the interest of the
company.
(iv)In our opinion and according to the information and explanations
given to us, there is an adequate internal control system which
commensurate with the size of the company and the nature of its
business, for purchase of inventory and fixed assets and for the sale
of goods & services. Further, on the basis of our examination of the
books and records of the company, and according to information and
explanations given to us, we have neither come across nor have been
informed of any continuing failure to correct major weaknesses in the
aforesaid internal control system.
(v) To the best of our knowledge and belief and accordingly to the
information and explanations given to us, we have noticed that there
are no transactions made by the company in pursuance of contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956 and aggregating during the year to Rs
5,00,000/- or more
(vi)The Company has not accepted deposit from the public under section
58A and 58AA of the Companies Act and rules framed there under.
(vii) As per information given to us and in our opinion the Company
does not have an internal audit system commensurate with the size and
nature of its business.
(viii) As informed to us The Central Government has not prescribed for
maintenance of cost records under Section 209(1) (d) of the Companies
Act, 1956 for the company.
(ix) Statutory and Other Dues:
(a) According to the information and explanations given to us and based
on the records examined by us in accordance with generally accepted
auditing practices in India and also based on Management
representation, the company has generally complied with Income Tax
provisions.
(b) According to the information and explanations given to us and the
records of the company examined by us, there are no dues outstanding on
account of any dispute.
(x) The company is registered more than five years and has not incurred
accumulated losses as at 31st March, 2013 more than fifty percentage of
its paid up capital. Hence the provision of clause (x) of Para 4 of
CARO 2003 is not applicable to the company.
(xi) According to the records of the company examined by us and the
information and explanations given to us, the company has not taken any
loans from financial institutions, banks. Therefore the question of
default in the repayment of dues to financial institutions, banks has
not arisen.
(xii) The company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
(xiii) The company not being Chit Fund/ Nidhi/ Mutual benefit Fund this
clause and sub clause (a) (b) (c) (d) are not applicable.
(xiv) According to the information and explanations given to us, the
company is not dealing or trading in shares, securities, debentures and
other investment.
(xv) According to the information and explanations given to us, there
are no guarantees given by the company for loans taken by others from
banks and financial institutions.
(xvi) According to the information and explanations given to us, the
company has not taken any term loans; therefore disclosure of
application of term loans is not applicable to the company. (xvii) On
the basis of an overall examination of the Balance Sheet of the
Company, no funds raised on short-term basis have been used for
long-term investment and vice versa (xviii) According to the
information and explanations given to us, during the year under review
the Company has not made preferential allotment of shares to parties
and companies covered in the register maintained under Section 301 of
the Companies Act, 1956. (xix) According to the information and
explanations given to us, the company has not issued any debentures
during the year.
(xx) According to the information and explanations given to us, the
company has not raised any money by way of public issues during the
year.
(xxi) During the course of examination of the books of accounts and
records of the company, carried out in accordance with the generally
accepted auditing practices in India, and according to the information
and explanations given to us, we have neither come across any fraud on
or by the company, noticed or reported during the year, nor have we
been informed of such case by the management.
For Deepak SL Agarwal & Co
Chartered Accountants
Deepak Agarwal
Proprietor
Place: Mumbai Mem. No. 110579
Date: 16th August 2013 FRN 123094W
Mar 31, 2012
We have audited the attached Balance Sheet of RICHIRICH INVENTURES
LIMITED (formerly known as RICHIRICH AGRO LIMITED) at 31st March, 2012,
and the annexed Profit & Loss Account and the Cash flow Statement for
the year ended on that 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.
1. We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan &
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit also
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
presentation. We believe that our audit provides a reasonable basis for
our opinion.
2. As required by the Companies (Auditor''s Report) Order, 2003,
issued by the Central Government of India in terms of section 227(4A)
of The Companies Act, 1956 we annex here to statement on the matters
specified in paragraphs 4 of the said Order to the extent applicable to
the company.
3. Further to the comment in the Annexure referred to in paragraph
above, we report that:
a) We have obtained all the information and explanation, to the best of
our knowledge and belief were necessary for the purposes of our audit;
b) 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;
c) The Balance Sheet ,Profit & Loss Account and the Cash flow dealt
with by this report are in agreement with the books of accounts;
d) The Balance Sheet, Profit & Loss Account and the Cash flow statement
complied in all material respect with the accounting standards as
specified in Section 211 (3C) of the Companies Act, 1956.
e) On the basis of written representation received from all the
directors of the company and the information and explanation as made
available, we report that none of the directors are disqualified as on
31st March, 2012 from being appointed as a director in terms of Section
274 (1) (g)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 said accounts read together with
significant accounting policies and Notes to Accounts as per schedule 1
& 2 give the information required by the Companies Act,1956 in the
manner so required and give a true and fair view:
(a) In the case of Balance Sheet, of the state of affairs of the
company as at 31st March, 2012
(b) In the case of Profit & Loss Account, of the Loss 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 TO THE AUDITOR''S REPORT (Referred to in Paragraph 3 of our
Report of even date)
(i) In respect of its fixed assets.
(a) The company has not maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) Fixed assets has not been physically verified during the year by
the management and discrepancies between book record and physical
verification, if any, will be determined only after the register is
completed/up d ated.
(c) No substantial (or major) part of the fixed assets has been
disposed off during the year.
(ii) In respect of its inventories:
(a) The Company does not have inventory during the year. Hence this
clause is not applicable to the Company.
(iii) The Company has granted loan to one of director of Rs. 3,94,152
from parties covered in the register maintained under Section 301 of
the Companies Act, 1956 during the year under review. The Terms and
Conditions are prima facie not prejudicial to the interest of the
company.
(iv) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system which
commensurate with the size of the company and the nature of its
business, for purchase of inventory and fixed assets and for the sale
of goods & services. Further, on the basis of our examination of the
books and records of the company, and according to information and
explanations given to us, we have neither come across nor have been
informed of any continuing failure to correct major weaknesses in the
aforesaid internal control system.
(v) To the best of our knowledge and belief and accordingly to the
information and explanations given to us, we have noticed that there
are no transactions made by the company in pursuance of contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956 and aggregating during the year to Rs
5,00,000/- or more
(vi) The Company has not accepted deposit from the public under section
58A and 58AA of the Companies Act and rules framed there under.
(vii) As per information given to us and in our opinion the Company
does not have an internal audit system commensurate with the size of
business of the Company.
(viii) As informed to us The Central Government has not prescribed for
maintenance of cost records under Section 209(1)(d) of the Companies
Ac, 1956 for the company.
(ix) Statutory and Other Dues:
(a) According to the information and explanations given to us and based
on the records examined by us in accordance with generally accepted
auditing practices in India and also based on Management
representation, the company has generally complied with Income Tax
provisions.
(b) According to the information and explanations given to us and the
records of the company examined by us, there are no dues outstanding on
account of any dispute.
(x) The company is registered more than five years and has not incurred
accumulated losses as at 31st March, 2012 more than fifty percentage of
its paid up capital. Hence the provision of clause (x) of Para 4 of
CARO 2003 is not applicable to the company.
(xi) According to the records of the company examined by us and the
information and explanations given to us, the company has not taken any
loans from financial institutions, banks. Therefore the question of
default in the repayment of dues to financial institutions, banks has
not arisen.
(xii) The company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
(xiii) The company not being Chit Fund/ Nidhi/ Mutual benefit Fund this
clause and sub clause (a) (b) (c) (d) are not applicable.
(xiv) According to the information and explanations given to us, the
company is not dealing or trading in shares, securities, debentures and
other investment.
(xv) According to the information and explanations given to us, there
are no guarantees given by the company for loans taken by others from
banks and financial institutions.
(xvi) According to the information and explanations given to us, the
company has not taken any term loans, therefore disclosure of
application of term loans is not applicable to the company.
(xvii) On the basis of an overall examination of the Balance Sheet of
the Company, no funds raised on short-term basis have been used for
long-term investment and vice versa
(xviii) According to the information and explanations given to us,
during the year under review the Company has not made preferential
allotment of shares to parties and companies covered in the register
maintained under Section 301 of the Companies Act, 1956.
(xix) According to the information and explanations given to us, the
company has not issued any debentures during the year.
(xx) According to the information and explanations given to us, the
company has not raised any money by was of public issues during the
year.
(xxi) During the course of examination of the books of accounts and
records of the company, carried out in accordance with the generally
accepted auditing practices in India, and according to the information
and explanations given to us, we have neither come across any fraud on
or by the company, noticed or reported during the year, nor have we
been informed of such case by the management.
For Deepak SL Agarwal & Co
Chartered Accountants
Deepak Agarwal
Proprietor
Place: Mumbai Mem. No. 110579
Date: September 29, 2012 FRN 123094W
Mar 31, 2011
We have audited the attached Balance Sheet of RICHIRICH INVENTURES
LIMITED as at 31st March, 2011, the Profit &Loss Account of the Comp
any for the year ended on that date and the Cash Flow Statement of the
comp any as at that 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 have conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan &
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. 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 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' of India, we enclose in the Annexure
a statement on the matters specified in paragraphs 4 and 5 of the said
Order.
1. Further to our comment in the Annexure referred to in paragraph
above and subject to contingent liability of Rs. 3.71 lacs (approx.)
plus interest and penalty if any of TDS liability under provisions of
income tax Act, 1961 as referred under para 4 of Note 5 of Schedule 13,
and forfeiture of Rs.8.5 Lacs as referred under note 11 of Schedule
13,we rep ort that:
a) We have obtained all the information and explanation, which to the
best of our knowledge and belief were necessary for the purposes of
our audit;
b) In our opinion, proper books of accounts as required by law have
been kept by the company so far as app ears from our examination of
those books;
c) The Balance Sheet ,Profit & Loss Account and the Cash flow statement
dealt with by this report are in agreement with the books of accounts;
d) In our opinion the Balance Sheet, Profit & Loss Account and the
Cash flow statement dealt with by this rep ort comply with the
accounting standards referred to in sub-section (3C) of Section 211 of
the Companies Act, 1956.
e) On the basis of written representation received from directors of
the company as on 31st March, 2011 and taken on record by the Board of
Directors, we report that none of the directors are disqualified as on
31st March, 2011 from being appointed as a director in terms 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 said financial statements together
with the notes thereon and attached thereto given in the prescribed
manner the information required by the Companies Act, 1956 give a true
and fair view in conformity with the accounting principles generally
accepted in India:-
i. in the case of Balance Sheet, of the state of affairs of the comp
any as at 31st March, 2011,
ii. in the case of Profit & Loss Account, of the Loss for the year
ended on that date ; and
iii. in the case of Cash flow statement, of the cash flows for the year
ended on that date.
As per our report of even date For JMT & Associates Chartered
Accountants FRN: 104167W Jayesh J. Shah Partner M. No. 39910 Place:
Mumbai Date : December 8, 2011
(i) (a) The company has not updated proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) As explained to us the Fixed assets have been physically verified
by the management at reasonable intervals.
(c) No Fixed Assets has been disposed off during the year.
(ii) The Company does not have inventory during the year. Hence this
clause is not applicable to the Company.
(iii) The company has not granted / taken loans to/from parties
covered in the register maintained under section 301 of the Act during
the period under review. Hence, provision of sub section (iii) (a) to
(iii) (g) of para 4 of CARO 2003 are not applicable to the Company.
(iv) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system which
commensurate with the size of the company and the nature of its
business, for purchase of fixed assets and for the services rendered.
Further, on the basis of our examination of the books and records of
the company, and according to information and explanations given to
us, we have neither come across nor have been informed of any
continuing failure to correct major weaknesses in the aforesaid
internal control system.
(v) (a) According to the information and explanations given to us, the
particulars of contracts or arrangements referred to in Section 301 of
the Act during the year has been entered in the register required to be
maintained under that section.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangements have been made at prices which are reasonable terms having
regard to the prevailing market prices at the relevant time.
(vi) The Company has not accepted deposit from the public under
section 58A and 58AA of the Companies Act and rules framed there
under.
(vii) As per information given to us and in our opinion the Company
does not have an internal audit system commensurate with the size of
business of the Company.
(viii) As informed to us there are no cost records prescribed by the
central government under sec. 209(1)(d) of the Act hence this clause
is not applicable.
(ix) (a) According to the information and explanations given to us and
the records of the company examined by us , the company has generally
comp lied with Income tax provisions. Further as explained to us provisions of Professional Tax, ESIC, PF, Service Tax are not
applicable to the Company.
(b) According to the information and explanations given to us and the
records of the company examined by us, there are no dues outstanding on
account of any dispute except as mentioned in para 3 of note 5 of
Schedules 13.
(x) The company is registered more than five years and has not
incurred accumulated losses as at 31st March, 2011 more than fifty
percentage of its paid up capital. Hence the provision of clause (x)
of para 4 of CARO 2003 is not applicable to the Company.
(xi) The company has not taken any loans from financial institution.
Therefore the question of default in repayment of dues to financial
institution is not applicable to the Company.
(xii) The Company has not granted any loans and advances on the basis
of security by way of pledge of shares, debentures and other
securities.
(xiii) The Company not being Chit Fund / Nidhi / Mutual Benefit Fund
this clause and sub clause (a) (b) (c) (d) are not applicable
(xiv) In our opinion and according to the information and
explanations given to us, the company is not dealing in or trading in
shares, securities, debentures and other investments. Therefore, the
provisions of clause 4(xi) of the Companies (Auditor's Report) Order,
2003 are not applicable to the company.
(xv) In our opinion and according to the information and explanations
given to us, the company has not given any guarantee for loans taken
by others from banks or financial institutions during the year.
(xvi) The Company has not taken any term loans; therefore disclosure
of application of term loan is not applicable to the Company.
(xvii) On the basis of an overall examination of the balance sheet of
the company, in our opinion and according to the information and
explanations given to us, there are no funds raised on a short - term
basis which have been used for long-term investment.
(xviii) During the year under review the company has not made p
referential allotment of equity shares to parties and companies
covered in the Register maintained under section 301 of the Act.
(xix) The Company has not issued any debentures.
(xx) The Company has not raised any monies by public issue during the
year hence this clause is not applicable.
(xxi) During the course of our examination of the books and records of
the company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanations given to us, we have neither come across any instance of
fraud on or by the company, noticed or reported during the year, nor
have we been informed of such case by the management.
For JMT & Associates
Chartered Accountants
FRN : 104167W
Jayesh J.Shah
Patner
M.No.39910
Place : Mumbai
Date : December 8, 2011
Mar 31, 2010
We have audited the attached Balance Sheet of RICHIRICH INVENTURES
LIMITED (Formerly known as RICHIRICH AGRO LIMITED), as at 31st March,
2010, the Profit &Loss Account of the Company for the year ended on
that date and the Cash Flow Statement of the company as at that 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 have conducted
our audit in accordance with auditing standards generally accepted in
India. Those standards require that we plan & perform the audit to
obtain reasonable assurance about whether the financial statements are
free of material misstatement. 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 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' of India, we enclose in the
Annexure a statement on the matters specified in paragraphs 4 and 5 of
the said Order.
1. Further to our comment in the Annexure referred to in paragraph
above and subject to contingent liability of Rs. 3.71 lacs (approx.)
plus interest and penalty if any of TDS liability under provisions of
income tax Act, 1961 as referred under para 4 of Note 5 of Schedule 13,
we report that :
a) We have obtained all the information and explanation, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
b) 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;
c) The Balance Sheet ,Profit & Loss Account and the Cash flow statement
dealt with by this report are in agreement with the books of accounts;
d) In our opinion the Balance Sheet, Profit & Loss Account and the 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.
e) On the basis of written representation received from directors of
the company as on 31st March, 2011 and taken on record by the Board of
Directors, we report that none of the directors are disqualified as on
31" 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;
f) In our opinion, and to the best of our information and according to
the explanations given to us, the said financial statements together
with the notes thereon and attached thereto give in the prescribed
manner the information required by the Companies Act, 1956 and give a
true and fair view in conformity with the accounting principles
generally accepted in India:
1. in the case of Balance Sheet, of the state of affairs of the
company as at 31st March, 2010
ii. in the case of Profit & Loss Account, of the Lost for the
year ended on that date ; and
iii. in the case of Cash flow statement, of the cash flows for the
year ended on that date.
As per our report of even date
ANNEXURE TO THE AUDITOR'S REPORT (Referred to in Paragraph 3 of the
Auditors' Report of even date to the members of RichiRich Inventures
Limited (Formerly known as RichiRich Agro Limited) on the financial
statements for the vear ended 31" March. 2010
(i) (a) The company has not updated proper records showing full
particulars, including quantitative details and situation
of fixed assets
(b) As explained to us the Fixed assets have been physically
verified by the management at reasonable intervals.
(c) No Fixed Assets has been disposed off during the year.
(ii)(a) The Company does not have inventory during the year.
Hence this clause is not applicable to the Company.
(iii) The company has not granted / taken loans to/from parties
covered in the register maintained under section 301 of
the Act during the period under review. Hence, provision
of sub section (iii) (a) to (iii) (g) of para 4 of CARO
2003 are not applicable to the Company.
(iv) In our opinion and according to the information and
explanations given to us, there is an adequate internal
control system which commensurate with the size of the
company and the nature of its business, for purchase of
fixed assets and for the services rendered. Further, on
the basis of our examination of the books and records of
the company, and according to information and explanations
given to us, we have neither come across nor have been
informed of any continuing failure to correct major
weaknesses in the aforesaid internal control system.
(v) (a) According to the information and explanations given to us,
the particulars of contracts or arrangements referred to
in Section 301 of the Act during the year has been entered
in the register required to be maintained under that
section.
(b) In our opinion and according to the information and
explanations given to us, the transactions made in
pursuance of such contracts or arrangements have been made
at prices which are reasonable terms having regard to the
prevailing market prices at the relevant time.
(vi) The Company has not accepted deposit from the public
under section 58A and 58AA of the Companies Act and rules
framed there under.
(vii) As per information given to us and in our opinion the
Company has an internal audit system commensurate with the
size of business of the Company.
(viii) As informed to us there are no cost records prescribed by
the central government under sec. 209(l)(d) of the Act
hence this clause is not applicable.
(ix) (a) According to the information and explanations given to us
and the records of the company examined by us, the company
has not deducted and paid TDS under Income tax act.
Further as explained to us provisions of Professional Tax,
ESIC, FF, Service Tax are not applicable to the Company
(b) According to the information and explanations given to us
and the records of the company examined by us,there are no
dues outstanding on account of any dispute except as
mentioned in para 3 of note 5 of Schedules 13.
(x) The company is registered more than five years and has not
incurred accumulated losses as at 31st March,2011 more
than fifty percentage of its paid up capital. Hence the
provision of clause (x) of para 4 of CARO 2003 is not
applicable to the Company.
(xi) The company has not taken any loans from financial
institution. Therefore the question of default in repayment
of dues to financial institution is not applicable to the
Company.
(xii) The Company has not granted any loans and advances on the
basis of security by way of pledge of shares, debentures
and other securities.
(xiii) The Company not being Chit Fund / Nidhi / Mutual Benefit
Fund this clause and sub clause (a) (b) (c) (d) are not
applicable
(xiv) In our opinion and according to the information and
explanations given to us, the company is not dealing in
or trading in shares, securities, debentures and other
investments. Therefore, the provisions of clause 4(xi) of
the Companies (Auditor's Report) Order, 2003 are not
applicable to the company.
(xv) In our opinion and according to the information and
explanations given to us, the company has not given any
guarantee for loans taken by others from banks or financial
institutions during the year.
(xvi) The Company has not taken any term loans, therefore
disclosure of application of term loan is not applicable
to the Company.
(xvii) On the basis of an overall examination of the balance
sheet of the company, in our opinion and according to
the information and explanations given to us, there are no
funds raised on a short -term basis which have been used
for long-term investment.
(xviii) During the year under review the company has not made
preferential allotment of equity shares to parties and
companies covered in the Register maintained under
section 301 of the Act.
(xix) The Company has not issued any debentures.
(xx) The Company has not raised any monies by public issue
during the year hence this clause is not applicable.
(xxi) During the course of our examination of the books and
records of the company, carried out in accordance
with the generally accepted auditing practices in India,
and according to the information and explanations given
to us, we have neither come across any instance of fraud
on or by the company, noticed or reported during the vear,
nor have we been informed of such case bv the management..
For JMT & Associates For Bhadresh S. Shah & Co,
Chartered Accountants Chartered Accountants
FRN: 104167W FRN: 130352W
Jayesh J. Shah Bhadreshkumar S. Shah
Partner Proprietor
M. No. 39910 M.No. 133610
Place : Mumbai Place : Mumbai
Date : July 11, 2011 Date : July 11, 2011