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Directors Report of Richirich Inventures Ltd.

Mar 31, 2014

The Members of the Company

The Directors present the Annual Report on the business and operations of your company for the year 2013-2014.

FINANCIAL HIGHLIGHTS: Rs. in Lakhs

2013-14 2012-13

Income from Operations 18.54 42.52

Profit (Loss) before Extra-Ordinary Items 3.06 24.16

Profit/(Loss) before depreciation 12.28 33.59

Depreciation 9.22 09.43

Profit/Loss before Tax 3.06 24.16

Provision for Income Tax 0.00 0.00

Profit/Loss after Tax 3.06 24.16

Balance Brought Forward (47.14) (71.30)

Balance Carried to B/sheet (44.08) (47.14)

DIVIDEND:

In view of brought forwarded losses the directors regret their inability to declare the dividend to conserve the resources.

REVIEW OF PERFORMANCE:

The company is taking various initiatives for new businesses.

DIRECTORS

In accordance with the provisions of the Companies Act, 1956 and the Articles of Association of the Company, Shri Ashok Chhajed, Director retires by rotation and being eligible, offers himself for re- appointment.

DEPOSITS

Your Company has not accepted deposits falling within the provisions of Section 58A of the Companies Act, 1956 read with the Companies (Acceptance of Deposits) Rules, 1975 during the year under review.

Auditor''s Report:

In respect of fixed assets

As a result of unfortunate incident that our accounting software got corrupted and as a result substantial time was devoted to restore all accounting data of which some data lost while restoration and therefore company is not able to maintain records showing full particulars including quantitative details and situation of fixed assets. However management has initiated steps to prepare the proper records of available fixed assets.

In respect of Code of Conduct

During the year the company had set out the code of conduct for the affairs of the company which shall be placed before the meeting of the Board of directors of the company and shall be displayed at the website of the company thereafter.

In respect of publication of Quarterly Results:

Company will henceforth take appropriate steps to publish the Un-audited quarterly results for the publications in English as well as in the vernacular language.

PARTICULARS OF EMPLOYEES:

There is no employee having remuneration in accordance with the provisions of section 217(2A) of the companies Act 1956 read with the companies (Particulars of employee) Rules 1975 as amended.

MANAGEMENT DISCUSSION & ANALYSIS REPORT:

In terms of clause 49 of the listing agreement with the stock exchange, Management Discussion & Analysis report is enclosed and forms part of the report.

CORPORATE GOVERNANCE:

Report on corporate governance in compliance with clause 49 of listing agreement with the stock exchange is given in Annexure I. A certificate from the statutory Auditors confirming compliance is given in Annexure II.

RESPONSIBILITY STATEMENT:

As required u/s 217(2AA) of the companies Act 1956 your director confirms that in the preparation of the annual accounts:

1) The applicable accounting standards have been followed along with proper explanation relating to material departures.

2) Such accounting policies have been selected and applied consistently and reasonable and prudent judgments and estimates made, so as to give a true and fair view of the state of affairs of the company at the end of the financial year and the profit/loss of the company for that period.

3) Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with provisions of this act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities.

4) The annual accounts have been prepared on a going concern basis.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE:

As required under rule 3 of the companies (Disclosure of Particulars in the report of board of directors) Rules 1998, the particulars relating to the conservation of energy, Technology absorption, and the foreign exchange earnings and outgo are also Nil.

LISTING AGREEMENT:

The securities of the company are listed with the Stock Exchange, Mumbai. The company has paid the annual listing fees.

APPOINTMENT OF AUDITORS:

M/s Deepak S.L.Agarwal& Co. Chartered Accountants the retiring auditors of the company have expressed their willingness to the effect that their re-appointment, if made would be within the prescribed limits specified under section 224 (1B) of the companies act, 1956. Therefore members are requested to appoint them as auditors of the company.

CASH FLOW STATEMENT

In conformity with the provision of Clause 32 of the Listing Agreement(s) the cash flow statement for the year ended 31st March 2014 is annexed hereto.

CAUTIONARY STATEMENT

Statement in this Report, particularly those which relate to management Discussion & Analysis, describing the Company''s objectives, projections, estimates, expectations or predictions may be forward looking statements within the meaning of applicable laws or regulations. Actual results could however differ materially from those expressed or implied .Important factors that could make a difference to the Company''s operations include global and domestic conditions, changes in Government regulations and tax structure, economic developments with in India and the outside countries and other factors such as litigation and commercial relations.

ACKNOWLEDGEMENT:

The management is grateful to the government authorities, Bankers, Vendors, for their continued assistance and co-operation. The directors also wish to place on record the confidence of members in the company.

By Order of the Board of Directors

Ashok M. Chhajed Place: Mumbai Director Date: 12/07/2014 DIN: 02336676


Mar 31, 2012

To The Members of the Company

The directors present the Annual Report on the business and operations of your company for the year 2011-2012.

FINANCIAL HIGHLIGHTS: Rs. in Lakhs

2011-12 2010-11

Income from Operations 6.64 8.42

Profit (Loss) before Extra-Ordinary Items -09.51 -08.55

Profit/(Loss) before depreciation 00.11 09.56

Extra-Ordinary Items 0.00 08.50

Depreciation 9.62 09.62

Profit/Loss before Tax -9.51 -00.06

Provision for Income Tax & FBT 0.00 0.00

Profit/Loss after Tax -9.51 -53.47

Balance Brought Forward (61.79) (61.73)

Balance Carried to B/sheet (71.30) (61.79)

DIVIDEND:

In view of brought forwarded losses the directors regret their inability to declare the dividend to conserve the resources.

REVIEW OF PERFORMANCE DIRECTORS

In accordance with the provisions of the Companies Act, 1956 and the Articles of Association of the Company, Shri Ashok Chhajed, Director retires by rotation and being eligible, offers himself for re- appointment.

DEPOSITS

Your Company has not accepted deposits falling within the provisions of Section 58A of the Companies Act, 1956 read with the Companies (Acceptance of Deposits) Rules, 1975 during the year under review.

REASON FOR DELAY IN PRESENTING ANNUAL REPORT & IN HOLDING OF ANNUAL GENERAL MEETING

As a result of unfortunate incident that our accounting software got corrupted and as a result substantial time was devoted to restore all accounting data after installation of new Server and due to which company is not able to prepare and print the required Balance Sheet and Profit & Loss Accounts for relevant Year.

Due to the above mentioned reasons the AGM could not hold on time and there was delay in presenting the Annual report.

PARTICULARS OF EMPLOYEES:

There is no employee having remuneration in accordance with the provisions of section 217(2A) of the companies Act 1956 read with the companies (Particulars of employee) Rules 1975 as amended.

MANAGEMENT DISCUSSION & ANALYSIS REPORT:

In terms of clause 49 of the listing agreement with the stock exchange, Management discussion & analysis report is enclosed and forms part of the report.

CORPORATE GOVERNANCE:

Report on corporate governance in compliance with clause 49 of listing agreement with the stock exchange is given in Annexure II. A certificate from the statutory Auditors confirming compliance is given in Annexure III.

RESPONSIBILITY STATEMENT:

As required u/s 217(2AA) of the companies Act 1956 your director confirms that in the preparation of the annual accounts:

1) The applicable accounting standards have been followed along with proper explanation relating to material departures.

2) Such accounting policies have been selected and applied consistently and reasonable and prudent judgments and estimates made, so as to give a true and fair view of the state of affairs of the company at the end of the financial year and the profit/loss of the company for that period.

3) Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with provisions of this act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities.

4) The annual accounts have been prepared on a going concern basis.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE:

As required under rule 3 of the companies (Disclosure of Particulars in the report of board of directors) Rules 1998, the particulars relating to the conservation of energy, Technology absorption, and the foreign exchange earnings and outgo are also Nil.

LISTING AGREEMENT:

The securities of the company are listed with the Stock Exchange, Mumbai. The company has paid the annual listing fees.

APPOINTMENT OF AUDITORS:

M/s Deepak S.L.Agarwal & Co. Chartered Accountants the retiring auditors of the company have expressed their willingness to the effect that their re-appointment, if made would be within the prescribed limits specified under section 224 (1B) of the companies act, 1956. Therefore members are requested to appoint them as auditors of the company.

CASH FLOW STATEMENT

In conformity with the provision of Clause 32 of the Listing Agreement(s) the cash flow statement for the year ended 31st March 2012 is annexed hereto.

ACKNOWLEDGEMENT:

The management is grateful to the government authorities, Bankers, Vendors, for their continued assistance and co-operation. The directors also wish to place on record the confidence of members in the company.

For & on behalf of the Board of Directors

Sd/-

Place: Mumbai Ashok.M.Chhajed

Date: 29th September, 2012 Director


Mar 31, 2010

The Members of the Company

The directors present the Annual Report on the business and operations of your company for the year 2009-2010.

FINANCIAL HIGHLIGHTS: Rs. in Lakh

2009-10 2008-09

Income from Operations 16.06 20.27

Profit (Loss) before Extra-Ordinary Items -45.65 10.77

Profit/(Loss) before depreciation -45.65 10.77

Extra-Ordinary Items 0.00 5.26

Depreciation 7.82 0.44

Profit/Loss before Tax -53.47 5.06

Provision for Income Tax & FBT 0.00 0.57

Profit/Loss after Tax -53.47 4.98

Balance Brought Forward (08.26) (13.28)

Balance Carried to B/sheet (61.73) (08.26)

DIVIDEND:

In view of brought forwarded losses the directors regret their inability to declare the dividend to conserve the resources.

REVIEW OF PERFORMANCE

PROPERTYEX

During the year company had developed a real estate broker's network to buy, sale, and lease the property which offers corporate services, advisory services real estate broking services, property management and HR management services under the portal www.propertyex .in. Company had appointed 108 franchisees across Mumbai city but response was vary negative and therefore the business of Propertyex was closed during the year, after incurring heavy losses.

REASON FOR DELAY IN PRESENTING ANNUAL REPORT & IN HOLDING OF ANNUAL GENERAL MEETING:

During the year the Company under the leadership of Director Shri Ashok.M.Chhajed had taken a new initiative of launching 'PROPERTY EX', a new area of business with great enthusiasm to deal in corporate services, advisory services real estate broking services, property management and HR management services. But unfortunately, the expectations from the venture did not turn up, leaving the director with heavy losses. The directors there after were not in the correct state of mind and had to strive hard to recover the losses suffered. The new launch was abandoned, all the personnel left in haywire leaving everything in mess. Due to the above mentioned reasons they could not hold the AGM on time and there was delay in presenting the Annual report.

PARTICULARS OF EMPLOYEES:

There is no employee having remuneration in accordance with the provisions of section 217(2A) of the companies Act 1956 read with the companies (Particulars of employee) Rules 1975 as amended.

MANAGEMENT DISCUSSION & ANALYSIS REPORT:

In terms of clause 49 of the listing agreement with the stock exchange, Management discussion & analysis report is enclosed and forms part of the report.

CORPORATE GOVERNANCE:

Report on corporate governance in compliance with clause 49 of listing agreement with the stock exchange is given in Annexure II. A certificate from the statutory Auditors confirming compliance is given in Annexure EH.

DIRECTOR:

Shri Chetan Gala and Shri Narayan Sawant, both Independent Director of the company resigned from the Board of Directors of the company. The company keeps on record the valuable association of both the directors of the company on record.

Director Shri Ashok.M.Chhajed additional director of the company under article 125 of the Articles of Association of the company, 1956, holds the office up to the date of the Annual General Meeting. The company has received notice in writing signifying his intention to appoint himself as Director of the Company liable to rotation.

RESPONSIBILITY STATEMENT:

As required u/s 217(2AA) of the companies Act 1956 your director confirms that in the preparation of the annual accounts:

1) The applicable accounting standards have been followed along with proper explanation relating to material departures.

2) Such accounting policies have been selected and applied consistently and reasonable and prudent judgments and estimates made, so as to give a true and fair view of the state of affairs of the company at the end of the financial year and the profit/loss of the company for that period.

3) Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with provisions of this act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities.

4) The annual accounts have been prepared on a going concern basis.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANG:

As required under rule 3 of the companies (Disclosure of Particulars in the report of board of directors) Rules 1998, the particulars relating to the conservation of energy, Technology absorption, and the foreign exchange earnings and outgo are also Nil.

LISTING AGREEMENT:

The securities of the company are listed with the Stock Exchange, Mumbai. The company has paid the annual listing fees.

APPOINTMENT OF AUDITORS:

During the year M/s Bhadresh Shah &. Co. Chartered Accountants were appointed as Joint Auditors of the Company.

M/s JMT Associates, Chartered Accountants & M/s Bhadresh Shah & Co. Chartered Accountants the retiring auditors had expressed their willingness for re-appointment, as auditors of the company and therefore members are requested to appoint them as auditors of the company. The company has received a certificate from them to the effect that their appointment, if made would be within the prescribed limits specified under section 224 (IB) of the companies act, 1956.

ACKNOWLEDGEMENT:

The management is grateful to the government authorities, Bankers, Vendors, for their continued assistance and co-operation. The directors also wish to place on record the confidence of members in the company.

For & on behalf of the Board of Directors

Ashok.M.Chhajed Director

Place: Mumbai Date : 20th August, 2011

 
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