Mar 31, 2015
We have audited the accompanying Financial Statements of the unit M/s
Rich Universe Network Limited, 7/125 (C-2), IInd Floor, Swaroop Nagar,
Kanpur which comprise the Balance Sheet as at 31s' March 2015, 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
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 the 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 provision 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 thereunder. 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 our 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, we 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. 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, except for the company has not completely
followed Schedule II of the companies Act 2013 for depreciation of
fixed assets & its effect on Profit & Loss a/c, 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;
a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2015;
b) In the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
c) 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
As required by the Companies (Auditor's Report) Order, 2015 ("the
Order"), issued by the Central Government of India in terms of
sub-section (11) of Section 143 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 appears from our examination of those
books.
c) The Balance Sheet, the 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) In our opinion and to the best of our information and according to
the explanations given to us, we report as under with respect to other
matters to be included in the Auditor's Report in accordance with Rule
11 of the Companies (Audit and Auditors) Rules, 2014:
i) The Company has disclosed the impact of pending litigations on its
financial position in its financial statements.
ii) The Company did not have any long-term contracts including
derivatives contracts for which there were any material foreseeable
losses.
iii) As informed by the company, there were no amounts which required
to be transferred by the Company to the Investor Education and
Protection Fund On the basis of such checks as we considered
appropriate and according to the information and Explanations given to
us during the course of our audit, we report that:
(i) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the fixed assets.
(b) As explained to us, fixed assets have been physically verified by
the management during the year in accordance with the phased
program of verification adopted by the management which, in our
opinion, provides for physical verification of all the fixed assets at
reasonable intervals. According to the information and explanations
given to us, no material discrepancies were noticed on such
verification.
(ii) In respect of its inventory:
(a) As explained to us, the inventories of finished goods,
semi-finished goods, stores, spare parts and raw materials were
physically verified at regular intervals/ (at the end of the year) by
the Management. In case of inventories lying with third parties,
certificates of stocks holding have been received.
(b) In our opinion and according to the information and explanation
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 of stocks as compared to book records.
(iii) In respect of loans, secured or unsecured, granted to the parties
covered in register maintained under section 189 of the Companies Act
2013:
According to the information and explanations given to us, the Company
has not granted any loans to companies, firms or other parties covered
in the Register maintained under Section 189 of the Companies Act,
2013; and therefore paragraph 3(iii) of the Order is not applicable.
(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 the purchase of inventory, fixed assets and for the sale
of goods (and/services). During the course of our Audit, we have not
observed any continuing failure to correct major weaknesses in internal
control.
(v) The company has not received any public deposits during the year.
(vi) As informed 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 activities carried on by the Company.
(vii)ln respect of statutory dues;
(a) According to the records of the company and information and
explanations given to us, the Company has generally been regular in
depositing undisputed statutory dues, including Provident Fund,
employees state insurance (ESI), Investor Education and Protection
Fund, Income-tax, Tax deducted at sources, Tax collected at source,
Professional Tax, Sales Tax, value added tax (VAT), Wealth Tax, Service
Tax, Custom Duty, Excise Duty, Cess and other material statutory dues
applicable to it, with the appropriate authorities.
(b) According to the information and explanations given to us, the
disputed statutory dues in respect of Income-tax, Wealth Tax, Custom
Duty, Excise Duty, sales tax, VAT, Cess and other material statutory
dues that have not been deposited on account of matters pending before
appropriate authorities are as follows:
Nature of dues/ Amount due (Rs. Period of which Forum where
Payments in Lacs) the amount amount is .
Relates pending
Income Tax 216.59 A.Y.2002-03 High Court*
Income Tax 41.55 A.Y.2001-02 -do-*
Income Tax 114.99 A.Y.2000-01 -do-*
Income Tax 67.88 A.Y.I999-00 -do-*
Income Tax 0.49 A.Y.I993-94 -do-*
Income Tax 0.64 A.Y.1994-95 -do-*
Income Tax 2.45 A.Y.I995-96 -do-*
444.59
Amount 27.72 EARLIER I.T. DEPTT.
Paid(I.Tax) YEARS
SEBI 12.54 EARLIER SEBI
YEARS
Service Tax 3.20 A.Y. 2011-12 S.TAX DEPTT.
Balance Due 432.61
* the above has not been acknowledged as debt as on"27.05.2015.
(c) There were no amounts which required to be transferred by the
Company to the Investor Education and Protection Fund.
(viii) The company does not have the accumulated losses at the end of
financial year. The company has not incurred any Cash losses during the
financial covered by our Audit and the immediately preceding financial
year.
(ix)In our opinion and according to the information and explanations
given to us, the Company has not defaulted in the repayment of dues to
financial institutions, banks and debenture holders.
(x)In our opinion, and according to the information and the explanation
given to us, the company has not given any guarantee for loans taken by
others from banks or financial institutions during the year.
(xi)The company has not obtained any term loan during the year, so this
para of order is not applicable.
(xii) To the best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and no material fraud
on the Company has been noticed or reported during the year.
For RAJANI MUKEH & ASSOCIATES
CHARTERED ACCOUNTANTS
C.A. MUKEH RAJANI
Proprietor
Place: Kanpur
Date : 27.05.2015
Mar 31, 2014
1. Report on the Financial Statements
We have audited the accompanying Financial Statements of the unit M/s
Rich Universe Network Limited, 7/125 (C-2), IInd Floor, Swaroop Nagar,
Kanpur 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.
2. 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
the 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.
3. 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 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
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 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 the
audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion.
4. 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 the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
(b) in the case of the Profit and Loss Account, of the profit/ loss for
the year ended on that date; and
(c) 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, 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 [and proper returns adequate for the purposes of our audit have
been received from branches not visited by us];
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 [and with the returns received from branches not visited by
us];
d. in our opinion, the Balance Sheet, Statement of Profit and Loss,
and Cash Flow Statement comply with the Accounting Standards referred
to in subsection (3C) of section 211 of the Companies Act, 1956;
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 March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
f. Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
Annexure
Referred to in paragraph 5 of our report of even date
Re: Rich Universe Network Limited
(Previously known as Rich Capital & Financial Services Limited)
(i) (a) The Company is maintaining proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) The Company has a programme for physical verification of fixed
assets on a rotational basis, which in our opinion is reasonable having
regard to the nature of business. Accordingly, the management during
the year has physically verified certain fixed assets and no material
discrepancies were noticed by such verification.
(c) During the year, there was no substantial disposal of fixed assets.
(ii) (a) The management has conducted physical verification of
inventory at reasonable intervals.
(b) The procedures for physical verification of inventory followed by
the management are reasonable and adequate in relation to the size of
the Company and the nature of its business.
(c) The company is maintaining proper records of inventory and no
material discrepancies were noticed on physical verification as
compared to book records.
(iii) The company has neither granted nor taken any loans, secured or
unsecured to/from companies, firms or other parties covered in the
register maintained under section 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 procedures
commensurate with the size of the company and the nature of its
business, for the purchase of inventory and fixed assets and for the
sale of goods. During the course of our audit, no major weakness has
been noticed in the internal controls in respect of these areas.
(v) (a) According to the information and explanation provided by the
management, we are of the opinion that the transactions of Purchase of
goods and Materials and sale of goods, materials and services
aggregating during the year to Rs.500000/- or more in respect of each
party in Pursuance of contracts or engagements entered into the
register maintained under section 301 have been so entered.
(b) In our opinion and according to the information and explanations
given to us the transaction with parties with whom transactions
exceeding value of Rupees five lakhs have been entered into during the
financial year are at prices which are reasonable having regards to the
prevailing market prices at the relevant time.
(vi) The company has not accepted any deposits from the public to which
the directives issued by the Reserve Bank of India and the provisions
of section 58A and 58AA of the Companies Act, 1956 and the rules framed
there under apply.
(vii) In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
(viii) The provision for maintenance of cost records does not apply to
the company.
(ix) (a) The company is generally regular in depositing with
appropriate authorities, undisputed statutory dues including provident
fund, investor education and Protection fund employees state insurance,
sales-tax, wealth-tax, custom duty, excise duty, cess and other
material statutory dues applicable to it. According to the information
and explanations given to us, no undisputed amounts payable in respect
of wealth tax, sales- tax, customs duty and excise duty were
outstanding, at the year end for a period of more than six months from
the date they became payable.
(b) According to the records of the company, the disputed statutory
dues on account of sales tax, income tax, custom duty, wealth tax,
excise duty and cess that have not been deposited on account of matters
pending before appropriate authorities are as follows:
Nature of dues/ Amount due (Rs. Period of which Forum where
Payments In Lacs) the amount amount is
Relates pending
Income Tax 176.39 A.Y. 2004-05 ITAI-Lko
Income Tax 79.91 A.Y. 2007-08 ITAI-Lko
Income Tax 145.20 A.Y. 2003-04 ITAI-Lko
Income Tax 216.59 A.Y. 2002-03 High Court*
Income Tax 41.55 A.Y. 2001-02 -do-*
Income Tax 114.99 A.Y. 2000-01 -do-*
Income Tax 67.88 A.Y. 1999-00 -do-*
Income Tax 0.49 A.Y. 1993-94 -do-*
Income Tax 0.64 A.Y. 1994-95 -do-*
Income Tax 2.45 A.Y. 1995-96 -do-*
846.09
Amount 27.52
Paid(I.Tax)
Balance Due 818.57
* the above has not been acknowledged as debt as on 28.05.2014.
(x) The company has no accumulated losses at the end of the financial
year and has not incurred any cash losses in the current and
immediately preceding financial year.
(xi) Based on the information and explanations given by the management,
we are of the opinion that the Company has not defaulted in repayment
of dues to financial institutions, banks or debenture holders.
(xii) The Company has not granted any loans and advances on the basis
of security by way of pledge of share debentures and other securities.
(xiii) In our opinion, the Company is not a Chit and Nidhi / mutual
benefit fund / society, Therefore, the provisions of clause 4(xiii) of
the order are not applicable to the Company.
(xiv) In our opinion and according to the information and explanations
given to us, the company is not a dealer or trader in securities.
(xv) 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.
(xvi) According to the information and explanations given to us and on
overall examination of the balance sheet of the Company, we report that
no funds raised on sort term basis have been used for long-term
investment No long-term funds have been used to finance short-term
assets except working capital.
(xvii) The company has not made any preferential allotment of share to
parties or Companies covered in the register maintained under section
301 of the Companies Act, 1956.
(xviii) The Company has not raised any money through a public issue
during the year.
(xix) According to the information and explanations given to us, we
report that no fraud on or by the Company has been noticed or reported
during the year.
For RAJANI MUKESH & ASSOCIATES
CHARTERED ACCOUNTANTS
(C.A. MUKESH RAJANI)
Proprietor
Place: Kanpur
Date: 28.05.2014
Mar 31, 2013
1. Report on the Financial Statements
We have audited the accompanying Financial Statements of the unit M/s
Rich Universe Network Limited, 7/125 (C-2), TInd Floor, Swaroup Najjar,
Kanpur which comprise the Balance Sheet as at 31st March 2013, and the
statement of Profit and Lobs and Cash How Statement for the year then
ended, and a summary of significant Accounting Policies and other
explanatory information.
2. Management''s- responsibility for tlie Financial Statements
Management is responsible fur 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
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 "the Acf). This, responsibility includes the
design, implementatiun 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
Out responsibility is to express an opinion on these firuLntiuI
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 and perform the audit to obtain
reasonable assurance about whether the financial statements aie 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 as -L-ssn-iL:nt 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
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 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 the
audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion.
4. Opinion
In our opinion and to the best of our information and according
tq^iiSSSfaSa^ons given to us, the financial statements give the
information required b^,cfe3ÂrlnJSte^iiamier so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31,2013;
{b] in the case of the Profit and Loss Account, of the profit/ loss for
the year ended on that date; and
(c) in the ease of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Req uirements
As required by the Companies (Auditor''s Report) Order, 200$ ("the
Order") issued by the Central Government of India in terms of
sub-sccUnn (4A) of section 227 of Lhe Act, we give in the Annejflire 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;
br in OBI Opinion proper books of account as required by law haw been
kept by the Company so far ds appears from our cxtimiiiuliun of those
books [and proper returns adequate for the purposes of out audit have
been received from branches not visited by usj;
c., the Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by thia Report are in agreement with the books of
account [and with the returns received from branches not visited by
us];
d in out opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956;
e, on the basis of written representations received from the directors
as on March 31, 2D13, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause (g) of subjection (1) of
section 274 of Llit! Companies Act, 1956.
f. Since the Central Government has not Issus-d any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no c«ss fa due
and payable by the Company,
Annexure
Referred to in paragraph 5 of our report of even date
Re: Rich Universe Network Limited
(Previously known us Rich Capital & Financial Services Limited)
(i) (a) The Company is maintaining proper records showing full
particulars, including quantitative details and situation of fificd
assets.
(b) The Company has a programme for physical verification of fixed
assets on a rotational basis, which in cur opinion is reasonable having
regard to the nature of business. Accordingly, the management during
the year has physically verified certain fixed assets and no material
discrepancies were noticed by such verification. («.) During the year,
there was no substantial disposal of fixed assets.
(ii) (a) The management lias conducted physical verification of
inventory at reasonable intervals.
(b) The procedures for physical verification of inventory followed by
the management are reasonable and adequate in relation to the size of
the Company and the nature of its business.
(c) The company is maintaining proper records of inventory and no
material discrepancies were noticed on physical verification a*
compared to book records.
(iii) The company has neither granted nor taken any loans, secured or
unsecured to/from companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(v) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensuraLe with the size of the company and the nature of its
business., for the purchase of inventory and fixed assets and for the
sale of goods. During the course of our audit, no major weakness has
been noticed in the internal controls in respect of these areas.
(v) (a) According to the information and explanation provided by the
management, we are of the opinion that the transactions of Purchase of
goods and Materials and sale of goods, materials and services
aggregating during the year to Ks.500D
(b) In our opinion and according tu the information and explanations
given to us the transaction with parties with whom transactions
exceeding value of Rupee* five lakhs have been entered into during the
financial year are at prices which are reasonable having regards to the
prevailing market prices at the relevant time,
(vi> The company has not accepted any deposits from the public to which
the directives issued by the Reserve Bank oflndia and the provisions of
section 58 A and 58 A A of the Companies Act, 105f> and the rules
framed there under apply,. _
(vii) Tn our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
(viii) The provision for maintenance of cost records does not apply to
the company.
(ix) (a) The company is generally regular in depositing vith
appropriate authorities, undisputed statutory dues including provident
fund, investor education and Protection fund employees state insurance,
sales-tax., wealth- lax, custom duty, excise duty, cess and other
material statutory dues applicable to it According to the information
and explanations given to us, no undisputed amounts payable in respect
of wealth tax, sales-Lax, customs duty and excise duty were
outstanding, at the year end for a period of more than six moths from
the date they become payable.
(x) The company has no accumulated losses at tlie end of Hie financial
year and has not inclined any cash lasses in the current and
immediately preceding financial year.
(xi) Based on the information and explanations given by the management,
we arc of the opinion that the Company lias not defaulted in repayment
of dues to financial institutions, banks or debenture holders.
(xii) The Company has not granted any loans and advances on the basis
of security by way of pledge of share dcbL-nLures and other securities.
{xiii) In our opinion, the Company is not a Chit and Nidhi / mutual
benefit fund / society-, Therefore, tlie provisions of clause 4(xiii)
of the order are not applicable to the Company.
(xiv) In our opinion and according to the information and explanations
given to us, the company is not a dealer or trader in securities.
(xv) According to the information and explanations given U> us. the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
(xvi) According to the information and explanations given to its- and
on overall examination of the balance sheet of die Company, we report
that no funds raised on sort lenn basis have been used for long-term
investment. "No long- term funds have been used to finance short-term
assets except working capital.
(xvij) The company has not made any preferential allotment of share to
parties or Companies covered in fhe register maintained under section
301 of the Companies Act, L956,
(sviii) The Company has nui raised any money through a public issue
during the year.
(xix) According to the information and explanations given to us, we
report that no fraud on or by the Company has been noticed or reported
during the year.
FOR RJCH UNIVERSE NETWORK LIMITED
Place: Kunptir (Shashwat Agarwal) (Rajcev Agarwal)
Date: 02.09.2013 C.M.D. Director
Mar 31, 2012
1. We have audited the attached Balance Sheet of M/s Rich Universe
Network Limited (Previously known as Rich Capital & Financial Services
Limited) as at 31st March, 2012 and also the Profit and Loss Account
and 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 option 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 to reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on at 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.
3. 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 Companies Act, 1956, we enclose in
the Annexure a statement on the matters specified in paragraphs 4 and 5
of the said order.
4. Further to our comments in the Annexure referred to above, we
report that:
(i) 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.
(ii) In our opinion, proper books of account as required by law have
been kept by the Company so far as appears from our examinations of
those books.
(iii) The Balance Sheet, Profit and Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
accounts.
(iv) In our opinion, the Balance Sheet, Profit and Loss Account and
Cash Flow Statement dealt with report comply with the accounting
standards referred to in Sub Section (3C) of Section 211 of the
Companies Act, 1956,
(v) On the basis of the written representations from the directors, as
on 31st March, 2012, and taken on record by the Board of Directors, we
report that none of Directors is disqualified as on 31st March, 2012
from being appointed as a Director in terms of Section 274 (1) (g) of
the Companies Act, 1956,
(vi) In our opinion, and to the best of our information and according
to the explanations given to us, the said account read together with
the notes thereon, give the information required by the Companies Act,
1956, in the manner o required and give a true and fair view in
conformity with accounting principles generally accepted in India,
(a) In the case of the Balance Sheet, of the statement of affairs of
the Company as at 31st March, 2012,
(b) In the case of the Profit and Loss Account, of the profit 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 Referred to in paragraph 3 of our report of even date
Re: Rich Universe Network Limited
(Previously known as Rich Capital & Financial Services Limited)
(i) (a) The Company is maintaining proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) The Company has a programme for physical verification of fixed
assets on a rotational basis, which in our opinion is reasonable having
regard to the nature of business. Accordingly, the management during
the year has physically verified certain fixed assets and no material
discrepancies were noticed by such verification.
(c) During the year, there was no substantial disposal of fixed assets.
(ii) (a) The management has conducted physical verification of
inventory at reasonable intervals.
(b) The procedures for physical verification of inventory followed by
the management are reasonable and adequate in relation to the size of
the Company and the nature of its business.
(c) The company is maintaining proper records of inventory and no
material discrepancies were noticed on physical verification as
compared to book records.
(iii) The company has neither granted nor taken any loans, secured or
unsecured to/from companies, firms or other parties covered in the
register maintained under section 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 procedures
commensurate with the size of the company and the nature of its
business, for the purchase of inventory and fixed assets and for the
sale of goods. During the course of our audit, no major weakness has
been noticed in the internal controls in respect of these areas.
(v) (a) According to the information and explanation provided by the
management, we are of the opinion that the transactions of Purchase of
goods and Materials and sale of goods, materials and services
aggregating during the year to Rs.500000/- or more in respect of each
party in Pursuance of contracts or engagements entered into the
register maintained under section 301 have been so entered.
(b) In our opinion and according to the information and explanations
given to us the transaction with parties with whom transactions
exceeding value of Rupees five lakhs have been entered into during the
financial year are at prices which are reasonable having regards to the
prevailing market prices at the relevant time.
(vi) The company has not accepted any deposits from the public to which
the directives issued by the Reserve Bank of India and the provisions
of section 58A and 58AA of the Companies Act, 1956 and the rules framed
there under apply.
(vii) In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
(viii) The provision for maintenance of cost records does not apply to
the company.
(ix) (a) The company is generally regular in depositing with
appropriate authorities, undisputed statutory dues including provident
fund, investor education and Protection fund employees state insurance,
sales-tax, wealth- tax, custom duty, excise duty, cess and other
material statutory dues applicable to it. According to the information
and explanations given to us, no undisputed amounts payable in respect
of wealth tax, sales-tax, customs duty and excise duty were
outstanding, at the year end for a period of more than six moths from
the date they became payable.
(b) According to the records of the company, the disputed statutory
dues on account of sales tax, income tax, custom duty, wealth tax,
excise duty and cess that have not been deposited on account of matters
pending before appropriate authorities are as follows:
Nature
of dues/ Amount
due (Rs. Period
of which Forum where Payments
In Lacs) the amount amount is
Relates pending
Income Tax 176.39 A.Y. 2004-05 CIT(A)-II, Knp.
Income Tax 79.91 A.Y. 2007-08 CIT(A)-Knp.
Income Tax 145.20 A.Y.2003-04 CIT(A)-II, Knp.
Income Tax 216.59 A.Y.2002-03 High Court*
Income Tax 41.55 A.Y.2001-02 -do-*
Income Tax 114.99 A.Y.2000-01 -do-*
Income Tax 67.88 A.Y. 1999-00 -do-*
Interest Tax 0.49 A.Y. 1993-94 -do-*
Interest Tax 0.64 A.Y. 1994-95 -do-*
Interest Tax 2.45 A.Y. 1995-96 -do-*
SEBI 1.50 F.Y.2011-12 SAT
847.59
Amount 26.94
Paid(I.Tax)
Balance Due 820.65
* the above has not been acknowledged as debt as on 31.08.2012
(x) The company has no accumulated losses at the end of the financial
year and has not incurred any cash losses in the current and
immediately preceding financial year.
(xi) Based on the information and explanations given by the management,
we are of the opinion that the Company has not defaulted in repayment
of dues to financial institutions, banks or debenture holders.
(xii) The Company has not granted any loans and advances on the basis
of security by wav of pledge of share debentures and other securities.
(xiii) In our opinion, the Company is not a Chit and Nidhi / mutual
benefit fund / society, Therefore, the provisions of clause 4(xiii) of
the order are not applicable to the Company.
(xiv) In our opinion and according to the information and explanations
given to us, the company is not a dealer or trader in securities.
(xv) 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.
(xvi) According to the information and explanations given to us and on
overall examination of the balance sheet of the Company, we report that
no funds raised on sort term basis have been used for long-term
investment No long- term funds have been used to finance short-term
assets except working capital.
(xvii) The company has not made any preferential allotment of share to
parties or Companies covered in the register maintained under section
301 of the Companies Act, 1956.
(xviii) The Company has not raised any money through a public issue
during the year.
(xix) According to the information and explanations given to us, we
report that no 'fraud on or by the Company has been noticed or
reported during the year.
For RAJANI MUKESH
CHAF|TERED
Place: Kanpur
Date: 31.08.2012
Mar 31, 2010
1. We have audited the attached Balance Sheet of M/s Rich Capital &
Financial Services Limited as at 31st March,2010 and also the Profit
and 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 option
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 to reasonable assurance about whether the
financial statements are free of material mis statement. An audit
includes examining, on at 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.
3. As required by the Companies (Auditor's Report) Order, 2003 (the
Order) issued by The Central Government of India in term of sub-section
(4A) of section 227 of the companies Act, 1956, we enclose in the
Annexure a statement on the matters specified in paragraphs 4 and 5 of
the said order.
4. Further to our comments in the Annexure referred tc above, we report
that:
(i) 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;
(ii) In our opinion, proper books of account as required by law have
been kept by the Company so far as appears from our examinations of
those books.
(iii) Balance sheet, profit and Loss Account and Cash Flow statement
dealt with by this report are in agreement with the books of accounts;
(iv) In our opinion, the Balance sheet, Profit and 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, l956;
(v) On the basis of the written representations from the directors, as
on 31st March, 2Q10 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 section 274(1)(g)
of the companies Act, 1956;
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said account read together with the
notes there on, give 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;
(a) in the case of the Balance Sheet, of the statement of affairs of
the Company as at 31st March,2010.
(b) In the case of the Profit and Loss account, of the profit for the
year ended on that date.
(c) In the case of Cash Flow statement, of the cash flows for the year
ended on that date.
For RAJANI MUKESH & ASSOCIATES
CHARTERED ACCOUNTANTS
(C.A.MUKESH RAJANI)
Proprietor
Place: Kanpur
Date : 25.08.2010
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