Mar 31, 2015
We have audited the accompanying financial statements of Richfield
Financial Services Ltd. ('the company') which comprise the Balance
Sheet as at 31 March 2015, the Statement of Profit and Loss, the Cash
Flow Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated
in the section 134(S) 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 include
maintenance of adequate accounting records in accordance with the
provision of the Act for safeguarding the assets of the company and for
preventing and detecting fraud 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 adequate internal financial controls, that were
operating effectively for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatements, whether due to fraud or error.
Auditors' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit.
We have taken into account the provision of the Act and the Rules made
thereunder including the accounting and auditing standards and the
matters which are required to be included in the audit report.
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 misstatements. An audit involves performing
procedure to obtain audit evidence about the amounts and the
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 financial control relevant to the company's preparation of the
financial statements that give a true and fair view, in order to design
audit procedures that are appropriate in the circumstances, but not for
the purpose of expressing an opinion on whether the Company has in
place an adequate internal financial controls system over financial
reporting and the operating effectiveness of such controls. An audit
also includes evaluating the appropriateness of the accounting policies
used and the reasonableness of the accounting estimates made by the
Company's Directors, as well as evaluating the overall presentation of
the financial statements.
We believe that 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, 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, of the state of affairs of the Company as
at 31 March 2015 and its profit and its cash flows for the year ended
on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors 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 give in the annexure a
statement on the matters specified in the paragraph 3 and 4 of the
Order, to the extent applicable.
2. As required by section 143 (3) of the Act , we report that :
a. We have sought and obtained all the information and explanations
which to the 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 it appears from our examination of
those books.
c. The Balance Sheet, the Statement of Profit & Loss and the 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 the 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. With respect to the other matters to be included in the Auditor's
Report in accordance with the Rule 11 of the Companies (Audit and
Auditors ) Rules 2014, in our opinion and to the best of our
information and according to the explanation given to us :
i. The Company does not have any pending litigations which would
impact its financial position in its financial statements;
ii. The Company does not have any long term contracts including
derivatives contracts for which there were any material foreseeable
losses; and
iii. There were no amounts which were required to be transferred to
the Investor Education and Protection Fund by the Company.
3. As required by the "Non Banking Financial Companies Auditors Report
(Reserve Bank) Directions, 1998", we further state that we have
submitted a Report to the Board of Directors of the Company containing
a statement on the matters of supervisory concern to the Reserve Bank
of India as specified in the said directions, namely the following: -
a) The Company, incorporated prior to January 9, 1997, has applied for
registration as provided in section 4S-IA of the Reserve Bank of India
Act, 1934 (2 of 1934). The Company has been granted certificate of
registration as NBFC by the Reserve Bank of India and the Registration
No. is 05.00093 dated 18.02.1998.
b) The Board of Directors of the Company has passed a Resolution for
non-acceptance of any public deposits.
c) The Company has not accepted any public deposits during the year
under reference.
d) The Company has complied with the prudential norms relating to
income recognition, accounting standards, asset classification and
provisioning of bad doubtful debts as applicable to it.
ANNEXURE TO THE INDEPENDENT AUDITOR'S REPORT
(Referred to in paragraph I under ' Report on Other Legal and
Regulatory Requirements' section of our report of even date)
I. In respect of its fixed assets :
a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets on the
basis of available information.
b) As explained to us, all the fixed assets have been physically
verified by the management in a phased periodical manner, which in our
opinion is reasonable, having regard to the size of the Company and
nature of its assets. No material discrepancies were noticed on such
physical verification.
II. In respect of its inventories:
a) The inventories have been physically verified during the year by the
management. In our opinion, the frequency of verification is
reasonable.
b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
c) On the basis of our examination of the inventory records, in our
opinion, the Company is maintaining proper records of inventories. As
per the information and explanation given to us, no material
discrepancies were noticed on physical verification.
III. The Company has not granted any loan, secured or unsecured to
companies, firms or other parties covered in the register maintained
under Section 189 of the Companies Act, 2013. Accordingly, the
provisions of clauses 3(iii)(a) and 3(iii) (b) of the Order are not
applicable to the company.
IV. In our opinion and according to the information and explanations
given to us, the Company has an adequate internal control system
commensurate with its size and the nature of its business for the
purchase of inventory and 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 such internal control
system.
V. According to the information and explanations given to us, the
Company has not accepted any Deposit from the public within the meaning
of section 73 to 76 of the Act and the rule made thereunder.
Accordingly, the provisions of Clause 3(v) of the Order are not
applicable to the Company.
VI. To the best of our knowledge and belief, the Central Government
has not specified maintenance of cost records under sub-section (1) of
Section 148 of the Act, in respect of activities carried out by the
Company. Accordingly, the provisions of clause 3(vi) of the Order are
not applicable.
VII. In respect of statutory dues:
a) According to the records of the Company, undisputed statutory dues
including Provident Fund, Employees' State Insurance, Income Tax, Sales
Tax, Wealth Tax, Service Tax, Duty of Customs, Duty of Excise, Value
Added Tax, Cess and other material statutory dues have been generally
regularly deposited with the appropriate authorities. According to the
information and explanations given to us, no undisputed amounts payable
in respect of the aforesaid dues were in arrears, as at 315t March,
2015 for a period of more than six months from the date of became
payable.
b) There are no dues in respect of income-tax, sales-tax, wealth tax,
service tax, duty of customs, duty of excise, value added tax and cess
that have not been deposited with the appropriate authorities on
account of any dispute.
c) There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company in accordance
with the relevant provisions of the Companies Act, 19S6 (I of 19S6) and
rules made thereunder. Accordingly, the provisions of clause 3(vii)(c)
of the Order are not applicable.
VIII. The Company does not have accumulated losses at the end of the
financial year. The Company has not incurred cash losses during the
financial year covered by the audit and in the immediately preceding
financial year.
IX. The Company has no dues payable to a financial institution or a
bank or debenture- holders during the year. Accordingly, the provisions
of clause 3(ix) of the Order are not applicable.
X. The Company has not given any guarantees for loans taken by others
from banks or Financial Institutions. Accordingly, the provisions of
clause 3(x) of the Order are not applicable.
XI. The Company did not have any term loans outstanding during the
year. Accordingly, the provisions of clause 3 (xi) of the Order are not
applicable.
XII. In our opinion 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 More V & Co.
Chartered Accountants
Firm Reg. No. 312033E
16B, Roberts Street (P K SHYAMSUKHA)
Kolkata-700012 Partner
May 30, 2015 M. No. S3220
Mar 31, 2014
We have audited the accompanying financial statements of Richfield
Financial Services Limited ("the Company"), which comprise the Balance
Sheet as at March 31,2014, 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. We
have signed under reference to this report.
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 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"), read with the General Circular 08/2014
dated April 4, 2014 of the Ministry of Corporate Affairs. 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 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, but not for the
purpose of expressing an opinion on the effectiveness of the entity'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 the 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 said accounts together with the notes
thereon gives 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 31st March 2014.
b) In the case of the Statement of Profit & Loss of the Profit of the
Company for the year ended on that date.
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
c) the Balance Sheet and 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 Balance Sheet and Statement of Profit and Loss,
and Cash Flow Statement dealt with this report comply with the
Accounting Standards notified under the Act read with the General
Circular No. 08/2014 dated April 4, 2014 of the Ministry of Corporate
Affairs.
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.
3. As required by the "Non Banking Financial Companies Auditors Report
(Reserve Bank) Directions, 1998", we further state that we have
submitted a Report to the Board of Directors of the Company containing
a statement on the matters of supervisory concern to the Reserve Bank
of India as specified in the said directions, namely the following: -
a) The Company, incorporated prior to January 9, 1997, has applied for
registration as provided in section 45-IA of the Reserve Bank of India
Act, 1934 (2 of 1934). The Company has been granted certificate of
registration as NBFC by the Reserve Bank of India and the Registration
No. is 05.00093 dated 18.02.1998.
b) The Board of Directors of the Company has passed a Resolution for
non-acceptance of any public deposits.
c) The Company has not accepted any public deposits during the year
under reference.
d) The Company has complied with the prudential norms relating to
income recognition, accounting standards, asset classification and
provisioning of bad doubtful debts as applicable to it.
ANNEXURE TO THE AUDITORS' REPORT
(Referred to in Paragraph 3 of our report of even date)
1) (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) Fixed Assets have been physically verified by the management
according to a phased programme designed to cover all the items over a
period, which in our opinion, is reasonable having regard to the size
of the company and the nature of its assets. Pursuant to the programme,
a portion of the fixed assets has been physically verified by the
management during the year and no material discrepancies have been
notified on such verification.
(c) In our opinion, and according to the information and explanations
given to us, a substantially part of Fixed assets has not been disposed
off by the company during the Year.
2) The company does not hold any inventories within the meaning of
inventories, as defined in Accounting Standard - 2 (Rev) issued by ICAI
and therefore Clause 4(ii) of the Companies (Auditor's Report) Order
2003 is not applicable.
3) (a) According to the information and explanations given to us, the
Company has not granted any loans, Secured or unsecured , from
companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956. Accordingly, the
provisions of clause 4(iii)(a) to (d) of order are not applicable to
the Company and hence not commented upon.
(b) According to the information and explanations given to us, the
Company has not taken any loans, Secured or unsecured , from companies,
firms or other parties covered in the register maintained under section
301 of the Companies Act,1956. Accordingly, the provisions of clause
4(iii)(e) to (g) of order are not applicable to the Company and hence
not commented upon.
4) In our opinion and according to the information and explanation
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 & sale of goods
and Services. Further, on the basis of the books and records of the
Company, and according to the information and explanations given to us,
we have neither come across, nor have been informed of, any continuing
failure to the correct major weaknesses in the aforesaid internal
control system.
5) Based on the audit procedures applied by us and according to the
information and explanation provided by the management, we are of the
opinion that there were no transactions during the year that need to be
entered into the register maintained under section 301 of the Companies
Act, 1956 and as such clause v (b) is not applicable.
6) Based on our scrutiny of the company's records and according to the
information and explanations provided by the management, in our opinion
the company has not accepted any public deposit and hence there is no
contravention to the directives of Reserve Bank of India and the
provision of Sections 58A and 58AA of the Act and the rules framed
there under. We are informed by the management that no order has been
passed by the National Company Law Tribunal under Sections 58A and
58AA.
7) In our opinion the Company has an internal audit system commensurate
with the size of the Company and nature of its business.
8) We have been informed by the management that the Central Government
has not prescribed maintenance of cost records under Section 209(1)(d)
of the Companies Act, 1956 in respect of activities carried out by the
company.
9) a) According to the records of the Company, The Company is regular
in depositing with appropriate authorities undisputed statutory dues
including provident fund, investor education and protection fund,
employees' state insurance, income tax, wealth-tax, custom duty, excise
duty, cess and any other statutory dues applicable to it.
b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth-tax, sales
tax, custom duty, excise duty and cess were in arrears, as at 31st
March, 2014 for a period of more than six months from the date they
became payable.
c) According to the information and explanation given to us, there are
no dues of sales tax, income tax, customs duty, wealth tax, excise duty
and cess, which have not been deposited on account of any dispute.
10) The Company does not have any accumulated losses at the end of the
Financial Year and has not incurred cash losses during the financial
year and in the immediately preceding financial year.
11) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of any dues to
a financial institution or bank or debenture holders as at the balance
sheet date.
12) The company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
Therefore, the provisions of clause 4(xii) of the order are not
applicable to the company.
13) As the Provisions of any special statute applicable to chit fund/
nidhi/mutual benefit fund/societies are not applicable to the company,
the provisions of clause 4(xiii) of the order are not applicable to the
company.
14) In our Opinion, the company has maintained proper records of
transactions and contracts relating to dealing or trading in shares,
securities, debentures and other investments during the year and timely
entries have been made therein. Further, such securities have been held
by the in its own name.
15) In our Opinion, and according to the information and explanations
given to us, the terms and conditions of the guarantee given by the
company for loans taken by others from banks or financial institutions
during the year, are not prejudicial to the interest of the company.
16) The company has not raised any money through term loan and
consequently do not have any term loan outstanding as at the end of the
year.
17) On the basis of information received from the management and based
on our examination of the balance sheet of the company, we find that
the funds raised on a short-term basis have not been used for long-
term investment and vice-versa.
18) The Company has not made any preferential allotment of shares to
parties or companies covered in the register maintained under Section
301 of the Companies Act, 1956.
19) According to the records of the company, the company has not issued
any debentures.
20) The Company has not raised any money by public issue during the
year. Accordingly the provisions of Clause 4(xx)of the order are not
applicable to the Company.
21) 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
materials fraud on or by the Company, noticed or reported during the
year, nor have we been informed of any such case by the management.
For MORE V & CO.
Chartered Accountants
Firm Registration No. 312033E
16B, Roberts Street Sd/-
Kolkata - 700 012 P K SHYAMSUKHA
May 30, 2014 Partner
Membership No. 53220
Mar 31, 2013
We have audited the accompanying financial statements of Richfield
Financial Services Limited ("the Company"), which comprise the Balance
Sheet as at March 31, 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 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.
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.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the said accounts together with the notes
thereon gives 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 31st March 2013.
b) In the case of the Statement of Profit & Loss of the Profit of the
Company for the year ended on that date.
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 and have found them to be satisfactory;
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 and Statement of Profit and Loss dealt with by
this Report are in agreement with the books of account.
d) in our opinion, the Balance Sheet and Statement of Profit and Loss
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, 2013, 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 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.
3. As required by the "Non Banking Financial Companies Auditors Report
(Reserve Bank) Directions, 1998", we further state that we have
submitted a Report to the Board of Directors of the Company containing
a statement on the matters of supervisory concern to the Reserve Bank
of India as specified in the said directions, namely the following: -
a) The Company, incorporated prior to January 9, 1997, has applied for
registration as provided in section 45-IA of the Reserve Bank of India
Act, 1934 (2 of 1934). The Company has been granted certificate of
registration as NBFC by the Reserve Bank of India and the Registration
No. is 05.00093 dated 18.02.1998.
b) The Board of Directors of the Company has passed a Resolution for
non-acceptance of any public deposits.
c) The Company has not accepted any public deposits during the year
under reference.
d) The Company has complied with the prudential norms relating to
income recognition, accounting standards, asset classification and
provisioning of bad doubtful debts as applicable to it.
ANNEXURE TO THE AUDITORS' REPORT
(Referred to in Paragraph 3 of our report of even date)
1) (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) Fixed Assets have been physically verified by the management during
the year, which in our opinion is reasonable having regard to the size
of the company and the nature of its fixed assets.
(c) There was no Substantial disposal of fixed assets during the year,
which would affect the going concern of the Company.
2) The company does not hold any inventories within the meaning of
inventories, as defined in Accounting Standard - 2 (Rev) issued by ICAI
and therefore Clause 4(ii) of the Companies (Auditor's Report) Order
2003 is not applicable.
3) (a) As informed to us the Company has not taken any loan but has
granted a loan to a party (continuing from earlier years) covered in
the register maintained under section 301 of the Companies Act, 1956,
the maximum amount of which involved during the year and the year-end
balance is Rs. NIL/-and Rs. Nil/-, respectively.
(b) In our opinion, the rate of interest and other terms and conditions
of such loan is not prima facie prejudicial to the interest of the
company.
(c) In respect of the aforesaid loan, the borrower has been regular in
repaying the interest as stipulated. The terms of arrangement do not
stipulate any repayment schedule and are repayable on demand.
Accordingly, Paragraph 4 (iii)(c) of the Order is not applicable to the
Company in respect of repayment of the principal amount.
(d) There are no overdue amounts of more than rupees one lakh in
respect of loan granted to the body corporate listed in the register
maintained under Section 301 of the Companies Act, 1956.
4) In our opinion and according to the information and explanation
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 & sale of goods.
There is no continuing failure to correct major weakness in the
internal control.
5) Based on the audit procedures applied by us and according to the
information and explanation provided by the management, we are of the
opinion that there were no transactions during the year that need to be
entered into the register maintained under section 301 of the Companies
Act, 1956 and as such clause v (b) is not applicable.
6) Based on our scrutiny of the company's records and according to the
information and explanations provided by the management, in our opinion
the company has not accepted any public deposit and hence there is no
contravention to the directives of Reserve Bank of India and the
provision of Sections 58A and 58AA of the Act and the rules framed
there under. We are informed by the management that no order has been
passed by the National Company Law Tribunal under Sections 58A and
58AA.
7) In our opinion the Company has an internal audit system commensurate
with the size of the Company and nature of its business.
8) We have been informed by the management that the Central Government
has not prescribed maintenance of cost records under Section 209(1 )(d)
of the Companies Act, 1956 in respect of activities carried out by the
company.
9) a) According to the records of the Company, The Company is regular
in depositing with appropriate authorities undisputed statutory dues
including provident fund, investor education and protection fund,
employees' state insurance, income tax, wealth-tax, custom duty, excise
duty, cess and any other statutory dues applicable to it.
b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth-tax, sales
tax, custom duty, excise duty and cess were in arrears, as at 31st
March, 2012 for a period of more than six months from the date they
became payable.
c) According to the information and explanation given to us, there are
no dues of sales tax, income tax, customs duty, wealth tax, excise duty
and cess, which have not been deposited on account of any dispute.
10) The Company has no accumulated losses as at 31.03.2013 and it has
not incurred cash losses during the financial year but had incurred the
same in the immediately preceding financial year.
11) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of any dues to
a financial institution or bank or debenture holders.
12) According to the records of the company, the company has not
granted any loans and advances on the basis of security by way of
pledge of shares, debentures and other securities.
13) In our opinion, the Company is not a chit fund or a nidhi mutual
benefit fund/society. Therefore, the provisions of clause 4(xiii) of
the Companies (Auditor's Report) Order, 2003 are not applicable to the
Company.
14) On the basis of our examinations of the companies' records, we are
of the opinion that the company is maintaining adequate records
regarding transactions and contracts relating to dealing / trading in
shares, securities and other investments and timely entries have been
made therein. The shares, securities and other investments have been
held by the company in its own name except to the extent of exemption
granted under section 49 of the Act.
15) According to the records of the company and the information and
explanations provided by the management, the company has not given any
guarantee for loans taken by others from bank or financial
institutions.
16) The company has not raised any money through term loan and
consequently do not have any term loan outstanding as at the end of the
year.
17) On the basis of information received from the management and based
on our examination of the balance sheet of the company, we find that
the funds raised on a short-term basis have not been used for long-term
investment and vice-versa.
18) The Company has not made any preferential allotment of shares to
parties or companies covered in the register maintained under Section
301 of the Companies Act, 1956.
19) According to the records of the company, the company has not issued
any debentures.
20) The Company has not raised any money by public issue during the
year.
21) Based on information and explanations furnished by the management,
there were no frauds on or by the Company noticed or reported during
the course of our audit.
For MORE V& CO.
Chartered Accountants
Firm Registration No. 312033E
16B, Roberts Street Sd/-
Kolkata - 700 012 PKSHYAMSUKHA
May 30, 2013 Partner
Membership No. 53220
Mar 31, 2012
1. We have audited the attached Balance Sheet of M/s. RICHFIELD
FINANCIAL SERVICES LIMITED |as at 31st March 2012 the Statement of
Profit and Loss Account for the year ended on that date annexed thereto
and the Cash Flow Statement for the year ended on that date, which we
have signed under reference to this report. These financial statements
are the responsibility of the management of the company. Our
responsibility is to express an opinion 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 reasonable assurance about whether the
financial statements are free of material misstatement. An audit
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 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 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.
Further to our comments in the Annexure referred to above, we report
that:
1. 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;
2. 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;
3. The Balance Sheet, Statement of Profit and Loss Account and Cash
Flow Statement referred to in this report are in agreement with the
books of account;
4. In our opinion, the Balance Sheet, Statement 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, 1956;
5. On the basis of the written representations received from the
directors, as on 31st March, 2012 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March, 2012 from being appointed as a director in terms of clause
(g) of sub-section (1) of Section 274 of the Companies Act, 1956;
6. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read with notes
appearing in Notes on Accounts give the information required by the
Companies Act, 1956, 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 31st March 2012.
b) In the case of the statement of Profit & Loss account of the Loss of
the Company for the year ended on that date.
c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
As required by the "Non Banking Financial Companies Auditors Report
(Reserve Bank) Directions, 1998", we further state that we have
submitted a Report to the Board of Directors of the Company containing
a statement on the matters of supervisory concern to the Reserve Bank
of India as specified in the said directions, namely the following: -
1. The Company, incorporated prior to January 9, 1997, has applied for
registration as provided in section 45-1A of the Reserve Bank of India
Act, 1934 (2 of 1934). The Company has been granted certificate of
registration as NBFC by the Reserve Bank of India and the Registration
No. is 05.00093 dated 18.02.1998.
2. The Board of Directors of the Company has passed a Resolution for
non-acceptance of any public deposits.
3. The Company has not accepted any public deposits during the year
under reference.
4. The Company has complied with the prudential norms relating to
income recognition, accounting standards, asset classification and
provisioning of bad doubtful debts as applicable to it.
ANNEXURE TO THE AUDITORS' REPORT
(Referred to in Paragraph 3 of our report of even date)
1) (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) Fixed Assets have been physically verified by the management during
the year, which in our opinion is reasonable having regard to the size
of the company and the nature of its fixed assets.
(c) There was no Substantial disposal of fixed assets during the year,
which would affect the going concern of the Company.
2) The company does not hold any inventories within the meaning of
inventories, as defined in Accounting Standard - 2 (Rev) issued by ICAI
and therefore Clause 4(ii) of the Companies (Auditor's Report) Order
2003 is not applicable.
3) (a) As informed to us the Company has not taken any loan but has
granted a loan to a party (continuing from earlier years) covered in
the register maintained under section 301 of the Companies Act, 1956,
the maximum amount of which involved during the year and the year- end
balance is Rs. NIL/- and Rs. Nil /-, respectively.
(b) In our opinion, the rate of interest and other terms and conditions
of such loan is not prima facie prejudicial to the interest of the
company.
(c) In respect of the aforesaid loan, the borrower has been regular in
repaying the interest as stipulated. The terms of arrangement do not
stipulate any repayment schedule and are repayable on demand.
Accordingly, Paragraph 4 (iii)(c) of the Order is not applicable to the
Company in respect of repayment of the principal amount.
(d) There are no overdue amounts of more than rupees one lakh in
respect of loan granted to the body corporate listed in the register
maintained under Section 301 of the Companies Act, 1956.
4) In our opinion and according to the information and explanation
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 & sale of goods.
There is no continuing failure to correct major weakness in the
internal control.
5) Based on the audit procedures applied by us and according to the
information and explanation provided by the management, we are of the
opinion that there were no transactions during the year that need to be
entered into the register maintained under section 301 of the Companies
Act, 1956 and as such clause v (b) is not applicable.
6) Based on our scrutiny of the company's records and according to the
information and explanations provided by the management, in our opinion
the company has not accepted any public deposit and hence there is no
contravention to the directives of Reserve Bank of India and the
provision of Sections 58A and 58AA of the Act and the rules framed
there under. We are informed by the management that no order has been
passed by the National Company Law Tribunal under Sections 58A and
58AA.
7) In our opinion the Company has an internal audit system commensurate
with the size of the Company and nature of its business.
8) We have been informed by the management that the Central Government
has not prescribed maintenance of cost records under Section 209(1 )(d)
of the Companies Act, 1956 in respect of activities carried out by the
company.
9) a) According to the records of the Company, The Company is regular
in depositing with appropriate authorities undisputed statutory dues
including provident fund, investor education and protection fund,
employees' state insurance, income tax, wealth-tax, custom duty, excise
duty, cess and any other statutory dues applicable to it.
b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth-tax, sales
tax, custom duty, excise duty and cess were in arrears, as at 31st
March, 2012 for a period of more than six months from the date they
became payable.
c) According to the information and explanation given to us, there are
no dues of sales tax, income tax, customs duty, wealth tax, excise duty
and cess, which have not been deposited on account of any dispute.
10) The Company has no accumulated losses as at 31.03.2012 but it has
incurred some cash losses during the financial year whereas there was
no cash loss in the immediately preceding financial year.
11) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of any dues to
a financial institution or bank or debenture holders.
12) According to the records of the company, the company has not
granted any loans and advances on the basis of security by way of
pledge of shares, debentures and other securities.
13) In our opinion, the Company is not a chit fund or a nidhi mutual
benefit fund/society. Therefore, the provisions of clause 4(xiii) of
the Companies (Auditor's Report) Order, 2003 are not applicable to the
Company.
14) On the basis of our examinations of the companies' records, we are
of the opinion that the company is maintaining adequate records
regarding transactions and contracts relating to dealing / trading in
shares, securities and other investments and timely entries have been
made therein. The shares, securities and other investments have been
held by the company in its own name except to the extent of exemption
granted under section 49 of the Act.
15) According to the records of the company and the information and
explanations provided by the management, the company has not given any
guarantee for loans taken by others from bank or financial
institutions.
16) The company has not raised any money through term loan and
consequently do not have any term loan outstanding as at the end of the
year.
17) On the basis of information received from the management and based
on our examination of the balance sheet of the company, we find that
the funds raised on a short-term basis have not been used for long-term
investment and vice-versa.
18) The Company has not made any preferential allotment of shares to
parties or companies covered in the register maintained under Section
301 of the Companies Act, 1956.
19) According to the records of the company, the company has not issued
any debentures.
20) The Company has not raised any money by public issue during the
year.
21) Based on information and explanations furnished by the management,
there were no frauds on or by the Company noticed or reported during
the course of our audit.
For More V & Co.
Chartered Accountants
Firm Reg. No. 312033E
16B, Roberts Street P K Shyamsukha
Kolkata - 700 012 Partner
May 31,2012 M. No. 53220
Mar 31, 2011
1. We have audited the attached Balance Sheet of M/s. RICHFIELD
FINANCIAL SERVICES LIMITED as at 31st March 2011 the Profit and Loss
Account for the year ended on that date annexed thereto and the Cash
Flow Statement for the year ended on that date, which we have signed
under reference to this report. These financial statements are the
responsibility of the management of the company. Our responsibility is
to express an opinion 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 reasonable assurance about whether the
financial statements are free of material misstatement. An audit
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 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 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.
Further to our comments in the Annexure referred to above, we report
that:
1. 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;
2. 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;
3. The Balance Sheet, Profit and Loss Account and Cash Flow Statement
referred to in this report are in agreement with the books of account;
4. 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, 1956;
5. On the basis of the written representations received from the
directors, as on 31st March, 2011 and taken on record by the Board of
Directors, we report that none of the directors is 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;
6. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read with notes
appearing in Notes on Accounts give the information required by the
Companies Act, 1956, 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 31st March 2011.
b) In the case of the Profit & Loss account of the Profit of the
Company for the year ended on that date.
c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
As required by the "Non Banking Financial Companies Auditors Report
(Reserve Bank) Directions, 1998", we further state that we have
submitted a Report to the Board of Directors of the Company containing
a statement on the matters of supervisory concern to the Reserve Bank
of India as specified in the said directions, namely the following: -
1. The Company, incorporated prior to January 9, 1997, has applied for
registration as provided in section 45-IA of the Reserve Bank of India
Act, 1934 (2 of 1934). The Company has been granted certificate of
registration as NBFC by the Reserve Bank of India and the Registration
No. is 05.00093 dated 18.02.1998.
2. The Board of Directors of the Company has passed a Resolution for
non-acceptance of any public deposits.
3. The Company has not accepted any public deposits during the year
under reference.
4. The Company has complied with the prudential norms relating to
income recognition, accounting standards, asset classification and
provisioning of bad doubtful debts as applicable to it.
ANNEXURE TO THE AUDITORS' REPORT
(Referred to in Paragraph 3 of our report of even date)
1) (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) Fixed Assets have been physically verified by the management during
the year, which in our opinion is reasonable having regard to the size
of the company and the nature of its fixed assets.
(c) There was no Substantial disposal of fixed assets during the year,
which would affect the going concern of the Company.
2) The company does not hold any inventories within the meaning of
inventories, as defined in Accounting Standard - 2 (Rev) issued by ICAI
and therefore Clause 4(ii) of the Companies (Auditor's Report) Order
2003 is not applicable.
3) (a) As informed to us the Company has not taken any loan but has
granted a loan to a party (continuing from earlier years) covered in
the register maintained under section 301 of the Companies Act, 1956,
the maximum amount of which involved during the year and the year- end
balance is Rs. Nil /- and Rs. Nil /-, respectively.
(b) In our opinion, the rate of interest and other terms and conditions
of such loan is not prima facie prejudicial to the interest of the
company.
(c) In respect of the aforesaid loan, the borrower has been regular in
repaying the interest as stipulated. The terms of arrangement do not
stipulate any repayment schedule and are repayable on demand.
Accordingly, paragraph 4 (iii)(c) of the Order is not applicable to the
Company in respect of repayment of the principal amount.
(d) There are no overdue amounts of more than rupees one lakh in
respect of loan granted to the body corporate listed in the register
maintained under Section 301 of the Companies Act, 1956.
4) In our opinion and according to the information and explanation
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 & sale of goods.
There is no continuing failure to correct major weakness in the
internal control.
5) Based on the audit procedures applied by us and according to the
information and explanation provided by the management, we are of the
opinion that there were no transactions during the year that need to be
entered into the register maintained under section 301 of the Companies
Act, 1956 and as such clause v (b) is not applicable.
6) Based on our scrutiny of the company's records and according to the
information and explanations provided by the management, in our opinion
the company has not accepted any public deposit and hence there is no
contravention to the directives of Reserve Bank of India and the
provision of Sections 58A and 58AA of the Act and the rules framed
there under. We are informed by the management that no order has been
passed by the National Company Law Tribunal under Sections 58A and
58AA.
7) In our opinion the Company has an internal audit system commensurate
with the size of the Company and nature of its business.
8) We have been informed by the management that the Central Government
has not prescribed maintenance of cost records under Section 209(1)(d)
of the Companies Act, 1956 in respect of activities carried out by the
company.
9) a) According to the records of the Company, The Company is regular
in depositing with appropriate authorities undisputed statutory dues
including provident fund, investor education and protection fund,
employees' state insurance, income tax, wealth-tax, custom duty, excise
duty, cess and any other statutory dues applicable to it.
b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth-tax, sales
tax, custom duty, excise duty and cess were in arrears, as at 31st
March, 2011 for a period of more than six months from the date they
became payable.
c) According to the information and explanation given to us, there are
no dues of sales tax, income tax, customs duty, wealth tax, excise duty
and cess, which have not been deposited on account of any dispute.
10) The Company has no accumulated losses as at 31.03.2011 and it has
not incurred any cash losses during the financial year ended on that
date or in the immediately preceding financial year.
11) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of any dues to
a financial institution or bank or debenture holders.
12) According to the records of the company, the company has not
granted any loans and advances on the basis of security by way of
pledge of shares, debentures and other securities.
13) In our opinion, the Company is not a chit fund or a nidhi mutual
benefit fund/society. Therefore, the provisions of clause 4(xiii) of
the Companies (Auditor's Report) Order, 2003 are not applicable to the
Company.
14) On the basis of our examinations of the companies' records, we are
of the opinion that the company is maintaining adequate records
regarding transactions and contracts relating to dealing / trading in
shares, securities and other investments and timely entries have been
made therein. The shares, securities and other investments have been
held by the company in its own name except to the extent of exemption
granted under section 49 of the Act.
15) According to the records of the company and the information and
explanations provided by the management, the company has not given any
guarantee for loans taken by others from bank or financial
institutions.
16) The company has not raised any money through term loan and
consequently do not have any term loan outstanding as at the end of the
year.
17) On the basis of information received from the management and based
on our examination of the balance sheet of the company, we find that
the funds raised on a short-term basis have not been used for long-term
investment and vice-versa.
18) The Company has not made any preferential allotment of shares to
parties or companies covered in the register maintained under Section
301 of the Companies Act, 1956.
19) According to the records of the company, the company has not issued
any debentures.
20) The Company has not raised any money by public issue during the
year.
21) Based on information and explanations furnished by the management,
there were no frauds on or by the Company noticed or reported during
the course of our audit.
For More V & Co.
Chartered Accountants
Firm Reg. No. 312033E
16B, Roberts Street P K Shyamsukha
Kolkata - 700 012 Partner
May 31,2011 M. No. 53220
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