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Richirich Inventures

BSE: 519230|ISIN: INE102C01020|SECTOR: Edible Oils & Solvent Extraction
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Mar 13
Auditor's Report (Richirich Inventures) Year End : Mar '14
We have audited the accompanying financial statements of RICHIRICH
 INVENTURES LIMITED (the Company) which comprise the Balance Sheet as
 at 31st March, 2014, and the Statement of Profit and Loss and Cash Flow
 Statement for the year then ended, and a Summary of significant
 accounting policies and other explanatory information.
 
 Management''s Responsibility for the Financial Statements
 
 Management is responsible for the preparation of these financial
 statements that give a true and fair view of the financial position,
 financial performance and cash flows of the Company in accordance with
 Accounting Standards referred to in sub-section (3C) of section 211 of
 the Companies Act,1956 (the Act ) read with the General Circular
 15/2013 dated September 13, 2013, issued by the Ministry of Corporate
 Affairs in respect of Section 133 of the Companies Act, 2013. This
 responsibility includes the design, implementation and maintenance of
 internal control relevant to the preparation and presentation of the
 financial statements that give a true and fair view and are free from
 material misstatement, whether due to fraud or error.
 
 Auditor''s Responsibility
 
 Our responsibility is to express an opinion on these financial
 statements based on our audit. We conducted our audit in accordance
 with the Standards on Auditing issued by the Institute of Chartered
 Accountants of India. Those standards require that we comply with
 ethical requirements and plan & perform the audit to obtain reasonable
 assurance about whether the financial statements are free of material
 misstatement. An audit involves performing procedures to obtain audit
 evidence about the amounts and disclosures in the financial statements.
 The procedures selected depend on the Auditor''s judgment including the
 assessment of the risk of material misstatement of the financial
 statements, whether due to fraud or error. In making those risk
 assessments, the auditor considers internal control relevant to the
 company''s preparation and fair presentation of the financial statements
 in order to design audit procedures that are appropriate in the
 circumstances but not for the purpose of expressing an opinion on the
 effectiveness of the Company''s internal control. An audit also includes
 evaluating the appropriateness of accounting policies used and the
 reasonableness of the accounting estimates made by management, as well
 as evaluating the overall presentation of the financial statements. We
 believe that our audit evidence we have obtained is sufficient and
 appropriate to provide a basis for our audit opinion.
 
 Opinion
 
 In our opinion and to the best of our information and according to the
 explanations given to us, the financial statements give the information
 required by the Act in the manner so required and give a true and fair
 view in conformity with the accounting principles generally accepted in
 India:
 
 a.  In the case of Balance Sheet, of the state of affairs of the
 company as at March 31, 2014.
 
 b.  In the case of Profit & Loss Account, of the Profits for the year
 ended on that date; and
 
 c.  In the case of Cash flow statement, of the cash flows for the year
 ended on that date.
 
 Report on Other Legal and Regulatory Requirements
 
 1.  As required by the Companies ( Auditor''s Report ) Order, 2003 (
 the Order) issued by the Central Government of India in terms of
 sub-section (4A) of section 227 of the Act, we give in the Annexure a
 statement on the matters specified in paragraphs 4 and 5 of the Order.
 
 2.  As required by section 227 (3) of the Act, we report that:
 
 a) we have obtained all the information and explanations which to the
 best of our knowledge and belief were necessary for the purpose of our
 audit;
 
 b) in our opinion, proper books of account as required by law have been
 kept by the company so far as appears from our examination of those
 books;
 
 c) the Balance Sheet, Statement of Profit & Loss, and Cash Flow
 Statement dealt with by this report are in agreement with the books of
 accounts.;
 
 d) in our opinion, the Balance Sheet, Statement of Profit & Loss, and
 Cash flow statement comply with the Accounting Standards notified under
 the Act read with the General Circular 15/2013 dated 13th
 September,2013 of the Ministry of Corporate Affairs in respect of
 section 133 of the Companies Act, 2013;
 
 e) on the basis of written representations received from the directors
 as on March 31, 2014, and taken on record by the Board of Directors,
 none of the directors is disqualified as on 31st March, 2013 from being
 appointed as a director in terms of clause ( g ) of sub-section ( 1 )
 of section 274 of the companies Act, 1956.
 
 ANNEXURE TO THE AUDITOR''S REPORT (Referred to in Paragraph 3 of our
 Report of even date)
 
 (i) In respect of its fixed assets.
 
 (a) The company has not maintained proper records showing full
 particulars including quantitative details and situation of fixed
 assets.
 
 (b) Fixed assets has not been physically verified during the year by
 the management and discrepancies between book record and physical
 verification, if any, will be determined only after the register is
 completed/updated.
 
 (c) Fixed Assets disposed off by the Company during the year were not
 substantial; hence it does not affect the Company as a going concern.
 
 (ii) In respect of its inventories:
 
 (a) The Company does not have inventory during the year. Hence this
 clause is not applicable to the Company.
 
 (iii) The Company has received Interest Free Loans from director of
 Rs7, 96,834/- to parties covered in the register maintained under
 Section 301 of the Companies Act, 1956 during the year under review.
 The Terms and Conditions are prima facie not prejudicial to the
 interest of the company.
 
 (iv) In our opinion and according to the information and explanations
 given to us, there are adequate internal control procedures
 commensurate with the size of the company and the nature of its
 business, for purchase of inventory and fixed assets and for the sale
 of goods & services. Further, on the basis of our examination of the
 books and records of the company, and according to information and
 explanations given to us, we have neither come across nor have been
 informed of any continuing failure to correct major weaknesses in the
 aforesaid internal control system.
 
 (v) To the best of our knowledge and belief and accordingly to the
 information and explanations given to us, we have noticed that there
 are no transactions made by the company in pursuance of contracts or
 arrangements entered in the register maintained under Section 301 of
 the Companies Act, 1956 and aggregating during the year to Rs
 5,00,000/- or more
 
 (vi) The Company has not accepted deposit from the public under section
 58A and 58AA of the Companies Act and rules framed there under.
 
 (vii) As per information given to us and in our opinion the Company
 have an internal audit system commensurate with the size and nature of
 its business.
 
 (viii) As informed to us The Central Government has not prescribed for
 maintenance of cost records under Section 209(1) (d) of the Companies
 Act, 1956 for the company.
 
 (ix) Statutory and Other Dues:
 
 (a) According to the information and explanations given to us and based
 on the records examined by us in accordance with generally accepted
 auditing practice in India and also based on Management representation,
 the company is regular in depositing undisputed statutory dues. We have
 been informed there is no undisputed dues which remained outstanding as
 at the end of the financial year, for a period of more than six months
 from the date they became payable.
 
 (b) According to the information and explanations given to us and the
 records of the company examined by us, there are no dues outstanding on
 account of any dispute.  
 
 (x) The company is registered more than five
 years and has not incurred accumulated losses as at 31st March, 2014
 more than fifty percentage of its paid up capital. Hence the provision
 of clause 
 
 (x) of Para 4 of CARO 2003 is not applicable to the company.
 
 (xi) According to the records of the company examined by us and the
 information and explanations given to us, the company has not taken any
 loans from financial institutions, banks. Therefore the question of
 default in the repayment of dues to financial institutions, banks has
 not arisen.  (
 
 xii) The company has not granted loans and advances on the basis of
 security by way of pledge of shares, debentures and other securities.  
 
 (xiii) The company not being Chit Fund/ Nidhi/ Mutual benefit Fund this
 clause and sub clause (a) (b) (c) (d) are not applicable.  
 
 (xiv) According to the information and explanations given to us, the
 company is not dealing or trading in shares, securities, debentures and
 other investment.
 
 (xv) According to the information and explanations given to us, there
 are no guarantees given by the company for loans taken by others from
 banks and financial institutions.  
 
 (xvi) According to the information and explanations given to us, the
 company has not taken any term loans; therefore disclosure of
 application of term loans is not applicable to the company.  
 
 (xvii) On the basis of an overall examination of the Balance Sheet of
 the Company, no funds raised on short-  term basis have been used for
 long-term investment and vice versa
 
 (xviii) According to the information and explanations given to us
 during the year under review the Company has not made preferential
 allotment of shares to parties and companies covered in the register
 maintained under Section 301 of the Companies Act, 1956.
 
 (xix) According to the information and explanations given to us, the
 company has not issued any debentures during the year.  
 
 (xx) According to the information and explanations given to us, the
 company has not raised any money by way of public issues during the
 year.
 
 (xxi) During the course of examination of the books of accounts and
 records of the company, carried out in accordance with the generally
 accepted auditing practice in India, and according to the information
 and explanations given to us, we have not come across any fraud on or
 by the company, noticed or reported during the year, nor have we been
 informed of such case by the management.
 
 
                                    For Deepak SL Agarwal& Co
                                    Chartered Accountants
                                    FRN 123094W
 
                                    Deepak S Agarwal 
                                    Proprietor 
 Place: Mumbai                      Mem. No. 110579
 Date: 29/05/2014
Source :
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