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.
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.
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
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
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
c) the Balance Sheet, Statement of Profit & Loss, and Cash Flow
Statement dealt with by this report are in agreement with the books of
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
(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
(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
(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
(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
(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
(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
Deepak S Agarwal
Place: Mumbai Mem. No. 110579