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Richirich Inventures Ltd.

BSE: 519230 | NSE: | Series: NA | ISIN: INE102C01020 | SECTOR: Edible Oils & Solvent Extraction

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Richirich Inventures is not listed on NSE

Annual Report

For Year :
2014 2013 2012 2011 2010 2009 2008 2007 2006

Auditor's Report

We have audited the attached Balance Sheet of M/s Richirich Inventures Limited as at 31st March 2007 and also the Profit & Loss Account and Cash Flow Statement of the company for the year ended on that date annexed there to. These financial statements are the responsibility of the companys management. Our responsibility is to express an opinion on these financial statements based on our audit. 1. 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 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. 2. As required by the Companies (Auditors Report) Order 2003 issued by the Central Government of India in terms of section 227(4A) of the Companies Act 1956,we enclose in Annexure a statement on the matters specified in the paragraph 4 and 5 of the said order. Further to our comments in the Annexure refer to in paragraph 2 above, 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 accounts as required by law has been kept by the company so far as it appears from our examination of the books of accounts. c. The balance sheet and Profit & Loss account and Cash Flow Statement dealt by this report are in agreement with the books of accounts. d. In our opinion the balance Sheet, Profit & Loss Account and cash Flow Statement dealt with by this report comply with the mandatory Accounting Standards referred in Sub- section 3 C of Section 211 of the Companies Act 1956. e. In our opinion and on the basis of the information and explanations given to us and on the basis of the written representations received from the Directors and taken on record none of the directors of the company is disqualified as on 31st March 2007 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the companies Act 1956. f. In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the Significant Accounting Policies and other loans thereon 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, i. in the case of balance Sheet of the state of affairs of the company as at 31st March 2007 ii.in the case of the Profit & Loss Account of the profit for the year ended on that date and iii.in the case of the cash flow statement, of the cash flow for the year ended on that date. Annexure to Auditors Report Referred to in Paragraph 2 of our report of even date. 1. In respect of its fixed assets: a) The company has maintained proper records showing full particulars details 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 the assets. No material discrepancies were noticed on such physical verification. c) In our opinion the company has not disposed of substantial part of fixed assets during the year and the going concern status of the company is not affected. 2. In respect of the inventories: The Company does not have inventories. 3. In respect of loans, secured or unsecured granted or taken by the company to/from companies, firm or other parties covered in the register maintained under section 301 of the Companies Act 1956. a) The company has not taken any loans during the year. b) In our opinion and according to the information and explanations given to us the rate of interest where ever applicable and other terms and conditions are prima facie not prejudicial to the interest of the company. c) In respect of loan granted by the company these are repayable on demand and therefore the question of over due amounts does not arise. 4. 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 also for the sale of goods and services. During the course of our audit we have not observed any continuing failure to correct major weakness in internal controls. 5. In respect of contracts or arrangements referred to in section 301 of the Companies Act 1956: a) In our opinion and according to the information and explanation given to us, the transactions made in pursuance of contracts or arrangement, that needed to be entered in the register maintained under section 301 of the Companies Act 1956 have so been entered. b) In our opinion and according to the information and explanations given to us, where such transactions are in excess of Rs. 5 Lakh in respect of any party the transactions have been made at prices which prima facie reasonable having regard to the prevailing market prices at the relevant time. 6. According to the information and explanations given to us, the Company has not accepted any deposits from the public. Therefore, the provisions of clause (iv) of the Companies (Auditors Report) Order, 2003 are not applicable to the Company. 7. In our opinion, the Company has an internal audit system commensurate with its size and nature of its business. The central government has not prescribed maintenance of cost record under section 209(1) (d) of the Companies Act 1956 in respect of products of the company. In respect of Statutory dues: a) According of the records of the company there is no undisputed dues including provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income-Tax, Sales Tax, Wealth Tax, Custom Duty, Cess and any other 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 above said dues were outstanding as at 31st March 2007, for a period of more than six months from the date of becoming payable. b) There are no disputed statutory dues. I. The company has accumulated losses of Rs. 18.26 Lakh 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. Based on our audit procedures and according to the informations and explanations given to us, we are of the opinion that the Company has not defaulted in repayment of dues to financial institution, Banks or debenture-holders. I. In our opinion and according to the information and explanations given to us and based on the information available, no loans and advances have been granted by the company on the basis of security by way of pledge of shares, debentures and other securities. 5. In our opinion the company is not a chit fund or a nidhi/mutual benefit fund/society. There fore the provisions of clauses (xiii) of the Companies (Auditors Report) Order, 2003 are not applicable to the Company. 4. In our opinion, the Company is not a dealer or trader in shares, securities, debentures and other investments. 5. According to the informations and explanations given to us, the company has not given any guarantee for loans taken by others from Banks or financial institutions. 6. The company has not raised any new term loans during the year. 7. According to the information and explanations given to us and on overall examination of the balance sheet of the Company, we are of the opinion that there no funds raised short term basis that have been used for long term investment. 8. The company has not made any preferential allotment of shares to parties and companies overed in the registered maintained under section 301 of the Companies Act 1956. 9. The company has not created any securities in respect of any outstanding at the year-end. 10. The company has not raised any money by way of public issue during the year. 11. In our opinion and according to the information and explanations given to us, no material fraud on or by the company has been noticed or reported during the course of our audit. for Lokesh Kumar Jain & Co. Chartered Accountants Lokesh Kumar Jain Place : Mumbai. Proprietor Date : 23rd July,2007 Membership No.: 109066