We have audited the attached Balance Sheet of RICHIRICH INVENTURES
LIMITED (Formerly known as RICHIRICH AGRO LIMITED), as at 31st March,
2010, the Profit &Loss Account of the Company for the year ended on
that date and the Cash Flow Statement of the company as at that date
annexed thereto. These Financial statements are the responsibility of
the company''s management. Our responsibility is to express an opinion
on these financial statements based on our audit. We have conducted
our audit in accordance with auditing standards generally accepted in
India. Those standards require that we plan & perform the audit to
obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining on 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.
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'' of India, we enclose in the
Annexure a statement on the matters specified in paragraphs 4 and 5 of
the said Order.
1. Further to our comment in the Annexure referred to in paragraph
above and subject to contingent liability of Rs. 3.71 lacs (approx.)
plus interest and penalty if any of TDS liability under provisions of
income tax Act, 1961 as referred under para 4 of Note 5 of Schedule 13,
we report that :
a) We have obtained all the information and explanation, which to the
best of our knowledge and belief were necessary for the purposes of our
b) In our opinion, proper books of accounts as required by law have
been kept by the company so far as appears from our examination of
c) The Balance Sheet ,Profit & Loss Account and the Cash flow statement
dealt with by this report are in agreement with the books of accounts;
d) In our opinion the Balance Sheet, Profit & Loss Account and the 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.
e) On the basis of written representation received from directors of
the company as on 31st March, 2011 and taken on record by the Board of
Directors, we report that none of the directors are disqualified as on
31 March, 2010 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 financial statements together
with the notes thereon and attached thereto give in the prescribed
manner the information required by the Companies Act, 1956 and give a
true and fair view in conformity with the accounting principles
generally accepted in India:
1. in the case of Balance Sheet, of the state of affairs of the
company as at 31st March, 2010
ii. in the case of Profit & Loss Account, of the Lost for the
year ended on that date ; and
iii. in the case of Cash flow statement, of the cash flows for the
year ended on that date.
As per our report of even date
ANNEXURE TO THE AUDITOR''S REPORT (Referred to in Paragraph 3 of the
Auditors'' Report of even date to the members of RichiRich Inventures
Limited (Formerly known as RichiRich Agro Limited) on the financial
statements for the vear ended 31 March. 2010
(i) (a) The company has not updated proper records showing full
particulars, including quantitative details and situation
of fixed assets
(b) As explained to us the Fixed assets have been physically
verified by the management at reasonable intervals.
(c) No Fixed Assets has been disposed off during the year.
(ii)(a) The Company does not have inventory during the year.
Hence this clause is not applicable to the Company.
(iii) The company has not granted / taken loans to/from parties
covered in the register maintained under section 301 of
the Act during the period under review. Hence, provision
of sub section (iii) (a) to (iii) (g) of para 4 of CARO
2003 are not applicable to the Company.
(iv) In our opinion and according to the information and
explanations given to us, there is an adequate internal
control system which commensurate with the size of the
company and the nature of its business, for purchase of
fixed assets and for the services rendered. 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) (a) According to the information and explanations given to us,
the particulars of contracts or arrangements referred to
in Section 301 of the Act during the year has been entered
in the register required to be maintained under that
(b) In our opinion and according to the information and
explanations given to us, the transactions made in
pursuance of such contracts or arrangements have been made
at prices which are reasonable terms having regard to the
prevailing market prices at the relevant time.
(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 has an internal audit system commensurate with the
size of business of the Company.
(viii) As informed to us there are no cost records prescribed by
the central government under sec. 209(l)(d) of the Act
hence this clause is not applicable.
(ix) (a) According to the information and explanations given to us
and the records of the company examined by us, the company
has not deducted and paid TDS under Income tax act.
Further as explained to us provisions of Professional Tax,
ESIC, FF, Service Tax are not applicable to the Company
(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 except as
mentioned in para 3 of note 5 of Schedules 13.
(x) The company is registered more than five years and has not
incurred accumulated losses as at 31st March,2011 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) The company has not taken any loans from financial
institution. Therefore the question of default in repayment
of dues to financial institution is not applicable to the
(xii) The Company has not granted any 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
(xiv) In our opinion and according to the information and
explanations given to us, the company is not dealing in
or trading in shares, securities, debentures and other
investments. Therefore, the provisions of clause 4(xi) of
the Companies (Auditor''s Report) Order, 2003 are not
applicable to the company.
(xv) In our opinion and 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 during the year.
(xvi) The Company has not taken any term loans, therefore
disclosure of application of term loan is not applicable
to the Company.
(xvii) On the basis of an overall examination of the balance
sheet of the company, in our opinion and according to
the information and explanations given to us, there are no
funds raised on a short -term basis which have been used
for long-term investment.
(xviii) During the year under review the company has not made
preferential allotment of equity shares to parties and
companies covered in the Register maintained under
section 301 of the Act.
(xix) The Company has not issued any debentures.
(xx) The Company has not raised any monies by public issue
during the year hence this clause is not applicable.
(xxi) 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 fraud
on or by the company, noticed or reported during the vear,
nor have we been informed of such case bv the management..
For JMT & Associates For Bhadresh S. Shah & Co,
Chartered Accountants Chartered Accountants
FRN: 104167W FRN: 130352W
Jayesh J. Shah Bhadreshkumar S. Shah
M. No. 39910 M.No. 133610
Place : Mumbai Place : Mumbai
Date : July 11, 2011 Date : July 11, 2011