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Richirich Inventures Ltd.

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

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Annual Report

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

Auditor's Report

We have audited the attached Balance Sheet of RICHIRICH INVENTURES LIMITED as at 31st March, 2011, the Profit &Loss Account of the Comp any for the year ended on that date and the Cash Flow Statement of the comp any 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, and forfeiture of Rs.8.5 Lacs as referred under note 11 of Schedule 13,we rep ort 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 audit; b) In our opinion, proper books of accounts as required by law have been kept by the company so far as app ears from our examination of those books; 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 rep ort 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 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; 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 given in the prescribed manner the information required by the Companies Act, 1956 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 comp any as at 31st March, 2011, ii. in the case of Profit & Loss Account, of the Loss 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 For JMT & Associates Chartered Accountants FRN: 104167W Jayesh J. Shah Partner M. No. 39910 Place: Mumbai Date : December 8, 2011 (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) 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 section. (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 does not have 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(1)(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 generally comp lied with Income tax provisions. Further as explained to us provisions of Professional Tax, ESIC, PF, 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 Company. (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 applicable (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 p referential 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 year, nor have we been informed of such case by the management. For JMT & Associates Chartered Accountants FRN : 104167W Jayesh J.Shah Patner M.No.39910 Place : Mumbai Date : December 8, 2011