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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 RICHIRICH INVENTURES LIMITED (formerly known as RICHIRICH AGRO LIMITED) at 31st March, 2012, and the annexed Profit & Loss Account and the Cash flow Statement for the year ended on 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.

1. We 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 also includes examining on a 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 presentation. We believe that our audit provides a reasonable basis for our opinion.

2. As required by the Companies (Auditor's Report) Order, 2003, issued by the Central Government of India in terms of section 227(4A) of The Companies Act, 1956 we annex here to statement on the matters specified in paragraphs 4 of the said Order to the extent applicable to the company.

3. Further to the comment in the Annexure referred to in paragraph above, we report that:

a) We have obtained all the information and explanation, 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 appears from our examination of those books;

c) The Balance Sheet ,Profit & Loss Account and the Cash flow dealt with by this report are in agreement with the books of accounts;

d) The Balance Sheet, Profit & Loss Account and the Cash flow statement complied in all material respect with the accounting standards as specified in Section 211 (3C) of the Companies Act, 1956.

e) On the basis of written representation received from all the directors of the company and the information and explanation as made available, we report that none of the directors are disqualified as on 31st March, 2012 from being appointed as a director in terms of Section 274 (1) (g)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 significant accounting policies and Notes to Accounts as per schedule 1 & 2 give the information required by the Companies Act,1956 in the manner so required and give a true and fair view:

(a) In the case of Balance Sheet, of the state of affairs of the company as at 31st March, 2012

(b) In the case of Profit & Loss Account, of the Loss 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.

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/up d ated.

(c) No substantial (or major) part of the fixed assets has been disposed off during the year.

(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 granted loan to one of director of Rs. 3,94,152 from 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 is an adequate internal control system which 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 does not have an internal audit system commensurate with the size of business of the Company.

(viii) As informed to us The Central Government has not prescribed for maintenance of cost records under Section 209(1)(d) of the Companies Ac, 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 practices in India and also based on Management representation, the company has generally complied with Income Tax provisions.

(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, 2012 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 was 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 practices in India, and according to the information and explanations given to us, we have neither 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

Deepak Agarwal

Proprietor

Place: Mumbai Mem. No. 110579

Date: September 29, 2012 FRN 123094W