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
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
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
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
(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
(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
(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
(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 was 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 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
Place: Mumbai Mem. No. 110579
Date: September 29, 2012 FRN 123094W