We have audited the accompanying Financial Statements of the unit M/s
Rich Universe Network Limited, 7/125 (C-2), IInd Floor, Swaroop Nagar,
Kanpur which comprise the Balance Sheet as at 31s'' March 2015, and the
statement of Profit and Loss and Cash Flow Statement for the year then
ended, and a summary of significant Accounting Policies and other
explanatory information.
Management''s responsibility for the Financial Statements
The Company''s Board of Directors is responsible for the matters in
section 134(5) of the Companies Act, 2013 (the Act) with respect to
the preparation of these financial statements that give a true and fair
view of the financial position, financial performance and cash flows of
the Company in accordance with the accounting principles generally
accepted in India, including the Accounting Standards specified under
Section 133 of the Act, read with Rule 7 of the Companies (Accounts)
Rules, 2014. This responsibility also includes the maintenance of
adequate accounting records in accordance with the provision of the Act
for safeguarding of the assets of the Company and for preventing and
detecting the frauds and other irregularities; selection and
application of appropriate accounting policies; making judgments and
estimates that are reasonable and prudent; and design, implementation
and maintenance of internal financial control, that were operating
effectively for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We have taken into account the provisions
of the Act, the accounting and auditing standards and matters which are
required to be included in the audit report under the provisions of the
Act and the Rules made thereunder. We conducted our audit in
accordance with the Standards on Auditing specified under section
143(10) of the Act. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement. An audit involves performing procedures to
obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on our judgment,
including the assessment of the risks of material misstatement of the
financial statements, whether due to fraud or error. In making those
risk assessments, we considers internal financial control relevant to
the Company''s preparation of the financial statements that give true
and fair view in order to design audit procedures that are appropriate
in the circumstances. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of
the accounting estimates made by Company''s Directors, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the financial
statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, except for the company has not completely
followed Schedule II of the companies Act 2013 for depreciation of
fixed assets & its effect on Profit & Loss a/c, the aforesaid financial
statements, give the information required by the Act in the manner so
required and give a true and fair view in conformity with the
accounting principles generally accepted in India;
a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2015;
b) In the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditor''s Report) Order, 2015 (the
Order), issued by the Central Government of India in terms of
sub-section (11) of Section 143 of the Act, we report that:
a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit.
b) In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books.
c) The Balance Sheet, the Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.
e) On the basis of written representations received from the directors
as on 31 March, 2015, taken on record by the Board of Directors, none
of the directors is disqualified as on 31 March, 2015, from being
appointed as a director in terms of Section 164(2) of the Act.
f) In our opinion and to the best of our information and according to
the explanations given to us, we report as under with respect to other
matters to be included in the Auditor''s Report in accordance with Rule
11 of the Companies (Audit and Auditors) Rules, 2014:
i) The Company has disclosed the impact of pending litigations on its
financial position in its financial statements.
ii) The Company did not have any long-term contracts including
derivatives contracts for which there were any material foreseeable
losses.
iii) As informed by the company, there were no amounts which required
to be transferred by the Company to the Investor Education and
Protection Fund On the basis of such checks as we considered
appropriate and according to the information and Explanations given to
us during the course of our audit, we report that:
(i) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the fixed assets.
(b) As explained to us, fixed assets have been physically verified by
the management during the year in accordance with the phased
program of verification adopted by the management which, in our
opinion, provides for physical verification of all the fixed assets at
reasonable intervals. According to the information and explanations
given to us, no material discrepancies were noticed on such
verification.
(ii) In respect of its inventory:
(a) As explained to us, the inventories of finished goods,
semi-finished goods, stores, spare parts and raw materials were
physically verified at regular intervals/ (at the end of the year) by
the Management. In case of inventories lying with third parties,
certificates of stocks holding have been received.
(b) In our opinion and according to the information and explanation
given to us, the procedures of physical verification of inventories
followed by the Management were reasonable and adequate in relation to
the size of the Company and the nature of its business.
(c) In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of its
inventories and no material discrepancies were noticed on physical
verification of stocks as compared to book records.
(iii) In respect of loans, secured or unsecured, granted to the parties
covered in register maintained under section 189 of the Companies Act
2013:
According to the information and explanations given to us, the Company
has not granted any loans to companies, firms or other parties covered
in the Register maintained under Section 189 of the Companies Act,
2013; and therefore paragraph 3(iii) of the Order is not applicable.
(iv) 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, fixed assets and for the sale
of goods (and/services). During the course of our Audit, we have not
observed any continuing failure to correct major weaknesses in internal
control.
(v) The company has not received any public deposits during the year.
(vi) As informed to us, the Central Government has not prescribed
maintenance of cost records under sub-section (1) of Section 148 of the
Act, in respect of the activities carried on by the Company.
(vii)ln respect of statutory dues;
(a) According to the records of the company and information and
explanations given to us, the Company has generally been regular in
depositing undisputed statutory dues, including Provident Fund,
employees state insurance (ESI), Investor Education and Protection
Fund, Income-tax, Tax deducted at sources, Tax collected at source,
Professional Tax, Sales Tax, value added tax (VAT), Wealth Tax, Service
Tax, Custom Duty, Excise Duty, Cess and other material statutory dues
applicable to it, with the appropriate authorities.
(b) According to the information and explanations given to us, the
disputed statutory dues in respect of Income-tax, Wealth Tax, Custom
Duty, Excise Duty, sales tax, VAT, Cess and other material statutory
dues that have not been deposited on account of matters pending before
appropriate authorities are as follows:
Nature of dues/ Amount due (Rs. Period of which Forum where
Payments in Lacs) the amount amount is .
Relates pending
Income Tax 216.59 A.Y.2002-03 High Court*
Income Tax 41.55 A.Y.2001-02 -do-*
Income Tax 114.99 A.Y.2000-01 -do-*
Income Tax 67.88 A.Y.I999-00 -do-*
Income Tax 0.49 A.Y.I993-94 -do-*
Income Tax 0.64 A.Y.1994-95 -do-*
Income Tax 2.45 A.Y.I995-96 -do-*
444.59
Amount 27.72 EARLIER I.T. DEPTT.
Paid(I.Tax) YEARS
SEBI 12.54 EARLIER SEBI
YEARS
Service Tax 3.20 A.Y. 2011-12 S.TAX DEPTT.
Balance Due 432.61
* the above has not been acknowledged as debt as on27.05.2015.
(c) There were no amounts which required to be transferred by the
Company to the Investor Education and Protection Fund.
(viii) The company does not have the accumulated losses at the end of
financial year. The company has not incurred any Cash losses during the
financial covered by our Audit and the immediately preceding financial
year.
(ix)In our opinion and according to the information and explanations
given to us, the Company has not defaulted in the repayment of dues to
financial institutions, banks and debenture holders.
(x)In our opinion, and according to the information and the explanation
given to us, the company has not given any guarantee for loans taken by
others from banks or financial institutions during the year.
(xi)The company has not obtained any term loan during the year, so this
para of order is not applicable.
(xii) To the best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and no material fraud
on the Company has been noticed or reported during the year.
For RAJANI MUKEH & ASSOCIATES
CHARTERED ACCOUNTANTS
C.A. MUKEH RAJANI
Proprietor
Place: Kanpur
Date : 27.05.2015
