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Rich Universe Network Ltd.

BSE: 530271 Sector: Others
NSE: N.A. ISIN Code: INE652D01014
BSE 00:00 | 02 Dec 5.84 0.27
(4.85%)
OPEN

5.31

HIGH

5.84

LOW

5.31

NSE 05:30 | 01 Jan Rich Universe Network Ltd
OPEN 5.31
PREVIOUS CLOSE 5.57
VOLUME 102
52-Week high 14.78
52-Week low 5.31
P/E
Mkt Cap.(Rs cr) 4
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 5.31
CLOSE 5.57
VOLUME 102
52-Week high 14.78
52-Week low 5.31
P/E
Mkt Cap.(Rs cr) 4
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Rich Universe Network Ltd. (RICHUNIVERSE) - Auditors Report

Company auditors report

TO THE MEMBERS OF RICH UNIVERSE NETWORK LIMITED KANPUR (Previously known as RichCapital & Financial Services Limited)

Report on the Standalone Financial Statements

We have audited the accompanying Standalone financial statements of M/s RichUniverse Network Limited 7/125 (C-2) IInd Floor Swaroop Nagar Kanpur ("thecompany"] which comprises the Balance Sheet as at 31st March 2022 the Statement ofProfit and Loss (including Other Comprehensive Income] the Cash Flow Statement and theStatement of Changes in Equity (not present Hence NOT APPLICABLE] for the year thenended and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in section134(5] of the Companies Act 2013 ("the Act"] with respect to the preparation ofthese Standalone Ind AS financial statements that give a true and fair view of thefinancial position financial performance including other comprehensive income cash flowsandchanges in equity of the Company in accordance with the accounting principles generallyaccepted in India including the Indian Accounting Standards (Ind AS] prescribed underSection 133 of the Act.

This responsibility also includes the maintenance of adequate accounting records inaccordance with the provision of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrol that were operating effectively for ensuring the accuracy and completeness of theaccounting records relevant to the preparation and presentation of the standalone Ind ASfinancial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these Standalone Ind AS financialstatements based on our audit. In conducting our audit we have taken into account theprovisions of the Act the accounting and auditing standards and matters which arerequired to be included in the audit report under the provisions of the Act and the Rulesmade thereunder. We conducted our audit of the standalone Ind AS financial statements inaccordance 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 theaudit to obtain reasonable assurance about whether the standalone Ind AS financialstatements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the standalone Ind AS financial statements. The procedures selected dependon the auditor's judgment including the assessment of the risks of material misstatementof the standalone Ind AS financial statements whether due to fraud or error. In makingthose risk assessments the auditor considers internal financial control relevant to theCompany's preparation of the standalone Ind AS financial statements that give a true andfair 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 thereasonableness of the accounting estimates made by Company's Directors as well asevaluating the overall presentation of the standalone Ind AS financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone Ind AS financial statements.

Emphasis of Matter

The balances of Loans and advances Sundry Debtors Sundry Creditors CurrentLiabilities & Provisions and other personal accounts are subject to confirmation andreconciliation if any. Our opinion is not qualified in respect of this matter.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us except for the effects/possible effects of the matter described in the basisof Qualified Opinion in above paragraphs the aforesaid standalone Ind AS financialstatements give the information required by the Act in the manner so required and give atrue and fair view in conformity with the accounting principles generally accepted inIndia

a) Inthe case ofthe Balance Sheet ofthe state of affairs ofthe Company as at31stMarch2022

b) In the case of the Statement of Profit & Loss ofthe Profit for the yearended on that date;

c) In the case of the Cash Flow Statement ofthe Cash flows for the year ended onthat date; and

d) In the case of the Income ofthe Comprehensive Income for the year ended on thatdate.

Report on other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report] Order 2020('the Order'] and issuedby the Central Government of India in terms of sub-section [11] of section 143 ofthe Actwe give in the Annexure A a statement on the matters specified in paragraphs 3 and4 of the said Order to the extent applicable.

2. As required by section 143(3] ofthe Act we report that:-

a] We have sought and obtained all the information and explanations which to the bestof 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 theCompany so far as it appears from our examination of those books;

c] The Balance Sheet the Statement of Profit and Loss including Other ComprehensiveIncome the Cash Flow Statement and statement of Changes in Equity dealt with by thisReport are in agreement with the books of account;

d] Except for the effects/possible effects of the matter described in the Basis ofQualified Opinion Paragraph the aforesaid standalone Ind AS Financial Statements complywith the Accounting Standards specified under Section 133 ofthe Act;

e] On the basis of written representations received from the directors as on 31 March2022 and taken on record by the Board of Directors none ofthe director is disqualified ason 31 March 2022 from being appointed as a director in terms of Section 164(2] oftheAct;

f] With respect to the adequacy ofthe Internal financial controls over financialreporting ofthe company and the operating effectiveness of such controls refer to ourseparate report in Annexure B and

g] With respect to the other matter to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors] Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

i. We have been informed that the Company does not have any pending litigationwhich would impact its financial position.

ii. We have been informed that the Company did not have any long-term contractsincluding derivatives contracts for which there were any material foreseeable losses.

iii. We have been informed that there were no amounts which required to betransferred by the company to the Investor Education and Protection Fund.

On the basis ofthe written representations received from the directors as On 31 march2022;

a) The management has represented that to the best of it'sknowledge and beliefother than as disclosed in the notes to the Accounts no funds have been advanced orloaned or invested (either From borrowed funds or share premium or any other sources orkind Of funds) by the company to or in any other person(s) or entity (ies)Includingforeign entities ("intermediaries") with the understanding Whether recorded inwriting or otherwise that the intermediary shall Whether directly or indirectly lend orinvest in other persons or Entities identified in any manner whatsoever by or on behalf ofthe Company ("Ultimate Beneficiaries") or provide any guarantee security or thelike on behalf of the Ultimate Beneficiaries:

b) The management has represented that to the best of its knowledge and beliefother than as disclosed in the notes to the accounts no funds have been received by thecompany from any person(s) or entity (ies) including foreign entities ("FundingParties')n with the understanding whether recorded in writing or otherwise that thecompany shall whether directly or indirectly lend or invest other persons or entitiesidentified in any manner whatsoever by or on behalf of the Funding Party ("UltimateBeneficiaries") or provided any guarantee security or the like on behalf of theUltimate Beneficiaries; and

c) Nothing has come to our notice that has caused us to believe that therepresentations under subclause (a) and (b) contain any material mis-statement.

d) No dividend has been declared or paid during the year by the company.

For VIBHOR AGARWAL & ASSOCIATES
CHARTERED ACCOUNTANTS
FRN. 015525C
(CA VIBHOR AGARWAL)
Proprietor
M.No.: 410959
PLACE: KANPUR
DATED: 27.05.2022
UDIN: 22410959AKRUUD4515

ANNEXURE A TO INDEPENDENT AUDITORS' REPORT:

[Referred to in paragraph 1 under ‘Report on Other Legal and RegulatoryRequirements' of our Report of even date to the members of M/s Rich Universe NetworkLimited 7/125 (C-2) IInd Floor Swaroop Nagar Kanpur on the accounts of the company forthe year ended 31st March 2022]

I. a) The Company has maintained proper records showing full particulars includingquantitative details and situation of Fixed Assets.

b] The Company has a regular program of physically verifying all the fixed assets bywhich fixed assets are verified at the end of financial year accordance with thisprogram fixed assets were verified during the year. In our opinion this periodicity ofphysical verification is reasonable having regard to the size of the Company and thenature of its assets. No material discrepancies were noticed on such verification.

c] No immovable properties are held by the Company so this clause of the Order is notapplicable.

II. The inventory has been physically verified by the management at reasonableintervals during the year and no discrepancies were noticed on such verification. In ouropinion the procedure for physical verification of inventory is reasonable and adequatein relation to size of the company whereas frequency of such verification is alsoreasonable. Proper records of inventory have been maintained by the company and nomaterial discrepancies have been noticed on its physical verification.

III. a] In our opinion and according to the information and explanation given to usthe company has not granted loans to any companies firms or other parties covered inRegister maintained under section 189 of the Companies Act 2013 and therefore paragraph3[iii) of the Order is not applicable.

b) In our opinion and according to the information and explanation given to us thereis no overdue amount towards the principal and interest

IV. In our opinion and according to the information and explanation given to us thecompany has complied with the provisions of Section 185 & 186 of the Act with respectto loans and investments made.

V. The company has not accepted any deposits from the public in accordance with theprovisions of section 73 to 76 of the Act and the rules framed there under. Accordinglyparagraph 3(v] of the order is not applicable to the company.

VI. In our opinion and according to the information and explanations given to us thecompany is not required to maintain cost records pursuant to the Rules made by the CentralGovernment u/s 148 (1) of the Companies Act 2013.

VII. a] According to the information and explanations given to us and the records ofthe Company examined by us in our opinion the Company is regular in depositing theundisputed statutory dues including income tax sales tax value added tax goods andservices tax cess and other material statutory dues as applicable with the appropriateauthorities.

b) According to the information and explanations given to us the disputed statutorydues in respect of Income-tax Wealth Tax Custom Duty Excise Duty sales tax VAT Cessand other material statutory dues that have not been deposited on account of matterspending before appropriate authorities are as follows:

Nature of dues / Payments Amount due (Rs. In Lacs] Period of which the amount Relates Forum where amount is pending
Income Tax 15.04 A.Y.2010-11 I.T. DEPT.
Income Tax 14.69 A.Y.2011-12 I.T. DEPT.
Income Tax 2.50 A.Y.2012-13 I.T. DEPT.
Income Tax 21.67 A.Y.2013-14 I.T. DEPT.
Income Tax 16.47 A.Y.2014-15 I.T. DEPT.
Income Tax 13.64 A.Y.2015-16 I.T. DEPT.
Income Tax 12.13 A.Y.2016-17 I.T. DEPT.
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.1999-00 -do-*
Income Tax 0.49 A.Y.1993-94 -do-*
Income Tax 0.64 A.Y.1994-95 -do-*
Income Tax 2.45 A.Y.1995-96 -do-*
Amount Paid(I.Tax] 27.72 EARLIER YEARS I.T. DEPT.
SEBI 12.50 EARLIER YEARS SEBI
Service Tax 3.20 A.Y.2011-12 S.TAX DEPT.

* the above has not been acknowledged as debt as on 28.06.2022.

VIII. The Company does not have any transactions to be recorded in the books of accountthat has been surrendered or disclosed as income during the year in the tax assessmentsunder the Income Tax Act 1961 (43 of 1961).

IX. According to the information and explanations given to us the company has notdefaulted in repayment of Loan or borrowings to bank during the year. The company has notborrowed from Government or any Debenture holder during the year.

X. In our opinion and according to the information and explanations given to us thecompany has not raised any money by way of initial public offer further public offer(including debt instrument] and term loan during the year. Accordingly paragraph 3 (ix]of the order is not applicable.

XI. According to the information and explanations given to us no material fraud by thecompany or on the company by its officers or employees has been noticed or reported duringthe course of our audit.

XII. In our opinion and according to the information and explanations given to us thecompany is not a Nidhi Company. Accordingly paragraph 3 (xii] of the order is notapplicable.

XIII. According to the information and explanations given to us and based on ourexamination of the records of the company the transactions with the related parties arein compliance with section 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the Standalone financial statements as required by theapplicable accounting standards.

XIV. The company does have an internal audit system commensurate with the size andnature of its business. Reports of the Internal Auditors for the period under audit wereconsidered by the statutory auditor.

XV. According to the information and explanations given to us and based on ourexamination of the records of the company the company has not entered into non-cashtransactions with directors or persons connected with them. Accordingly paragraph 3 (xv]of the Order is not applicable.

XVI. According to the information and explanations given to us the company is notregistered under section 45- IA of the Reserve Bank of India Act 1934.

XVII. The company has not incurred cash losses in the financial year and in theimmediately preceding financial year.

Will. There has been no instance of any resignation of the statutory auditors occurredduring the year.

XIX. No material uncertainty exists as on the date of the audit report that company iscapable of meeting its liabilities existingat the date of balance sheet as and when theyfall due within a period of 1 year from the balance sheet date.

XX. This clause is not applicable to the company.

XXI. This clause is not applicable to the company.

For VIBHOR AGARWAL & ASSOCIATES
CHARTERED ACCOUNTANTS
FRN. 015525C
(CA VIBHOR AGARWAL]
Proprietor
M.No.: 410959
PLACE: KANPUR
DATED: 27.05.2022
UDIN: 22410959AKRUUD4515

ANNEX1IRE - B TO THE INDEPENDENT AUDITORS* REPORT

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of M/s RichUniverse Network Limited ("the Company") as of March 31st2022 in conjunctionwith our audit of the standalone Ind AS financial statements of the Company for the yearended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India ('ICAI'). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to Company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only inaccordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31 March 2022 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For VIBHOR AGARWAL & ASSOCIATES
CHARTERED ACCOUNTANTS
FRN. 015525C
[CA VIBHOR AGARWAL]
Proprietor
M.No.: 410959
PLACE: KANPUR
DATED: 27.05.2022
UDIN: 22410959AKRUUD4515

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