To the Members of Rich Universe Network Limited Kanpur.
(Previously known as Rich Capital & Financial Services Limited)
Report on the Financial Statements
We have audited the accompanying Financial Statements of M/s Rich Universe NetworkLimited 7/125 (C-2) IInd Floor Swaroop Nagar Kanpur which comprise theBalance Sheet as at 31st March 2017 and the statement of Profit and Loss andCash Flow Statement for the year then ended and a summary of significant AccountingPolicies 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) ofthe Companies Act 2013 (the Act) with respect to the preparation of thesefinancial statements that give a true and fair view of the financial position financialperformance and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014.
This responsibility also includes the rrfeintenance of adequate accounting records inaccordance with the provision of the Act for safeguarding of the assets of the Company andfor preventing and detecting the frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of internal financialcontrol that were operating effectively for ensuring the accuracy and completeness of theaccounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.
Our responsibility is to express an opinion on these financial statements based on ouraudit.
We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder.
We conducted our audit in accordance with the Standards on Auditing specified undersection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material
An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on our judgmentincluding the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments we considersinternal financial control relevant to the Company's preparation of the financialstatements that give true and fair view in order to design audit procedures that areappropriate in the circumstances. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made byCompany's Directors as well as evaluating the overall presentation of the financialstatements.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements.
In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India;
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order 2016 (the Order)issued by the Central Government of India in terms of section 143(11) of the Act we givein the Annexure A a statement on the matters specified in paragraphs 3 and 4of the Order.
2. As required by section 143(3) of the 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 appears from our examination of those books.
c) The Balance Sheet the Statement of Profit and Loss and Cash Flow Statement dealtwith by this Report are in agreement with the books of account.
d) In our opinion the aforesaid financial statements comply with the AccountingStandards 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 March2011 taken on record by the Board of Directors none of the directors is disqualified ason 31 March 2011 from being appointed as a director in terms of Section 164(2) of theAct.
f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to our.separate Report in
g) In our opinion and to the best of our information and according to the explanationsgiven to us we report as under with respect to other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules2014:
i) The Company has disclosed the impact of pending litigations on its financialposition in
its financial statements.
ii) The Company did not have any long-term contracts including derivatives contractsfor which there were any material foreseeable losses.
iii) As informed by the company there were no amounts which required to be transferredby the Company to the Investor Education and Protection Fund.
iv) The details of Specified Bank Notes (SBN) during the period from 8thNovember 2016 to 30th December 2016 is as follows:
| ||SBNs ||Other |
|Closing cash in hand as on 08.11.2016 ||NIL ||86756.67 ||86756.67 |
|(+) Permitted receipts ||NIL ||200000.00 ||200000.00 |
|(-) Permitted Payments ||NIL ||36093.00 ||36093.00 |
|(-) Amount deposited in Banks ||NIL ||0.00 ||0.00 |
|Closing cash in hand as on 30.12.2016 ||NIL ||250663.67 ||250663.67 |
For RAJANI MUKESH & ASSOCIATES CHARTERED ACCOUNTANTS
|PLACE: KANPUR ||C.A. MUKESH RAJANI ||C.A. MUKESH RAJANI |
|DATE:25.05.2017 ||proprietor |
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