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Riddhi Corporate Services Ltd.

BSE: 540590 Sector: Others
NSE: N.A. ISIN Code: INE325X01015
BSE 00:00 | 26 Mar Riddhi Corporate Services Ltd
NSE 05:30 | 01 Jan Riddhi Corporate Services Ltd
OPEN 62.40
PREVIOUS CLOSE 62.00
VOLUME 35000
52-Week high 71.00
52-Week low 31.43
P/E 75.61
Mkt Cap.(Rs cr) 71
Buy Price 42.15
Buy Qty 3500.00
Sell Price 71.00
Sell Qty 7000.00
OPEN 62.40
CLOSE 62.00
VOLUME 35000
52-Week high 71.00
52-Week low 31.43
P/E 75.61
Mkt Cap.(Rs cr) 71
Buy Price 42.15
Buy Qty 3500.00
Sell Price 71.00
Sell Qty 7000.00

Riddhi Corporate Services Ltd. (RIDDHICORPORATE) - Auditors Report

Company auditors report

TO THE MEMBERS OF

RIDDHI CORPORATE SERVICES LIMITED

Report on the Financial Statements

1. We have audited the accompanying financial statements of RIDDHI CORPORATE SERVICESLIMITED ("the company") which comprises the Balance Sheet as at 31 March 2017the Statement of Profit and Loss the Cash Flow Statement for the year ended and asummary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

2. 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. Thisresponsibility also includes the maintenance of adequate accounting records in accordancewith the provision of the Act for safeguarding of the assets of the Company and forpreventing and detecting the frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of internal financial control thatwere operating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditor's Responsibility

3. Our responsibility is to express an opinion on these financial statements based onour audit. 4. We have taken into account the provisions of the Act the accounting andauditing standards and Matters which are required to be included in the audit report underthe provisions of the Act and the Rules made there under.

5. 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 misstatement.

6. An audit involves performing procedures to obtain audit evidence about the amountsand disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give true and fair view in order to design audit procedures thatare appropriate in the circumstances. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by Company's Directors as well as evaluating the overall presentation ofthe financial statements.

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

Opinion

8. 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; a) In the case of the Balance Sheet of the stateof affairs of the Company as at March 31 2017; b) In the case of the Statement of Profitand Loss of the profit for the year ended on that date; and c) In the case of the CashFlow Statement of the cash flows for the year ended on that date.

Report on other Legal and Regulatory Requirements

9. As required by the ‘Companies (Auditor's Report) Order 2016' issued by theCentral Government of India in terms of sub-section (11) of Section 143 of the Act(hereinafter referred to as the "Order") and on the basis of such checks of thebooks and records of the Company as we considered appropriate and according to theinformation and explanations given to us we give in the Annexure B a statement on thematters specified in paragraph 3 and 4 of the Order. 10. As required by section 143(3) ofthe Act we report that: a) We have sought and obtained all the information andexplanations which to the best of our knowledge and belief were necessary for the purposesof our audit. b) In our opinion proper books of account as required by law have been keptby the Company so far as appears from our examination of those books c) The Balance Sheetthe Statement of Profit and Loss and Cash Flow Statement dealt with by this Report are inagreement with the books of account. d) In our opinion the aforesaid financial statementscomply with the Accounting Standards specified under Section 133 of the Act read withRule 7 of the Companies (Accounts) Rules 2014. e) On the basis of written representationsreceived from the directors as on 31 March 2017 taken on record by the Board ofDirectors none of the directors is disqualified as on 31 March 2017 from beingappointed as a director in terms of Section 164(2) of the Act. In our opinion the Companyhas in all material respects an adequate internal financial controls f) system overfinancial reporting and such internal financial control over financial reporting wereoperating effectively as at March 31 2017 based on the internal control over financialreporting criteria established by the Company and our separate Report in Annexure A. g)With respect to the other matters to be included in the Auditor's Report in accordancewith Rule 11 of the Companies (Audit and Auditors) Rules 2014in our opinion and to ourbest of our information and according to the explanations given to us: i. The Company doesnot have any pending litigations on its financial position; ii. The Company did not haveany long-term contracts including derivative contracts for which there were any materialforeseeable losses. iii. There were no amounts which required to be transferred to theInvestor Education and Protection Fund by the Company. iv. The company has providedrequisite disclosures in the financial statements as to holdings as well as dealings inSpecified Bank notes during the period from 8th November 2016 to 30thDecember 2016. Based on audit procedures and relying on the management representation wereport that the disclosures are in accordance with books of account maintained by theCompany and as produced to us by the Management – Refer Note [18]; Place : Ahmedabad ForNitin K. Shah & Co

Date : 05/09/2017 Chartered Accountants FRN : 107140W SD/- (Vaibhav N. Shah)Proprietor Membership No. : F/116817

Annexure A to Independent Auditors' Report

Referred to in paragraph 10(f) of the Independent Auditors' Report of even date to themembers of RIDDHI CORPORATE SERVICES LIMITED on the financial statements for the yearended March 31 2017

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

1. We have audited the internal financial controls over financial reporting of RIDDHICORPORATE SERVICES LIMITED ("the Company") as of March 31 2017 in conjunctionwith our audit of the financial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

2. 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 Act.

Auditor's Responsibility

3. 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 deemed to be prescribedunder Section 143(10) of the Act to the extent applicable to an audit of internalfinancial controls both applicable to an audit of internal financial controls and bothissued by the ICAI. Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects. 4. Ouraudit involves performing procedures to obtain audit evidence about the adequacy of theinternal 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. 5. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our audit opinion on the Company's internal financial controls system overfinancial reporting.

Meaning of Internal Financial Controls over Financial Reporting

6. A Company's internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the Company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the Company are being made only in accordance 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

7. 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

8. 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 March 31 2017 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 of Internal Financial Controls Over Financial Reporting issued by the Instituteof Chartered Accountants of India. Place : Ahmedabad For Nitin K. Shah & Co

Date : 05/09/2017 Chartered Accountants FRN: 107140W SD/- (Vaibhav N. Shah)Proprietor Membership No. : F/116817

Annexure B to Independent Auditors' Report

Referred to in paragraph 9 of the Independent Auditors' Report of even date to themembers of RIDDHI CORPORATE SERVICES LIMITED on the financial statements for the yearended March 31 2017 (i) In respect of its Fixed Assets: (a) The Company is maintainingproper records showing full particulars including quantitative details and situation offixed assets; (b) These fixed assets have been physically verified by the management atreasonable intervals in accordance with regular programme of verification. According tothe information and explanation given to us no material discrepancies were noticed onsuch verification. (c) The immovable property held by the Company is on lease rentalbasis hence para 3(ii) of the Order is not applicable to the Company. (ii) In respect ofits Inventory: The company is rendering the services of Data Warehousing. Accordingly itdoes not hold any physical inventories. Thus paragraph 3(ii) of the Order is notapplicable to the company. (iii) (a) The company has granted loans to company covered inthe register maintained under section 189 of the companies Act 2013. In our opinion andaccording to the information and explanations given to us the terms and conditions of thegrants and loans are not prejudicial to the company's interest. (b) The Company hasgranted loans that are re-payable on demand to companies covered in the registermaintained under section 189 of the Companies Act 2013. The loans granted are repayableon demand. We are informed that the Company has not demanded repayment of any such loanalong with interest during the year and thus there has been no default on the part of theparty to whom the money has been lent. (c) There is no amount of loans granted tocompanies firms or other parties listed in the register maintained u/s189 of theCompanies Act 2013 which are outstanding for more than ninety days.

(iv) In our opinion and according to the information and explanations given to us TheCompany has complied with the provision of Section 185 and 186 of the Act in respect ofloans investment guarantees and securities. (v) According to information andexplanations given to us the Company has not accepted any deposits during the year. (vi)According to the information and explanations given to us the Central Govt. has notprescribed maintenance of cost records under sub-section (1) of Sec.148 of the CompaniesAct 2013 for any of the products of the Company. (vii) According to the information andexplanations given to us in respect of statutory dues: The Company is generally regularin depositing undisputed statutory dues including provident fund employees' stateinsurance income-tax sales-tax wealth tax service tax duty of customs duty ofexcise value added tax cess and any other statutory dues with the appropriateauthorities. However delay in depositing of service tax was observed. There are noundisputed amounts payable in respect of provident fund employees' state insuranceincome-tax sales-tax service tax duty of customs duty of excise value added tax cessand any other statutory dues in arrears as at March 31 2017 for period of more than sixmonths from the day they became payable.

(viii) The Company has not defaulted in repayment of loans or borrowing from afinancial institution bank or government nor has issued any debentures as at the balancesheet date. (ix) The Company has not raised moneys by way of initial public offer orfurther public offer (including debt instruments) and term loans during the year.Accordingly the provisions of Clause 3(ix) of the Order are not applicable to theCompany. (x) During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of material fraud by the Company or on the Company by its officers or employeesnoticed or reported during the year nor have we been informed of any such case by theManagement. (xi) In our opinion managerial remuneration for the year ended 31stMarch 2017 has been paid and provided in accordance with the requisite approvals mandatedby the provisions of Section 197 of the Act read with schedule V to the Act. (xii) Thisclause of the CARO 2016 is not applicable to the Company as the Company is not a NidhiCompany.

(xiii) According to the information and explanations given to us all transactions withthe related parties are in compliance with sections 177 and 188 of the Companies Act 2013where applicable and the details have been disclosed in the Financial Statements etc. asrequired by the applicable accounting standards. (xiv) According to the information andexplanations given to us the Company has not made any preferential allotment or privateplacement of shares or fully convertible debentures during the year under audit.Accordingly the provisions of Clause 3(xiv) of the Order are not applicable to theCompany. (xv) According to the information and explanations given to us the Company hasnot entered into any non-cash transactions with directors or persons connected with himand the provisions of section 192 of the Companies Act 2013 have been complied with;(xvi) This clause of the CARO 2016 is not applicable to the Company as the Company is notrequired to registered under section 45-IA of the Reserve Bank of India Act 1934.

Place : Ahmedabad For Nitin K. Shah & Co

Date : 05/09/2017 Chartered Accountants FRN : 107140W SD/- (Vaibhav N. Shah)Proprietor Membership No. : F/116817