Richirich Inventures Ltd Management Discussions.
A. Industry Structure and developments:
The company was a part of agro based solvent extraction industry, till the year 2003. Thereafter since then company is struggling to explore new business opportunities. During the year 2009-10 the Company under the leadership of erstwhile Director Shri Ashok M.chajjed had taken a new initiative of launching PROPERTY EX, a new area of business with great enthusiasm to deal in corporate services, advisory services real estate broking services, property management and HR management services. The company had developed a real estate brokers network to buy, sale, and lease the property which offers corporate services, advisory services real estate broking services, property management and HR management services under the portal www.propertyex.inBut unfortunately, the expectations from the venture did not turn up, leaving with heavy losses Company had appointed 108 franchisees across Mumbai city but response was very negative and therefore the business of Property-ex was closed prematurely, after incurring heavy losses.
At present company is engaged in fund & non-fund-based activities but not as an Investment Company by utilizing their experience of trade, and industry. Therefore, to say company at present in the service sector and the activities of the company are yet to settle, but not as Non-Banking Financial Institution (NBFC).
As stated above, the company with the available resources is exploring the new business ventures in the Real Estate/ Agro based or any other line of business in coming time. C. Once bitten twice shy, since the company has lost its major part of capital, do not want to take any aggressive move with the growing competition and unstable policies and practice in the trade and industry. D. The company has requisite internal control systems commensurate with the size, in all financial and functional areas.
Secretarial Auditors Certificate on Corporate Governance under the Listing Agreement
The Members of RICHIRICH INVENTURES LTD
We have examined the Compliance of Conditions of Corporate Governance by the M/S RICHIRICH INVENTURES LIMITED for the year ended on March 31, 2019 as stipulated in Chapter IV of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 pursuant to the Listing Agreement of the said Company with Stock Exchange.
The Compliance of Conditions of Corporate Governance is the responsibility of the Management. Our examination was limited to procedures and implementation thereof, adopted by the Company for ensuring the Compliance of the Conditions of the Corporate Governance. It is neither an Audit nor an expression of opinion on the financial statements of the Company.
In our opinion and to the best of our information and according to the explanations given to us, and the representations made by the Directors and Management, we certify that the Company does not require to comply with the provisions as specified in regulations 17, 17A, 18, 19, 20, 21,22, 23, 24, 24A, 25, 26 and 27 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 as the paid-up equity share capital of the Company was not exceeding Rs. 10 Cr. and also the Net-worth was not exceeding Rs. 25 Cr. neither as on March 31, 2019 nor till the date of issuing of this certificate.
We further state that such compliance is neither an assurance as to the future viability of the Company nor the efficiency or effectiveness with which the Management has concluded the affairs of the Company.
|For and Behalf of|
|M/s Shanu Mata and Associates|
|Shanu Bhagwandas Mata|
|M. No: A45276|
Note: Company need not to require submitting Corporate Governance Report due to neither company paid up capital more than 10 Cr. nor net worth more than 25 Cr. hence this report issued for Company demand only, not the part of compliance under (Listing Obligation and Disclosure Requirements) Regulation 2015. Therefore, we are not responsible for any Compliance formality in future.