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Ruttonsha International Rectifier Ltd.

BSE: 517035 Sector: Engineering
NSE: N.A. ISIN Code: INE302D01016
BSE LIVE 15:40 | 20 Sep 45.30 -4.35
(-8.76%)
OPEN

43.00

HIGH

50.00

LOW

43.00

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 43.00
PREVIOUS CLOSE 49.65
VOLUME 740
52-Week high 61.00
52-Week low 34.35
P/E 96.38
Mkt Cap.(Rs cr) 32
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 43.00
CLOSE 49.65
VOLUME 740
52-Week high 61.00
52-Week low 34.35
P/E 96.38
Mkt Cap.(Rs cr) 32
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Ruttonsha International Rectifier Ltd. (RUTTONSHAINTL) - Auditors Report

Company auditors report

To the Members of Ruttonsha International Rectifier Limited

Report on the Financial Statements

1. We have audited the accompanying financial statements of Ruttonsha InternationalRectifier Ltd. ("the Company") which comprise the Balance Sheet as at 31stMarch 2016 the Statement of Profit and Loss the Cash Flow Statement for the year thenended and a summary of significant accounting policies and other explanatory information.

Managements Responsibility for the Financial Statements

2. The Company's Board of Directors are responsible for the matters stated in Section134(5) of the Companies Act 2013 (the "Act") with respect to the preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating 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.

Auditors’ 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 and the Rules made thereunderincluding the accounting standards and matters which are required to be included in theaudit report.

5. We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act and other applicable authoritative pronouncements issued by theInstitute of Chartered Accountants of India (ICAI). Those Standards and pronouncementsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement.

6. An audit involves performing procedures to obtain audit evidence about the amountsand the disclosures in the financial statements. The procedures selected depend on theauditors' 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 a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof the 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 of the state of affairs of the Company as at 31stMarch 2016 its profits and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

9. As required by 'The Companies (Auditors' Report) Order 2016 issued by the CentralGovernment of India in terms of sub-section (11) of Section 143(11) 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 I a statement on thematters specified in paragraphs 3 and 4 of the Order.

10. 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 purpose 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 and the Cash Flow Statementdealt with 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 31stMarch 2016 and taken on record by the Board of Directors none of the Directors of theCompany is disqualified as on 31st March 2016 from being appointed as aDirector in terms of Section 164 (2) of the Act.

(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 ourseparate report in Annexure II.

(g) With respect to the other matters to be included in the Auditors' Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our knowledge and belief and according to the information andexplanations given to us :

i. The Company does not have any pending litigations which would impact its financialposition.

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii. The Company was not required to transfer any amounts to the Investor Education andProtection Fund during the year and accordingly the question of delay does not arise.

For AJAY SHOBHA & Co.
Chartered Accountants
(Registration No. 317031E)
(AJAY GUPTA)
Place : Mumbai Partner
Date : 30th May 2016 M. No.053071

ANNEXURE I TO THE INDEPENDENT AUDITORS’ REPORT

(Referred to in Paragraph 9 under "Report on Other Legal and RegulatoryRequirements" section of our Report of even date)

1. (a) The Company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) The fixed assets are physically verified by the Management according to a phasedprogramme designed to cover all the items over a period which in our opinion isreasonable having regard to the size of the Company and the nature of its assets. Pursuantto the programme a portion of the fixed assets have been physically verified by theManagement during the year and no material discrepancies have been noticed on suchverification.

(c) In our opinion and according to the information and explanations given to us and onthe basis of our examination of the records of the Company the title deeds of immovableproperties are held in the name of the Company.

2. The inventory except goods-in-transit and stocks lying with third parties havebeen physically verified by the management during the year. In our opinion the frequencyof such verification is reasonable. For stocks lying with the third parties at the yearend written confirmations have been obtained. The discrepancies noticed on verificationbetween the physical records and the book records were not material and have beenappropriately dealt with in the books of accounts.

3. The Company has not granted any loans secured or unsecured to the companiesfirms LLPs or other parties covered in the Register maintained under Section 189 of theAct. Accordingly paragraphs 3(iii)(a) 3(iii)(b) and 3(iii)(c) are not applicable to theCompany.

4. In our opinion and according to the information and explanations given to us theCompany has not given any loans made investments given guarantees or provided securityto parties covered under provisions of Section 185 and 186 of the Act. Thus paragraph3(iv) is not applicable to the Company.

5. The Company has not accepted any deposits from the public within the meaning ofSections 73 74 75 and 76 of the Act and the Rules framed there under to the extentnotified.

6. In our opinion and according to the explanation given to us the maintenance of Costrecords under Section 148(1) of the Act as prescribed by the Central Government are notapplicable to the Company. Thus paragraph 3(vi) is not applicable to the Company.

7. (a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company the Company is generally regular indepositing undisputed statutory dues including Provident Fund Employees' StateInsurance Income Tax Sales Tax Service Tax Custom Duty Excise Duty Value Added TaxCess and other material statutory dues with the appropriate authorities. According to theinformation and explanations given to us no undisputed amounts payable in respect ofProvident fund Employee's State Insurance Income Tax Sales Tax Service Tax CustomDuty Excise Duty Value Added Tax Cess and other material statutory dues were in arrearsas at 31st March 2016 for a period of more than six months from the date theybecame payable.

(b) According to the information and explanations given to us there are no materialdues of Income Tax Sales Tax Service Tax Custom Duty Excise Duty or Value Added Taxwhich are disputed and not deposited with the concerned authorities.

8. According to the information and explanations given to us the Company has notdefaulted in repayment of dues to financial institution banks and government. The Companydid not have any outstanding debentures during the year.

9. In our opinion and according to the information and explanations given to us theterm loans have been applied for the purposes for which they were obtained.

10. 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.

11. The Company has not paid any managerial remuneration in terms of provisions ofSection 197 read with Schedule V to the Act.

12. As the Company is not a Nidhi Company the provisions relating to Nidhi Rules 2014are not applicable to it and the provisions of Clause 3(xii) of the Order is notapplicable to the Company.

13. According to the information and explanations given to us all transactions withthe related parties are in compliance with Section 177 and 188 of the Act whereapplicable and the details have been disclosed in the financial statements as required bythe applicable accounting standards.

14. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.

15. 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 him.

16. According to information and explanations given to us the Company is not requiredto be registered under Section 45IA of the Reserve Bank of India Act 1934. Accordinglyparagraph 3(xvi) of the Order is not applicable to the Company.

For AJAY SHOBHA & Co.
Chartered Accountants
(Registration No. 317031E)
(AJAY GUPTA)
Place : Mumbai Partner
Date : 30th May 2016 M. No.053071

ANNEXURE II TO THE INDEPENDENT AUDITORS’ REPORT

(Referred to in Paragraph 10(f) under "Report on Other Legal and RegulatoryRequirements" section of our Report of even date) Report on the Internal FinancialControls under Clause (i) of Sub-section 3 of Section 143 of the Act.

We have audited the internal financial controls over financial reporting of RuttonshaInternational Rectifier Limited ("the Company") as at 31st March 2016in conjunction with our audit of the 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 Act. 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 Act to the extent applicable to an audit ofinternal financial controls both applicable to an audit of Internal Financial Controlsand both issued by the ICAI. Those Standards and the Guidance Note require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects.

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 :

(a) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(b) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorizations of management and directors of the company; and

(c) provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company's assets that could have amaterial 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 31st March 2016based on the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the ICAI.

For AJAY SHOBHA & Co.
Chartered Accountants
(Registration No. 317031E)
(AJAY GUPTA)
Place : Mumbai Partner
Date : 30th May 2016 M. No.053071