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Rishi Laser Ltd.

BSE: 526861 Sector: Engineering
NSE: N.A. ISIN Code: INE988D01012
BSE 00:00 | 23 Sep 23.15 1.10
(4.99%)
OPEN

22.90

HIGH

23.15

LOW

21.70

NSE 05:30 | 01 Jan Rishi Laser Ltd
OPEN 22.90
PREVIOUS CLOSE 22.05
VOLUME 26220
52-Week high 25.80
52-Week low 12.25
P/E 11.02
Mkt Cap.(Rs cr) 21
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 22.90
CLOSE 22.05
VOLUME 26220
52-Week high 25.80
52-Week low 12.25
P/E 11.02
Mkt Cap.(Rs cr) 21
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Rishi Laser Ltd. (RISHILASER) - Auditors Report

Company auditors report

To

The Members of Rishi Laser Limited

Report on the Audit of Standalone Financial Statements

OPINION

We have audited the standalone financial statements of Rishi LaserLimited ("the Company") which comprise the standalone balance sheet as at 31stMarch 2021 and the standalone statement of Profit and Loss (including Other ComprehensiveIncome) standalone statement of changes in equity and standalone statement of cash flowsfor the year then ended and notes to the standalone financial statements including asummary of significant accounting policies and other explanatory information. (hereinafterreferred to as "standalone the financial statements").

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid standalone financial statements give theinformation required by the Companies Act 2013 ("the Act") in the manner sorequired and give a true and fair view in conformity with the Indian Accounting Standardsprescribed under section 133 of the Act read with the Companies (Indian AccountingStandards) Rules 2015 as amended ("Ind AS") and other accounting principlesgenerally accepted in India of the state of affairs of the Company as at March 31 2021the loss and total comprehensive income changes in equity and its cash flows for the yearended on that date.

BASIS FOR OPINION

We conducted our audit in accordance with the Standards on Auditing(SAs) specified under section 143(10) of the Companies Act 2013. Our responsibilitiesunder those Standards are further described in the Auditor's Responsibilities for theAudit of the standalone Financial Statements section of our report. We are independentof the Company in accordance with the Code of Ethics issued by the Institute ofChartered Accountants of India together with the ethical requirements that are relevant toour audit of the standalone financial statements under the provisions of the CompaniesAct 2013 and the Rules thereunder and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the Code of Ethics. We believethat the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our opinion.

KEYAUDIT MATTERS

Key audit matters are those matters that in our professional judgmentwere of most significance in our audit of the standalone financial statements of thecurrent period. These matters were addressed in the context of our audit of the standalonefinancial statements as a whole and in forming our opinion thereon and we do not providea separate opinion on these matters. We have determined that there are no key auditmatters to be communicated in our report.

OTHER INFORMATION

The Company's Board of Directors is responsible for the otherinformation. The other information comprises the information included in the Annual Reportbut does not include the standalone financial statements and our auditors' report thereon.

Our opinion on the standalone financial statements does not cover theother information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statementsour responsibility is to read the other information and in doing so consider whether theother information is materially inconsistent with the standalone financial statements orour knowledge obtained in the audit or otherwise appears to be materially misstated. Ifbased on the work we have performed we conclude that there is a material misstatement ofthis other information we are required to report that fact. We have nothing to report inthis regard.

MANAGEMENT'S AND BOARD OF DIRECTOR'S RESPONSIBILITY FOR THE STANDALONEFINANCIAL STATEMENTS

The Company's management and Board of Directors is responsible for thematters stated in section 134(5) of the Companies Act 2013 ("the Act") withrespect to the preparation of these standalone financial statements that give a true andfair view of the financial position financial performance including other comprehensiveincome changes in equity and cash flows of the

Company in accordance with the accounting principles generally acceptedin India including the Indian Accounting Standards specified under section 133 of the Actread with the Companies (Indian Accounting Standards) Rules 2015 as amended. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of 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 standalone financialstatement that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

In preparing the standalone financial statements management isresponsible for assessing the Company's ability to continue as a going concerndisclosing as applicable matters related to going concern and using the going concernbasis of accounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing theCompany's financial reporting process.

AUDITORS' RESPONSIBILITIES

FOR THE AUDIT OF THE STANDALONE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether thestandalone financial statements as a whole are free from material misstatement whetherdue to fraud or error and to issue an auditor's report that includes our opinion.Reasonable assurance is a high level of assurance but is not a guarantee that an auditconducted in accordance with SAs will always detect a material misstatement when itexists. Misstatements can arise from fraud or error and are considered material ifindividually or in the aggregate they could reasonably be expected to influence theeconomic decisions of users taken on the basis of these standalone financial statements.

As part of an audit in accordance with SAs we exercise professionaljudgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of thestandalone financial statements whether due to fraud or error design and perform auditprocedures responsive to those risks and obtain audit evidence that is sufficient andappropriate to provide a basis for our opinion. The risk of not detecting a materialmisstatement resulting from fraud is higher than for one resulting from error as fraudmay involve collusion forgery intentional omissions misrepresentations or the overrideof internal control.

• Obtain an understanding of internal financial controls relevantto the audit in order to design audit procedures that are appropriate in thecircumstances. Under section 143(3)(i) of the Act we are also responsible for expressingour opinion on whether the Company has adequate internal financial controls system inplace and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and thereasonableness of accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of the goingconcern basis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theCompany's ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditors' report to therelated disclosures in the standalone financial statements or if such disclosures areinadequate to modify our opinion. Our conclusions are based on the audit evidenceobtained up to the date of our auditors' report. However future events or conditions maycause the Company to cease to continue as a going concern.

• Evaluate the overall presentation structure and content of thestandalone financial statements including the disclosures and whether the standalonefinancial statements represent the underlying transactions and events in a manner thatachieves fair presentation.

We communicate with those charged with governance regarding amongother matters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that we identify during ouraudit.

We also provide those charged with governance with a statement that wehave complied with relevant ethical requirements regarding independence and tocommunicate with them all relationships and other matters that may reasonably be thoughtto bear on our independence and where applicable related safeguards.

From the matters communicated with those charged with governance wedetermine those matters that were of most significance in the audit of the standalonefinancial statements of the current period and are therefore the key audit matters. Wedescribe these matters in our auditor's report unless law or regulation precludes publicdisclosure about the matter or when in extremely rare circumstances we determine that amatter should not be communicated in our report because the adverse consequences of doingso would reasonably be expected to outweigh the public interest benefits of suchcommunication.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

As required by the Companies (Auditors' Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Companies Act 2013 we give in the "Annexure A" astatement on the matters specified in paragraphs 3 and 4 of the Order to the extentapplicable.

As required by Section 143(3) of the Act we report that:

a) We have sought and obtained all the information and explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit.

b) In our opinion proper books of account as required by law have beenkept by the Company so far as it appears from our examination of those books.

c) The standalone Balance Sheet the standalone Statement of Profit andLoss (including Other Comprehensive Income) and the standalone Cash Flow Statement andstandalone Statement of Changes in Equity dealt with by this Report are in agreement withthe books of account.

d) In our opinion the aforesaid standalone financial statements complywith the Accounting Standards specified under Section 133 of the Act.

e) On the basis of the written representations received from thedirectors as on 31stMarch 2021 taken on record by the Board of Directors none of thedirectors is disqualified as on 31stMarch 2021from being appointed as a director in termsof Section 164 (2) of the Act.

f) With respect to the adequacy of the internal financial controls overfinancial reporting of the Company and the operating effectiveness of such controls referto our separate Report in "Annexure B".

g) In our opinion and to the best of our information and according tothe explanations given to us the remuneration paid by the Company to its directors duringthe year is in accordance with the provisions of section 197(16) of the Act.

h) With respect to the other matters to be included in the Auditors'Report in accordance with Rule 11 of the Companies (Audit and Auditors') Rules 2014 inour opinion and to the best of our information and according to the explanations given tous:

i. The Company has no pending litigations to be disclosed.

ii. The Company did not have any long-term contracts includingderivative contracts for which there were any material foreseeable losses.

iii. There has been no delay in transferring amounts required to betransferred to the Investor Education and Protection Fund by the Company.

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For Shah Mehta & Bakshi
Chartered Accountant
Firm's Registration No.103824W
Prashant Upadhyay
Partner
Membership No. 121218
Vadodara June 24 2021

ANNEXURE - A TO THE INDEPENDENT AUDITORS' REPORT

The Annexure referred to in Independent Auditors' Report to the membersof the Company on the standalone financial statements for the year ended 31st March 2021we report that :

i. a) The Company has in general maintained proper records showingfull including quantitative details and situation of Property Plant & Equipment.

b) The Company has a regular programme of physical verification of itsfixed assets by which fixed assets are verified in a phased manner. In accordance withthis programme fixed assets having substantial value were verified during the year as perthe programme and According to the information and explanations given to usno materialdiscrepancy has been noticed.

In our opinion this periodicity of physical verification is reasonablehaving regard to the size of the Company and the nature of its assets.

c) According to the information and explanations given to us and on thebasis of the records of the Company the title deeds of the all immovable properties ofland and buildings which are freehold are held in the name of the Company as at balancesheet date. In respect of immovable properties of land and building that have been takenon lease and disclosed as an assets in the standalone financial statements the leaseagreements are in the name of the Company.

ii. According to the information and explanations given to us theinventories were physically verified during the year by the Management at reasonableintervals and discrepancies if any have been properly dealt with in Books of Accounts.

iii. As informed to us the Company has not granted any loan toCompanies firms or other parties covered in the register maintained under section 189 ofthe Act Accordingly the provisions of clause 3(iii)(a) (b)and (c) of the Order are notapplicable to the Company and hence not commented upon.

iv. As informed to us and in our opinion the Company has complied withthe provisions of Section 185 & 186 of the Act in respect of grant of loansinvestments Guarantees and securities as applicable.

v. In our opinion and according to information & explanations givento us the Company has not accepted deposits from public and as per information andexplanations given to us the Company has complied Section 73 to 76 of the Act along withrules framed there under.

vi. Pursuant to the rules made by the Central Government of India theCompany is required to maintain cost records as specified under Section 148(1) of the Actin respect of its products. We have broadly reviewed the same and are of the opinionthat prima facie the prescribed accounts and records have been made and maintained. Wehave not however made a detailed examination of the records with a view to determinewhether they are accurate or complete.

vii. According to the information and explanations given to us inrespect of statutory dues;

- The Company is regular in depositing the amounts deducted/accrued inthe books of account in respect of undisputed statutory dues including Provident FundIncome Tax Custom Duty Employee State Insurance Goods and Service Tax Cess and anyother statutory dues as applicable with the appropriate authorities.

- There was no material amount payable in respect of undisputedstatutory dues including Provident Fund Income Tax Custom Duty Employee StateInsurance Cess and other statutory dues in arrears as on 31st March 2021 for the periodof more than six months from the date they become payable.

viii. In our opinion and according to the information and explanationsgiven to us the Company has not defaulted in repayment of Loans or borrowings tofinancial institutions bank & Government. The Company has not issued any debentures.

ix. In our opinion and according to the information and explanationsgiven to us the Company has not taken the term loan during the year. The Company has notraised any money by way of initial public offer including debt instruments during theyear.

Hence this clause is not applicable.

x. To the best of our knowledge and belief and according to theinformation and explanations given to us no material fraud on or by the Company has beennoticed or reported during the course of our audit.

xi. According to the information and explanations given to us and basedon our examinations of the records of the Company the Company has paid/provided formanagerial remuneration in accordance with the requisite approvals mandated by theprovisions of Section 197 read with Schedule V of the Act.

xii. In our opinion and according to the information and explanationsgiven to us the Company is not a Nidhi Company. Accordingly paragraph 3(xii) of theorder is not applicable.

xiii. According to the information and explanations given to us andbased on our examination of the records of the Company transactions with related partiesare in compliance with section 177 & 188 of the Act wherever applicable. The detailsof such related party transactions have been disclosed in the standalone financialstatements as required under Indian Accounting Standard 24 Related Party Disclosuresspecified under Section 133 of the Act.

xiv. According to the information and explanations given to us andbased on our examination the Company has not made any preferential allotment / privateplacement of shares or fully or partly convertible debentures during the year underreview. Accordingly the provisions of Clause 3(xiv) of the Order are not applicable tothe Company.

xv. According to the information and explanations given to us and basedon our examination of the records of the Company the Company has not entered intonon-cash transactions with Directors or persons connected with him. Accordingly theprovisions of Clause 3(xv) of the Order are not applicable to the Company.

xvi. In our opinion and according to the information and explanationsgiven to us the Company is not required to be registered u/s 45 IA of the Reserve Bank ofIndia Act 1934. Accordingly the provisions of Clause 3(xvi) of the Order are notapplicable to the Company.

For Shah Mehta & Bakshi
Chartered Accountant
Firm's Registration No. 103824W
Prashant Upadhyay
Partner
Membership No. 121218
Vadodara June 24 2021

ANNEXURE - B TO THE INDEPENDENT AUDITORS' REPORT

ANNEXURE-B: REPORT ON THE INTERNAL FINANCIAL CONTROLS UNDER CLAUSE (I)OF SUB SECTION 3 OF SECTION 143 OF THE Companies ACT 2013 ("THE ACT")

We have audited the internal financial controls over financialreporting of Rishi Laser Limited ("the Company") as of 31stMarch 2021 inconjunction with our audit of the standalone financial statements of the Company for theyear ended on that date.

MANAGEMENT'S RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS

The Company's management is responsible for establishing andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the guidance note on audit of Internal Financial Controls overFinancial Reporting issued by the Institute of Chartered Accountants of India ('ICAI').These responsibilities include the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its business including adherence to Company's policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Companies Act 2013.

AUDITORS' RESPONSIBILITY

Our responsibility is to express an opinion on the Company's internalfinancial controls over financial reporting based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting (the "Guidance Note") and the Standards on Auditing issued by ICAIand deemed to be prescribed under section 143(10) of the Companies Act 2013 to theextent applicable to an audit of internal financial controls both applicable to an auditof Internal Financial Controls and both issued by the Institute of Chartered Accountantsof India. 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 aboutthe adequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgment including the assessment of therisks of material misstatement of the standalone financial statements whether due tofraud or error.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company's internal financialcontrols system over financial reporting.

MEANING OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING

A Company's internal financial control over financial reporting is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A Company's internal financial control overfinancial reporting includes those policies and procedures that

(1) pertain to the maintenance of records that in reasonable detailaccurately and fairly reflect the transactions and dispositions of the assets of theCompany;

(2) provide reasonable assurance that transactions are recorded asnecessary to permit preparation of standalone financial statements in accordance withgenerally accepted accounting principles and that receipts and expenditures of theCompany are being made only in accordance with authorizations of management and directorsof the Company; and

(3) provide reasonable assurance regarding prevention or timelydetection of unauthorized acquisition use or disposition of the Company's assets thatcould have a material effect on the standalone financial statements.

INHERENT LIMITATIONS OF INTERNAL FINANCIAL CONTROLS OVER FINANCIALREPORTING

Because of the inherent limitations of internal financial controls overfinancial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate.

OPINION

In our opinion the Company has in all material respects an adequateinternal financial controls system over financial reporting and such internal financialcontrols over financial reporting were operating effectively as at 31st March 2021 basedon 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 Institute ofChartered Accountants of India.

For Shah Mehta & Bakshi
Chartered Accountant
Firm's Registration No. 103824W
Prashant Upadhyay
Partner
Membership No. 121218
Vadodara June 24 2021

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