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Ritesh International Ltd.

BSE: 519097 Sector: Industrials
NSE: N.A. ISIN Code: INE534D01014
BSE 00:00 | 23 May 4.58 0.03
(0.66%)
OPEN

4.58

HIGH

4.58

LOW

4.58

NSE 05:30 | 01 Jan Ritesh International Ltd
OPEN 4.58
PREVIOUS CLOSE 4.55
VOLUME 80
52-Week high 22.01
52-Week low 4.53
P/E
Mkt Cap.(Rs cr) 4
Buy Price 4.61
Buy Qty 100.00
Sell Price 4.99
Sell Qty 138.00
OPEN 4.58
CLOSE 4.55
VOLUME 80
52-Week high 22.01
52-Week low 4.53
P/E
Mkt Cap.(Rs cr) 4
Buy Price 4.61
Buy Qty 100.00
Sell Price 4.99
Sell Qty 138.00

Ritesh International Ltd. (RITESHINTL) - Auditors Report

Company auditors report

The Members

Ritesh International Ltd

Ludhiana

Report on the Financial Statements

We have audited the accompanying financial statements of Ritesh InternationalLtd("the company") which comprise the Balance Sheet as at 31 March 2017 theStatement of Profit and Loss Cash Flow Statement for the year then ended and a summaryof significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements The Company's Board ofDirectors is responsible for the matters stated in section 134(5) of the Companies Act2013 ("the Act") with respect to the preparation and presentation 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 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.

Auditor's Responsibility

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 there under.

We conducted our audit in accordance with the Standards on Auditing specifed 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.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditors'judgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders 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 Management as well as evaluating the overall presentation of thefinancial statements. We believe that the audit evidence we have obtained is sufficientand appropriate to provide a basis for our audit opinion on the financial statements.

Opinion In our opinion and to the best of our information and according to theexplanations given to us the aforesaid financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at 31 March 2017 and its Profit and its cash flows for the year ended on that date.

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 sub-section (11) of section 143 ofthe Act we give in the Annexure a statement on the matters specified in paragraphs 3 and4 of 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 ouropinion proper books of account as required by law have been kept by the company so faras it appears from our examination of those books; (c) the Balance Sheet the Statement ofProfit and Loss and the Cash Flow Statement dealt with by this Report are in agreementwith the books of account; (d) in our opinion the aforesaid financial statements complywith the Accounting Standards specified under section 133 of the Act read with Rule 7 ofthe Companies (Accounts) Rules 2014 and Companies (Accounting Standards) Amendment Rules2016.

(e) on the basis of written representations received from the

st

directors as on 31 March 2017 taken on record by the Board of Directors none of thedirectors is disqualified as on

st

31 March 2017 from being appointed as a director in terms of section164(2) of the Act;(f) With respect to the adequacy of the internal financial controls over financialreporting and the operating effectiveness of such controls refer to our separate Reportin "Annexure-A" (g) With respect to the other matters to be included in theAuditors' Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules2014 in our opinion and to the best of our information and according to the explanationsgiven to us: i. The company has disclosed the impact of pending litigation on itsfinancial position in its financial statements-Refer Note No. 33 on Notes to the FinancialStatements. ii. The company did not have any long-term contracts but having derivativescontracts for which there were no material foreseeable losses as the company is putting onthe MTM profit/loss on daily basis; iii. There were no amounts which were required to betransferred to the Investor Education and Protection Fund by the company. iv. The companyhad provided requisite disclosure in its financial statements (refer note no.40) as to theholding as well as dealings in Specified bank Notes during the period

th th

from 9 November 2016 to 30 December 2016 and these are in accordance with the booksof accounts maintained by the Branch.

For Ashok Shashi & Co.

(FRNo. 013258N) Chartered Accountants sd/-

(Ashok K Mehta) Prop M. No.080969

Place: Ludhiana Dated 30.05.2017

ANNEXURE TO THE INDEPENDENT AUDITORS' REPORT

Annexure referred to in paragraph 1 under the heading "Report on Other Legal andRegulatory Requirements" of our report of even date.

I. (a) The company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets. On 13.02.2005 there was a fire in theoffice premises in which some of the records of the company maintained up to 31.03.2004have been destroyed including the fixed assets register.

(b) The fixed assets were physically verified during the year by the Management inaccordance with a phased programme of verification which in our opinion provides forphysical verification of all the fixed assets at reasonable intervals having regard to thesize of the Company nature and value of its assets. According to the information andexplanation given to us no material discrepancies were noticed on such verification.

(c) Based on our audit procedures performed for the purpose of reporting of the trueand fair view of the financial statements and according to the information andexplanations given by the management the title deeds of immovable properties are held inthe name of the company.

ii. The inventories were physically verified by the management at reasonable intervalsand no material discrepancies were noticed on physical verification.

iii. The company has granted loans to one body corporate covered in the registermaintained under section 189 of the Companies Act 2013('the Act')

(a) In our opinion the rate of interest and other terms and conditions on which theloans had been granted to the bodies corporate listed in the register maintained underSection 189 of the Act were not prima facie prejudicial to the interest of the Company

(b) In the case of the loans granted to the bodies corporate listed in the registermaintained under section 189 of the Act the borrowers have been regular in the payment ofthe principal and interest as stipulated.

(c) There are no overdue amounts in respect of the loan granted to a body corporatelisted in the register maintained under section 189 of the Act.

iv. In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of section 185 and 186 of the Act with respectto the loans and investments made.

v. The Company has not accepted any deposits from the

public.

vi. We have broadly reviewed the books of account maintained by the Company pursuant tothe Rules made by the Central Government for the maintenance of cost records under section148(1) of the Companies Act 2013 related to the manufacture of products and are of theopinion that prima facie the prescribed accounts and records have been made andmaintained. We have not however made a detailed examination of the same.

vii. (a) The company is generally regular in depositing undisputed statutory duesincluding Provident Fund Employees' State Insurance Income tax Wealth tax Service taxSales Tax Value Added Tax and any other statutory dues applicable to it with theappropriate authorities.

(b) According to the information and explanations given to us no undisputed amountspayable in respect of provident fund income tax sales tax value added tax service taxand other material statutory dues were in arrears as at 31 March 2017 for a period of morethan six months from the date they became payable.

viii. Based on our audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to information and explanations givenby the management we are of the opinion that the Company has not defaulted in repaymentof dues to any bank. Further the Company does not have any debentures and loan fromfinancial institution or government.

ix. The Company has not raised any money way of initial public offer / further publicoffer / debt instruments and term loans and hence reporting under clause (ix) of CARO2016 Order is not applicable.

x. Based upon the audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to the information and explanationsgiven by the management we report that no fraud on or by the officers and employees ofthe Company has been noticed or reported during the year.

xi. Based on our audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to the information and explanationsgiven by the management we report that the managerial remuneration has been paid/providedin accordance with the requisite approvals mandated by the provisions of Section 197 readwith Schedule V to the Companies Act 2013.

xii. The Company is not a nidhi company and hence reporting under clause (xii) of CARO2016 Order is not applicable.

xiii. Based on our audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to the information and explanationsgiven by the management transactions with the related parties are in compliance withSection 177 and 188 of Companies Act 2013 where applicable and the details have beendisclosed in the notes to the financial statements as required by the applicableaccounting standards.

xiv. According to the information and explanations given to us and on an overallexamination of the balance sheet the Company has not made any preferential allotment orprivate placement of shares or fully or partly convertible debentures during the yearunder review and hence reporting under clause (xiv) of CARO 2016 Order are not applicable.

xv. Based on our audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to the information and explanationsgiven by the management the Company has not entered into any non-cash transactions withdirectors or persons connected with him.

xvi. According to the information and explanations given to us the provisions ofSection 45-IA of the Reserve Bank of India Act 1934 are not applicable to the Company.

For Ashok Shashi & Co.

(FRNo. 013258N) Chartered Accountants sd/-

(Ashok K Mehta)

Prop M. No.080969

Place: Ludhiana

Dated 30.05.2017

ANNEXURE 'A' TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN

DATE ON THE FINANCIAL STATEMENTS OF RITESH INTERNATIONAL LIMITED

Report on the Internal Financial Controls over Financial Reporting under Clause (i) ofSub-section 3 of Section 143 of the Companies Act2013 ("the Act")

We have audited the internal financial controls over financial reporting of RiteshInternational 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

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. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to the 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 Companies Act 2013.

Auditor's 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") issued by ICAI and the Standards on Auditing as specifiedunder Section 143(10) of the Companies Act 2013 to the extent applicable to an audit ofinternal financial controls. Those Standards and the Guidance Note require that we complywith ethical requirements and plan and perform the audit to obtain reason able 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 judgement 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

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

(2) 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

(3) 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 March 31 2017based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For Ashok Shashi & Co. (FRNo. 013258N) Chartered Accountants sd/-

(Ashok K Mehta)

Prop

M. No.080969

Place : Ludhiana Dated : 30.05.2017