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Ruttonsha International Rectifier Ltd.

BSE: 517035 Sector: Engineering
NSE: N.A. ISIN Code: INE302D01016
BSE 00:00 | 17 Sep 65.15 -3.40
(-4.96%)
OPEN

67.00

HIGH

70.90

LOW

65.15

NSE 05:30 | 01 Jan Ruttonsha International Rectifier Ltd
OPEN 67.00
PREVIOUS CLOSE 68.55
VOLUME 6213
52-Week high 75.95
52-Week low 28.65
P/E 16.92
Mkt Cap.(Rs cr) 45
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 67.00
CLOSE 68.55
VOLUME 6213
52-Week high 75.95
52-Week low 28.65
P/E 16.92
Mkt Cap.(Rs cr) 45
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 Audit of theFinancial Statements Opinion

We have audited the Financial Statements of Ruttonsha International Rectifier Ltd.("the Company") which comprise the balance sheet as at March 312020 andthe statement of Profit and Loss including statement of changes in equity and statement ofcash flows for the year then ended and notes to the Financial Statements including asummary of significant accounting policies and other explanatory information.

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 March31 2020 and profit Statement of changes in equity and its cash flows for the year endedon that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder Section 143(10) of the Companies Act 2013. Our responsibilities under thoseStandards are further described in the Auditor's Responsibilities for the Audit of theFinancial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of theFinancial Statements under the provisions of the Companies Act 2013 and the Rulesthereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the Financial Statements of the current period. These matterswere addressed in the context of our audit of the Financial Statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters.

We have determined that there are no significant reportable Key Audit Matters to becommunicated in the Report.

Information Other than the Financial Statements and Auditor's Report thereon

The Company's Board of Directors is responsible for the Other Information. The otherinformation comprises the Director's Report and Annexures thereon Management &Discussion Analysis but does not include Financial Statements and our auditor's reportthereon. Our opinion on the Financial Statements does not cover the other information andwe do not express any form of assurance conclusion thereon.

In connection with our audit of the Financial Statements our responsibility is to readthe other information and in doing so consider whether the other information ismaterially inconsistent with the Financial Statements or our knowledge obtained in theaudit or otherwise appears to be materially misstated.

If based on the work we have performed on the other information that we obtained priorto date of this Auditor's Report 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 Responsibility for the Financial Statements

The Company's Board of Directors is 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 (changes in equity) and cash flows of the Company in accordancewith the accounting principles generally accepted in India including the accountingStandards specified under section 133 of the Act. This responsibility also includesmaintenance of adequate accounting records in accordance with the provisions of the Actfor safeguarding of the assets of the Company and for preventing and detecting frauds andother irregularities; selection and application of appropriate implementation andmaintenance of accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the StandaloneFinancial Statement that give a true and fair view and are free from materialmisstatement whether due to fraud or error. In preparing the Financial Statementsmanagement is responsible for assessing the Company's ability to continue as a goingconcern disclosing as applicable matters related to going concern and using the goingconcern basis of accounting unless management either intends to liquidate the Company orto cease operations or has no realistic alternative but to do so. The Board of Directorsis also responsible for overseeing the company's financial reporting process.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the FinancialStatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these Financial Statements.

As a part of an audit in accordance with SA's we exercise professional judgment andmaintain professional skepticism throughout the audit. We also: ??Identify and assess therisks of material misstatement of the Financial Statements whether due to fraud or errordesign and perform audit procedures responsive to those risks and obtain audit evidencethat is sufficient and appropriate to provide a basis for our opinion. The risk of notdetecting a material misstatement resulting from fraud is higher than for one resultingfrom error as fraud may involve collusion forgery intentional omissionsmisrepresentations or the override of internal control.

24 ??Obtain an understanding of internal control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under section 143(3)(i)of the Companies Act 2013 we are also responsible for expressing our opinion on whetherthe company has adequate internal financial controls system in place and the operatingeffectiveness of such controls. ??Evaluate the appropriateness of accounting policies usedand the reasonableness of accounting estimates and related disclosures made by management.??Conclude on the appropriateness of management's use of the going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe Financial Statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern. ??Evaluate the overall presentation structure and content of theFinancial Statements including the disclosures and whether the Financial Statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation. We communicate with those charged with governance regarding among othermatters 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 we havecomplied with relevant ethical requirements regarding independence and to communicatewith them all relationships and other matters that may reasonably be thought to bear onour independence and where applicable related safeguards.

Other Matters

The comparative information of the Company for the year ended March 31 2019 has beenaudited by the predecessor Auditor M/s. Ajmera Ajmera & Associates CharteredAccountants who had audited the financial statements for the relevant period. The reportdated May 16 2019 of the predecessor Auditor on the comparative financial information hasexpressed an unmodified opinion.

Our opinion is not modified in respect of these matters.

Report on Other Legal and Regulatory Requirements

1. 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 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 including the statement ofchanges in equity 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 comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014 and as amended.

(e) On the basis of the written representations received from the directors as on March312020 taken on record by the Board of Directors none of the directors is disqualifiedas on March 312020 from being appointed as a director in terms of Section 164 (2) of theAct.

(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 A".

(g) With the respect to the other matters to be included in the Auditor's Report inaccordance with the requirements of Section 197 (16) of the Act as amended: In ouropinion and to the best of our information and according to the explanations given to usthe Company has not paid any remuneration to any Directors in accordance with theprovisions of the Section 197 of the Act.

(h) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us: i. TheCompany has disclosed the impact of pending litigations on its financial position in itsstandalone Statements- Refer

Note No. 35 to the Financial Statements. ii. The Company did not have any long-termcontracts including derivative contracts for which there were any material foreseeablelosses. iii. The Company regularly transfers sums to the Investor Education and ProtectionFund.

2. 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 Companies Act 2013 we give in the "Annexure B" a statement on the mattersspecified in paragraphs 3 and 4 of the Order to the extent applicable.

For Kirtane & Pandit LLP
Chartered Accountants
(Firm's Registration No.105215W/W100057)
Aditya A. Kanetkar
Place : Mumbai Partner
Date : 30th June 2020 M. No.149037
UDIN: 20149037AAAADE1868

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the Internal financial controls over financial reporting of RuttonshaInternational Rectifier Ltd. ("the Company") as of March 31 2020 inconjunction with our audit of the Financial Statements of the Company for the year endedon 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 company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe Companies Act 2013.

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 Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. 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 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 (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures 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

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 2020 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 ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For Kirtane & Pandit LLP
Chartered Accountants
(Firm's Registration No.105215W/W100057)
Aditya A. Kanetkar
Place : Mumbai Partner
Date : 30th June 2020 M. No.149037
UDIN: 20149037AAAADE1868

Annexure B referred to in paragraph 2 under 'Report on Other Legal and RegulatoryRequirements' section of our Report of even date to the members of Ruttonsha InternationalRectifier Ltd on the accounts of the company for the year ended March 31 2020.

On the basis of such checks as we considered appropriate and according to theinformation and explanations given to us during the course of our audit we report that:

(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of Property Plant & Equipment;

(b) As explained to us Property Plant & Equipment have been physically verifiedby the management at regular intervals; as informed to us no material discrepancies werenoticed on such verification;

(c) According to the information and explanation given to us and on the basis ofexamination of the records the title deeds of the immovable properties are held in thename of the Company.

(ii) According to the information and explanations given to us the inventoriesexcluding inventory lying with third parties have been physically verified at reasonableintervals by the management during the year. No material discrepancies were noticed onsuch verification. For inventories lying with third parties at the year end we haverelied on the written confirmations received from respective third parties.

(iii) The Company has not granted any loans secured or unsecured to Companies FirmsLLP or other parties covered in the register maintained under Section 189 of the CompaniesAct 2013. Accordingly reporting under clauses (a) (b) and ( c) of paragraph 3 (iii) ofthe Order does not arise.

(iv) In our opinion and according to the information and explanations given to us theCompany has not given any loan made investments or provided securities to companies andother parties listed in Section 185 & 186 of the Act.

(v) In our opinion and according to the information and explanations given to us theCompany has not accepted any deposits from the public covered under Section 73 to 76 ofthe Companies Act 2013.

(vi) As informed to us the Central Government has not prescribed maintenance of costrecords under sub-Section (1) of Section 148 of the Act.

(vii) According to the information and explanations given to us and based on therecords of the company examined by us

(a) The company has generally been regular in depositing the undisputed statutory duesincluding Provident Fund Employees State Insurance Income-tax Goods & Service TaxCustom Duty and other material statutory dues as applicable with the appropriateauthorities in India;

According to the information and explanation given to us no undisputed amount payablein respect of Provident Fund Employees State Insurance Income-tax Goods & ServiceTax Custom Duty and other material statutory dues were in arrears as at March 31 2020for a period of more than six months from the date they become payable.

(b) According to the information and explanations given to us and based on the recordsof the company examined by us the following dues of Income Tax demands have not beendeposited by the company on account of dispute:

Name of the Statute Nature of the Dues Amount in Lakhs Period to which the amount relates Forum where dispute is pending
Income Tax Act1961 Income Tax 4.89 2014-2015 Appeal filed with ITAT

(viii) According to the records of the Company examined by us and the information andexplanations given to us the Company has not defaulted in repayment of loans orborrowings to the banks financial institutions and government. The company does not havedues to debenture holders as at the balance sheet date.

(ix) In our opinion and according to the information and explanations given to us theCompany does not raise money by way of initial public offer or further public offer andterm loans other than for what it was purposes.

(x) During the course of audit we have not noticed any fraud by the company or anyfraud on the company by its officers or employees during the year.

(xi) In our opinion the company has complied with the provisions of Section 197 readwith Schedule V of the Companies Act 2013.

(xii) The nature of business is not related to Nidhi Company; hence this clause is notapplicable.

(xiii) In our opinion and according to the information and explanations given to usand based on our examination of the records of the Company all transactions with relatedparties are in compliances with the section 177 & 188 of the Companies Act 2013 anddetails have been disclosed in the Financial Statements as required by the applicableAccounting Standards.

(xiv) The Company has not made any preferential allotment or private placement ofshares or fully or partly convertible debentures during the year.

(xv) The company has not entered into any non-cash transactions with directors orpersons connected with him.

(xvi) The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For Kirtane & Pandit LLP
Chartered Accountants
(Firm's Registration No.105215W/W100057)
Aditya A. Kanetkar
Place : Mumbai Partner
Date : 30th June 2020 M. No.149037
UDIN: 20149037AAAADE1868

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