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Ruttonsha International Rectifier Ltd.

BSE: 517035 Sector: Engineering
NSE: N.A. ISIN Code: INE302D01016
BSE 00:00 | 21 Feb 39.95 0.15
(0.38%)
OPEN

36.25

HIGH

39.95

LOW

36.25

NSE 05:30 | 01 Jan Ruttonsha International Rectifier Ltd
OPEN 36.25
PREVIOUS CLOSE 39.80
VOLUME 204
52-Week high 56.90
52-Week low 32.50
P/E 16.86
Mkt Cap.(Rs cr) 28
Buy Price 35.10
Buy Qty 50.00
Sell Price 39.95
Sell Qty 203.00
OPEN 36.25
CLOSE 39.80
VOLUME 204
52-Week high 56.90
52-Week low 32.50
P/E 16.86
Mkt Cap.(Rs cr) 28
Buy Price 35.10
Buy Qty 50.00
Sell Price 39.95
Sell Qty 203.00

Ruttonsha International Rectifier Ltd. (RUTTONSHAINTL) - Auditors Report

Company auditors report

To the Members of Ruttonsha International Rectifier Limited

Report on the Financial Statements

We have audited the accompanying financial statements of Ruttonsha InternationalRectifier Ltd. ("the Company'') which comprise the Balance Sheet as at 31st March2018 the Statement of Profit and Loss (including Other Comprehensive Income) theStatement of Changes in Equity and the Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.

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 including other comprehensive income and cash flows and changes inequity of the Company in accordance with the accounting principles generally accepted inIndia including the Indian Accounting Standards referred under Section 133 of the Actread with Companies (Indian Accounting Standards) Rules 2015 as amended.

This responsibility also includes the maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting the frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditors' 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 theAct and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified 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 performingprocedures to obtain audit evidence about the amounts and disclosures in the financialstatements. The procedures selected depend on the auditors' judgment including theassessment of the risks of material misstatement of the financial statements whether dueto fraud or error. In making those risk assessments the auditor considers internalfinancial control relevant to the Company's preparation of the financial statements thatgive a true and fair view in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of the accountingpolicies used and the reasonableness of the accounting estimates made by the Company'sDirectors as well as evaluating the overall presentation of the financial statements.

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

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 including the Ind AS of the financial position ofthe Company as at 31st March 2018 and its financial performance including othercomprehensive income its cash flows and the changes in equity for the year ended on thatdate.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors' Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of Section 143 ofthe Act and on the basis of such checks of the books and records of the company as weconsidered appropriate and according to the information and explanations given to usduring the course of audit we give in the Annexure-'A' a statement on the mattersspecified in the paragraph 3 and 4 of the Order to the extent applicable.

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 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 including other comprehensiveincome Statement of Changes in Equity and the Cash Flow Statement dealt with by thisReport are in agreement with the books of account.

(d) In our opinion the aforesaid financial statements comply with the IndianAccounting Standards specified under Section 133 of the Act.

(e) On the basis of written representations received from the Directors as on 31stMarch 2018 and taken on record by the Board of Directors none of the Directors isdisqualified as on 31st March 2018 from being appointed as a Director in terms ofSection 164 (2) of th eAct.

(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 - 'B'; and

(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 information and according to the explanations 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 contractsfor which there were any material foreseeable losses.

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

For AJMERA AJMERA & ASSOCIATES
Chartered Accountants
(Registration No. 123989W)
(K.N. AJMERA)
Place : Mumbai Partner
Date : 24 th May 2018 M. No.010805

ANNEXURE 'A' TO THE INDEPENDENT AUDITORS' REPORT

The Annexure referred to in our Independent Auditors' Report to the members ofRuttonsha International Rectifier Ltd. on the financial statements for the year ended 31stMarch 2018 we report that :

1. (a) The Company is has maintained proper records showing full particulars includingquantitative details and situation of Fixed Assets.

(b) As per the information and explanations given to us physical verification of fixedassets has been carried out once during the year and no material discrepancies werenoticed on such verification. In our opinion the frequency of verification is reasonablehaving regard to the size of the company and nature of its business.

(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld in the name of the Company.

2. According to the information and explanations given to us the inventories have beenphysically verified at reasonable intervals by the management and there were no materialdiscrepancies noticed during the same.

3. The Company has not granted any loans secured or unsecured to the companiesfirms limited liability partnerships or other parties covered in the Register maintainedunder Section 189 of the Act. Accordingly the provisions of clause 3(iii)(a) to (c) ofthe Order are not applicable to the Company.

4. In our opinion and according to the information and explanations given to us theCompany has not given any loans made investments or provided securities to companies andother parties listed under Section 185 and 186 of the Act. Accordingly the provisions ofClause 3(iv) of the order is not applicable to the Company.

5. In our opinion and according to the information and explanations given to us theCompany has not accepted any deposits from the public within the meaning of provisions ofSections 73 to 76 of the Act or any other relevant provision of the Act and the Rulesframed thereunder.

6. As informed to us the maintenance of Cost records has not been specified by theCentral Government under sub-section (1) of section 148 of the Act in respect of theactivites carried on by the Company.

7. (a) According to the information and explanations given to us and the recordsexamined by us the Company is generally regular in depositing with appropriateauthorities undisputed statutory dues including Provident Fund Employees' StateInsurance Income Tax Sales Tax Service Tax Goods and Service Tax Custom Duty ExciseDuty Value Added Tax Cess and other statutory dues wherever applicable.

(b) According to the information and explanations given to us no undisputed amountspayable in respect of Income Tax Sales Tax Wealth Tax Service Tax Goods and ServiceTax Custom Duty Excise Duty Cess were in arrears as at 31st March 2018 for a period ofmore than six months from the date they became payable.

8. On the basis of our examination and according to the information and explanationsgiven to us the Company has not defaulted in repayment of the dues to a bank with respectto its borrowings. The Company has not borrowed any loans from Government FinancialInstitutions. Further the Company has not issued any debentures during the year.

9. Based upon the audit procedures performed and the information and explanations givenby the management the company has not raised moneys by way of initial public offer orfurther public offer including debt instruments and term loans during the year.

10. Based upon the audit procedures performed and the information and explanationsgiven by the management we report that no fraud by the Company or on the Company by itsofficers or employees has been noticed or reported during the year.

11. Based upon the audit procedures performed and the information and explanationsgiven by the management the Company has not paid any managerial remuneration in terms ofprovisions of Section 197 read with Schedule V to the Act.

12. In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company. Therefore the paragraph 3(xii) of the Order is notapplicable to the Company.

13. In our opinion and according to the information and explanations given to us and onthe basis of examination of books and records of the Company carried out by us all thetransactions with the related parties are in compliance with provisions of Section 177 and188 of the Act where applicable. The details there on has been disclosed in the financialstatements as required under Accounting Standards (AS-18- Related Party Disclosures).

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 any non-cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable to the Company.

16. In our opinion the Company is not required to be registered under Section 45 IA ofthe Reserve Bank of India Act 1934 and accordingly paragraph 3 (xvi) of the Order arenot applicable to the Company.

For AJMERAAJMERA&ASSOCIATES
Chartered Accountants
(Registration No. 123989W)
(K.N. AJMERA)
Place : Mumbai Partner
Date : 24 th May 2018 M. No.010805

ANNEXURE 'B' TO THE INDEPENDENT AUDITORS' REPORT

(Referred to in Paragraph 2(f) under "Report on Other Legal and RegulatoryRequirements" section of our Report of even date)

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 Limited ("the Company") as at 31st March 2018 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." Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under theAct.

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 control both applicable to an audit of Internal Financial Controlsand both issued by the Institute of Chartered Accountants of India. Those Standards andthe Guidance Note require that we comply with ethical requirements and plan and performthe audit to obtain reasonable assurance about whether adequate internal financialcontrols over financial reporting was established and maintained and if such controlsoperated 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 31st March 2018 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note onAudit ofInternal Financial Controls Over Financial Reporting issued by the Institute ofCharteredAccountants of India.

For AJMERAAJMERA&ASSOCIATES
Chartered Accountants
(Registration No. 123989W)
(K. N. AJMERA)
Place : Mumbai Partner
Date : 24th May 2018 M. No.010805