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Ruttonsha International Rectifier Ltd.

BSE: 517035 Sector: Engineering
NSE: N.A. ISIN Code: INE302D01016
BSE 00:00 | 24 Apr 2020 Ruttonsha International Rectifier Ltd
NSE 05:30 | 01 Jan 1970 Ruttonsha International Rectifier Ltd

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OPEN 32.50
PREVIOUS CLOSE 31.15
VOLUME 500
52-Week high 52.40
52-Week low 28.05
P/E 8.08
Mkt Cap.(Rs cr) 23
Buy Price 30.10
Buy Qty 50.00
Sell Price 32.65
Sell Qty 15.00
OPEN 32.50
CLOSE 31.15
VOLUME 500
52-Week high 52.40
52-Week low 28.05
P/E 8.08
Mkt Cap.(Rs cr) 23
Buy Price 30.10
Buy Qty 50.00
Sell Price 32.65
Sell Qty 15.00

Ruttonsha International Rectifier Ltd. (RUTTONSHAINTL) - Auditors Report


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Company auditors report

To the Members of Ruttonsha International Rectifier Limited

Report on the Ind AS Financial Statements

Opinion

We have audited the accompanying Ind AS financial statements of RuttonshaInternational Rectifier Limited ("the Company") which comprises the BalanceSheet as at March 31 2019 the Statement of Profit and Loss(including Other ComprehensiveIncome) Statement of Changes in Equity and Statement of Cash Flows for the year thenended and notes to the financial statements including a summary of significantaccounting policies and other explanatory information [hereinafter referred to as"the standalone financial statements"].

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Ind AS financial statements give the information required bythe Act in the manner so required and give a true and fair view in conformity with the IndAS and accounting principles generally accepted in India of the state of affairs of theCompany as at March 31 2019 and profits total comprehensive income the changes inequity and its cash flows for the year ended on 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 Auditors 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 the Ind ASfinancial 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 Ind AS financial statements of the current period. Basedon the circumstances and facts of the audit entity in our opinion there were no such Keymatters that required special attention or judgment by us.

Information Other than the Financial Statements and Auditors Report Thereon

The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the Management Discussion and AnalysisBoard's Report including Annexures to Board's Report Business Responsibility ReportCorporate Governance and Shareholder's Information but does not include the standalonefinancial statements and our Auditors' Report thereon.

Our opinion on the financial statements does not cover the other information and we donot 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 haveperformed we conclude that there is a material misstatement of this other information; weare required to report that fact. We have nothing to report in this regard.

Responsibilities of Management and those charged with governance for the Ind ASfinancial 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 Ind AS financial statements that give a true and fair view of the financialposition financial performance including other comprehensive income change in equity andcash flows of the Company in accordance with the Indian Accounting Standards (Ind AS) andaccounting principles generally accepted in India 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 appropriateimplementation and maintenance of accounting policies; making judgments and estimates thatare reasonable and prudent; and design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe Ind AS financial statement that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

In preparing the Ind AS financial statements management is responsible for assessingthe Company's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.

The Board of Directors are also responsible for overseeing the company's financialreporting process.

Auditor's Responsibilities forthe Audit of Ind AS Financial Statement

Our objectives are to obtain reasonable assurance about whether the Ind AS financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an Auditors' 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 Ind AS financial statements.

A further description of the auditor's responsibilities for the audit of the Ind ASfinancial statements is included in Annexure A. This description forms part ofourAuditors' Report.

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 Companies Act 2013 we give in the Annexure B a statement on the matters specified inparagraphs 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 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 and the Cash Flow Statementdealt with by this Report are in agreement with the books of account.

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

(e) On the basis of the written representations received from the directors as on 31stMarch 2019 taken on record by the Board of Directors none of the directors isdisqualified as on 31 st March 2019 from being appointed as a director in terms ofSection 164 (2) of the Act.

(f) With respect to the adequacy of the Internal Financial Control with reference toFinancial Statements of the Company and the operating effectiveness of such controlsrefer to ourseparate Report in "Annexure C".

(g) In our opinion and to the best of our information and according to the explanationsgiven to us the Company has not paid any remuneration to any director of the Company.However sitting fees paid to directors are within the limit prescribed under section 197of the Act.

(h) 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 ouropinionand to the best of our information and according to the explanations given to us:

i. ) The Company has disclosed the impact of pending litigations on its financialposition in its Ind AS financial statements - Refer Note 30 to the Ind AS financialstatements.

ii. ) The Company did not have any long-term contracts including derivatives 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 : 16>h May 2019 M. No.010805

ANNEXURE A' TO THE INDEPENDENT AUDITORS' REPORT

Responsibilities for Audit of Financial Statement

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit.

We also

• Identify and assess the risks of material misstatement of the Ind AS financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations orthe override of internal control.

• 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 internal financial controls with reference to Financial Statements inplace and the operating effectiveness of such controls.

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

• Conclude on the appropriateness of management's use of the going concern basisof accounting 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 Auditors' Report to the related disclosures inthe Ind AS financial statements or if such disclosures are inadequate to modify ouropinion. Our conclusions are based on the audit evidence obtained up to the date of ourauditor's report. However future events or conditions may cause the Company to cease tocontinue as a going concern

• Evaluate the overall presentation structure and content of the Ind AS financialstatements including the disclosures and whether the Ind AS financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.

Materiality is the magnitude of misstatements in the financial statements thatindividually or in aggregate makes it probable that the economic decisions of a reasonablyknowledgeable user of the financial statements may be influenced. We consider quantitativemateriality and qualitative factors in (i) planning the scope of our audit work and inevaluating the results of our work; and (ii) to evaluate the effect of any identifiedmisstatements in the financial statements.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during ouraudit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the Ind AS financial statements ofthe current period and are therefore the key audit matters. We describe these matters inour Auditors' Report unless law or regulation precludes public disclosure about the matteror when in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

For AJMERA AJMERA & ASSOCIATES
Chartered Accountants
(Registration No. 123989W)
(K.N.AJMERA)
Place : Mumbai Partner
Date : 16*' May 2019 M. No.010805

ANNEXURE B' TO THE INDEPENDENT AUDITORS' REPORT

The Annexure referred to in our Independent Auditors' Report to the members ofRuttonsha International Rectifier Limited on the standalone financial statements fortheyear ended 31 st March 2019 we report that:

1. (a) The Company 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 no materialdiscrepancies were noticed during the same.

3. The Company has not granted any loans secured or unsecured to companies firmslimited liability partnerships or other parties covered in the Register maintained undersection 189 of the Act. Accordingly the provisions of clause 3 (iii) (a) to (c) of theOrder 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 companiesand other parties listed under section 185 & 186 of the Act. Accordingly theprovisions of clause 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 provisions of the Act and the Rulesframed there under.

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 theactivities 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 State InsuranceIncome Tax Goods and Service Tax Customs Duty cess and other statutory dues whereverapplicable.

(b) According to the information and explanations given to us no undisputed amountspayable in respect of Provident Fund Employees State Insurance Income Tax Goods andService Tax Customs Duty cess and other statutory dues were in arrears as at 3181March 2019 for a period of more than six months from the date they became payable.

(c) According to the information and explanations given to us the following dues ofincome tax demands have not been deposited by the company on account of dispute:

Name of the Statute Nature of the Dues Amount (Net of Payment) Rs. Period to which the amount relates Forum where dispute is pending
Income Tax Act1961 Demand raised u/s 156 498953 Assessment Year 2015-2016 Appeal filed with CIT Appeals
Income Tax Act1961 Demand raised u/s 143(1 )(a) 283480 Assessment Year 2016-2017 Rectification filed u/s 154 of Income Tax Act 1961

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.

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. However the Company has used the termLoans forthe purpose for which it was taken.

10 Based upon the audit procedures performed and the information and explanations givenby 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 As per information and explanations given by the management Company has compliedthe provisions of section 197 of the Act.

12 In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company. Therefore the provisions of clause 3 (xii) of the Orderis not applicable 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 of such transactions have been disclosed inthe Ind AS financial statements as required by 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 any non-cashtransactions with directors or persons connected with him. Accordingly the provisions ofclause 3 (xv) of the Order are not appl icable 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 the provisions of clause 3 (xvi) ofthe Order are not applicable to the Company.

For AJMERA AJMERA & ASSOCIATES
Chartered Accountants
(Registration No. 123989W)
(K.N. AJMERA)
Place : Mumbai Partner
Date : 16*' May 2019 M. No.010805

ANNEXURE 'C' 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 318t March 2019in conjunction with ourauditofthe Ind AS 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. 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 systemoverfinancial 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 overfinancialreporting 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 ouropinion the Company has in all material respects an adequate internalfinancial controls system overfinancial reporting and such internal financial controlsoverfinancial reporting were operating effectively as at 31st March 2019 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 ICAI.

For AJMERA AJMERA & ASSOCIATES
Chartered Accountants
(Registration No. 123989W)
(K.N. AJMERA)
Place : Mumbai Partner
Date :16th May 2019 M. No.010805


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