Auditor Report of RIR Power Electronics Ltd.
Mar 31, 2023
RIR POWER ELECTRONICS LIMITED
(Formerly, RUTTONSHA INTERNATIONAL RECTIFIER LIMITED)
Report on the Audit of the Standalone Financial Statements
Opinion
We have audited the Standalone Financial Statements of RIR Power Electronics Limited (Formerly, Ruttonsha International Rectifier Limited) (âthe Companyâ), which comprise the balance sheet as at March 31, 2023, and the statement of Profit and Loss, statement of changes in equity and statement of cash flows for the year then ended, and notes to the Standalone Financial Statements, including a summary of significant accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Standalone Financial Statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at March 31,2023, its profit, changes in equity and its cash flows for the year ended on that date.
We conducted our audit in accordance with the Standards on Auditing (SAâs) specified under Section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further described in the Auditor''s Responsibilities for the Audit of the Standalone Financial Statements Section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the Standalone Financial Statements under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Standalone Financial Statements of the current period. These matters were addressed in the context of our audit of the Standalone Financial Statements as a whole, and in forming 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 be communicated in the Report.
Information Other than the Standalone Financial Statements and Auditor''s Report thereon
The Company''s Board of Directors is responsible for the Other Information. The other information comprises the information included in the Board''s Report including Annexures to the Board''s Report and but does not include Standalone Financial Statements and our auditor''s report thereon.
Our opinion on the Standalone Financial Statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the Standalone Financial Statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the Standalone Financial Statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this information, we required to report that fact. We have nothing to report in this regard.
Management''s Responsibility for the Standalone Financial Statements
The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (âthe Actâ) with respect to the preparation of these Standalone Financial Statements that give a true and fair view of the financial position, financial performance, (changes in equity) and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the accounting Standards specified under Section 133 of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate implementation and maintenance of accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the Standalone Financial Statements, management is responsible for assessing the Company''s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
Those Board of Directors are also responsible for overseeing the Company''s financial reporting process.
Auditor''s Responsibilities for the Audit of the Standalone Financial Statements
Our objectives are to obtain reasonable assurance about whether the Standalone Financial Statements as a whole are free from material misstatement, whether due 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 audit conducted in accordance with SAâs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Standalone Financial Statements.
As a part of an audit in accordance with SA''s, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
⢠Identify and assess the risks of material misstatement of the Standalone Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
⢠Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls system in place and the operating effectiveness of such controls.
⢠Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
⢠Conclude on the appropriateness of management''s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company''s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor''s report to the related disclosures in the Standalone 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''s report. However, future events or conditions may cause the Company to cease to continue as a going concern.
⢠Evaluate the overall presentation, structure and content of the Standalone Financial Statements, including the disclosures, and whether the Standalone Financial Statements represent the underlying transactions and events in a manner that achieves fair presentation.
Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the standalone financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the standalone financial statements.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the Standalone Financial Statements of the current period and are therefore the key audit matters. We describe these matters in our auditor''s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
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 best of 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 the Company so far as it appears from our examination of those books.
(c) The Standalone Balance Sheet, the Standalone Statement of Profit and Loss, the Standalone Statement of Changes in Equity and the Standalone Cash Flow Statement dealt with by this Report are in agreement with the books of account
(d) In our opinion, the aforesaid Standalone Financial Statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
(e) On the basis of the written representations received from the directors as on March 31,2023 taken on record by the Board of Directors, none of the directors is disqualified as on March 31,2023 from being appointed as a director in terms of Section 164 (2) of the Act.
(f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in âAnnexure Aâ.
(g) With the respect to the other matters to be included in the Auditor''s Report in accordance with the requirements of Section
197 (16) of the Act, as amended:
In our opinion and to the best of our information and according to the explanations given to us, the remuneration paid by the
Company to its directors during the year is in accordance with the provisions of the Section 197 of the Act.
(h) With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit
and Auditors) Rules, 2014, in our opinion and 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 financial position in its Standalone Financial Statements - Refer Note 37 to the Standalone Financial Statements;
ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.
iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.
iv. (a) The Management has represented that, to the best of its knowledge and belief, other than disclosed in the notes,
no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person or entity, including foreign entity (âIntermediariesâ), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (âUltimate Beneficiariesâ) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;
(b) The Management has represented, that, to the best of its knowledge and belief, other than disclosed in the notes to accounts, no funds have been received by the Company from any person or entity, including foreign entity (âFunding Partiesâ), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (âUltimate Beneficiariesâ) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;
(c) Based on such audit procedures that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above, contain any material misstatement.
v. The Company has declared dividend of '' 1.50/- per share during the financial year 2022-23.
vi. Requirement of mandatory audit trail in company accounting software is postponed to financial years commencing on or after the 1st April, 2023 specified in notification No. F. No.1/19/2013-CL-V Part III dated 1st April, 2021 read along with notification No. G.S.R. 235(E) dated 31st March, 2022 issued by the Ministry of Corporate Affairs. Accordingly, reporting for the same is not applicable.
2. As required by the Companies (Auditor''s Report) Order, 2020 (âthe Orderâ), issued by the Central Government of India in terms of Sub-Section (11) of Section 143 of the Act, we give in the âAnnexure Bâ, a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.
Chartered Accountants Firm''s Registration No.105215W/W100057
Partner
Place: Mumbai M. Na 149037
Date :26,h May, 2023 UDIN: 23149037BGUGJL3448
Mar 31, 2018
INDEPENDENT AUDITORSâ REPORT_
To the Members of Ruttonsha International Rectifier Limited Report on the Financial Statements
We have audited the accompanying financial statements of Ruttonsha International Rectifier Ltd. (âthe Companyââ), which comprise the Balance Sheet as at 31st March, 2018, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Cash Flow Statement for the year then ended, and a summary 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 Section 134(5) of the Companies Act, 2013 (the âActâ) with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income and cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards referred under Section 133 of the Act, read with Companies (Indian Accounting Standards) Rules, 2015 as amended.
This responsibility also includes the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting the frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditors'' Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors'' judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company''s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company''s Directors, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and 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 the explanations given to us, the aforesaid financial statements, give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India including the Ind AS, of the financial position of the Company as at 31st March, 2018, and its financial performance including other comprehensive income, its cash flows and the changes in equity for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors'' Report) Order, 2016 (âthe Orderâ) issued by the Central Government of India in terms of sub-section (11) of Section 143 of the Act, and on the basis of such checks of the books and records of the company as we considered appropriate and according to the information and explanations given to us during the course of audit, we give in the Annexure-''A'' a statement on the matters specified in the paragraph 3 and 4 of the Order to the extent applicable.
2. As required by Section 143(3)of the Act were port that:
(a) We have sought and obtained all the information and explanations which to the best of 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 the Company so far as it appears from our examination of those books.
(c) The Balance Sheet, the Statement of Profit and Loss including other comprehensive income, Statement of Changes in Equity and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.
(d) In our opinion, the aforesaid financial statements comply with the Indian Accounting Standards specified under Section 133 of the Act.
(e) On the basis of written representations received from the Directors as on 31st March, 2018 and taken on record by the Board of Directors, none of the Directors is disqualified as on 31st March, 2018, from being appointed as a Director in terms of Section 164 (2)of the Act.
(f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in Annexure-''B''; and
(g) 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, in our opinion and 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 financial position.
ii.) The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.
iii.) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.
The Annexure referred to in our Independent Auditorsâ Report to the members of Ruttonsha International Rectifier Ltd. on the financial statements for the year ended 31st March, 2018, we report that:
1. (a) The Company is has maintained proper records showing full particulars, including quantitative details and situation of Fixed Assets.
(b) As per the information and explanations given to us, physical verification of fixed assets has been carried out once during the year and no material discrepancies were noticed on such verification. In our opinion, the frequency of verification is reasonable, having 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 our examination of the records of the Company, the title deeds of immovable properties are held in the name of the Company.
2. According to the information and explanations given to us, the inventories have been physically verified at reasonable intervals by the management and there were no material discrepancies noticed during the same.
3. The Company has not granted any loans, secured or unsecured, to the companies, firms, limited liability partnerships or other parties covered in the Register maintained under Section 189oftheAct.Accordingly, the provisions of clause 3(iii)(a) to (c) of the Order are not applicable to the Company.
4. In our opinion and according to the information and explanations given to us, the Company has not given any loans, made investments or provided securities to companies and other parties listed under Section 185 and 186 of the Act. Accordingly, the provisions 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, the Company has not accepted any deposits from the public within the meaning of provisions of Sections 73 to 76 of the Act or any other relevant provision of the Act and the Rules framed thereunder.
6. As informed to us, the maintenance of Cost records has not been specified by the Central Government under sub-section (1) of section 148 of the Act, in respect of the activates carried on by the Company.
7. (a) According to the information and explanations given to us and the records examined by us, the Company is generally regular in depositing with appropriate authorities undisputed statutory dues, including Provident Fund, Employees'' State Insurance, Income Tax, Sales Tax, Service Tax, Goods and Service Tax, Custom Duty, Excise Duty, Value Added Tax, Cess and other statutory dues wherever applicable.
(b) According to the information and explanations given to us, no undisputed amounts payable in respect of Income Tax, Sales Tax, Wealth Tax, Service Tax, Goods and Service Tax, Custom Duty, Excise Duty, Cess were in arrears as at 31st March, 2018 for a period of more than six months from the date they became payable.
8. On the basis of our examination and according to the information and explanations given to us, the Company has not defaulted in repayment of the dues to a bank with respect to its borrowings. The Company has not borrowed any loans from Government, Financial Institutions. Further the Company has not issued any debentures during the year.
9. Based upon the audit procedures performed and the information and explanations given by the management, the company has not raised moneys by way of initial public offer or further public offer including debt instruments and term loans during the year.
10. Based upon the audit procedures performed and the information and explanations given by the management, we report that no fraud by the Company or on the Company by its officers or employees has been noticed or reported during the year.
11. Based upon the audit procedures performed and the information and explanations given by the management, the Company has not paid any managerial remuneration in terms of provisions of Section 197 read with Schedule V to the Act.
12. In our opinion and according to the information and explanations given to us, the Company is not a Nidhi Company. Therefore, the paragraph 3(xii)of the Order is not applicable to the Company.
13. In our opinion and according to the information and explanations given to us and on the basis of examination of books and records of the Company carried out by us, all the transactions with the related parties are in compliance with provisions of Section 177 and 188 of the Act, where applicable. The details there on has been disclosed in the financial statements as required under Accounting Standards (AS-18- Related Party Disclosures).
14. According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.
15. According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into any non-cash transactions with directors or persons connected with him. Accordingly, paragraph 3(xv) of the Order is not applicable to the Company.
16. In our opinion, the Company is not required to be registered under Section 45 IAof the Reserve Bank of India Act, 1934 and accordingly, paragraph 3 (xvi) of the Order are not applicable to the Company.
(Referred to in Paragraph 2(f) under âReport on Other Legal and Regulatory Requirementsâ section of our Report of even date) Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Actâ)
We have audited the internal financial controls over financial reporting of Ruttonsha International Rectifier Limited (âthe Companyâ) as at 31st March 2018 in conjunction with 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 internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the âInstitute of Chartered Accountants of India.â These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.
Auditors'' Responsibility
Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the âGuidance Noteâ) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Act, to the extent applicable to an audit of internal financial control, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''s internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A Company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. Companyâs internal financial control over financial reporting includes those policies and procedures that:
1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;
2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and
3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company''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 financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31st March 2018, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
For AJMERAAJMERA&ASSOCIATES
Chartered Accountants
(Registration No. 123989W)
(K. N. AJMERA)
Place : Mumbai Partner
Date : 24th May, 2018 M.No.010805
Mar 31, 2015
1. We have audited the accompanying financial statements of Ruttonsha
International Rectifier Ltd. ("the Company"), which comprise the
Balance Sheet as at March 31, 2015, the Statement of Profit and Loss,
the Cash Flow Statement for the year then ended and a summary of
significant accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
2. The Company's Board of Directors is responsible for the matters
stated in Section 134(5) of the Companies Act, 2013 ("the Act") with
respect to the preparation of these financial statements that give a
true and fair view of the financial position, financial performance and
cash flows of the Company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014. This responsibility also includes
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Company and
for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and
presentation of the financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
Auditors' Responsibility
3. Our responsibility is to express an opinion on these financial
statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the Rules made thereunder.
4. We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
5. An audit involves performing procedures to obtain audit evidence
about the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditors' judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company's preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company's Directors, as well as
evaluating the overall presentation of the financial statements.
6. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion on the
financial statements.
Opinion
7. In our opinion and to the best of our information and according to
the explanations given to us, the financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the Company as
at 31st March, 2015, its profits and its cash flows for the year ended
on that date.
Report on Other Legal and Regulatory Requirements
8. As required by the Companies (Auditors' Report) Order, 2015 ("the
Order"), issued by the Central Government of India in terms of Section
143(11) of the Act, we give in the Annexure a statement on the matters
specified in paragraphs 3 and 4 of the Order.
9. 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 best of 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
kepi by the Company 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 Statement dealt with by this Report are in agreement with the
books of account;
(d) in our opinion, the financial statements comply with the Accounting
Standards specified under Section 133 of the Act, read with Rule 7 of
the Companies (Accounts) Rules, 2014;
(e) on the basis of written representations received from the Directors
as on 31£1 March, 2015 and taken on record by the Board of Directors,
none of the Directors of the Company is disqualified as on 31st March,
2015, from being appointed as a Director in terms of Section 164 (2) of
the Act;
(f) With respect to other matters to be included in the Auditors'
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us :
i. The Company does not have any pending litigations and accordingly,
it has no impact on its financial position in its financial statements.
ii. The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses.
iii. The Company was not required to transfer any amounts to the
Investor Education and Protection Fund during the year and accordingly,
the question of delay does not arise.
(Referred to in Paragraph 8 under "Report on Other Legal and Regulatory
Requirements" section of our Report of even date)
1. In respect of the Company's fixed assets :
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
(b) The fixed assets are physically verified by the management
according to a phased programme designed to cover all the items over a
period, which in our opinion, is reasonable having regard to the size
of the Company and the nature of its assets. According to the
information and explanations given to us, no material discrepancies
were noticed on such verification.
2. In respect of its Inventory :
(a) As explained to us, the inventories, other than materials in
transit and materials lying with third parties were physically verified
during the year by the management at reasonable intervals.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management were reasonable and adequate in relation to
the size of the Company and the nature of its business.
(c) In our opinion and according to information and explanations given
to us, the Company has maintained proper records of its inventories and
no material discrepancies were noticed on physical verification.
3. According to the information and explanations given to us, the
Company has not granted any loans, secured or unsecured, to the
companies, firms or other parties covered in the Register maintained
under Section 189 of the Act. Accordingly, the provisions of Clause
3(iii) (a) and (b) of the Order are not applicable to the Company and
hence not commented upon.
4. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business, with
regard to purchase of inventories and fixed assets and for the sale of
goods and services. During the course of our audit, we have not
observed any major weakness in such internal control system.
5. The Company has not accepted any deposits from the public within
the meaning of Section 73 and 74 of the Act and the rules framed
thereunder to the extent notified.
6. The Central Government has not prescribed for maintenance of cost
records under Section 148 of the Act. Accordingly, the provisions of
Clause 3(vi) of the Order is not applicable to the Company.
7. According to the information and explanations given to us in
respect of statutory dues :
(a) The Company has generally been regular in depositing undisputed
dues, including Provident Fund, Employees' State Insurance, Income Tax,
Sales Tax, Service Tax, Custom Duty, Excise Duty, Value Added Tax, Cess
and other material statutory dues applicable to it with the appropriate
authorities.
(b) There were no undisputed amounts payable in respect of Provident
fund. Employee's State Insurance, Income Tax, Sales Tax, Service Tax,
Custom Duty, Excise Duty, Value Added Tax, Cess and other material
statutory dues in arrears as at 31s1 March, 2015 for a period of more
than six months from the date they became payable.
(c) According to the records of the Company, no dues of Income Tax,
Sales Tax, Service Tax, Custom Duty, Excise Duty, Value Added Tax or
Cess are outstanding on account of any dispute.
(d) According to the information and explanations given to us, the
Company is not required to transfer any amount to Investor Education
and Protection Fund in accordance with the relevant provisions of the
Companies Act, 1956 (1 of 1956) and the rules made thereunder.
8. The Company has no accumulated losses as at the end of the
financial year and it has not incurred any cash losses during the
financial year covered by our audit and in the immediately preceding
financial year.
9. In our opinion and according to the information and explanations
given to us, the Company has not defaulted in the repayment of dues to
banks. The Company has not obtained any loan from financial
institutions and debenture holders.
10. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
11. According to the information and explanations given to us, the
term loans have been applied by the Company during the year for the
purposes for which they were obtained.
12. To the best of our knowledge and according to the information and
explanations given to us, no frauds by the Company and no material
fraud on the Company has been noticed or reported during the year.
For AJAY SHOBHA & Co.
Chartered Accountants
(Registration No. 317031E)
(AJAY GUPTA)
Place : Mumbai Partner
Date : 27th May, 2015 M. No.053071
Mar 31, 2014
1. We have audited the accompanying financial statements of Ruttonsha
International Rectifier Ltd. ("the Company"), which comprise the
Balance Sheet as at March 31, 2014, and the Statement of Profit and
Loss and Cash Flow Statement for the year then ended, and a summary of
significant accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
2. The Company''s Management is responsible for the preparation of
these financial statements that give a true and fair view of the
financial position, financial performance and cash flows of the Company
in accordance with the Accounting Standards referred to in sub-section
(3C) of Section 211 of the Companies Act, 1956 ("the Act") read with
the General Circular 15/2013 dated 13th September, 2013 of the Ministry
of Corporate Affairs in respect of Section 133 of the Companies Act,
2013. This responsibility includes the design, implementation and
maintenance of internal control relevant to the preparation and
presentation of the financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
Auditors'' Responsibility
3. Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatements.
4. An audit involves performing procedures to obtain audit evidence
about the amounts and disclosures in the financial statements. The
procedures selected depend on the auditor''s judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the
Company''s preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Company''s internal control. An audit also includes
evaluating the appropriateness of accounting policies used and the
reasonableness of the accounting estimates made by management, as well
as evaluating the overall presentation of the financial statements.
5. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our opinion. Opinion
6. In our opinion and to the best of our information and according to
the explanations given to us, the financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India :
(i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2014;
(ii) in the case of the Statement of Profit and Loss, of the Loss of
the Company for the year ended on that date; and
(iii) in the case of the Cash Flow statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
7. As required by the Companies (Auditors'' Report) Order, 2003 ("the
Order"), as amended, issued by the Central Government of India in terms
of sub-section (4A) of Section 227 of the Act, we give in the Annexure
a statement on the matters specified in paragraphs 4 and 5 of the
Order.
8. As required by Section 227(3) of the Act, we report that :
(a) we have obtained all the information and explanations which to the
best of 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 the Company so far as appears from our examination of those
books;
(c) the Balance Sheet, the Statement of Profit and Loss and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account;
(d) in our opinion, the Balance Sheet, the Statement of Profit and Loss
and the Cash Flow Statement comply with the Accounting Standards
notified under the Act read with the General Circular 15/2013 dated
13th September, 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013;
(e) on the basis of written representations received from the Directors
as on 31st March, 2014, and taken on record by the Board of Directors,
we report that none of the directors of the Company is disqualified as
on 31st March, 2014, from being appointed as a director in terms of
clause (g) of sub section (1) of Section 274 of the Act.
(Referred to in Paragraph 7 under "Report on Other Legal and Regulatory
Requirements" section of our Report of even date)
1. In respect of the Fixed Assets :
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
(b) The fixed assets are physically verified by the management
according to a phased programme designed to cover all the items over a
period, which in our opinion, is reasonable having regard to the size
of the Company and the nature of its assets. According to the
information and explanations given to us, no material discrepancies
were noticed on such verification.
(c) In our opinion, a substantial part of fixed assets has not been
disposed off by the Company during the year and the going concern
status of the company is not affected.
2. In respect of Inventories :
(a) The inventories have been physically verified by the management
during the year. In our opinion, the frequency of verification is
reasonable.
(b) In our opinion, the procedures of physical verification of
inventories followed by the management are reasonable and adequate in
relation to the size of the Company and the nature of its business.
(c) On the basis of our examination of the inventory records, in our
opinion, the Company is maintaining proper records of inventories. The
discrepancies noticed on physical verification of inventories as
compared to the book records were not material and have been properly
dealt with in the books of account.
3. (a) As per the information and explanations given to us, the
Company has not granted any loan to the companies, firms or other
parties covered in the register maintained under Section 301 of the
Companies Act, 1956.
(b) In view our comment in para 3 (a) above, clause 4 (iii) (b) and 4
(iii) (c) of the said Order are not applicable to the Company.
(c) As informed, the Company has taken unsecured loan from a director
covered in the register maintained under Section 301 of the Companies
Act, 1956 on demand basis. The maximum amount outstanding during the
year was Rs. 19,770,209/- and the year end balance due to her was Rs.
19,674,883/-.
(d) In our opinion and according to the information and explanations
given to us, the rate of interest and other terms and conditions of the
loans taken by the Company are prima facie not pre-judicial to the
interest of the Company.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control system commensurate
with the size of the Company and the nature of its business, with
regard to purchase of inventories and fixed assets and sale of goods
and services. During the course of our audit, we have not observed any
major weakness in such internal control system.
5. In respect of transactions covered under Section 301 of the
Companies Act, 1956 :
(a) Based on the audit procedures applied by us and according to the
information and explanations provided by the Management, we are of the
opinion that the transactions that need to be entered into the register
maintained under Section 301 of the Companies Act, 1956 have been so
entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956 and exceeding the value of rupees five lacs in
respect of each party during the year have been made at prices which
are reasonable having regard to the market prices prevailing at the
relevant time.
6. In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits from the public
within the meaning of Section 58A and 58AA of the Companies Act, 1956,
and the rules framed there under.
7. In our opinion, the internal audit function carried out during the
year by a firm of Chartered Accountants appointed by the management is
commensurate with the size of the Company and the nature of its
business.
8. We have broadly reviewed the books of accounts maintained by the
Company pursuant to the rules prescribed by the Central Government for
the maintenance of cost records under Section 209 (1) (d) of the
Companies Act, 1956 and are of opinion that prima facie, the prescribed
accounts and records have been maintained. We have however, not made a
detailed examination of the records with a view to determine whether
they are accurate and complete.
9. (a) According to the records of the Company, undisputed statutory
dues including Provident Fund, Employees'' State Insurance, Income Tax,
Sales Tax/ Value Added Tax, Wealth Tax, Customs Duty, Excise Duty,
Cess, and other statutory dues have been regularly deposited with the
appropriate authorities. According to the information and explanations
given to us, no undisputed amounts payable in respect of the aforesaid
dues were outstanding as at 31st March, 2014 for a period of more than
six months from the date of becoming payable.
(b) According to the information and explanations given to us and the
records of the Company examined by us, there is no amount due in
respect of any disputed Sales Tax, Income Tax, Wealth tax, Custom Duty,
Excise Duty, etc.
10. The Company does not have any accumulated loss at the end of the
financial year and has not incurred cash loss during the financial year
ended 31st March, 2014 and also in the immediately preceding financial
year.
11. Based on our audit procedures and according to the information and
explanations given to us, the Company has not defaulted in repayment of
dues to banks.
12. According to the information and explanations given to us, the
Company has not given loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
13. In our opinion, the Company is not a chit fund or a nidhi / mutual
benefit fund / society. Therefore, the provisions of clause (xiii) of
paragraph 4 of the Order are not applicable to the Company.
14. In our opinion and according to the information and explanations
given to us, the Company is not a dealer / trader in shares and
securities. Accordingly, the provisions of clause 4 (xiv) of the
paragraph 4 of the Order are not applicable to the Company.
15. According to the information and explanations given to us and the
records examined by us, the Company has not given any guarantee for
loans taken by others from banks or financial institutions during the
year.
16. In our opinion, on the basis of information and explanations given
to us, on an overall basis, the term loans were applied for the
purposes for which the loans were obtained.
17. On the basis of an overall examination of the Balance Sheet of the
Company, in our opinion and according to the information and
explanations given to us, there are no funds raised on a short term
basis that have been used for long term investments.
18. During the year, the Company has not made any preferential
allotment of shares to parties or companies covered in the register
maintained under section 301 of the Companies Act, 1956. Accordingly,
clause 4(xviii) of the paragraph 4 of the Order is not applicable.
19. The Company has not issued any secured debentures. Accordingly,
Clause 4(xix) of the paragraph 4 of the Order is not applicable.
20. The Company has not raised any money by way of public issue during
the year.
21. During the course of our examination of the books of account and
audit carried out in accordance with the generally accepted auditing
practices in India and according to the information and explanations
given to us, we have neither come across any instance of fraud on or by
the Company, noticed or reported during the year nor have we been
informed of such case by the management.
For AJAY SHOBHA & Co.
Chartered Accountants
(Registration No. 317031E)
(AJAY GUPTA)
Place : Mumbai Partner
Date : 30th May, 2014 M. No.053071
Mar 31, 2013
Report on the Financial Statements
1. We have audited the accompanying financial statements of Ruttonsha
International Rectifier Ltd. ("the Company"), which comprise the
Balance Sheet as at March 31, 2013, and the Statement of Profit and
Loss and Cash Flow Statement for the year then ended and a summary of
significant accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
2. Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of Section 211
of the Companies Act, 1956 ("the Act"). This responsibility includes
the design, implementation and maintenance of internal control relevant
to the preparation and presentation of the financial statements that
give a true and fair view and are free from material misstatement,
whether due to fraud or error.
Auditors'' Responsibility
3. Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatements.
4. An audit involves performing procedures to obtain audit evidence
about the amounts and disclosures in the financial statements. The
procedures selected depend on the auditor''s judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the
Company''s preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the
circumstances. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a
basis for our opinion.
Opinion
5. In our opinion and to the best of our information and according to
the explanations given to us, the financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India:
(i) in the case of the Balance Sheet, of the State of Affairs of the
Company as at 31s1 March, 2013; (ii) in the case of Statement of Profit
and Loss, of the profit of the Company for the year ended on that date;
and (iii) in the case of Cash Flow statement, of the cash flows for the
year ended on that date. Report on Other Legal and Regulatory
Requirements
6. As required by the Companies (Auditors'' Report) Order, 2003 ("the
Order"), as amended, issued by the Central Government of India in terms
of sub-section (4A) of Section 227 of the Act, we give in the Annexure
a statement on the matters specified in paragraphs 4 and 5 of the
Order.
As required by Section 227(3) of the Act, we report that :
(a) we have obtained all the information and explanations which to the
best of 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 the Company so far as appears from our examination of those
books;
(c) the Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
(d) in our opinion, the Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement comply with the Accounting Standards referred to in
Sub-section (3C) of Section 211 of the Act; and;
(e) on the basis of written representations received from the Directors
as at 31st March, 2013, and taken on record by the Board of Directors,
we report that none of the directors of the Company are disqualified as
on 31st March, 2013, from being appointed as a director in terms of
Clause (g) of Sub section (1) of Section 274 of the Act.
(Referred to in Paragraph 6 under the heading of "Report on Other Legal
and Regulatory Requirements" of our Report of even date)
1. In respect of its Fixed Assets :
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
(b) The fixed assets are physically verified by the management
according to a phased programme designed to cover all the items over a
period, which in our opinion, is reasonable having regard to the size
of the Company and the nature of its assets. According to the
information and explanations given to us, no material discrepancies
were noticed on such verification.
(c) Fixed Assets disposed off during the year were not substantial and
therefore do not affect the going concern assumption.
2. In respect of Inventories :
(a) The inventories have been physically verified by the management
during the year. In our opinion, the frequency of verification is
reasonable.
(b) In our opinion, the procedures of physical verification of
inventories followed by the management are reasonable and adequate in
relation to the size of the Company and the nature of its business.
(c) On the basis of our examination of the inventory records, in our
opinion, the Company is maintaining proper records of inventories. The
discrepancies noticed on physical verification of inventories as
compared to the book records were not material and have been properly
dealt with in the books of account.
3. (a) As per the information and explanations given to us, the
Company has not granted any loan to the companies, firms or other
parties covered in the register maintained under Section 301 of the
Companies Act, 1956.
(b) In view our comment in para 3 (a) above, clause 4 (iii) (b) and 4
(iii) (c) of the said Order are not applicable to the Company.
(c) As informed, the Company has taken unsecured loan from a director
covered in the register maintained under Section 301 of the Companies
Act, 1956 on demand basis. The maximum amount outstanding during the
year was f 21,216,916/- and the year end balance due to her was Rs.
19,770,209/-.
(d) In our opinion and according to the information and explanations
given to us, the rate of interest and other terms and conditions of the
loans taken by the Company are prima facie not pre-judicial to the
interest of the Company.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control system commensurate
with the size of the Company and the nature of its business, with
regard to purchase of inventories and fixed assets and sale of goods
and services. During the course of our audit, we have not observed any
major weakness in such internal control system.
5. In respect of transactions covered under Section 301 of the
Companies Act, 1956 :
(a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, we are of the
opinion that the transactions that need to be entered into the register
maintained under Section 301 of the Companies Act, 1956 have been so
entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956 and exceeding the value of rupees five lacs in
respect of each party during the year have been made at prices which
are reasonable having regard to the market prices prevailing at the
relevant time.
6. In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits from the public
within the meaning of Section 58A and 58AA of the Companies Act, 1956,
and the rules framed there under.
7. In our opinion, the Company has an internal audit system
commensurate with the size of the Company and the nature of its
business.
8. We have broadly reviewed the books of accounts maintained by the
Company pursuant to the rules made by the Central Government for the
maintenance of cost records under clause (d) of sub-section (1) of
section 209 of the Companies Act, 1956 and are of opinion that prima
facie, the prescribed accounts and cost records have been maintained.
We have however, not made a detailed examination of the records with a
view to determine whether they are accurate and complete.
9. (a) According to the records of the Company, undisputed statutory
dues including Provident Fund, Employees'' State
Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Customs
Duty, Excise Duty, Cess, and other statutory dues have been regularly
deposited with the appropriate authorities. According to the
information and explanations given to us, no undisputed amounts payable
in respect of the aforesaid dues were outstanding as at 31st March,
2013 for a period of more than six months from the date of becoming
payable.
(b) According to the information and explanations given to us and the
records of the Company examined by us, there is no amount due in
respect of any disputed Sales Tax, Income Tax, Service Tax, Custom
Duty, Excise Duty, etc.
10. The Company has no accumulated losses at the end of the financial
year and has not incurred cash losses during the financial year ended
31st March, 2013 and also in the immediately preceding financial year.
11. Based on our audit procedures and according to the information and
explanations given to us, the Company has not defaulted in repayment of
dues to banks.
12. According to the information and explanations given to us, the
Company has not given loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
13. In our opinion, the Company is not a chit fund or a nidhi / mutual
benefit fund / society. Therefore, the provisions of clause (xiii) of
paragraph 4 of the Order are not applicable to the Company.
14. In our opinion and according to the information and explanations
given to us, the Company is not a dealer / trader in shares and
securities. Accordingly, the provisions of clause 4 (xiv) of the
paragraph 4 of the Order are not applicable to the Company.
15. According to the information and explanations given to us and the
records examined by us, the Company has not given any guarantee for
loans taken by others from banks or financial institutions.
16. In our opinion, on the basis of information and explanations given
to us, on an overall basis, the term loans were applied for the
purposes for which the loans were obtained.
17. On the basis of an overall examination of the Balance Sheet of the
Company, in our opinion and according to the information and
explanations given to us, there are no funds raised on a short term
basis that have been used for long term investments.
18. During the year, the Company has not made any preferential
allotment of shares to parties or companies covered in the register
maintained under section 301 of the Companies Act, 1956. Accordingly,
clause 4(xviii) of the paragraph 4 of the Order is not applicable.
19. The Company has not issued any secured debentures. Accordingly,
Clause 4(xix) of the paragraph 4 of the Order is not applicable.
20. The Company has not raised any money by way of public issue during
the year.
21. During the course of our examination of the books of account and
audit carried out in accordance with the generally accepted auditing
practices in India and according to the information and explanations
given to us, we have neither come across any instance of fraud on or by
the Company, noticed or reported during the year nor have we been
informed of such case by the management.
For AJAY SHOBHA & Co.
Chartered Accountants
(Registration No. 317031E)
(AJAY GUPTA)
Place : Mumbai Partner
Date : 17th May, 2013 M. No.053071
Mar 31, 2012
1. We have audited the attached Balance Sheet of Ruttonsha
Internationa! Rectifier Limited ('the Company') as at 31st March
2012, the Statement of Profit and Loss and the Cash Flow Statement of
the Company for the year ended on that date annexed thereto. These
financial statements are the responsibility of the Company's
Management. Our responsibility is to express an opinion on these
financial statements based on our audit.
2. We conducted our audit in accordance with Auditing Standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material mis-statement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditors' Report) Order, 2003
issued by the Central Government of India in terms of sub-section (4A)
of Section 227 of the Companies Act, 1956, and on the basis of such
checks as we considered appropriate and according to information and
explanation given to us, we enclose in the annexure hereto a statement
on the matters specified in paragraphs 4 and 5 of the said Order to the
extent applicable to the Company.
4. Further to our comments in the Annexure referred to in paragraph 3
above, we report that :
(a) We have obtained all the information and explanations which, to the
best of 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 the Company, so far as appears from our examination of
those books;
(c) The Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this report are in agreement with the books of
accounts;
(d) In our opinion, the Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement dealt with by this report are in compliance with
the applicable Accounting Standards referred to in Sub-section (3C) of
Section 211 of the Companies Act, 1956;
(e) On the basis of written representations received from the
directors, and taken on record by the Board, we report that none of the
directors are disqualified as on 31st March, 2012 from being appointed
as a director in terms of clause (g) of sub section (1) of section 274
of the Companies Act, 1956;
(f) In our opinion and to the best of our information and according to
the explanations given 'to us, the said accounts read together with
significant accounting policies and notes thereon, give the information
required by the Companies Act, 1956, in the manner so required and
gives a true and fair view in conformity with the accounting principles
generally accepted in India :
i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2012;
ii) in the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date; and
iii) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
(Referred to in paragraph 3 of the Auditors' Report of even date)
1. In respect of the Fixed Assets :-
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
(b) The fixed assets are physically verified by the management
according to a phased programme designed to cover all the items over a
period of three years, which in our opinion, is reasonable having
regard to the size of the Company and the nature of its assets.
Pursuant to the programme, some of the fixed assets have been
physically verified by the management during the year and no material
discrepancies were noticed on such verification.
(c) In our opinion, a substantial part of fixed assets has not been
disposed off by the Company during the year and the going concern
status of the company is not affected.
2. In respect of Inventories
(a) The inventories have been physically verified by the management
during the year. In our opinion, the frequency of verification is
reasonable.
(b) In our opinion, the procedures of physical verification of
inventories followed by the management are reasonable and adequate in
relation to the size of the Company and the nature of its business.
(c) On the basis of our examination of the inventory records, in our
opinion, the Company is maintaining proper records of inventories. The
discrepancies noticed on physical verification of inventories as
compared to the book records were not material and have been properly
dealt with in the books of account.
3. (a) As per the information and explanations given to us, the
Company has not granted any loan to the companies, firms or other
parties covered in the register maintained under Section 301 of the
Companies Act, 1956.
(b) In view of our comment in para 3 (a) above, clause 4 (iii) (b) and
4 (iii) (c) of Paragraph 4 of the said Order is not applicable to the
Company.
(c) As informed, the Company has taken unsecured loans from the
directors covered in the register maintained under Section 301 of the
Companies Act, 1956 on demand basis. The maximum amount outstanding
during the year was Rs. 22,736,379 and the year end balance due to them
was Rs. 20,890,618.
(d) In our opinion and according to the information and explanations
given to us, the rate of interest and other terms and conditions of the
loans taken by the Company are prima facie not pre-judicial to the
interest of the Company.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business, with regard to purchase of inventories and fixed assets and
sale of goods and services. During the course of our audit, we have not
observed continuing failure to correct major weaknesses in internal
control system. '
5. In respect of transactions covered under Section 301 of the
Companies Act, 1956 :
(a) Based on the audit procedures applied by us and according to the
information and explanations provided by the Management, we are of the
opinion that the transactions that need to be entered into the register
maintained under Section 301 of the Companies Act, 1956 have been so
entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956 and exceeding the value of Rupees five lacs in
respect of each party during the year have been made at prices which
are reasonable having regard to the market prices prevailing at the
relevant time.
6. In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits from the public
within the meaning of Section 58A and 58AA of the Companies Act, 1956
and the rules framed there under. Therefore, Clause 4 (vi) of the
paragraph 4 of the Order is not applicable.
7. The Company has an internal audit system, which in our opinion, is
commensurate with the size of the Company and the nature of its
business.
8. We have broadly reviewed the books of account maintained by the
Company pursuant to the rules made by the Central Government for the
maintenance of cost records under clause (d) of sub section (1) of
section 209 of the Companies Act, 1956 and are of opinion that prima
facie, the prescribed accounts and records have been maintained. We
have not, however, made a detailed examination of the records with a
view to determine whether they are accurate and complete.
9. (a) According to the records of the Company, undisputed statutory
dues including Provident Fund, Employees' State Insurance,
Income-Tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise
Duty, Cess, and other statutory dues have generally been regularly
deposited with the appropriate authorities. According to the
information and explanations given to us, no undisputed amounts payable
in respect of the aforesaid dues were outstanding as at 31st March,
2012 for a period of more than six months from the date of becoming
payable.
(b) According to the information and explanations given to us and the
records of the Company examined by us, there is no amount due in
respect of any disputed Sales Tax, Income Tax, Service Tax, Custom
Duty, Excise Duty, etc.
10. The Company has no accumulated losses at the end of the financial
year and has not incurred cash losses during the financial year ended
31st March, 2012 and also in the immediately preceding financial year.
11. Based on our audit procedures and according to the information and
explanations given to us, the Company has not defaulted in repayment of
dues to banks.
12. According to the information and explanations given to us, the
Company has not given loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
13. In our opinion, the Company is not a chit fund or a nidhi / mutual
benefit fund / society. Therefore, the provisions of clause (xiii) of
paragraph 4 of the Order are not applicable to the Company.
14. In our opinion and according to the information and explanations
given to us, the Company is not a dealer / trader in shares and
securities. Accordingly, the provisions of clause 4 (xiv) of the
paragraph 4 of the Order are not applicable to the Company.
15. According to the information and explanations given to us and the
records examined by us, the Company has not given any guarantee for
loans taken by others from banks or financial institutions.
16. In our opinion and on the basis of information and explanations
given to us, on an overall basis, the term loans were applied for the
purposes for which the loans were obtained.
17. On the basis of an overall examination of the Balance Sheet of the
Company, in our opinion and according to the information and
explanations given to us, there are no funds raised on a short term
basis that have been used for long term investments.
18. During the year, the Company has not made any preferential
allotment of shares to parties or companies covered in the register
maintained under section 301 of the Companies Act, 1956. Accordingly,
clause 4(xviii) of the paragraph 4 of the Order is not applicable.
19. The Company has not issued any secured debentures. Accordingly,
Clause 4(xix) of the paragraph 4 of the Order is not applicable.
20. The Company has not raised any money by way of public issue during
the year.
21. During the course of our examination of the books of account and
audit carried out in accordance with the generally accepted auditing
practices in India and according to the information and explanations
given to us, we have neither come across any instance of fraud on or by
the Company, noticed or reported during the year nor have we been
informed of such case by the management.
For AJAY SHOBHA & Co.
Chartered Accountants
(Registration No.317031E)
Place : Mumbai (AJAY GUPTA)
Date : 28th May, 2012 Partner
M. No.053071
Mar 31, 2011
1. We have audited the attached Balance Sheet of Ruttonsha
International Rectifier Limited, as at 31st March 2011, the Profit and
Loss Account and the Cash Flow Statement of the Company for the year
ended on that date annexed thereto. These financial statements are the
responsibility of the CompanyÃs Management. Our responsibility is to
express an opinion on these financial statements based on our audit.
2. We conducted our audit in accordance with Auditing Standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material mis-statement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditorsà Report) Order, 2003 issued
by the Central Government of India in terms of sub- section (4A) of
Section 227 of the Companies Act, 1956, and on the basis of such checks
as we considered appropriate and according to information and
explanation given to us, we enclose in the annexure hereto a statement
on the matters specified in paragraphs 4 & 5 of the said Order to the
extent applicable to company.
4. Further to our comments in the Annexure referred to in paragraph 3
above, we report that :
a) We have obtained all the information and explanations which, to the
best of 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 the Company, so far as appears from our examination of those
books ;
c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of accounts;
d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash
Flow Statement dealt with by this report are in compliance with the
applicable Accounting Standards referred to in Sub-section (3C) of
Section 211 of the Companies Act 1956;
e) On the basis of written representations received from the directors,
and taken on record by the Board, we report that none of the directors
are disqualified as on 31st March, 2011 from being appointed as a
director in terms of Clause (g) of Sub section (1) of Section 274 of
the Companies Act, 1956;
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with
significant accounting policies and notes thereon, gives the
information required by the Companies Act, 1956, in the manner so
required and give a true and fair view in conformity with the
accounting principles generally accepted in India
i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March , 2011;
ii) in the case of the Profit and Loss Account, of the profit of the
Company for the year ended on that date; and
iii) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
(Referred to in paragraph 3 of the Auditors Report of even date)
1. In respect of the Fixed Assets :- a) The Company has maintained
proper records showing full particulars, including quantitative details
and situation of fixed assets.
b) The fixed assets are physically verified by the management according
to a phased programme designed to cover all the items over a period of
three years, which in our opinion, is reasonable having regard to the
size of the Company and the nature of its assets. Pursuant to the
programme, a portion of the fixed assets has been physically verified
by the management during the year and no material discrepancies between
the books records and the physical inventory has been noticed.
c) In our opinion, a substantial part of fixed assets has not been
disposed off by the Company during the year and the going concern
status of the company is not affected.
2. In respect of Inventories:- a) The inventories have been physically
verified by the management during the year. In our opinion, the
frequency of verification is reasonable.
b) In our opinion, the procedures of physical verification of
inventories followed by the management are reasonable and adequate in
relation to the size of the Company and the nature of its business.
c) On the basis of our examination of the inventory records, in our
opinion, the Company is maintaining proper records of inventories. The
discrepancies noticed on physical verification of inventories as
compared to books records were not material and have been properly
dealt with in the books of account.
3. a) As per the information and explanations given to us, the Company
has not granted any loan to the companies, firms or other parties
covered in the register maintained under Section 301 of the Companies
Act, 1956.
b) In view our comment in para 3 (a) above, clause 4 (iii) (b) and 4
(iii) (c) of Paragraph 4 of the said Order is not applicable to the
Company.
c) As informed, the Company has taken unsecured loans from the
directors covered in the register maintained under Section 301 of the
Companies Act, 1956 on demand basis. The maximum amount outstanding
during the year was Rs. 229.81 Lacs and the year end balance due to them
was Rs. 217.99 Lacs.
d) In our opinion and according to the information and explanations
given to us, the rate of interest and other terms and conditions of the
loans taken by the Company are prima facie not pre-judicial to the
interest of the Company.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business, with regard to purchase of inventories and fixed assets and
sale of goods and services. During the course of our audit, we have not
observed continuing failure to correct major weaknesses in internal
control system.
5. In respect of transactions covered under Section 301 of the
Companies Act, 1956 :
a) Based on the audit procedures applied by us and according to the
information and explanations provided by the Management, we are of the
opinion that the transactions that need to be entered into the register
maintained under Section 301 of the Companies Act, 1956 have been so
entered.
b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956 and exceeding the value of Rupees five lacs in
respect of each party during the year have been made at prices which
are reasonable having regard to the market prices prevailing at the
relevant time.
6. In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits from the public
within the meaning of Section 58A and 58AA of the Companies Act, 1956,
and the rules framed there under. Therefore, Clause 4 (vi) of the
paragraph 4 of the Order is not applicable.
7. The Company has an internal audit system, which in our opinion, is
commensurate with the size of the Company and the nature of its
business.
ANNEXURE TO THE AUDITORSÃ REPORT (ContÃd...)
8. According to the information and explanations given to us, the
Central Government has not prescribed the maintenance of cost records
under Clause (d) of sub-section (1) of Section 209 of the Companies
Act, 1956.
9. a) According to the records of the Company, undisputed statutory
dues including Provident Fund, Employeesà State
Insurance, Income-Tax, Sales Tax, Wealth Tax, Service Tax, Customs
Duty, Excise Duty, Cess, and other statutory dues have been generally
regularly deposited with the appropriate authorities. According to the
information and explanations given to us, no undisputed amounts payable
in respect of the aforesaid dues were outstanding as at 31st March,
2011 for a period of more than six months from the date of becoming
payable.
b) According to the information and explanations given to us and the
records of the Company examined by us, there is no amount due in
respect of any disputed Sales-Tax, Income Tax, Service Tax, Custom
Duty, Excise Duty, etc.
10. The Company has no accumulated losses at the end of the financial
year and has not incurred cash losses during the financial year ended
31st March, 2011 and also in the immediately preceding financial year.
11. Based on our audit procedures and according to the information and
explanations given to us, the Company has not defaulted in repayment of
dues to banks.
12. According to the information and explanations given to us, the
Company has not given loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
13. In our opinion, the Company is not a chit fund or a nidhi / mutual
benefit fund / society. Therefore, the provisions of clause (xiii) of
paragraph 4 of the Order are not applicable to the Company.
14. In our opinion and according to the information and explanations
given to us, the Company is not a dealer / trader in shares and
securities. Accordingly, the provisions of clause 4 (xiv) of the
paragraph 4 of the Order are not applicable to the Company.
15. According to the information and explanations given to us and the
records examined by us, the Company has not given any guarantee for
loans taken by others from banks or financial institutions.
16. In our opinion, on the basis of information and explanations given
to us, on an overall basis, the term loans were applied for the
purposes for which the loans were obtained.
17. On the basis of an overall examination of the Balance Sheet of the
Company, in our opinion and according to the information and
explanations given to us, there are no funds raised on a short term
basis that have been used for long term investments.
18. During the year, the Company has not made any preferential
allotment of shares to parties or companies covered in the register
maintained under section 301 of the Companies Act, 1956. Accordingly,
clause 4(xviii) of the paragraph 4 of the Order is not applicable.
19. The Company has not issued any secured debentures. Accordingly,
Clause 4(xix) of the paragraph 4 of the Order is not applicable.
20. The Company has not raised any money by way of public issue during
the year.
21. During the course of our examination of the books of account and
audit carried out in accordance with the generally accepted auditing
practices in India and according to the information and explanations
given to us, we have neither come across any instance of fraud on or by
the Company, noticed or reported during the year nor have we been
informed of such case by the management.
For AJAY SHOBHA & CO.
Chartered Accountants
(Registration No.317031E)
(AJAY GUPTA)
Place : Mumbai Partner
Date : 30th May, 2011 M. No.053071
Mar 31, 2010
1. We have audited the attached Balance Sheet of Ruttonsha
International Rectifier Limited as at 31st March, 2010 and also the
Profit and Loss account and the Cash Flow Statement for the year ended
on that date annexed thereto. These financial statements are the
responsibility of the Companys management. Our responsibility is to
express an opinion on these financial statements based on our audit.
2. We conducted our audit in accordance with the auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditors Report) Order, 2003 issued
by the Central Government of India in terms of section (4A) of Section
227 of the Companies Act, 1956, we enclose in the Annexure a statement
on the matters specified in paragraphs 4 and 5 of the said order.
4. Further to our comments in the Annexure referred to in paragraph 3
above, we report that:
(a) We have obtained all the information and explanations, which to the
best of 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 the Company, so far as appears from our examination of
those books;
(c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account;
(d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash
Flow Statement dealt with by this report are in compliance with the
accounting standards referred to in sub-section (3C) of Section 211 of
the Companies Act, 1956;
(e) On the basis of written representations received from the
directors, as on 31st March, 2010 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March, 2010 from being appointed as a director in terms of clause
(g) of sub-section (1) of Section 274 of the Companies Act, 1956;
(f) In our opinion and to the best of our information and according to
explanations given to us, the said accounts read together with the
Significant Accounting Policies and notes thereon give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India;
(i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2010;
(ii) in the case of the Profit and Loss account, of the profit for the
year ended on that date; and
(iii) in the case of the Cash Flow Statement, of the cash flow for the
year ended on that date.
ANNEXURE TO THE AUDITORS REPORT Referred to in Para (3) of our Report
of even date)
1. In respect of fixed assets:
(a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets on the
basis of available information.
(b) All the assets have not been physically verified by the management
during the year but, according to the information and explanations
given to us, there is a phased programme of verification which in our
opinion is reasonable having regard to the size of the Company and the
nature of its assets. No material discrepancies were noticed on such
verification.
(c) According to the information and explanations given to us, we are
of the opinion that fixed assets disposed off during the year though
substantial has not affected the going concern status of the Company.
2. In respect of inventories:
(a) The inventories have been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
(b) In our opinion, the procedures of physical verification of stocks
followed by the Management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
(c) In our opinion, the Company has maintained proper records of
inventories. The discrepancies noticed on verification between the
physical stock and the book records were not material in relation to
the operations of the Company.
3. The Company has not granted or taken any loans, secured or
unsecured to or from companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956 except
for deposit taken from a Director of the Company. In our opinion, the
rate of interest and other terms and conditions are prima facie not
prejudicial to the interests of the Company.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business with regard to purchases of inventory, fixed assets and with
regard to the sale of goods. During the course of our audit, we have
not observed any continuing failure to correct major weaknesses in
internal controls.
5. (a) Based on the audit procedures applied by us and according to
the information and explanations provided by the management, we are of
the opinion that all the transactions that need to be entered in the
register in pursuance of Section 301 of the Act have been so entered.
(b) These transactions have been made at prices which are reasonable
having regard to the prevailing market prices at the relevant time, in
the opinion of the management.
6 In our opinion and according to the information and explanations
given to us, the Company has complied with the provisior æ .->ction 58A
and 58AA of the Companies Act, 1956 and the Companies ( Acceptance of
Deposits ) Rules, 1975 with regard * ,Ã deposits accepted from the
public.
7. In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
8. The order made by the Central Government for the maintenance of
cost records vide section 209 (1)(d) of the Companies Act, 1956 is not
applicable to the Company.
9. (a) According to the records of the Company, the Company is regular
in depositing with appropriate authorities any undisputed statutory
dues including Investor Education and Protection Fund, Income Tax,
Wealth Tax, Custom Duty, Excise Duty, Cess, Sales tax and any other
statutory dues applicable to it.
(b) According to the records of the Company, there is no disputed dues
pending in any forum in India for any disputed amount of Income Tax,
Wealth Tax, Custom Duty, Excise Duty, Cess, Sales tax etc.
10. The company has no accumulated losses as at year-end and has not
incurred cash losses during the financial year covered by our audit and
in the immediately preceding financial year.
11. In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to a
financial institution or bank.
12. Based on our examination of the records and the information and
explanations given to us, the Company has not granted any loans and
advances on the basis of security by way of pledge of shares,
debentures and other securities.
13. In our opinion, the Company is not a chit fund or a nidhi /mutual
benefit fund/ society. Therefore, the provisions of clause (xiii) of
paragraph 4 of the Companies (Auditors Report) Order, 2003 are not
applicable to the Company.
14. In our opinion, the Company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4 (xiv) of the Companies (Auditors Report) Order,
2003 are not applicable to the Company.
15. According to the information and explanations given to us the
Company has not given guarantees for loans taken by others from banks
or financial institutions, the terms and conditions whereof are prima
facie prejudicial to the interest of the Company.
16. In our opinion, the term loans have been applied for the purpose
for which they were raised.
17. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we report
that no funds raised on short-term basis have been used for long-term
investment.
18. The Company has not issued any secured Debentures. Hence the
requirements of clause (xix) of paragraph 4 of the Companies (Auditors
Report) Order, 2003 is not applicable to the Company.
19. The Company has not raised any money by way of public issue during
the year.
20. According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the
course of our audit.
For AJAY SHOBHA & Co.
Chartered Accountants
(Registration No. 317031E)
Place : Mumbai
Date : 23rd July, 2010 (Partner)
Membership No.053071
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