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Superior Industrial Enterprises Ltd.

BSE: 519234 | NSE: | Series: NA | ISIN: INE843L01012 | SECTOR: Vanaspati & Oils

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    21.25 (243)

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Dec 27, 11:22
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Superior Industrial Enterprises is not listed on NSE

Annual Report

For Year :
2015 2014 2013 2012 2011 2010

Auditor's Report

We have audited the accompanying financial statements of M/s Superior Industrial Enterprises Limited, New Delhi which comprise the Balance Sheet as at 31st March 2015, Statement of Profit and Loss and the cash flow statement for the year ended, and a summary of significant accounting policies and other explanatory information. These Financial statements are the responsibility of the Company''s management. Our responsibility is to express our opinion on these financial statements based on our audit. 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 Act) with respect to the preparation and presentation 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 fraud 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 that 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. Auditor''s 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 thereunder. We have conducted our audit in accordance with the auditing specified under Section 143(10) of the Act. Those standards require that we comply with ethical requirement and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. 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 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 financial control relevant to the Company''s preparation of the financial statements that give a true and fair view in 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 includes evaluating the appropriates 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 reasonable basis for our audit opinion. 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 accounting principles generally accepted in India: In the case of the Balance Sheet, of the state of affairs of the Company as at 31 March 2015; a) In the case of the Statement of Profit and Loss, of the profit of the Company for the year ended on that date; b) 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. 1. As required by the Companies (Auditor''s Report) Order, 2015 (the Order) issued by the Central Government in terms of Section 143(11) of the Companies Act, 2013, we enclose in Annexure a statement on the matters specified in the paragraph 3 & 4 of the said order to the extent applicable to the company. 2. As required by section 143(3) of the Act, we report that: a) We have sought and obtained all the information and explanations, which to the 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 the books of account made available to us. c) The Balance Sheet, Statement of Profit & Loss 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 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 representation received from the Directors as on 31.03.2015 taken on record by the Board of Directors, we report that none of the directors are disqualified as on 31.03.2015 from being appointed as director in terms of clause (g( of Sub Section (2) of Section 164 of the companies Act, 2013. f) 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. Company has not made provision for gratuity and leave encashment which is on payment basis-Refer Note No.28 (d). ii. During the year Company has charged depreciation on Fixed Assets on SLM Method as per Schedule II of Companies Act, 2013. In yester Year Company charged depreciation on fixed assets as per rate mentioned in Income tax Act, 1961. This change has resulted understatement of net profit to the extent of Rs. 1, 89,964/- Hence deviation is being reported. ANNEXURE TO THE INDEPENDENT AUDITOR''S REPORT The annexure referred to in our Independent Auditor''s Report to the member of Superior Industrial Enterprises Limited, New Delhi for the year ended march 31st, 2015, we report that: 1. (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets except vehicles. (b) The assets have been physically verified by the management during the year in our opinion the frequency of physical verification being conducted from time to time by the company appears to be reasonable having regard to the size of the company and nature of such assets. No significant discrepancy was noticed in the regard. 2. (a) Inventory of raw materials, stores, finished goods and packing material have been physically verified by the management during the year. Frequency of verification is reasonable and the procedures of physical verification of such inventories followed by management are adequate in relation to the size of company and nature of its business. (b) Company is maintaining proper records of inventory and the discrepancies noticed during the physical verification between physical stock and book records are not material and the same have been properly dealt with. 3. Company has not granted loans to parties listed in the register maintained u/s 189 of the Companies Act, 2013; hence this provision is not applicable to 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 nature of business with regard to purchase of inventory, fixed assets and with regard to sale of goods. We have not observed any major weakness in the internal control system during course of the audit. 5. Provision regarding acceptance of Public Deposit with directive issued by RBI along with Section-73 to 76 of Companies Act, 2013 is not applicable to the company as no such deposits accepted. 6. We have reviewed the books of account maintained by the company pursuant to the order made by the Central Government for the maintenance of cost records under section 148(I) of the Companies Act, 2013 and we are of the opinion that prima facie the prescribed accounts and records have been made and maintained. 7. a) The Company is regular in depositing wit appropriate authorities undisputed statutory dues including PF, ESI, TDS, Sales Tax, Entry Tax, Service Tax and Excise Duty except sometimes there have been delay in deposit. b) No amount was in arrears for a period more than 6 months as regards undisputed amount payable in respect of statutory dues. c) According to the information and explanation given to us, provision regarding the amounts which were required to be transferred to the investor education and protection fund in accordance with the relevant provision of the Companies Act, 1956 and rules there under is not applicable as no fund exist. 8. In our opinion the accumulated losses of the company are not more than fifty percent of its net worth and have not incurred cash losses in the financial year covered by our audit and in the immediately preceding financial year. 9. In our opinion company has not defaulted in repayment of dues to financial institution or bank during the year. 10. The company has given corporate guarantees to the Bankers for loan raised by M/s Hal Offshore Limited its Group Company under the same management. The terms and condition of the same are not prima facie prejudicial to the interest of the company. 11. Provision regarding end use of term loans is not applicable as no such loan raised by the company except Car Loan for Honda Car raised & utilized for purchase of aforesaid Car during the year. 12. During the course of our examination of the Books and Records of the company, carried out in accordance with the generally accepted audit practices in India and according to the information and explanation given to us we have neither come across instances of any fraud on or by the company, noticed or reported during the year nor have we been informed of such cases by management. Place: 1372, Kashmere Gate, FOR KAMAL & COMPANY Delhi - 110006 Date: 26th Day of May, 2015 CHARTERED ACCOUNTANTS MEMBERSHIP NO. 012738