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Superior Industrial Enterprises Ltd.

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

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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 (the Company), which comprise the Balance Sheet as at 31 March 2014, the Statement of Profit and Loss and the Cash Flow Statement of the Company for the year then ended, and a summary of significant accounting policies and other explanatory information. Management''s Responsibility for the Financial Statements 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 13 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. Auditor''s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accor- dance 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 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 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 entity''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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a 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 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 31 March 2014; (ii) in the case of the Statement of Profit and Loss, of the profit 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 (1) As required by the Companies (Auditor''s Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure statement on the matters specified in paragraphs 4 and 5 of the said Order. (2) 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; and 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 Companies Act, 1956 read with the General Circular 15/2013 dated 13 September 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013. except Accounting Policy Note No.28 (d) on gratuity and leave encashment which is on payment basis e. On the basis of written representation from the Directors as on 31.03.2014 and taken on record by the Board of Directors, we report that none of the directors are disqualified as on 31.03.2014 from being appointed as 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 accounts read together with our report on CARO Annexure point no. 1(c) on Depreciation along with the notes thereon and particularly note No.28(c) on the valuation of stock given the information required by the Companies Act, 1956, in the manner so required and give a true and fair view: ANNEXURE REFERRED TO IN PARAGRAPH 1 UNDER THE HEAPING OF REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS OF OUR REPORT OF EVEN DATE ON ACCOUNTS OF M/S SUPERIOR INDUSTRIAL ENTERPRISES LIMITED. NEW DELHI FOR THE YEAR ENDED MARCH 31ST. 2014 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 phys- ical 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. (c) Company has not provided yearly depreciation as per company''s Act but provided the same as per rates specified by Income Tax act, 1961 in continuation of past practice 2. (a) Inventory of raw materials, stores, finished goods and packing material have been physically verified by the man- agement 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. The provision regarding granting of loan or raising loan from parties listed in the Register maintained u/s 301 of the Companies Act, 1956 is not applicable as no such loans granted/accepted from such parties during the year. 4. In our opinion and according to the information and explanations given to us, there are adequate internal control pro- cedures 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. 5. According to information and explanation given to us transactions entered into with group''s company those are required to be entered in the Register maintained u/s 301 of the companies Act, 1956 have been entered in such register. Company has made Sales to Group Company M/s Moon Beverages Limited covered under section 301 of Companies Act, 1956 at the normal selling price applicable to all customers of the company. 6. The company has not invited any deposits from Public falling under section 58A and 58AA of Companies Act, 1956 read with the companies (Acceptance of Deposits) Rule 1975. 7. In our opinion present system of internal audit in the company is adequate and is commensurate with the size and nature of business. 8. We have broadly 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 209(1) (d) of the Companies Act, 1956 and we are of the opinion that prima facie the prescribed accounts and records have been made and maintained. 9. (a) The company is regular in depositing with appropriate authorities undisputed statutory dues including PF, ESI, TDS, Sales Tax, except sometimes there have been delay. (b) No amount was in arrears for a period more than 6 months as regards undisputed amount payable in respect of Sales Tax/Income tax/T.D.S. etc except sale tax appeal for financial year 2006-07 and Income Tax appeal for the assessment year 2002-03 which are pending. (c) According to the information and explanation given to us, there are no dues of Sales Tax, Income Tax, which have not been deposited on account of any dispute. 10. Provision regarding default in repayment of loans to financial institution is not applicable as no such loan raised during the year. 11. Provision regarding maintenance of adequate records for pledge of shares, debentures and other securities is not applicable to this company as no such loans granted by the company. 12. In our opinion company is not a chit fund or Nidhi/Mutual benefit company; hence Clause 4 (XIII) of the Companies (Auditors Report) order 2003 is not applicable to this company. 13. In our opinion company is not dealing or trading in shares, securities, debenture & other investments, except for 3 par- ties listed under section 301 of companies Act, 1956 hence the provisions of Clause 4 XIV of the Companies (Auditor''s Report) order 2003 are not applicable to this company. 14. 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. 15. Provision regarding end use of loans is not applicable as no such loan raised by the company. 17. The provision regarding preferential allotment of shares to parties and companies covered in the Register maintained u/s 301 is not applicable, as the company has made no such preferential allotment during the year. 18. The provisions regarding information on debenture issued and securities created are not applicable to this company as no such transaction has taken place during the year. 19. The Provision regarding end use of public issue money is not applicable as there was no public issue during the year. 20. During the course of our examination of the Books and Records of the company, carried out in accordance with the gener- ally accepted audit practices in India and according to the information and explanation given to us we have neither come across instances of material fraud on or by the company, noticed or reported during the year nor have we been informed of such cases by management. 21. According to the information and explanations given to us and on over all examination of the Balance Sheet of the Com- pany, we report that we have not found short term funds been used for long term investment. No long term founds have been used to finance short term assets, except permanent working capital. For KAMAL AND COMPANY Chartered Accountants FRN. 001033N (Kamal K. Gupta) Mem. No. - 012738 Place : 1372, Kashmere Gate, Delhi-110006 Dated : This 24th day of May 2014