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Superhouse Ltd.

BSE: 523283 Sector: Others
NSE: SUPERHOUSE ISIN Code: INE712B01010
BSE LIVE 10:03 | 13 Dec 176.40 2.20
(1.26%)
OPEN

174.05

HIGH

176.40

LOW

174.05

NSE 09:51 | 13 Dec 175.00 0.80
(0.46%)
OPEN

176.40

HIGH

176.40

LOW

173.15

OPEN 174.05
PREVIOUS CLOSE 174.20
VOLUME 2251
52-Week high 227.95
52-Week low 136.05
P/E 17.60
Mkt Cap.(Rs cr) 195
Buy Price 175.85
Buy Qty 10.00
Sell Price 177.25
Sell Qty 1.00
OPEN 174.05
CLOSE 174.20
VOLUME 2251
52-Week high 227.95
52-Week low 136.05
P/E 17.60
Mkt Cap.(Rs cr) 195
Buy Price 175.85
Buy Qty 10.00
Sell Price 177.25
Sell Qty 1.00

Superhouse Ltd. (SUPERHOUSE) - Auditors Report

Company auditors report

To the Members of Superhouse Limited

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of SuperhouseLimited ("the Company") which comprise the Balance Sheet as at 31 st March2017 the Statement of Profit and Loss and the Cash Flow Statement for the year thenended and a summary of the significant accounting policies and other explanatoryinformation.

Management's Responsibility for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at 31 st March 2017 and its profit and its 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 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act and on the basis of such checks of the books and records of the company as weconsidered appropriate and according to information and explanations given to us we givein the "Annexure A" a statement on the matters specified in paragraphs 3 and 4of the Order.

2. As required by Section 143 (3) of the Act we report that:

a. we have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purposes of our audit;

b. in our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books;

c. the Balance Sheet the Statement of Profit and Loss and the Cash Flow Statementdealt with by this Report are in agreement with the books of account;

d. in our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014;

e. on the basis of the written representations received from the directors as of 31stMarch 2017 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2017 from being appointed as a director in terms of Section164 (2) of the Act;

f. with respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure B";

g. with respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements Refer Note no. 39 to the financial statements;

ii. In our opinion and as per the information and explanations provided to us thecompany has not entered into any long term contracts including derivative contractsrequiring provision under applicable laws or accounting standards for materialforeseeable losses; and

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

iv. The company had provided requisite disclosure in its financial statements as toholding as well as dealings in Specified Bank Notes during the period from 8th November2016 to 30th December 2016 and these are in accordance with the books of accountsmaintained by the company. (Refer Note no. 50 to the financial statements).

For KAPOOR TANDON & CO.
Chartered Accountants
Firm Registration No. 000952C
Rajesh Parasramka
Place : Kanpur PARTNER
Date : 29th July 2047 Membership No. 074192

ANNEXURE A TO THE INDEPENDENT AUDITORS' REPORT

(Referred to in paragraph 1 of our report of even date on the standalone financialstatements for the financial year ended 31st March 2017 of Superhouse Limited)

In terms of the information and explanations given to us and also on the basis of suchchecks as we considered appropriate we state that:

(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of its fixed assets.

(b) All the fixed assets have not been physically verified by the management during theyear but there is regular program of physical verification which in our opinion isreasonable having regard to the size of the Company and the nature of fixed assets. Nomaterial discrepancies have been noticed in respect of the assets physically verifiedduring the year.

(c) According to the information and explanations given to us and the records examinedby us we report that the title deeds comprising all the immovable properties of landand buildings are held in the name of the Company as at the balance sheet date exceptthe following:

(Amount in Rs.)

Particulars of the land and building Gross Block as at the Balance Sheet date Net Block as at the Balance Sheet date Remarks
DDA Flat No. FF2 at Sukhdeo Vihar Jamia Nagar New Delhi 1900000 1335259 Agreement to sale with General Power of Attorney executed Title Deed is yet to be executed.
DDA Flat No. FF3 at Sukhdeo Vihar Jamia Nagar New Delhi 1140000 797521

(ii) The inventories of the Company have been physically verified by the management atregular interval during the year. In our opinion the frequency of verification isreasonable. As explained to us the discrepancies noticed on verification were notmaterial in relation to the operations of the Company.

(iii) The Company has not granted any loan secured or unsecured to companies firmsLimited Liability Partnerships or other parties listed in the register maintained underSection 189 of the Companies Act 2013 (the Act) excepting unsecured demand loan to twosuch public limited companies one society and interest free unsecured demand loan to twoWholly Owned Subsidiaries incorporated outside India.

(a) The terms and conditions of such loan/advance are prima facie not prejudicial tothe company's interest.

(b) As the loans are in the nature of demand loan no schedule of repayment ofprincipal and payment of interest have been specified.

(c) There is no overdue in respect of such loans and interest thereon as no demand hasbeen raised by the company.

(iv) The Company has complied with the provisions of Sections 185 and 186 of the Act inrespect of grant of loans making investments and providing guarantees and securities asapplicable.

(v) In our opinion the Company has not accepted any deposit during the year within themeaning of Section 73 to Section 76 of the Companies Act 2013 (the Act) read with theRules framed there under. Hence paragraph 3(v) of the Order is not applicable.

(vi) Having regard to the nature of the Company's business / activities themaintenance of cost records has not been specified by the Central Government under section148(1) of the Act. Accordingly reporting under clause (vi) of paragraph 3 of the Order isnot applicable.

(vii) (a) According to the books and records produced and examined by us the Companyis generally regular in depositing undisputed Statutory dues including Provident FundEmployees' State Insurance Income Tax Sales Tax Service Tax Duty of Customs Duty ofExcise Value Added Tax Cess and other material statutory dues as applicable with theappropriate authorities and no undisputed amount payable in respect of aforesaid statutorydues were outstanding as at 31st March 2017 for a period of more than six months from thedate they become payable.

(b) According to the information and explanations given to us there are no dues ofIncome Tax Sales Tax Service Tax Duty of Customs Duty of Excise and Value Added Taxwhich have not been deposited on account of any dispute except mentioned as below:

Name of the Statute Nature of dues Forum where dispute is pending Period to which amount relates Amount* (Rs.)
The Trade Tax and Central Sales Tax Act Tax & interest Joint Commissioner of Trade Tax 2005-06 28000
Addl. Commissioner of Trade Tax 2011-12 & 2012-13 257695
Entry Tax Joint Commissioner of Trade Tax 2005-06 586500
The Income Tax Act 1961 Income Tax & Interest CIT (Appeals) Kanpur A.Y. 2012-13 1566760
A.Y. 2013-14 439550
Finance Act 1994 Service Tax CESTAT Allahabad Bench 2009-10 to 2014-15 68656967

* Demand net of amount paid under protest

(viii) The company has not defaulted in repayment of loans or borrowings to a financialinstitution bank government or dues to debenture holders during the year.

(ix) The company has not raised any money by way of initial public offer or furtherpublic offer (including debt instruments) during the year. In our opinion the term loanshave been applied for the purposes for which they were raised.

(x) Based on the audit procedures performed and according to the information andexplanations given to us no material fraud by the Company or on the company by itsofficers or employees has been noticed or reported during the year.

(xi) In our opinion the managerial remuneration paid or provided by the company is inaccordance with the requisite approvals mandated by the provisions of section 197 readwith Schedule V to the Act.

(xii) The company is not a "Nidhi Company"; hence paragraph 3(xii) the Orderis not applicable.

(xiii) In our opinion transactions with the related parties are in compliance withsection 177 and 188 of Act where applicable and the details of such transactions have beendisclosed in the Financial Statements as required by the applicable accounting standards.

(xiv) The company has not made preferential allotment or private placement of shares orfully or partly convertible debentures during the year under review. Hence paragraph3(xiv) the Order is not applicable.

(xv) In our opinion the company has not entered into any non cash transactions withdirectors or persons connected with him. Hence paragraph 3(xv) the Order is notapplicable.

(xvi) In our opinion the company is not required to be registered under Section 45 IAof the Reserve Bank of India Act 1934.

For KAPOOR TANDON & CO.
Chartered Accountants
Firm Registration No. 000952C
Rajesh Parasramka
Place : Kanpur PARTNER
Date : 29th July 2017 Membership No. 074192

ANNEXURE B TO THE AUDITORS' REPORT

(Referred to in paragraph 2(f) of our report of even date on the financial statementsfor the financial year ended 31st March 2017 of Superhouse Limited)

Report on the Internal Financial Controls under Clause (i) of sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of SuperhouseLimited ("the Company") as of 31 st March 2017 in conjunction with ouraudit 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 internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India (ICAI). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Act.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by ICAI. Those Standards and the GuidanceNote require that we comply with ethical requirements and plan and perform the audit toobtain reasonable assurance about whether adequate internal financial controls overfinancial reporting was established and maintained and if such controls operatedeffectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31 st March 2017 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For KAPOOR TANDON & CO.
Chartered Accountants
Firm Registration No. 000952C
Rajesh Parasramka
Place : Kanpur PARTNER
Date : 29th July 2017 Membership No. 074192