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Superspace Infrastructure Ltd.

BSE: 512311 Sector: Financials
NSE: N.A. ISIN Code: INE401F01037
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Superspace Infrastructure Ltd. (SUPERSPACEINFRA) - Auditors Report

Company auditors report

To

The Members of

SUPERSPACE INFRASTRUCTURE LIMITED (Formerly Surabhi Chemicals & Investments Ltd)

Report on the Financial Statements

We have audited the accompanying standalone financial statements of SuperspaceInfrastructure Limited (‘the Company’) which comprise the Balance Sheet as at31st March 2015 the Statement of Profit and Loss the Cash Flow Statement for the yearthen ended and a summary of significant accounting policies and other explanatoryinformation.

Management’s Responsibility for the Standalone Financial Statements

The Company’s Board of Directors are responsible for the matters stated in section134 (5) of the Companies Act 2013 ("the Act") with respect to the preparationof these standalone financial statements that give a true and fair view of the financialposition financial performance and cash flow of the company in accordance with theaccounting policies 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 provision of the Act for safeguarding of the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudence ; and design implementation and maintenance of adequate internal financialcontrols that are operating effectively for ensuring the adequacy and completeness of theaccounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

Auditors’ Responsibility

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

We have taken into accounts 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 rules made thereunder.

We have conducted our audit in accordance with the Standards on Auditing specifiedunder section 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 theauditors’ judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor consider internal financial control relevant to the Company’s preparationof the financial statements that give a true and fair view in order to design auditprocedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the company has in place an adequate internal financialcontrol system over financial reporting and the operating effectiveness of such control.An audit also includes evaluating the appropriateness of the accounting policies used andthe reasonableness of the accounting estimates made by Company’s directors as wellas evaluating the overall presentation of 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 31st March 2015 its profit or loss and its cash flows for the yearended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2015 (" theorder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the Annexure a statement on the matters specified inthe paragraph 3 and 4 of the order to the extent applicable.

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

a. We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purpose 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 Statement of Profit and Loss and Cash Flow Statement dealt withby 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 written representations received from the directors as on 31stMarch 2015 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2015 from being appointed as a director in terms ofsection 164(2) of the Act; and

f. With respect to the other matters to be included in the Auditor’s Reports inaccordance with Rule 11 of the Companies (Audit and Auditors ) rules 2014 in ouropinion and to the best of our information and according to the explanation given to us:

i. The Company does not have any pending litigation which would impact its financialposition.

ii. The Company does not have any long term contracts including derivatives contractsfor which there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For RAMANAND & ASSOCIATES

Chartered Accountants

Firm Regn No. 117776W

CA RAMANAND GUPTA

(Partner)

Membership No. 103975

Place : Mumbai

Date: 30th May 2015

ANNEXURE TO INDEPENDENT AUDITORS’ REPORT

With reference to the Annexure referred to in paragraph 1 in Report on Other Legal& Regulatory Requirements of the Independent Auditors’ Report to the members ofthe Company on the standalone financial statements for the year ended 31st March 2015 wereport that:

i. a The company has maintained proper records showing full particulars includingquantitative details and situation of the fixed assets.

b The company has a regular programme of the physical verification of its fixed assetsby which all fixed assets are verified in the phased manner. In our opinion thisperiodicity of physical verification is reasonable having regard to the size of thecompany and the nature of its assets. According to the information and explanation givento us no material discrepancies were noticed on such verification.

ii. In our opinion and according to the information and explanation given to us sincethe company does not hold any inventories the provisions of clause is not applicable.

iii. The Company has not granted any loans secured or unsecured to companies firms orother parties covered in the Register maintained under section 189 of the Companies Act2013.

iv. In our opinion and according to the information and explanation given to us thereis an adequate internal control system commensurate with the size of the company and thenature of the business with regard to purchase of fixed assets and with regard to the saleof goods and services. We have not observed any major weakness in the internal controlsystem during the course of the audit.

v. According to the information and explanation given to us the company has notaccepted any deposits from the public during the year and accordingly the question ofcomplying with section 73 and 76 of the Companies Act 2013 does not arise.

vi. The Central Government has not prescribed the maintenance of cost records undersection 148(1) of the Act for the Company.

vii. a According to the information and explanation given to us and on the basis of ourexamination of the records of the company amounts deducted/ accrued in the books ofaccount in respect of undisputed statutory dues including Provident fund Employees StateInsurance Income- tax Sales tax Wealth tax Service tax Duty of excise Value addedtax and any other material statutory dues have been generally regularly deposited duringthe year by the company with the appropriate authorities.

b According to the information and explanation given to us no undisputed amountpayable in respect of the dues of Provident fund Employees State Insurance Income taxSales tax Wealth tax Service tax Duty of excise Value added tax and any other materialstatutory were in arrears as at 31st March 2015 for a period of more than six monthsfrom the date they became payable.

c According to the information and explanation given to us there was no amount whichwas required to be transferred to the Investor Education and Protection Fund in accordancewith the relevant provisions of the Companies Act 1956 and rules framed there under.

viii. The Company does not have any accumulated losses at the end of the financial yearand has not incurred cash losses in the financial year covered by our Audit and in theimmediately preceding financial year.

ix. In our opinion and according to the information and explanation given to us theCompany does not have any outstanding dues to any bank or financial institution ordebenture holders.

x. In our opinion and according to the information and explanation given to us theCompany has not given any guarantee for loans taken by others from banks or financialinstitutions.

xi. According to the information and explanation given to us the Company has not takenany term loan during the year. xii. According to the information and explanation given tous no material fraud on or by the Company has been noticed or reported during the year.

For RAMANAND & ASSOCIATES

Chartered Accountants

Firm Regn No. 117776W

CA RAMANAND GUPTA

(Partner)

Membership No. 103975

Place : Mumbai

Date: 30th May 2015