TO THE MEMBERS OF
SUPERTEX INDUSTRIES LIMITED
Report on the Standalone Financial Statements
We have audited the accompanying financial statements of SUPERTEXINDUSTRIES LIMITED which comprise the Balance Sheet as at 31st March 2017 the Statementof Profit and Loss and cash flow statement for the year ended 31st March 2017 and asummary 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 mattersstated in Section 134(5) of the Companies Act 2013 (hereinafter referred to as "theAct") with respect to the preparation of these standalone financial statements thatgive a true and fair view of the financial position and financial performance and the cashflows of the Company in accordance with the accounting principles generally accepted inIndia including the Accounting Standards specified under Section 133 of the Act readwith Rule 7 of the Companies (Accounts) Rules 2014. This responsibility also includesmaintenance of adequate accounting records in accordance with the provisions of the Actfor safeguarding the assets of the Company and for preventing and detecting frauds andother irregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error which have beenused for the purpose of preparation of the standalone financial statements by theDirectors of the Company.
Our responsibility is to express an opinion on these standalonefinancial statements based on our audit.
We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditingspecified under Section 143(10) of the Act. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free of material misstatement.
An audit involves performing procedures to obtain audit evidence aboutthe amounts and the disclosures in the financial statements. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error. In making thoserisk assessments the auditor considers internal financial control relevant to theCompany's preparation of the financial statements that give a true and fair view inorder to design audit procedures that are appropriate in the circumstances. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Directors of the Company as wellas evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the standalone financialstatements.
In our opinion and to the best of our information and according to theexplanations given to us the accompanying financial statements give the informationrequired by the Act in the manner so required and also give a true and fair view inconformity with the accounting principles generally accepted in India -
(a) in the case of Balance Sheet of the state of affairs of theCompany as at March 31 2017;
(b) in case of the Statement of Profit and Loss of the Profit of theCompany for the financial year ended on that date; and
(c) in the case of the Cash Flow Statement of the cash flows for thefinancial 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 Central Government of India in terms of sub-section (11) of section143 of the Act we give in the Annexure A a statement on the matters specified in theparagraph 3 and 4 of the Order to the extent applicable.
2. As required by Section 143 (3) of the Act we report to the extentapplicable that-
(a) we have sought and obtained all the information and explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit.
(b) in our opinion proper books of account as required by law have beenkept 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 cashflow statement dealt with by this Report are in agreement with the books of account;
(d) in our opinion the aforesaid standalone financial statementscomply with the Accounting Standards specified under Section 133 of the Act read withRule 7 of the Companies (Accounts) Rules 2014;
(e) on the basis of the written representations received from thedirectors as on 31 March 2017 taken on record by the Board of Directors none of thedirectors is disqualified as on 31 March 2017 from being appointed as a director in termsof Section 164 (2) of the Act;
(f) with respect to the adequacy of the internal financial controlsover financial reporting of the Company and the operating effectiveness of such controlsrefer to our separate report in "Annexure B"; and
(g) with respect to the other matters to be included in theAuditor's Reports in accordance with Rule 11 of the Companies (Audit and Auditors)Rules 2014 in our opinion and to the best of our knowledge and belief and according toinformation and explanation given to us:
i. The company does not have any pending litigation as at March 312017 which would impact its financial position.
ii. The company did not have any long term contract includingderivative contracts for which there were any material foreseeable losses
iii. The provisions of Investor Education and Protection Fund are notapplicable to the company.
iv. The company has provided requisite disclosures in the standalonefinancial statements as regards its holding and dealings in Specified Bank Notes asdefined in the Notification S O 3407(E) dated the November 8 2016 of the Ministry ofFinance during the period from November 8 2016 to December 30 2016. Based on auditprocedures performed and the representations provided to us by the management we reportthat the disclosures are in accordance with the books of account maintained by the companyand as produced to us by the management.
| ||For M.B.AGRAWAL & CO. |
| ||Chartered Accountants |
| ||Firm Registration Number: 100137W |
| ||Sanjay Lunkad |
| ||(Partner) |
| ||M. No. 48229 |
|Place : Mumbai || |
|Dated : 30th May 2017 || |