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Supreme Holdings & Hospitality Ltd.

BSE: 530677 Sector: Infrastructure
NSE: N.A. ISIN Code: INE822E01011
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OPEN 19.90
PREVIOUS CLOSE 20.90
VOLUME 500
52-Week high 36.45
52-Week low 19.90
P/E
Mkt Cap.(Rs cr) 71
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 19.90
CLOSE 20.90
VOLUME 500
52-Week high 36.45
52-Week low 19.90
P/E
Mkt Cap.(Rs cr) 71
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Supreme Holdings & Hospitality Ltd. (SUPREMEHOLDINGS) - Auditors Report

Company auditors report

To

The Members

Supreme Holdings & Hospitality (India) Limited

Report on the Financial Statements

We have audited the accompanying Financial Statements of Supreme Holdings &Hospitality (India) Limited ("the Company") which comprise the BalanceSheet as at March 31 2016 the Statement of Profit and Loss and the Cash Flow Statementfor the year then ended and a summary of significant accounting policies and otherexplanatory information. Management's Responsibility for the Financial Statements TheCompany’s Board of Directors is responsible for the matters in section 134(5) of theCompanies Act 2013 ("the Act") with respect to the preparation of theseFinancial Statements that give a true and fair view of the financial position financialperformance and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes the maintenance of adequate accounting records in accordancewith the provision of the Act for safeguarding of the assets of the Company and forpreventing and detecting the frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrol that were operating effectively for ensuring the accuracy 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.

Auditor's Responsibility

Our responsibility is to express an opinion on these Financial Statements based on ouraudit. 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 accordancewith the Standards on Auditing specified under section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the Financial Statements are free from materialmisstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the Financial Statements. The procedures selected depend on theauditor’s 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 considers internal financial control relevant to the Company’spreparation of the Financial Statements that give true and fair view in order to designaudit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness of theaccounting estimates made by Company’s Directors as well as evaluating the overallpresentation 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 Financial Statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us read with the matter described in the emphasis of matter herein belowtogether with the notes thereon the above said Financial Statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India:

a) in the case of the Balance Sheet of the state of affairs of the Company as at March31 2016;

b) in the case of the Statement of Profit and Loss of the loss for the year ended onthat date; and

c) in the case of the Cash Flow Statement of the cash flows for the year ended on thatdate.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor’s Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Companies Act 2013 we give in the "Annexure A" astatement on the matters specified in paragraphs 3 and 4 of the Order to the extentapplicable.

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 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 Financial Statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014;

e) On the basis of written representations received from the directors as on 31 March2016 taken on record by the Board of Directors none of the directors is disqualified ason 31 March 2016 from being appointed as a director in terms of Section 164(2) of theAct;

f) As required under sub-clause (i) of the said section we give report on InternalFinancial Control in the "Annexure B" to this report; and

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 does not have any pending litigations which would impact its financialposition.

ii) The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii) There were no amounts which required to be transferred to the Investor Educationand Protection Fund.

For K C P L And Associates LLP

Chartered Accountants

Firm Reg. No. 119223W/W100021

Mahavir Jain Partner M. No. 121275 Place: Mumbai Date: 30th May 2016

Annexure "A" to Auditors Report

Annexure referred to in Independent Auditors’ Report to the members

of Supreme Holdings & Hospitality (India) Limited ("the Company")

on the financial statements for the year ended 31st March 2016 we

report that:

(i) a) The Company has maintained proper records showing full

particulars including quantitative details and situation of fixed assets.

b) The Company has a phased programme of physical verification of fixed assets whichin our opinion is reasonable having regard to the size of the Company and the nature ofits assets. In accordance with this programme the fixed assets in the Company werephysically verified by the Management during the year and no material discrepancies werenoticed on such verification.

c) As per information and explanation provided to us and on the basis of ourexamination of records produced us for verification by the Company the title deeds ofimmovable properties are held in the name of the Company.

(ii) The inventories have been physically verified by the management at reasonableinterval and discrepancies noticed on verification between physical stock & book stockwere not material and have been properly dealt with in the books of accounts.

(iii) The Company has granted unsecured loan to one party its wholly owned subsidiarycompany covered in the register maintained under section 189 of the Companies Act 2013on call basis.

a) The said loan is interest free and other terms and conditions on which the loan hasbeen granted are prima facie not prejudicial to the interest of the Company.

b) In view of our comments in Para (iii) (a) the loan is given on call basis clause(iii) (b) and clause (iii) (c) of the Order is not applicable.

(iv) According to the information and explanations provided to us the Company has notgiven any loan or guarantee or security to/ for any person or entity covered underprovisions of section 185 of the Companies Act 2013 after the enactment thereof.According to information and explanation provided to us loans given security providedand investments done by the Company are in compliance with the provisions of section 186of the Companies Act 2013 wherever applicable.

(v) As per the information and explanation given to us the Company has not acceptedany deposits from the public and consequently the directives issued by the Reserve Bankof India the provision of sections 73 to 76 or any other relevant provisions of theCompanies Act 2013 and rules made there under are not applicable.

(vi) In our opinion as per the explanation and information provided to us requirementregarding maintenance of cost records under sub section (1) of section 148 of theCompanies Act 2013 does not apply to the company.

(vii) a) According to the information and explanation given to

us and on the basis of our examination of records of the Company amounts deducted/accrued in the books of accounts in respect of undisputed statutory dues includingprovident fund employees state insurance income-tax sales tax service tax duty ofcustom duty of excise value added tax cess and any other statutory dues have beenregularly deposited during the year by the Company with the appropriate authorities.

According to the information and explanation given to us no undisputed amounts payablein respect of provident fund employees state insurance income-tax sales tax

service tax duty of custom duty of excise value added tax cess and any otherstatutory dues were in arrear as at 31st March 2016 for a period of more than six monthsfrom the date they became payable.

b) According to the information and explanation given to us and on the basis of ourexamination of books of accounts there are no dues of income tax sales tax service taxduty of custom and duty of excise and value added tax as at the end of financial yearwhich have not been deposited on account of any dispute.

(viii) According to the information and explanations given to us the Company has notdefaulted in repayment of loans or borrowing to financial institutions bank governmentand dues to debentures holders wherever availed.

(ix) In our opinion and according to the information and

explanations given to us the Company has not raised any money by way of initial publicoffer or further public offer during the year under audit. Further the Company has raisedmoney by way of term loan during the year under audit and the same has been applied forthe purpose for which those are raised.

(x) According to information and explanation given to us no fraud by the Company or onthe Company by its officers or employee has been noticed or reported during the yearcourse of our audit.

(xi) In our opinion and according to the information and

explanations given to us the Company has not provided or paid managerial remunerationin terms of provisions of section 197 read with Schedule V of the Companies Act 2013hence clause (xi) of the Order is no applicable.

(xii) The company is not a Nidhi Company hence clause (xii) of the Order is notapplicable .

(xiii) In our opinion and according to the information and

explanations provided to us all the transactions with related parties are incompliance with section 177 and 188 of the Companies Act 2013 wherever applicable and thedetails has been disclosed in the financial statements etc. as required by the applicableaccounting standards.

(xiv) In our opinion and according to the information and

explanations provided to us the Company has not made any preferential allotment orprivate placement of shares or fully or partly convertible debentures under section 42 ofthe Companies Act 2013 hence clause (xiv) of the Order is not applicable.

(xv) In our opinion and according to the information and

explanations given to us the Company has not entered into any non-cash transactionswith directors or persons connected with him thus provision under section 192 of theCompanies Act 2013 are not applicable at Company hence clause (xv) of the Order is notapplicable.

(xvi) In our opinion and according to the information and

explanations given to us the Company is not required to be registered under section45-IA of Reserve Bank of India Act 1934.

For K C P L And Associates LLP

Chartered Accountants

Firm Regn. No.: 119223W/W100021

CA Mahavir Jain

Partner

M. No.: 121275

Place: Mumbai

Date: 30th May 2016

Annexure 'B' to Auditors Report

ANNEXURE TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THE FINANCIAL STATEMENTSOF SUPREME HOLDINGS & HOSPITALITY (INDIA) 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 SupremeHoldings & Hospitality (India) Limited

("the Company") as of March 31 2016 in conjunction with our audit of thefinancial 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". 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 assetsthe prevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

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 the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively 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 judgment 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 controlssystem over 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 commensurate with the nature of the business of the Companyand operating effectively as at March 31 2016 based on "the internal control overfinancial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the Institute of Chartered Accountants ofIndia".

For K C P L And Associates LLP

Chartered Accountants

Firm Regn. No.: 119223W/W100021

CA Mahavir Jain

Partner

M. No.: 121275

Place: Mumbai.

Date: 30th May 2016