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Superhouse Ltd.

BSE: 523283 Sector: Others
NSE: SUPERHOUSE ISIN Code: INE712B01010
BSE 00:00 | 20 Feb 112.00 -1.05
(-0.93%)
OPEN

113.05

HIGH

113.05

LOW

111.95

NSE 00:00 | 20 Feb 113.30 1.25
(1.12%)
OPEN

110.50

HIGH

114.00

LOW

110.50

OPEN 113.05
PREVIOUS CLOSE 113.05
VOLUME 531
52-Week high 167.00
52-Week low 107.15
P/E 5.40
Mkt Cap.(Rs cr) 124
Buy Price 111.00
Buy Qty 102.00
Sell Price 116.00
Sell Qty 41.00
OPEN 113.05
CLOSE 113.05
VOLUME 531
52-Week high 167.00
52-Week low 107.15
P/E 5.40
Mkt Cap.(Rs cr) 124
Buy Price 111.00
Buy Qty 102.00
Sell Price 116.00
Sell Qty 41.00

Superhouse Ltd. (SUPERHOUSE) - Auditors Report

Company auditors report

To

The Members of

Superhouse Limited

Report on the Standalone Ind AS Financial Statements

We have audited the accompanying standalone Ind AS financial statements of SuperhouseLimited ("the Company") which comprise the Balance Sheet as at March 312018the Statement of Profit and Loss (including Other Comprehensive Income) the Statement ofCash Flows and the Statement of Changes in Equity for the year then ended and a summaryof the significant accounting policies and other explanatory information (herein afterreferred to as "standalone Ind AS financial statements").

Management's Responsibility for the Standalone Ind AS 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 Ind AS financial statements that give a true and fair view of thefinancial position financial performance including other comprehensive income cash flowsand changes in equity of the Company in accordance with the accounting principlesgenerally accepted in India including the Indian Accounting Standards ("IndAS") specified under Section 133 of the Act read with relevant Rules issued thereunder.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding 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 andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the standalone IndAS 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 Ind AS financialstatements based 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 standalone Ind AS financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the standalone Ind AS financial statements. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the standalone Ind AS financial statements whether due to fraud or error.In making those risk assessments the auditor considers internal financial controlrelevant to the Company's preparation of the standalone Ind AS financial statements thatgive a true and fair view in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of the accountingpolicies used and the reasonableness of the accounting estimates made by the Company'sDirectors as well as evaluating the overall presentation of the standalone Ind ASfinancial statements.

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

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone Ind AS 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 including Ind AS of the stateof affairs of the Company as at March 312018 and its profit total comprehensive incomecash flows and the change in equity for the year ended on thatdate.

Other Matters

The comparative financial information of the company for the year ended 31st March2017 and the transition date opening balance sheet as at 1st April 2016 included in thesestandalone Ind AS financial statements are based on the statutory financial statementsprepared in accordance with the Companies (Accounting Standard) Rules 2006 as amendedaudited by erstwhile statutory auditors whose report for the years ended 31st March 2016and 31st March 2017 expressed an unmodified opinion on those standalone financialstatements vide report dated August 13 2016 and July 29 2017 respectively and have beenrestated to comply with Ind AS. The adjustments to those previously issued said financialinformation to comply with Ind AS have been audited by us.

Our opinion on the standalone Ind AS financial statement is not modified in respect ofthese matters.

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 (including other comprehensiveincome) the Cash Flow Statement and the statement of change in equity dealt with by thisReport are in agreement with the relevant books of account;

d. in our opinion the aforesaid standalone Ind AS financial statements comply with theIndian Accounting Standards specified under Section 133 of the Act read with relevantrules issued there under;

e. on the basis of the written representations received from the directors as of March312018 taken on record by the Board of Directors none of the directors is disqualifiedas on March 312018 from being appointed as a director in terms of Section 164 (2) of theAct;

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"; 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 has disclosed the impact of pending litigations on its financialposition in its standalone Ind AS financial statements- Refer Note no. 33 to thestandalone Ind AS 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 during the year ended March312018.

For Rajeev Prem & Associates
Chartered Accountants
Firm Registration No. 008905C
Rajeev Kapoor
Place : Kanpur PARTNER
Date: July 09 2018 Membership No. 077827

ANNEXURE A TO THE INDEPENDENT AUDITORS' REPORT

(Referred to in paragraph 1 of our report of even date on the standalone Ind ASfinancial statements for the financial year ended March 31 2018 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 including quantitative 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 ouropinion 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 Lacs)

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 JamiaNagar New Delhi 19.00 12.60 Agreement to sale with General Power of Attorney executed Title Deed is yet to be executed.
DDA Flat No. FF3 at Sukhdeo Vihar JamiaNagar New Delhi 11.40 7.56

(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 out of which one such company has repaid the loan; andinterest free unsecured demand loan to two Wholly Owned Subsidiaries incorporated outsideIndia.

(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 ouropinion 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 Goods and Services Tax (GST) Cess and other material statutorydues as applicable with the appropriate authorities and no undisputed amount payable inrespect of aforesaid statutory dues were outstanding as at March 312018 for a period ofmore than six months from the date 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 Value Added Tax andGST which 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. In Lacs)
The Trade Tax and Central Sales Tax Act Tax & interest Joint Commissioner of Trade Tax 2005-06 0.28
Entry Tax Joint Commissioner of Trade Tax 2005-06 5.87
Finance Act 1994 Service Tax CESTAT Allahabad Bench 2009-10 to 2014-15 656.72

* 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 offeror furtherpublic offer (including debt instruments) during the year. In our opinion the term loanshave been applied forthe 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) theOrderisnotapplicable.

(xiii) In ouropinion 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 Standalone Ind AS Financial Statements as required by the applicableaccounting 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 45lAofthe Reserve Bankof India Act 1934.

For Rajeev Prem & Associates
Chartered Accountants
Firm Registration No. 008905C
Rajeev Kapoor
Place : Kanpur PARTNER
Date : July 09 2018 Membership No. 077827

ANNEXURE B TO THE AUDITORS' REPORT

(Referred to in paragraph 2(f) of our report of even date on the standalone Ind ASfinancial statements for the financial year ended March 31 2018 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 overfinancial reporting of SuperhouseLimited ("the Company") as of March 312018 in conjunction with ouraudit 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 (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 overfinancial 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 controlsoverfinancial reporting was established and maintained and if such controls operatedeffectively in all material respects.

Ouraudit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system overfinancial reporting and their operatingeffectiveness. Our audit of internal financial controls overfinancial reporting includedobtaining an understanding of internal financial controls overfinancial 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 systemoverfinancial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control overfinancial reporting is a process designed toprovide 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 overfinancialreporting 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 overfinancial reporting and such internal financial controlsoverfinancial reporting were operating effectively as at March 312018 based on theinternal control overfinancial 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 Rajeev Prem & Associates
Chartered Accountants
Firm Registration No. 008905C
Rajeev Kapoor
Place: Kanpur PARTNER
Date: July 092018 Membership No. 077827