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Superior Industrial Enterprises Ltd.

BSE: 519234 Sector: Industrials
NSE: N.A. ISIN Code: INE843L01012
BSE 00:00 | 04 Mar Superior Industrial Enterprises Ltd
NSE 05:30 | 01 Jan Superior Industrial Enterprises Ltd
OPEN 19.45
PREVIOUS CLOSE 19.45
VOLUME 1100
52-Week high 19.45
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 27
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 19.45
CLOSE 19.45
VOLUME 1100
52-Week high 19.45
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 27
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Superior Industrial Enterprises Ltd. (SUPERIORINDUS) - Auditors Report

Company auditors report

To the Members of Superior Industrial Enterprises Limited

Report on the Financial Statements

We have audited the accompanying financial statements of M/s Superior IndustrialEnterprises Limited New Delhi which comprise the Balance Sheet as at 31stMarch 2017 Statement of Profit and Loss and the cash flow statement for the year endedand a summary of significant accounting policies and other explanatory information. TheseFinancial statements are the responsibility of the Company's management. Ourresponsibility is to express our opinion on these financial statements based on our audit.

Management's Responsibility for the 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 andpresentation of these 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 fraud and other irregularities; selection and applicationof appropriate 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 that accuracy and completeness ofthe accounting 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 thereunder.

We have conducted our audit in accordance with the auditing specified under Section143(10) of the Act. Those standards require that we comply with ethical requirement andplan and perform the audit to obtain reasonable assurance about whether the financialstatements are free of material misstatements.

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 expressing an opinion on whetherthe Company has in place an adequate internal financial controls system over financialreporting and the operating effectiveness of such controls includes evaluating theappropriates 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 reasonable basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with accountingprinciples generally accepted in India:

a) In the case of the Balance Sheet of the state of affairs of the Company as at 31March 2017; b) In the case of the Statement of Profit and Loss of the profit of theCompany for the year ended on that date; c) In the case of the Cash Flow Statement of thecash 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 2015 ("the Order")issued by the Central Government in terms of Section 143(11) of the Companies Act 2013we enclose in Annexure a statement on the matters specified in the paragraph 3 & 4 ofthe said order to the extent applicable to the company.

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 appears from our examination of the books of account made available tous.

c) The Balance Sheet Statement of Profit & Loss and the Cash Flow Statement dealtwith 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 representation received from the Directors as on 31.03.2017taken on record by the Board of Directors we report that none of the directors aredisqualified as on 31.03.2017 from being appointed as director in terms of clause (g) ofSub Section (2) of Section 164 of the companies Act 2013.

f) With respect to the adequacy of the internal financial controls over financialreporting of the Company the operating effectiveness of such controls refer to ourseparate Report in "Annexure A". Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the Company's internal financial controls overfinancial reporting.

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. Company has not made provision for gratuity and leave encashment which is on paymentbasis-Refer Note No.28 (d).

ii. The Company has provided requisite disclosures in the standalone financialstatements as regards its holding and dealings in Specified Bank Notes as defined in theNotification S.O. 3407(E) dated the 8th November 2016 of the Ministry of Finance duringthe period from 8th November 2016 to 30th December 2016. Based on audit proceduresperformed and the representations provided to us by the management we report that thedisclosures are in accordance with the books of account maintained by the Company.

3. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government in terms of Section 143(11) of the Act we give in"Annexure B" a statement on the matters specified in paragraphs 3 and 4 of theOrder.

Place : 1372 Kashmere Gate Delhi – 110006 FOR KAMAL & COMPANY
Date : 30th June 2017 CHARTERED ACCOUNTANTS
MEMBERSHIP NO. 012738

ANNEXURE "A" TO THE INDEPENDENT AUDITORS' REPORT

(Referred to in paragraph 1(f) under ‘Report on Other Legal and RegulatoryRequirements' section of our report of even date) Report on the Internal FinancialControls Over Financial Reporting under Clause (i) of Sub-section 3 of Section 143 of theCompanies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of SuperiorIndustrial Enterprises Limited ("the Company") as of March 31 2017 inconjunction with our audit of the standalone financial statements of the Company for theyear 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 responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to respective 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 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") issued by the Institute of Chartered Accountants of Indiaand the Standards on Auditing prescribed under Section 143(10) of the Companies Act 2013to the extent applicable to an audit of internal financial controls. Those Standards andthe Guidance Note require that we comply with ethical requirements and plan and performthe audit to obtain reasonable assurance about whether adequate internal financialcontrols over financial reporting was established and maintained and if such controlsoperated effectively in all material respects. Our audit involves performing procedures toobtain audit evidence about the adequacy of the internal financial controls system overfinancial reporting and their operating effectiveness. Our audit of internal financialcontrols over financial reporting included obtaining an understanding of internalfinancial controls over financial reporting assessing the risk that a material weaknessexists and testing and evaluating the design and operating effectiveness of internalcontrol based on the assessed risk. The procedures selected depend on the auditor'sjudgement including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our audit opinion on theCompany's internal financial controls system 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 to the best of our information and according to the explanations givento us the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at March 31 2017 based on the internal controlover financial 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.

Place: 1372 Kashmere Gate Delhi – 110006 FOR KAMAL & COMPANY
Date: 30th June 2017 CHARTERED ACCOUNTANTS
MEMBERSHIP NO. 012738

ANNEXURE B

(Referred to in paragraph 2 under ‘Report on Other Legal and RegulatoryRequirements' section of our report of even date)

The annexure referred to in our Independent Auditor's Report to the member of SuperiorIndustrial Enterprises Limited New Delhi for the year ended march 31st 2017we report that:

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

(b) The assets have been physically verified by the management during the year in ouropinion the frequency of physical verification being conducted from time to time by thecompany appears to be reasonable having regard to the size of the company and nature ofsuch assets. No significant discrepancy was noticed in the regard.

2. (a) Inventory of raw materials stores finished goods and packing material havebeen physically verified by the management during the year. Frequency of verification isreasonable and the procedures of physical verification of such inventories followed bymanagement are adequate in relation to the size of company and nature of its business.

(b) Company is maintaining proper records of inventory and the discrepancies noticedduring the physical verification between physical stock and book records are not materialand the same have been properly dealt with.

3. Company has not granted loans to any parties listed in the register maintained u/s189 of the Companies Act 2013; hence this provision is not applicable to the company.

4. In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Sections

185 and 186 of the Companies Act 2013 in respect of grant of loans making investmentsand providing guarantees and securities as applicable.

5. According to the information and explanations given to us the Company has notaccepted any deposit during the year. In respect of unclaimed deposits the Company hascomplied with the provisions of Sections 73 to 76 or any other relevant provisions of theCompanies Act 2013.

6. The maintenance of cost records has been specified by the Central Government underSection 148(1) of the Companies Act 2013. We have broadly reviewed the cost recordsmaintained by the Company pursuant to the Companies (Cost Records and Audit) Rules 2014as amended prescribed by the Central Government under sub-section (1) of Section 148 ofthe Companies Act 2013 and are of the opinion that prima facie the prescribed costrecords have been made and maintained

7. a) The Company is regular in depositing wit appropriate authorities undisputedstatutory dues including PF ESI TDS Sales Tax Entry Tax Service Tax and Excise Dutyexcept sometimes there have been delay in deposit.

b) No amount was in arrears for a period more than 6 months as regards undisputedamount payable in respect of statutory dues.

c) According to the information and explanation given to us provision regardingtransferring amounts which were required to be transferred to the investor education andprotection fund by the Company is not applicable as no such fund exists.

8. In our opinion and according to the information and explanations given to us theCompany has not defaulted in the repayment of loans or borrowings to financialinstitutions and banks. The Company did not have dues to government and to debentureholders.

9. The Company has not raised moneys by way of initial public offer or further publicoffer (including debt instruments) or term loans and hence reporting under clause (ix) ofthe Order is not applicable.

10. To the best of our knowledge and according to the information and explanationsgiven to us no fraud by the Company and no material fraud on the Company by its officersor employees has been noticed or reported during the year

11. In our opinion and according to the information and explanations given to us theCompany has paid / provided managerial remuneration in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule V to the CompaniesAct 2013

12. The Company is not a Nidhi Company and hence reporting under clause (xii) of theOrder is not applicable.

13. In our opinion and according to the information and explanations given to us theCompany is in compliance with Section 177 and 188 of the Companies Act 2013 whereapplicable for all transactions with the related parties and the details of related partytransactions have been disclosed in the financial statements etc. as required by theapplicable accounting standards

14. During the year the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures and hence reporting underclause (xiv) of Order is not applicable to the Company.

15. In our opinion and according to the information and explanations given to usduring the year the Company has not entered into any non-cash transactions with itsdirectors or directors of its holding or subsidiary or persons connected with them andhence provisions of section 192 of the Companies Act 2013 are not applicable

The Company is not required to be registered under section 45-IA of the Reserve Bank ofIndia Act 1934.

Place: 1372 Kashmere Gate Delhi – 110006. FOR KAMAL & COMPANY
Date: 30th June 2017 CHARTERED ACCOUNTANTS
MEMBERSHIP NO. 012738