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Supertex Industries Ltd.

BSE: 526133 Sector: Industrials
NSE: N.A. ISIN Code: INE881B01054
BSE 00:00 | 08 Feb 2.89 0
(0.00%)
OPEN

2.70

HIGH

2.89

LOW

2.70

NSE 05:30 | 01 Jan Supertex Industries Ltd
OPEN 2.70
PREVIOUS CLOSE 2.89
VOLUME 350
52-Week high 6.99
52-Week low 2.70
P/E 6.28
Mkt Cap.(Rs cr) 3
Buy Price 2.89
Buy Qty 2580.00
Sell Price 2.70
Sell Qty 300.00
OPEN 2.70
CLOSE 2.89
VOLUME 350
52-Week high 6.99
52-Week low 2.70
P/E 6.28
Mkt Cap.(Rs cr) 3
Buy Price 2.89
Buy Qty 2580.00
Sell Price 2.70
Sell Qty 300.00

Supertex Industries Ltd. (SUPERTEXINDS) - Auditors Report

Company auditors report

TO THE MEMBERS OF SUPERTEX INDUSTRIES LIMITED

Report on the Standalone Ind AS Financial Statements

We have audited the accompanying standalone Ind AS financial statements of M/s.SupertexIndustries Limited ("the Company") which comprise the Balance Sheet as at March31st 2018 and the Statement of Profit and Loss (including other comprehensive income)the Cash Flow Statement and the Statement of Changes in Equity for the year then endedand a summary of the significant accounting policies and other explanatory information(hereinafter referred to as "standalone Ind AS financial statements").

Management's Responsibility for the Standalone 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 to give a true and fair view of the financialposition financial performance including other comprehensive income cash flows andchanges in equity of the Company in accordance with the accounting principles generallyaccepted in India including the Indian Accounting Standards (Ind AS) specified underSection 133 of the Act read with Companies (Indian Accounting Standards) Rules 2015.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe standalone Ind AS financial statements that give a true and fair view and are freefrom material misstatement 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 and other applicable authoritative pronouncements issued by theInstitute of Chartered Accountants of India. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatement. An audit involvesperforming procedures to obtain audit evidence about the amounts and the disclosures inthe standalone Ind AS financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thestandalone Ind AS 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 standalone Ind AS financial statements that give a true andfair view in order to design audit procedures that are appropriate in the circumstances.An audit also includes evaluating the appropriateness of the accounting policies used andthe reasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the standalone Ind AS 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 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 thefinancial position of the Company as at 31st March 2018 and its financial performanceincluding other comprehensive income its cash flows and the changes in equity for theyear ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by ‘the Companies (Auditor's Report) Order 2016' issued by theCentral Government of India in terms of sub section (11) of section 143 of the Act(hereinafter referred to as "Order") we give in the Annexure A statement ofthe matters specified in paragraphs 3 and 4 of the Order.

2. As required by Section143 (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 Statement of Profit and Loss the Cash Flow Statement and thestatement of changes in equity dealt with by this Report are in agreement with the booksof accounts of the company.

d) In our opinion the aforesaid standalone Ind AS 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 31st March2018 and taken on record by the Board of Directors none of the directors is disqualifiedas on 31st March 2018 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 Rule11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our knowledge and belief and according to the information andexplanations given to us:

i. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements – Refer Note No. 31 to the Ind AS financialstatements;

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 were required to be transferred to the InvestorEducation and Protection Fund by the Company during the year ended March 31 2018.

For S M Gupta & Co.
Chartered Accountants
FRN No: 310015E
Neena Ramgarhia
Place: Mumbai Partner
Date: 30th May 2018 Membership No: 67157

ANNEXURE A TO INDEPENDENT AUDITOR'S REPORTS

(Referred to in Paragraph 1of the Independent Auditors' Report to the Members of evendate)

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

(b) The fixed assets have been physically been verified by the management as per theprogram of verification covering all the fixed assets at reasonable intervals. Accordingto the information and explanations given to us no discrepancies were noticed on suchverification

(c) The title deeds of immovable properties are held in the name of the Company.

ii. The inventory has been physically verified by the management at reasonableintervals during the year and no material discrepancies were noticed on such verification.

iii. The Company has not granted any loan secured and unsecured to companies firms Limited Liability partnerships or other parties covered in the register maintained undersection 189 of the Companies Act 2013

iv. In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of section 185 & 186 of the Act with respectto the loans investments guarantees and security.

v. According to information and explanations provided to us the company has notobtained deposit from public as defined according to the provisions of Section 73 to 76 ofthe Companies Act 2013 and the Rules framed there under.

vi. We have broadly reviewed the books of accounts maintained by the company inpursuance to the rules made by the Central Government for maintenance of cost recordsunder sub-section (1) of section 148 of the Act We have not however made a detailedexamination of the same.

vii. (a) According to information and explanations given to us and the records of theCompany examined by us in our opinion the Company is generally regular in depositing theundisputed statutory dues including provident fund employees' state insurance incometax sales tax service tax value added tax goods and service tax cess and othermaterial statutory dues as applicable with the appropriate authorities.

(b) According to the information and explanations given to us no undisputed amountspayable in respect of provident fund employees' state insurance duty of customs duty ofexcise income tax sales tax service tax value added tax goods and service tax cessand other material statutory dues were in arrears as at March 31st 2018 for a period ofmore than six months from the date they became payable.

(c) According to the information and explanations given to us and based on the recordsof the company examined by us there are no dues of provident fund employees' stateinsurance duty of customs duty of excise income tax sales tax service tax valueadded tax goods and service tax cess and other material statutory dues which have notbeen deposited on account of any disputes other than those shown below:

Name of the Statute Nature of Dues Amount (Rs. lacs) Period to which the amount relates (F.Y) Forum where the dispute is pending
Income Tax Act 1961 Quantam Appeal 48.44 2012-13 Commisioner of Income Tax Appeals Mumbai
Income Tax Act 1961 Quantam Appeal 137.82 2013-14 Commisioner of Income Tax Appeals Mumbai

viii. In our opinion and according to the information and explanations given to us thecompany has not defaulted in repayment of dues to any financial institutions or bank ordebenture holders.

ix. The company has not raised any money via initial public offer or by way of furtherpublic offer or term loans and hence reporting under para 3(ix) of the Order is notapplicable.

x. According to the information and explanations given to us we have neither comeacross any instance of material fraud on or by the Company by its officers or employeesnoticed or reported during the year nor have we been informed of any such case by theManagement.

xi. According to the information and explanations given to us and based on ourexaminations of the records of the company the Company has paid or provided managerialremuneration during the year under audit in accordance with the requisite approvalsmandated by the provisions of section 197 read with Schedule V to the Companies Act.

xii. In our opinion the company is not a Nidhi Company. Accordingly paragraph 3(xii)of the Order is not applicable.

xiii. According to the information and explanations provided to us and based on ourexamination of the records of the Company all transactions with the related parties arein compliance with Section 177 and 188 of Companies Act 2013 where applicable and thedetails have been disclosed in the standalone Ind AS financial statements as required bythe applicable Indian accounting standards.

xiv. During the year the Company has not made any preferential allotment or privateplacement of shares or fully or partly paid convertible debentures and hence reportingunder clause 3 (xiv) of the Order is not applicable to the Company.

xv. According to the information and explanations provided to us and based on ourexamination of the records of the Company the company has not entered into any non-cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable.

xvi. The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For S M Gupta & Co.
Chartered Accountants
FRN No: 310015E
Neena Ramgarhia
Partner
Membership No: 67157
Place: Mumbai
Date: 30th May 2018

ANNEXURE - B TO INDEPENDENT AUDITORS' REPORT

(Referred to in Paragraph 3(f)of the Independent Auditors' Report of even date)

1. We have audited the internal financial controls over financial reporting of M/sSupertex Industries Limited ("the Company") as of March 31st 2018 inconjunction with our audit of the standalone Ind AS financial statements of the Companyfor the year ended on that date.

Management's Responsibility for Internal Financial Controls

2. 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'). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

Auditors' Responsibility

3. 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 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 controls overfinancial reporting was established and maintained and if such controls operatedeffectively in all material respects.

4. Our audit involves performing procedures to obtain audit evidence about the adequacyof the 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.

5. 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 systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

6. A company's internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that

(a) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(b) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorizations of management and directors of the company; and

(c) provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company's assets that could have amaterial effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

7. 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

8. In our opinion to the best of our information and according to the explanationsgiven to us the Company has in all material respects an adequate internal financialcontrols system over financial reporting and such internal financial controls overfinancial reporting were operating effectively as at march 312018 based on the internalcontrol 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.

For S M Gupta & Co.
Chartered Accountants
FRN No: 310015E
Neena Ramgarhia
Place: Mumbai Partner
Date: 30th May 2018 Membership No: 67157