Mar 31, 2015
We have audited the accompanying financial statements of M/s Superior
Industrial Enterprises Limited, New Delhi which comprise the Balance
Sheet as at 31st March 2015, Statement of Profit and Loss and the cash
flow statement for the year ended, and a summary of significant
accounting policies and other explanatory information. These Financial
statements are the responsibility of the Company's management. Our
responsibility 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 section 134(5) of the Companies Act, 2013 ("the Act) with respect to
the preparation and presentation of these financial statements that
give a true and fair view of the financial position, financial
performance and cash flows of the Company in accordance with the
accounting principles generally accepted in India, including the
Accounting Standards specified under Section 133 of the Act, read with
rule 7 of the Companies (Accounts) Rules, 2014. This responsibility
also includes maintenance of adequate accounting records in accordance
with the provisions of the Act for safeguarding the assets of the
Company and for preventing and detecting fraud and other
irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance of adequate
internal financial controls, that were operating effectively for
ensuring that accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the rules made thereunder.
We have conducted our audit in accordance with the auditing specified
under Section 143(10) of the Act. Those standards require that we
comply with ethical requirement and plan and perform the audit to
obtain reasonable assurance about whether the financial statements are
free of material misstatements.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company's preparation of the financial statements that give a
true and fair view in expressing an opinion on whether the Company has
in place an adequate internal financial controls system over financial
reporting and the operating effectiveness of such controls includes
evaluating the appropriates of the accounting policies used and the
reasonableness of the accounting estimates made by the Company's
Directors, as well as evaluating the overall presentation of the
financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a reasonable basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with accounting principles generally
accepted in India:
In the case of the Balance Sheet, of the state of affairs of the
Company as at 31 March 2015;
a) In the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date;
b) In the case of the Cash Flow Statement, of the cash 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, 2013, we enclose in Annexure a statement on the
matters specified in the paragraph 3 & 4 of the 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 best of 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 the company so far as appears from our examination of the books
of account made available to us.
c) The Balance Sheet, Statement of Profit & Loss and the Cash Flow
Statement dealt with by this report are in agreement with the books of
account.
d) In our opinion, the aforesaid financial statements comply with the
accounting standards 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 31.03.2015 taken on record by the Board of Directors, we report
that none of the directors are disqualified as on 31.03.2015 from being
appointed as director in terms of clause (g( of Sub Section (2) of
Section 164 of the companies Act, 2013.
f) With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014 in our opinion and 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 payment basis-Refer Note No.28 (d).
ii. During the year Company has charged depreciation on Fixed Assets on
SLM Method as per Schedule II of Companies Act, 2013. In yester Year
Company charged depreciation on fixed assets as per rate mentioned in
Income tax Act, 1961. This change has resulted understatement of net
profit to the extent of Rs. 1, 89,964/- Hence deviation is being
reported.
ANNEXURE TO THE INDEPENDENT AUDITOR'S REPORT
The annexure referred to in our Independent Auditor's Report to the
member of Superior Industrial Enterprises Limited, New Delhi for the
year ended march 31st, 2015, we report that:
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets except vehicles.
(b) The assets have been physically verified by the management during
the year in our opinion the frequency of physical verification being
conducted from time to time by the company appears to be reasonable
having regard to the size of the company and nature of such assets. No
significant discrepancy was noticed in the regard.
2. (a) Inventory of raw materials, stores, finished goods and packing
material have been physically verified by the management during the
year. Frequency of verification is reasonable and the procedures of
physical verification of such inventories followed by management 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 noticed during the physical verification between physical
stock and book records are not material and the same have been properly
dealt with.
3. Company has not granted loans to parties listed in the register
maintained u/s 189 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, there are adequate internal control procedures
commensurate with the size of the company and nature of business with
regard to purchase of inventory, fixed assets and with regard to sale
of goods. We have not observed any major weakness in the internal
control system during course of the audit.
5. Provision regarding acceptance of Public Deposit with directive
issued by RBI along with Section-73 to 76 of Companies Act, 2013 is not
applicable to the company as no such deposits accepted.
6. We have reviewed the books of account maintained by the company
pursuant to the order made by the Central Government for the
maintenance of cost records under section 148(I) of the Companies Act,
2013 and we are of the opinion that prima facie the prescribed accounts
and records have been made and maintained.
7. a) The Company is regular in depositing wit appropriate authorities
undisputed statutory dues including PF, ESI, TDS, Sales Tax, Entry Tax,
Service Tax and Excise Duty except sometimes there have been delay in
deposit.
b) No amount was in arrears for a period more than 6 months as regards
undisputed amount payable in respect of statutory dues.
c) According to the information and explanation given to us, provision
regarding the amounts which were required to be transferred to the
investor education and protection fund in accordance with the relevant
provision of the Companies Act, 1956 and rules there under is not
applicable as no fund exist.
8. In our opinion the accumulated losses of the company are not more
than fifty percent of its net worth and have not incurred cash losses
in the financial year covered by our audit and in the immediately
preceding financial year.
9. In our opinion company has not defaulted in repayment of dues to
financial institution or bank during the year.
10. The company has given corporate guarantees to the Bankers for loan
raised by M/s Hal Offshore Limited its Group Company under the same
management. The terms and condition of the same are not prima facie
prejudicial to the interest of the company.
11. Provision regarding end use of term loans is not applicable as no
such loan raised by the company except Car Loan for Honda Car raised &
utilized for purchase of aforesaid Car during the year.
12. During the course of our examination of the Books and Records of
the company, carried out in accordance with
the generally accepted audit practices in India and according to the
information and explanation given to us we have neither come across
instances of any fraud on or by the company, noticed or reported during
the year nor have we been informed of such cases by management.
Place: 1372, Kashmere Gate, FOR KAMAL & COMPANY
Delhi - 110006
Date: 26th Day of May, 2015 CHARTERED ACCOUNTANTS
MEMBERSHIP NO. 012738
Mar 31, 2014
We have audited the accompanying financial statements of M/s Superior
Industrial Enterprises Limited, New Delhi ("the Company"), which
comprise the Balance Sheet as at 31 March 2014, the Statement of Profit
and Loss and the Cash Flow Statement of the Company for the year then
ended, and a summary of significant accounting policies and other
explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act") read with the General Circular
15/2013 dated 13 September 2013 of the Ministry of Corporate Affairs in
respect of Section 133 of the Companies Act, 2013. This responsibility
includes the design, implementation and maintenance of internal control
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accor- dance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the entity''s
internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31 March 2014;
(ii) in the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
(iii) in the case of the Cash Flow Statement, of the cash 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, 2003 issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of the Companies Act, 1956, we enclose in the Annexure
statement on the matters specified in paragraphs 4 and 5 of the said
Order.
(2) As required by section 227(3) of the Act, we report that:
a. we have obtained all the information and explanations which to the
best of 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 the Company so far as appears from our examination of those
books;
c. the Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account; and
d. in our opinion, the Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement comply with the Accounting Standards referred to in
sub-section (3C) of section 211 of the Companies Act, 1956 read with
the General Circular 15/2013 dated 13 September 2013 of the Ministry of
Corporate Affairs in respect of Section 133 of the Companies Act, 2013.
except Accounting Policy Note No.28 (d) on gratuity and leave
encashment which is on payment basis
e. On the basis of written representation from the Directors as on
31.03.2014 and taken on record by the Board of Directors, we report
that none of the directors are disqualified as on 31.03.2014 from being
appointed as director in terms of clause (g (of Sub Section (1) of
Section 274 of the companies Act, 1956.
f. In our opinion and to the best of our information and according to
the explanations given to us the accounts read together with our report
on CARO Annexure point no. 1(c) on Depreciation along with the notes
thereon and particularly note No.28(c) on the valuation of stock given
the information required by the Companies Act, 1956, in the manner so
required and give a true and fair view:
ANNEXURE REFERRED TO IN PARAGRAPH 1 UNDER THE HEAPING OF "REPORT ON
OTHER LEGAL AND REGULATORY REQUIREMENTS OF OUR REPORT OF EVEN DATE ON
ACCOUNTS OF M/S SUPERIOR INDUSTRIAL ENTERPRISES LIMITED. NEW DELHI FOR
THE YEAR ENDED MARCH 31ST. 2014
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets except vehicles.
(b) The assets have been physically verified by the management during
the year in our opinion the frequency of phys- ical verification being
conducted from time to time by the company appears to be reasonable
having regard to the size of the company and nature of such assets. No
significant discrepancy was noticed in the regard.
(c) Company has not provided yearly depreciation as per company''s Act
but provided the same as per rates specified by Income Tax act, 1961 in
continuation of past practice
2. (a) Inventory of raw materials, stores, finished goods and packing
material have been physically verified by the man- agement during the
year. Frequency of verification is reasonable and the procedures of
physical verification of such inventories followed by management 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 noticed during the physical verification between physical
stock and book records are not material and the same have been properly
dealt with.
3. The provision regarding granting of loan or raising loan from
parties listed in the Register maintained u/s 301 of the Companies Act,
1956 is not applicable as no such loans granted/accepted from such
parties during the year.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control pro- cedures
commensurate with the size of the company and nature of business with
regard to purchase of inventory, fixed assets and with regard to sale
of goods.
5. According to information and explanation given to us transactions
entered into with group''s company those are required to be entered in
the Register maintained u/s 301 of the companies Act, 1956 have been
entered in such register. Company has made Sales to Group Company M/s
Moon Beverages Limited covered under section 301 of Companies Act, 1956
at the normal selling price applicable to all customers of the company.
6. The company has not invited any deposits from Public falling under
section 58A and 58AA of Companies Act, 1956 read with the companies
(Acceptance of Deposits) Rule 1975.
7. In our opinion present system of internal audit in the company is
adequate and is commensurate with the size and nature of business.
8. We have broadly reviewed the books of account maintained by the
company pursuant to the order made by the Central Government for the
maintenance of cost records under section 209(1) (d) of the Companies
Act, 1956 and we are of the opinion that prima facie the prescribed
accounts and records have been made and maintained.
9. (a) The company is regular in depositing with appropriate
authorities undisputed statutory dues including PF, ESI, TDS, Sales
Tax, except sometimes there have been delay.
(b) No amount was in arrears for a period more than 6 months as regards
undisputed amount payable in respect of Sales Tax/Income tax/T.D.S. etc
except sale tax appeal for financial year 2006-07 and Income Tax appeal
for the assessment year 2002-03 which are pending.
(c) According to the information and explanation given to us, there are
no dues of Sales Tax, Income Tax, which have not been deposited on
account of any dispute.
10. Provision regarding default in repayment of loans to financial
institution is not applicable as no such loan raised during the year.
11. Provision regarding maintenance of adequate records for pledge of
shares, debentures and other securities is not applicable to this
company as no such loans granted by the company.
12. In our opinion company is not a chit fund or Nidhi/Mutual benefit
company; hence Clause 4 (XIII) of the Companies (Auditors Report) order
2003 is not applicable to this company.
13. In our opinion company is not dealing or trading in shares,
securities, debenture & other investments, except for 3 par- ties
listed under section 301 of companies Act, 1956 hence the provisions of
Clause 4 XIV of the Companies (Auditor''s Report) order 2003 are not
applicable to this company.
14. The company has given corporate guarantees to the Bankers for loan
raised by M/s Hal Offshore Limited its Group Company under the same
management. The terms and condition of the same are not prima facie
prejudicial to the interest of the company.
15. Provision regarding end use of loans is not applicable as no such
loan raised by the company.
17. The provision regarding preferential allotment of shares to parties
and companies covered in the Register maintained u/s 301 is not
applicable, as the company has made no such preferential allotment
during the year.
18. The provisions regarding information on debenture issued and
securities created are not applicable to this company as no such
transaction has taken place during the year.
19. The Provision regarding end use of public issue money is not
applicable as there was no public issue during the year.
20. During the course of our examination of the Books and Records of
the company, carried out in accordance with the gener- ally accepted
audit practices in India and according to the information and
explanation given to us we have neither come across instances of
material fraud on or by the company, noticed or reported during the
year nor have we been informed of such cases by management.
21. According to the information and explanations given to us and on
over all examination of the Balance Sheet of the Com- pany, we report
that we have not found short term funds been used for long term
investment. No long term founds have been used to finance short term
assets, except permanent working capital.
For KAMAL AND COMPANY
Chartered Accountants
FRN. 001033N
(Kamal K. Gupta)
Mem. No. - 012738
Place : 1372, Kashmere Gate, Delhi-110006
Dated : This 24th day of May 2014
Mar 31, 2013
We have audited the annexed Balance Sheet of Superior Industrial
Enterprises Limited, New Delhi as at 31st March 2013 and also the
annexed Profit & Loss Statement of the Company for the year ended on
that date annexed there to These Financial statements are the
responsibility of the Company s management Our responsibility is to
express our opinion on these financial statements based on our audit
We have conducted our audit in accordance with the auditing standards
generally acceoted in India These standards require that we plan and
perforcr the audit to obtain reasonable assurance about whether the
financial Statements are free cl material misstatements. Our audit
includes examining on test bas.-s. evidence supporting the amount s and
disclosures in the financial statements. An audrt aiso includes
assessing the accounting principles used and significant estimates made
bY the management as well as evaluating the overall financial statement
presematio: We believe that our audit provides a reasonable Pasis for
our opinion
2 As required by the COMPANIES (AUDITOR''S REPORT) ORDER. 2003 i.CARO
issued by the Central Government in terms of Section 221 [4A) of me
Companies Act 1956. we enclose in Annexure a statement on the matters
specified in Ihe paragraph 4 & 5 of the said order to the extent
applicable to the company
3 Further to our commenis into anneyure referred to in paragraph above
We ''epi"""
a} We-have obtained all the information and explanations, which to the
Pest of on 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 tl e company so far as appears from our examination of the
books of accoun- mane available to us
c) The Balance Sheet and Profit & Loss Statement dealt with the report
a/e agreement with the books of account.
d) In our opinion the Profit and Loss Statement and the Balance Sheet
dealt with la- this report comply with the accounting standards except
Accounting Policy Nutp No 25 {d} on gratuity and leave encashment which
is on payment basis
e) On the basis of written representation from the Directors as on
31.03.20 M anu Eafcefl on record by the Board of Directors, we report
that none of the electors are disqualified as on 31.03.2013 from bemg
appointed as director in terms il clause (a( of Sub Section Ml of
Section 274 of the comoames Act. 1SS6
f) In our opinion and to the best of our information and according to H
explanations given to us the accounts read together with our report on
CAR Annexure point no 1(c) on Depreciation along with the notes thereon
and particularly note No.25(c) on the valuation of stock given the
information required by the Companies Act, 1956, in the manner so
required and gjue a true and fail view
I In the case of consolidated Balance Sheet of the state of affairs of
the company as at 31st March 2013 and
II. In the case of the consolidated Profit & Loss Statement of the
Profit tot (he ye* ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 2 OF QUR REPORT OF EVEN DATE QN
ACCOUNTS OF M/S SUPERIOR INDUSTRIAL ENTERPRISES LIMITED, NEW DELHI FOR
THE YEAR ENDED MARCH 3157. 2013
1 (a) The Company has maintained proper records showing full
particulars. i.-cL.Jr .j quantitative details and situation of fixed
assets except vehicles.
(b) The assets have been physically verified by the management during
the year m our opinion the frequency of physical verification being
conducted from time to time by the company appears to be reasonable
having regard to the size of the company and nature of such assets No
significant discrepancy was noticed in the regard
(a) Debtors more than Six Months for Rs.7485393 88 are douOtful of
recovery r oi opinion for which no Provision made. However Claims are
recoveraoie m ihe opiniai of the Management, hence no Provision made.
(c) Company had not adjusted Profit or Loss on sale of Vanaspati & Milk
MiUhme''v sold in vaster year.
3-. (a) Inventory of raw materials, stores finished goods and packing
material nave been physscally verified by the management during the
yes* Frequency of verification -s reasonable and the procedures of
physical verification of such inventories followed by management are
adequaie in relation to the size of company and nature of its business
{b} Company is maintaining proper records of inventory and the
discrepant- noticed during the physicai verification between physical
stoc* and book records a-e not material and the same have been properiy
oea!t with
4 The provision regarding granting of loan to parties listed m the
Register maintained
u/s 301 of the Companies Act. 1956 is not applicable as no such loan
j.ra-i&d i sucn parties during the year Further company had raised
unsecured loan from party listed under section .301 of the Companies
Act 1956 and the term & condition ...L the same are not prejudicial to
the interest of the Company
5. In our opinion and according to the information and explanations
given io us there are adequate internal control procedures commensurate
with the size of the company and nature of business With regard to
purchase of inventory fixed assfiis and with regard to sale of goods.
6 According to information and explanation given to us transactions
entered into between groups companies those are required to be entered
m the Register maintained u/s301 of the companies Act. 1956 have been
entered in such register Company has made Sales to Group Company M/s
Moon Beverages Limited covered under section 301 of Companies Act.
1956. However Sales rates are not prejudice to the company as the same
are market rates being charged from other customers
7 The company has not invited any Deposits from Public falling under
section 5BA aba 5SAA of Companies Act. 1956 read with the companies
[Accepiance of Deposits) Rule 1975
8 In our opinion present system of interna; audit m the company is
adequate -and .b commensurate with the size and nature of business.
9 Though company is required to maintain books of account pursuant to
the ordb'' made by the Central Government for the maintenance of cost
records under section 2Q9(l)(d) of the Companies Act, 1956. yet cost
audit has not been conducted unde.: cosi audit (report) Rule b 1996 of
institute of Cost and works Accoucits in view of no manufacturing
activity in Vanaspati carried out by the company during the year
10. Mo amount was in -arrears for a period more Than 6 months as
regards und i-puted amount payable in respect of Govt dues,
Provision regarding default in repayment of loans to financial
institution is not applicable as no such loan raised during the year
12 Provision regarding maintenance of adequate records for pledge r
share: debentures and other securities is not applicable to this
company as no such Joans granted by the company
15. In our opinion company is not a chit Fund or Nidhi/Mutual benefit
ccmpa''y heni ,- Ciause 4 lXW) of the Companies (Auditors Report) order
2003 is not applicable iu this company
14 In cur opinion company is not dealing or trading in shares,
secuntres, debenture S other investments, except for 2parties listed
under section 301 of companies Act 1956 hence the provisions of Clause
4 X!V of the Companies (Auditors Report] order 20Q3 are not applicable
to this company
15 The company has given corporate guarantees to the Bankers for loar
r3iSed by Wl/s Hal Offshore Limited its Group Company under the same
management The ten- - and condition of the same are not prima facie
prejudicial to the interest sf ire company
16. Provision regarding end use of loans is not applicable as no such
loan sised by company
During the year Company has made preferential allotment to parties IWs
Mc Beverages Ltd and M/s Hindustan Aqua Ltd listed u/s 301 Act
1955 However terms and conditions of preferential allotment
interest of company.
S. The provisions regarding information on debenture issued and
securities created afe not applicable to this company as no such
transaction has taken place during the year
19. The- Provision regarding end use of public issue money is not
applicable as there was no public issue during the year.
20. During the course of our examination of the Books and Records of
the company tarried out in accordance with the generally accepLeo audit
practices in India and according to the information and explanation
given to us we nave neitne across instances of material
fraud on or by the company, noticed or reported during the year nor
have we been informed of such cases by management.
21 According to the information and explanations given to us and on
over an examination of the Balance Sheet of the Company, we report that
we have not found short term funds been used for long term investment.
No long term founds haw been used to finance short term assets except
permanent working- capital
By Order of the Board of Directors
For Superior Industrial Enterprises Limited
Place: New Delhi Mukesh Aggarwal Ashok Saxena
Date: September 5,2013 Director Director
Mar 31, 2012
1. We have audited the annexed Balance Sheet of M/s Superior
Industrial Enterprises L.mited, New Delhi as at 31st March 2012 and
also the annexed Profit & Loss Account of the Company for the year
ended on that date annexed there to These Financial statements are the
responsibility of the Company's management. Our responsibility is to
express our opinion on these financial statement based on our audit.
We have conducted our audit in accordance with the auditing standards
generally accepted in India. These standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatements. Our audit
includes examining on test basis, evidence supporting the amount s and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by he management as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis
for our opinion.
2. As required by the COMPANIES (AUDITOR'S REPORT) ORDER, 2003 (CARO)
issued by the Central Government in terms of Section 227(4A) of the
Companies Act, 1956, we enclose in Annexure a statement on the matters
specified in the paragraph 4 & 5 of the said order to the extent
applicable to the company.
3. Further to our comments into annexure referred to in paragraph
above. We report
a) We have obtained all the information and explanations, which to the
best of 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 the company so far as appears from our examination of the books
of account made available to us.
c) The Balance Sheet and Profit & Loss Account dealt with the report
are in agreement with the books of account.
d) In our opinion the Profit and Loss account and the Balance Sheet
dealt with by this report comply with the accounting standards except
Accounting Policy Note No 23 (d) on gratuity and leave encashment which
is on payment basis.
e) On the basis of written representation from the Directors as on
31.03.2012 and taken on record by the Board of Directors, we report
that none of the directors are disqualified as on 31.03.2012 from being
appointed as director in terms of clause (g) of Sub Section (1) of
Section 274 of the companies Act, 1956,
f) In our opinion and to the best of our information and according to
the explanations given to us the accounts read together with our report
on CARO Annexure point no. 1(c) on Depreciation along with the notes
thereon and particularly note No.23(c) on the valuation of stock given
the information required by the Companies Act, 1956, in the manner so
required and give a true and fair view:
I. In the case of consolidated Balance Sheet of the state of affairs
of the company as at 31 March 2012 and
II. In the case of the consolidated Profit & Loss Account of the
Profit for the year ended on that date.
1) (a) The company has maintained proper records showing full
particulars Including quantitative details and situation of fixed
assets except vehicles.
(b) The assets have been physically verified by the management during
the year. In our opinion the frequency of physical verification being
conducted from time to time by the company appears to be reasonable
having regard to the size of the company and nature of such assets. No
significant discrepancy was noticed in the regard.
(c) During the year company has disposed a .part of Vanaspati and Milk
Division i Plant & Machinery. However the term and condition of the
disposal of the same are not prejudicial to the interest of the
company. No Depreciation has been Calculated on such Plant and
Machinery Sold/or lying in works of company.
(d) Further,No Profit or Loss has been adjusted on Part Sale of
Vanaspati & Milk Unit Machinery for want of written down value on the
date of Sales.
2) Debtors more than Six Months for Rs 9036996.88 are doubtful of
recovery in our opinion for which no Provision made. However Claims are
recoverable in the opinion of the Management, hence no Provision made.
3) (a) Inventory of raw materials, stores, finished goods and packing
material have been physically verified by the management during the
year. Frequency of verification is reasonable and the procedures of
physical verification of such inventories followed by-management 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 noticed during the physical verification between physical
stock and book records are not material and the same have been properly
dealt with.
4) The provision regarding granting of loan to parties listed in the
Register maintained u/s 301 of the Companies Act, 1956 is not
applicable as no such loans granted to such parties during the year.
Further company had raised unsecured loan from a party listed under
section 301 of the Companies Act 1956 and the term & condition of the
same are not prejudicial to the interest of the company.
5) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and nature of business with
regard to purchase of inventory, fixed assets and with regard to sale
of goods.
6. According to information and explanation given to us transactions
entered into between group companies those are required to be entered
in the Register maintained u/s301 of the companies Act, 1956 have been
entered in such register. Company has made Sales to Group Company M/s
Moon Beverages Limited covered under section 301 of Companies Act,
1956. However Sales rates are not prejudicial to the company as the
same are market rates being charged from other customers.
7. The company has not invited any deposits from Public falling under
section 58A abd 58AA of Companies Act, 1956 read with the companies
(Acceptance of Deposits) Rule 1975.
8. In our opinion present system of internal audit in the company is
adequate and is commensurate with the size and nature of business,
9. Though company is required to maintain books of account pursuant to
the order made by the Central Government for the maintenance of cost
records under section 209(l)(d) of the Companies Act, 1956, yet cost
audit has not been conducted under cost audit (report) Rule b 1996 of
institute of Cost and works Accounts in view of no manufacturing
activity in Vanaspati carried out by the company during the year.
10. No amount was in arrears for a period more than 6 months as regards
undisputed amount payable in respect of Govt dues.
11. Provision regarding default in repayment of loans to financial
institution is not applicable as no such loan raised during the year.
12. Provision regarding maintenance of adequate records for pledge of
shares, debentures and other securities is not applicable to this
company as no such loans granted by the company.
13. In our opinion company is not a chit fund or Nidhi/Mutual benefit
company, hence Clause 4 (XIII) of the Companies (Auditors Report) order
2003 is not applicable to this company.
14. In our opinion company is not dealing or trading in shares,
securities, debenture & other investments, except for 2parties listed
under section 301 of companies Act, 1956 hence the provisions of Clause
4 XIV of the Companies (Auditor's Report) order 2003 are not
applicable to this company.
15. The company has given corporate guarantees to the Bankers for loan
raised by M/s Hal Offshore Limited its Group Company under the same
management. The terms and condition of the same are not prima facie
prejudicial to the interest of the company.
16. Provision regarding end use of loans is not applicable as no such
loan raised by the company.
17. The Provisions regarding preferential allotment of shares to
parties and covered in the Register maintained u/s 301 of companies
Act, 1956 is not applicable as no such preferential allotment has been
made by the company during the year.
18. The provisions regarding information on debenture issued and
securities created are not applicable to this company as no such
transaction has taken place during the year.
19. The Provision regarding end use of public issue money is not
applicable as there was no public issue during the year.
20. During the course of our examination of the Books and Records of
the company, carried out in accordance with the generally accepted
audit practices in India and according to the information and
explanation given to us we have neither come across instances of
material fraud on or by the company, noticed or reported during the
year nor have we been informed of such cases by management.
21. According to the information and explanations given to us and on
over all examination of the Balance Sheet of the Company, we report
that we have not found short term funds been used for long term
investment. No long term founds have been used to finance short term
assets, except permanent working capital.
Place : 1372, Kashitoere Gate, Delhi - 110006. FOR KAMAL & COMPANY
Date : This 25th Day of May 2012 CHARTERED ACCOUNTANTS
MEMBERSHIP NO. 012738
Mar 31, 2011
1.We have audited the annexed Balance Sheet of M/s Superior Industrial
Enterprises Limited, Mew Delhi as at 31 March 2011 and also the
annexed Profit & Loss Account of the Company for the year ended on that
date annexed there to. These Financial statements are the-
responsibility of the Company $ management. Our responsibility ;s to
express our opinion on these financial statements based on our audit.
We have conducted our audit in accordance with the auditing standards
generally accepted in India These standards require that we plan and
perform the audit to obtain reasonable assurance about Whether the
financial statements are free of material misstatements. Our audit
reduces examining on test basis evidence Supporting the amount s and
disclosures in the financial statements An audit also includes assess
the accounting principles used and significant estimates made by the
management as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis
for our opinion
2. As required by the COMPANIES {AUDITOR'S REPORT) ORDER 2003 (CARO)
issued by the Central Government in terms of Section 227(4A) of the
Companies Act. 1956. we enclose in Annexure a statement on the matters
specified in the paragraph 4 & 5 of the said order to the extent
applicable to the company.
3 Further to of the comments into annexure referred to in paragraph above
We report that:
a) We have obtained all the information and explanations, which to the
best of 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 the company so far as appears from our examination of the books
of account made available to us
c) The Balance Sheet and Profit & Loss Account dealt with 'the report
are in agreement with the books of account
d) in our opinion the Profit and Loss account and the Balance Sheet
dealt With by this repel comply with the accounting standards except
Accounting Policy Note Mo.2 ;a)(ix) on gratuity and leave encashment
which is on payment basis.
e) On the basis or written representation from the Directors as on
31.03.2011 and taken on record by the Board of Directors, we that none
of the directors are disqualified as on 31.03.2011 from being appointed
as director in terms of clause (g) of Sub Section (1) of Section 274 of
the companies Act, 1956 '
f) In our opinion and to the best of our information and according to
the explanations given to us the accounts read together with the
schedule of notes thereon end particularly note No.2 (a)(i) & (ii) on
the valuation of stock given the information required by the companies
Act, 1956, in the manner so required and give a true and fair view.
I. In the case of consolidated Balance Sheet of the state of affairs of
the company as at 31st March 2011 and
II. In the case of the consolidated Profit & Loss Account of the Profit
for the year ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 2 OF OUR REPORT OF EVEN DATE ON
ACCOUNTS OF M/S SUPERIOR INDUSTRIAL ENTERPRISES LIMITED, NEW DELHI FOR
THE YEAR ENDED MARCH 31ST, 2011
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed assets
except vehicles.
(b) The assets have been physically verified by the management during
the year in our, opinion the frequency of physical verification being
conducted from time-to time by the company appears to be reasonable
having regard to the size of the company and nature of such assets. No
significant discrepancy was noticed in the regard.
2. a) Debtors more than Six Months for Rs.8695749.88 are doubtful of
recovery in our opinion for which no Provision made. However Claims are
recoverable in the opinion of the Management, hence no Provision made
(b) Company has not provided any Depreciation on Vanaspati plant or
Milk plant lying inoperative since last several years. In lieu of
aforesaid plant not being put to use No depreciation has been
calculated on such Plant & Machinery lying in the work of the company.
(c) Company had not adjusted Profit or Loss on sale of Vanaspaii & Milk
Machinery in yester year.
3. (a) inventory of raw materials, stores, finished goods and packing
material have been physical verified by the management during the year
Frequency of verification is reasonable and the procedures of physical
verification of such inventories followed by management 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 noticed during the physical verification between physical
stock and book records are not material and the same have been properly
dealt with.
4. The provision regarding granting of Joan to parties listed in the
Register maintained u/s 301 of the Companies Act, 1956 is not
applicable as no such loans granted to such parties during the year.
Further company had raised unsecured loan from a party listed under
section 301 of the Companies Act 1956 and the term & condition of the
same are not prejudicial to the interest of the Company
5. In our opinion and according to the information and explanations
given to us. there are adequate internal control procedures
commensurate the size of the company and nature of business with
regard to purchase of inventory, fixed assets and with regard to sale
of goods.
6. According to information and explanation given to m transactions
entered Into between croup companies ;hose ere required to be Entered
in the Register maintained u/s301 of the companies Act. 1956 have been
entered in such register company has made Sales to Group Company M/s
Moon Beverages Limited covered under section 301 of Companies Act 1956.
However Sales rates are not prejudicial to the company as, the same are
market rates being charged from other customers
7. The company has not invited any deposits from Public falling under
section 5BA and 58AA of Companies Act. 1956 read with the companies
(Acceptance of Deposits) Rule 1575.
8. In our opinion present system of internal audit in the company is
adequate and is commensurate with the size and nature of business.
9. Though company is required to minting in books of account pursuant to
the order made by the Central Government for the maintenance of cost
records under section 209(l)(d) of the Companies Act. 1956, yet cost
audit has not been conducted under cost audit (report) Rule b 1956 of
institute of Cost arid works Accounts in view of no manufacturing
activity in Vanaspati carried out by the company during the year.
10. Provision regarding government dues as undisputed amount
outstanding for more than six months is Nil except FBI Tax of Rs 1900/-
as on 31.03.2011 Previous year Rs.1900.
11. Provision regarding default in repayment of loans to financial
institution is not applicable as no such loan raised during the year.
12. Provision regarding maintenance of adequate records for pledge of
shares, debentures and other securities is not applicable to this
company as no such loans granted by the company
13. In our opinion company is not a chit fund or Nidhi/Mulual benefit
company hence Clause 4 (XIII) of the Companies (Auditors Report) order
2003 is not applicable to this company
14. In our opinion company is not dealing or trading in shares,
securities, debenture & other investments, except for 2parties listed
under section 301 of companies Act, 1956 hence the provisions of Clause
4 XIV of the Companies (Auditor's Report) order 2003 are not applicable
to this company.
15. The company has given corporate guaranties of the Bankers for loan
raised by M/s He. Offshore limited its Group Company under the same
management. The terms and condition of the same are not prima facie
prejudicial to the interest of the company.
16. Provision regarding end use of loans is not applicable as no such
loan raised by the company.
17. The Provisions regarding preferential allotment of shares, to
parties and companies covered in the Register maintained a/s 301 of
companies Act 1956 is not applicable as no such preferential allotment
has been made by the company during the year.
18. The provisions regarding information on debenture issued and
securities created are not applicable to this company as no such
transaction has taken p:ace during the year.
19. The Provision regarding end use of public issue money is not
applicable as there was no public Issue during the year
20. During the course of our examination of the Books and Records of
the company, earned out r accordance with the generally accepted audit
practices in India and according to the information and explanation
given to us we have neither come across instances of material fraud on
or by the company, noticed or reported during the year nor have we been
informed of such cases by management
21. According to the information and explanations given to us and on
over all exam.inat.cn of the Balance Sheet of the Company, we report
that we have not found short term funds been used for long term
investment. No long term founds have been used to finance short term
assets, except permanent working capital.
Place : 1372, Kashmere Gate Delhi-110006 FOR KAMAL & COMPANY
Date : This 30th Day of June 2011 CHARTERED ACCOUNTANTS
MEMBERSHIP NO.012738
Mar 31, 2010
1. We have audited the annexed Balance Sheet of Messrs SUPERIOR
INDUSTRIAL ENTERPRISES LIMITED, NEW DELHI as at 31st March 2010 and
also the annexed Profit & Loss Account of the Company for the year
ended on that date annexed there to. These Financial statements are the
responsibility of the Companys management. Our responsibility is to
express our opinion on these financial statements based on our audit.
We have conducted our audit in accordance with the auditing standards
generally accepted in India. These standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatements. Our audit
includes examining on test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management as well as evaluating the over all financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
2. As required by the COMPANIES (AUDITORS REPORT) ORDER, 2003 (CARO)
issued by the Central Government in terms of Section 227 (4A) of the
Companies Act, 1956, we enclose in Annexure a statement on the matters
specified in the paragraph 4 & 5 of the said order to the extent
applicable to the company.
3. Further to our comments into annexure referred to in paragraph
above. We report that:
a) We have obtained all the information and explanations, which to the
best of 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 the company so far as appears from our examination of the books
of account made available to us.
c) The Balance Sheet and Profit & Loss Account dealt with the report
are in agreement with the books of account.
d) In our opinion the profit and loss account and the Balance Sheet
dealt with by this report comply with the accounting standards except
Accounting Policy Note No.2 (a) (ix) on gratuity and leave encashment
which is on payment basis.
e) On the basis of written representation from the Directors as on
31.03.2010 and taken on record by the Board of Directors, we report
that none of the directors are disqualified as on 31.03.2010 from being
appointed as director in terms of clause (g) of Sub Section (1) of
Section 274 of the companies Act, 1956.
f) In our opinion and to the best of our information and according to
the explanations given to us the accounts read together with the
schedule of notes thereon and particularly note No.2 (a) (i) & (ii) on
the valuation of stocks given the information required by the Companies
Act. 1956, in the manner so required and give a true and fair view:
I. In the case of consolidated Balance Sheet of the state of affairs
of the company as at 31st March 2010 and:
II. In the case of the consolidated Profit & Loss Account of the
Profit for the year ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 2 OF OUR REPORT OF EVEN DATE ON
ACCOUNTS OF M/S.SUPERIOR INDUSTRIAL ENTERPRISES LIMITED, NEW DELHI FOR
THE YEAR ENDED MARCH 31,2010.
1) (a) The company has maintained proper records showing full
particulars Including quantitative details and situation of fixed
assets except vehicles.
(b) The assets have been physically verified by the management during
the year. In our opinion the frequency of physical verification being
conducted from time to time by the company appears to be reasonable
having regard to the size of the company and nature of such assets. No
significant discrepancy was noticed in the regard.
(c) During the year company has disposed a .part of Vanaspati and Milk
Division Plant & Machinery. However the term and condition of the
disposal of the same are not prejudicial to the interest of the company
No Depreciation has been Calculated on such Plant and Machinery Sold
/or lying in works of company .
(d) Further,No Profit or Loss has been adjusted on Part Sale of
Vanaspati & Milk Unit Machinery for want of written down value on the
date of Sales.
2) Debtors more than Six Months for Rs 9036996.88 are doubtful of
recovery in our opinion for which no Provision made. However Claims are
recoverable in the opinion of the Management ,hence no Provision made.
3) (a) Inventory of raw materials, stores, finished goods and packing
material have been physically verified by the management during the
year. Frequency of verification is reasonable and the procedures of
physical verification of such inventories followed by. management 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 noticed during the physical verification between physical
stock and book records are not material and the same have been properly
dealt with.
4) The provision regarding granting of loan to parties listed in the
Register maintained u/s 301 of the Companies Act, 1956 is not
applicable as no such loans granted to such parties during the year.
Further company had raised unsecured loan from a party listed under
section 301 of the Companies Act 1956 and the term & condition of the
same are not prejudicial to the interest of the company.
5) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of: the company and nature of business with
regard to purchase of inventory, fixed assets and with regard to sale
of goods.
6) According to information and explanation given to us transactions
entered into between group companies those are required to be entered
in the Register maintained u/s 301 of the companies Act, 1956, have
been entered in such register, Company has made Sales to a Group
Company M/s Moon Beverages Ltd covered under Sec 301 of Companies Act
1956.However Sales rates are not prejudicial to the company as the same
are market rates being charged from other customers.
7) The company has not invited any deposits from public falling under
section 58A and 58AA of Companies Act, 1956 read with the companies
(Acceptance: of Deposits) Rule 1975.
8) In our opinion present system of internal audit in the company is
adequate and is commensurate with the size and nature of business.
9) Though company is required to maintain books of account pursuant to
the order made by the Central Government for the maintenance of cost
records under Section 209(1) (d) of the Companies Act 1956, yet cost
audit has not been conducted under cost audit (report) Rule b 1996 of
Institute of Cost and works Accounts in view of no manufacturing
activity in Vanaspati carried out by the company during the year.
10) Provision regarding government dues as undisputed amount
outstanding for more than six months is Nil except FBT Tax of
Rsl900.00as on 31.3.2010.Frevious year Rs 1900.00
ll)The company has accumulated Losses as at 31st March 2010 but has not
incurred cash losses in the financial year ended on that date except
loss of Rs 647940.00 was reported in the immediately preceding
financial year.
12) Provision regarding default in repayment of loans to Financial
Institution is not applicable as no such loan raised during the year.
13) Provision regarding maintenance of adequate records for pledge of
shares, debentures and other securities is not applicable to this
company as no such loans panted by the company.
14) In our opinion company is not a chit fund or Nidhi/Mutual benefit
company, hence Clause 4(XIII) of the Companies (Auditors Report) order
2003 is not applicable to this company.
15) In our opinion company is not dealing or trading in shares,
securities, debenture & other investments, except for 2 parties listed
under section 301 of companies Act 1956 hence the provisions of Clause
4XIV of the Companies (Auditors Report) order 2003 are not applicable
to this company.
16) The company has given corporate guarantees to the Bankers for loan
raised by M/s Hal off Shore Limited its group company under the same
management. The terms and condition of the same are not prima facie
prejudicial to the interest of the company.
17) Provision regarding end use of loans is not applicable as no such
loan raised by the company.
18) The provisions regarding preferential allotment of shares to
parties and companies covered in the Register maintained u/s 301 of
companies Act, 1956 is not applicable as no such preferential allotment
has been made by the company during the year.
19) The provisions regarding information on debenture issued and
securities created is not applicable to this company as no such
transaction has taken place during the year.
20) The Provision regarding end use of public issue money is not
applicable as there was no public issue during the year.
21) During the course of our examination of the Books and Records of
the company, carried out in accordance with the generally accepted
audit practices in India and according to the information and
explanations given to us we have neither come across instances of
material fraud on or by the company, noticed or reported during the
year nor have we been informed of such cases by management.
22) According to the information and explanations given to us and on
over all examination of the Balance Sheet of the company, we report
that we have not found short term funds been used for long term
investment. No long term funds have been used to finance short term
assets, except permanent working capital.
Place 1372, KASHMERE GATE, DELHI-110006 FOR KAMAL & COMPANY
Date THIS DAY OF May 2010 CHARTERE ACCOUNTANTS
MEMBERSHIP NO. 12738
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