Auditor Report of Super Sales India Ltd.
Mar 31, 2018
Report on the IND AS Financial Statements
We have audited the accompanying IND AS financial statements of SUPER SALES INDIA LIMITED ("the Company"), which comprise the Balance Sheet as at March 31, 2018, 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 ended and a summary of the significant accounting policies and other explanatory information. (hereinafter referred to IND AS financial statements)
Management''s Responsibility for the IND AS 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 of these IND AS financial statements that give a true and fair view of the financial position, financial performance (including other comprehensive income), cash flows and changes in equity of the Company in accordance with the Indian Accounting Standards (IND AS) prescribed under Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, and other accounting principles generally accepted in India.
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 frauds 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 the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the IND AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditors'' Responsibility
Our responsibility is to express an opinion on these IND AS financial statements based on our audit.
In conducting 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 and the Order issued under Section 143 (11) of the Act.
We conducted our audit of the IND AS financial statements in accordance with the Standards on Auditing specified under Section 143 (10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the IND AS financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the IND AS financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the IND AS 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 IND AS financial statements that give a true and fair 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 and the reasonableness of the accounting estimates made by the Company''s directors, as well as evaluating the overall presentation of the IND AS financial statements.
We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the IND AS financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid IND AS 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, of the state of affairs of the Company as at March 31, 2018, and its profit, total comprehensive income, the cash flows and the changes in equity for the year ended as on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2016 ("the Order") issued by the Central Government in terms of Section 143 (11) of the Act, we give in Annexure "A" a statement on the matters specified in paragraphs 3 and 4 of the Order.
2. As required by Section 143 (3) of the Act, based on our audit 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 purposes 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, the statement of profit and loss (including other comprehensive income), the cash flow statement and statement of changes in equity dealt with by this report are in agreement with the books of account;
d) in our opinion, the aforesaid IND AS financial statements comply with the Indian Accounting Standards prescribed under Section 133 of the Act;
e) on the basis of the written representations received from the directors of the Company as on March 31, 2018 taken on record by the board of directors, none of the directors are disqualified as on March 31, 2018 from being appointed as a director in terms of Section 164 (2) of the Act;
f) with respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in Annexure "B" and
g) with respect to the other matters to be included in the auditors'' report in accordance with rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended, in our opinion and to the best of our information and according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its financial position in its IND AS financial statements - Refer note no 39 to the IND AS financial statements.
ii The Company does not have any long-term contracts including derivative contracts for which there were any material foreseeable losses
iii There has been no delay in transferring amounts, required to be transferred, to the investor education and protection fund by the Company.
ANNEXURE - "A" TO THE INDEPENDENT AUDITORS'' REPORT
(Referred to in Paragraph 1 under "Report on Other legal and regulatory requirements" section of our report to the members of SUPER SALES INDIA LIMITED of even date).
We report that,
1. In respect of its Fixed Assets:
a. The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets [Property, Plant and Equipment].
b. As explained to us, fixed assets have been physically verified by the management at regular intervals, in accordance with a programme of verification, which in our opinion provides for physical verification of all the fixed assets at reasonable intervals having regard to the size of the company and nature of its assets. According to the information and explanations given to us, no material discrepancies were noticed on such verification.
c. According to the information and explanations given to us and the records examined by us, the title deeds of immovable properties are held in the name of the Company.
2. In respect of its inventories:
As explained to us, physical verification of inventories has been conducted at reasonable intervals by the management during the year and no material discrepancies were noticed.
3. The Company has not granted any loan, secured or unsecured to companies, firms, Limited Liability Partnerships or other parties covered in the register maintained under section 189 of the Companies Act, 2013, during the financial year and hence sub-clauses (a) to (c) of clause (iii) of the Order are not applicable to the company.
4. The Company has not granted loans or given guarantees and securities during the year and hence compliance with Section 185 is not applicable. In respect of the investments made, the same is in accordance with Section 186 of the Act.
5. The Company has not accepted any deposits from the public during the year to which the provisions of Sections 73 to 76 of the Act are applicable and as such clause 3(v) of the Order is not applicable.
6. We have broadly reviewed the cost records maintained by the company specified by the Central Government under sub-section (1) of Section 148 of the Companies Act, 2013, as applicable to the company, and are of the opinion that prima facie the specified cost records have been maintained. We have, however, not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.
7. According to the information and explanations given to us and on the basis of our examination of the records of the Company in respect of the statutory dues:
a. The Company is regular in depositing undisputed statutory dues including Provident Fund, Employees'' State insurance, Income tax, Sales Tax, Service Tax, Goods and Service Tax, duty of customs, duty of excise, value added tax, and any other statutory dues with the appropriate authorities during the year. According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at 31st March, 2018 for a period of more than six months from the date they became payable.
b. According to the information and explanations given to us, the details of disputed statutory dues that have not been deposited on account of dispute is as under:
|
Name of the Statute |
Nature of the dues |
Amount [Rs. in Lakhs] |
Amount paid/ adjusted [Rs in Lakhs] |
Period to which the amount relates |
Forum where dispute is pending |
|
Income Tax Act, 1961 |
Income tax and interest |
2.46 |
Nil |
A.Y. 2014-15 |
DCIT |
8. In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of loans or borrowings to any financial institution, bank, government or dues to debenture holders.
9. In our opinion and according to the information and explanations given to us, the Company has utilized the money raised by way of term loans during the year for purposes for which they were raised. The Company did not raise any money by way of initial public offer or further public offer (including debt instruments) during the year.
10. To the best of our knowledge and belief and according to the information and explanations given to us during the course of our examination of the books and records of the company carried out in accordance with the auditing standards generally accepted in India, no fraud on or by the Company was noticed or reported during the year that causes the IND AS financial statements to be materially misstated.
11. According to the information and explanations given to us and based on our examination of the records of the company, the Company has paid / provided for managerial remuneration during the year in accordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule V to the Companies Act, 2013.
12. In our opinion and according to the information and explanations given to us, the Company is not a nidhi company. Accordingly, clause 3(xii) of the Order is not applicable.
13. According to the information and explanations given to us and based on our examination of the records of the Company, transactions with the related parties are in compliance with Sections 177 and 188 of the Act where applicable and details of such transactions have been disclosed in the IND AS financial statements as required by the applicable accounting standards.
14. According to the information and explanations give to us and based on our examination of the records of the Company, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.
15. According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into non-cash transactions with directors or persons connected with him. Accordingly, clause 3(xv) of the Order is not applicable.
16. The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.
Annexure - "B" to the Independent Auditors'' Report
(Referred to in Paragraph 2(f) under "Report on Other legal and regulatory requirements" section of our report to the members of SUPER SALES INDIA LIMITED of even date).
Report on the Internal Financial Controls over Financial reporting under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")
We have audited the internal financial controls over financial reporting of SUPER SALES INDIA LIMITED as of 31st March, 2018 in conjunction with our audit of the IND AS financial statements of the Company for the year ended on that date.
Management''s Responsibility for Internal Financial Controls
The Board of Directors of the company is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (''ICAI''). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to Company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditors'' Responsibility
Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the "Guidance Note") and the Standards on Auditing, issued by ICAI and deemed to be prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the IND AS financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''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 designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of IND AS financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of IND AS financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company''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 financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the 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 given to us, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31st March, 2018, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
For M/s. Subbachar & Srinivasan
Chartered Accountants
Firm Registration No.004083S
T. S. V. Rajagopal
Coimbatore Partner, Auditor
29.05.2018 Membership No: 200380
Mar 31, 2017
INDEPENDENT AUDITOR''S REPORT
To
The Members of Super Sales India Limited Report on the Financial Statements
We have audited the accompanying financial statements of Super Sales India Limited (''the Company''), which comprise the balance sheet as at 31st March 2017, the statement of profit and loss and the cash flow statement for the year then ended and a summary of significant accounting policies and other explanatory information.
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 frauds 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 and ensuring their operating effectiveness for the 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 there under.
We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. 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 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 order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness 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 basis for our audit opinion on the financial statements.
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 the accounting principles generally accepted in India:
a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2017;
b) in the case of Statement of Profit and Loss , the Profit for the year ended on that date; and
c) 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, 2016 ("the Order") issued by the Central Government of India in terms of sub-section (11) of Section 143 of the Act, we give in the Annexure A, a statement on the matters specified in the paragraph 3 and 4 of the order, to the extent applicable.
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 purposes of our audit.
(b) in our opinion proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books;
(c) the balance sheet, the statement of profit and 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 the written representations received from the directors as on 31st March, 2017 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2017 from being appointed as a director in terms of Section 164 (2) of the Act;
(f) with respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in "Annexure B"; and
(g) 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:
a) The Company does not have any pending litigations which would impact its financial position.
b) The Company did not have any long-term contracts including derivatives contracts for which there were any material foreseeable losses.
c) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.
d) the Company has provided requisite disclosures in its financial statements as to holdings as well as dealings in Specified Bank Notes during the period from 8th November, 2016 to 30th December, 2016 and these are in accordance with the books of accounts maintained by the Company;
The Annexure A referred to in paragraph 1 of Report on Other Legal and Regulatory Requirements
In terms of the information and explanations sought by us and given by the Company and the books examined by us during the course of our Audit and to the best of our knowledge and belief we report the following:
(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.
(b) As per the information and explanations given to us, the fixed assets of the Company have been physically verified by the management during the year at reasonable intervals having regard to size of the company and nature of its assets. No material discrepancies were noticed on such verification.
(c) The title deeds of all the immovable properties of the Company shown under the Fixed Assets schedule are held in the name of the Company.
(ii) The stocks of finished goods, stores, spares and raw materials of the Company have been physically verified by the management during the year at reasonable intervals. In our opinion the frequency of such verification is reasonable and no material discrepancies were noticed.
(iii) The Company has not granted any loans secured or unsecured to companies, firms or other parties covered in the register maintained under Section 189 of the Companies Act, 2013.
(iv) The Company has not granted any loan to directors or to any other person in whom the director is interested or given any guarantee or provided any security in connection with any loan taken by the director or such other person. The Company has also not given any loan and in respect of investment made, the same is in accordance with the Section 186 of the Act.
(v) The Company has not accepted any deposits to which the provisions of Sections 73 to 76 or any other relevant provisions of the Act and the rules framed there under and the directions issued by the RBI are applicable.
(vi) We have broadly reviewed the books of accounts maintained by the Company pursuant to the Rules made by the central government for the maintenance of cost records u/s. 148 of the Act and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained. We have, however, not made a detailed examination of the cost records with a view to determine whether they are accurate or not.
(vii) (a) The Company is regular in depositing undisputed statutory dues including Provident Fund,
Employees'' State Insurance, Income tax, Sales tax, Wealth tax, Customs Duty, Excise Duty, Cess and any other statutory dues with the appropriate authorities.
(b) According to the information and explanations given to us, there are no dues of Sales tax, Wealth tax, Customs Duty, Excise Duty, Cess save and except the disputed service tax as detailed below:
|
Name of statute |
Nature of the dues |
As on 31.03.2017 (Rs in Lakhs) |
Period to which the amt. relates |
Forum where the dispute is pending |
Remarks |
|
Service Tax |
Service Tax on Erection Charges |
12.66 |
Prior to 01.07.2003 |
CESTAT, Chennai |
- |
(viii) Based on our audit procedure, we are of the opinion that the Company has not defaulted in the repayment of dues to its bank, financial institution, Government or Debenture holders.
(ix) The Company has not availed any term loan or raised money by initial public offer or further public offer (including debt instruments) during the year.
(x) Based upon the audit procedures performed and information and explanation given by the management, no material frauds by the Company or on the Company by its officers or employees has been noticed or reported during the course of our audit.
(xi) According to the information and explanations given to us, and based on our examination of records of the Company, the Company has paid/provided for managerial remuneration in accordance with the requisite approval mandated by the provisions of Section 197 read with Schedule V of the Act.
(xii) In our opinion and according to the information and explanations given to us, the Company is not a nidhi company.
(xiii) In our opinion and based on our examination of records of the company, transactions with the related parties are in compliance with Section 177 and Section 188 of the Act. Details of such transactions have been disclosed in the financial statements as required by the applicable accounting standards.
(xiv) According to the information and explanations given to us, and based on our examination of records of the Company, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.
(xv) According to the information and explanations given to us, and based on our examination of the records of the Company, the Company has not entered into non cash transactions with directors or persons connected with them.
(xvi) The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934.
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")
We have audited the internal financial controls over financial reporting of Super Sales India Limited ("the Company") as of 31st March, 2017 in conjunction with our audit of the financial statements of the Company for the year ended on that date.
Management''s Responsibility for Internal Financial Controls
The Company''s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (''ICAI''). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditors'' Responsibility
Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the "Guidance Note") and the Standards on Auditing, issued by ICAI and deemed to be prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. 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.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''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 designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company''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 financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31st March, 2017, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
For S.Krishnamoorthy & Co. For Subbachar & Srinivasan
Chartered Accountants Chartered Accountants
Registration No.001496S Registration No.004083S
K.N.Sreedharan (Sd.) t.s.V. Rajagopal
Partner, Auditor
Membership No.012026 Membership No: 200380
Place: Coimbatore
Date: 23.05.2017
Mar 31, 2016
INDEPENDENT AUDITOR''S REPORT
To the Members of Super Sales India Limited
Report on the Financial Statements
We have audited the accompanying financial statements of Super Sales India Limited (''the Company''), which comprise the balance sheet as at 31st March 2016, the statement of profit and loss and the cash flow statement for the year then ended, and a summary of significant accounting policies and other explanatory information.
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 frauds 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, and ensuring their operating effectiveness for the 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 there under.
We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. 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 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 order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness 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 basis for our audit opinion on the financial statements.
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 the accounting principles generally accepted in India:
a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31st 2016;
b) in the case of Statement of Profit and Loss , the Profit for the year ended on that date; and
c) 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, 2016 ("the Order") issued by the Central Government of India in terms of sub-section (11) of Section 143 of the Act, we give in the Annexure A, a statement on the matters specified in the paragraph 3 and 4 of the order, to the extent applicable.
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 purposes of our audit.
(b) in our opinion proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books;
(c) the balance sheet, the statement of profit and 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 the written representations received from the directors as on 31st March, 2016 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2016 from being appointed as a director in terms of Section 164 (2) of the Act;
(f) with respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in "Annexure B"; and
(g) with respect to the other matters to be included in the Auditor''s Report in accordance with Rule11 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. The Company does not have any pending litigations which would impact its financial position.
ii. The Company did not have any long-term contracts including derivatives contracts for which there were any material foreseeable losses.
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.
ANNEXURE TO THE AUDITORS'' REPORT
The Annexure A referred to in paragraph 1 of Report on Other Legal and Regulatory Requirements
In terms of the information and explanations sought by us and given by the Company and the books examined by us during the course of our Audit and to the best of our knowledge and belief we report the following:
(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.
(b) As per the information and explanations given to us, the fixed assets of the Company have been physically verified by the management during the year at reasonable intervals having regard to size of the Company and nature of its assets. No material discrepancies were noticed on such verification.
(c) The title deeds of all the immovable properties of the Company shown under the Fixed Assets schedule are held in the name of the Company.
(ii) The stocks of finished goods, stores, spares and raw materials of the Company have been physically verified by the management during the year at reasonable intervals. In our opinion the frequency of such verification is reasonable and no material discrepancies were noticed.
(iii) The Company has not granted any loans secured or unsecured to companies, firms or other parties covered in the register maintained under section 189 of the Companies Act, 2013.
(iv) The Company has not granted any loan to directors or to any other person in whom the director is interested or given any guarantee or provided any security in connection with any loan taken by the director or such other person as contemplated in section 185 of the Act. The Company has also not given any loan or made any investment as contemplated under section 186 of the Act.
(v) The Company has not accepted any deposits to which the provisions of Section 73 to 76 or any other relevant provisions of the Act and the Rules framed there under and the directions issued by the RBI are applicable.
(vi) We have broadly reviewed the books of accounts maintained by the Company pursuant to the Rules made by the Central Government for the maintenance of cost records u/s. 148 of the Act and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained. We have, however, not made a detailed examination of the cost records with a view to determine whether they are accurate or not.
(vii) (a)The Company is regular in depositing undisputed statutory dues including Provident Fund, Employees'' State Insurance, Income tax, Sales tax, Wealth tax, Customs Duty, Excise Duty, Cess and any other statutory dues with the appropriate authorities.
(b) According to the information and explanations given to us, there are no dues of Sales tax, Wealth tax, Customs Duty, Excise Duty, Cess save and except the disputed service tax as detailed below:
|
Name of statute |
Nature of the dues |
As on 31.03.2016 (Rs in Lakhs) |
Period to which the amt. relates |
Forum where the dispute is pending |
Remarks |
|
Service Tax |
Service Tax on Agency Commission |
81.00 |
Up to 31.03.2003 |
CESTAT, Chennai |
- |
|
Service Tax |
Penalty |
63.33 |
Up to 31.03.2003 |
CESTAT, Chennai |
- |
|
Service Tax |
Service Tax on Erection Charges |
12.66 |
Prior to 01.07.2003 |
CESTAT, Chennai |
- |
(viii) Based on our audit procedure, we are of the opinion that the company has not defaulted in the repayment of dues to its bank, financial institution, Government or Debenture holders.
(ix) The Company has not availed any term loan or raised money by initial public offer or further public offer (including debt instruments) during the year.
(x) Based upon the audit procedures performed and information and explanation given by the management, no material frauds by the Company or on the Company by its officers or employees has been noticed or reported during the course of our audit.
(xi) According to the information and explanations given to us, and based on our examination of records of the Company, the Company has paid/provided for managerial remuneration in accordance with the requisite approval mandated by the provisions of section 197 read with Schedule V of the Act.
(xii) In our opinion and according to the information and explanations given to us, the Company is not a nidhi company.
(xiii) In our opinion and based on our examination of records of the company, transactions with the related parties are in compliance with section 177 and section 188 of the Act. Details of such transactions have been disclosed in the financial statements as required by the applicable accounting standards.
(xiv) According to the information and explanations given to us, and based on our examination of records of the Company, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.
(xv) According to the information and explanations given to us, and based on our examination of the records of the Company, the Company has not entered into non cash transactions with directors or persons connected with them.
(xvi) The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act 1934.
For S. KRISHNAMOORTHY & CO.,
(Reg. No.001496S)
Chartered Accountants
(Sd.) K.N. SREEDHARAN
Place: Coimbatore Partner, Auditor
Date : 25th May, 2016 Membership No.12026
Mar 31, 2015
We have audited the accompanying financial statements of SUPER SALES
INDIA LIMITED ("the Company"), which comprise the Balance Sheet as at
31st March 2015, the Statement of Profit and Loss, the Cash flow
statement for the year then ended and a summary of significant
accounting policies and other explanatory information.
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 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 the
maintenance of adequate accounting records in accordance with the
provision of the Act for safeguarding of the assets of the Company and
for preventing and detecting the frauds 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 internal financial control, that were
operating effectively for ensuring the 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
there under.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. 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 financial control relevant to the Company's
preparation of the financial statements that give true and fair view in
order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of 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. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by 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 basis for our audit opinion on the financial
statements.
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 the accounting principles
generally accepted in India;
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31,2015;
b) in the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
c) 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 of India in terms of the
sub-section (11) of section 143 of the Companies Act, 2013, we give in
the Annexure a statement on the matters specified in paragraphs 3 and 4
of the Order, to the extent applicable.
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
purposes of our audit.
b) In our opinion proper books of account as required by law have been
kept by the Company so far as it appears from our examination of those
books.
c) the Balance Sheet, the Statement of Profit and Loss and 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 representations received from the directors
as on 31 March, 2015, taken on record by the Board of Directors, none
of the directors is disqualified as on 31st March, 2015, from being
appointed as a director in terms of Section 164(2) of the Act.
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. The Company has disclosed the impact of pending litigations on its
financial position in its financial statements - Refer Note No. 25 (12)
to the financial statements.
ii. The Company did not have any long-term contracts including
derivatives contracts for which there were any material foreseeable
losses.
iii. There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company.
ANNEXURE TO THE AUDITORS' REPORT
(Referred to in paragraph 1 of our report on other Legal and regulatory
requirements)
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets;
(b) Fixed Assets have been physically verified by the Management at
reasonable intervals. No material discrepancies were noticed on such
verification ;
(ii) (a) Physical verification of inventory has been conducted at
reasonable intervals by the Management ;
(b) Procedures of physical verification of inventory followed by the
Management are reasonable and adequate in relation to the size of the
company and the nature of its business;
(c) Company is maintaining proper records of inventory and material
discrepancies, if any, noticed on physical verification have been
properly dealt with in the books of account;
(iii) The Company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 189 of the Companies Act, 2013.
(iv) There is an adequate internal control system commensurate with the
size of the company and the nature of its business, for the purchase of
inventory and fixed assets and for the sale of goods and services.
During the course of our audit, no major weakness has been noticed in
the internal control system.
(v) The Company has not accepted any deposit from the public during the
year.
(vi) We have broadly reviewed the records maintained by the company
pursuant to the rules made by the Central Government for the
maintenance of the cost records u/s.148 (1) of the Act. We are of the
opinion that prima facie the prescribed accounts and records have been
made and maintained. We have not, however, made a detailed examination
of the records with a view to determining whether they are accurate or
complete.
(vii) (a) The company is regular in depositing undisputed statutory
dues including Provident Fund, Employees' State Insurance, Income Tax,
Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and
any other statutory dues with the appropriate authorities. According to
the information and explanation given to us, no undisputed arrears of
statutory dues were outstanding as on 31.3.2015, for a period of more
than 6 months from the date they become payable;
(b) According to the records of the company, the following are disputed
statutory dues remaining unpaid :
Name of the Period to Nature Amount
Statute which amount of the disputed
relates Demand (Rs. in lakhs)
Tax on
Service Tax Upto 31.3.2003 Agency 81.00
Commission
Service tax Upto 31.3.2003 Penalty 63.33
Tax on
Service Tax Prior to 1.7.2003 erection 12.66
charges
Name of the Statue Amount Forum where dispute
paid is pending
Service tax Nil CESTAT, Chennai
Service tax Nil CESTAT, Chennai
Service tax Nil CESTAT, Chennai
C ) There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and protection fund by the
company
(viii) The Company does not have accumulated losses at the end of the
financial year and it has not incurred cash loss in the current year
and in the immediately preceding financial year
(ix) The company has not defaulted in repayment of dues to financial
institution or bank.
(x) The Company has not given any guarantee for loans taken by others
from bank or financial institutions;
(xi) The term loan obtained by the company has been applied for the
purpose for which they were availed;
(xii) Based upon the audit procedures performed and information and
explanations given by the Management, we report that no frauds on or by
the company has been noticed or reported during the year.
For S. KRISHNAMOORTHY & CO.,
(Reg. No. 001496S)
Chartered Accountants
(Sd.)
K.N. SREEDHARAN
Place: Coimbatore Partner, Auditor
Date : 20th May, 2015 Membership No.12026
S. KRISHNAMOORTHY & CO.
Chartered Accountants
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of Super Sales
India Limited ("the Company"), which comprise the Balance Sheet as at
March 31, 2013, and the Statement of Profit and Loss and Cash Flow
Statement 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"). 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 accordance
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 judgement, 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. An audit also
includes evaluating the appropriateness of accounting policies used and
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:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2013;
b) in the case of Statement of Profit and Loss, the profit for the year
ended on that date; and
c) 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 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the 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
d) in our opinion, the Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956; and
e) on the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the Directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
ANNEXURE TO THE AUDITORS'' REPORT
(Referred to in paragraph 1 of our report on other Legal and regulatory
requirements)
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets;
(b) Fixed Assets have been physically verified by the Management at
reasonable intervals. No material discrepancies were noticed on such
verification ;
(c) The Company has not disposed off a substantial part of fixed assets
during the year.
(ii) (a) Physical verification of inventory has been conducted at
reasonable intervals by the Management ;
(b) Procedures of physical verification of inventory followed by the
Management are reasonable and adequate in relation to the size of the
Company and the nature of its business;
(c) Company is maintaining proper records of inventory and material
discrepancies, if any, noticed on physical verification have been
properly dealt with in the books of account;
(iii) The Company has not taken/granted any loans, secured or unsecured
from/to companies, firms or other parties covered in the register
maintained under section 301 of the Companies Act, 1956.
(iv) There is an adequate internal control system commensurate with the
size of the Company and the nature of its business, for the purchase of
inventory and fixed assets and for the sale of goods and services.
During the course of our audit, no major weakness has been noticed in
the internal control system.
(v) (a) To the best of our knowledge and belief and according to the
information and explanations given to us, we are of the opinion that
the contracts and agreements that need to be entered into the register
maintained under section 301 of the Companies Act, 1956 have been so
entered;
(b) In our opinion and according to the information and explanation
given to us, the transactions made in pursuance of such contracts or
arrangements have been made at prices which are reasonable having
regard to the prevailing market prices at the relevant time.
(vi) In our opinion and according to the explanations given to us, the
Company has complied with the provisions of the section 58A or any
other relevant provisions of the Act and the rules framed there under,
with regard to the deposits accepted from the public;
(vii) In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
(viii) We have broadly reviewed the records maintained by the Company
pursuant to the rules made by the Central Government for the
maintenance of the cost records u/s.209(1)(d) of the Act. We are of the
opinion that prima facie the prescribed accounts and records have been
made and maintained. We have not, however, made a detailed examination
of the records with a view to determining whether they are accurate or
complete.
(ix) (a) The Company is regular in depositing undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income Tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, Cess and any other statutory dues with
the appropriate authorities. According to the information and
explanation given to us, no undisputed arrears of statutory dues were
outstanding as on 31st March, 2013 for a period of more than 6 months
from the date they become payable.
(b) According to the records of the Company, the following are disputed
statutory dues remaining unpaid
Sl. Name of the Period to Nature
No. Statute which amount of the
relates Demand
Tax on
1. Service Tax Upto 31.3.2003 Agency
Commission
2. Service Penalty
Tax Upto 31.3.2003 Penalty
Tax on
3. Service Tax
Prior to 1.7.2003 erection
charges
4. Income Tax Assessment 1 year Tax and''
Name Amount Amount Forum where dispute
disputed paid is pending
(Rs. in
lakhs)
Service Tax 81.00 Nil CESTAT, Chennai
Service Tax 63.31 Nil CESTAT, Chennai
Service Tax 12.66 Nil CESTAT, Chennai
Service Tax 38.45 Nil CIT(A), Coimbatore
(x) The Company does not have accumulated losses at the end of the
financial year and it has not incurred cash loss in the current year.
It has incurred cash loss in the immediately preceding financial year ;
(xi) The Company has not defaulted in repayment of dues to financial
institution or bank. It has not issued any debentures;
(xii) During the year the Company has not granted any loans and
advances on the basis of security by way of pledge of shares,
debentures and other securities;
(xiii) The provisions of special statute applicable to Chit Fund,
Nidhi/Mutual Benefit Fund/Societies are not applicable to the Company ;
(xiv) The Company is not dealing or trading in shares, securities,
debentures and other investments;
(xv) The Company has not given any guarantee for loans taken by others
from bank or financial institutions;
(xvi) The Company has not availed any new term loans during the year.
(xvii) According to the information and explanation given to us and on
an overall examination of the Balance sheet of the Company, no funds
raised on short term basis have, prima facie, been used during the year
for long term investment.
(xviii) The Company has not made preferential allotment of shares to
parties and companies covered in the Register maintained under section
301 of the Act;
(xix) During the year the Company has not issued any debentures;
(xx) During the year the Company has not raised money by public issue.
(xxi) To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
was noticed or reported during the year.
For S. KRISHNAMOORTHY & CO.,
Chartered Accountants
(Reg. No. 001496S)
(Sd.)
K.N. SREEDHARAN
Place: Coimbatore Partner, Auditor
Date : 22nd May, 2013 Membership No. 12026
Mar 31, 2012
1. We have audited the attached Balance Sheet of SUPER SALES INDIA
LIMITED, as at 31st March, 2012, the statement of Profit and Loss and
the Cash Flow Statement for the year ended on that date annexed
thereto. These financial statements are the responsibility of the
Company's Management. Our responsibility is to express an opinion on
these financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a 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 Management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditor's Report) Order, 2003, as
amended, issued by the Government of India in terms of Section 227(4A)
of the Companies Act, 1956 we enclose in the annexure, a statement on
the matters specified in paragraphs 4 and 5 of the said order to the
extent applicable.
4. Further to our comments in the annexure referred to in paragraph 3
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 purposes 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, the statement of Profit and Loss Account and the
Cash Flow Statement referred to in this report are in agreement with
the books of account.
d. In our opinion, the Balance Sheet, the statement of Profit and Loss
Account and the Cash Flow Statement dealt with by the report are in
compliance with the Accounting Standards referred to in Section 211(3C)
of the Companies Act, 1956.
e. On the basis of the written representations received from Directors
as on March 31, 2012 and taken on record by the Board of Directors, we
report that no director of the Company is disqualified as on March 31,
2012, for appointment as a Director under clause (g) of sub section (1)
of Section 274 of the Companies Act, 1956; and
f. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with the
notes, give the information required by the Companies Act, 1956 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 Balance Sheet, of the state of Company's affairs as
on 31st March, 2012,
ii. In the case of the statement of Profit and Loss, of the Loss for
the year ended on that date, and
iii. In the case of cash flow statement, of the cash flow for the year
ended on that date.
ANNEXURE TO THE AUDITORS' REPORT
(Referred to in paragraph 3 of our report of even date)
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets;
(b) Fixed Assets have been physically verified by the Management at
reasonable intervals. No material discrepancies were noticed on such
verification ;
(c) The Company has not disposed off a substantial part of fixed asset
during the year.
(ii) (a) Physical verification of inventory has been conducted at
reasonable intervals by the Management ;
(b) Procedures of physical verification of inventory followed by the
Management are reasonable and adequate in relation to the size of the
Company and the nature of its business;
(c) Company is maintaining proper records of inventory and material
discrepancies, if any, noticed on physical verification have been
properly dealt with in the books of account;
(iii) The Company has not taken/granted any loans, secured or unsecured
from/to companies, firms or other parties covered in the register
maintained under section 301 of the Companies Act, 1956.
(iv) There is an adequate internal control system commensurate with the
size of the Company and the nature of its business, for the purchase of
inventory and fixed assets and for the sale of goods and services.
During the course of our audit, no major weakness has been noticed in
the internal control system.
(v) (a) To the best of our knowledge and belief and according to the
information and explanations given to us, we are of the opinion that
the contracts and agreements that need to be entered into the register
maintained under section 301 of the Companies Act, 1956 have been so
entered;
(b) In our opinion and according to the information and explanation
given to us, the transactions made in pursuance of such contracts or
arrangements have been made at prices which are reasonable having
regard to the prevailing market prices at the relevant time.
(vi) In our opinion and according to the explanations given to us, the
Company has complied with the provisions of the section 58A or any
other relevant provisions of the Act and the rules framed there under,
with regard to the deposits accepted from the public;
(vii) In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
(viii) We have broadly reviewed the records maintained by the Company
pursuant to the rules made by the Central Government for the
maintenance of the cost records u/s.209(1)(d) of the Act. We are of the
opinion that prima facie the prescribed accounts and records have been
made and maintained. We have not, however, made a detailed examination
of the records with a view to determining whether they are accurate or
complete.
(ix) (a) The Company is regular in depositing undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees' State Insurance, Income Tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, Cess and any other statutory dues with
the appropriate authorities. According to the information and
explanation given to us, no undisputed arrears of statutory dues were
outstanding as on 31st March, 2012 for a period of more than 6 months
from the date they become payable.
(b) According to the records of the Company, the following are disputed
statutory dues remaining unpaid :
Sl. Name of the Period to Nature of Amount
No. Statute which amount Demand disputed
relates (Rs.)
1. Service Tax Upto 31.3.2003 Tax on 81,00,293
Agency
Commission
2. Service Tax Upto 31.3.2003 Penalty 63,31,600
Penalty
3. Service Tax Prior to
1.7.2003 Tax on 12,66,825
erection
charges
Name of the Statute Amount Forum where dispute
paid is pending
Service Tax Nil CESTAT, Chennai
Service Tax Penalty Nil CESTAT, Chennai
Service Tax Nil CESTAT, Chennai
(x) The Company does not have accumulated losses at the end of the
financial year and it has incurred cash loss in the current year. It
has not incurred cash loss in the immediately proceeding financial
year;
(xi) The Company has not defaulted in repayment of dues to financial
institution or bank. It has not issued any debentures;
(xii) During the year the Company has not granted any loans and
advances on the basis of security by way of pledge of shares,
debentures and other securities;
(xiii) The provisions of special statute applicable to Chit fund,
Nidhi/Mutual Benefit fund/Societies are not applicable to the Company ;
(xiv) The Company is not dealing or trading in shares, securities,
debentures and other investments;
(xv) The Company has not given any guarantee for loans taken by others
from bank or financial institutions;
(xvi) The Company has applied the term loans for the purpose for which
it is availed.
(xvii) According to the information and explanation given to us and on
an overall examination of the Balance sheet of the Company, no funds
raised on short term basis have, prima facie, been used during the year
for long term investment.
(xviii) The Company has not made preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Act;
(xix) During the year the Company has not issued any debentures;
(xx) During the year the Company has not raised money by public issue.
(xxi) To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
was noticed or reported during the year.
For S. KRISHNAMOORTHY & CO.,
Chartered Accountants
(Reg. No. 001496S)
(Sd.) K.N. SREEDHARAN
Place: Coimbatore Partner, Auditors
Date : 23rd May, 2012 Membership No.12026
Mar 31, 2010
1. We have audited the attached Balance Sheet of SUPER SALES INDIA
LIMITED, as at 31st March, 2010 and also the Profit and Loss Account
and the cash flow statement for the year ended on that date annexed
thereto. These financial statements are the responsibility of the
Companys Management. Our responsibility is to express an opinion on
these financial statements based on ouraudit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a 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 management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion. We report that
3. As required by the Companies (Auditors Report) Order, 2003, as
amended, issued by the Government of India in terms of Section 227(4A)
of the Companies Act, 1956 we enclose in the annexure, a statement on
the matters specified in paragraphs 4 and 5 of the said order to the
extent applicable.
4. Furtherto ourcomments in the annexure referred to in paragraph 3
above;
a. We have obtained all the information and explanations which to the
best of 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 the Company so far as appears from our examination of
those books.
c. The Balance Sheet, Profit and Loss Account and Cash Flow Statement
referred to in this report are in agreement with the books of account.
d. In our opinion, the Balance Sheet, Profit and Loss Account and Cash
Flow Statement dealt with by the report are in compliance with the
Accounting Standards referred to in Section 211(3C)ofthe Companies Act,
1956.
e. On the basis of the written representations received from Directors
as on March 31, 2010 and taken on record by the Board of Directors, we
report that no director of the Company is disqualified as on March 31,
2010, for appointment as a Director under clause (g) of sub section (1)
of Section 274 of the Companies Act, 1956; and
f. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with the
notes, give the information required by the Companies Act, 1956 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 Balance Sheet, of the state of Companys affairs as
on 31st March, 2010,
ii. In the case of Profit and Loss Account, of the Profit for the year
ended on that date, and iii. In the case of cash flow statement, of
the cash flow for the year ended on that date.
ANNEXURE TO THE AUDITORS REPORT
(Referred to in paragraph 3 of our report of even date)
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets;
(b) Fixed Assets have been physically verified by the management at
reasonable intervals. No material discrepancies were noticed on such
verification ;
(c) The Company has not disposed off a substantial part of fixed asset
during the year.
(ii) (a) Physical verification of inventory has been conducted at
reasonable intervals by the management;
(b) Procedures of physical verification of inventory followed by the
management are reasonable and adequate in relation to the size of the
Company and the nature of its business;
(c) Company is maintaining proper records of inventory and material
discrepancies, if any, noticed on physical verification have been
properly dealt with in the books of account;
(iii) The Company has not taken/granted any loans, secured or unsecured
from/to companies, firms or other parties covered in the register
maintained under section 301 of the Companies Act, 1956.
(iv) There is an adequate internal control system commensurate with the
size of the Company and the nature of its business, for the purchase of
inventory and fixed assets and for the sale of goods and services.
During the course of our audit, no major weakness has been noticed in
the internal control system.
(v) (a) To the best of our knowledge and belief and according to the
information and explanations given to us, we are of the opinion that
the contracts and agreements that need to be entered into the register
maintained under section 301 of the Companies Act, 1956 have been so
entered;
(b) In our opinion and according to the information and explanation
given to us, the transactions made in pursuance of such contracts or
arrangements have been made at prices which are reasonable having
regard to the prevailing market prices at the relevant time.
(vi) In our opinion and according to the explanations given to us, the
Company has complied with the provisions of the section 58A or any
other relevant provisions of the Act and the rules framed there under,
with regard to the deposits accepted from the public;
(vii) In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
(viii) We have broadly reviewed the records maintained by the Company
pursuant to the rules made by the Central Government for the
maintenance of the cost records u/s.209(1 )(d) of the Act. We are of
the opinion that prima facie the prescribed accounts and records have
been made and maintained. We have not, however, made a detailed
examination of the records with a view to determining whetherthey are
accurate orcomplete.
(ix) (a) Ã The Company is regular in depositing undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, Cess and any other statutory dues with
the appropriate authorities. According to the information and
explanation given to us, no undisputed arrears of statutory dues were
outstanding as on 31s1 March, 2010 for a period of more than 6 months
from the date they become payable.
(b) According to the records of the Company, the following are disputed
statutory dues remaining unpaid:
SI. Name of the Period to Nature of Amount Amount Forum where dispute
No. Statute which amount Demand disputed paid is pending
relates (Rs.)
1. Service Tax Upto 31.3.2003 Tax on 8,100,293 Nil CESTAT, Chennai
Agency Commission
2. Service Tax Upto 31.3.2003 Penalty 6,331,600 Nil CESTAT, Chennai
Penalty
3. Service Tax Prior to 1.7.2003 Tax on 1,266,825 Nil CESTAT, Chennai
(x) The Company does not have accumulated losses at the end of the
financial year and it has has not incurred any cash loss in the current
and the immediately preceding financial year;
(xi) The Company has not defaulted in repayment of dues to financial
institution or bank;
(xii) During the year the Company has not granted any loans and
advances on the basis of security by way of pledge of shares,
debentures and other securities;
(xiii) The provisions of special statute applicable to Chit fund,
Nidhi/Mutual Benefit fund/Societies are not applicable to the Company;
(xiv) The Company is not dealing or trading in shares, securities,
debentures and other investments;
(xv) The Company has not given any guarantee for loans taken by others
from bank or financial institutions;
(xvi) The Company has applied the term loans for the purpose of which
it is availed.
(xvii) According to the information and explanation given to us and on
an overall examination of the Balance sheet of the Company, no funds
raised on short term basis have, prima facie, been used during the year
for long term investment.
(xviii) The Company has not made preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Act;
(xix) During the year the Company has not issued any debentures;
(xx) During the year the Company has not raised money by public issue.
(xxi) To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
was noticed or reported during the year.
For S. KRISHNAMOORTHY & CO.,
Chartered Accountants
(Reg. No.001496S)
Place: Coimbatore (Sd.)K.N.SREBDHARAN
Date : 26th May, 2010 Partner,
Auditors Membership No.12026
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