1. We have audited the accompanying financial statements of SUPERTEX
INDUSTRIES LIMITED (the Company), which comprise the Balance Sheet as
at 31st March, 2015 the Statement of Profit and Loss and the Cash Flow
Statement for the year then ended, and a summary of the significant
accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
2. 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 to 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 of 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 occupancy 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
3. Our responsibility is to express an opinion on these financial
statements based on our audit.
4. We have taken into account the provisions of the Act and the Rules
made there under including the accounting standards and matters which
are required to be included in the audit report.
5. We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act and other applicable
authoritative pronouncements issued by the Institute of Chartered
Accountants of India. Those Standards and pronouncements 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.
6. 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 auditors 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, but not for the purpose of expressing
an opinion on whether the Company has in place on adequate internal
financial controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of 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.
7. 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
8. 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, of the state of affairs of the Company as
at March 31,2015, and its profit and its cash flows for the year ended
on that date.
Report on Other Legal and Regulatory Requirements
9. As required by the Companies(Auditor's Report) Order, 2015' issued
by the Central Government of India in terms of Sub-Section (11) of
section 143 of the Act (hereinafter referred to as the "Order"), and on
the basis of such checks of the books and records of the Company as we
considered appropriate and according to the information and
explanations given to us, we give in the Annexure a statement on the
matters specified in paragraphs 3 and 4 of the Order.
10. 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 standalone 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 31st 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 knowledge and belief
and according to the information and explanations given to us :
i. The Company does not have any pending litigations as at March
31,2015 which would impact its financial position.
ii. The Company did not have any long term contracts including
derivative contracts for which there were any material foreseeable
losses.
iii. There were no amounts outstanding which were required to be
transferred to the Investor Education and Protection Fund by the
Company during the year ended March 31,2015.
ANNEXURE TO THE INDEPENDENT AUDITORS' REPORT
Referred to in Paragraph 9 of the Independent Auditors' Report of even
date to the members of Supertex Industries Limited on the standalone
financial statements as of and for the year ended March 31,2015.
I. (a) The Company is maintaining proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) The fixed assets are physically verified by the Management as per a
regular program of verification which, in our opinion, is reasonable
having regard to the size of the Company and the nature of its assets.
No material discrepancies have been noticed on such verification.
II. (a) The inventory, including stocks with certain third parties has
been physically verified by the Management during the year in respect
inventory lying with third parties, these have substantially been
confirmed by them, in our opinion, the frequency of verification is
reasonable.
(b) In our opinion, the 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) On the basis of our examination of the inventory records, in our
opinion, the Company is maintaining proper records of inventory. The
discrepancies noticed on physical verification of inventory as compared
to book records were not material.
III. The Company has not granted any secured / unsecured loans to
companies, firms or other parties covered in the register maintained
under Section 189 of the Companies Act, 2013.
IV. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of the business for the
purchase of inventory and fixed assets and for the sale of goods and
services. Further, on the basis of our examination of the books and
records of the Company and according to the information and
explanations given to us, we have neither come across, nor have been
informed of any continuing failure to correct major weaknesses in the
aforesaid internal control system.
V. The Company has not accepted any deposits from the public within
the meaning of Section 73 and 74 of the Act and the rules framed there
under to the extent notified.
VI. We have broadly reviewed the books of account maintained by the
Company in respect of products where, pursuant to the rules made by the
Central Government of India, the maintenance of cost records has been
specified under sub section (1) of Section 148 of the Act and 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 determine whether they are
accurate or complete.
VII. (a) According to the information and explanation given to us and
the records of the Company examined by us, in our opinion, the Company
is regular in depositing the undisputed statutory dues, including
provident fund, employees' state insurance, income tax, sales tax,
wealth tax, service tax, duty of customs and duty of excise,value added
tax and other material statutory dues, as applicable, with the
appropriate authorities.
(b) According to the information and explanation given to us and the
records of the Company examined by us, the particulars of dues of
excise duty and cess as at 31st March 2015 which have not been
deposited on account of a dispute are as follows:
Name of the Nature of Dues Amount Period to which the
Statute (Rs. lacs) amount relates
Central Excise Duty 67.32 1/4/2006 to 31/12/2011
Excise Act
Name of the Statute Forum where the dispute is pending
Central Excise Act AppellateTribunal, Ahmedabad
According to the information and explanation given to us and the
records of the Company examined by us, there are no dues of income-tax,
wealth tax and service tax which have not been deposited on account of
any dispute.
(c) The amount required to be transferred to Investor Education and
Protection Fund has been transferred within the stipulated time in
accordance with the provisions of the Companies Act, 1956 and the rules
made there under.
VIII. The Company has no accumulated losses as at the end of the
financial year and it has not incurred any cash losses in the financial
year ended on that date or in the immediate preceding financial year.
IX. According to the records of the Company examined by us and the
information and explanation given to us, the Company has not defaulted
in repayment of dues to any financial institution or bank or debenture
holders as at the balance sheet date.
X. In our opinion and according to the information and explanations
given to us, the Company has not given any guarantees for loans taken
by others from banks or financial institutions.
XI. In our opinion and according to the information and explanations
given to us, the term loans have been applied on an overall basis, for
the purposes for which they were obtained.
XII. During the course of examination of the books and records of the
Company, carried out in accordance with the generally accepted auditing
practices in India, and according to the information and explanations
given to us, we have neither come across any instance of material fraud
on or by the Company, noticed or reported during the year, nor have we
been informed of any such case by the Management.
For N. G. THAKRAR & CO For M. B. AGRAWAL & CO.
Firm Regn. No. 110907W Firm Regn. No. 100137W
CHARTERED ACCOUNTANTS CHARTERED ACCOUNTANTS
N. G. Thakrar Sanjay Lunkad
Proprietor Partner
Membership No. 36213 Membership No. 48229
Mumbai, 30th May, 2015 Mumbai, 30th May, 2015
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