Professional Documents
Culture Documents
Assignment No.1
(Academic Year 2019-20)
Section: ‘C’
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Score:
Faculty Signature:
SUPER SALES INDIA LIMITED
1. INTRODUCTION : Super Sales India Limited was incorporated in the year 1981 as Super
Sales Agencies Limited.
The main object of the company is to act as a selling agent for the machineries manufactured
by LMW. Presently the Marketing division is acting as selling agent for Lakshmi Machine Works
Limited, Elgi Electric and Industries Limited, Lakshmi Electric Drives Limited, Adwaith Lakshmi
Industries Limited, Lakshmi Ring Travellers (Coimbatore) Limited and Lakshmi Caipo Industries
Limited for their textile machineries, over head travelling cleaners, high efficiency motors,
bobbin holders, and slub yarn attachments.
2. BUSINESS MODEL :
3. ACCOUNTING STANDARD:
ROLE OF IGAAP : 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 standalone financial statements that give a true and fair view of the financial position,
financial perfonmance (including other comprehensive income), cash flows and changes in
equity of the Company in accordance with the Indian Accounting Standards (INDAS) 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.
The Board of Directors are also responsible for overseeing the company's financial
reporting process.
In compliance of Section 134 of the Companies Act, 2013, the Directors of your Company
a. in the preparation of the annual accounts, the applicable accounting standards had been
followed along with proper explanation relating to material departures.
b. the directors had selected such accounting policies and applied them consistently and made
judgments and estimates that are reasonable and prudent so as to give a true and fair view of
the state of affairs of the Company at the end of the financial year and of the profit and loss of
the Company for that period.
c. The directors had taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of this Act for safeguarding the assets of
the Company and for preventing and detecting fraud and other irregularities.
DISCLOSURES OF ACCOUNTING :
Independent Directors have met all the criteria of an Independent Director and they have
given a declaration to the effect that they have met all the criteria of an independent
director as prescribed in Section 149 of the Companies Act, 2013 and the SEBI (Listing
Obligation and Disclosure Requirements) Regulations, 2015.
The Nomination and Remuneration Policy is enclosed to this annual report.
Directors are eligible to get only sitting fee for attending the Board or Committee or other
meetings of Directors. Outstation directors are entitled to get reimbursement of out of
pocket expenses incurred by them in connection with the attending of the Board or
Committee or meeting.
Company has not provided any loans, guarantees, security under Section 186 of the
Companies Act, 2013 during the year under review. However the Company has made an
investment of Rs. 9.93 Crores for purchase of 25000 equity shares of M/s. Lakshmi Machine
Works Limited .
AUDITORS RESPONSIBILITY : Our objectives are to obtain reasonable assurance about
whether the standalone financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor's report that includes
our opinion.. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these standalone financial statements.
4.ACCOUNTING POLICIES: