We have audited the accompanying standalone financial
statements of Superhouse Limited ("the Company"), which
comprise the standalone Balance Sheet as at March 31, 2026,
and the standalone Statement of Profit and Loss (including other
comprehensive income), the standalone Statement of Change
in Equity and standalone Statement of Cash Flows for the year
then ended, and notes to the standalone financial statements,
including a summary of material accounting policies and other
explanatory information (hereinafter referred to as "Standalone
Financial Statements").
In our opinion and to the best of our information and according
to the explanations given to us, the aforesaid standalone
financial statements give the information required by the
Companies Act, 2013 (the Act) in the manner so required
and give a true and fair view in conformity with the Indian
Accounting Standards prescribed under section 133 of the
Act read with the Companies (Indian Accounting Standards)
Rules, 2015, as amended, thereof ("Ind AS") and other
accounting principles generally accepted in India, of the state
of affairs of the Company as at March 31, 2026, its profit, total
comprehensive income, change in equity and its cash flows for
the year ended on that date.
Basis for Opinion
We conducted our audit of the standalone financial statements
in accordance with the Standards on Auditing (SAs) specified
under section 143(10) of the Act. Our responsibilities under
those Standards are further described in the Auditor's
Responsibilities for the Audit of the standalone Financial
Statements section of our report. We are independent of the
Company in accordance with the Code of Ethics issued by
the Institute of Chartered Accountants of India together with
the ethical requirements that are relevant to our audit of the
standalone financial statements under the provisions of the
Act and the Rules made thereunder, and we have fulfilled
our other ethical responsibilities in accordance with these
requirements and the ICAI's Code of Ethics. We believe that the
audit evidence we have obtained is sufficient and appropriate
to provide a basis for our opinion on the standalone Financial
Statements.
Key Audit Matters
Key audit matters are those matters that, in our professional
judgment, were of most significance in our audit of the
standalone financial statements of the current period. These
matters were addressed in the context of our audit of the
standalone financial statements as a whole, and in forming our
opinion thereon, and we do not provide a separate opinion
on these matters. We have determined the matters described
below to be the key audit matters to be communicated in our
report.
Description of Key Audit Matter
Investment in Wholly Owned Subsidiary - Impairment
(refer notes 37.A to the standalone Financial Statements)
The company has investment of Rs. 1,785.39 Lacs as at March
31, 2026 in the shares of Linea De Seguridad SLU, a wholly
owned subsidiary of the company (WOS). Further the company
has Trade Receivable amounting to Rs. 97.34 Lacs and Advance
of Rs. 26.16 Lacs from/to the WOS.
The net worth of WOS has substantially eroded due to
operational losses and in view of the fact, the management
has considered that there may be possibility of impairment in
carrying value of investment.
Accordingly, the management has performed an impairment
assessment and estimated the recoverable amount of its
Investment in WOS using 'Discounted Cash Flow Valuation
Method (DCF). DCF is complex and involve the use of
significant estimates and assumptions of the management
that are dependent on expected future market and economic
conditions.
As per the assessment done by the management and valuation
specialist, Impairment loss of Rs. 402.50 Lacs (Previous year NIL)
has been recognised based on the value in use as on March 31,
2026.
Considering the materiality of the amounts and significant
estimates and assumptions being inherently subjective, this
matter has been identified as a key audit matter for the current
year audit.
How the matter was addressed in our audit
Our audit procedures included but were not limited to the
following:
• Obtaining understanding of management's process and
assessing operating effectiveness of controls around
identification of indicators of impairment, and valuation of
the business of the WOS to determine recoverable value of
the said investment;
• Assessing the appropriateness of methodology and
valuation model used by the management and valuation
specialist to estimate the recoverable value of investment
in the WOS;
• Assessing the professional competence and independence
of the valuation specialist engaged by the management;
• Assessing the reasonableness of assumptions relating to
revenue growth rate, gross margins, discount rates etc.
based on historical results, current developments and
future plans of the business estimated by management;
• Sensitivity analysis on key assumptions used in calculation
of recoverable value.
• we also considered the adequacy of disclosures in respect of
investment in the said WOS in the notes to the standalone
financial statements.
Information Other than the standalone
Financial Statements and Auditors' Report
Thereon
The Company's Board of Directors is responsible for the other
information. The other information comprises the information
included in the Management Discussion and Analysis, Board's
Report including Annexures to Board's Report and Corporate
Governance and Shareholder's information, but does not
include the consolidated financial statements, standalone
financial statements and our auditor's report thereon.
Our opinion on the financial statements does not cover the
other information and we do not express any form of assurance
conclusion thereon.
In connection with our audit of the financial statements, our
responsibility is to read the other information and, in doing
so, consider whether the other information is materially
inconsistent with the financial statements or our knowledge
obtained during the course of our audit or otherwise appears
to be materially misstated.
If, based on the work we have performed, we conclude that
there is a material misstatement of this other information, we
are required to report that fact. We have nothing to report in
this regard.
Responsibility of Management for the
standalone Financial Statements
The Company's Board of Directors is responsible for the
matters stated in section 134(5) of the Act with respect to
the preparation of these standalone financial statements that
give a true and fair view of the financial position, financial
performance, including other comprehensive income, change
in equity 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. 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 implementation
and maintenance of 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 standalone
financial statement that give a true and fair view and are free
from material misstatement, whether due to fraud or error.
In preparing the standalone financial statements, management
is responsible for assessing the Company's ability to continue
as a going concern, disclosing, as applicable, matters related to
going concern and using the going concern basis of accounting
unless management either intends to liquidate the Company or
to cease operations, or has no realistic alternative but to do so.
Those Board of Directors are also responsible for overseeing the
company's financial reporting process.
Auditor's Responsibilities for the Audit of the
Standalone Financial Statements
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. Reasonable
assurance is a high level of assurance, but is not a guarantee
that an audit conducted in accordance with SAs will always
detect a material misstatement when it exists. 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.
As part of an audit in accordance with SAs, we exercise
professional judgment and maintain professional skepticism
throughout the audit. We also:
• I dentify and assess the risks of material misstatement of
the standalone financial statements, whether due to fraud
or error, design and perform audit procedures responsive
to those risks, and obtain audit evidence that is sufficient
and appropriate to provide a basis for our opinion. The
risk of not detecting a material misstatement resulting
from fraud is higher than for one resulting from error, as
fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to
the audit in order to design audit procedures that are
appropriate in the circumstances. Under section 143(3)(i) of
the Act, we are also responsible for expressing our opinion
on whether the company has adequate internal financial
controls system in place and the operating effectiveness of
such controls.
• Evaluate the appropriateness of accounting policies used
and the reasonableness of accounting estimates and
related disclosures made by management.
• Conclude on the appropriateness of management's use of
the going concern basis of accounting and, based on the
audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast
significant doubt on the Company's ability to continue as a
going concern. If we conclude that a material uncertainty
exists, we are required to draw attention in our auditor's
report to the related disclosures in the standalone financial
statements or, if such disclosures are inadequate, to
modify our opinion. Our conclusions are based on the
audit evidence obtained up to the date of our auditor's
report. However, future events or conditions may cause the
Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content
of the standalone financial statements, including the
disclosures, and whether the standalone financial
statements represent the underlying transactions and
events in a manner that achieves fair presentation.
Materiality is the magnitude of misstatements in the financial
statements that, individually or in aggregate, makes it probable
that the economic decisions of a reasonably knowledgeable
user of the financial statements may be influenced. We consider
quantitative materiality and qualitative factors in (i) planning
the scope of our audit work and in evaluating the results
of our work; and (ii) to evaluate the effect of any identified
misstatements in the financial statements.
We communicate with those charged with governance
regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including
any significant deficiencies in internal control that we identify
during our audit.
We also provide those charged with governance with a
statement that we have complied with relevant ethical
requirements regarding independence, and to communicate
with them all relationships and other matters that may
reasonably be thought to bear on our independence, and
where applicable, related safeguards.
From the matters communicated with those charged with
governance, we determine those matters that were of most
significance in the audit of the standalone financial statements
of the current period and are therefore the key audit matters.
We describe these matters in our auditors' report unless law
or regulation precludes public disclosure about the matter or
when, in extremely rare circumstances, we determine that a
matter should not be communicated in our report because
the adverse consequences of doing so would reasonably be
expected to outweigh the public interest benefits of such
communication.
Report on Other Legal and Regulatory
Requirements
1. As required by the Companies (Auditor's Report) Order,
2020 ("the Order"), issued by the Central Government of
India in terms of sub-section (11) of section 143 of the
Companies Act, 2013, we give in the "Annexure A", a
statement on the matters specified in paragraphs 3 and 4
of the Order, to the extent applicable.
2. Further to our comments in Annexure A, 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 standalone balance sheet, the standalone statement
of profit and loss (including other comprehensive income),
the standalone statement of change in equity and the
standalone statement of cash flows 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 the written representations received from
the directors as of March 31, 2026 taken on record by the
Board of Directors, none of the directors is disqualified as
on March 31, 2026 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". Our report expresses
an unmodified opinion on the adequacy and operating
effectiveness of the Company's internal financial controls
over financial reporting.
(g) As required by Section 197(16) of the Act, we report that
the Company has paid remuneration to its directors during
the year in accordance with the provisions of and limits laid
down under Section 197 read with Schedule V to the Act.
(h) 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 standalone
financial statements - Refer Note no. 34 to the
financial statements;
i i. t he Company did not have any long-term contracts
including derivative contracts for which there were
any material foreseeable losses; and
iii. there has been no delay in transferring amounts
required to be transferred to the Investor Education
and Protection Fund by the Company.
iv. (a) The Management has represented that, to
the best of its knowledge and belief, no funds
(which are material either individually or in the
aggregate) have been advanced or loaned or
invested (either from borrowed funds or share
premium or any other sources or kind of funds) by
the Company to or in any other person or entity,
including foreign entity ("Intermediaries"), with
the understanding, whether recorded in writing
or otherwise, that the Intermediary shall, whether,
directly or indirectly lend or invest in other persons
or entities identified in any manner whatsoever
by or on behalf of the Company ("Ultimate
Beneficiaries") or provide any guarantee, security
or the like on behalf of the Ultimate Beneficiaries;
(b) The Management has represented, that, to
the best of its knowledge and belief, no funds
(which are material either individually or in the
aggregate) have been received by the Company
from any person or entity, including foreign entity
("Funding Parties"), with the understanding,
whether recorded in writing or otherwise, that
the Company shall, whether, directly or indirectly,
lend or invest in other persons or entities identified
in any manner whatsoever by or on behalf of
the Funding Party ("Ultimate Beneficiaries") or
provide any guarantee, security or the like on
behalf of the Ultimate Beneficiaries;
( c) Based on the audit procedures that have been
considered reasonable and appropriate in
the circumstances, nothing has come to our
notice that has caused us to believe that the
representations under sub-clause (i) and (ii) of
Rule 11(e), as provided under (a) and (b) above,
contain any material misstatement.
v. (a) The final dividend proposed in the previous year,
declared and paid by the Company during the
year is in accordance with Section 123 of the Act,
as applicable.
(b) As stated in Note 12 (I) to the financial statements,
the Board of Directors of the Company have
proposed final dividend for the year which is
subject to the approval of the members at the
ensuing Annual General Meeting. The amount of
dividend proposed is in accordance with Section
123 of the Act, as applicable.
vi. Based on our examination, which included test
checks, the Company has used accounting software(s)
for maintaining its books of account for the financial
year ended 31st March, 2026 which has a feature of
recording audit trail (edit log) facility and the same
has operated throughout the year for all relevant
transactions recorded in the software(s). Further,
during the course of our audit we did not come across
any instance of the audit trail feature being tampered
with and the audit trail has been preserved by the
Company as per the statutory requirements for record
retention.
For Kapoor Tandon & Co.,
Chartered Accountants
Firm Registration No. 000952C
(Rajesh Parasramka)
Partner
M. No.074192
UDIN: 26074192NGITMM1264
Place: Kanpur
Date: July 10, 2026
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