Mar 31, 2015
1. We have audited the accompanying financial statements of SILICON
VALLEY INFOTECH LIMITED ("the Company"), which comprise the Balance
Sheet as at March 31,2015 and the Statement of Profit and Loss, the
Cash Flow Statement for the year ended, and a summary of 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 and presentation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flow 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, 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
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 auditor considers internal 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 an 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 31st March, 2015 and its loss and its cash flow 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
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 and 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 written representations received from the directors
as on March 31,2015, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 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 has disclosed the impact of pending litigations as at
31st March, 2015 on its financial positions in its financial
statements.
II. The Company has made provision as at 31st March, 2015, as required
under the applicable law or accounting standards, for material
foreseeable losses, if any, on long-term contracts including derivative
contracts.
III. There has been no delay in transferring amounts, to be
transferred, to the Investor Education and Protection Fund by the
Company during the year ended 31st March, 2015.
ANNEXTURES TO THE INDEPENDENT AUDITORS' REPORT
Referred to in our Report of even date to the members of SILICON VALLEY
INFOTECH LIMITED on the Accounts for the year ended on 31.03.2015.
1. a) The Company has maintained proper records showing full particulars
including quantitative details and situation fixed assets.
b) The fixed assets are physically verified by the Management according
to a phased programme designed to cover all the items over a period of
three years which, in opinion, is reasonable having regard to the size
of the Company and the nature of its assets. Pursuant to the programme,
a portion of the fixed assets has been physically verified by the
Management during the year and no material discrepancies have been
noticed on such verification.
2. The Company has no physical inventory during the year and
accordingly, Paragraphs 3(ii) of the order is not applicable.
3. The Company has not granted any loans, secured or unsecured, to
Companies, firms or others parties as covered in the Register
maintained under Sec 189 of the Companies Act, 2013 ('the Act').
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business with regards to purchase of fixed assets and for sale of goods
and services. Further on the basis of our examinations 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 we been
informed of, any continuing failure to correct major weakness in the
aforesaid internal control system.
5. The Company has not accepted any deposits from the public within
the meaning of Sections 73 and 74 of the Act and the rules framed there
under to the extent notified.
6. As informed and to the best of our knowledge and as explained, the
Central Government has not prescribed the maintenance of cost records
under sub-section (1) of Section 148 of the Act, in respect of services
carried out by the Company.
7. a) According to the information and explanations given to us and the
records of the Company examined by us, in our opinion, the company is
regular in depositing undisputed other statutory dues including Custom
Duty, Excise Duty, Investor Education Protection Fund, Provident Fund,
Employees State Insurance, Sales Tax, Wealth Tax, Service Tax, Cess and
other materials statutory dues, as applicable, with the appropriate
authorities.
b) As at 31st March, 2015 according to the records of the Company
examined by us , there was no undisputed amount payable in respect of
Income Tax, and any other statutory dues were outstanding for a period
of more than six months from the date they become payable. Further as
informed to us provisions relating to Custom Duty, Excise Duty,
Investor Education Protection Fund, Provident Fund, Employees State
Insurance, Sales Tax, Wealth Tax, Service Tax, Cess and other statutory
dues, if any are presently not applicable to the Company.
8. The Company does have accumulated losses at the end of the
financial year. Further it has incurred cash losses during the
financial year ended on that date and in the immediately preceding
financial year.
9. Based on our audit procedures and as per books of records
maintained by the company and according to the information and
explanations given by the management, the company did not have any
borrowings during the year. Hence Clause 4 (xi) of order is not
applicable to the Company.
10. According to the records of the Company examined by us and the
information and explanations 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 except Rs.1,70,59,000 due to Rural
Electrification Corporation Ltd. for which REC has filed a recovery
suit which is pending at the Court of Law.
11. According to the information and explanations given to us and as
per the books of records, the company has not given any guarantee for
loans taken by others from bank or financial institutions during the
year.
12. The Company has not obtained any term loans during the year.
Accordingly clause 4(xvi) of the Order is not applicable to the
Company.
13. During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India, according to the information and
explanation 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 P. K. AJITSARIA & CO.
Chartered Accountants
FRN 317046E
Pawan Kumar Ajitsaria
Place : Kolkata partner
Dated : 28th day of May, 2015 Membership No. 053109
Mar 31, 2014
1 .We have audited the accompanying financial statements of SILICON
VALLEY INFOTECH LIMITED, which comprise the Balance Sheet as at March
31,2014 and the Statement of Profit and Loss for the year then ended,
and a summary of significant accounting policies and other explanatory
information.
MANAGEMENT''S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS
2. Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
and financial performance of the Company in accordance with the
Accounting Standards referred to in sub-section (3C) ofsection 211
ofthe Companies Act, 1956. 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
3. 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.
4. 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''sjudgment, 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 the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements.
5. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion.
OPINION
6. 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 ofthe Balance Sheet, ofthe state of affairs ofthe
Company as at March 31,2014;
(b) in the case of the statement of Profit and Loss, of the LOSS for
the year ended on that date;
(c) in the case of the Cash Flow statement, of the cash flow for the
year ended on that date; and
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
7. As required by the Companies (Auditor''s Report) Order, 2003 issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of the Act, we give in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the Order.
8. 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 and proper returns adequate for the purposes of our audit have
been received from branches not visited by us;
c) The Balance Sheet and Statement of Profit and Loss, dealt with by
this Report are in agreement with the books of account and with the
returns received from branches not visited by us;
d) In our opinion, the Balance Sheet and Statement of Profit and Loss,
comply with the Accounting Standards referred to in subsection (3C) of
section 211 of the Companies Act, 1956;
e) On the basis ofwritten representations received from the directors
as on March 31,2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31,2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 ofthe Companies Act, 1956.
ANNEXURES TO THE INDEPENDENT AUDITORS'' REPORT
Referred to in our Report of even date to the members of SILICON VALLEY
INFOTECH LIMITED on the Accounts for the year ended on 31.03.2014.
1. a) The Company has maintained proper records showing full
particulars including quantitative details and situation fixed assets.
b) During the year fixed assets have been physically verified by the
management of the Company. In our opinion, the frequency
ofverification is reasonable regard to the size ofthe company and the
nature of its fixed assets.
c) During the year no substantial disposal of fixed assets, which would
affect the going concern of the Company.
2. The Company has no stock (inventory) during the year and
accordingly, Paragraphs 4 (ii) (a), (b) & (c) of the order is not
applicable to the Company.
3. a) The Company has not granted any loans, secured or unsecured, to
Companies, firms or others parties as covered in the Register
maintained under Sec 301 of the Companies Act, 1956. Hence the
Provisions of Clause 4 (iii) (b), (c) and (d) of order are not
applicable.
b) The Company has not taken any loans, secured or unsecured, to
Companies, firms or others parties as covered in the Register
maintained under Sec 301 of the Companies Act, 1956. Hence the
Provisions of Clause 4 (iii) (f) and (g) of order are not applicable.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business. Further on the basis of our examinations and according to the
information and explanations given to us we have neither come across
nor have we been informed of any instance of major weakness in the
aforesaid internal control system.
5. In respect of transactions entered in the register maintained in
pursuance of Section 301 of the Companies Act, 1956:-
(a) Based on audit procedures applied by us, 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 transactions that needed to
be entered into the register maintained under section 301 have been so
entered.
(b) According to the information and explanations given to us, in our
opinion, the transactions have been made at prices which are prima
facie reasonable having regard to the prevailing market prices at the
relevant time.
6. The Company has not accepted any deposits from the public. In our
opinion and according to the information and explanations given to us
the directives issued by the Reserve Bank of India and the provisions
of sections 58A, 58AA or any other relevant provisions of the Act, and
the rules framed there under, to the extent applicable have been
complied with.
7. In our opinion and according to the information and explanations
given to us, the company has an internal audit system commensurate with
the size and nature of its business.
8. As informed and to the best of our knowledge and as explained, the
Central Government has not prescribed the maintenance of cost records
under clause (d) of sub-section (1) of Section 209 of the Companies
Act, 1956 in respect of services carried out by the Company.
9. a) According to the information and explanations given to us and
according to the Books and
records as produced and examined by us, in our opinion, the company is
regular in depositing undisputed Income Tax, and any other statutory
dues. Further as informed to us provisions relating to Custom Duty,
Excise Duty, Investor Education Protection Fund, Provident Fund,
Employees State Insurance, Sales Tax, Wealth Tax, Service Tax, Cess and
other statutory dues , if any are presently not applicable to the
Company.
b) As at 31st March, 2014 according to the records of the Company and
the information and explanations given to us, there was no undisputed
amount payable in respect of Income Tax, and any other statutory dues
were outstanding for a period of more than six months from the date
they become payable. Further as informed to us provisions relating to
Custom Duty, Excise Duty, Investor Education Protection Fund, Provident
Fund, Employees State Insurance, Sales Tax, Wealth Tax, Service Tax,
Cess and other statutory dues , if any are presently not applicable to
the Company.
10. The Company does have accumulated losses at the end of the
financial year. Further it has incurred cash losses during the
financial year ended on that date and in the immediately preceding
financial year.
11. Based on our audit procedures and as per books of records
maintained by the company and according to the information and
explanations given by the management, the company did not have any
borrowings during the year. Hence Clause 4 (xi) of order is not
applicable to the Company.
12. According to the information and explanations given to us and based
on the documents and records produced to us, the company has not
granted any loans and advances on the basis of security by way of
pledge of shares, debentures and other securities.
13. In our opinion, the company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, the provisions of clause 4(xiii) of
the Companies (Auditor''s Report) Order, 2003 are not applicable to
the Company.
14. a) According to the information and explanations given by the
management and based on the
documents and records produced to us, in respect of dealing in shares
and securities, in our opinion that the Company maintaining proper
records of the transactions and contracts of dealing in shares,
securities and other Investment, timely entries have been made therein.
b) Based on our audit procedures and as per books of records maintained
by the company and according to the information and explanations given
by the management, the Investment in shares and securities are held by
the company in its own name, except those which are kept as margin with
the broker and as disclosed in the financial statement.
15. According to the information and explanations given to us and as
per the books of records, the company has not given any guarantee for
loans taken by others from bank or financial institutions during the
year.
16. The Company has not obtained any term loans during the year.
Accordingly clause 4(xvi) of the Order is not applicable to the
Company.
17. Based on the information and explanations given to us and on an
overall examination of the balance sheet of the Company, we report that
no any funds raised on short term basis have been used for long term
investments.
18. The Company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under section
301 ofthe Companies Act, 1956. Accordingly, clause 4(xviii) of the
order is not applicable.
19. The Company did not have any outstanding debentures during the
year. Accordingly, clause 4(xix) of the order is not applicable.
20. The Company has not raised any money by public issues during the
year. Accordingly, clause 4(xx) of the order is not applicable.
21. Based upon audit procedures performed for the purposes of reporting
the true and fair view of the financial statements and as per the
information and explanation furnished by the management, we report that
there were no fraud on or by the company has been noticed or reported
by the management during the course of our audit.
For P. K. AJITSARIA & CO.
Chartered Accountants
FRNo. 317046E
Pawan Kumar Ajitsaria
Place : Kolkata Partner
Date : 29th day of May, 2014 Membership No. 053109
Mar 31, 2013
REPORT ON THE FINANCIAL STATEMENTS
1. We have audited the accompanying financial statements of SILICON
VALLEY INFOTECH LIMITED, which comprise the Balance Sheet as at
March 31, 2013 and the Statement of Profit and Loss for the year then
ended, and a summary of significant accounting policies and other
explanatory information.
MANAGEMENT''S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS
2. Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
and financial performance of the Company in accordance with the
Accounting Standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956. 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
3. 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.
4. An audit involves performing procedures to obtain audit evidence
about the amounts and disclosures in the financial statements. The
procedures selected depend on the auditor''s judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the
Company''s preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the
circumstances. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements.
5. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion.
OPINION
6. 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 the statement of Profit and Loss, of the PROFIT for
the year ended on that date;
(c) in the case of the Cash Flow statement, of the cash flow for the
year ended on that date; and REPORT ON OTHER LEGAL AND REGULATORY
REQUIREMENTS
7. As required by the Companies (Auditor''s Report) Order, 2003 issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of the Act, we give in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the Order.
8. 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 and proper returns adequate for the purposes of our audit have
been received from branches not visited by us;
c) The Balance Sheet and Statement of Profit and Loss, dealt with by
this Report are in agreement with the books of account and with the
returns received from branches not visited by us;
d) In our opinion, the Balance Sheet and Statement of Profit and Loss,
comply with the Accounting Standards referred to in subsection (3C) of
section 211 of the Companies Act, 1956;
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.
ANNEXTURES TO THE INDEPENDENT AUDITORS'' REPORT
Referred to in our Report of even date to the members of SILICON VALLEY
INFOTECH COMPANY LIMITED on the Accounts for the year ended on
31.03.2013.
1. a) The Company has maintained proper records showing full
particulars including quantitative details and situation fixed assets.
b) During the year fixed assets have been physically verified by the
management of the Company. In our opinion, the frequency of
verification is reasonable regard to the size of the company and the
nature of its fixed assets.
c) During the year no substantial disposal of fixed assets, which would
affect the going concern of the Company.
2. The Company has no stock (inventory) during the year and
accordingly, Paragraphs 4 (ii) (a), (b) & (c) of the order is not
applicable to the Company.
3. a) The Company has not granted any loans, secured or unsecured, to
Companies, firms or others parties as covered in the Register
maintained under Sec 301 of the Companies Act, 1956. Hence the
Provisions of Clause 4 (iii) (b), (c) and (d) of order are not
applicable.
b) The Company has not taken any loans, secured or unsecured, to
Companies, firms or others parties as covered in the Register
maintained under Sec 301 of the Companies Act, 1956. Hence the
Provisions of Clause 4 (iii) (f) and (g) of order are not applicable.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business. Further on the basis of our examinations and according to
the information and explanations given to us we have neither come
across nor have we been informed of any instance of major weakness in
the aforesaid internal control system.
5. In respect of transactions entered in the register maintained in
pursuance of Section 301 of the Companies Act, 1956 :-
(a) Based on audit procedures applied by us, 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 transactions that needed to
be entered into the register maintained under section 301 have been so
entered.
(b) According to the information and explanations given to us, in our
opinion, the transactions have been made at prices which are prima
facie reasonable having regard to the prevailing market prices at the
relevant time.
6. The Company has not accepted any deposits from the public. In our
opinion and according to the information and explanations given to us
the directives issued by the Reserve Bank of India and the provisions
of sections 58A, 58AA or any other relevant provisions of the Act, and
the rules framed there under, to the extent applicable have been
complied with.
7. In our opinion and according to the information and explanations
given to us, the company has an internal audit system commensurate with
the size and nature of its business.
8. As informed and to the best of our knowledge and as explained, the
Central Government has not prescribed the maintenance of cost records
under clause (d) of sub-section (1) of Section 209 of the Companies
Act, 1956 in respect of services carried out by the Company.
9. a) According to the information and explanations given to us and
according to the Books and records as produced and examined by us, in
our opinion, the company is regular in depositing undisputed Income
Tax, and any other statutory dues. Further as informed to us
provisions relating to Custom Duty, Excise Duty, Investor Education
Protection Fund, Provident Fund, Employees State Insurance, Sales Tax,
Wealth Tax, Service Tax, Cess and other statutory dues , if any are
presently not applicable to the Company.
b) As at 31st March, 2013 according to the records of the Company and
the information and explanations given to us, there was no undisputed
amount payable in respect of Income Tax, and any other statutory dues
were outstanding for a period of more than six months from the date
they become payable. Further as informed to us provisions relating to
Custom Duty, Excise Duty, Investor Education Protection Fund, Provident
Fund, Employees State Insurance, Sales Tax, Wealth Tax, Service Tax,
Cess and other statutory dues , if any are presently not applicable to
the Company.
10. The Company does not have any accumulated losses at the end of the
financial year. Further it has not incurred any cash losses during the
financial year ended on that date and in the immediately preceding
financial year.
11. Based on our audit procedures and as per books of records
maintained by the company and according to the information and
explanations given by the management, the company did not have any
borrowings during the year. Hence Clause 4 (xi) of order are not
applicable to the Company.
12. According to the information and explanations given to us and
based on the documents and records produced to us, the company has not
granted any loans and advances on the basis of security by way of
pledge of shares, debentures and other securities.
13. In our opinion, the company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, the provisions of clause 4(xiii) of
the Companies (Auditor''s Report) Order, 2003 are not applicable to the
Company.
14. a) According to the information and explanations given by the
management and based on the documents and records produced to us, in
respect of dealing in shares and securities, in our opinion that the
Company maintaining proper records of the transactions and contracts of
dealing in shares, securities and other Investment, timely entries have
been made therein.
b) Based on our audit procedures and as per books of records maintained
by the company and according to the information and explanations given
by the management, the Investment in shares and securities are held by
the company in its own name, except those which are kept as margin with
the broker and as disclosed in the financial statement.
15. According to the information and explanations given to us and as
per the books of records, the company has not given any guarantee for
loans taken by others from bank or financial institutions during the
year.
16. The Company has not obtained any term loans during the year.
Accordingly clause 4(xvi) of the Order is not applicable to the
Company.
17. Based on the information and explanations given to us and on an
overall examination of the balance sheet of the Company, we report that
no any funds raised on short term basis have been used for long term
investments.
18. The Company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Companies Act, 1956. Accordingly, clause 4(xviii) of the
order is not applicable.
19. The Company did not have any outstanding debentures during the
year. Accordingly, clause 4(xix) of the order is not applicable.
20. The Company has not raised any money by public issues during the
year. Accordingly, clause 4(xx) of the order is not applicable.
21. Based upon audit procedures performed for the purposes of
reporting the true and fair view of the financial statements and as per
the information and explanation furnished by the management, we report
that there were no fraud on or by the company has been noticed or
reporteo1 by the management during the course of our audit.
For P. K. AJITSARIA & CO.
Chartered Accountants FRN 317046E
Place : Kolkata Pawan Kumar Ajitsaria
Partner
Dated : The 30th day of
May, 2013 Membership No. 053109
Mar 31, 2012
We have audited the attached Balance Sheet of M/s. SILICON VALLEY
INFOTECH LIMITED, as at 31 st March, 2012 and also the Statement of
Profit and Loss 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.
We conducted our audit in accordance with auditing standards generally
accepted in India. These standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material 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.
Further, we report that:
1. 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;
2. In our opinion, proper books of accounts as required by law, have
been kept by the Company so far as appears from our examination of
those books ;
3. The Balance Sheet and Profit and Loss Account dealt with by this
report are in agreement with the books of account;
4. In our opinion, the Balance Sheet and Profit & Loss Account dealt
with by this report comply with the accounting standards referred to in
sub-section (3C) of Section 211 of the Companies Act, 1956, to the
extent applicable;
5. On the basis of written representations received from the
directors, as on 31 st March, 2012 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March, 2012 from being appointed as a Director in terms of clause
(g) of sub-section (1) of Section 274 of the Companies Act, 1956 ;
6. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts 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 :
a) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2012.
b) In the case of the Profit & Loss Account, of the Profit for the year
ended on that date.
c) In the case of Cash Flow Statement of the cash flows for the year
ended on that date.
7. As required by the Companies (Auditor's Report) Order, 2003, and as
amended by the Companies (Auditor's Report), (Amendment) Order, 2004
issued by the Central Government of India in terms of
sub-section (4A) of Section 227 of the Companies Act, 1956, we enclose
in the annexure a statement on the matters specified in paragraph 4 and
5 of the said Order.
(Referred to in Paragraph 7 of our Report of even date on the Accounts
of Silicon Valley infotech Limited as on 31.03.2012J
1. (a) The Company has maintained proper records showing fuli
particulars including quantitative details and situation of fixed
assets.
(b) Fixed Assets have been physically verified by the management of the
Company during the year, which in our opinion is reasonable having
regard to the Company and the nature of its fixed assets.
(c) There is no disposal of fixed assets during the year.
2. (a) As explained to us, the inventory has been physically verified
during the year by the management.
In our opinion, the frequency of verification is reasonable.
i (b) In our opinion and according to the information and explanation
given to us, 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) In our opinion and according to the information and explanations
given to us, and on the basis of our examination of the records of
inventory, the Company is maintaining proper records of inventory.
The discrepancies noticed on physical verification of inventory as
compared to the book records were not material and have been properly
dealt with in the books of account.
3. The Company has neither given nor taken any loan, secured and
unsecured loans, to/from any Company, firms or other parties covered in
the register maintained under section 301 of the Act.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control system commensurate
with the size of the Company and nature of its business with regard to
the purchase of inventory and fixed assets, and with regard to the sale
of goods & services. During the course of our audit, no major weakness
has been noticed in the internal controls.
5. There were no transactions that need to be entered in the register
maintained under Section 301 of the Companies Act, 1956.
6. In our opinion and according to the information and explanations
given to us, the Company has not accepted deposits from the public and
therefore, the provisions of the Section 58A and 58AA of the Companies
Act, 1956 and rules there under are not applicable to the Company.
7. In absence of any Internal Audit Report, we are not in a position
to state whether internal audit system commensurate with the size and
the nature of its business.
8. To the best of our knowledge and as explained, the Central
Government has not prescribed maintenance of cost records under clause
(d) of sub-section (1) of Section 209 of the Companies Act, 1956 for
the products of the Company.
9. (a) According to the records of the Company and information and
explanations given to us, the
Company has been regular in depositing undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Customs
Duty, Excise Duty, Service Tax & Cess and other statutory dues with the
appropriate authorities during the year.
(b) There were no disputed amount payable in respect of Provident Fund,
Investor Education and Protection Fund, Employees State Insurance,
Income Tax, Sales Tax, Wealth Tax, CustomDuty, Excise Duty, Service
Tax, cess and other material statutory dues in arrears as at 31st
March, 2012 for a period of more than six months from the date it
become payable.
10. The Company does not have accumulated losses as at the end of the
year and the Company has not incurred cash losses during current and
the immediately preceding financial year.
11. Based on our audit procedures and on the basis of information and
explanations given by the management, we are of the opinion that
Company has not defaulted in the repayment of dues to financial
institutions, banks and debenture holders.
12. According to the information and explanations given to us, the
Company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
13. In our opinion and according to the information and explanations
given to us, the nature of activities of the Company does not attract
any special statute applicable to chit fund and nidhi / mutual benefit
fund / societies.
14. Based on the records examined by us and according to the
information and explanations given to us, we are of the opinion that
the Company is maintaining proper record of the transactions and
contracts of dealing in shares and securities and that timely entries
have been made in these records.
15. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from bank
and financial institutions.
16. To the best of our knowledge and belief and according to the
information and explanations given to us, the Company were, prima
facie, applied by the Company during the year for the purpose for which
loans were obtained.
17. According to the information and explanations given to us and
overall examination, we report that no fund raised on short-term basis
have used for long-term investment.
18. The Company has not made any preferential allotment of shares to
parties or companies covered in the register maintained under Section
301 of the Companies Act, 1956.
19. The.Company has not issued any debentures.
20. The Company has not raised any money through a public issue during
the year.
21. Based on information and explanation furnished by the management,
which have been relied upon by us, there were no frauds on or by the
Company noticed or reported during the year.
For P. K. AJITSARIA & CO.
Chartered Accountants
FRN 317046E Pawan Kumar Ajitsqria
Place : Kolkata Partner
Dated : The 25th day of May, 2012 Membership No. 53109
Mar 31, 2011
We have audited the attached Balance Sheet of Silicon Valley Infotech
Limited, as at 31 st March, 2011 and also the Profit and Loss Account
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.
We conducted our audit in accordance with auditing standards generally
accepted in India. These standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of materia! 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.
Further, we report that:
1. 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;
2. In our opinion, proper books of accounts as required by law, have
been kept by the Company so far as appears from our examination of
those books ;
3. The Balance Sheet and Profit and Loss Account dealt with by this
report are in agreement with the books of account;
4. In our opinion, the Balance Sheet and Profit & Loss Account dealt
with by this report comply with the accounting standards referred to in
sub-section (3C) of Section 211 of the Companies Act, 1956, to the
extent applicable ;
5. On the basis of written representations received from the
directors, as on 31 st March, 2011 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March, 2011 from being appointed as a Director in terms of clause
(g) of sub-section (1) of Section 274 of the Companies Act, 1956 ;
6. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts 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 :
a) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31 st March, 2011.
b) In the case of the Profit & Loss Account, of the Profit for the year
ended on that date. c} In the case of Cash Flow Statement of the cash
flows for the year ended on that date.
7. As required by the Companies (Auditor's Report) Order, 2003, and as
amended by the Companies (Auditor's Report), (Amendment) Order, 2004
issued by the Central Government in terms of sub- section (4A) of
Section 227 of the Companies Act, 1956, we enclose in the annexure a
statement on the matters specified in paragraph 4 and 5 of the said
Order.
(Referred to in Paragraph 7 of our Report of even date on the Accounts
of Silicon Valley fnfotech Limited as on 31.03.2011;
1. (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 of the
Company during the year, which in our opinion is reasonable having
regard to the Company and the nature of its fixed assets.
(c) There was no substantial disposal of fixed assets during the year,
which would affect the going concern of the Company.
2. (a) As explained to us, the inventory has been physically verified
during the year by the management. In our opinion, the frequency of
verification is reasonable.
(b) In our opinion and according to the information and explanation
given to us, 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) In our opinion and according to the information and explanations
given to us, and on the basis of our examination of the records of
inventory, the Company is maintaining proper records of inventory. The
discrepancies noticed on physical verification of inventory as compared
to the book records were not material and have been properly dealt with
in the books of account.
3. The Company has neither granted nor taken unsecured loans, to/from
companies, firms or other parties covered in the register maintained
under section 301 of the Act.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control system commensurate
with the size of the Company and nature of its business with regard to
the purchase of inventory and fixed assets, and with regard to the sale
of goods & services. During the course of our audit, no major weakness
has been noticed in the internal controls.
5. In respect of transactions entered in the register maintained in
pursuance of Section 301 of the Companies Act, 1956 :-
Based on audit procedures applied by us, 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 transactions that needed to be
entered into the register maintained under Section 301 have been so
entered.
6. In our opinion and according to the information and explanations
given to us, the Company has not accepted deposits from the public and
therefore, the provisions of the Section 58A and 58AA of the Companies
Act, 1956 and rules there under are not applicable to the Company.
7. In absence of any Internal Audit Report, we are not in a position
to state whether internal audit system commensurate with the size and
the nature of its business.
8. To the best of our knowledge and as explained, the Central
Government has not prescribed maintenance of cost records under clause
(d) of sub-section (1) of Section 209 of the Companies Act, 1956 for
the products of the Company.
9. (a) According to the records of the Company and information and
explanations given to us, the Company has been regular in depositing
undisputed statutory dues including Provident Fund, Investor Education
and Protection Fund, Employees State Insurance, Income Tax, Sales Tax"
Wealth Tax. Customs Duty, Excise Duty, Service Tax & Cess and other
statutory dues with the appropriate authorities during the year.
(b) According to the information & explanation givento us, disputed
amount in respect of Income Tax is as follows :-
Nature of Demand Amount Year Cases pending with
Income Tax Rs. 1,77,044.00 Accounting Year Commission of
-03-04
Assessment Year Income Tax
-04-05 Appeal (1)
10. The Company has accumulated losses of Rs. 336.99 lacs as at the
end of the year. However, the Company has not incurred cash losses
during current year.
11. Based on our audit procedures and on the basis of information and
explanations given by the management, we are of the opinion that
Company has defaulted in the repayment of dues to financial
institutions.
12. According to the information and explanations given to us, the
Company has not granted any loans and advances on the basis of security
by way of pledge of shares, debenturesand other securities.
13. In ouropinion and according to the information and explanations
given to us, the nature of activities of the Company does not attract
any special statute applicable to chit fund and nidhi / mutual benefit
fund /societies.
14. (a) Based on the records examined by us and according to the
information and explanations given to us, we are of the opinion that
the Company is maintaining proper record of the transactions and
contracts of dealing in shares and securities and that timely entries
have been made in these records.
(b) Based on our audit procedures and to the best of our knowledge and
belief and according to the informat.on and explanations given to us,
the shares and securities have been held by the Company, in its own
name.
15. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from bank
and financial institutions.
16. To the best of our knowledge and belief and according to the
information and explanations given to us, the Company has not availed
any term loan.
17. We have been informed by the management that no funds have been
raised and used and hence clause (xvii) is not applicable.
18. The Company has not made any preferential allotment of shares to
parties or companies covered in the register maintained under Section
301 of the Companies Act, 1956.
19. The Company did not have any outstanding debentures during the
year.
20. The Company has not raised any money through a public issue during
the year.
21. Based on information and explanation furnished by the management,
which have been relied upon by us, there were no frauds on or by the
Company noticed or reported during the year.
For P. K. AJITSARIA & CO.
Chartered Accountants
(Firm Registration No. 317046E)
Pawan Kumar Ajitsaria
Proprietor
(Membership No. 53109)
Place : Kolkata
Dated : 27th day of May, 2011
Mar 31, 2010
We have audited the attached Balance Sheet of Sillicon valley infotech
Limited, as at 31st March, 2010 and also the Profit and Loss Account
for the year ended on that date annexed thereto. These financial
statements are the resposibility of the Companys management. Our
responsibility is to express an opion on these financial statements
based on out audit.
We conducted out audit in accourdance with auditing intandala generally
acospted in India. These standards requira that we plan and perform the
audit to obtain ressonable assurance about whether the financial
statements are gree of material miselalement. An audit includes
examining, on a last besis. evidences aupportinh the amounts and
discloseres in the financial statements. An audit also inclides
assessing the accounting principles used and signigicant: estimates
made by management. as well as evalusting the overall financial
statement presertation. We believe that out audit provides a reasonable
basis for out opinton.
Further we report that:
1. We have obtained all the information and explanations, which to the
best of our knowledge and best of were necessaru for the purposes of
out audit;
2. In our opinion, proper tools of accounts as required by law, have
been kept by the Company so far an appears from out examination of
those books:
3. The balance Sheet and Profit and Loss Account deat with by this
report in agreement with the books of account:
4. In our opinion, the Balance Sheet and Profit & Loss Account deals
with by this report comply with the accounting standards referrd to in
sub-section (3C) of Section 211 of the Companies Act, 1958, to the
esient applicable:
5. On the basic of written repracentations received from the directors,
as on 31st March, 2010 and taken on record by the Board of Directors,
we report that none of the directors is diequalified as on 31st March,
2010 from being appointed as a Director in terms of clause (g) of
sub-section (1) of Section 274 of the Comanies Act, 1956:
6. In our opinion and to the best of out information and accoriding to
the explanstions given to us, the said accounts give the information
required by the Companies Act, 1958, in the manner so required and give
a true and far view in conformity with the accounting principles
penerally acceptad in India:
a. In the case of the Balance Sheet, of the state of effaits of the
Company as at 31st March, 2010.
b. In the case of the Profit & Loss Account, of the Profit for the year
ended on that date.
c. In the cast of Cash Flow Statement of the cash flows for the year
ended on that date.
7, As required by the Companies (Auditors Report) Order, 2003, and as
emended by the Companies (Auditors Report), (Amendment) Order, 2004
issued by the Central Government in terms of sub- section (4A) of
Section 227 of the Companies Act, 1956, we enclose in the annexure a
statement on the matters specified In paragraph 4 and 5 of the said
Order
(Referred to in Paragraph 7 of our Report of even date on the Accounts
of Silicon Valley Infotech Limited as on 31.03.2010;
1, (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 of the
Company during the year, which in our opinion is reasonable having
regard to the Company and the nature of its fixed assets.
(c) There was no substantial disposal of fixed assets during the year,
which would affect the going concern of the Company,
2, (a) As explained to us, the inventory has been physically verified
during the year by the management.
In our opinion, the frequency of verification is reasonable.
(b) In our opinion and according to the information and explanation
given to us, the procedures of physical verification of inventory
followed by the management are reasonable end adequate in relation to
the size of the Company and the nature of its business.
{c) In our opinion and according to the information end explanations
given to us. and on the basis of our examination of the records of
inventory, the Company is maintaining proper records of Inventory. The
discrepancies noticed on physical verification of Inventory as compared
to the book records were not material and have been properly dealt with
in the books of account.
3, The Company has neither granted nor taken unsecured loans, to/from
companies, firms or other parties covered in the register maintained
under section 301 of the Act.
A. In our opinion and according to the information and explanations
given to us, there are adequate Internal control system commensurate
with the size of the Company and nature of its business with regard to
the purchase of inventory and fixed assets, and with regard to the sale
of goods & services. During the course of our audit, no major weakness
has been noticed in the Internal controls.
5. In respect of transactions entered in the register maintained in
pursuance of Section 301 of the Companies Act, 1956:-
Based on audit procedures applied by us, to the best of our knowledge
and belief and according to the ! information and explanations given
to us, we ere of the opinion that the transactions that needed to be
entered into the register maintained under Section 301 have been so
entered. .
6. In our opinion and according to the information and explanations
given to us, the Company has not accepted deposits from the public and
therefore, the provisions of the Section 58A and 58AA of the Companies
Act, 1956 and rules there under are not applicable to the Company,
7. In absence of any Internal Audit Report, we are not in a position
to state whether Internal audit system commensurate with the size and
the nature of its business,
8. To the best of our knowledge and as explained, the Central
Government has not prescribed maintenance of cost records under clause
(d) of sub-section (1) of Section 209 of the Companies Act, 1956 for
the products of the Company.
9. (a) According to the records of the Company and Information and
explanations given to us, the Company has been regular in depositing
undisputed statutory dues including Provident Fund, Investor Education
and Protection Fund, Employees State Insurance, Income Tax, Sales Tax,
Wealth Tax, Customs Duty, Excise Duty Service Tax & Cess and other
statutory dues with the appropriate authorities during the year
(b) According to the information & explanation given to us, disputed
amount in respect of Income Tax is as follows :-
Nature of Demand Amount Year Cases pending with
Income Tax Rs. 1,77,044.00 Accounting
Year-03-O4 Commission of
Assessment
Year-04-05 Income Tax
Appeal (1)
10. The Company have accumulated losses of Rs, 236.27 lacs as at the
end of the year. However, the Company has not Incurred cash losses
during current year.
11. Based on our audit procedures and on the basis of information and
explanations given by the management, we are of the opinion thai
Company has defaulted In the repayment of dues to financial
institutions.
12. According to the information and explanations given to us, the
Company has not granted any loans and advances on the basic of security
by way of pledge of shares, debentures and other securities.
13. In our opinion and according to the information and explanations
given to us. the nature of activities of the Company does not attract
any special statute applicable to chit fund and nidhi / mutual benefit
fund / societies,
For P. K.AJITSARIA & CO.
Chartered Accountants
(Firm Registration No, 317046E)
Pawan Kumar Ajitsaria
Place: Kolkata Proprietor
Dated : 26th day of May, 2010 (Membership No. 53109)