Mar 31, 2015
We have audited the accompanying financial statements of Silverpoint
Infratech 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 ended, and a summary of the significant
accounting policies and other explanatory information.
Management's Responsibility for the Standalone Financial Statements
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation of these financial statements that give a true and
fair view of the financial position and financial performance 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
Our responsibility is to express an opinion on these financial
statements based on our audit. We have taken into account the provisions
of the Act, the accounting and auditing standards and matters which are
required to be included in the audit report under the provisions of the
Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements, The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company's preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company's Directors, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the financial
statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India, of the state affairs of the company as at
31stMarch 2015 and its profit and its cash flows for the year ended on
that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2015("the
Order"), issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Act, We give in the Annexure
statement on the matters specified in paragraphs 3 and 4 of the Order,
to the extent applicable.
2. As required by Section 143 (3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit.
(b) In our opinion, proper books of account as required by law have
been kept by the Company so far as it appears from our examination of
those books.
(c) The Balance Sheet and the Statement of Profit and Loss and Cash
flow statement dealt with by this Report are in agreement with the
books of account.
(d) In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.
(e) On the basis of the 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 information and
according to the explanations given to us:
(i) The Company does not have any pending litigation 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) The Company does not have any due for transfer to investor
education and protection fund in accordance with provision of the
companies Act and the rules made there under.
THE ANNEXURE REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE TO
THE MEMBERS OF SILVERPOINT INFRATECH LIMITED ON THE ACCOUNTS OF THE
COMPANY FOR THE YEAR ENDED MARCH 31. 2015.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. The Company has Fixed Assets. Accordingly clause,
(a) The Company has maintained proper records showing full particulars
including quantitative details and situation of its Fixed Assets
(b) The fixed assets were physically verified during the year by the
management in accordance with the regular programme verification which,
in our opinion, provides for physical verification of all the assets at
reasonable intervals. According to the information and explanation
given to us, no material discrepancies were noticed on such
verification.
2. The Company has no Inventory. Accordingly, clause 2(a), 2(b) & 2{c)
of the Companies (Auditors' Report) order 2015 is not applicable on the
company.
3. The Company has not granted any loans, secured or unsecured to
Companies, Firms or other parties listed in the register maintained
pursuant to provision of section 189 of the Companies Act, 2013. i
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the company and the nature of its business with regard
to purchases of inventory, fixed assets and with regard to the sale of
goods and services. During the course of our audit, we have not
observed any continuing failure to correct major weakness in internal
controls system.
5. According to the information and explanations given to us, the
Company has not accepted any deposit from the public. Therefore, the
provisions of Clause (v) of paragraph 3 of the CARO 2015 are not
applicable to the company.
6. The Central Government of India has not prescribed the maintenance
of cost records under sub section (1) of section 148 of the Companies
Act, 2013 for any of the products of the company.
7. a) The company is regular in depositing with appropriate
authorities undisputed statutory dues including provident fund,
employees' state insurance, income tax, sales tax, wealth tax, service
tax, duty of custom, duty of excise, value added tax, cess and other
material statutory dues applicable to it. According to the information
and explanations given to us, no undisputed amounts payable in respects
of the aforesaid dues were outstanding, as at 31st March, 2015 for a
period of more than six months from the date they became payable.
b) According to the information and explanation given to us, there are
no dues of Sales Tax, Income Tax, duty of Custom, Wealth Tax, Service
Tax, duty of Excise, Value Added Tax and Cess, which have not been
deposited on account of any dispute.
c) According to the information and explanation given to us, there are
no amount required to be transferred to investor education and
protection fund in accordance with the relevant provisions of the
Companies Act, 1956 (1 of 1956) and rules made there under.
8. The company has no accumulated losses as at 31st March, 2015 and it
has not incurred cash losses in the financial year ended on that date
or in the immediately preceding financial year.
9. 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 bank as at the balance sheet date.
10. In our opinion, the company has not given any guarantees for loans
taken by others from banks or financial institutions. Accordingly, the
provisions of clause 3 (x) of the Companies (Auditor's Report) Order,
2015 are not applicable to the company.
11. The company has not raised Term Loan and no such loans have been
applied for the purposes for which they were raised.
12. In our opinion and according to the information and explanation
given to us, no fraud by the Company and no material fraud on the
Company has been noticed or reported during the year.
For GHOSHAL&CO.
Chartered Accountants
Sd/-
B.K. Chowdhury
Partner
Place: Howrah Membership No 058808
Date : 15th May, 2015 FRN No. 304154E
Mar 31, 2014
We have audited the accompanying financial statements of SILVERPOINT
INFRATECH LIMITED ("the Company"), which comprise the Balance Sheet
from the period 31st March, 2014, the Statement of Profit and Loss for
the year then ended, a summary of significant accounting policies and
other explanatory information.
Management Responsibility for the Financial Statement
The Company''s Management is responsible for the preparation of these
financial statements that give a true and fair view of the financial
position and financial performance and cash flows of the Company in
accordance with the Accounting Standards notified under the Companies
Act, 1956 ("the Act") (which continue to be applicable in respect of
Section 133 of the Companies Act, 2013 in terms of General Circular
15/2013 dated 13th September, 2013 of the Ministry of Corporate
Affairs) and in accordance with the accounting principle generally
accepted in India. 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.
Auditors Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s 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, but not for the
purpose of expressing an opinion on the effectiveness of the Company''s
internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by the Management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(a) in the case of the Balance Sheet of the state of affairs of the
Company as at 31 st March, 2014;
(b) in the case of the Statement of Profit and Loss of the profit of
the Company for the financial year ended on that date, and
(c) in the case of the Cash Flow Statement of the cash flows of the
Company for the Year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
(a) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
(b) in our opinion, proper books of account as required by law have
been kept by the Company so far as its appears from our examination of
those books;
(c)The Balance Sheet and 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 Balance Sheet and the Statement of Profit and
Loss, and the Cash Flow Statement comply with the Accounting Standards
notified under the Act (which continue to be applicable in respect of
section 133 of the Companies Act, 2013 in terms of General Circular
15/2013 dated 13th September, 2013 of the Ministry of Corporate
Affairs);
(e)on the basis of written representations received from the Directors
as on 31st March, 2014, taken on record by the Board of Directors, none
of the directors is disqualified as on 31st March, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
(f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
THE ANNEXURE REFERRED TO IN PARAGRAPH 1 OF THE OUR REPORT OF EVEN DATE
TO THE MEMBERS OF SILVERPOINT INFRATECH LIMITED ON THE ACCOUNTS OF THE
COMPANY FOR THE YEAR ENDED 31ST MARCH, 2014
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
i. The Company has fixed assets.
(a) The company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
(b) The fixed assets have been physically verified by the management as
during the period at reasonable interval. No material discrepancies
were noticed on such verification.
(c) None of the fixed assets of the company were disposed off during
the year.
ii. The Company has no inventory. Accordingly, clause ii(a), ii(b) &
ii(c) of the Companies (Auditors'' Report) Order 2003 is not applicable
on the company.
iii. The Company has neither granted nor taken any loans, secured or
unsecured from companies, firms or other parties covered in the
register maintained u/s 301 of the Companies Act, 1956. Accordingly,
the provisions of clause (iii) (a) to (iii) (g) of Companies (Auditor''s
Report) Order, 2003 are not applicable to the Company.
iv. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods. During the course of our audit, no
major instance of continuing failure to correct any weaknesses in the
internal controls has been noticed.
v. According to information and explanation given to us, there are no
contracts or arrangements referred to in section 301 of the Companies
Act, 1956 that need to be entered into the Register maintained under
section 301 therefore the provisions of clause v(b) of paragraph of the
order are not applicable to the Company
vi. The Company has not accepted any deposits from the public covered
under section 58A and 58AA of the Companies Act, 1956. Therefore, the
provisions of clause (vi) of the Order are not applicable to the
Company.
vii. As per information & explanations given by the management, the
Company has an internal audit system commensurate with its size and the
nature of its business.
viii. As per information & explanation given by the management,
maintenance of cost records which has been prescribed by the Central
Government under clause (d) of sub-section (1) of section 209 of the
Act is not applicable for the Company. Therefore, the provisions of
clause viii of the Order are not applicable to the Company.
ix. (a) According to the records of the company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, cess to the extent applicable and any
other statutory dues have generally been regularly deposited with the
appropriate authorities. According to the information and explanations
given to us there were no outstanding statutory dues as on 31st of
March, 2014 for a period of more than six months from the date they
became payable.
(b) According to the information and explanations given to us, there is
no amounts payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty and excise duty which have not been deposited
on account of any disputes 25
x. The Company does not have any accumulated loss and has not incurred
cash loss during the financial year covered by our audit and in the
immediately preceding financial year.
xi. Based on our audit procedures and as per the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders. The Company has not borrowed
any funds from financial institutions or debenture holders during the
year under audit.
xii. According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
xiii. The Company is not a chit fund or a nidhi /mutual benefit
fund/society. Therefore, the provision of this clause of the Companies
(Auditor''s Report) Order, 2003 (as amended) is not applicable to the
Company.
xiv. In our opinion, the Company has maintained proper records of the
transactions and contracts of the investments dealt in by the Company
and timely entries have been made therein. The investments made by the
Company are held in its own name except to the extent of the exemption
u/s 49 of the Act.
xv. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
xvi. Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loans
during the year.
xvii. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31st
March, 2014, we report that no funds raised on short-term basis have
been used for long-term investment by the Company. xviii. Based on
the audit procedures performed and the information and explanations
given to us by the management, we report that the Company has not made
any preferential allotment of shares during the year.
xix. The Company has no outstanding debentures during the period under
audit.
xx. During the year, under review the promoters of the Company i.e.
Saffron Vinimay Private Limited and Shivmangal Commercial Private
Limited has got the shares of the company listed on BSE SME Platform by
the way of Offer for Sale (OFS).
xxi. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
For GHOSHAL & Co.
Chartered Accountants
Sd/-
Place : Howrah
Date : 5th September, 2014 B.K.CHOWDHURY
Partner
Membership No. 058808
FRNNo. 304154E
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