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SIL Investments Ltd.

BSE: 521194 Sector: Financials
NSE: SILINV ISIN Code: INE923A01015
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OPEN 276.00
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VOLUME 258
52-Week high 358.00
52-Week low 132.00
P/E 19.68
Mkt Cap.(Rs cr) 293
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 276.00
CLOSE 276.10
VOLUME 258
52-Week high 358.00
52-Week low 132.00
P/E 19.68
Mkt Cap.(Rs cr) 293
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

SIL Investments Ltd. (SILINV) - Auditors Report

Company auditors report

To the Members of SIL Investments Limited

Report on the audit of the standalone financial statements

Opinion

We have audited the accompanying standalone financial statements of SILInvestments Limited ("the Company") which comprise the balance sheet as atMarch 31 2021 the statement of profit and loss including the statement of othercomprehensive income the statement of changes in equity and the cash flow statement forthe year then ended and notes to the standalone financial statements including a summaryof significant accounting policies and other explanatory information (hereinafter referredto as "the standalone financial statements").

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid standalone financial statements give theinformation required by the Companies Act 2013 ("the Act") in the manner sorequired and give a true and fair view in conformity with the accounting principlesgenerally accepted in India of the state of affairs of the Company as at March 31 2021its profit including other comprehensive income the changes in equity and its cash flowsfor the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial statements inaccordance with the Standards on Auditing (SAs) as specified under section 143(10) of theAct. Our responsibilities under those Standards are further described in the 'Auditor'sresponsibilities for the audit of the standalone financial statements' section of ourreport. We are independent of the Company in accordance with the 'Code of Ethics' issuedby the Institute of Chartered Accountants of India together with the ethical requirementsthat are relevant to our audit of the standalone financial statements under the provisionsof the Act and the Rules thereunder and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the Code of Ethics. We believethat the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our audit opinion on the standalone financial statements.

Key audit matters

Key audit matters are those matters that in our professional judgmentwere of most significance in our audit of the standalone financial statements for thefinancial year ended March 31 2021. These matters were addressed in the context of ouraudit of the standalone financial statements as a whole and in forming our opinionthereon and we do not provide a separate opinion on these matters. We have determined thematters described below to be the key audit matters to be communicated in our report.

Key audit matters How our audit addressed the key audit matter
Valuation of Investments
Refer Note No. 6 to the standalone financial statements. Our audit procedures included updating our understanding of the processes employed by the Company for accounting and valuing their investments. We have reviewed year end confirmation of mutual fund and depository participants and verified share certificate of investments which are not in dematerialized format. We have verified that the Company was the recorded owner of all investments. Our audit procedures over the valuation of the Investments included reviewing valuation of all Investments held as at 31st March 2021.
As at March 31 2021 the total carrying value of investments were Rs. 105295.95 Lakhs. Investments include quoted and unquoted equity shares unquoted preference shares bonds alternate investments funds and mutual funds. Fair valuation of unquoted investments involves significant estimation uncertainty subjective assumptions and the application of significant judgment. This was an area of focus for our audit and the area where significant audit effort was directed.
Based on the audit procedures performed we are satisfied with existence and valuation of investments.

Other Information

The Company's Board of Directors are responsible for the otherinformation. The other information comprises the information included in the Company'sannual report but does not include the standalone financial statements and our auditor'sreport thereon. The annual report is expected to be made available to us after the date ofthis auditor's report. Our opinion on the standalone financial statements does not coverthe other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statementsour responsibility is to read the other information identified above when it becomesavailable and in doing so consider whether the other information is materiallyinconsistent with the standalone financial statements or our knowledge obtained in theaudit or otherwise appears to be materially misstated.

If based on the work we have performed we conclude that there is amaterial misstatement of this other information we are required to report that fact. Wehave nothing to report in this regard. When we read the annual report if we conclude thatthere is a material misstatement therein we are required to communicate the matter tothose charged with governance and take necessary actions as applicable under theapplicable laws and regulations.

Responsibilities of management for the standalone financial statements

The Company's Board of Directors is responsible for the matters statedin section 134(5) of the Act with respect to the preparation of these standalone financialstatements that give a true and fair view of the financial position financial performanceincluding other comprehensive income changes in equity and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theIndian Accounting Standards (Ind AS) specified under section 133 of the Act read with theCompanies (Indian Accounting Standards) Rules 2015 as amended. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding of the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate accountingpolicies; making judgments and estimates that are reasonable and prudent; and the designimplementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the standalone financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

In preparing the standalone financial statements management isresponsible for assessing the Company's ability to continue as a going concerndisclosing as applicable matters related to going concern and using the going concernbasis of accounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so. Those Board of Directors arealso responsible for overseeing the Company's financial reporting process.

Auditor's responsibilities for the audit of the standalone financialstatements

Our objectives are to obtain reasonable assurance about whether thestandalone financial statements as a whole are free from material misstatement whetherdue 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 auditconducted in accordance with SAs will always detect a material misstatement when itexists. Misstatements can arise from fraud or error and are considered material ifindividually or in the aggregate they could reasonably be expected to influence theeconomic decisions of users taken on the basis of these standalone financial statements.

As part of an audit in accordance with SAs we exercise professionaljudgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of thestandalone financial statements whether due to fraud or error design and perform auditprocedures responsive to those risks and obtain audit evidence that is sufficient andappropriate to provide a basis for our opinion. The risk of not detecting a materialmisstatement resulting from fraud is higher than for one resulting from error as fraudmay involve collusion forgery intentional omissions misrepresentations or the overrideof internal control.

• Obtain an understanding of internal control relevant to theaudit in order to design audit procedures that are appropriate in the circumstances. Undersection 143(3)(i) of the Act we are also responsible for expressing our opinion onwhether the Company has adequate internal financial controls system in place and theoperating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and thereasonableness of accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of the goingconcern basis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theCompany's ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor's report to therelated disclosures in the standalone financial statements or if such disclosures areinadequate to modify our opinion. Our conclusions are based on the audit evidenceobtained up to the date of our auditor's report. However future events or conditions maycause the Company to cease to continue as a going concern.

• Evaluate the overall presentation structure and content of thestandalone financial statements including the disclosures and whether the standalonefinancial statements represent the underlying transactions and events in a manner thatachieves fair presentation.

Materiality is the magnitude of misstatements in the standalonefinancial statements that individually or in aggregate makes it probable that theeconomic decisions of a reasonably knowledgeable user of the standalone financialstatements may be influenced. We consider quantitative materiality and qualitative factorsin (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 standalone financialstatements.

We communicate with those charged with governance regarding amongother matters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that we identify during ouraudit.

We also provide those charged with governance with a statement that wehave complied with relevant ethical requirements regarding independence and tocommunicate with them all relationships and other matters that may reasonably be thoughtto bear on our independence and where applicable related safeguards.

From the matters communicated with those charged with governance wedetermine those matters that were of most significance in the audit of the standalonefinancial statements for the financial year ended March 31 2021 and are therefore the keyaudit matters. We describe these matters in our auditor's report unless law or regulationprecludes public disclosure about the matter or when in extremely rare circumstances wedetermine that a matter should not be communicated in our report because the adverseconsequences of doing so would reasonably be expected to outweigh the public interestbenefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016("the Order") issued by the Central Government of India in terms of subsection(11) of section 143 of the Act we give in the "Annexure A" a statement on thematters specified in paragraphs 3 and 4 of the Order.

2. As required by Section 143(3) of the Act we report that:

(a) We have sought and obtained all the information and explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit;

(b) In our opinion proper books of account as required by law havebeen kept by the Company so far as it appears from our examination of those books;

(c) The balance Sheet the statement of profit and loss including thestatement of other comprehensive income statement of changes in equity and the cash flowstatement dealt with by this Report are in agreement with the books of account;

(d) In our opinion the aforesaid standalone financial statementscomply with the Accounting Standards specified under Section 133 of the Act read withCompanies

(Indian Accounting Standards) Rules 2015 as amended;

(e) On the basis of the written representations received from thedirectors as on March 31 2021 taken on record by the Board of Directors none of thedirectors is disqualified as on March 31 2021 from being appointed as a director in termsof Section 164 (2) of the Act;

(f) With respect to the adequacy of the internal financial controlsover financial reporting of the Company with reference to these standalone financialstatements and the operating effectiveness of such controls refer to our separate Reportin "Annexure B" to this report;

(g) In our opinion the managerial remuneration for the year endedMarch 31 2021 has been paid / provided by the Company to its directors in accordance withthe provisions of section 197(16) read with Schedule V to the Act;

(h) With respect to the other matters to be included in the Auditor'sReport in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 asamended in our opinion and to the best of our information and according to theexplanations given to us:

i. The Company has disclosed the impact of pending litigations on itsfinancial position in its standalone financial statements - Refer Note 29 to thestandalone financial statements;

ii. The Company did not have any longterm contracts includingderivative contracts for which there were any material foreseeable losses;

iii. There has been no delay in transferring amounts required to betransferred to the Investor Education and Protection Fund by the Company.

For JKVS & Co.
Chartered Accountants
Firm Reg. No. 318086E
Sajal Goyal
Partner
Date: 12th May 2021 Membership No. 523903
Place: New Delhi UDIN :21523903AAAABZ7647

ANNEXURE A referred to in paragraph 1 of our report of even date on theother legal and regulatory requirements (Re: SIL Investments Limited)

(i) a. The Company has maintained proper records showing fullparticulars including quantitative details and situation of property plant &equipment.

b. The Company physically verify its property plant and equipment inalternate year which in our opinion is reasonable having regard to the size of theCompany and nature of its assets. According property plant and equipment were physicallyverified during the year. No material discrepancies were noticed on such verification.

c. The title deeds of immovable properties included in investmentproperties [note 9 to the standalone financial statements] are held in the name of theCompany except buildings having aggregate carrying value of Rs. 46.51 Lakhs are pendingfor registration in the name of the Company.

(ii) The Company has no inventory. Therefore the provisions of clause3(ii) of the Order are not applicable.

(iii) The Company has granted unsecured loan to a body corporatecovered in the register maintained under Section 189 of the Act. The terms and conditionsof the grant of such loans are not prejudicial to the interest of the Company. The Companyhas stipulated schedules of repayment of principal and payment of interest and repaymentof the principal amount and receipt of interest are regular.

(iv) The Company has complied with provisions of section 186 of the Actin respect of loan granted and Investments made during in year. According to informationand explanations given by the management no loans guarantees and securities coveredunder section 185 and no guarantees and securities covered under section 186 of the Acthave given during the year.

(v) The Company has not accepted deposit within the meaning of sections73 to 76 of the Act and the Companies (Acceptance of Deposits) Rules 2014 (as amended)during the year. Therefore provisions of clause 3(v) of the Order are not applicable.

(vi) The Central Government has not prescribed maintenance of costrecords u/s 148(1) of the Act. Therefore the provisions of clause 3 (vi) of the Order arenot applicable.

(vii) a. According to the records of the Company the Company isregular in depositing undisputed statutory dues including Income- tax Goods & ServiceTax and other material statutory dues deducted/ accrued in the books with the appropriateauthorities. As informed to us provident fund employees' state insurance sales taxservice tax duty of customs duty of excise value added tax and cess are not applicableto the Company. There was no undisputed outstanding statutory dues as at the year end fora period of more than six months from the date they became payable.

b. According to the records of the Company there are no duesoutstanding of income tax sales tax service tax duty of customs duty of excise goodsand service tax and value added tax on account of any dispute.

(viii) The Company has no dues to financial institutions banksGovernment and debenture holders. Therefore the provisions of clause 3 (viii) of theOrder are not applicable.

(ix) The Company has not raised any monies by way of initial publicoffer or further public offer (including debt instruments) or raised any term loan duringthe year. Therefore the provisions of clause 3(ix) of the Order are not applicable.

(x) Based upon the audit procedures performed for the purpose ofreporting the true and fair view of the standalone financial statements and according tothe information and explanations given to us no fraud by the Company or no fraud on theCompany by its officers and employees has been noticed or reported during the year.

(xi) The managerial remuneration has been paid / provided in accordancewith the requisite approvals mandated by the provisions of section 197 read with ScheduleV to the Act.

(xii) In our opinion the Company is not a Nidhi company. Thereforethe provisions of clause 3(xii) of the Order are not applicable.

(xiii) According to the information and explanations given to us and asper records of the Company transactions with the related parties as identified by theCompany are in compliance with section 177 and 188 of the Act where applicable and detailsfor the same have been disclosed in the standalone financial statements as required by theapplicable Indian accounting standards.

(xiv) The Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year. Thereforethe provisions of clause 3(xiv) of the Order are not applicable.

(xv) According to the information and explanations given by themanagement the Company has not entered into any non-cash transactions with directors orpersons connected with them. Therefore the provisions of clause 3(xv) of the Order arenot applicable.

(xvi) In our opinion the Company is required to be registered undersection 45-IA of the Reserve Bank of India Act 1934 and such registration has beenobtained.

For JKVS & Co.
Chartered Accountants
Firm Reg. No. 318086E
Sajal Goyal
Partner
Date: 12th May 2021 Membership No. 523903
Place: New Delhi UDIN :21523903AAAABZ7647

ANNEXURE B

Report on the Internal Financial controls under Clause (i) of Sub -section 3 of Section 143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls with reference tostandalone financial statements of SIL Investments Limited ('the Company") as of 31stMarch 2021 in conjunction with our audit of the standalone financial statements of theCompany for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing andmaintaining internal financial controls based on the internal control over the financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting issued by the Institute of Chartered Accountants of India. Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to Company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under Act.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internalfinancial controls with reference to standalone financial statements based on our audit.We conducted our audit in accordance with the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting (the "guidance Note") and the standards onAuditing issued by ICAI and deemed to be prescribed under section 143(10) of the Act tothe extent applicable to as audit of internal financial controls both applicable to anaudit of Internal Financial Controls and both issued by the Institute of CharteredAccountants of India. Those standards and the Guidance Note require that we comply withethical requirements of and plan and perform the audit to obtain reasonable assuranceabout whether adequate internal financial controls with reference to standalone financialstatements was established and maintained and if such controls operated effectively in allmaterial respects.

Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls system with reference to standalonefinancial statements and their operating effectiveness. Our audit of internal financialcontrols with reference to standalone financial statements included obtaining anunderstanding of internal financial controls with reference to standalone financialstatements assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgement including the assessment of therisks of material misstatement of the standalone financial statements whether due tofraud or error.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company's internal financialcontrols system with reference to standalone financial statements.

Meaning of Internal Financial controls with reference to standalonefinancial statements

A Company's internal financial controls with reference to standalonefinancial statements is a process designed to provide reasonable assurance regarding thereliability of financial reporting and the preparation of standalone financial statementsfor external purposes in accordance with generally accepted accounting principles. Acompany's internal; financial control with reference to standalone financial statementsincludes those policies and procedures that (1 ) pertain to the maintenance of recordsthat in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of standalone financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorization ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany's assets that could have a material effect on the standalone financial statements.

Inherent Limitations of Internal Financial controls with reference tostandalone financial statements

Because of the inherent limitations of Internal Financial controls withreference to standalone financial statements including the possibility of collusion orimproper management override of controls material misstatements due to error or fraud mayoccur and not be detected. Also projections of any evaluation of the internal financialcontrols with reference to standalone financial statements to future periods are subjectto the risk that the internal financial controls with reference to standalone financialstatements may become inadequate because of changes in conditions or that the degree ofcompliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequateinternal financial controls system over financial reporting and such internal financialcontrols with reference to standalone financial statements were operating effectively asat 31st March 2021 based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls Over Financial Reportingissued by the Institute of Chartered Accountants of India.

For JKVS & Co.
Chartered Accountants
Firm Reg. No. 318086E
Sajal Goyal
Partner
Date: 12th May 2021 Membership No. 523903
Place: New Delhi UDIN :21523903AAAABZ7647

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