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Silver Touch Technologies Ltd.

BSE: 543525 Sector: IT
NSE: SILVERTUC ISIN Code: INE625X01018
BSE 00:00 | 08 Aug 331.45 14.60
(4.61%)
OPEN

331.75

HIGH

331.75

LOW

330.90

NSE 00:00 | 08 Aug 332.05
(%)
OPEN

331.05

HIGH

335.00

LOW

327.90

OPEN 331.75
PREVIOUS CLOSE 316.85
VOLUME 86
52-Week high 358.60
52-Week low 257.60
P/E 68.91
Mkt Cap.(Rs cr) 420
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 331.75
CLOSE 316.85
VOLUME 86
52-Week high 358.60
52-Week low 257.60
P/E 68.91
Mkt Cap.(Rs cr) 420
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Silver Touch Technologies Ltd. (SILVERTUC) - Auditors Report

Company auditors report

STANDALONE

TO

THE MEMBERS OF

M/s .SILVER TOUCH TECHNOLOGIES LIMITED

Report on the Financial Statements

Opinion

We have audited the financial statements of M/s. SILVER TOUCH TECHNOLOGIES LIMITED("the Company") which comprise the Balance Sheet as at 31st March 2021 theStatement of Profit & Loss andcash flow for the year then ended and notes to thefinancial statements including a summary of significantaccounting policies and otherexplanatory information.

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Companies Act 2013 in the manner so required and give a true and fair view inconformity with the accounting principles generally accepted in India of the state ofaffairs of the Company as at 31st March 2021and its Profit forthe year ended on thatdate.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Companies Act 2013. Our responsibilities under thoseStandards are further described inthe Auditor's Responsibilities for the Audit of theFinancial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of thefinancialstatements under the provisions of the Companies Act 2013 and the Rulesthereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in ouraudit of the financial statements of the current period. These matterswere addressed in the context of ouraudit of the financial statements as a whole and informing our opinion thereon and we do not provide aseparate opinion on these matters.

We have nothing to report in this regard.

Information other than the Standalone Financial statements and Auditor's reportthereon.

The Company's Board of Directors is responsible for the preparation of otherinformation. The other information comprises the information included in the Board'sreport including Annexures to Board's report but does not include the standalonefinancial statements and our auditor's report thereon.

Our opinion on the standalone financial statements does not cover the other informationand we do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statements our responsibilityis to read the otherinformation and in doing so consider whether the other informationis materially inconsistent with the standalone financial statements or our knowledgeobtained during the course of our audit or otherwise appears to be materially misstated.

If based on the work we have performed we conclude that there is a materialmisstatement of the otherinformation we are required to report the fact. We have nothingto report in this regard.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese standalone financial statementsthat give a true and fair view of the financialposition financial performance (changes in equity)27 and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theaccounting Standards specified under section 133 of the Act. This responsibility alsoincludesmaintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguardingof 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 reasonableand prudent; and 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 financial statements thatgive a true and fair view and are freefrom material misstatement whether due to fraud orerror.

In preparing the financial statements the Board of Directors is responsible forassessing the Company's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessthe Board of Directors either intends to liquidate the Company or to cease operations orhas no realistic alternative but to do so.

Those Board of Directors are also responsible for overseeing the Company's financialreporting process. Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. We conducted our audit in accordance with the Standards on Auditing issued byInstitute of Chartered Accountants of India. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal control relevant to the Company's preparation and fair presentation ofthe financial statements in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of accountingpolicies used and the reasonableness of the accounting estimates made by managements aswell as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand 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 financial statements.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:

1 Identify and assess the risks of material misstatement of the financial statementswhether due to fraud or error design and perform audit procedures responsive to thoserisks and obtain audit evidence that is sufficient and appropriate to provide a basis forour opinion. The risk of not detecting a material misstatement resulting from fraud ishigher than for one resulting from error as fraud may involve collusion forgeryintentional omissions misrepresentations or the override of internal control.

2 Obtain an understanding of internal control relevant to the audit in order to designaudit procedures that are appropriate in the circumstances. Under section 143(3)(i) of theCompanies Act 2013 we are also responsible for expressing our opinion on whether thecompany has adequate internal financial controls system in place and the operatingeffectiveness of such controls.

3 Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by management.

4 Conclude on the appropriateness of management's use of the going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.

5 Evaluate the overall presentation structure and content of the financial statementsincluding the disclosures and whether the financial statements represent the underlyingtransactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the financial statements of thecurrent period and are therefore the key audit matters. We describe these matters in ourauditor's report unless law or regulation precludes public disclosure about the matter orwhen in extremely rare circumstances we determine thata matter should not becommunicated in our report because the adverse consequences of doing so wouldreasonably beexpected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Companies Act 2013 we give in the Annexure A statement on the matters specified inparagraphs 3 and 4 of the Order to the extent applicable.

2. As acquired by section 143(3) of the Act we report that:

a. We have sought and obtain all the information and explanations which to the best ofour 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 theCompany so far as appears from our examination of those books;

c. The Balance Sheet Statement of Profit and Loss and Cash Flow Statement dealt withby this report are in agreement with the books of account;

d. In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014;

e. On the basis of written representations received from the directors as on 31st March2021 and taken on record by the Board of Directors none of the directors is disqualifiedas on 31st March 2021 from being appointed as a director in terms of Section 164 (2) ofthe Act.

f. With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure B";

g. With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

i There is no pending litigation that may have impact on its financial statements.

ii The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii There is no amount to be transferred to Investors Eduction Protection Fund.

h. With respect to the matter to be included in the Auditors' Report under section197(16):

In our opinion and according to the information and explanations given to us theremuneration paid by the company to its directors during the current year is in accordancewith the provisions of Section 197 of the Act.

Annexure A

ANNEXURE TO INDEPENDENT AUDITOR'S REPORT

(Referred to paragraph 1 under the heading of "Report on Other Legal andRegulatory Requirements" of our report of even date.)

(i) (a) The company has maintained proper records showing particulars includingquantitative details and situation of fixed assets.

(b) The fixed assets have been physically verified by the management during the yearand no material discrepancies were noticed on such verification.

(c) The title deeds of immovable properties are held in the name of the company.

(ii) As explained to us physical verification of inventory has been conducted by themanagement at regular intervals during the year in respect of inventory and there are nomaterial discrepancies were noticed.

(iii) According to the information and explanation given to us the Company has notgranted any unsecured loans to companies.

(iv) According to explanation and information given to us In respect of loansinvestments guarantees and security Company has complied the provisions of section 185and 186 of the Companies Act 2013.

(v) In our opinion and according to the information and explanations given to us theCompany has not accepted any deposits from the public. Accordingly paragraph 3(v) of theOrder to comment on whether the Company has complied with the directives issued by theReserve Bank of India and the provisions of Sections 73 to 76 or any other relevantprovisions of the Act and rules framed thereunder is not applicable.

(vi) In our opinion and according to the information and explanations given to usmaintenance of cost records has not been prescribed by the Central Government undersection 148(1) of the Companies Act 2013 for any products of the company.

(vii) (a) According to the information and explanation given to us and the books andrecords examined by us there are no undisputed amounts payable in respect of Income-taxService Tax or GST outstanding as at 31st March 2021 for a period exceeding six monthsfrom the date they became payable.

(b) On the basis of our examination of the documents and records there are no disputedamount pending in respect of any statutory dues.

(viii) Based on our audit procedure and on the information and explanation given by themanagement we are of the opinion that the company has not defaulted in repayment of duesto the bank.

(ix) Company has not raised money by way of Initial Public offer or further publicoffer (including debt instruments) during the year under review. Further company has notapplied proceeds of Term Loans (Long Term) for the purpose of working capitalrequirements.

(x) According to the information and explanation given to us and to the best of ourknowledge and belief no fraud on or by the company has been noticed or reported by thecompany during the year.

(xi) Based on our audit procedure and books examined by us Company has paid managerialremuneration in accordance with the the provisions of section 197 read with Schedule V tothe Companies Act.

(xii) Since the company is not Nidhi Company relevant clause of CARO 2016 is notapplicable to the company.

(xiii) According to information and explanation given to us all transactions with therelated parties are in compliance with sections 177 and 188 of Companies Act 2013 whereapplicable and the details have been disclosed in the Financial Statements etc. asrequired by the accounting standard 18.

(xiv) According to information and explanation given to us the company has not madeany private placement in persuantto section 42 of the Companies Act 2013 during the yearunder review.

(xv) According to information and explanation given to us the company has not enteredinto any non-cash transactions with directors or persons connected with him and companyhas been complied the provisions of section 192 of Companies Act 2013.

(xvi) According to information and explanation given to us the company is not requiredto be registered under section 45-IA of the Reserve Bank of India Act 1934.

Annexure B

INDEPENDENT AUDITORS' REPORT ON INTERNAL FINANCIAL CONTROL

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013

1 We have audited the internal financial controls over financial reporting of SilverTouch Technologies Limited as at 31st March 2021 in conjunction with our audit of theBalance Sheet Statement of Profit & loss. Cash Flow statement & notes formingpart of financial statement.

Management's Responsibility for Internal Financial Controls

2 Management is responsible for establishing and maintaining internal financialcontrols based on the essential components of internal control stated in the Guidance Noteon Audit of Internal Financial Controls Over Financial Reporting ('the Guidance Note')issued by the Institute of Chartered Accountants of India ('the ICAI')". Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business the safeguarding of its assets the prevention and detection offrauds and errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required by The Companies Act 2013('the Act').

Auditor's Responsibility

3 Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note and the Standards on Auditing ('the Standards') issued by the ICAIand deemed to be prescribed under section 143(10) of the Act to the extent applicable toan audit of internal financial controls both issued by the ICAI. Those Standards and theGuidance Note require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether adequate internal financial controlsover financial reporting was established and maintained and if such controlsoperatedeffectively in all material respects.

4 Our audit involves performing procedures to obtain audit evidence about the adequacyof the internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

5 We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

6 Company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. Company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that 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 financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the Company are being made only in accordance with authorizations 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 financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

7 In our opinion Company has in all material respects an adequate internal financialcontrols system over financial reporting and such internal financial controls overfinancial reporting were operating effectively as at 31st March 2021 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note.

For PRIYAM R SHAH & ASSOCIATES
Chartered Accountants
Firm Reg. No. : 118421W
CA Mitesh M Nagar
Partner
M.No. 173787
UDIN: 21173787AAAAHS9767
Ahmedabad
07/06/2021

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