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Silverpoint Infratech Ltd.

BSE: 536073 Sector: Infrastructure
NSE: N.A. ISIN Code: INE890N01019
BSE 00:00 | 21 Nov Silverpoint Infratech Ltd
NSE 05:30 | 01 Jan Silverpoint Infratech Ltd
OPEN 8.00
PREVIOUS CLOSE 8.00
VOLUME 10
52-Week high 8.00
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 16
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 8.00
CLOSE 8.00
VOLUME 10
52-Week high 8.00
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 16
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Silverpoint Infratech Ltd. (SILVERPOINTINF) - Auditors Report

Company auditors report

To the Members of :

SILVERPOINT INFRATECH LIMITED

REPORT ON THE STANDALONE FINANCIAL STATEMENTS

We have audited the accompanying standalone financial statements of SilverpointInfratech Limited ('the Company') . which comprise the balance sheet as at 31stMarch 2020 the statement of proflt and loss and the cash flow statement . for the yearthen ehded and a-summary of significant accounting policies and other explanatoryinformation.

MANAGEMENTS RESPONSIBILITY FOR THE STANDALONE 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 preparationand presentation of these standalone financial statements that give a true "•and fair view of the financial position financial performance and cash flows of theCompany in. accordance with the accounting principles generally accepted in Indiaincluding the Accounting Standards specified under Section 133 of the Act read with Rule7 of the Companies (Accounts) Rules 2014 This responsibility also includes maintenanceof adequate accounting records in accordance with the provisions of the Act forsafeguarding the assets of the Company . and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting : policies;making judgments and estimates that are reasonable and 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 free from material misstatement whether due to fraud orerror.

AUDITOR'S RESPONSIBILITY .:

Our responsibility Is to express an opinion on these standalone financial statementsbased on our audit. .

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included In the audit report-under theprovisions of the Act and the Rules made thereunder.

We conducted our audit in accordance wlth the Standards on Auditing specified underSection 143(10) of the Act. Those \ Standards require that we. comply with ethicalrequirements and plan and perform the audit to obtain reasonable' assurance about whetherthe financial statement are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error in making those risk assessments 'theauditor considers internal financial control relevant to the company's preparation of thefinancial statements that give a .true and fair view In order to design audit proceduresthat are appropriate in the circumstances. An audit also

includes evaluating the appropriateness of the accounting; policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating 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 on the standalone financial statements.

OPINION

in our opinion and to the best of our information and according to the-explanationsgiven to us the aforesaid standalone • financial statements give the ihformationrequired 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 stateof affairs of the Company as at 31st March 2020 and its profit and its cash flows for theyear ended on that date.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by the Companies (Auditor's Report) 0rder/2016 the Order") issuedby the Central Government of

India in terms of sub-section (11) of section 143 of the Act we give in the"ANNEXURE — 2" a statement on the matters specified in the Order to theextent applicable.

2. As required by sub-Section 3 of Section 143 of the Act We report to the extentapplicable that;

(a) We have sought and obtained all the information and explariations which to the bestof our knowledge and beilef were necessary for the purposes of our audit.

(b In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books;

(c) .7 The balance Sheet the statement of proflt and loss and the cash flow statementdealt with by 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 the written representations received from the directors ason 31st March 2020 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2020 from being appointed as a doctor in terms of Section164 (2) of the 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 -1*; and

(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 The Company did not have any pending litigations in its financial statements.

ii. The Company did not have any long term contract including derivative Contractwhich may lead to any foreseable losses.

iii. There has been no delay in transferring amounts requlred to be transferred tothe investor Education and Protection Fund by the Company

ANNEXURE-1

REPORT ON THE INTERNAL FINANCIAL CONTROLS UNDER CLAUSE (l) OF SUB-SECTION 3 OF SECTION143 OF THE COMPANIES ACT..2013 (THE ACT") ‘

We have audited the internal financial controls .over financial reporting OfSilverpoint Infratech limited ("the Company").as Of 31st March 2020 inconjunction. With our audit of the standalone financial statements of the Company for theyear ended on that date.

MANAGEMENT'S RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the intenal control over financial reporting criteriaestablished by the Company considering the essential components : of internal controlstated in the Guidance Note on Audit of Internal Financial Controls over FinancialReporting issued bythe Institute of Chartered Accountants of India ('ICA'). Theseresponsibilities include the design implementation : and maintenance ofadequate internal financial controls that were operating effectively for ensuring theorderly and efficient conduct of its business including adherence to Company's policiesthe safeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the . timely preparation ofreliable financial information as required under the Companies. Act 2013.

AUDITORS' RESONSIBILITY

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 on Audit of Internal Financial Control over Financial Reporting(the "Guidance Note") and the Standards on Auditing -Issued by. ICAI and deemedto be prescribed under section 143 (10) of the companies Act 2013 to the extentapplicable to an audit Of internal financial controls both applicable to an. audit ofinternal Financial Controls and both Issued by the Institute of Chartered Accountants ofIndia. Those Standards end the Guidance. Note require thatwe‘comply-with.ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal financial controls over financialreporting was established and maintained and if such controls operated effectively in allmaterial respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe 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.

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 control systemover financial reporting.

MEANING OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING

A Company's Internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliabilityof financial reporting and thepreparation financial statements for external purposes in accordance with generallyaccepted accounting principles. A Company's Internal financial control over financial :reporting 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 assurancethat transactions are recorded as necessary to perrnit preparation of financial statementsin - accordance 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 statement. .

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

In our opinion the Company has in all material respects an adequate Internalfinancial controls system over financial . reporting and such internal financial controlsover financial reporting were operating effectively as at 31st March . 2020 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the institute of CharteredAccountants of India.

ANNEXURE"2

AUDITORS REPORT AS PER THE COMPANIES (AUDITOR'S REPORT)ORDER 2016 ON THE STANDALONEFINANCIAL STATEMENTS:

1) PROPERTY PLANT & EQUIPMENT [Clause 3(l)]

Following matters shall be Included in auditor's report relatlng to Fixed. Assets ofthe Company.

a) The Company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets.

b) These fixed assets have been physically verified by the management reasonableintervals; no any material discrepancies were noticed on such verification and the samehas been properly dealt in the books of accounts. •

c) The title deeds of immovable properties are held in the name of the Company

2) INVENTORY [Clause 3(ii)]

The Company has ho Inventory. Accordingly; clause 2(a) 2(b) & 2(c) of theCompanies. (Auditors' Report) order 2015 is not applicable on the Company

3) LOAN GIVEN BY COMPANY [Clause 3(iii)]

The Company has not granted any loans secured or unsecured to Companies Firms orother parties listed in the register maintained pursuant to provision of section 189 ofthe Companies Act 2013

4) LOAN TO DIRECTORS AND INVESTMENT BY COMPANY [Clause 3(iv)]

In respect of loans Investments guarantees and security the provisions Of section185 and 186 of the Companies Act; 2013 have been complied with.

5) DEPOSITS [Clause 3(v)]

According to the information and explanation given to us the Company has. not accepteddeposits from the public during financial year under audit

6) COST RECORDS [clause 3(Vl)]

In put opinion and according td .information and explanation given to usthe Companydoes not manufacturing any goods and the provision related to maintenance of cost recordsby the Company under sub section' (1) of section 148 of Companies Act 2013 for any of itsproducts as prescribed by Central Government are not applicable

7).. STATUTORY DUES[Clause3(vii)]

Following matters shall be reported for statutory dues and disputed for tax and duties

a) The Company is regular in depositing undisputed statutory dues including providentfund employees' state insurance Income-tax sales-tax service tax duty of customs dutyof excise value added tax cess and any other statutory dues have been regularly paid tothe appropriate authorities.

b) According to the information and explanations given to us there are no dues ofincome tax or sales . tax or service tax or duty of customs or duty of excise or valueadded tax which have not been.deposited on account of any dispute.

8) REPAYMENT DUES [Clause 3(viii)] i

Based on our per the information & explanations given by the management we are ofthe opinion the company has not defaulted in repayment of loans or borrowing to afinancial Institutionbank>Government or dues to debenture holders

9) UTILISATION OF INTIAL AND FURTHER PUBLIC OFFER [Clause 3(ix)]

In our-opinion and according to information and explanations given to us the Companyhas not raised any money by way of initial public offer or further public offer(includingdebt instruments) and term loans.

10) FRAUD [Clause 3(x)]

No fraud has been noticed or reported on or by the Company during the year

11) APPROVAL OF MANAGERIAL REMUNERATION [Clause 3(xi)]

The managerial remuneration has been paid or provided during the year in accordancewith the requisite: approvals mandated by the provisions of section 197 readwith Schedule V to the Companies Act. -

12) NlDHI COMPANY [Clause 3(xii)]:

in our opinion and according to information and explanations given to us clause (xii)of para 3 to Companies (Auditor's Report) Order 2016 w.r.t. Nidhi Company is notapplicable to Company.

13) RELATED PARTY TRANSACTION [Clause 3(xiii)]

in our opinion all transactions with the related parties are in compliance withsections 177 and 188 of Companies Act 2013 where applicable and the details have beendisclosed in the Financial Statements etc. as required by the applicable accountingstandards

14) PRIVATE PLACEMENT AND PREFERENTIAL ISSUES[Clause 3(xiv)]

The Company has not made any preferential allotment or private placement of shares orfully or partly convertible debentures during the year.

15) NON CASH TRANSACTION [Clause 3(xv)] .

The Company has not entered into any non-cash transactions with directors:

16) REGISTER WITH RBI ACT 1934[Clause 3(xvi)]

The Company is not required to be registered under section 45-lA of the Reserve Bankindia Act1934.

For SARP & ASSOCIATES
Chartered Accountants
FRN No.-007375C
SHAILESH AGARWAL
Place; Howrah Partner
Date :31st July 2020 Membership No. -063220

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