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Svam Software Ltd.

BSE: 523722 Sector: IT
NSE: N.A. ISIN Code: INE119B01018
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NSE 05:30 | 01 Jan Svam Software Ltd
OPEN 0.69
PREVIOUS CLOSE 0.69
VOLUME 151
52-Week high 0.93
52-Week low 0.37
P/E 8.63
Mkt Cap.(Rs cr) 1
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 0.69
CLOSE 0.69
VOLUME 151
52-Week high 0.93
52-Week low 0.37
P/E 8.63
Mkt Cap.(Rs cr) 1
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Svam Software Ltd. (SVAMSOFTWARE) - Auditors Report

Company auditors report

TO THE MEMBERS OF SVAM SOFTWARE LIMITED Report on standalone financial statements

We have audited the accompanying financial statements of Svam Software Limited("the Company") which comprise the Balance Sheet as at March 31 2017 and theStatement of Profit and Loss and statement of cash flows for the year then ended and asummary of the significant accounting policies and other explanatory information.

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 financial statements that give a true and fair view of the financial position andfinancial performance and the cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the standalonefinancial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

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 there under.

We conducted our audit of the standalone financial statements in accordance with theStandards on Auditing specified under Section 143(10) of the Act. Those Standards requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the standalone financial statements. The procedures selected depend onthe auditor's judgment including the assessment of the risks of material misstatement ofthe standalone financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to the Company'spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of the accounting policies used and the reasonableness ofthe accounting estimates made by the Company's Directors as well as evaluating theoverall presentation of the standalone financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide 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 explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at March31 2017 and its Profits and the cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. 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 bestof 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 theCompany so far as it appears from our examination of those books.

(c) The Balance Sheet the Statement of Profit and Loss and statement of cash flowsdealt with by this Report are in agreement with the relevant 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 as on March31 2017 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2017 from being appointed as a director in terms of Section 164 (2) of theAct.

(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 A".

(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 e xplanations given to us:

i. The Company does not have any pending litigations which would impact its financialposition

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

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

iv. The Company has provided requisite disclosures in its Standalone financialstatements as to holdings as well as dealings Specified Bank Notes (SBNs) as defined inthe Notification S.O. 3407(E) dated November 8 2016of the ministry of finance during theperiod from November 08 2016 to December 31 2016 and these are in accordance with thebooks of accounts maintained by the company and as produced by the management.

2. As required by the companies (auditor's report) Order 2016 ('The Order') issued bythe central government in terms of section 143(11) of the Act we give in 'Annexure B' astatement on the matters specified in paragraphs 3 and 4 or the order.

For Moon And Company

Chartered Accountants

(Firm's Registration No. 024693N)

MOON GOYAL

(Partner)

Membership Number: 523034

Place: New Delhi

Date: May 29 2017

ANNEXURE A TO THE INDEPENDENT AUDITORS' REPORT

(Referred to in paragraph 1(f) under 'Report on other Legal and regulatoryrequirements' section of our report of even date)

Report on the Internal Financial Controls under Clause (I) of sub section (3) ofSection 143 of The Companies Act 2013 ('the Act')

We have audited the internal financial controls over financial reporting of SvamSoftware Limited ("the Company") as of March 31 2017 in conjunction with ouraudit of the standalone financial statements of the Company for the year ended on thatdate.

Management's Responsibility for the Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on internal control over financial reporting criteria establishedby the Company considering the essential components of internal control stated in theGuidance Note of Audit of Internal Financial Controls over Financial Reporting issued bythe Institute of Chartered Accountants of India ('ICAI'). These responsibilities includedesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to the Company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

Auditor's Responsibility

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 accordance with Guidance Note of Audit of Internal FinancialControls over Financial Reporting (the 'Guidance Note') and the Standards on Auditingprescribed under Section 143(10) of the Companies Act 2013 to the extent applicable toan audit of internal financial controls both applicable to an audit of Internal FinancialControls and both issued by the Institute of Chartered Accountants of India. ThoseStandards and the Guidance note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting were established and maintained and if suchcontrols operated effectively in all material aspects.

Our audit involves performing procedures to obtain audit evidence about adequacy of theinternal financial controls over financial reporting and their operating effectiveness.Our audit of internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditors' judgment including the assessment of the risks of materialmisstatement of the Standalone 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 controls systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedreasonable assurance regarding the reliability of financial reporting and preparation offinancial statements for external purpose in accordance with generally accepted accountingprinciples. A company's internal financial control over financial reporting included thosepolicies and procedures that (1) pertain to the maintenance of records that in reasonabledetail accurately and fairly reflect the transactions and disposition of the assets ofthe company; (2) provide reasonable assurance that transaction are recorded as necessaryto permit preparation of financial statements in accordance with generally acceptedaccounting principles and that receipts and expenditures of the company are being madeonly in accordance with authorizations of the Management and directors of the company; and(3) provide reasonable assurance regarding prevention or timely detections of unauthorizedaccusation use or disposition of the company's assets that could have a material effecton the standalone financial statement.

Inherent Limitations of Internal Financial Control over Financial Reporting

Because of the inherent limitations of internal financial control 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 internal financial control over financial reportingto future periods are subject to the risk that the internal financial control overfinancial reporting may become inadequate because of changes in conditions or that thedegree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion to the best of our information and according to explanations given tous the company has in all material respects an adequate the internal financialcontrols system over financial reporting and such internal financial controls overfinancial reporting were operating effectively as at March 31 2017 based on the internalcontrol over financial reporting criteria established by the Company considering theessential components of internal control stated in the Guidance Note of Audit of InternalFinancial Controls over Financial Reporting issued by the Institute of CharteredAccountants of India.

For Moon And Company

Chartered Accountants

(Firm's Registration No. 024693N)

MOON GOYAL

(Partner)

Membership Number: 523034

Place: New Delhi

Date: May 29 2017

Annexure B to the Independent Auditors' Report

[Referred to in paragraph 2 under 'Report on Other Legal and Regulatory Requirements'of our Report of even date]

(i) In regards of the Property plant & equipment:

(a) The Company has maintained proper records showing full particulars includingquantitative details and situation of the Property plant & equipment.

(b) As explained to us fixed assets have been physically verified by the managementduring the year in accordance with the Regular programme of verification adopted by themanagement which in our opinion provides for physical verification of all the Propertyplant & equipment at reasonable intervals. According to the information andexplanations given to us no material discrepancies were noticed on such verification.

(c) In our opinion and according to the information and explanations given to us andthe records examined by us all Immovable properties are held in the name of the company.

(ii) (a) As explained to us the inventories of finished goods semi-finished goodsstores spare parts and raw materials were physically verified at the end of the year bythe Management. In case of inventories lying with third parties certificates of stocksholding have been received.

(b) In our opinion and according to the information and explanation given to us theprocedures of physical verification of inventories followed by the Management werereasonable and adequate in relation to the size of the Company and the nature of itsbusiness.

(c) As explained to us no material discrepancies were noticed on physical verificationof stocks as compared to relevant book records.

(iii) According to the information and explanations given to us the Company hasgranted interest free unsecured loans to two wholly owned subsidiary companies covered inthe Register maintained under Section 189 of the Companies Act 2013; and the provisionsof Clause 3(iii)[(a)(b)(c)] of the said Order are not applicable to the Company as theyare wholly owned companies.

(iv) To the best of our information and Explanations given to us the company has givenloans to its wholly owned companies and not given any guarantees and security according toprovisions of section 185 and 186 of the Companies Act 2013: and therefore the provisionof Clause 3(iv) of the said Order is not applicable to the Company.

(v) Based on our scrutiny of the company's records and according to the information andexplanation provided by the management in our opinion the Company has not accepted anydeposits from the public within the meaning of Rule 2 of the Companies (Acceptance ofDeposits) Rules 2014 or any directives issued by the Reserve Bank of India.

(vi) As informed to us the Central Government has prescribed for maintenance of costrecords under subsection (1) of Section 148 of the Act and company has been maintainedsuch accounts and records.

(vii) In respect of statutory dues:

(a) According to the records of the Company and information and explanations given tous the Company has generally been regular in depositing undisputed statutory duesincluding Income Tax Tax Deducted at Sources Service Tax and other material statutorydues applicable to it with the appropriate authorities.

(b) According to the information and explanations given to us there were no undisputedamounts payable in respect of Income Tax Tax Deducted at Source Service Tax and othermaterial statutory dues in arrears/were outstanding as at March 31 2017 for a period ofmore than six months from the date they became payable.

(viii) In our opinion and according to the information and explanations given to usthe Company has not defaulted in the repayment of dues to financial institutions andbanks. The company does not have any loans or borrowings from banks or governments and hasnot issued any debentures.

(ix) The company has not raised any money from initial public offer or further publicoffer (including debt instruments) or term loans and hence reporting under clause 3(ix) oforder is not applicable.

(x) To the best of our knowledge and according to the information and explanationsgiven to us no fraud by the Company and no material fraud on the Company by its officersor employees has been noticed or reported during the year.

(xi) In our opinion and according to the information and explanation given to us thecompany has paid/provided managerial remuneration in accordance with the requisiteapprovals mandated by the provisions of the section 197 read with schedule V of the Act.

(xii) In our opinion and to the best of our information and according to theexplanations given by the management we are of the opinion that the company is not aNidhi. Hence in our opinion the requirements of Clause 3(xii) of the Order do not applyto the company.

(xiii) In our opinion and to the best of our information and according to theexplanations given by the management Transactions with the related parties are incompliance with sections 188 of Companies Act 2013 and disclosed in Note No -24 ofFinancial Statements for the year ended March 31 2017 and section 177 of Companies Act2013 is not applicable to the said company.

(xiv) The Company has not made any preferential allotment of shares to parties duringthe year. Accordingly the provisions of Clause 4(xiv) of the Order are not applicable tothe Company.

(xv) In our opinion and to the best of our information and according to theexplanations given by the management the company has not entered into any non-cashtransactions with directors or persons connected with him. Accordingly the provisions ofClause 4(xv) of the Order are not applicable to the Company.

(xvi) In our opinion and to the best of our information and according to theexplanations given by the management the company is not required to be registered undersection 45-IA of the Reserve Bank of India Act 1934. Accordingly the provisions ofClause 4(xvi) of the Order are not applicable to the Company.

For Moon And Company

Chartered Accountants

Firm Registration No.: 024693N

MOON GOYAL

(Partner)

Membership No.: 523034

Place: New Delhi

Date: May 29 2017