We have audited the attached Balance Sheet of M/s. SILICON VALLEY
INFOTECH LIMITED, as at 31 st March, 2012 and also the Statement of
Profit and Loss for the year ended on that date annexed thereto. These
financial statements are the responsibility of the Company''s
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. These standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
Further, we report that:
1. We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
2. In our opinion, proper books of accounts as required by law, have
been kept by the Company so far as appears from our examination of
those books ;
3. The Balance Sheet and Profit and Loss Account dealt with by this
report are in agreement with the books of account;
4. In our opinion, the Balance Sheet and Profit & Loss Account dealt
with by this report comply with the accounting standards referred to in
sub-section (3C) of Section 211 of the Companies Act, 1956, to the
5. On the basis of written representations received from the
directors, as on 31 st March, 2012 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March, 2012 from being appointed as a Director in terms of clause
(g) of sub-section (1) of Section 274 of the Companies Act, 1956 ;
6. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, 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 31st March, 2012.
b) In the case of the Profit & Loss Account, of the Profit for the year
ended on that date.
c) In the case of Cash Flow Statement of the cash flows for the year
ended on that date.
7. As required by the Companies (Auditor''s Report) Order, 2003, and as
amended by the Companies (Auditor''s Report), (Amendment) Order, 2004
issued by the Central Government of India in terms of
sub-section (4A) of Section 227 of the Companies Act, 1956, we enclose
in the annexure a statement on the matters specified in paragraph 4 and
5 of the said Order.
(Referred to in Paragraph 7 of our Report of even date on the Accounts
of Silicon Valley infotech Limited as on 31.03.2012J
1. (a) The Company has maintained proper records showing fuli
particulars including quantitative details and situation of fixed
(b) Fixed Assets have been physically verified by the management of the
Company during the year, which in our opinion is reasonable having
regard to the Company and the nature of its fixed assets.
(c) There is no disposal of fixed assets during the year.
2. (a) As explained to us, the inventory has been physically verified
during the year by the management.
In our opinion, the frequency of verification is reasonable.
i (b) In our opinion and according to the information and explanation
given to us, the procedures of physical verification of inventory
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
(c) In our opinion and according to the information and explanations
given to us, and on the basis of our examination of the records of
inventory, the Company is maintaining proper records of inventory.
The discrepancies noticed on physical verification of inventory as
compared to the book records were not material and have been properly
dealt with in the books of account.
3. The Company has neither given nor taken any loan, secured and
unsecured loans, to/from any Company, firms or other parties covered in
the register maintained under section 301 of the Act.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control system commensurate
with the size of the Company and nature of its business with regard to
the purchase of inventory and fixed assets, and with regard to the sale
of goods & services. During the course of our audit, no major weakness
has been noticed in the internal controls.
5. There were no transactions that need to be entered in the register
maintained under Section 301 of the Companies Act, 1956.
6. In our opinion and according to the information and explanations
given to us, the Company has not accepted deposits from the public and
therefore, the provisions of the Section 58A and 58AA of the Companies
Act, 1956 and rules there under are not applicable to the Company.
7. In absence of any Internal Audit Report, we are not in a position
to state whether internal audit system commensurate with the size and
the nature of its business.
8. To the best of our knowledge and as explained, the Central
Government has not prescribed maintenance of cost records under clause
(d) of sub-section (1) of Section 209 of the Companies Act, 1956 for
the products of the Company.
9. (a) According to the records of the Company and information and
explanations given to us, the
Company has been regular in depositing undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Customs
Duty, Excise Duty, Service Tax & Cess and other statutory dues with the
appropriate authorities during the year.
(b) There were no disputed amount payable in respect of Provident Fund,
Investor Education and Protection Fund, Employees State Insurance,
Income Tax, Sales Tax, Wealth Tax, CustomDuty, Excise Duty, Service
Tax, cess and other material statutory dues in arrears as at 31st
March, 2012 for a period of more than six months from the date it
10. The Company does not have accumulated losses as at the end of the
year and the Company has not incurred cash losses during current and
the immediately preceding financial year.
11. Based on our audit procedures and on the basis of information and
explanations given by the management, we are of the opinion that
Company has not defaulted in the repayment of dues to financial
institutions, banks and debenture holders.
12. According to the information and explanations given to us, the
Company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
13. In our opinion and according to the information and explanations
given to us, the nature of activities of the Company does not attract
any special statute applicable to chit fund and nidhi / mutual benefit
fund / societies.
14. Based on the records examined by us and according to the
information and explanations given to us, we are of the opinion that
the Company is maintaining proper record of the transactions and
contracts of dealing in shares and securities and that timely entries
have been made in these records.
15. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from bank
and financial institutions.
16. To the best of our knowledge and belief and according to the
information and explanations given to us, the Company were, prima
facie, applied by the Company during the year for the purpose for which
loans were obtained.
17. According to the information and explanations given to us and
overall examination, we report that no fund raised on short-term basis
have used for long-term investment.
18. The Company has not made any preferential allotment of shares to
parties or companies covered in the register maintained under Section
301 of the Companies Act, 1956.
19. The.Company has not issued any debentures.
20. The Company has not raised any money through a public issue during
21. Based on information and explanation furnished by the management,
which have been relied upon by us, there were no frauds on or by the
Company noticed or reported during the year.
For P. K. AJITSARIA & CO.
FRN 317046E Pawan Kumar Ajitsqria
Place : Kolkata Partner
Dated : The 25th day of May, 2012 Membership No. 53109