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SVC Resources Ltd.

BSE Live

Mar 11, 16:00
1.87 0.00 (0.00%)
Volume
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61
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    1.87

  • Open Price

    1.87

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    1.87 (150)

SVC Resources is not traded on BSE in the last 30 days

NSE Live

Dec 27, 11:22
NT* 0.00 (0.00%)
Volume
No Data Available
0
  • Prev. Close

    -

  • Open Price

    -

  • Bid Price (Qty.)

    - (0)

  • Offer Price (Qty.)

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SVC Resources is not listed on NSE

Annual Report

For Year :
2015 2014 2013 2012 2011 2010 2009 2008 2007

Auditor's Report

We have audited the accompanying financial statements of SVC Resources Limited (''the Company''), which comprise the Balance Sheet as at March 31, 2015, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information. Management''s Responsibility for the Financial Statements The Company''s Board of Directors is responsible for the preparation of these financial statements in terms of the requirements of the Companies Act, 2013 (''the Act'') that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules, 2014. The respective Board of Directors of the Company are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the respective assets of the Company and for preventing and detecting frauds and other irregularities; the selection and application of appropriate accounting policies; making judgements and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of these financial statements by the Board of Directors of the Company. Auditor''s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. While conducting the audit, we have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. Page 37 of 51 An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company''s preparation and presentation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial control system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company''s Board of Directors, as well as evaluating the overall presentation of the financial statements. Basis for Disclaimer of Opinion So far as information and explanations given to us, the Old Management of the Company was removed in an Extraordinary General Meeting held on January 11, 2014 and supported by the an order of the Company Law Board, Delhi dated April 4, 2014. Thereafter, the Old Management did not hand over books of accounts, statutory records, minutes books, bank statements, subsidiary details and any other records/documents to the New Management. Since then, the New Management of the Company is engaged in a legal battle with the Old Management. As such, the Company does not have books of accounts or any other records. In this regard, the Company had filed petition with the Company Law Board, Delhi. The case was decided in favour of the New Management on June 4, 2015. However, the New Management are yet to receive the books of accounts and other records of the company from the Old Management. We have not been able to access the books of accounts and other records of the company; the elements making up the Balance Sheet and the Statement of Profit and Loss and Cash Flow. Disclaimer of Opinion Because of the significance of the matters described in the Basis of Disclaimer of Opinion paragraph, we have not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion. Accordingly, we do not express an opinion on the financial statements. Report on Other Legal and Regulatory Requirements 1. As required by the Companies (Auditor''s Report) Order, 2015 (''the Order''), issued by the Central Government of India in terms of Section 143 (11) of the Act, based on the comments in the auditors'' report of the Company, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable. 2. As required by Section 143 (3) of the Act, we report, to the extent applicable, that: a. Due to the effects of the matter described in the Basis for Disclaimer of Opinion paragraph, we have sought but not obtained any of the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit of the financial statements. b. Due to the effects of the matter described in the Basis for Disclaimer of Opinion paragraph, we do not express an opinion on whether proper books of account as required by law relating to preparation of the financial statements have been kept. c. Due to the effects of the matter described in the Basis for Disclaimer of Opinion paragraph, we are able to opine on whether the Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement dealt with by this Report are in agreement with the relevant books of account maintained for the purpose of preparation of the financial statements. d. Due to the effects of the matter described in the Basis for Disclaimer of Opinion paragraph, we do not express an opinion on whether the financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. e. On the basis of the written representations received from the Directors of the Company as on March 31, 2015, taken on record by the Board of Directors of the Company, none of the Directors of the Company is disqualified as on March 31, 2015 from being appointed as a Director in terms of Section 164 (2) of the Act. f. With respect to the other matters to be included in the Auditors'' Report in accordance with Rule 11 of the Companies (Audit and Auditor''s) Rules, 2014: i. Due to the effects of the matter described in the Basis for Disclaimer of Opinion paragraph, we do not express an opinion on whether the Company has disclosed the impact of pending litigations on the financial position in its financial statements as of March 31, 2015. ii. Due to the effects of the matter described in the Basis for Disclaimer of Opinion paragraph, we do not express an opinion on whether the Company has made provisions in its financial statements, as required under the applicable law or accounting standards, for material foreseeable losses on long term contracts. iii. Due to the effects of the matter described in the Basis for Disclaimer of Opinion paragraph, we do not express an opinion on whether there has been any delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company Annexure to Independent Auditors'' Report (Referred to in paragraph 1 under Report on Other Legal and Statutory Requirements section of our report of even date) 1. In respect of the fixed assets of the Company: a. Due to the effects of the matter described in the Basis for Disclaimer of Opinion paragraph, we do not express an opinion on whether the respective entities have maintained proper records showing full particulars, including quantitative details and situation of fixed assets. b. Due to the effects of the matter described in the Basis for Disclaimer of Opinion paragraph, we do not express an opinion on whether the fixed assets were physically verified during the year by the Management of the respective entities in accordance with a regular programme of verification which provides for physical verification of the fixed assets at reasonable intervals. 2. In respect of the inventories of the Company: a. Due to the effects of the matter described in the Basis for Disclaimer of Opinion paragraph, we do not express an opinion on whether the inventories were physically verified during the year by the Management of the Company at reasonable intervals. b. Due to the effects of the matter described in the Basis for Disclaimer of Opinion paragraph, we do not express an opinion on whether the procedures of physical verification of inventories followed by the respective Management were reasonable and adequate in relation to the size of the Company and the nature of their business. c. Due to the effects of the matter described in the Basis for Disclaimer of Opinion paragraph, we do not express an opinion on whether the Company has maintained proper records of its inventories. 3. Due to the effects of the matter described in the Basis for Disclaimer of Opinion paragraph, we do not express an opinion on whether the Company has granted any loans, secured or unsecured, to companies, firms or other parties covered in the Registers maintained under Section 189 of the Act by the respective entities. 4. Due to the effects of the matter described in the Basis for Disclaimer of Opinion paragraph, we do not express an opinion on whether there is an adequate internal control system commensurate with the size of the Company and the nature of their business respectively with regard to purchase of inventory and fixed assets and the sale of goods and services. 5. Due to the effects of the matter described in the Basis for Disclaimer of Opinion paragraph, we do not express an opinion on whether the Company has accepted deposits during the year and do not have any unclaimed deposits. 6. The provisions of clause 3 (vi) of the Order are not applicable to the Company as the Company is not covered by the Companies (Cost Records and Audit) Rules, 2014. 7. According to the information and explanations given to us, in respect of statutory dues of the Company: a. Due to the effects of the matter described in the Basis for Disclaimer of Opinion paragraph, we do not express an opinion on whether the Company has generally been regular in depositing undisputed statutory dues, including Provident Fund, Employees'' State Insurance, Income Tax, Sales Tax and Value Added Tax, Wealth Tax, Service Tax, duty of Customs, duty of Excise, Cess and other material statutory dues applicable to it with the appropriate authorities.page 40 0f 51 b. Due to the effects of the matter described in the Basis for Disclaimer of Opinion paragraph, we do not express an opinion on whether there were no undisputed amounts payable in respect of Provident Fund, Employees'' State Insurance, Income Tax, Sales Tax and Value Added Tax, Wealth Tax, Service Tax, duty of Customs, duty of Excise, Cess and other material statutory dues in arrears as at March 31, 2015 for a period of more than six months from the date they became payable. c. Due to the effects of the matter described in the Basis for Disclaimer of Opinion paragraph, we do not express an opinion on whether there were no dues of Income Tax, Sales Tax, Value Added Tax, Service Tax, Wealth Tax, duty of Customs, duty of Excise and Cess which have not been deposited as at March 31, 2015 on account of dispute. d. Due to the effects of the matter described in the Basis for Disclaimer of Opinion paragraph, we do not express an opinion on whether the Company has been regular in transferring amounts to the Investor Education and Protection Fund in accordance with the relevant provisions of the Companies Act, 1956 and Rules made thereunder within time. 8. The Company has accumulated losses. The Company has incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year. 9. Due to the effects of the matter described in the Basis for Disclaimer of Opinion paragraph, we do not express an opinion on whether the Company has defaulted in repayment of dues to a bank during the year and did not have any amount outstanding to financial institutions or debenture holders. 10. Due to the effects of the matter described in the Basis for Disclaimer of Opinion paragraph, we do not express an opinion on whether the Company has given guarantees for loans taken by others from banks and financial institutions. Therefore, the provisions of the clause 3 (x) of the Order are not applicable to the Company. 11. Due to the effects of the matter described in the Basis for Disclaimer of Opinion paragraph, we do not express an opinion on whether the Company has availed any term loan during the year. 12. Due to the effects of the matter described in the Basis for Disclaimer of Opinion paragraph, we do not express an opinion on whether any fraud on or by the Company has been noticed or reported during the year. However, suspected frauds were detected in the previous year''s audit of the Company which, when confirmed, can have significant effect on the financial statements of the Company. We reproduce the observations made in the previous year''s Audit Report; The order of the Company Law Board dated June 4, 2015 has created doubts over the genuineness of the balances of loans and advances taken and given, creditors, debtors and cash. We suspect that the Old Management conducted fraudulent activities against the Company. The Company has already filed a complaint against the Old Management with the Economic Offences Wing (EOW). The exact nature of the frauds is not ascertainable because of the significance of the matters described in the Basis of Disclaimer of Opinion Paragraph. For D N Khatri & Associates Chartered Accountants Firm Registration No. 133251W Place Mumbai Deepesh Khatri Proprietor Date September 2, 2015 Membership No. 143579