Silverline Technologies Ltd Directors Report.

TO THE MEMBERS OF SILVERLINE TECHNOLOGIES LIMITED. Reports on the Financial Statements

We have audited the accompanying financial statements of M/s. SILVERLINE TECHNOLOGIES LIMITED ("the Company") which comprise the Balance Sheet as at 31st March,2018, the Statement of Profit & Loss and Cash Flow Statement and statement of change in the equity for the year then ended and a summary of significant accounting policies and other explanatory information.

Managements Responsibility for the Financial Statements

The Companys Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial 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 includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring and accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair whether due to fraud or error.

Auditors Responsibility

Our responsibility is to express an opinion on these financial statements based on our 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 there under.

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.

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 auditors 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 the internal financial control relevant to the Companys preparation of the financial statements that give a true and fair view in 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 controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Companys Directors, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide 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 explanations given to us, the financial statements give the information required 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 including the Ind AS specified in section 133 of the Act, of the state of affairs of the Company as at 31st March,2018 and its loss and its cash flows and the change in equity for the year ended on that date.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditors Report) Order, 2015 ("the Order") issued by the Central Government of India in terms of

Section 143(11) of the Act, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order.

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 best of 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 the Company so far as it appears from our examination of those books; c. The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement dealt with by this Report are in agreement with the books of account; d. In our opinion, the aforesaid 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 written representations received from the directors as on date new board reconstituted in the EGM of the company held on 3st July,2018 in place of promoters / Directors who was disqualified under the notification notify by the MCA f. With respect to the other matters to be included in the Auditors Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us: (i) The Company has, in accordance with the generally accepted accounting practice, disclosed the impact of pending litigations on its financial position in its financial statements.

(ii) The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses under the applicable law or accounting standards.

For JMT & ASSOCIATES

Chartered Accountants (Registration no.104167W)

Arun S. Jain

Partner M. no: 043161

Place : Mumbai

Dated : 3rd August,2018

ANNEXURE TO INDEPENDENT AUDITORS REPORT

Referred to in the Auditors Report of even date to the members of SILVERLINE TECHNOLOGIES LIMITED, MUMBAI on the financial statements for the year ended 31 st March,2018

(i) In respect of its fixed assets: a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of available information. b) As explained to us, the management during the year has physically verified the fixed assets in a phased periodical manner, which in our opinion is reasonable, having regard to the size of the Company and nature of its assets. no material discrepancies were noticed on such physical verification. c) In our opinion, the Company has not disposed off substantial part of fixed assets during the year and the going concern status of the Company is not affected. a) As explained to us, the Company did not have any physical stock during the year under report. b) In our opinion and according to the information and explanations given to us, our comments on matters specified in clause of the Order are not required. (iii) In respect of loans, secured or unsecured granted by the Company to companies, firms or other parties covered in the register maintained under section 189 of the Companies Act, 2013: a) The Company has given loans or advances to one such party. in respect of such loans or advances the maximum amount outstanding at any time during the year was Rs 331 Lacs. b) n our opinion and according to the information and explanations given to us, the rate of interest, wherever applicable andi other terms and conditions of the loans or advances given by the Company, are prima facie not prejudicial to the interest of the Company. no interest charge during the year under report. c) The loans or advances given by the Company to such parties are repayable on demand. no interest charge onsuch account during the year.

d) n respect of the said loans or advances and interest thereon, there are no overdue amounts.i iv) in our opinion, and according to the information and explanations given to us, the Company has adequate internal control procedures commensurate with the size of the Company and the nature of its business with regards to purchase of fixed assets and for the sale of services. During the course of our audit, we have not observed any major weaknesses in internal controls. v) The Company has not accepted any Fixed Deposits from the public other than from director and their relatives. vi) The Central Government has not prescribed maintenance of cost records pursuant to section 148(1) of the companies Act, 2013. Therefore the provision of clause (vi) of paragraphs 3 of the Order are not applicable to the Company. vii) a) According to the information and explanations given to us, company has defaulted in depositing the undisputed statutory dues in respect of Professional Tax , income tax deducted at Source by it . b) As regards the disputed statutory liabilities – Based on the representation by the Management, we report that there are disputed income tax liabilities of Rs. 15206 lakhs in respect of the Assessment Years 2002-03; 2003-04: 2004-05 2011-12 and 2012-13 as on date of our reporting. Details of authorities before whom the tax proceedings are pending have not been provided to us and we are also not able to comment on the outcome of income tax proceedings and consequential total income tax liabilities The company has not filed income tax return from assessment year 2013-14 onwards. viii) The company have accumulated losses at the end of the year. ix) According to the information and explanation giver to us by the management and based on our examination of the record, we are of the opinion the Company has not defaulted in repayment of dues if any to the financial institutions, Banks & debenture holders. x) According to the information and explanation given to us, the Company has not given guarantee in respect loans taken by other companies from Banks and financial institutions . xi) During the year, the Company has not raised any money by way of public issue and the question of disclosing the end use of money by the management does not arise. xii) During the course of our examination of the books and records of the company, carried out in accordance with the generally accepted auditing practices in India and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the Company, noticed or reported during the year, nor have we been informed of any such case by the management.

For JMT & ASSOCIATES

Chartered Accountants (Registration no.104167W)

Arun S. Jain

Partner M. no: 043161

Place : Mumbai

Dated : 3rd August,,2018