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Silverline Technologies Limited Unlisted Shares

Annual Report: 2022

Year: 2022

Annual Report Summary

The following is a summary of the document:

Silverline Technologies Limited Annual Report 2021-2022

Overview This document presents the 30th Annual Report for Silverline Technologies Limited, covering the financial year 2021-2022. It includes the Chairman's message, key financial highlights, directors' report, corporate governance report, auditor's report, and financial statements. The document also outlines the notices for the Annual General Meeting (AGM), including matters to be transacted and procedures for participation.

Annual General Meeting (AGM) Information

  • The 30th AGM will be held on Friday, March 03, 2023, at 3:00 PM via Video Conferencing (VC)/ Other Audio-Visual Means (OAVM).
  • The register of members and share transfer books will be closed from Friday, February 24, 2023, to Friday, March 03, 2023 (inclusive).
  • E-voting will commence on Tuesday, February 28, 2023, at 09:00 AM and end on Thursday, March 02, 2023, at 5:00 PM.
  • The cut-off date to identify members eligible to vote is Friday, 24th February, 2023.

Matters to be Transacted at the AGM (Ordinary Business):

  1. Adoption of Financial Statements and Reports: To consider and adopt the audited financial statements as of March 31, 2022.
  2. Appointment of Director (Ravi Subramanian): Re-appointment of Mr. Ravi Subramanian (DIN: 02151804), who retires by rotation.
  3. Appointment of Director (Srinivasan Sitapati Pattamadai): Re-appointment of Mr. Srinivasan Sitapati Pattamadai (DIN: 06938100), who retires by rotation.
  4. Re-Appointment of Statutory Auditors: Re-appointment of M/s. JMT Associates as the Statutory Auditors of the Company.

Matters to be Transacted at the AGM (Special Business):

  1. Appointment of Non-Executive, Independent Director (Mrs. Nivedita Sen): To appoint Mrs. Nivedita Sen (DIN: 07796043) as a non-executive, independent director for a term of five years, effective from March 03rd, 2023 up to the conclusion of 35th AGM in the calendar year 2027.
  2. Appointment of Non-Executive, Independent Director (Mr. Tathagata Sarkar): To appoint Mr. Tathagata Sarkar (DIN: 08601775) as a non-executive, independent director for a term of five years, effective from March 03rd, 2023 up to the conclusion of 35th AGM in the calendar year 2027.
  3. Approval for the continuation of appointment for Mr. Taher Mustufa Masalawala (DIN: 08681775) as Non-Executive, Independent Director.

Chairman's Message

  • The Chairman, Ravi Subramanian, acknowledged difficulties in implementing the revival plan due to the inability to mobilize funds because the trading at the BSE is under suspension

  • The company is working to address issues to qualify for the removal of suspension of trading at the BSE.

  • The company has fine-tuned its revival strategy to address market opportunities in the Digital space. The reconstituted Strategic Business Units (SBUs) are as follows:

    • SBU 1: SAP Consulting Services
    • SBU 2: SAP HANA Practice
    • SBU 3: Pharma/Life Sciences - SMB segment
    • SBU 4: Supply Chain Finance
    • SBU 5: Cyber Security Business
    • SBU 6: Digital Business initiatives.
  • The Chairman expressed gratitude to partners, clients, employees, and stakeholders for their support.

Financial Highlights (Year Ended 31st March, 2022)

  • Total Turnover: Rs. 421.30 Lacs (compared to Rs. 345.20 Lacs in the previous year).
  • Gross Profit: Rs. 145.45 Lacs (compared to a loss of Rs. 198.95 Lacs in the previous year).
  • Profit Before Exceptional Item and Tax: Rs. 43.20 Lacs (compared to a loss of Rs. 198.95 Lacs in the previous year).
  • Profit After Exceptional Item and Tax: Rs. 32.95 Lacs (compared to a loss of Rs. 198.95 Lacs in the previous year).
  • Earnings per Share: Rs. 0.054 (compared to Rs. -0.33 in the previous year).

Directors' Report

  • The directors report several positive improvements in the overall functioning of the Company
  • The Board of Directors has been reconstituted, and qualified professionals have been hired.
  • The Company is working to comply with requirements and directions of various regulators.
  • There was no change in the nature of business.
  • The Board does not propose to transfer any amount to the Reserve for the period under consideration.
  • Directors have not recommended any dividend for the current period.
  • No amount has been transferred to the Investor Education & Protection Fund (IEPF), and no amount is lying in Unpaid Dividend A/c of the Company.
  • There were no material changes affecting the financial position of the Company during the year.
  • The company's trading at the BSE is under suspension, and the company is working to resolve outstanding issues to qualify for removal of the suspension.
  • The Company did not have any subsidiary, associate, or joint venture companies.

Directors and Key Managerial Personnel

  • Ravi Subramanian is the Chairman and Executive Director.
  • Srinivasan Sitapati Pattamadai is the Managing Director.
  • Lucy D'Lima, Ramakrishnan Padmanabhan Iyer, and Anupam Singh Kushwah resigned on 09th September 2022
  • Appointments were made under Section 161 of the Companies Act' 2013 in non -executive category of Mrs. Nivedita Sen and Mr. Tathagata Sarkar.
  • Taher Masalawala continues to be on board of the company.

Board Committees:

  • Audit Committee
  • Nomination and Remuneration Committee
  • Stakeholders' Relationship Committee

Other Key Points

  • Internal controls are adequate with reference to financial statements.
  • The Company has established a vigil mechanism.
  • The company is sending the Annual Report through electronic mode to shareholders.
  • The Company has a zero-tolerance policy toward sexual harassment.

Extracted from the Annual Return (Form MGT 9):

  • CIN: L99999MH1992PLC066360
  • Name of the Company: Silverline Technologies Limited
  • Registered Office: Unit No 121, Sdf Iv Seepz Andheri East Mumbai 400 096
  • The financial year ended on March 31, 2022
  • Registrar and Transfer Agents: Link Intime India Private Limited
  • Principal Business Activities of the Company
  • Shareholding of top ten shareholder including Ashwin Shantilal Shah.
  • Indebtedness of the Company including interest outstanding /accrued but not due for payment

Management Discussion and Analysis Report:

  • Discusses the industry structure, investment developments, government initiatives, opportunities and threats, mitigation strategies, and operational performance.
  • Provides an outlook for the IT sector and the company's position.

Auditor’s Report

  • M/s JMT & Associates Chartered Accountants confirmed the financial statements give the information required by the Companies Act, 2013 and give a true and fair view in conformity with the Indian Accounting Standards
  • Auditor’s Report contain opinions related to adequate Internal Financial Controls, Regulatory Requirements.

Conclusion The document provides a comprehensive overview of Silverline Technologies Limited's performance and activities during the financial year 2021-2022, including financial results, strategic direction, governance matters, and information relevant to shareholders. It also outlines the procedures for participating in the upcoming AGM and the company's commitment to compliance and ethical practices.

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