Annual Report: 2023
Silverline Technologies Limited - 31st Annual Report Summary (2022-2023)
Overview: Silverline Technologies Limited presents its 31st Annual Report for the fiscal year 2022-2023. The report includes a message from the Chairman, Board of Director information, Auditor information, details about the Annual General Meeting, Director's Report, Corporate Governance Report, and Audited Financial Statements. The company emphasizes innovation, excellence, and delivery as its core values. The annual general meeting is scheduled for February 22nd, 2024.
Board of Directors: The Board includes Ravi Subramanian (Chairman and Executive Director), Srinivasan Pattamadai (Executive Director), Tahir Masalawala (Non-Executive, Non-Independent Director), Nivedita Sen (Non-Executive, Non-Independent Director), and Tathagata Sarkar (Non-Executive, Non-Independent Director).
Chairman's Message: The Chairman expresses pleasure in welcoming stakeholders to the 31st AGM. The Company successfully completed compliance requirements and addressed payment obligations to institutions like NDSL, CDSL, ROC, SEEPZ, and BSE. The management is close to obtaining the removal of suspension in trading from BSE Limited. The company is focused on high growth and emerging technology areas, planning for inorganic Mergers and Acquisitions and establishing a Silverline footprint in geographies with opportunities in emerging technologies.
AGM Details and Resolutions: The 31st AGM will be held on Thursday, February 22, 2024, via video conferencing. Key items on the agenda include adopting the audited financial statements for the year ending March 31, 2023, re-appointing Srinivasan Sitapati Pattamadai as a Director, re-appointing JMT Associates as Statutory Auditors, and appointing Nivedita Sen and Tathagata Sarkar as Non-Executive, Independent Directors for a term of 5 consecutive years, effective February 22nd, 2024. Shareholders can attend the AGM via VC/OAVM, but physical attendance is dispensed with. Remote e-voting will be available from February 19th-21st, 2024. The company's website www.silverlinetechnology.com, provides information regarding remote e-voting and AGM details.
Director's Report: The company's revenue was Rs. 355.98 Lacs compared to Rs. 421.30 Lacs the previous year, and earned a profit of Rs. 31.82 Lacs. While previous trading had been suspended at the BSE, efforts are underway to resolve outstanding issues and qualify for removal of the suspension. A search for a new Company Secretary is in progress. The company did not recommend any dividend for the current period. The company had borrowed secured loans worth Rs. 2257.15 lacs and unsecured loans of Rs. 250.09 lacs. The Board has constituted Audit Committee, Nomination and Remuneration Committee, and Stakeholders' Relationship Committee. The extract of the Annual Return is placed on the company website. The Company will be sending Annual Report through electronic mode. The Company maintains healthy and harmonious relations with all personnel.The company is conscious of the importance of environmentally clean and safe operations. The Board of Directors has confirmed compliance to Directors' Responsibility Statement. There are disputed income tax liabilities for several assessment years. The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulation, 2015, was not fully adhered to. Secretarial Standards SS-1 and SS-2 were not observed for the formal appointment and resignation of previous Independent Directors.
Financial Performance & Highlights:
Management Discussion and Analysis: India is the leading sourcing destination across the world, accounting for approximately 52 per cent market share of the US$ 185-190 billion global services sourcing business in 2022-2023. The company expects good opportunities in the upcoming financial year. Business Continuity risk, Information and Cyber Security Risk, and Privacy Risk & Competition Related Risks and HR risks are also mentioned. The company keeps abreast on contemporary developments in the technology landscape through participation in key technology forums and conferences.The total revenue from the operations for the year ended March 31, 2023 amounted to Rs. 3.55 Crores as against profit of Rs. 4.21 incurred in a previous financial year for year ended March'2022. As per NASSCOM, the sector is estimated to provide direct and indirect employment to 46 million jobs by 2024.
Corporate Governance: Transparency and accountability are the two basic tenets of Corporate Governance. The details regarding the composition and meetings of the Board of Directors are given in the Corporate Governance Report.
Independent Auditor's Report: The financial statements give a true and fair view in conformity with the Indian Accounting Standards ("Ind AS"). JMT Associates has qualified its opinion due to insufficient audit evidence regarding additions to 'Supply Chain Services' assets, unavailability of sundry debtor and creditor confirmations, and unresolved GST registration cancellation. The Company does not have any pending litigations which would impact its financial position. Internal Audit plays a key role in providing an assurance to the Board of Directors with respect to the Company having adequate Internal Financial Control Systems. As per the report of the Independent Auditor’s Report, the Company needs to strengthen the existing systems and processes. The Company has zero tolerance towards sexual harassment at the workplace.
Financial Statement Extract:
Key Risks and Concerns: The report identifies Business Continuity risk, Information and Cyber Security Risk, and Privacy Risk & Competition Related Risks and HR risks as key concerns.The management monitors the company's net liquidity position through rolling forecasts on the basis of expected cash flows.
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