AN NUAL REPORT 2013- 2014 - Bombay Stock ExchangeDirectors) Rules 2014, rule no 24 of the Companies...

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SILVEROAK COMMERCIALS LIMITED ANNUAL REPORT- 2014

NOTICE

To the Members of SILVEROAK COMMERCIALS LIMITED Notice is hereby given that the Annual General Meeting of M/s. Silveroak Commercials Limited will be held on Tuesday, 30

th September, 2014 at 11.00 am at 11 Radhamandir Building, 213, Sir Bhalchandra

Road, Behind Ruia College, Matunga (E) Mumbai- 400019 to transact following business: ORDINARY BUSINESS:

1) To receive, consider and adopt the audited Balance Sheet as at 31st

March 2014 and the Profit & Loss Account for the period ended on that date together with the reports of the Directors and Auditors thereon.

2) To appoint Mr. Tushar Patil DIN No: 01856178 as the Director who retires by rotation and being

eligible offers himself for reappointment.

3) To appoint M/s. Soumitro Mukherjee & Co., Chartered Accountants as Statutory Auditors of the Company by passing following resolution a Ordinary Resolution

“RESOLVED THAT pursuant to provision of Section 139 of the Companies Act 2013 (as amended or re- enacted from time to time) read with rule no 3 of the Companies (Audit and Auditors) Rules 2014, M/s. Soumitro Mukherjee & Co., Chartered Accountants whose appointment as been duly approved by the Audit Committee and the Board of Directors in their respective meetings held on 05

th September 2014 be and hereby appointed as the Statutory Auditors of the

Company who shall hold office from the conclusion of this meeting till the conclusion of the fifth Annual General Meeting, with this meeting being counted as the first meeting.

RESOLVED FURTHER THAT appointment of the statutory auditor shall be subject to the ratification at each annual general meeting held after forthcoming annual general meeting

RESOLVED FURTHER THAT any of the Directors of the Company be and is hereby severally authorized to file form ADT-1 with the Registrar of Companies with the prescribed time.

SPECIAL BUSINESS:

4) To consider and if thought fit, to pass with or without modifications, the following, resolution as a

Ordinary Resolution:

RESOLVED THAT pursuant to the provisions of section 149, 152 of the Companies Act, 2013 & its schedule IV (as amended or re-enacted from time to time) read with rule No 4 of the Companies (Appointment and Qualifications of Directors) Rules 2014, Mr. Pravin Rangnath Patil (DIN 05251672) who was appointed as additional Director w.e.f. 28

th December 2013 in the meeting of

board of Directors held on 31st

December 2013 and who hold office only upto the date of forthcoming Annual General Meeting, be and is hereby appointed as Chairman & Independent director on the Board of the Company for a period of 5 years for whom nomination has been received by the Company from some of the shareholders proposing his candidature for the post of Director.

RESOLVED FURTHER THAT pursuant to section 149,152,164,165 & 184 of the Companies Act, 2013 (as amended or re-enacted from time to time) (hereinafter referred to as Act) read with rule no 8 & 14 of the Companies (Appointment and Qualifications of Directors) Rules 2014, the consent for appointment as director of the Company given in form no DIR-2 along with declaration


that he, is not disqualified to be appointed as director in DIR-8 , meets the criteria of independence as prescribed in the Act, will abide by the code of conduct prescribed in Schedule IV to the Act and that post appointment his number of director will be within the maximum number allowed under the Act and disclosure of interest , as laid before the meeting and duly initialed by the chairman for purpose of identification, be and is hereby take note off.

RESOLVED FURTHER THAT pursuant to section 149 of the Companies Act, 2013 & its schedule (as amended or re-enacted from time to time), any of the directors of the Company be and is hereby severally authorized to sign and submit the letter of appointment to the said director, copy of which is laid before the meeting and initialed by the director for the purpose of identification.

RESOLVED FURTHER THAT pursuant to section 152 & 170 of the Companies Act, 2013 & its schedule (as amended or re-enacted from time to time) read with rule no 8 & 18 of the Companies (Appointment and Qualifications of Directors) Rules 2014, any of the directors of the Company be and is hereby severally authorized to do all such acts, deeds and things to give effect to this resolution including signing, executing, submitting any application (s), document(s), letter(s) etc. and to file form no DIR-12 with the Registrar of Companies within the prescribed time and fees and to do the necessary entries in the Register of Director and Key Managerial Personnel.

5) To consider and if thought fit, to pass with or without modifications, the following, resolution

as a Ordinary Resolution:

RESOLVED THAT pursuant to the provisions of section 149 , 152 of the Companies Act, 2013 & its schedule IV (as amended or re-enacted from time to time) read with rule no 4 of the Companies (Appointment and Qualifications of Directors) Rules 2014, Mr. Bharat Mukund Patil (DIN 05252967) who was appointed as additional Director w.e.f. 28

th December 2013 in the meeting of

board of Directors held on 31st

December 2013 and who hold office only upto the date of forthcoming Annual General Meeting, be and is hereby appointed as Chairman & Independent director on the Board of the Company for a period of 5 years for whom nomination has been received by the Company from some of the shareholders proposing his candidature for the post of Director.

RESOLVED FURTHER THAT pursuant to section 149, 152,164,165 & 184 of the Companies Act, 2013 (as amended or re-enacted from time to time) (hereinafter referred to as Act) read with rule no 8 & 14 of the Companies (Appointment and Qualifications of Directors) Rules 2014, the consent for appointment as director of the Company given in form no DIR-2 along with declaration that he, is not disqualified to be appointed as director in DIR-8 , meets the criteria of independence as prescribed in the Act, will abide by the code of conduct prescribed in Schedule IV to the Act and that post appointment his number of director will be within the maximum number allowed under the Act and disclosure of interest , as laid before the meeting and duly initialed by the chairman for purpose of identification, be and is hereby take note off.

RESOLVED FURTHER THAT pursuant to section 149 of the Companies Act, 2013 & its schedule (as amended or re-enacted from time to time), any of the directors of the Company be and is hereby severally authorized to sign and submit the letter of appointment to the said director, copy of which is laid before the meeting and initialed by the director for the purpose of identification.

RESOLVED FURTHER THAT pursuant to section 152 & 170 of the Companies Act, 2013 & its schedule (as amended or re-enacted from time to time) read with rule no 8 & 18 of the Companies (Appointment and Qualifications of Directors) Rules 2014, any of the directors of the Company be and is hereby severally authorized to do all such acts, deeds and things to give effect to this resolution including signing, executing, submitting any application (s), document(s), letter(s) etc.


and to file form no DIR-12 with the Registrar of Companies within the prescribed time and fees and to do the necessary entries in the Register of Director and Key Managerial Personnel.


as a Special Resolution:

“RESOLVED THAT pursuant to provision of section 196 & 203 of the Companies Act 2013 (as amended or re-enacted from time to time) (hereinafter referred to as Act) the consent of the Board be and is hereby accorded to appoint Mr. Tushar Patil (DIN 01856178), being as Chief Executive Officer and Managing Director as Whole time Key Managerial Personnel (KMP) of the Company with effect from 05th September, 2014 for a period of 1 years on the terms and conditions contained in the letter of appointment/ memorandum of understanding/appointment agreement, a copy of which is laid and has been initialed by the Chairman for the purpose of identification be and is hereby approved by the shareholders. Mr. Tushar Patil, shall perform the duties which may be performed by a KMP under the Act, and any other duties assigned to him by the Board from time to time.

RESOLVED FURTHER THAT pursuant to provision of Section 170 of the Act (as amended or re-enacted from time to time) read with rule no 17 & 18 of the Companies (Appointment and Qualification of Directors) Rules 2014, the appointee is directed to furnish the information to be entered in the Register of Directors and Key managerial personnel and any of the Directors of the Secretary of the Company be and is hereby severally authorized to do the necessary entries in the register and authenticate them

RESOLVED FURTHER THAT pursuant to provision of section 117, 170 of the Act (as amended or re-enacted from time to time) read with rule no 18 of the Companies (Appointment and Qualification of Directors) Rules 2014, rule no 24 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014 any of the directors of the Company be and is hereby severally authorized to sign and file Form no DIR-12. MGT-14 & MR 1 with the Registrar within the prescribed time with necessary fees.


as a Special Resolution:

RESOLVED THAT pursuant to the provisions of section 14 of the Companies Act, 2013 (as amended or re-enacted from time to time), existing Articles of Association be replaced with new set of Articles of Association in pursuance to the Table F of the Companies Act 2013 and other provisions as applicable to the Company as laid before the meeting, duly initialed by the Chairman for the purpose of identification be and is here adopted.

RESOLVED FURTHER THAT pursuant to rule no 24 of the Companies (Management and Administration) Rules 2014, any of the Director of the Company be and is hereby authorized to do all such acts, deeds and things to give effect to this resolution and to do file form no MGT-14 with the Registrar of Companies within the prescribed time and fees.

Registered office

11, Radhamandir Building, By Order of the Board of Directors

213, Sir Bhalchandra Road,

Behind Ruia College, Matunga (E)

Mumbai, Maharashtra Tushar Patil

Place: Mumbai (Managing Director)

DIN: 01856178

Date: 05.09.2014


NOTES FOR MEMBER’S ATTENTION:

1. Member entitled to attend and vote is entitled to appoint a proxy to attend and vote on a poll in

the meeting instead of him and the proxy need not to be a member.

2. Pursuant to provisions of Section 105 of the Companies Act, 2013, read with the applicable rules thereon, a person can act as a proxy on behalf of members not exceeding fifty and holding in the aggregate not more than ten percent of the total share capital of the Company carrying voting rights, may appoint a single person as proxy, who shall not act as a proxy for any other member.

3. The Register of Members of the Company shall remain closed from, 26th September to 30th

September 2014 (both days inclusive).

4. Members seeking any information or clarifications on the Annual Report are requested to send

in written queries to the Company at least one week before the date of the Meeting. This would

enable the Company to compile the information and provide replies at the Meeting.

5. Members who are holding physical shares in identical order of names in more than one folio are requested to send to the Company or Company’s Share Transfer Agent the details of such folios together with the share certificates for consolidating their holding in one folio. The share certificates will be returned to the members after making requisite changes, thereon. Members are requested to use the new share transfer form SH-4.

6. Statement to be annexed to the notice calling General Meeting forms part of the notice pursuant

to section 102 of the Companies Act, 2013 read with Commencement Notification of

Companies Act 2013 dated 12th September 2013.

7. Corporate members intending to send their authorized representatives to attend the meeting are requested to send a duly certified board resolution on the letter head of the company signed by one of the Directors of the Company authorizing their representative to attend and to vote on their behalf at the meeting. .

As required by Clause 49 of the Listing Agreement, the particulars of Directors who are proposed to be appointed are given below:

Name Mr. Tushar Patil

Mr. Pravin Rangnath

Mr. Bharatmukund Patil

Patil

Age 36 29 28

Qualification B. Com B.sc Decree in Logistics

(London)

Nature of Expertise Banking & Finance Expertise in marketing Expertise in marketing of

of electrical and allied electrical and allied

products products

SILVEROAK COMMERCIALS LIMITED

ANNUAL REPORT- 2014

No of years of 14 years 8 years 6 years

Experience

Name of the

Companies in which

NIL NIL

also holds Directorship

NIL

Name of the

Companies in

committees of which NIL

NIL

also holds Membership/ NIL

Chairmanship

Shareholding in the NIL NIL NIL

Company

1. E-voting:

9.1 Voting through electronic means:

(i) According to section 108 of Companies Act, 2013, read with Rule 20 of Companies (Management

and Administration) Rules, 2014 e -voting is mandatory for all listed Companies or Companies having Shareholders not less than one thousand.

(ii) In compliance with provisions of Section 108 of the Companies Act, 2013 and Rule 20 of the

Companies (Management and Administration) Rules, 2014, the Company is pleased to provide members the facility to exercise their right to vote at the Annual General Meeting (AGM) by electronic means and the business may be transacted through e-Voting Services provided by Central Depository Services (I) Limited (CDSL):

(iii) A member may exercise his vote at any general meeting by electronic means and company may

pass any resolution by electronic voting system in accordance with the Rule 20 of the Companies (Management and Administration) Rules, 2014.

(iv) During the e-voting period, members of the Company, holding shares either in physical form or

dematerialized form, as on a fixed date, may cast their vote electronically.

(v) The e-Voting shall remain open from September 24th, 2014 (9.00 a.m.) till September 26th

, 2014 (6.00 p.m.).

(vi) *E-Voting shall be completed three days prior to the date of Annual General Meeting which is

scheduled to be held on 30th September, 2014.

(vii) The Board of Directors at their meeting have appointed M/s. D.S Momaya, & Co., Company Secretaries as the scrutinizer for e-Voting to unblock the votes in favour or against, if any, and to report forthwith to the Chairman. The scrutinizer will be responsible to conduct e-Voting in a fair and transparent manner.

(viii) Vote once casted by the member cannot be changed/altered.

9.2 The instructions for e-voting are as under:


(i) Log on to the e-voting website www.evotingindia.com

(ii) Click on “Shareholders” tab.

(iii) Now, select the “COMPANY NAME” from the drop down menu and click on “SUBMIT”

(iv) Now Enter your User ID

a. For CDSL: 16 digits beneficiary ID, b. For NSDL: 8 Character DP ID followed by 8 Digits Client ID, c. Members holding shares in Physical Form should enter Folio Number registered with the

Company. (v) Next enter the Image Verification as displayed and Click on Login.

(vi) If you are holding shares in demat form and had logged on to www.evotingindia.com and voted on an

earlier voting of any company, then your existing password is to be used. (vii) If you are a first time user follow the steps given below:

For Members holding shares in Demat Form and Physical Form

PAN Enter your 10 digit alpha-numeric *PAN issued by Income Tax Department (Applicable for both demat shareholders as well as physical shareholders)

Members who have not updated their PAN with the Company/Depository Participant are requested to use the first two letters of their name and 8 digits of the Sequence number which is mentioned in address Label affixed on Annual Report, in the PAN field.

In case the sequence number is less than 8 digits enter the applicable number of 0’s before the number after the first two characters of the name in CAPITAL letters. Eg. If your name is Ramesh Kumar with sequence number 1 then enter RA00000001 in the PAN field.

DOB Enter the Date of Birth as recorded in your demat account or in the company records for the said demat account or folio in dd/mm/yyyy format.

Dividend Bank Details

Enter the Dividend Bank Details as recorded in your demat account or in the company records for the said demat account or folio.

Please enter the DOB or Dividend Bank Details in order to login. If the details are not recorded with the depository or company please enter the member id / folio number in the Dividend Bank details field.

(viii) After entering these details appropriately, click on “SUBMIT” tab.

(ix) Members holding shares in physical form will then reach directly the Company selection screen. However, members holding shares in demat form will now reach ‘Password Creation’ menu wherein they are required to mandatorily enter their login password in the new password field. Kindly note that this password is to be also used by the demat holders for voting for resolutions of any other company on which they are eligible to vote, provided that company opts for e-voting through CDSL platform. It is strongly recommended not to share your password with any other person and take utmost care to keep your password confidential.

(x) For Members holding shares in physical form, the details can be used only for e-voting on the resolutions contained in this Notice.

(xi) Click on the EVSN for the relevant Silveroak Commercials Limited on which you choose to vote. (xii) On the voting page, you will see “RESOLUTION DESCRIPTION” and against the same the option

“YES/NO” for voting. Select the option YES or NO as desired. The option YES implies that you assent to the Resolution and option NO implies that you dissent to the Resolution.

(xiii) Click on the “RESOLUTIONS FILE LINK” if you wish to view the entire Resolution details.

(xiv) After selecting the resolution you have decided to vote on, click on “SUBMIT”. A confirmation box

will be displayed. If you wish to confirm your vote, click on “OK”, else to change your vote, click on “CANCEL” and accordingly modify your vote.

(xv) Once you “CONFIRM” your vote on the resolution, you will not be allowed to modify your vote.

(xvi) You can also take out print of the voting done by you by clicking on “Click here to print” option on the

Voting page.

(xvii) If Demat account holder has forgotten the changed password then Enter the User ID and the image verification code and click on Forgot Password & enter the details as prompted by the system.

Institutional shareholders (i.e. other than Individuals, HUF, NRI etc.) are required to log on to https://www.evotingindia.co.in and register themselves as Corporates.

They should submit a scanned copy of the Registration Form bearing the stamp and sign of the entity to [email protected].

After receiving the login details they have to create a user who would be able to link the account(s) which they wish to vote on.

The list of accounts should be mailed to [email protected] and on approval of the accounts they would be able to cast their vote.

They should upload a scanned copy of the Board Resolution and Power of Attorney (POA) which they have issued in favour of the Custodian, if any, in PDF format in the system for the scrutinizer to verify the same.

In case of members receiving the physical copy: (A) Please follow all steps from sl. no. (i) to sl. no. (xvii) above to cast vote. (B) The voting period begins on 24th September, 2014 at 9:00 a.m. and ends on 26th September, 2014 at

6:00 p.m. During this period shareholders’ of the Company, holding shares either in physical form or in dematerialized form, as on the cut-off date (record date) of 29th August, 2014, may cast their vote electronically. The e-voting module shall be disabled by CDSL for voting thereafter.

(C) In case you have any queries or issues regarding e-voting, you may refer the Frequently Asked

Questions (“FAQs”) and e-voting manual available at www.evotingindia.co.in under help section or write an email to [email protected].

(D) Company has appointed Practising Company Secretary Ms. Divya Momaya, M/s. D. S. Momaya & Co., having her office address at 11, Shree Durga Apartment, Ground Floor, Plot No. 186, Sector 10, Sanpada, Navi Mumbai – 400705 as a Scrutinizer for the purpose of examine the process of evoting.

(E) The Scrutinizer shall within a period of not exceeding Seven (7) working days from the conclusion of the e-Voting period unlock the votes in the presence of at least two (2) witnesses not in the employment of the Company and make a Scrutinizer’s Report of the votes cast in favor or against, if any, forthwith to the Chairman of the Company.

(F) The Results shall be declared on or after the Annual General Meeting of the Company. The Results

declared along with the Scrutinizer’s Report shall be placed on the Company’s website www.silveroak.co.in and on the website of CDSL within two(2) days of passing of the resolutions at the Annual General Meeting of the Company on 30th September, 2014 and communicated to the BSE Limited.

STATEMENT ANNEXED TO THE NOTICE

(Pursuant to section 102 of the Companies Act, 2013 read with Commencement Notification Of Companies Act 2013 dated 12th September 2013.)

Item No. 4 Mr. Pravin Rangnath Patil was appointed as Additional Director w.e.f. 28

th December 2013 in the meeting

held on 31st

December 2013 and who holds office only upto the date of forthcoming Annual General Meeting. The company has also received nomination for his candidature from some of the shareholders proposing his candidature for the post of Director of the Company. Your Directors reappointed him as Independent Director in the meeting of Board of Directors on 05th September 2014 for a period of five years, subject to approval of shareholders. The Nomination and Remuneration Committee has identified Mr. Pravin Rangnath Patil as the qualified candidate for the post of Independent Director and has recommended his appointment to the Board of Directors. The Board of Directors recommends to appoint Mr. Pravin Rangnath Patil as the Director and Independent Director. Further, the Independent Director shall not be liable to retire by rotation. The Board recommends the proposed resolution for your approval as an Ordinary resolution. Except Mr.

Pravin Rangnath Patil, no other director is interested in the resolution. The Board is of the view that Mr. Pravin Rangnath Patil’s knowledge and experience will be of benefit and

value to the Company and, therefore, recommends his appointment as an Independent Director of your

Company.

Item No. 5 Mr. Bharat Mukund Patil was appointed as Additional Director w.e.f. 28

th December 2013 in the meeting

held on 31st

December 2013 and who holds office only upto the date of forthcoming Annual General Meeting. The company has also received nomination for his candidature from some of the shareholders proposing his candidature for the post of Director of the Company. Your Directors reappointed him as Independent Director in the meeting of Board of Directors on 05th September 2014 for a period of five years, subject to approval of shareholders. The Nomination and Remuneration Committee has identified Mr. Bharat Mukund Patil as the qualified candidate for the post of Independent Director and has recommended his appointment to the Board of Directors. The Board of Directors recommends to appoint Mr. Bharat Mukund Patil as the Independent Director. Further, the Independent Director shall not be liable to retire by rotation. The Board recommends the proposed resolution for your approval as an Ordinary resolution. Except Mr.

Bharat Mukund Patil, no other director is interested in the resolution. The Board is of the view that Mr. Bharat Mukund Patil’s knowledge and experience will be of benefit and

value to the Company and, therefore, recommends his appointment as an Independent Director of your

Company.

Item No. 6 Mr. Tushar Patil was appointed as the Whole time Key Managerial Personnel in the capacity of Chief Executive officer and Managing Director in the meeting of the Board of Directors on 05th September 2014 for a period of 1 year, subject to approval of Shareholders. The Nomination and Remuneration Committee has identified Mr. Tushar Patil as the qualified candidate for the post of Whole time Key Managerial Personnel as Chief Executive officer and Managing Director and has recommended his appointment to the Board of Directors. The Board of Directors recommends to appoint Mr. Tushar Patil as the Whole time Key Managerial Personnel and Chief Executive Officer and Managing Director on the terms and conditions as set out in his appointment letter and as mutually agreed between the appointee and the Company. Looking at the financial condition of the Company, Mr. Tushar Patil has agreed not to draw any remuneration from the Company till the financial position of the Company is sound. The Board appreciates this and recommends his appointment. The Board is hopeful that vast experience of Mr. Tushar Patil will benefit the Company to achieve higher

results and overall growth of the Company. The Board recommends the proposed resolution No.6 as Special Resolution. Except Mr. Tushar Patil, no

other director is interested in the resolution. Item No. 7 In terms of the Commencement of the Companies Act 2013 w.e.f. 1st April 2014, the company considers its

prudent to replace the existing Articles of Association in its entirely by a new set of Articles of Association

in terms of Table F and other applicable provisions of the Companies Act 2013. Pursuant to the provisions of section 14 of the Companies Act, 2013, amendment of Articles of Association required approval of shareholders by way of special resolution. Accordingly, the consent of the shareholders is being sought pursuant to the provisions of Section 14 and other applicable provisions, if any, of the Companies Act 2013 read with applicable Rules made there under. None of the other directors are, in any way, concerned or interested in this resolution. The copy of the

Altered Articles of Association is available for inspection at the Registered Office of the Company during

business hours on working days from 11.00 AM till 1.00 PM till the date of the Annual General Meeting. The Board therefore, submits the resolution for your consideration and recommends it to be passed as a

special resolution. Registered office

11, Radhamandir Building, By Order of the Board of Directors213, Sir Bhalchandra Road, Behind Ruia College, Matunga (E) Mumbai, Maharashtra Tushar Patil (Managing Director) DIN: 01856178

Place: Mumbai Date: 05.09.2014


DIRECTORS REPORT

To, The Members, Silver Commercials Limited. Your Directors present the Annual Report of the Company along with Audited Statement of Accounts for

the year ended 31st March, 2014. This report has been prepared on the basis of legal requirements under Companies Act, 1956. As per

General Circular No.08/2014 issued by Ministry of Corporate Affairs dated 04/04/2014, the provisions of

Companies Act, 2013 will become applicable for all disclosures required under the Act for the Year 2014-

2015 and subsequent years.

1. FINANCIAL RESULTS (Rs. in lakhs)

Particulars Period ended Year ended

31.03.2014 31.03.2013

Total Income 1,96,46,522 57,863,561

Profit Before Depreciation and Tax 13,93,697 49,193

Depreciation 2,58,908 0

Current tax 11,750 0

Deferred tax liability/Assets 4,00,760 0

Profit/Loss After tax (3,22,77,721) 49,193

2. BUSINESS OVERVIEW: During the year under review, the company suffered loss of Rs (3,22,77,721) as compared to profit of Rs.

49193/-during the previous year which was mainly due to written off of long outstanding dues which

company could not recover. Now the Company looks forward for more sensible investment opportunities

and Management is very hopeful of fruitful synergies which will enhance shareholders value in the coming

years.

During the year under review, the company subject to the approval of the Hon’ble High Court of Bombay,

Shareholders, Stock Exchanges where the shares of the Company are listed and other relevant regulatory

authorities, approved the reduction of Equity Share Capital of the Company from Rs. 2,75,00,000/- divided

into 27,50,000 Equity Shares of Rs. 10/- (Rupees Ten only) each fully paid up to Rs. 27,50,000/- divided

into 2,75,000 Equity Shares of Rs. 10/- (Rupees Ten only) each and that such reduction be effected by

canceling of 24,75,000 Equity Shares of Rs. 10/- each amounting to Rs. 2,47,50,000/- in the existing paid up

Equity Share Capital against debit balance in Profit and Loss account.


3. FUTURE OUTLOOK:

Following the NDA victory in the recently concluded general elections, expectations are now exceptionally high from the new Government with regard to reforms and governance. The clear electoral mandate given to the single party reduces political uncertainty and raises the potential for economic policy reform. The New Government faces a daunting task of reversing a declining economic trend. It could be 8 to 12 months before we can see any green shots of recovery. However, market may not wait till then and price in positive policy as well as administrative actions. The fact that we will have a decisive Government is a good thing, but the coming days are going to be very important, even some indications of how the government is going to move to get the economy back on track, all these will be very important events to watch. In view of the above, the new Government has to start firing all cylinders without wasting time. And if that happens, unprecedented amount of foreign money shall flow into India, which will be good for Indian market and economy and will in turn also boost our business prospects. With this positive movement in India, the Company looks forward for a better future in the coming years to come. 4. DIVIDEND Your Directors feel that it is prudent to plough back the profits for future growth of the Company and with a view to conserve the resources, they do not recommend any dividend for the year ended 31st March, 2014. 5. DEPOSIT: The Company has not taken /invited any deposits from the public during the year. The outstanding amount is NIL as on 31st March, 2014. 6. SECRETARIAL & INTERNAL AUDITORS Based on recommendation received from the Audit Committee, the Board of Directors at their meeting held on 05th September, 2014 appointed D.S. Momaya & Co., Company Secretaries, Navi Mumbai as a Secretarial Auditor of the Company under section 138 (Rule 10) of the Companies Act, 2013 for the financial year 2014-15. D.S. Momaya & Co., Company Secretaries, Navi Mumbai conducted the internal audit periodically and submitted their reports to the Audit Committee. Audit Committee has recommended re-appointment of existing internal auditor D.S.Momaya & Co., Company Secretaries, as an internal auditor of the Company for financial year 2014-15 under the relevant provisions of the Companies Act, 2013. The company is still in the process of appointing internal auditor for the company.


7. DIRECTORS’ RESPONSIBILITY STATEMENT Your Directors hereby declare:

i) That in preparation of the annual accounts, the applicable accounting standards has been followed.

ii) That the directors have selected such accounting policies and applied them consistently and

made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year under review and for the profit or loss of the Company for that period;

iii) That the directors had taken proper and sufficient care for the maintenance of adequate

accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

iv) That the directors had prepared the annual accounts on a going concern basis.

8. CORPORATE GOVERNANCE IS ENCLOSED AS ANNEXURE TO THIS REPORT Pursuant to the Circular No. 08/2014 of Ministry of Corporate Affairs dated 04th April 2014, the Company has prepared its financial Statements including Directors Report, Auditors Report as per the provisions of the Companies Act 1956. Also as the paid up capital of the Company is less than Rs.3 Crores, particulars as mentioned in clause 49 of the Listing Agreement with Stock Exchange, Mumbai, Corporate Governance Report is not required to be given. But as a good corporate governance practice, your Directors present hereby its First Corporate Governance Report in terms of new Companies Act and New Clause 49 of the Listing Agreement which will be effective w.e.f. 1st October 2014. The Company is committed to maintain highest standards of Corporate Governance. Reports on Corporate Governance and Management Discussions & Analysis are annexed and form part of this report. Also Certificate on Compliance of Corporate Governance issued by Auditors is annexed to the report. 9. COMPLIANCE CERTIFICATE The Company has obtained Compliance Certificate pursuant to section 383A(1) from D S Momaya & Co,

Company Secretaries and attached to this report. 10. REMUNERATION The particular of Employees as required under Section 217(2A) of the Companies Act, 1956, is not applicable as the Company does not have any employee. 11. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, RESEARCH AND

DEVELOPMENT


ANNUAL REPORT- 2014 The Particulars as required under the provisions of Section 217 (1)(e) of the Companies Act, 1956 in respect of conservation of energy and technology absorption are not required to be furnished considering the nature of activities undertaken by the company during the year under review. Further during the year under review, the Company has neither earned nor used any foreign exchange. 12. STATEMENT UNDER SECTION 217(I)(e): Statement pursuant to Section 217(I)(e) of the Companies Act, 1956, read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules 1988, is given below: a) The Company has no activities relating to conservation of energy. b) i) The Company has made no provision for research and development expenditure.

ii) The Company has no activity relating to technology absorption, adoption and innovation. c) The Company has no activity relating to foreign exchange earnings and outgo. 13. DIRECTORS : Mr. Pravin Patil and Mr. Bharat Patil were appointed as Additional Director w.e.f. 28

th December 2013 in

the Meeting of Board held on 31st

December 2013 who holds office only upto the date of forthcoming AGM. Your Directors propose their appointment as Directors. Further, to bring Board of Directors of the Company in compliance with the new provisions of Companies Act, 2013, the Board has been restructured in the meeting of Board of Directors held on 05th September 2014 wherein Mr. Pravin Patil, Mr. Bharat Mukund Patil have been re-appointed as the Independent Directors of the Company for the period of five years and Mr. Tushar Patil has been appointed as Chief Executive Officer and Managing Director as Whole time Key Managerial Personnel and Mr. Kiran Patil has been appointed as Compliance Officer of the Company. Also during the year under review, Mr. Bhausaheb Morey and Mr. Santosh Kamankar resigned from the Board of Directors due to their pre-occupancies w.e.f 31

st December 2013. The Board places its gratitude

and appreciation for the support provided by them in their capacity of Directors to the Company.

14. RESTRUCTURING OF THE BOARD OF DIRECTORS POST IMPLEMENTATION OF

COMPANIES ACT 2013:

The Board of Directors in its meeting held on 05th September 2014 reconstituted the Board of Directors of the Company in pursuant to various provisions of the Companies Act 2013 as follows:

Name of Director Designation KMP position held

Mr. Tushar Patil Executive Director Chief Executive Officer and Managing Director

Mr. Bharat Mukund Patil Chairman and Independent

Director Mr.Pravin Rangnath Patil Independent Director -

15. FIXED DEPOSITS:

Your company has neither invited nor accepted any Fixed Deposits from the public during the financial year under review.


ANNUAL REPORT- 2014 16. AUDITORS AND AUDITORS’ REPORT

M/s. Soumitro Mukherjee & Co., who are the Statutory Auditors of the Company, hold office until the conclusion of the Annual General Meeting.

Further, Your Directors propose appointment of M/s. Soumitro Mukherjee & Co, Chartered Accountants whose appointment as been duly approved by the Audit Committee who shall hold office from the conclusion of this meeting till the conclusion of the fifth Annual General Meeting, with this meeting being counted as the first meeting and will be subject to ratification in every annual general meeting till the sixth such meeting by way of passing of an ordinary resolution and to fix their remuneration.

Also a certificate under Rule 4 of the Companies (Audit and Auditors) Rules, 2014 has been received from the Auditors to the effect that the Auditor is eligible for appointment and is not disqualified for appointment under the Act, the Chartered Accountants Act, 1949 and the rules or regulations made there under and proposed appointment is within the limits laid down by or under the authority of the Act.

17. LISTING AGREEMENTS REQUIREMENTS:

The securities of your company are listed at BSE Limited. The Company has paid listing fees for the year 2014-15.

18. APPRECIATION:

The Board of Directors wish to place on record their appreciation for the co-operation and support of the Company’s Bankers, and all other intermediaries concerned with the Company’s business.

Your directors sincerely thank all members for supporting us during the difficult days. We look forward to your continued support and reiterate that we are determined to ensure that the plans are successfully implemented.

Registered office

11, Radhamandir Building, By Order of the Board of Directors

213, Sir Bhalchandra Road,


Mumbai, Maharashtra Tushar Patil

(Managing Director)

Place: Mumbai DIN: 01856178

Date: 05.09.2014


CORPORATE GOVERNANCE REPORT

1. COMPANY’S PHILOSOPHY ON THE CODE OF GOVERNANCE

Introduction

Corporate Governance philosophy stems from our belief that corporate governance is a vital element in improving effectiveness and growth as well as enhancing long term investor confidence in any organization. The Company believes in the practice of good corporate governance. A continuous process of delegation of powers commensurate with accountability, coupled with trust, faith and transparency has been embedded in the day-to-day functioning. The Company will endeavor to improve on these aspects on an ongoing basis. Company’s philosophy is to keep transparency towards all the stakeholders and Achieving transparency and professionalism in all decisions and activities of the company and Reviewing periodically the existing systems and controls for further improvements. Being small listed Company, our Company is in continuous efforts to incorporate best corporate government practices in organization year after year. The Board of Directors of Silver Oak Commercials Limited (“the Company”) sets high standards for the Company’s employees, officers and directors. Implicit in this philosophy is the importance of sound corporate governance. It is the duty of the Board of Directors to serve as a prudent fiduciary for shareholders and to oversee the management of the Company’s business. To fulfill its responsibilities and to discharge its duty, the Board of Directors follows the procedures and standards that are set forth in these guidelines. These guidelines are subject to modification from time to time as the Board of Directors deems appropriate in the best interests of the Company or as required by applicable laws and regulations.

2. BOARD OF DIRECTORS

The strength of the Board is three Directors. The Board comprises of Executive and Non-Executive Directors. The Company has a broad based Board comprising more than 50% Non-Executive Independent Directors, who brings in a wide range of skill and experience to the Board. The Non-Executive Directors bring independent judgment in the Board's deliberations and decisions. Further, in terms of the provisions of section 203 of the Companies Act 2013, the Company has also designated its Board of Directors in the category of Key Managerial Personnel based on their expertise and roles and responsibilities in the Company assigned to them by the Board of Directors.

Name of Director Designation KMP position held

Mr. Tushar Patil Executive Director Chief Executive Officer and Managing Director

Mr.BharatMukund Patil Independent Director -

Mr. Pravin Rangnath Independent Director - Patil


ANNUAL REPORT- 2014 The Company is also in the process of appointing a qualified candidate for the post of Chief Financial

Officer, in the capacity of Key Managerial Personnel of the Company.

3. Attendance of each Director at the Board Meeting and the last AGM:

Meetings held The Board met 8 times on the following dates during the financial year from 1

st April 2013 to 31st March

2014.

17.05.2013, 22.07.2013, 17.08.2013, 29.10.2013, 22.01.2014, 31.12.2013, 31.01.2014, 01.02.2014. Details of Attendance, Number of other Companies or Committees the Director (being a Director as

on the date of the Directors' Report) is a Director/Chairman. :

Name of Category of No. of No. of other No. of AttendanceDirector Directorship Board Companies Committees at the last

Meetings in which (other than AGM Attended Director the Company)

Mr. Tushar Patil Executive 8 Director NIL NIL Yes

Mr. Pravin Independent Rangnath Patil Director 3 NIL NIL No

Santosh Independent 6 3 3 Yes

Kamankar Director Mr. Bhausaheb Independent 6 NIL NIL Yes

Morey Director Mr. Independent 3

Bharatmukund Director NIL NIL No Patil


A. AUDIT COMMITTEE:

i. Composition:

The Audit Committee of the Company consists of three directors with independent directors forming a majority:

Name of Director Membership Category of Directorship

Mr. Pravin Rangnath Patil Member Independent Director

Mr. Bharat Mukund Patil Member Independent Director

Mr. Tushar Patil Member Executive Director

Number of Audit Committee Meetings held and the dates-: The Audit Committee is constituted on 15

th April 2014 in terms of the provisions of Companies Act 2013

which became effective from 1st

April 2014. Hence no Audit Committee meetings were held during the year under review. Terms of Reference: The terms of reference of the Audit Committee were revised in the Board Meeting held on 28th May 2014, to align the same with the provisions of Companies Act, 2013 and Clause 49 of Listing Agreement. The terms of Reference of the Audit Committee are as follows:

a) The recommendation for appointment, remuneration and terms of appointment of auditors of the company;

b) Review and monitor the auditor’s independence and performance, and effectiveness of audit process;

c) Examination of the financial statement and the auditors’ report thereon; d) Approval or any subsequent modification of transactions of the company with related parties; e) Scrutiny of inter-corporate loans and investments; f) Valuation of undertakings or assets of the company, wherever it is necessary; g) Evaluation of internal financial controls and risk management systems; h) Monitoring the end use of funds raised through public offers and related matters.

Efficiency and effectiveness of operations-:

• Safeguarding of assets and adequacy of provisions for all liabilities. • Reliability of financial and other management information and adequacy of disclosures • Compliance with all relevant statutes.

Role of Audit Committee The role of the Audit Committee shall include the following:


1. Oversight of the company’s financial reporting process and the disclosure of its financial information to

ensure that the financial statement is correct, sufficient and credible; 2. Recommendation for appointment, remuneration and terms of appointment of auditors of the company; 3. Approval of payment to statutory auditors for any other services rendered by the statutory auditors; 4. Reviewing, with the management, the annual financial statements and auditor's report thereon

before submission to the board for approval, with particular reference to: a. Matters required to be included in the Director’s Responsibility Statement to be included in the Board’s

report in terms of clause (c) of sub-section 3 of section 134 of the Companies Act, 2013 b. Changes, if any, in accounting policies and practices and reasons for the same c. Major accounting entries involving estimates based on the exercise of judgment by management d. Significant adjustments made in the financial statements arising out of audit findings e. Compliance with listing and other legal requirements relating to financial statements f. Disclosure of any related party transactions g. Qualifications in the draft audit report 5. Reviewing, with the management, the quarterly financial statements before submission to the board for

approval; 6. Reviewing, with the management, the statement of uses / application of funds raised through an issue

(public issue, rights issue, preferential issue, etc.), the statement of funds utilized for purposes other than those stated in the offer document / prospectus / notice and the report submitted by the monitoring agency monitoring the utilization of proceeds of a public or rights issue, and making appropriate recommendations to the Board to take up steps in this matter;

7. Review and monitor the auditor’s independence and performance, and effectiveness of audit process; 8. Approval or any subsequent modification of transactions of the company with related parties; 9. Scrutiny of inter-corporate loans and investments; 10. Valuation of undertakings or assets of the company, wherever it is necessary; 11. Evaluation of internal financial controls and risk management systems; 12. Reviewing, with the management, performance of statutory and internal auditors, adequacy of the

internal control systems; 13. Reviewing the adequacy of internal audit function, if any, including the structure of the internal audit

department, staffing and seniority of the official heading the department, reporting structure coverage and frequency of internal audit

14. Discussion with internal auditors of any significant findings and follow up there on; 15. Reviewing the findings of any internal investigations by the internal auditors into matters where there is

suspected fraud or irregularity or a failure of internal control systems of a material nature and reporting the matter to the board;

16. Discussion with statutory auditors before the audit commences, about the nature and scope of audit as well as post-audit discussion to ascertain any area of concern;

17. To look into the reasons for substantial defaults in the payment to the depositors, debenture holders, shareholders (in case of non-payment of declared dividends) and creditors;

18. To review the functioning of the Whistle Blower mechanism; 19. Approval of appointment of CFO (i.e., the whole-time Finance Director or any other person heading the

finance function or discharging that function) after assessing the qualifications, experience and background, etc. of the candidate;

B. NOMINATION AND REMUNERATION COMMITTEE:

Nomination and Remuneration Committee is constituted on 15

th April 2014 in terms of the provisions of

Companies Act 2013 which became effective from 1st

April 2014. Companies Act 2013 requires Nomination & Remuneration Committee to comprise of three or more non- executive directors out of which not less than one-half shall be independent directors. But as presently Company has only two Non-executive Directors, they form part of the nomination & Remuneration Committee.


As the Committee is constituted after the end of Financial year under review, no meetings were held during

the year under review.

i. Terms Of Reference: a) Formulation of the criteria for determining qualifications, positive attributes and

independence of a director and recommend to the Board a policy, relating to the remuneration of the directors, key managerial personnel and other employees;

b) Formulation of criteria for evaluation of Independent Directors and the Board;

c) Devising a policy on Board diversity;

d) Identifying persons who are qualified to become directors and who may be

appointed in senior management in accordance with the criteria laid down, and recommend to the Board their appointment and removal. The company shall disclose the remuneration policy and the evaluation criteria in its Annual Report.

ii. Composition:

The Committee has been constituted on 15th

April 2014 and the Committee comprised of Mr. Tushar Patil & Mr. Pravin Rangnath Patil and Mr. Bharat Mukund Patil as its members and Mr. Pravin Patil act as the Chairman of the Committee.

iii. Number of Committee Meetings held and the dates-:

As the Company is a loss making Company, no remuneration was paid to any Director during the

period under report. Also as there was no committee functional during the year under review, no

meeting of the Nomination and Remuneration Committee was held during the year under review.

C. STAKEHOLDERS RELATIONSHIP COMMITTEE: i. Composition:

The Board also constituted Stakeholders Relationship Committee in terms of the provisions of Companies Act 2013 read with revised Clause 49 of the Listing Agreement and Mr. Tushar Patil and Mr. Pravin Rangnath Patil and Mr. Bharat Mukund Patil are the members of the Committee and Mr. Tushar Patil act as the Chairman of the Committee.

ii. Terms of Reference:

1. To consider and resolve the grievances of security holders of the company.

2. To redress / resolve complaints related to transfer of shares, non-receipt of balance sheet, non-

receipt of declared dividends etc.

The Company during the year received some investors complaints through SCORES portal (SEBI

Complaints Redressal System) of Securities & Exchange Board of India (SEBI) at


www.scores.gov.in and requisite actions were taken by the Company in time. The Company has no

pending complaints / transfers at the close of the financial year.

5. GENERAL BODY MEETING: Details of the location of the last three AGMs and the details of the resolution passed or to be passed

by Postal Ballot.

Year AGM/E Date Place of meeting Matters approved Time

Ended GM as Special

Resolution

2010-11 AGM 30.09.2010 11, Radhamandir - 11.30

Building, 213, AM

Sir Bhalchandra

2011-12 AGM 30.09.2011 - 11.30

Road, Behind

AM

Ruia College,

2012-13 AGM 30.09.2013 Matunga(E), - 11.00

Mumbai-400019 AM

2013-14 Postal Ballot 12.03.2014 1. Increase in

Results Borrowing

Limits and 2. -

Alteration of

Object Clause of

the Company

All the resolutions including special resolutions set out in the respective Notices of the meetings aforesaid

were passed by the Shareholders of the Company at the respective meetings.

a) Subsidiary Companies

The Company does not have any subsidiary as on 31st March, 2014.

b) Disclosure on Materially Significant Related Party Transactions

There were no materially significant related party transactions during the financial year 2013-14, that may

have potential conflict with the interest of the Company at large. The details of the related party transactions

as per Accounting Standard-18 form part of Notes to Accounts.

c) Disclosure of Accounting Treatment

The Company follows Accounting Standards issued by the Institute of Chartered Accountants of India and

in the preparation of financial statements, the Company has not adopted a treatment different from that

prescribed in any Accounting Standards.

d) Proceeds from Public Issue/ Preferential Issue

The Company has not raised any proceeds from the public issue/ preferential issue during the year under

review.

e) Management Discussion and Analysis Report


The Management Discussion and Analysis Report has been provided as Annexure to the Directors’ Report.

f) Profile of Directors Seeking Appointment / Re-appointment The profile of the directors seeking appointment / re-appointment forms part of Notice of AGM.

g) Details of Non-compliance with regard to Capital Market With regard to the matters related to capital market, the Company has complied with all the requirements of

Listing Agreement as well as SEBI regulations. No penalties were imposed or strictures passed against the

Company by the Stock Exchanges, SEBI or any other statutory authority in this regard.

h) Details of Compliance with Mandatory Requirements and Adoption of Non-mandatory

Requirements of Clause 49 of the Listing Agreement

1. Separate posts of Chairman and CEO:

The company may appoint separate persons to the post of Chairman and Managing Director/CEO.

2. Whistle Blower Policy & Vigil Mechanism: In its Endeavour to provide its Board, senior Management and employees, if any a secure and a fearless

working environment, Company has established the "Whistle Blower Policy/ Vigil Mechanism. The purpose of the policy is to create a fearless environment for the employees to report any instance of

unethical behaviour, actual or suspected fraud or violation of Company’s code of conduct or ethics policy to

the Ombudsman. (Mr. Pravin Patil, Independent Director of the company). The framework of the policy strives to foster responsible and secure whistle blowing. This policy should be

read in conjunction with applicable regulations & existing policies and procedures of Company.

6. MEANS OF COMMUNICATION: The Board of Directors of the Company approves and takes on record the un-audited/audited financial results in the Performa prescribed by the Stock Exchange within one and half month of close of quarter/half year and announces forthwith the results to all Stock Exchange where the shares of the Company are listed. The results, presentations and all other official news releases are displayed at the Company’s website:www.silveroak.co.in alongwith the websites of the Stock Exchange: www.bseindia.com. The Company did not have any related party transaction which may have potential conflict with the interest

of Company. Nature and other particulars of such transactions have been disclosed and are forming part of

the notes to the accounts. 1. GENERAL SHAREHOLDER INFORMATION


i. Annual General Meeting Date :30.09.2014

Time : 11A.M

Address: 11, Radhamandir Building, 213,Sir

Bhalchandra Road, Behind Ruia College, Matunga

(E), Mumbai,Maharashtra

ii. Financial Calendar a) April to March

b) 1st Quarter Results - within 45 days from the end

of the Quarter

c) 2nd Quarter Results- within 45 days from the end

of the Quarter

d) 3rd Quarter Results - within 45 days from the end

of the Quarter

e) 4th Quarter Results - within 60 days from the end

of the Quarter

iii. Date of Book Closure (Write the Book Closure Date) 26th September 2014 to

30th September 2014 (both days inclusive)

iv. Listing on Stock Exchanges The Stock Exchange, Mumbai

v. ISIN Number for CDSL/NSDL INE798C01017

vi. BSE Scrip Code 512197

vii. Registrar and Transfer Agents Universal Capital Securities Pvt. Ltd.

(Mondkar Computers Pvt Ltd), 21, Shakil Niwas, Opp. Satya Sai Baba Temple, Maha Kali Caves Road,

Andheri(East), Mumbai, Maharashtra.


viii. Registered Office 11, Radhamandir Building, 213, Sir Bhalchandra

Road, Matunga

(E) ,Mumbai ,Maharashtra ,400019

Email: [email protected]

Website: www.silveroak.co.in

ix. Listing of Equity Shares:

The securities of Company are listed at BSE and securities of the Company remain active at Bombay Stock

Exchange Ltd. The Company has paid the listing fees for the year 2014-2015 to BSE.

x. Buy-Back Of Shares:

There was no buy-back of shares during the year under review.

xi. Shareholding Pattern as on 31.03.2014 is as follows:

Category No. of Shares held Holding Strength %

Promoters and Promoter Group 414675 15.08

Institutions Nil Nil

NRI/ OCBs/ FIIs 6000 0.22

Bodies Corporate 533221 19.39

Resident Indians 1780629 64.75

Any other (Clearing Members etc.)15475 0.56

Custodians Nil Nil


Total

100.00

2750000

xii. Price Of Silveroak Commercial Limited On Bombay Stock Exchange Limited (Price In Rs.)

Month High Low Close

Apr 13 14.75 10.60 13.95

May 13 13.92 12.57 13.19

Jun 13 12.54 9.25 9.25Jul 13 8.79 6.39 6.64

Aug 13 6.51 5.60 5.60

Sep 13 5.33 4.61 4.61

Oct 13 4.84 4.84 4.84

Nov 13 5.08 4.84 4.84

Dec 13 4.75 4.60 4.75Jan 14 4.75 4.17 4.17

Feb 14 5.00 3.75 3.75

Mar 14 3.74 3.40 3.74 xiii. Dematerialization of shares

The total equity share Capital of the Company is 27,500,000 as on 31st March 2014, of which 26,69,150 equity shares i.e. 97.06% of the total paid up equity capital are traded in electronic form. Further from total electronically traded shares 14,67,545 Equity shares were held in electronic form with National Securities Depository Limited (NSDL) and 12,01,605 Equity shares were held in electronic form with Central Depository Services (India) Limited (CDSL) and remaining 80,850 shares are in Physical form. All the demat requests were generally processed and confirmed within 15 days of receipt.

xiv. Address for correspondence:

SilverOak Commercials Limited 11, Radhamandir Building, 213,Sir Bhalchandra Road Behind Ruia College, Matunga (E)

Mumbai, Maharashtra-400019 Email:[email protected] Website :www.silveroak.co.in

Shareholders correspondence may be directed to the Company’s Registrar and Share Transfer Agents whose address is given below:


Universal Capital Securities Pvt. Ltd. (Formerly known as Mondkar Computers Pvt Ltd), 21, Shakil Niwas, Opp. Satya Sai Baba Temple, Maha Kali Caves Road, Andheri(East), Mumbai, Maharashtra.

xv. Secretarial Audit Report

As stipulated by the Securities and Exchange Board of India, Secretarial Audits have been carried out, by Firm of Practicing Company Secretary, to reconcile the total admitted capital with National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL) and the total issued and listed capital. This audit is carried out every quarter and the report thereon is submitted to the stock exchanges and is also placed before the board of directors. The audit, inter alia, confirms that the total listed and paid-up capital of the Company is in agreement with the aggregate of the total number of shares in dematerialized form (held with NSDL and CDSL) and total number of shares in physical form.

1. Declaration under Clause 49(I)(D) of the Listing Agreement for compliance with the Code of

Conduct

In terms of the provisions of Clause 49 of the Listing Agreements with the Stock Exchanges, it is hereby declared that the Members of the Board of Directors of the Company have affirmed the compliance with the Code of conduct for the year ended 31st March, 2014.

2. CEO/ CFO CERTIFICATION

1) The Director heading the finance function has certified to the Board that:

a. He has reviewed financial statements and the cash flow statement for the year and that to

the best of his knowledge and belief:

b. These statements do not contain any materially untrue statement or omit any material fact or contain statements that might be misleading.

c. These statements together present a true and fair view of the Company’s affairs and are in

compliance with existing accounting standards, applicable laws and regulations.

2) There are, to the best of their knowledge and belief, no transactions entered into by the Company during the year which are fraudulent, illegal or violative of the Company’s code of conduct.

3) He accepts responsibility for establishing and maintaining internal controls for financial

reporting and that he has evaluated the effectiveness of the internal control systems of the Company, pertaining to financial reporting and has disclosed to the auditors, deficiencies in the design or operation of internal controls, if any, of which he is aware and the steps he has taken or proposes to take to rectify these deficiencies.

4) He has indicated to the Auditors:

a. Significant changes in internal control over financial reporting during the year;

b. Significant changes in accounting policies during the year and that the same have been

disclosed in the notes to the financial statements; and


c. Instances of significant fraud of which he has become aware and the involvement therein, if

any, of the management or an employee having a significant role in the Company’s internal control system over financial reporting.

Registered Office: By Order of the Board of Directors

11, Radhamandir Building, 213,

Sir Bhalchandra Road SILVEROAK COMMERCIALS LIMITED


Mumbai,

Maharashtra DIRECTOR

Date: 5th

September 2014 CEO

Place: Mumbai

MANAGEMENT DISCUSSION AND ANALYSIS REPORT Your Directors have the pleasure in presenting the first Management Discussion and Analysis Report for the year ended March 31, 2014 ECONOMIC OVERVIEW: Overall political stability in India will open new opportunities for various sectors of industries. INDUSTRY STRUCTURE AND DEVELOPMENT Infrastructure boost given by the new Government in the form of policy decisions will bring many

opportunities to the infrastructural sector and allied sector. Your Company also looks forward to grab this

advantage and explore new opportunities in construction material and electrical and electronics

components. OPPORTUNITIES, THREATS AND RISKS

• Opportunities During the year under review, the Company altered its main object so as to explore business opportunities in the all types of low tension and high tension, extra high voltage (EHV) electrical and electronics

components, devices, systems, instruments, solar equipments, solar systems, energy control systems,

electronic lighting controls, installation of power equipments and their charging, testing computers

(hardware & software) micro processors based systems, electromechanical pneumatic controls, wind energy

biogas, energy generating systems, design, manufacture, installation, selling, pneumatic, Hydraulic devices,

systems, controls, any type of equipment and system used in the generation transmission, receiving &

control of electricity and other material systems used in the connection of electrical and electronic field.


The Company also altered its object to include the business activities of bricks, sand, stone, marble, tiles,

refractories, china wares, sanitary materials, pipes, tubes, tubular structures, cement, paints, adhesive, sheets,

roofing, glass, furniture, fittings, electrical goods, water supply or storage equipment, floor polish, door

closures, concrete mixtures, elevators, paints, hardware, pipe, fittings, lubricant oils, building materials,

forest products and any other building or decorative materials made of cement, stone, timber, teak, board,

fiber, paper, glass, rubber, plastic or other natural or synthetic substance or chemical. The Company is very much hopeful to grab this opportunity and perform better and better in the years to come.

• Threats: Company’s ability to bag good projects will depend on the Quality of the employees that the Company has

and as human resource is very difficult to retain, the Company has threat to expand business in new areas.

Further, also failure of commitments and hopes from the new Government may also affect the businesses.

SECRETARIAL AUDIT A Qualified Practicing Company Secretary has carried out a secretarial audit of the total issued capital and

listed capital. The secretarial audit report confirms that the total issued / paid up capital are in agreement

with the total number of shares in Demat and physical form.

FORWRD LOOKING STATEMENT The statement in the management discussion and analysis reports describing company objective,

projections, estimates, expectation may be “Forward looking statements” within meaning of applicable

securities law and regulations are based upon the information and data available with the company

assumptions with regard to global economic conditions the government regulations, tax laws other status

policies and incidental factors. The company cannot guarantee the accuracy of assumption and perceived performance of the company in future. Hence, it is cautioned that the result may differ from those expressed

or implied in this report. Registered office 11, Radhamandir Building, By Order of the Board of Directors213, Sir Bhalchandra Road, Behind Ruia College, Matunga (E) Mumbai, Maharashtra Tushar Patil (Managing Director) DIN: 01856178

Place: Mumbai Date: 05.09.2014


AUDITORS’ CERTIFICATE ON CORPORATE GOVERNANCE REPORT

To,

The Members of Silveroak Commercials Limited.

We have received and examined the compliance of conditions of Corporate Governance by Silveroak Commercials Limited for the financial year ended 31st March, 2014 as stipulated in Clause 49 of the Listing Agreement entered in to by the Company with Stock Exchanges in India. The Compliance of the conditions of Corporate Governance is the responsibility of the Company's management. Our examination was limited to the procedures and implementation thereof, adopted by the Company for ensuring the compliance of the conditions of Corporate Governance. It is neither an audit nor an expression of an opinion on the financial statements of the Company. In our opinion and to best of our knowledge & information and according to the explanations given to us, We hereby certified that the Company has complied with the conditions of Corporate Governance as stipulated in clause 49 of the Listing Agreement entered into by the company with Stock Exchange. We state that no investor grievances are pending for a period exceeding one month against the company as per the records maintained by the Shareholders/Investors Grievance Committee. We further state that such compliance is neither an assurance as to the future viability of the Company nor the efficiency or effectiveness with which the management has conducted the affairs of the Company.

For Soumitro Mukherjee & Co.

Chartered Accountants

Membership No : 055585

Soumitro Mukherjee

Place : Mumbai. Proprietor Date: 05/09/2014 Membership No. 055585


Independent Auditor’s Report To the Members of SILVEROAK COMMERCIALS LIMITED Report on the Financial Statements We have audited the accompanying financial statements of Silveroak Commercials Limited ("the Company"), which comprises of the Balance Sheet as at March 31,2014 and the Statement of Profit and Loss and 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 Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, the financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956 (“the Act”). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give true and fair view and are free from material misstatement, whether due to fraud or error. Auditor’s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the standards on Auditing issued by the Institute of Chartered Accountants of India. 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 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 control relevant to the Company’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, 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. 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: a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2014 b) in the case of the Statement of Profit and Loss, of the Loss for the year ended on that date; and c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date. Report on Other Legal and Regulatory Requirements.


1. As required by the Companies (Auditor’s Report) Order, 2003 (“the Order”) issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the order. 2. As required by Section 227(3) of the Act, we report that: a. we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit; b. 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; c. the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the Books of account; d. in our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956; e. on the basis of written representations received from the Directors as on March 31, 2014, and taken on record by the Board of Directors, none of the Directors is disqualified as on March 31, 2014, from being appointed as a director in terms of clause (g) of Sub-Section (1) of Section 274 of the Companies Act, 1956 For Soumitro Mukherjee & Co. Chartered Accountants Soumitro Mukherjee Proprietor Membership No. 055585 Mumbai 30

th May, 2014


ANNEXURE REFFERRED TO IN OUR REPORT OF EVEN DATE ON THE ACCOUNTS FOR THE YEAR ENDED MARCH 31, 2014 OF SILVEROAK COMMERCIALS LIMITED On the basis of the information and explanations furnished to us and books and records examined by us in the normal course of audit and to the best of our knowledge and belief, we report that: (i) a) The Company has maintained proper records showing full particulars,

including quantitative details and situations of fixed assets.

b) The assets have been verified by the management during the year. No material discrepancies were noticed on such verification.

c) The company has not disposed major parts of fixed assets during the year. The preparation of

financial statements on a going concern basis is not affected on this account. (ii) The Company has no inventory.

(iii) a) The Company has not granted Unsecured loan to a Company, firms or other

parties covered in the register maintained under Section 301 of the Act.

b) The Company had taken loans from a party covered in the register maintained under section 301 of the Act. The maximum amount outstanding during the year was Rs. 10.00Lakhs.

c) In our opinion and according to the information and explanations given to us, the rate of interest

and other terms and condition for such loans are not prima facie prejudicial to the interest of the Company.

d) In respect of loan taken, repayment of the principal amount is as stipulated and no payment of

interest has been made. (iv) In our opinion and according to the information and explanations given to us, there is an adequate

internal control system commensurate with the size of the Company and the nature of its business, for the purchase of fixed assets and inventories and for sale of goods and services. During the course of our Audit, no major weakness has been noticed in the internal control system in respect of these areas.

(v) In respect of particulars of contracts or arrangements and transactions entered in the register

maintained in pursuance of Section 301 of the Companies Act, 1956

a) To the best of our knowledge and belief and according to the information and explanations given to us, particulars of contracts or arrangements that needed to be entered into the register have been so entered.

b) None of the transactions made in pursuance of such contracts or arrangements exceed the value of

Rupees Five Lacs in respect of any one such party in the financial year. (vi) The Company has not accepted any deposits from the public within the meaning of Sections 58A and

58AA of the Act and the Companies (Acceptance of Deposits) Rules, 1975. Therefore, the provisions of Clause (vi) of paragraph 4 of the Order are not applicable to the Company.

(vi) The company has no formal internal audit system.


(vii) 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 Act, in respect of Company’s Products. Therefore, the provision of Clause (viii) of paragraph 4 of the Order are not applicable to the Company.

(ix) (a) Undisputed statutory dues including provident fund, investor education and protection fund,

employees’ state insurance, income-tax, sales-tax, wealth-tax, service-tax, custom duty, excise duty, cess and other material statutory dues, as applicable, have generally been regularly deposited with the appropriate authorities.

(b) No undisputed amounts payable in respect of Provident Fund, Investor Education and Protection

Fund, Employees’ State Insurance, Income – Tax, Sales – Tax, Service Tax, Wealth Tax, Custom Duty, Excise Duty and Cess and other material statutory dues applicable to the Company were in arrears as at March 31, 2014 for a period of more than six months from the date they became applicable.

(x) Based on our audit procedures and as per the information and explanations given by management, we

are of the opinion that the Company has not defaulted in repayment of dues to the bank. There were no dues repayable to financial institutions and debenture holders during the year.

(xi) 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. Therefore, the provisions of Clause (xi) of paragraph 4 of the Order are not applicable to the Company.

(xii)In our opinion, the Company is not Chit Fund or Nidhi Mutual Benefit Fund/Society. Therefore, the

provisions of Clause (xii) of paragraph 4 of the Order are not applicable to the Company. (xiii) In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other

investments. Therefore, the provisions of Clause (xiii) of paragraph 4 of the order are not applicable to the Company

(xiv) In our opinion, and according to the information and explanations given to us, the Company has not

given any guarantee for loans taken by others from financial institutions/banks. (xv) Based on information and explanations given to us by the management, term loans were applied for the

purpose for which the loans were obtained (xvi) In our opinion and according to the information and explanations given to us and an overall

examination of the Balance Sheet of the Company, we report that funds raised on short-term basis have not been used during the year for long term investment

(xvii) During the year, the Company has not made any preferential allotment of shares to parties covered in

the register maintained under Section 301 of the Companies Act, 1956. (xviii) According to the information and explanations given to us, the Company has not issued any secured

debentures during the year. (xix) The Company has not raised any money by public issue during the year. Therefore, the provisions of

Clause (xix) of paragraph 4 of the Order are not applicable to the Company.


(xx) Based upon the audit procedures performed for the purpose of reporting the true and fair view of the

financial statements and as per the information and explanations given by the management, we report that no fraud on or by the Company has been noticed or reported during the course of our audit.

For Soumitro Mukherjee & Co. Chartered Accountants Soumitro Mukherjee Proprietor Membership No. 055585 Mumbai 30

th May, 2014

SILVEROAK COMMERCIALS LTD Balance Sheet as at 31.03.2014 Particulars Note FY 2013-14 FY 2012-13

No. (Rupees) (Rupees)

1 2 3 4

I. EQUITY AND LIABILITIES Audited Audited

(1) Shareholders’ funds

(a) Share capital 1 27,500,000 27,500,000

(b) Reserves and surplus 2 (27,043,193) 5,234,528

(c) Money received against share warrants - -

(2) Share application money pending allotment 456,807 32,734,528

- -

(3) Non-current liabilities

(a) Long-term borrowings 3 8,500,000 -

(b) Deferred tax liabilities (Net) 4 400,760 -

(4) Current liabilities 8,900,760 -

(a) Short-term borrowings 5 1,000,000 1,500,000

(b) Trade payables 6 4,391,202 18,933,268

(c) Other current liabilities 7 46,993,373 568,152

TOTAL

52,384,575 21,001,420

61,742,142 53,735,948

II. ASSETS

(1) Non-current assets

(a) Fixed assets

(i)Tangible assets 8 57,123,892 -

(ii)Capital work-in-progress 8 588,000 -

(b) Non-current investments 9 - -

(c) Deferred tax assets (net) 4 - -

(d) Long-term loans and advances 10 - 1,395,000

(e) Other non-current assets 11 - 33,000,000

(2) Current assets 57,711,892 34,395,000

(a) Inventories 12 - -

(b) Trade receivables 13 2,532,897 18,919,282

(c) Cash and cash equivalents 14 97,186 416,500

(d) Short-term loans and advances 15 1,400,166 5,166

(e) Other current assets 16 - -

TOTAL

4,030,250 19,340,948

61,742,142 53,735,948

0 -

The Schedules referred to above are the extracts of books of Accounts and form an integral part of this report

As per our report of even date For Silveroak Commercials LtdFor Soumitro Mukherjee & Co. Chartered Accountants

Soumitro Mukherjee Proprietor Tushar Patil Pravin PatilMembership No. 55585 Director DirectorDate: 30.05.2014 Place : Mumbai

SILVEROAK COMMERCIALS LTD Profit and Loss Statement for the period ended 31.03.2014 Particulars Note FY 2013-14 FY 2012-13

No. (Rupees) (Rupees)

Audited Audited

I. Revenue from operations 17 19,646,522 57,863,561

II. Other income 18 200 -

III. Total Revenue (I + II)

19,646,722 57,863,561

IV. Expenses:

Cost of materials consumed 19 16,900,532 57,658,561

Changes in inventories of finished goods work-in-progress and Stock-in-20

- -

Trade

Employee benefits expense 21 84,000 52,000

Finance costs 22 316,807 10,257

Depreciation and amortization expense 8 258,908 -

Other Administrative expenses 23 951,686 93,550

Total expenses 18,511,933 57,814,368

V. Profit /(Loss) before exceptional and extraordinary items and tax (III-IV) 1,134,789 49,193

VI. Exceptional items 24 33,000,000 -

VII. Profit / (Loss) before extraordinary items and tax (V - VI) (31,865,211) 49,193

VIII. Extraordinary Items - -

IX. Profit / (Loss) before tax (VII- VIII) (31,865,211) 49,193

X Tax expense:

(1) Current tax 11,750 -

(2) Deferred tax liability / (Assets) 400,760 -

XI Profit (Loss) for the period from continuing operations (IX-X)

(32,277,721) 49,193

XII Profit/(Loss) from discontinuing operations -

XIII Tax expense of discontinuing operations -

XIV Profit/(loss) from Discontinuing operations (after tax) (XII-XIII)

- -

XV Profit (Loss) for the period (XI + XIV)

(32,277,721) 49,193

XVI Earnings per equity share:

(1) Basic (11.74) 0.02

(2) Diluted (11.74) 0.02

The Schedules referred to above are the extracts of books of Accounts and form an integral part of this report

As per our report of even date For Silveroak Commercials Ltd.

For Soumitro Mukherjee & Co.


Soumitro Mukherjee Tushar Patil Pravin Patil

Propreitor

Membership No. 55585 Director Director

Date: 30.05.2014 Place : Mumbai

SILVEROAK COMMERCIALS LTD NOTES TO THE FINANCIAL STATEMENTS: Note 1 Share Capital

As at 31-03-2014

As at 31-03-2013

Note 1.1 Equity Share Capital No. of Rupees No. of Rupees

shares shares

Authorised:

Equity Shares of Rs.10/- par value 3,000,000 30,000,000 3,000,000 30,000,000

- -

Issued, Subscribed and fully Paid Up:

30,000,000 30,000,000

Equity Shares of Rs.10/- par value 2,750,000 27,500,000 2,750,000 27,500,000

- -

Note 1.2 Reconciliation of shares 27,500,000 27,500,000

a. Equity Shares of Rs.10/- par value

Shares outstanding at the beginning of the year 3,000,000 30,000,000 3,000,000 30,000,000

Changes during the year - - - -

Shares outstanding at the end of the year 3,000,000 30,000,000 3,000,000 30,000,000

Note 1.3 Rights, preferences and restrictions attached to shares

Equity Shares The Company has only one class of shares referred to as equity shares having a par value of Rs. 10/- per share. Each shareholder is eligible for one vote per share held. Dividends, if any, is declared and paid in Indian rupees. The dividend, if any, proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. However, in view of the marginal profits, no dividend is / was declared on the equity shares for the year ended March 31, 2014 / March 31, 2013. In the event of liquidation of the Company, the equity shareholders will be entitled to receive the remaining assets of the Company, after distribution of all the preferential amounts, in proportion to their shareholding.

Note 2 Reserves & Surplus As at 31-03-2014 As at 31-03-2013

Statement of Profit & Loss

Opening Balance 5,234,528 5,185,335

Add : Transferred from Statement of Profit & Loss (32,277,721) 49,193

Closing Balance (27,043,193) 5,234,528

Note 3 Long-term borrowings Non Current portion

Current portion

As at As at 31 As at As at 31-

Unsecured Loans (from Citi Co-op. Society)31-03-2014 03-2013

- 31-03-2014 03-2013

8,804,603 - -

Less: Amount disclosed under the head “other304,603

- -

-

current liabilities” at Note ___

Note 4 Deferred Tax Liabilities / (Assets) (Net) 8,500,000

As - -

As -

at 31-03-2014 at 31-03-2013

Balance b/f - -

Against current profit / (loss) 400,760 -

400,760 -

Note 5 Short-term borrowings As at 31-03-2014 As at 31-03-2013

a Loan Repayable on Demand

Cash Credit Loan from bank (Secured) - -

Other Loans - -

b Other Loans and Advances - -

From Banks (Unsecured) - -

From Financial Institutions (Unsecured) -

From Others (Unsecured) 1,000,000 1,500,000

Note 6 Trade Payables 1,000,000 1,500,000

Trade Payable 4,391,202 18,933,268

Note 7 Other Current Liabilities As4,391,202

As18,933,268

at 31-03-2014 at 31-03-2013

Current maturities of long-term debt - -

Interest accrued and due on borrowings 304,603 -

Payables for Fixed Assets 45,515,925 -

Other payables (specify nature) -

Statutory dues payable 597,193 -

Other Current Liabilities for Expenses 281,700 274,200

Provision For Expenses 293,952 293,952

Note 9 Non-current investments 46,993,373 568,152

Trade Investments

Note 10 Long-term loans and advances - -

Loans & advances

Others (Processing Fees refundable) - 1,395,000

Note 11 Other non-current assets - 1,395,000

Other Loans & advances - 33,000,000

Note 12 Inventories - 33,000,000

Raw Materials - -

Work In Progress - -

Finished Goods - -

Note 13 Trade receivables - -

Unsecured, considered good

More than six months from due date 560,470 560,470

Others 1,972,427 18,358,812

Note 14 Cash and cash equivalents 2,532,897 18,919,282

Balances with banks 24,889 94,168

Cash on hand 72,297 322,332

Note 15 Short-term loans and advances 97,186 416,500

Unsecured, considered good

Advances recoverable in cash or in kind

Prepaid Insurance - -

Loans & advances 1,395,000 -

Deposit with Govt. & others 5,166 5,166

Income Tax Deducted at source / Refund Claim - -

Note 16 Other current assets 1,400,166 5,166

Unamortized Expenses - -

Others - -

- -

As at 31-03-2014 As at 31-03-2013

Note 17 Revenue from Operations -

Sales 18,386,808 57,658,561

Services 1,259,714 205,000

19,646,522 57,863,561

Note 18 Other Income 200 -

200 -

Note 19 Cost of Material Consumed 16,900,532 57,658,561

16,900,532 57,658,561

Note 20 Changes in Inventories finished goods & WIP - -

Note 21 Employee Benefit Expenses - -

Salary Expenses 84,000 52,000

Note 22 Finance Cost 84,000 52,000

Interest Expenses 304,603

Interest & Financial Charges 12,205 10,257

Note 23 Other Expenses 316,807 10,257

Audit Fees 7,500 7,500

Prior Period Expenses 200,196

Legal Fees 131,790 63,000

Job work charges 371,498

Professional Charges 62,239

Lease Rental Expenses 176,967

Other Administrative Expenses 1,497 23,000

Others 50

Note 24 Exceptional Items 951,686 93,550

-

Loan & Advances old & unrecoverable & written off 33,000,000

33,000,000 -

SILVEROAK COMMERCIALS LTD Fixed Assets & Depreciation as on 31-03-2014 [under Companies Act] :

Description of Asset Gross Block [Assets put to use] Depreciation Net Block

Opening AdditionsSales /

ClosingRate

Opening For Year

Reversed ClosingAs on As on

Transfer [SLR] 31/03/2014 31/03/2013

Land - Leasehold 26,974,610 - 26,974,610 - 26,974,610 -

Factory Building 28,989,874 28,989,874 3.34% - 242,065 242,065 28,747,809 -

Plant & Machinery - 4.75% - - -

Instruments, Equipments & Tools - 4.75% - - -

Electrical Installation 1,418,316 1,418,316 4.75% 16,843 16,843 1,401,473

Furniture & Fixture - 6.33% - - -

Computers - 16.21% - - -

SUB TOTAL : - 57,382,800 - 57,382,800 - 258,908 - 258,908 57,123,892 -

Plant & Machinery- (W.I.P) 588,000 588,000

GRAND TOTAL : - 57,970,800 - 57,970,800 - - 258,908 - 258,908 57,123,892 -

SCHEDULE G NOTES ON ACCOUNTS

a. The financial statement of the company are prepared under historical cost convention in

accordance with generally accepted accounting principles and of the companies Act, 1956

using accrual method of accounting on the basis of going concern.

b. Accounting policies not specifically referred to otherwise are in consonance with GAAP

c. Depreciation is charged on fixed assets to extent of being used during the year by the

company.

d. No gratuity provision made so far.

e. Inventory is nil, hence question of valuation does not arise.

f. Preliminary exp are being written off regularly.

2. Auditors Remuneration 2013‐14 2012‐13 7500/‐ 7500/‐

3. Details of Goods Traded : Electrical Items & allied products

4. Additional Information required under schedule vi of the companies Act, 1956 (as certified

as Director)

5. Additional information required under para 4(c), 4(d) to schedule vi of the companies Act

1956 being not applicable, not given. Schedules A to G forms an integral part of the accounts

As per our Audit report attached on the even date.

For Silveroak Commercials Ltd For Soumitro Mukherjee & Co.


Tushar Patil Pravin Patil Director Director Soumitro Mukherjee Proprietor Mem No.55585

Date : 30.05.2014 Place : Mumbai

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