Report on the Financial Statements
We have audited the accompanying financial statements of BISIL PLAST
LIMITED (the Company), which comprise the Balance Sheet as at March
31, 2013, 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,
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 a true and fair view and are free from material misstatement,
whether due to fraud or error.
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 controls 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
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit 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
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2013;
(b) In the case of 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
b. In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
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
d. In our opinion, the Balance Sheet, Statement of Profit and Loss,
and Cash Flow Statement comply with the Accounting Standards referred
to in subsection (3C) of section 211 of the Companies Act, 1956 subject
e. On the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
f. Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
ANNEXURE TO THE AUDITORS'' REPORT
(Referred to in paragraph (1) of our report of even date)
1. i) The company has maintained proper records showing full
particulars including quantitative details & situation of fixed assets.
ii) All the assets have been physically verified by the management at
reasonable period during the year. No material discrepancies were
noticed on such verification.
iii) In our Opinion and according to the information and explanation
given to us substantial part of fixed assets has not been disposed off
by the company during the year.
2. The company does not have any stocks. Therefore the requirements of
clauses (ii)(a), (ii)(c) of Para 4 of the order are not applicable.
3. The Company has not granted any loan to companies, firms or other
parties covered in the register maintained under section 301 of the
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of the
business with regard to purchase of inventory & fixed assets and with
regard to sales of goods. During the course of our audit , we have not
observed any continuing failure to correct major weaknesses in internal
5. As per the information given to us, there are No transactions with
the parties that are entered into the register maintained under section
301 of the Act.
6. In our opinion and according to the information and explanation
given to us, the company has not accepted any deposits from the public
so the clause (vi) of the Paragraph 4 is not applicable to the company.
7. The Company does not have any Internal Auditor or any special
department/cell for Internal Audit, but looking towards the quantum &
value of transactions and the Internal Control Procedures, the company
has enough control over the transactions of the business.
8. The Central Government has not prescribed the maintenance of Cost
Records in respect of the Company, under section 209 (1) (d) of the
Companies Act, 1956.
9. i) The company is regular in depositing with appropriate
authorities undisputed statutory dues of Income-tax, Wealth-tax, Custom
Duty, excise duty, sales tax, ESIC, P.F., and any other statutory dues
applicable to it with the appropriate authorities.
ii) At the last day of the financial year, according to the records of
the company and the information and explanations given to us, there
were no dues of custom duty, wealth tax and cess which have not been
deposited on account of any dispute.
10. The Company has accumulated losses at the ended of the financial
year and it has incurred cash losses in the financial year under report
and the immediately preceding financial year.
11. We are of the opinion that the company has not granted any loans
and advances on the basis of security by way of pledge of. shares,
debenture and other securities.
12. In our opinion, the company is not a chit fund or a nidhi/ mutual
benefit fund/society. Therefore, the provisions of clause 4(xiii) of
the Companies (Auditor''s Report) Order, 2003 are not applicable to the
13. As per the records of the Company and the information and
explanation given to us, the management of the company is not dealing
or trading in shares, securities, and debentures and other investments.
14. According to the records of the company, and the information and
explanation provided by the management, the company has not given any
guarantee for loans taken by others from bank or financial institution.
15. According to the records of the Company, the Term Loan was applied
for the purpose for which the loan was taken
16. According to the information and explanation given to us and on
overall examination of the Balance Sheet of the company, we report that
no funds raised on short term basis have been used for long term
investment. No long term funds have been used to finance short term
assets except for permanent working capital.
17. According to the information and explanation given to us, the
company has not made any Preferential allotment of shares to parties
and companies covered in the register maintained under section 301 of
18. According to the information and explanation given to us the
company has not issued any debentures during the year.
19. The Company has not raised monies by public issue during the year.
20. During the course of our examination of the books and records of
the company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanation given to us, we have neither came across any instance of
fraud on or by the Company, nor such type of the case been reported of
information to us by the management.
For SHAH & DALAL
Firm Reg. No. 109432W
Place : Ahmedabad Malay J. Dalal
Date :30.05.2013 Partner
M. No. 36776