1) We have audited the attached Balance sheet of BISIL PLAST LIMITED
(the Company) as at 31st March, 2012, Profit & Loss Account and
the Cash Flow Statement for the year ended on that date annexed
thereto. These financial statements are the responsibility of the
Company''s management. Our responsibility is to express an opinion on
these financial statements based on our audit.
2) We conducted our audit in accordance with auditing standards
generally accepted in India. These standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and the significant estimates
made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3) As required by the Companies (Auditors'' Report) Order, 2003 as
amended by the Companies (Auditor''s Report) (Amendment) Order,2004,
issued by the Central Government of India in terms of sub- section (4A)
of Section 227 of ''The Companies Act, 1956'' and on the basis of
such checks of the books and records of the company as we considered
appropriate and according to the information and explanations given to
us, we enclose in the annexure a statement on the matters specified in
paragraphs 4 & 5 of the said order.
4) Further to our comments in the Annexure referred to in paragraph
(3) above, 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, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account;
d) In our opinion, the Balance sheet, Profit and Loss Accounts and Cash
Flow Statement dealt with by this report comply with 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 31st March,,2012 and taken on records by the Board of Directors,
we report that none of the directors is disqualified from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956;
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with the
significant accounting policies and notes thereon gives the information
required by the Companies Act, 1956 in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India:.
i) In the case of the Balance Sheet, of the state of affairs of the
company as at 31st March, 2012.
ii) In the case of the Profit & Loss Account, of the Profit of the
company for the year ended on that date.
iii) In the case of Cash Flow Statement, of the cash flows of the
company for the year ended on that 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. The Company has taken loan from Charotar Nagrik Sahakari Bank Ltd.
The company has entered into one time settlement (OTS) with the bank.
The company is repaying the principal and interest as per the terms of
12. 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
13. 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
14. 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.
15. 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
16. According to the records of the Company, the Term Loan was applied
for the purpose for which the loan was taken
17. 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.
18. 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
19. According to the information and explanation given to us the
company has not issued any debentures during the year.
20. The Company has not raised monies by public issue during the year.
21. 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 : 16th July, 2012 Partner
M. No. 36776