We have audited the accompanying financial statements of Bisil Plast
Limited (''the Company'') which comprise the balance sheet as at March
31, 2015, the statement of profit and loss for the period then ended,
and a summary of significant accounting policies and other explanatory
Managements 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 of the Company in accordance with accounting
principles generally accepted in India, including the Accounting
Standards prescribed in section 133 of the Companies Act, 2013 (''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
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with 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 auditors 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.
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 31,2015 and
(b) in the case of the statement of profit and loss, of the loss for
the period ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2015 as
amended(the Order) issued by the Central Government of India in
terms of sub-section (11) of section 143 ofthe Act, we give in the
Annexure a statement on the matters specified in paragraphs 3 and 4
2. As required by Section 143(3), 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
b. In our opinion proper books of accounts as required by law is
maintained and proper returns adequate for the purpose of audit have
been received by us.
c. In our opinion the company''s balance sheet and profit and loss
account are in agreement with the books of accounts and returns.
d. The financial statement complies with the accounting standards.
e. On the basis ofthe written representations received from the
directors, as on March 31, 2015 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
March 31,2015 from being appointed as a director in terms of section
164 ofthe Companies Act, 2013.
f. There are no such qualifications, reservations or adverse remarks
in respect ofthe maintenance ofthe books of accounts or other matters
g. The company has adequate internal financial control system in place
and operative effectiveness of such control.
h. The company has disclosed the impact of any pending litigation if
any in the financial statement
i. The company has made provision in respect of any material
foreseeable losses as required by law or accounting standards
including the derivative contracts.
j. In our opinion the company has not made any delay in transferring
the amount required to be transferred to the Investor Education and
Protection Fund by the company.
ANNEXURE TO THE AUDITORS'' REPORT
(Referred to in paragraph (1) under the heading report on other
legal and regulatory requirements of our report of even date)
(i) (a) The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
(b) As explained to us, Fixed Assets of the Company have been
physically verified by the management at reasonable intervals. To the
best of our knowledge, no material discrepancies have been noticed on
(II) (a) As informed to us, the physical verification of inventory has
been conducted at reasonable intervals by the management;
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) In our opinion and according to the information and explanation
given to us, the company is maintaining proper records of inventory.
The discrepancies noticed on verification between the physical stocks
and the book records were not material.
(III) In our opinion the company has not granted any loans, secured or
unsecured to companies, firms or other parties covered in the register
maintained under section 189 ofthe Companies Act.
(iv) In our opinion, there is an adequate internal control system
commensurate with the size of the company and the nature of its
business, for the purchase of inventory and fixed assets and for the
sale of goods and services. During the course of audit, we have not
observed any continuing failure to correct major weaknesses in
internal control system.
(V) According to the information and explanations given to us, the
company has not accepted any deposits from the public within the
meaning of Sections 73 to 76 ofthe Act and the rules framed there
under. Therefore the provisions of Clause (v) of the paragraph 3 ofthe
order are not applicable to the company.
(VI) In our opinion, Company is not required to maintain cost records
as prescribed in Companies (Cost Accounting Records) Rules, 2014
prescribed by the Central Government under sub-section (1) Section 148
(VII) (a) According to the records of the company, the company is
regular in depositing with appropriate authorities undisputed
statutory dues including Provident Fund, Investor Education and
Protection Fund, Employees'' State Insurance, Income Tax, Sales Tax,
Wealth Tax, Custom Duty, Excise Duty, Service Tax, Cess and other
material statutory dues applicable to it.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of dues as referred in above
Clause were in arrears, as at 31st March, 2015 for a period of more
than six months from the date they became payable
(c) In our opinion, the amount required to be transferred to investor
education and protection fund in accordance with the relevant
provisions ofthe Companies Act, 2013 and rules made there under has
been transferred to such fund within time.
(VIII) In our opinion, the company does not have its accumulated
losses at the end of the financial year which are more than fifty per
cent of its net worth and it has not incurred cash losses in such
financial year and in the immediately preceding financial year;
(IX) According to the information and explanation given to us, the
company has not defaulted in repayment of loans to any banks and
(X) In our opinion, the company has not given any guarantee for loans
taken by others from bank or financial institutions, the terms and
conditions whereof are prejudicial to the interest of the company;
(XI) In our opinion, the term loans were applied for the purpose for
which the loans were obtained;
(XII) 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
explanations given to us, we have neither come across any instance of
fraud on or by the Company, noticed or reported during the year, nor
have we been informed of such case by the management.
For SHAH & DALAL
Place : Ahmedabad Malay J. Dalal
Date : 30.05.2015 Partner
M. No. 36776
Firm Reg. No. 109432W