We have audited the accompanying financial statements of Bisil Plast
Limited (''the Company'') which comprise the balance sheet as at March
31, 2014 and the statement of profit and loss for the year then ended,
and a summary of significant accounting policies and other explanatory
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 of the Company in accordance with accounting
principles generally accepted in India, including 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 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
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, 2014;
(b) in the case of the statement of profit and loss, of the profit 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 as
amended(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
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) In our opinion, the balance sheet and statement of profit & loss
comply with the accounting standards referred to in sub-section (3C) of
section 211 of the Companies Act, 1956
d) On the basis of the written representations received from the
directors, as on March 31, 2014 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March, 2014 from being appointed as a director in terms of clause
(g) of sub-section (1) of section 274 of the Companies Act, 1956.
ANNEXURE (Referred to in Para 1 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) The assets have been physically verified by the management in
accordance with a phased programme of verification, which in our
opinion is reasonable, considering the size and nature of its business.
No material discrepancies were noticed on such verification.
(c) The Company has not sold substantial part of fixed assets during
the accounting period and hence the provisions of sub clause (c) of
clause (i) of this order are not applicable.
(ii) (a) The inventory has been physically verified during the
accounting period by the management. In our opinion, the frequency of
verification is reasonable.
(b) In our opinion, 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) The Company is maintaining proper record of inventories. The
discrepancies noticed on verification between the physical stocks and
the book records were not material.
(iii) (a) The Company has not granted unsecured loan to any parties
covered in the register maintained under Section 301 of the Companies
Act, 1956. (b) The Company has not taken unsecured loan from any
parties covered in the register maintained under Section 301 of the
Companies Act, 1956. (iv) 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 its business with regard to the purchases of inventory and
fixed assets and with regard to the sale of goods and services. During
the course of our audit, we have not observed any continuing failure to
correct major weaknesses in internal controls. (v) In our opinion and
according to the information and explanations given to us, the
transactions made in pursuance of contracts or arrangements referred to
in Section 301 of the Companies Act, 1956 have been entered in the
register required to be maintained under Section 301 of the Companies
(vi) The Company has not accepted any deposit from the public and hence
the provisions of clause 4(vi) of the Companies (Auditor''s Report)
Order, 2003 (as amended) are not applicable to the Company.
(vii) In our opinion, the Company has an internal audit system
commensurate with the size and the nature of its business.
(viii) The Central Government has not prescribed the maintenance of
cost records as required under clause (d) of sub- section (1) of
Section 209 of the Companies Act, 1956.
(ix) (a) According to the information and explanations given to us and
books and records as produced and examined by us, in our opinion, the
undisputed statutory dues including Provident Fund, Employees'' State
Insurance, Income Tax, Wealth Tax, Service Tax, cess, wherever
applicable and other material statutory dues applicable have been
regularly deposited by the Company during the year with the appropriate
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of Income Tax, Sales tax, Wealth
Tax, Service Tax, and cess were in arrears, as at 31st March, 2014 for
a period of more than six months from the date they became payable.
(c) According to the information and explanation given to us, there are
no dues of Income Tax, Wealth Tax, Service Tax and cess, which have not
been deposited on account of any dispute.
(x) In our opinion, there are no accumulated losses and the Company has
not incurred cash losses during the year ended covered by our audit and
in the immediately preceding financial year.
(xi) In our opinion and according to information and explanations given
to us, the Company has not defaulted in repayment of dues to banks and
(xii) The Company has not granted loans and advances on the basis of
security of pledge of shares, debentures and other securities.
Accordingly the provisions of clause 4(xii) of the Companies (Auditors''
Report) Order, 2003 (as amended) are not applicable to the company.
(xiii) 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 (as amended) are not
applicable to the Company.
(xiv) In our opinion, the Company is not dealing in or trading in
shares, securities, debentures and other investments except those
investments, which are held as investments. In our opinion, in respect
of those investments held by the Company, proper records have been
maintained of the transactions and contracts and timely entries have
been made therein and the shares, securities and other investments have
been held by the company, in its own name.
(xv) The Company has not given any guarantee for loans taken by others
from bank or financial institutions and hence provisions of para (xv)
of the order are not applicable.
(xvi) According to information and explanations given to us, in our
opinion, the term loans raised by the Company have been utilized for
the purposes for which they were obtained.
(xvii) According to information and explanations given to us and on an
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
(xviii) During the course of our examination of the books of account
carried out in accordance with the generally accepted auditing practice
in India and according to 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
Firm Reg. No. 109432W
Place : Ahmedabad Malay J. Dalal
Date : 28.05.2014 Partner
M. No. 36776