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Bisil Plast | Auditor's Report > Packaging > Auditor's Report from Bisil Plast - BSE: 531671, NSE: N.A

Bisil Plast

BSE: 531671|ISIN: INE214D01021|SECTOR: Packaging
, :
Bisil Plast is not listed on NSE
Mar 14
Auditor's Report (Bisil Plast) Year End : Mar '15
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
 Auditors Responsibility
 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
 ofthe Order.
 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
 connected therewith.
 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.
 (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
 such verification.
 (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
 ofthe Act.
 (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
 financial institutions.
 (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 
                                                    Chartered Accountants
 Place : Ahmedabad	                                  Malay J. Dalal
 Date : 30.05.2015	                                         Partner
                                                             M. No. 36776  
                                                    Firm Reg. No. 109432W
Source : Dion Global Solutions Limited
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