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Bisil Plast
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« Mar 13
Auditor's Report (Bisil Plast) Year End : Mar '14
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
 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 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.
 
 Auditor''s 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.
 
 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, 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
 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
 audit;
 
 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
 books;
 
 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
 assets.
 
 (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
 Act, 1956.  
 
 (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
 authorities.
 
 (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
 financial institutions.
 
 (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
 investments.
 
 (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
 
                                          Chartered Accountants
                                          Firm Reg. No. 109432W
 
 Place : Ahmedabad                               Malay J. Dalal
 
 Date  : 28.05.2014                                     Partner
 
                                                   M. No. 36776
 
Source : Dion Global Solutions Limited
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