1) We have audited the attached Balance sheet of Bisil Plast Limited
 (the Company) as at 31st March, 2011, Profit & Loss Account and the
 Cash Flow Statement for the year ended on that date annexed there to.
 These financial statements are the responsibility of the Company’s
 management. Our responsibility is to express an opinion on these
 financial statement based on our Audit.
 
 2) We conducted our audit in accordance with auditing standards
 generally accepted in India. These standard 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 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 (Auditor’s Report) order, 2003, issued
 by the Central Government of India in terms of sub-section 227 (4A) 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 accounting
 to the information and explanations given to us, we enclose in the
 Annexure our report on the matters specified in paragraphs 4 and 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 explanation, which to the
 best of our knowledge and belief were necessary for the purpose our
 audit.
 
 b) In our opinion, proper books of accounts as required by law have
 been kept by the company so far as appears from our examination of
 those books.
 
 c) The Balance Sheet and Profit and Loss Account and Cash Flow
 Statement dealt with by this report are in agreement with books of
 account.
 
 d) In our opinion, the Balance sheet and Profit and Loss Accounts and
 Cash Flow Statement dealt with by this report comply with the
 accounting standards referred to Section 211(3C) of the Companies Act,
 1956.
 
 e) On the basis of written representation received from the directors,
 as on 31st March, 2011 and taken on Record by the Board of Directors,
 we report that none of the directors is disqualified as on 31st March,
 2011 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 with the notes
 thereon, give the information required by the Companies Act, 1956, in
 the manner so required and gives 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, 2011.
 
 ii) In the case of PROFIT AND LOSS ACCOUNTS, of the Profit for the year
 ended on that date.
 
 iii) In the case of the Case flow statement, of the cash flow for the
 year ended on that date.
 
 ANNEXURE TO THE AUDITORS’ REPORT
 (Referred to in paragraph (1) of our report of even 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
 Companies Act, 1956.
 
 4.  In our opinion and according to 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 sale of goods.
 During the course of our audit, we have not observed any continuing
 failure to correct major weaknesses in internal control.
 
 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 no accumulate losses at the end of the financial
 year and it has not incurred any 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 is not repaying the loan either the interest or principal
 as the said such is under liquidation.
 
 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,
 debentures 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 the
 company.
 
 14.  As per the records of the Company and the information and
 explanation given to us by the management 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 banks 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
 the 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 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
 the Act.
 
 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 or
 informed to us by the management.
 
                                                      For SHAH & DALAL
                                                 Chartered Accountants 
                                                 Firm Reg. No. 109432W
 
                                                        Malay J. Dalal
                                                               Partner 
                                                          M. No. 36776
 
 Place : Ahmedabad 
 Date  : 21st July, 2011