(1) We have audited the attached Balance Sheet of WIM PLAST LTD., as at
31st March, 2012, the Statement of Profit and Loss and Cash Flow
Statement for the year ended on that date, annexed thereto. These
financial statements are the responsibility of the Company''s
Management. Our responsibility is to express an opinion on these
financial statements based on our audit.
(2) We have conducted our audit in accordance with the Auditing
Standards generally accepted in India. Those standards 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 the management, as well as evaluating the overall presentation of
the financial statements. 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 (4A) of
section 227 of the Companies Act, 1956 and on the basis of such checks
as we considered appropriate and according to the information and
explanations given to us, we have set out in the enclosed annexure a
statement on the matters specified in the paragraph 4 and 5 of the said
(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 explanations which to the
best of our knowledge andbelief were necessary for the purpose of our
(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
such books ;
(c) The Balance Sheet, Statement of Profit and Loss and Cash Flow
statement dealt with by this report are in agreement with the books of
(d) In our opinion, the Balance Sheet , Statement of Profit and Loss
and Cash Flow Statement dealt with by this report have been prepared in
compliance with the applicable Accounting Standards referred to in
Section 211 (3C) of the Companies Act, 1956, to the extent applicable ;
(e) According to the information and explanations given to us and on
the basis of written representation received from the Directors of the
Company and taken on record by the Board of Directors, we report that
none of the Directors are disqualified as on March 31, 2012 from being
appointed as a Director in terms of section 274 (1) (g) 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 together with the
notes thereon give the information required by the Companies Act, 1956
in the manner so required and also give 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, 2012 ;
II. in the case of the Statement of Profit and Loss, of the profit for
the year ended on that date ; and
III. in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
1. In respect of its fixed assets:
a. The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets on the
basis of available information.
b. As explained to us, all fixed assets have been physically verified
by the management during the year. No material discrepancies were
noticed on such physical verification.
c. In our opinion, during the year the Company has not disposed off
substantial part of its fixed assets and the going concern status of
the Company is not affected.
2. In respect of its inventories:
a. As explained to us, inventories have been physically verified by
the management at regular intervals during the year. In our opinion,
the frequency of verification is reasonable.
b. In our opinion and according to the information and explanations
given to us, the procedure of physical verification of inventory
followed by the management are found reasonable and adequate in
relation to the size of the company and the nature of its business.
c. The company has maintained proper records of inventories. As
explained to us there were nomaterial discrepancies noticed on physical
verification as compared to book records and the Inventories have been
properly dealt with in the books of account.
3. During the year the Company has not granted any loans, secured or
unsecured, to companies, firms or other parties listed in the register
maintained under section 301 of the Companies Act, 1956.
4. In our opinion and according to the information explanations given
to us, there are adequate internal control systems commensurate with
size of the Company and nature of its business, for the purchase of
inventory, fixed assets and for 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.
5. In respect of the contracts or arrangements referred to in Section
301 of Companies Act, 1956:
a. In our opinion and according to the information and explanation
given to us, the transactions made in pursuance of contracts or
arrangements that need to be entered in the register maintain under
Section 301 of Companies Act, 1956 have been so entered.
b. In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangements and exceeding the value ofrupees five lacs in respect of
any party during the year have been made at prices which are reasonable
having regard to prevailing market prices at the relevant time.
6. According to the information and explanation given to us, the
Company has not accepted any deposits from public. Therefore, the
provisions of Clause (vi) of paragraph 4 of the Order are not
applicable to the Company.
7. In our opinion, the Company has an adequate internal audit system,
commensurate with the size and nature of its business.
8. The Company has maintained Cost Records pursuant to the Rules made
by Central Government of India and pursuant to the Section 209 (1) (d)
of Companies Act, 1956.
9. In respect of statutory dues:
a. According to the information and explanation given to us and on the
basis of our examination of the records of the company, amounts
deducted / accrued in the books of account in respect of undisputed
statutory dues including Provident Fund, Investor Education and
Protection Fund, Income Tax, Sales Tax, Wealth Tax, Excise Duty,
Service Tax, Custom Duty and other material statutory dues have
generally been regularly deposited during the year by the company with
the appropriate authorities.
b. The disputed statutory dues aggregating Rs. 41,22,998/- that have not
been deposited on account of disputed matters pending before
appropriate authorities are as under:
Statute Nature of
the Amount (Rs.) Period to
which the Forum where Dispute
Tax 340,340/- 2006-07 Appellate Tribunal
(Custom Excise &
- 1944 Excise Duty 92,356/- 2006-07 Custom Excise &
Service Tax - Appeal
Act, 1981 Sales tax 10,55,757/- 2002-03 &
2003-04 Dy. Commissioner
Act, 1962 Custom duty 17,74,982/- 2009-10 Asst. Commissioner
2003 VAT 8,59,563/- 2009-10 Dy. Commossioner
10. The Company does not have accumulated losses at the end of
financial year. The Company has not incurred cash losses during the
financial year covered by the audit and in immediately preceding
11. Based on the audit procedures and according to the information and
explanations given to us, we are of the opinion that the Company has
not defaulted in repayment of dues to the bank. There are no dues
payable to any financial institution or debenture holders.
12. In our opinion and according to the information and explanations
given to us and based on the information available, no loans and
advances have been granted by the Company on the basis of the 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 provision of clause (xiii) of
the Companies (Auditor''s Report) Order 2003 is not applicable to the
14. The business of the Company is not of dealing in or trading in
shares, securities, debentures, or other Investments.
15. The Company has not given any guarantee for loans taken by others
from banks or financial institutions.
16. The company has not obtained any Term Loans.
17. Funds raised on short-term basis have not been used for long-term
18 The Company has not made any preferential allotment of shares to
parties or companies covered in the register maintained under section
301 of the Companies Act, 1956.
19. The Company has not issued debentures during the year.
20. During the year, the Company has not raised money by way of public
21. Based on the audit procedures performed by us and according to the
information and explanations given by the management, we report that no
material fraud on or by the Company has been noticed or reported during
the course of our audit.
For Bharat P. Shah & Co.
Date: 21st May, 2012 Bharat P. Shah
Place: Mumbai Proprietor
Membership No. 33530