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Bisil Plast Ltd.

BSE: 531671 Sector: Industrials
NSE: N.A. ISIN Code: INE214D01021
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VOLUME 1000
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Mkt Cap.(Rs cr) 1
Buy Price 0.00
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Sell Price 0.22
Sell Qty 4000.00
OPEN 0.22
CLOSE 0.22
VOLUME 1000
52-Week high 0.58
52-Week low 0.21
P/E
Mkt Cap.(Rs cr) 1
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.22
Sell Qty 4000.00

Bisil Plast Ltd. (BISILPLAST) - Auditors Report

Company auditors report

To

The Members

BISIL PLAST LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of Bisil Plast Limited (‘theCompany’) which comprise the balance sheet as at March 31 2016 the statement ofprofit and loss for the year then ended and a summary of significant accounting policiesand other explanatory information.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give atrue and fair view of the financial position financial performance and of the Company inaccordance with accounting principles generally accepted in India including theAccounting Standards prescribed in section 133 of the Companies Act 2013 (‘theAct’). This responsibility includes the design implementation and maintenance ofinternal control relevant to the preparation and presentation of the financial statementsthat give a true and fair view and are free from material misstatement whether due tofraud or error.

Auditors’ Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. We conducted our audit in accordance with Standards on Auditing issued by theInstitute of Chartered Accountants of India. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditors considers internal control relevant to the Company’s preparation andfair presentation of the financial statements in order to design audit procedures that areappropriate in the circumstances. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made bymanagement as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at March31 2016 and its loss and its 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 2015 as amended("the Order") issued by the Central Government of India in terms of sub-section(11) of section 143 of the Act we give in the Annexure - A a statement on the mattersspecified in paragraphs 3 and 4 of the Order.

2. As required by Section 143(3) we report that:

a) We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purpose of audit.

b) In our opinion proper books of accounts as required by law is maintained and properreturns 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 inagreement with the books of accounts and returns.

d) The financial statement complies with the accounting standards.

e) On the basis of the written representations received from the directors as on March31 2016 and taken on record by the Board of Directors we report that none of thedirectors is disqualified as on March 31 2016 from being appointed as a director in termsof section 164 of the Companies Act 2013.

f) There are no such qualifications reservations or adverse remarks in respect of themaintenance of the books of accounts or other matters connected therewith.

g) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in "Annexure B"

h) The company has disclosed the impact of any pending litigation if any in thefinancial statement.

i) The company has made provision in respect of any material foreseeable losses asrequired by law or accounting standards including the derivative contracts.

j) In our opinion the company has not made any delay in transferring the amountrequired to be transferred to the Investor Education and Protection Fund by the company.

For SHAH & DALAL
Chartered Accountants
Malay J. Dalal
Partner
Place : Ahmedabad M. No. 36776
Date : 27.05.2016 FRN 109432W

ANNEXURE - A ANNEXURE TO THE INDEPENDENT AUDITORS’ REPORT

Referred to in paragraph 1 under "Report on Other Legal and RegulatoryRequirements’ of the Independent Auditors’ Report of even date for the financialyear statement of the Company for the year ended March 31 2016

i. (a) The company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) As explained to us Fixed Assets of the Company have been physically verified bythe management at reasonable intervals. To the best of our knowledge no materialdiscrepancies have been noticed on such verification.

ii. (a) As informed to us the physical verification of inventory has been conducted atreasonable intervals by the management;.

(b) In our opinion and according to the information and explanations given to us theprocedures of physical verification of inventories followed by the management arereasonable and adequate in relation to the size of the company and the nature of itsbusiness.

(c) In our opinion and according to the information and explanation given to us thecompany is maintaining proper records of inventory. The discrepancies noticed onverification 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 tocompanies 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 thesize of the company and the nature of its business for the purchase of inventory andfixed assets and for the sale of goods and services. During the course of audit we havenot observed any continuing failure to correct major weaknesses in internal controlsystem.

v. According to the information and explanations given to us the company has notaccepted any deposits from the public within the meaning of Sections 73 to 76 of the Actand the rules framed there under. Therefore the provisions of Clause (v) of the paragraph3 of the order are not applicable to the company.

vi. In our opinion Company is not required to maintain cost records as prescribed inCompanies (Cost Accounting Records) Rules 2014 prescribed by the Central Government undersub-section (1) Section 148 of the Act.

vii. (a) According to the records of the company the company is regular in depositingwith appropriate authorities undisputed statutory dues including Provident Fund InvestorEducation and Protection Fund Employees’ State Insurance Income Tax Sales TaxWealth Tax Custom Duty Excise Duty Service Tax Cess and other material statutory duesapplicable to it.

(b) According to the information and explanations given to us no undisputed amountspayable in respect of dues as referred in above Clause were in arrears as at 31 March2016 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 andprotection fund in accordance with the relevant provisions of the Companies Act 2013 andrules made there under has been transferred to such fund within time.

viii. In our opinion the company has its accumulated losses at the end of thefinancial year which are more than fifty per cent of its net worth and it has incurredcash 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 notdefaulted 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 othersfrom bank or financial institutions the terms and conditions whereof are prejudicial tothe interest of the company.

xi. In our opinion the term loans were applied for the purpose for which the loanswere obtained;

xii. During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of fraud on or by the Company noticed or reported during the year nor have webeen informed of such case by the management.

For SHAH & DALAL
Chartered Accountants
Malay J. Dalal
Partner
Place : Ahmedabad M. No. 36776
Date : 27.05.2016 FRN 109432W

ANNEXURE ‘B’ Annexure to the independent auditor’s report of even dateon the financial statements of "Bisil Plast Limited" Report on the InternalFinancial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act2013 (‘’the Act’’)

We have audited the internal financial controls over financial reporting of Bisil PlastLimited (‘’the Company’’) as of March 31 2016 in conjunction with ouraudit of the financial statements of the Company for the year ended on that date.

Management’s Responsibility for Internal Financial Controls

The Company’s management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company’s policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Act.

Auditors’ Responsibility

Our responsibility is to express an opinion on the Company’s internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the ‘’Guidance Note’’) and the Standards on Auditing issued by ICAIand deemed to be prescribed under section 143(10) of the Act to the extent applicable toan audit of internal financial controls both applicable to an audit of Internal FinancialControls and both issued by the Institute of Chartered Accountants of India. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor’s Judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company’s internal financial controlssystem over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company’s internal financial control overfinancial reporting includes those policies and procedures that

(1) Pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) Provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorizations of management and directors of the company; and

(3) Provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company’s assets that could havea material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2016 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For SHAH & DALAL
Chartered Accountants
Malay J. Dalal
Partner
Place : Ahmedabad M. No. 36776
Date : 27.05.2016 FRN 109432W