Bisil Plast Ltd.
|BSE: 531671||Sector: Industrials|
|NSE: N.A.||ISIN Code: INE214D01021|
|BSE 11:01 | 05 Feb||Bisil Plast Ltd|
|NSE 05:30 | 01 Jan||Bisil Plast Ltd|
|BSE: 531671||Sector: Industrials|
|NSE: N.A.||ISIN Code: INE214D01021|
|BSE 11:01 | 05 Feb||Bisil Plast Ltd|
|NSE 05:30 | 01 Jan||Bisil Plast Ltd|
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 2017 the statement of profitand loss for the year then ended and a summary of significant accounting policies andother 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 of internalcontrol relevant to the preparation and presentation of the financial statements that givea true and fair view and are free from material misstatement whether due to fraud orerror.
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 the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorsconsiders internal control relevant to the Company's preparation and fair presentation ofthe financial statements in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of accountingpolicies used and the reasonableness of the accounting estimates made by management aswell 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.
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 March312017 and its profit 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 2016 as amended("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the Annexure a statement on the matters specified inparagraphs 3 and 4 of the 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 ourknowledge 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 2017 and taken on record by the Board of Directors we report that none of thedirectors is disqualified as on March 31 2017 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.
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
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 Tax WealthTax 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.
Annexure to the independent auditor's report of even date on the financial statementsof "Bisil Plast Limited"
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ('the Act'')
We have audited the internal financial controls over financial reporting of Bisil PlastLimited ('the Company'') as of March 31 2017 in conjunction with our audit of thefinancial 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 the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe Act.
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 ICAI and deemed tobe prescribed under section 143(10) of the Act to the extent applicable to an audit ofinternal financial controls both applicable to an audit of Internal Financial Controlsand both issued by the Institute of Chartered Accountants of India. Those Standards andthe Guidance Note require that we comply with ethical requirements and plan and performthe audit to obtain reasonable assurance about whether adequate internal financialcontrols over financial reporting was established and maintained and if such controlsoperated 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 controls systemover financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting 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 have amaterial 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.
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 2017 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.