Auditor Report of Bisil Plast Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of Bisil Plast Limited ('the Company') which comprise the balance sheet as at March 31, 2015, the statement of profit and loss for the period then ended, and a summary of significant accounting policies and other explanatory information.

Managements 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 and of the Company in accordance with accounting principles generally accepted in India, including the Accounting Standards prescribed in section 133 of the Companies Act, 2013 ('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.

Auditors 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 31,2015 and

(b) in the case of the statement of profit and loss, of the loss for the period 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 ofthe Act, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 ofthe 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 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 proper returns 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 in agreement with the books of accounts and returns.

d. The financial statement complies with the accounting standards.

e. On the basis ofthe written representations received from the directors, as on March 31, 2015 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on March 31,2015 from being appointed as a director in terms of section 164 ofthe Companies Act, 2013.

f. There are no such qualifications, reservations or adverse remarks in respect ofthe maintenance ofthe books of accounts or other matters connected therewith.

g. The company has adequate internal financial control system in place and operative effectiveness of such control.

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

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

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

ANNEXURE TO THE AUDITORS' REPORT

(Referred to in paragraph (1) under the heading "report on other legal and regulatory requirements" 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) As explained to us, Fixed Assets of the Company have been physically verified by the management at reasonable intervals. To the best of our knowledge, no material discrepancies have been noticed on such verification.

(II) (a) As informed to us, the physical verification of inventory has been conducted at reasonable intervals by the management;

(b) In our opinion and according to the information and explanations given to us, 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) In our opinion and according to the information and explanation given to us, the company is maintaining proper records of inventory. The discrepancies noticed on verification 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 to companies, 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 the size of the company and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods and services. During the course of audit, we have not observed any continuing failure to correct major weaknesses in internal control system.

(V) According to the information and explanations given to us, the company has not accepted any deposits from the public within the meaning of Sections 73 to 76 ofthe Act and the rules framed there under. Therefore the provisions of Clause (v) of the paragraph 3 ofthe order are not applicable to the company.

(VI) In our opinion, Company is not required to maintain cost records as prescribed in Companies (Cost Accounting Records) Rules, 2014 prescribed by the Central Government under sub-section (1) Section 148 ofthe Act.

(VII) (a) According to the records of the company, the company is regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees' State Insurance, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Service Tax, Cess and other material statutory dues applicable to it.

(b) According to the information and explanations given to us, no undisputed amounts payable in respect of dues as referred in above Clause were in arrears, as at 31st March, 2015 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 and protection fund in accordance with the relevant provisions ofthe Companies Act, 2013 and rules made there under has been transferred to such fund within time.

(VIII) In our opinion, the company does not have its accumulated losses at the end of the financial year which are more than fifty per cent of its net worth and it has not incurred cash 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 not defaulted 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 others from bank or financial institutions, the terms and conditions whereof are prejudicial to the interest of the company;

(XI) In our opinion, the term loans were applied for the purpose for which the loans were obtained;

(XII) 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 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

Place : Ahmedabad Malay J. Dalal Date : 30.05.2015 Partner M. No. 36776 Firm Reg. No. 109432W

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Mar 31, 2014

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

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Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of BISIL PLAST LIMITED ("the Company"), which comprise the Balance Sheet as at March 31, 2013, and the Statement of Profit and Loss and Cash Flow Statement 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 and cash flows of the Company in accordance with 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 the 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 auditor considers internal controls 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, 2013;

(b) In the case of Statement of Profit and Loss, of the Loss 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 ("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. The Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account,

d. In our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956 subject to;

e. On the basis of written representations received from the directors as on March 31, 2013, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2013, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

f. Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company.

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 companied Act,1956.

4. 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 the business with regard to purchase of inventory & fixed assets and with regard to sales 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 accumulated losses at the ended of the financial year and it has incurred cash losses in the financial year under report and the immediately preceding financial year.

11. 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, debenture and other securities.

12. 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.

13. As per the records of the Company and the information and explanation given to us, the management of the company is not dealing or trading in shares, securities, and debentures and other investments.

14. 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 bank or financial institution.

15. According to the records of the Company, the Term Loan was applied for the purpose for which the loan was taken

16. According to the information and explanation given to us and on 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 investment. No long term funds have been used to finance short term assets except for permanent working capital.

17. 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.

18. According to the information and explanation given to us the company has not issued any debentures during the year.

19. The Company has not raised monies by public issue during the year.

20. 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 of information to us by the management.



For SHAH & DALAL Chartered Accountants Firm Reg. No. 109432W



Place : Ahmedabad Malay J. Dalal Date :30.05.2013 Partner M. No. 36776

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Mar 31, 2012

1) We have audited the attached Balance sheet of BISIL PLAST LIMITED ("the Company") as at 31st March, 2012, Profit & Loss Account and the 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 conducted our audit in accordance with auditing standards generally accepted in India. These 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 the 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 (Auditors' Report) Order, 2003 as amended by the Companies (Auditor's Report) (Amendment) Order,2004, 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 of the books and records of the company as we considered appropriate and according to the information and explanations given to us, we enclose in the annexure a statement on the matters specified in paragraphs 4 & 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 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) The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account;

d) In our opinion, the Balance sheet, Profit and Loss Accounts and Cash Flow Statement dealt with by this report comply with accounting standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956;

e) On the basis of written representations received from the directors as on 31st March,,2012 and taken on records by the Board of Directors, we report that none of the directors is disqualified 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 together with the significant accounting policies and notes thereon gives the information required by the Companies Act, 1956 in the manner so required and 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 Profit & Loss Account, of the Profit of the company for the year ended on that date.

iii) In the case of Cash Flow Statement, of the cash flows of the company for the year ended on that 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 companied Act,1956.

4. 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 the business with regard to purchase of inventory & fixed assets and with regard to sales 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 accumulated losses at the ended of the financial year and it has incurred 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 has entered into one time settlement (OTS) with the bank. The company is repaying the principal and interest as per the terms of OTS.

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, debenture 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, the management of the 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 bank 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 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 for 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 of information to us by the management.

For SHAH & DALAL

Chartered Accountants

Firm Reg. No. 109432W

Place : Ahmedabad Malay J. Dalal

Date : 16th July, 2012 Partner

M. No. 36776

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Mar 31, 2011

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

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Mar 31, 2010

We have audited ihe attached Balance sheet of Bisll Plast Limited as at 31st March, 2010 and also the Profit & Loss Accounts for the year ended on that date annexed there to. These financial Statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statement based on our Audit.

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 tor our opinion.

In accordance with the provisions of section 227 of the Companies Act, 1956, we report as under : As required by the companies (Auditors Report) order, 2003, issued by the Central Government of India in terms of subsection 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.

Further we report that:

(i) We have obtained all the information and explanation, which to the best of our Knowledge and belief were necessary for the purpose our audit. (ii) 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. (iii) The Balance Sheet and Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with books of account.

(iv) In our opinion, the Balance sheet and Profit and Loss Accounts dealt with by this report comply with the accounting standards referred to Section 211(3C) of the Companies Act, 1956 to the extent applicable.

(v) On the basis of written representation received from the directors, as on 31st March, 2010 and taken on Record by the Board of Directors, we report that none ol the directors is disqualified as on 31st March, 2010 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956,

vi) 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, 2010 and 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. i) As explained to us, Stock have been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable,

ii) As per information given to us, the procedures of physical verification of stock followed by the management are reasonable and adequate in relation to the size of ihe company and the nature of its business.

iii) On the basis ot our examination of the inventory records, in our opinion, the company is maintaining proper records ot inventory. No material discrepancies were noticed on verification between the physical stocks and the book records.

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. i) Based on the audit procedures applied by us and according to the information and explanations provided by the management, we are of the opinion that the transactions that need to be entered into the register maintained under section 301 have been so entered. ii) In our opinion and according to the information and explanations given to us, the above transactions, where they exceeds the threshold limit specified, were made at prices which are reasonable having regard to prevailing market prices at the relevant lime.

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 trie 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)(rJ) 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. According to the information 8 explanation given to us the company has not defaulted in repayment of dues to financial institution/bank.

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 (Auditors 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 trom 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 terni 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

Place : Ahmedabad Malay J. Dalai

Date : 291* May, 2010 Partner

M. No. 36776

Firm Reg. No. 109432W