Auditor Report of Karnawati Innovation Ltd.

Mar 31, 2025

We have audited the accompanying financial statements of Bisil Plast Limited ( the Company ),
which comprise the Balance Sheet as at March 31, 2025, and the Statement of Profit and Loss
(including Other Comprehensive Income), the Cash Flow Statement and the Statement of Changes in
Equity for the year then ended, and a summary of significant accounting policies and other
explanatory information, (hereinafter referred to as the “financial statements ).

In our opinion and to the best of our information and according to the explanations given to us the
aforesaid financial statements give the information required by the Companies Act, 2013 ( the Act )
in the manner so required and give a true and fair view in conformity with the Indian Accounting
Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting
Standards) Rules, 2015, as amended, (“Ind AS”) and other accounting principles generally accepted in
India, of the state of affairs of the Company as at March 31, 2025, and its profit, total comprehensive
income, its cash flows and the changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the financial statements in accordance with the Standards on Auditing
specified under section 143(10) of the Act (“SAs”). Our responsibilities under those Standards are
further described in the Auditor’s Responsibility for the Audit of the financial statements section of our report We are independent of the Company in accordance with the Code of Ethics issued by t e
Institute of Chartered Accountants of India (“ICAI”) together with the ethical requirements that are
relevant to our audit of the financial statements under the provisions of the Act and the Rules made
thereunder and we have fulfilled our other ethical responsibilities in accordance with these
requirements and the ICAI’s Code of Ethics. We believe that the audit evidence obtained by us in
terms of report referred to in the Other Matters section below, is sufficient and appropriate to provide
a basis for our audit opinion on the financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in
our audit of the financial statements of the current year. These matters were addressed in the context
of our audit of the financial statements as a whole, and in forming our opinion thereon, we do not
provide a separate opinion on these matters.

There are no Key Audit Matters Reportable as per SA 701 issued by ICAI.

Information Other than the Financial Statements and Auditor’s Report Thereon

The Company’s Board of Directors is responsible for the other information. The other information
comprises the information included in the Management Discussion and Analysis, Business
Responsibility Report, Board’s Report and Corporate Governance Report, but does not include the
consolidated financial statements, the financial statements and our audit reports thereon.

Our opinion on the financial statements does not cover the other information and we do not express
any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with
the financial statements or our knowledge obtained during the course of our audit or otherwise
appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this
other information, we are required to report that fact. We have nothing to report in this regard.

Management’s Responsibility for the Financial statements

The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the Act
with respect to the preparation of these financial statements that give a true and fair view of the
financial position, financial performance including other comprehensive income, cash flows and
changes in equity of the Company in accordance with the Ind AS and other accounting principles
generally accepted in India. This responsibility also includes maintenance of adequate accounting
records in accordance with the provisions of the Act for safeguarding the assets of the Company and
for preventing and detecting frauds and other irregularities; selection and application of appropriate
accounting policies; making judgments and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls, that were operating
effectively for ensuring the accuracy and completeness of the accounting records, 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.

In preparing the financial statements, management is responsible for assessing the Company’s ability
to continue as a going concern, disclosing, as applicable, matters related to going concern and using
the going concern basis of accounting unless management either intends to liquidate the Company or
to cease operations, or has no realistic alternative but to do so.

Those Board of Directors are also responsible for overseeing the Company’s financial reporting
process.

Auditor’s Responsibility for the Audit of the Financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with SAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on
the basis of these financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due
to fraud or error, design and perform audit procedures responsive to those risks, and obtain
audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of
not detecting a material misstatement resulting from fraud is higher than for one resulting

from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.

• Obtain an understanding of internal financial control relevant to the audit in order to design
audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act,
we are also responsible for expressing our opinion on whether the Company has adequate
internal financial controls system in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by the management.

• Conclude on the appropriateness of management’s use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt on the Company’s ability to
continue as a going concern. If we conclude that a material uncertainty exists, we are
required to draw attention in our auditor’s report to the related disclosures in the financial
statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are
based on the audit evidence obtained up to the date of our auditor’s report. However, future
events or conditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including
the disclosures, and whether the financial statements represent the underlying transactions
and events in a manner that achieves fair presentation.

• Materiality is the magnitude of misstatements in the financial statements that, individually or
in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable
user of the financial statements may be influenced. We consider quantitative materiality and
qualitative factors in (i) planning the scope of our audit work and in evaluating the results of
our work; and (ii) to evaluate the effect of any identified misstatements in the financial
statements.

We communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any significant
deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with
relevant ethical requirements regarding independence, and to communicate with them all
relationships and other matters that may reasonably be thought to bear on our independence, and
where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters
that were of most significance in the audit of the financial statements of the current year and are
therefore the key audit matters. We describe these matters in our auditor’s report unless law or
regulation precludes public disclosure about the matter or when, in extremely rare circumstances,
we determine that a matter should not be communicated in our report because the adverse
consequences of doing so would reasonably be expected to outweigh the public interest benefits
of such communication.

Report on Other Legal and regulatory Requirements

1. As required by section 143(3) of the Act, based on our audit we report that:

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

b) In our opinion, proper books of account as required by law have been kept by the Company so far
as it appears from our examination of those books.

c) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, the
Cash Flow Statement and Statement of Changes in Equity dealt with by this report are in agreement
with the books of account.

d) In our opinion, the aforesaid financial statements comply with the Ind AS specified under section
133 of the Act.

e) On the basis of the written representations received from the directors as on March 31, 2025 taken
on record by the Board of Directors, none of the directors is disqualified as on March 31, 2025 from
being appointed as a director in terms of section 164(2) of the Act.

f) With respect to the adequacy of the internal financial controls over financial reporting of the
Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure
A”. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the
Company’s internal financial controls over financial reporting.

g) With respect to the other matters to be included in the Auditor’s Report in accordance with the
requirements of section 197(16) of the Act, as amended. in our opinion and to the best of our
information and according to the explanations given to us, the remuneration paid by the Company to
its directors during the year is in accordance with the provisions of section 197 of the Act.

h) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11
of the Companies (Audit and Auditors) Rules, 2014, as amended, in our opinion and to the best of our
information and according to the explanations given to us:

1. As inform to us the Company does not have any pending litigations which would impact its
financial statement.

ii. The Company did not have any long-term contracts including derivative contracts for which there
were any material foreseeable losses.

iii. There were no amounts which were required to be transferred, to the Investor Education and
Protection Fund by the Company.

iv. Based on our examination which included test checks, the company has used an accounting
software for maintaining its books of account which have a feature of recording audit trail
(edit log) facility and the same was operated throughout the year for all relevant transactions
recorded in the software.

2. As required by the Companies (Auditor’s Report) Order, 2020 (“the Order”) issued by the
Central Government in terms of section 143(11) of the Act, we give in “Annexure B” a
statement on the matters specified in paragraphs 3 and 4 of the Order.

For A.L.Thakkar & Co.

Chartered Accountants
FRN : 120116W

m

Sanjiv Shah
Partner

Membership No.: 042264
UDIN :25042264BMJGCP7441

Date : 30.05.2025
Place : Ahmedabad

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Mar 31, 2024

We have audited the accompanying financial statements of Bisil Plast Limited (“the Company”), which comprise the
Balance Sheet as at March 31, 2024, and the Statement of Profit and Loss (including Other Comprehensive Income), the
Cash Flow Statement and the Statement of Changes in Equity for the year then ended, and a summary of significant
accounting policies and other explanatory information. (hereinafter referred to as the “financial statements”).

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial
statements give the information required by the Companies Act, 2013 (“the Act”) in the manner so required and give a true
and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with the
Companies (Indian Accounting Standards) Rules, 2015, as amended, (“Ind AS”) and other accounting principles generally
accepted in India, of the state of affairs of the Company as at March 31,2024, and its profit, total comprehensive income,
its cash flows and the changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the financial statements in accordance with the Standards on Auditing specified under section
143(10) of the Act (“SAs”). Our responsibilities under those Standards are further described in the Auditor''s Responsibility
for the Audit of the financial statements section of our report. We are independent of the Company in accordance with the
Code of Ethics issued by the Institute of Chartered Accountants of India (“ICAI”) together with the ethical requirements that
are relevant to our audit of the financial statements under the provisions of the Act and the Rules made thereunder, and we
have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI''s Code of Ethics. We
believe that the audit evidence obtained by us in terms of report referred to in the Other Matters section below, is sufficient
and appropriate to provide a basis for our audit opinion on the financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial
statements of the current year. These matters were addressed in the context of our audit of the financial statements as a
whole, and in forming our opinion thereon, we do not provide a separate opinion on these matters.

There are no Key Audit Matters Reportable as per SA 701 issued by ICAI.

Information Other than the Financial Statements and Auditor’s Report Thereon

The Company''s Board of Directors is responsible for the other information. The other information comprises the information
included in the Management Discussion and Analysis, Business Responsibility Report, Board''s Report and Corporate
Governance Report, but does not include the consolidated financial statements, the financial statements and our audit
reports thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance
conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so,
consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained
during the course of our audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we
are required to report that fact. We have nothing to report in this regard.

Management’s Responsibility for the Financial statements

The Company''s Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the
preparation of these financial statements that give a true and fair view of the financial position, financial performance
including other comprehensive income, cash flows and changes in equity of the Company in accordance with the Ind AS
and other accounting principles generally accepted in India. This responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for
preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies;
making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of
adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the
accounting records, 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.

In preparing the financial statements, management is responsible for assessing the Company''s ability to continue as a
going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting

unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do
so.

Those Board of Directors are also responsible for overseeing the Company''s financial reporting process.

Auditor’s Responsibility for the Audit of the Financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor''s report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always
detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on
the basis of these financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism
throughout the audit. We also:

* Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design
and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to
provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for
one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the
override of internal control.

* Obtain an understanding of internal financial control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our
opinion on whether the Company has adequate internal financial controls system in place and the operating effectiveness
of such controls.

* Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by the management.

* Conclude on the appropriateness of management''s use of the going concern basis of accounting and, based on the
audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant
doubt on the Company''s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are
required to draw attention in our auditor''s report to the related disclosures in the financial statements or, if such
disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the
date of our auditor''s report. However, future events or conditions may cause the Company to cease to continue as a
going concern.

* Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and
whether the financial statements represent the underlying transactions and events in a manner that achieves fair
presentation.

* Materiality is the magnitude of misstatements in the financial statements that, individually or in aggregate, makes it
probable that the economic decisions of a reasonably knowledgeable user of the financial statements may be influenced.
We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating
the results of our work; and (ii) to evaluate the effect of any identified misstatements in the financial statements.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of
the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our
audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought
to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most
significance in the audit of the financial statements of the current year and are therefore the key audit matters. We describe
these matters in our auditor''s report unless law or regulation precludes public disclosure about the matter or when, in
extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse
consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and regulatory Requirements

1. As required by section 143(3) of the Act, based on our audit we report that:

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

b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears
from our examination of those books.

c) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, the Cash Flow
Statement and Statement of Changes in Equity dealt with by this report are in agreement with the books of
account.

d) In our opinion, the aforesaid financial statements comply with the Ind AS specified under section 133 of the Act.

e) On the basis of the written representations received from the directors as on March 31, 2024 taken on record
by the Board of Directors, none of the directors is disqualified as on March 31, 2024 from being appointed as a
director in terms of section 164(2) of the Act.

f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the
operating effectiveness of such controls, refer to our separate Report in “Annexure A”. Our report expresses
an unmodified opinion on the adequacy and operating effectiveness of the Company''s internal financial controls
over financial reporting.

g) With respect to the other matters to be included in the Auditor''s Report in accordance with the requirements of
section 197(16) of the Act, as amended.in our opinion and to the best of our information and according to the
explanations given to us, the remuneration paid by the Company to its directors during the year is in accordance
with the provisions of section 197 of the Act.

h) With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the
Companies (Audit and Auditors) Rules, 2014, as amended, in our opinion and to the best of our information and
according to the explanations given to us:

i. As inform to us the Company does not have any pending litigations which would impact its financial
statement.

ii. The Company did not have any long-term contracts including derivative contracts for which there were
any material foreseeable losses.

iii. There were no amounts which were required to be transferred, to the Investor Education and Protection
Fund by the Company.

iv. Based on our examination which included test checks, the company has used an accounting software for
maintaining its books of account which have a feature of recording audit trail (edit log) facility and the same
was operated throughout the year for all relevant transactions recorded in the software.

2. As required by the Companies (Auditor''s Report) Order, 2020 (“the Order”) issued by the Central Government in
terms of section 143(11) of the Act, we give in “Annexure B” a statement on the matters specified in paragraphs 3 and
4 of the Order.

For A.L.Thakkar & Co.
Chartered Accountants
FRN: 120116W

Sanjiv Shah

Place : Ahmedabad Partner

Date : 21.05.2024 Membership No. : 042264

UDIN:24042264BKAASO5302

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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

---

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