GUJARAT BULK PACKS LIMITED
ANNUAL REPORT 2010-2011
The members of
GUJARAT BULK PACKS LTD.
1. We have audited the attached Balance sheet of GUJARAT BULK PACKS LTD. as
at 31st March 2011, the profit and loss account and also the cash flow
statements 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 the auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free from material misstatement. An audit includes
examining, on a test, 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 subsection (4A) of section 227
of the Companies Act, 1956, We enclosed in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the said order.
4. Further to our comments in the Annexure referred to above, We report
(i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
(ii) 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
(iii) The Balance sheet, Profit and Loss account and cash flow statements
dealt with by this report are in agreement with the books of account.
(iv) In our opinion, the Balance sheet, Profit and loss and cash flow
statements dealt with by this report comply with accounting standards
referred to in sub-section (3C) of section 211 of the companies act, 1956.
(v) 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 31/03/2011 from
being appointed as a director, in terms of clause (g) of sub-section(l) of
section 274 of the companies act, 1956.
(vi) In our opinion and to the best of our information and according to the
explanation given to us, the said account give 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
(a) In the case of the Balance Sheet, of the state of affairs of the
company as at 31st March 2011,
(b) In the case of the profit and loss account, of the Loss for the year
ended on that date and
(c) In the case of the cash flow statement, of the cash flow for the year
ended on that date.
PLACE: AHMEDABAD. FOR, D.V. DAVE & CO.,
DATE : 02/09/2011 CHARTERED ACCOUNTANTS
(CA D.V. DAVE)
REF: GUJARAT BULK PACKS LTD.
Referred to in paragraph 3 of our report of even date,
1. a) The company is maintaining proper records showing full particular
including quantitative details and situation of Fixed assets.
b) The fixed assets are physically verified by the management during the
year. We are informed that no material Discrepancies were noticed on such
c) In our opinion the company has not disposed off substantial part of its
fixed assets during the year and the going concern status of the company is
2. a) The inventory has not been physically verified during the year by the
management. Because the inventory has been given to State Bank of India as
security against Loan.
b) The procedures of physical verification of inventories is not applicable
in view of above.
c) The company is maintaining proper records of inventory. The
Discrepancies noticed on verification between the physical Stocks and the
book records were not material.
3. The Company has granted/taken unsecured loans to / from the companies /
firms or other parties listed in the register maintained under section 301
of the Companies Act, 1956 and/or to the Companies under the same
management, as defined under sub section (IB) of the Companies Act, 1956.
4. In our opinion and according to the information and explanations given
to us, there is adequate internal control procedures commensurate with the
size of the company and the nature of its business with regard to purchases
of inventory, fixed assets. During the course of our audit, we have not
observed any continuing failure to correct major weaknesses in internal
5. a) According to the information and explanations given to us, we are of
the opinion that the transactions that need to be entered into the register
maintained under section 301 of the Companies Act, 1956 have been so
b) In our opinion and according to the information and explanation given to
us, the transaction made in pursuance of contracts or arrangements entered
in the register maintained under section 301 of the Companies Act, 1956 and
exceeding the value of rupees five lakhs in respect of any party during the
year have been made at prices which are reasonable having regard to
prevailing market price at the relevant time.
6. The company has not accepted any deposits from the public within the
meaning of Sections 58A of the Act and the rules framed there under.
7. In our opinion, the company has an internal audit system commensurate
with the size and nature of its business.
8. a) The company is regular in depositing with appropriate authorities
undisputed statutory dues including provident fund, employee's state
insurance, income tax, sales tax, custom duty, cess and other material
statutory dues applicable to it.
b) According to the information and explanation given to us, there are no
dues of sale tax, income tax, customs duty, excise duty and cess which have
not been deposited on account of any dispute.
9. The Company has accumulated losses as at 31st March,2011 and it has not
incurred any cash losses in the financial year ended on that date or in the
immediately preceding financial year.
10. In our opinion and according to the information and explanations given
to us, the company has defaulted in repayment of dues to a financial
institution and banks.
11. The company has not granted any loans and advances on the basis of
security by way of pledge of shares 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. In our opinion, the company is not a dealer or trader in share,
securities, debenture and other investment.
14. In our opinion and according to the information and explanations given
to us, the company has not given any guarantee for the loan taken by others
from banks or financial institutions during the year.
15. In our opinion, the term loan has been applied for the purpose for
which it was raised.
16. According to the information and explanations given to us and on an
overall examination of the balance sheet of the company, we report that
short term fund have not been used for the long term uses.
17. During the period covered by our audit report, the company has not
raised any money through the public issue.
18. According to the information and explanations given to us, no fraud on
or by the company has been noticed during the course of our audit.
19. The other clauses of paragraph 4 of the companies (Auditor's Reports)
order 2003 are not applicable in the case of the company for the current
year, since in our opinion there is no matter which arises to be reported
in the aforesaid order.
PLACE: AHMEDABAD. FOR, D.V. DAVE & CO.,
DATE : 02/09/2011 CHARTERED ACCOUNTANTS,
(CA D.V. DAVE)