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Gujarat Bulk Packs Ltd.

BSE: 531188 Sector: Industrials
NSE: N.A. ISIN Code: INE709C01014
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Gujarat Bulk Packs Ltd. (GUJBULKPACKS) - Director Report

Company director report

GUJARAT BULK PACKS LIMITED ANNUAL REPORT 2010-2011 DIRECTOR'S REPORT To, The Members, Gujarat Bulk Packs Ltd. Ahmedabad, Gujarat. Your Directors have pleasure in presenting before you the 20th ANNUAL REPORT of the Company together with the Audited Statement of Accounts for the year ended 31st March, 2011. FINANCIAL RESULTS: (Rs. In Lacs) PARTICULARS 31/03/2011 31/03/2010 Sales & Other Income 0.00 0.00 Profit (Loss) Before Taxation (141.39) (5.11) Provision for Taxation including deferred tax NIL NIL Profit (Loss) After Taxation (141.39) (5.11) Profit (Loss) Brought forward from previous year (170.42) (165.31) Balance Carried to Balance Sheet (311.81) (170.42) OPERATIONAL HIGHLIGHTS: Due to the performance of the Company during the Period under review was not as projected, however Directors are confident of posting the higher of growth in the operation in the coming years, thereby recovering the losses incurred in the previous years. DIVIDEND: In view of losses, your directors do not recommend payment of any dividend to the shareholder. DIRECTORS: Mr. Umesh Dutt Mathur, Director of the Company retires by rotation at this Annual General Meeting and being eligible, offers himself for re- appointment. AUDITORS: M/s. D. V. Dave & Co, Chartered Accountants, Ahmedabad, the Auditors of the Company retire at the conclusion of this Annual General Meeting. They are eligible for re-appointment and indicated their willingness to act as an Auditor, if appointed and the appointment shall be in the limits prescribed under the provision of the Companies Act, 1956. PARTICULARS OF EMPLOYEES: There was no employee in the Company whose particulars are required to be furnished as per section 217 (2A) of the Companies Act, 1956, read with Companies (Particulars of Employees) Rules, 1975 as amended upto date. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING/OUTGO: The information under section 217(1) (e) of the Companies Act, 1956 on Conservation of Energy, Technology Absorption as required to be disclosed is not applicable to the company during the year under review the Company has no foreign exchange earnings and outgo. DIRECTORS' RESPONSIBILITY STATEMENT: Your Directors hereby report that: (a) In the preparation of annual accounts, the applicable accounting standards have been followed; (b) Appropriate accounting policies have been selected and applied consistently and judgments and estimates made that are responsible and prudent so as to give true and fair view of the state of affairs of the Company at the end of the financial year ended 31st March 2011. (c) Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956, for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities: (d) Annual accounts have been prepared on a going concern basis. CORPORATE GOVERNANCE AND COMPLIANCE: A report on corporate governance along with Management Discussion and Analysis is annexed to this report. A certificate from Statutory Auditors with regards to the compliance of the corporate governance, as stipulated in Clause 49 of the Listing Agreement, by the company is annexed to this report. The Company has fully complied with all mandatory requirements prescribed under Clause 49 of the listing agreement. In addition, the Company has also implemented some of the non mandatory provisions of Clause 49. ACKNOWLEDGMENT: The Board of Directors take this opportunity to thank the Bankers and Government for the Co*-operations and support by them from time to time in the operation of the company during the year. The Board also place on record its deep appreciation for the contribution made by the employees at all levels. By order of the Board For GUJARAT BULK PACKS LIMITED Place: Ahmedabad Rashmikant Agrawal Anand Singhal Date : 02/09/2011 Chairman & Managing Director Director MANAGEMENT DISCUSSION AND ANALYSIS The Company is in the business of financial activity. The key issues of the Management Discussion and Analysis are given below. (a) Industry Structure and Developments: The company is engaged in manufacture and trading of Bulk Packs but presently the said business is not giving any substantial earning to the Company hence Company is in the process of diversifying to other business areas. (b) Strength: The strength of the company is known from its reputation which the company has earned due to its quality business and cordial relation with its clients and presently the company's financial position is sound. (c) Outlook: The Company is making all efforts to accelerate growth of its business. It expects to improve its position in the market by focusing on technologically advanced and more profitable products/market segments and working aggressively in the areas of productivity, efficiency and cost reductions. (d) Risk and concerns: Stiff competition from other manufactures of the products of the Company and price competition creates risk of losing the market share of the Company. However company is very optimistic to continue its dominance in market by way of aggressive marketing maintaining quality of the product. (e) Internal control system: Internal audit and other controls have been found to be adequate. These are reviewed periodically by the Audit Committee and found the performance satisfactory. By order of the Board For GUJARAT BULK PACKS LIMITED Place: Ahmedabad Rashmikant Agrawal Anand Singhal Date : 02/09/2011 Chairman & Managing Director Director