PACKTECH INDUSTRIES LIMITED
ANNUAL REPORT 2009-2010
The Members of
Packtech Industries Limited
1. We have audited the attached Balanced Sheet of Packtech Industries
Limited as at 31st March, 2010 and also Profit and Loss Account and the
Cash Flow Statement for year 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 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 (4A) of section 227
of the Companies Act, 1956 (the 'Act'), 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 give in the
annexure a statement on the matters specified in paragraphs 4 and 5 of the
4. In accordance with the provision of Section 227 of the Companies Act,
1956, we report as under:
i. 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;
ii. 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;
iii. The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with books of accounts.
iv. In our opinion, the balance sheet, profit and loss account and cash
flow statement dealt with by this report comply with the accounting
standards referred to in sub section (3C) of section 211 of the Companies
v. On the basis of written representations from the directors, taken on
record by the Board of Directors, none of the directors is disqualified as
on 31st March, 2010 from being appointed as a director under section 274(1
)(g) 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 give the information required
by the Companies Act, 1956, in manner so required and give a true and fair
view in conformity with accounting principles generally accepted in India:
a) in the case of the Balance Sheet, of the state of affairs of the company
as at 31st March 2010;
b) in the case of the Profit and Loss Account, profit of the for the year
ended on that date and
c) in the case of Cash Flow Statement of the Cash Flow for the year ended
on that date.
For RSVA & Co.
M. No. 040983
Place : Pune
Date : 30 JUN 2010
Annexure to Auditors' Report:
(Referred to in paragraph 3 of our report of even date)
1. There are no fixed assets in the company, hence sub clause (a), (b) and
(c) are not applicable.
2. There is no inventory. The Company has stopped its production activity
in February, hence clause no. (a), (b), & (c) are not applicable.
3. As informed, the Company has granted loan to one party covered in the
register maintained under section 301 of the Act. The maximum amount
involved during the year was 88 lakhs and the year end balance was Rs.88
4. The company has an adequate internal control system commensurate with
its size and nature of its business.
5. To the best of our knowledge and belief and 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 entered.
6. The Company has not accepted deposits from the public within meaning of
Section 58A and 58AA of the Act during the year.
7. The company has an internal audit system commensurate with its size and
nature of its business.
8. Maintenance of Cost records as prescribed by the Central Government
under clause (d) of Sub section (1) of Section 209 of the act is not
applicable to the company.
9. The company is regular in depositing undisputed statutory dues including
Provident Fund, Investor Education and Protection Fund, Employees' Sate
Insurance, Income Tax, Sales Tax, Wealth Tax, Customs Duty, cess and any
other statutory dues with the appropriate authorities.
10. At the end of the financial year, accumulated losses of the Company are
more than fifty percent of its net worth. The Company has incurred profit
in the year under review and cash loss in the previous year.
11. The Company has not taken any loan from financial institutions or
banks. Hence there is no default in repayments of dues to financial
institutions and banks.
12. 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. Clause (xiii) of the Order is not applicable to the Company as the
Company is not Chit Fund Company or nidhi/ mutual benefit fund/societies.
14. Clause (xiv) of the Order is not applicable to the company as the
company is not dealing in or trading in shares, securities, debentures and
15. The company has not given any guarantee for loan taken by others from
Banks or financial institutions.
16. The Company has not taken any term loan during the year.
17. The Company has not used short term funds for long term investments and
18. 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 during the year.
19. The Company has not issued any debentures during the year.
20. The Company has not raised any monies by public issue during year.
21. No fraud on or by the company has been noticed or reported during the
For RSVA & Co.
M. No. 040983
Place : Pune
Date : 30 JUN 2010