PACKTECH INDUSTRIES LIMITED
ANNUAL REPORT 2009-2010
Your Directors herewith presents the 18th Annual Report together with the
Audited Accounts of the Company for the year ended 31st March, 2010.
REVIEW OF THE OPERATIONS:
Financial highlights for the year as compared to the previous year are
Particulars 2009-2010 2008-2009
(Rs. in Lacs) (Rs. in Lacs)
Turnover & other Income 7.28 5.60
Profit (loss) before Depreciation 4.45 (0.45)
Less: Depreciation Nil Nil
Profit (loss) after depreciation 4.45 (0.45)
Less : Provision For tax Nil Nil
Profit/(loss) After Tax & Depreciation 4.45 (0.45)
Production activities have been stopped since February, 2001.
During the year under review company has earned an income of Rs. 7,28,418/-
which includes dividend and interest on investments.
Accumulated loss at the end of the year under review is Rs 3,37,23,681/-.
MANAGEMENT DISCUSSION AND ANALYSIS:
* Industry Structure and Performance:
The Company was in the business of manufacturing of HDPE/PP woven sacks.
Production activities have been stopped since February 2001.
* Financial Review:
During the year under review the company earned profit after tax of
Rs.4,45,188/-. However, the accumulated losses brought forward from earlier
years were of Rs. 3,41,68,869/- thereby resulting in overall loss of
Rs.3,37,23,681/- as compared to loss of Rs. 3,41,68,869/- for the previous
* Internal Control:
The Company has formed audit committee and has adequate internal control
system in existence.
* Outlook and opportunities:
Presently, production activities have been stopped since February 2001.
Management is looking for new avenues.
* Human Resource:
The Company has no employee other than Managing Director.
In accordance with the provisions of Articles of Association, Mr. Sanjeev
M. Kokane, Director of the Company retires by rotation at the ensuing
Annual General Meeting and being eligible, he offers himself for
reappointment. Board recommends his reappointment.
During the year under review, the Company has not accepted any deposit.
Report on Corporate-Governance and certificate from the auditors of the
Company regarding compliance of Corporate Governance is annexed and form
part of this report.
None of the employees of the Company are drawing remuneration during the
year in excess of the amount specified under Section 217(2A) of the
Companies Act, 1956 read with the Companies (Particulars of Employees)
Rules, 1975 as amended.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS
There was no energy consumption, technology absorption and foreign exchange
earnings and outgo during year under review.
M/s. RSVA & Co., Chartered Accountants, Pune auditors of the Company will
hold office until the conclusion of the ensuing Annual General Meeting.
M/s. RSVA & Co., Chartered Accountants, Pune have informed the Company that
if reappointed, their appointment will be within the limits prescribed
under Section 224(1B) of the Companies Act, 1956. Accordingly members'
approval is being sought to their reappointment as auditors of the Company
at the ensuing Annual General Meeting.
COMPLIANCE CERTIFICATE AS REQUIRED UNDER THE PROVISO TO SUB SECTION (1) OF
As per provisions of the Companies Act, 1956 as amended and the Companies
(Compliance Certificate) Rules, 2001, a Compliance Certificate for the
financial year 2009-2010 has been obtained from M/s MRM Associates, Company
Secretaries, Pune and as required by the proviso to sub Section (1) of
Section 383A. The said Compliance Certificate is attached to this Report.
DIRECTORS' RESPONSIBILITY STATEMENT:
Pursuant to the requirement under section 217 (2AA) of the Companies Act,
1956 with respect to Directors' Responsibility Statement, it is hereby
i) that in the preparation of the annual accounts for the financial year
ended on 31st March, 2010, the applicable accounting standards have been
followed along with proper explanations relating to material departures;
ii) that the Directors have selected such accounting policies and applied
them consistently and made judgments and estimates that were reasonable and
prudent so as to give a true and fair view of the state affairs of the
Company at the end of the financial year and of the profit of the Company
for that period;
iii) that the Directors have taken proper and sufficient care 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;
iv) that the Directors have prepared the annual accounts for the Financial
Year ended on 31st March, 2010 on a going concern basis.
Yours Directors acknowledge with deep sense of gratitude the continued
support by investors, customers, business associates, bankers and vendors.
Yours Directors take this opportunity to thank the regulatory and
Date : 30th June, 2010 For and on Behalf of the Board of Directors
Place : Pune
Managing Director Chairman & Director