Packtech Industries Ltd. के निदेशक की रिपोर्ट

Mar 31, 2010

The 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 given below:

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/-.

DIRECTORS

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.

FIXED DEPOSITS

During the year under review, the Company has not accepted any deposit.

CORPORATE GOVERNANCE

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.

PERSONNEL

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 AND OUTGO

There was no energy consumption, technology absorption and foreign exchange earnings and outgo during year under review.

AUDITORS

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 SECTION 383A:

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 confirmed:

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.

ACKNOWLEDGMENT

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 government authorities.

Date: 30th June, 2010 For and on Behalf of the Board M Directors

Place: Pune Ashish R. Shah Ashutosh R. Shah Managing Director Chairman & Director