| 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 Companys
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 (Auditors 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 said order.
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
account;
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 Act, 1956;
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.
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 lakhs.
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 other investments.
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 vice versa.
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 year.
For RSVA & Co.
Chartered Accountants
FRN:N10504W
Rarnesh Ramu
Partner
M.No. 040983
Place : Pune
Date : 30 Jun 2010
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