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Santogen Exports Ltd.

BSE: 511141 Sector: Industrials
NSE: N.A. ISIN Code: INE452D01019
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Santogen Exports Ltd. (SANTOGENEXPORTS) - Auditors Report

Company auditors report

SANTOGEN EXPORTS LIMITED ANNUAL REPORT 2008-2009 AUDITORS' REPORT We have audited the attached Balance Sheet of SANTOGEN EXPORTS LIMITED, as at 31st March, 2009 the relative Profit and Loss Account and the cash flow statement for the year ended on that date, all of which have been signed by us under reference this report. 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. 1. We conducted our audit in accordance with 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 mis -statement. An audit includes examining, on a test basis, evidence supporting the Financial Statements 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. 2. 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, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order. 3. Further to our comments in the Annexure referred to in paragraph 2 above:- a) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purposes of our audit. b) In our opinion, the Company has kept proper books of account as required by law so far, as appears from our examination of such books. c) The Balance Sheet and Profit and Loss Account and the Cash flow Statement dealt with by the report are in agreement with the books of account. d) In our opinion, the Balance Sheet, the Profit and Loss account and the 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. except (i) Refer note no. 13 to the notes on accounts, Non provision of the diminishing value of investments, the effect of the same is not quantifiable. (ii) Refer note no. 7 to the notes on accounts, Non provision of the gratuity and other employees benefits, the effect of the same is not quantifiable, in absence of adequate information. (iii) Refer note no. 11 to the notes on accounts regarding default in payment of settled amount payable to bank and institution due to this loss increased by Rs. 903.46 laces. (iv) Refer note no. 11 to the notes on accounts, non - provision of interest in the books of accounts on the term loans & working capital loans. The effect of the same is not quantifiable, in absence of adequate information. e) On the basis of written representations received from the Directors, and taken on record by Board of Directors, we report that none of the Director's is disqualified as on 31st March 2009 from being appointed as Director of the company under clause (g) of Sub-Section (1) of Section 274 of the Companies Act, 1956. f) In our opinion and to the best of our information and according to the explanations given to us; the said accounts read together with the notes thereon give the information as required by the Companies Act, 1956 in the manner so required and give a true and fair view: i) In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2009 and ii) In the case of the Profit and Loss Account, of the Loss for the year ended on that date. iii) In the case of cash flow statement of the cash flows for the year ended on that date. For MNRD & ASSOCIATES Chartered Accountants B. Tohniwal Partner Mem. No. - 048334 PLACE: Mumbai DATE : 02nd Sept 2009 ANNEXURE TO THE AUDITOR'S REPORT Referred to in paragraph 3 of the Auditors' Report of even date to the members of Santogen Exports Limited on the financial statements for the year ended 31st March, 2009. (I) In respect of its fixed assets a) The Company is maintaining proper records showing full particulars including quantitative details and situation of fixed assets. b) The fixed assets of the Company have been physically verified by the management during the year and no material discrepancies between the book records and physical inventory have been noticed. In our opinion, the frequency of verification is reasonable. c) During the year the company has not disposed any substantial part of fixed assets affecting going concern of the company. (II) a) The inventory physically verified during the year by the management of the company. In our opinion, the frequency of such verification is reasonable. b) In our opinion and according to the information and explanations given to us, procedures of physical verification of Stock followed by the management are reasonable and adequate in relation to the size of company and nature of its business. c) In our opinion and as information and explanations given to us, company is maintaining proper records of inventory & no material Discrepancies were noticed on physical verification as compared to book records. (III) a) We have been informed that the company has not granted any loan to parties listed in the registered to be maintained u/s. 301 of the Companies Act. 1956. b) The Company has taken interest free unsecured loans from various parties fisted in the register to be maintained under section 301 of the Act. 1956 the year ended balance in such loan is Rs.155.30 Lacs c) In our opinion terms and condition of the loan taken prima - facie is not Prejudicial to the interest of the company. (IV) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business for the purchase of inventories, fixed assets and for the sale of goods. Further, on the basis of our examination of the books and records of the company, and according to the information and explanations given to us, we have neither come across nor have been informed of any continuing failure to correct major weakness in internal controls. (V) According to the information and expiations 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. a) As explained to us the company has not made any transaction that needs to be entered in the register maintained u/s 301 of the Company Act, 1956. b) Sub clause (b) of the clause (V) of paragraph 4 is not applicable. (VI) In our opinion and according to the information and explanation given to us, the company has accepted deposit from the public within the meaning of section 58A, 58AA of the companies act & rules framed there under. (VII) In our opinion the company has an internal audit system commensurate with the size and the nature of its business. However the same need to be strengthen. (VIII) We have informed that the Central Government has not prescribed maintenance of cost record u/s 209 (1) (d) of the companies Act, for any of the product of the company. (IX) a) According to the information and explanation given to us and the records of the company examined by us, the company is not regular in depositing with appropriate authorities undisputed statuary dues including provident fund, professional tax, Tax deducted at sources and service tax Following undisputed dues have not been deposited: Name of statutory dues Amount (Rs. In Lacs) Professional Tax 12.84 Provident Fund 92.07 Service Tax 19.07 Fringe Benefit Tax 7.57 Following disputed dues have not been deposited since the matter pending appropriate authorities are as under: Name of the statute Nature of Dues Appellate authority Amount (Rs.In Lacs) Central Excise Act, 1944 CESTAP Comm of Ctl. Exc. Raigad 69.56 Central Excise Act, 1944 CESTAP Comm of Ctl. Exc. Raigad 4.50 Commissioner of PF Interest & 200.00 damages (X) The company has accumulated losses as at 31st March 2009 is Rs. 12381.53 Lacs (Rs.3223.65Lacs). It has incurred cash profit Rs. 55.38 Lacs (loss Rs.97.21 Lacs) during the financial year ended on that date or in the immediately preceding financial year. (XI) Based on our audit procedures and on the information and explanation given by management, we are of the opinion that the company has defaulted in repayment of its dues to financial institution and bank during the year because the company is a sick industrial company with in the meaning of clause (o) of subsection (1) of section 3 of the sick industrial companies (special provision) Act, 1985 (1 of 1986) we have been informed that the Board for Industrial & Financial Reconstruction (BIER) has declare the company has sick industrial company in their proceeding held on 24.09.2001. in absence of adequate information recording overdue amount in respect of term loans, we are unable to comment of the overdue amounts in respect of the term loans. (XII) As informed, the company has not granted loans and advances on the basis of securities by way of pledge of shares, debenture and other securities. (XIII) In our opinion, the company is not a chit fund or nidhi/mutual benefit fund/society. Therefore the provisions of this clause of the Companies (Auditors' Report) Order 2003 are not applicable to the Company. (XIV) In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of this clause of the Companies (Auditors' Report) Order 2003 are not applicable to the Company. (XV) In our opinion and according to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from bank or financial institutions. (XVI) The Company has not obtained any term loans during the year. The term loans at the beginning of the year were applied for the purpose for which they were obtained. (XVII) According the to the information and explanation given to us and on an overall examination of the Balance Sheet of the Company, we report that the no fund raised on short term basis have been used for long term investment. (XVIII) During the year, the Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of Act during the year. (XIX) The Company has not issued any debentures. Hence this clause is not applicable to the company. (XX) The company has not raised any money by public issues during the year. (XXI) During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the company, noticed or reported during the year, nor have been informed of such case by the management. For MNRD & ASSOCIATES Chartered Accountants B. Tohniwal Partner Mem. No. - 048334 PLACE: Mumbai DATE : 02nd Sept 2009