SANTOGEN EXPORTS LIMITED
ANNUAL REPORT 2008-2009
Santogen Exports Limited,
Your Directors have pleasure in presenting the Twenty Third Annual Report
together with audited statement of accounts for the year ended 31st March,
1. FINANCIAL RESULTS: Rs. In Lakhs
Particulars 2008-09 2007-08
Sales & Other income 389.32 1492.48
Loss after Depreciation & Tax (125.67) (275.26)
Provision for F.B Tax (0.54) (0.93)
Loss for the year (9160.87) (276.19)
Loss brought forward from previous year (3223.65) (2947.46))
Loss Carried to Balance sheet (12384.52) (3223.65)
Transfer to General Reserve 0 0
Dividend 0 0
Corporate Dividend Tax 0 0
Loss carried to Balance Sheet (12384.52) (3223.65)
The performance of your company during the year under report is not
encouraging. Sales including job work at Rs. 21078666/- as against
Rs.142554857/- previous year. The working of the company is not considered
satisfactory. The production at Khopoli Factory has been suspended. The
results were negative as compared to previous year. Working capital crunch
and induction of fresh funds may have effect of the further improvement
during the current year. The Board of Directors is hopeful of getting funds
from new partners and hope for better performance of the company.
The Board of Directors in view of the losses are not recommending any
dividend on the Equity share capital of the company. (Previous year Nil)
Mr. Narayan Prasad Deora shall retire by rotation at the forthcoming Annual
General Meeting of the Company and being eligible, offers himself for
The properties of the Company including its building, plant and machinery
and stocks wherever necessary and to the extent required have been
5. PARTICULARS OF EMPLOYEES:
None of the employees of the Company has received remuneration exceeding
the limits prescribed under Section 217(2A) of the Companies Act, 1956 read
with the Companies (Particulars of Employees) Rules, 1975...
6. CONSERVATION OF ENERGY:
Information required to furnish the prescribed information under Section
217(1) (e) of the Companies Act, 1956 relating to conservation of energy
and technology absorption, are annexed with the Report.
7. TECHNOLOGY ABSORPTION:
The company is presently carrying its business with in-house Indian
8. FOREIGN EXCHANGE EARNINGS AND OUTGO:
The company has not made any export during the year under review and
expenditure in foreign exchange is Nil.
9. DIRECTORS' RESPONSIBILITY STATEMENT:
Pursuant to section 217(2AA) of the Companies (Amendment) Act, 2000, the
Directors confirm that:
i. In the preparation of the annual accounts, the applicable accounting
standards have been followed.
ii. Appropriate accounting policies have been selected and applied
consistently, and have made judgments and estimates that are reasonable and
prudent so as to give a true and fair view of the state affairs of the
Company as at March 31, 2009 and of the Profit & Loss Account for the year
ended March 31, 2009.
iii. Proper and sufficient care has been taken 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. The annual accounts have been prepared on a going concern basis.
The Auditors of the company MNRD & Associates, chartered Accountants retire
at the ensuing Annual General meeting of the Company and eligible for re-
appointment. The Board requests to reappoint the auditors in the General
11. AUDITORS OBSERVATION:
The observations/ recommendations made by auditors are self explanatory;
The Directors inform that corrective measures are being taken to further
strengthen the accounting systems.
12. MANAGEMENT DISCUSSION AND ANALYSIS:
A Report on Management discussion and Analysis is annexed and same is
forming part of this report.
13. CORPORATE GOVERNANCE REPORT:
A Report on Corporate Governance is annexed and same is forming part of
The Board acknowledges with appreciation the efforts put in by its
employees during the year under review. The Company is grateful to its
customers and bankers for their support and understanding and the
shareholders for their faith and confidence.
For and on behalf of the Board
Place: Mumbai RAMNARESH DEORA
Date : 02nd SEPTEMBER 2009 Chairman
ANNEXURE TO DIRECTOR'S REPORT
Auditors certificate on corporate governance
The Members of
SANTOGEN EXPORTS LTD
We have examined the compliance of conditions of corporate Governance by
the SANTOGEN EXPORTS LIMITED Tex Centre, N 403/404, Chandivli, Andheri (E),
MUMBAI - 400 072. Permanent Account Number: AADCS9595G for the year ended
on 31st March 2009, as stipulated in clause 49 of the listing Agreement of
the said company with Stock Exchange. The compliance of conditions of
corporate Governance is the responsibility of the management. Our
examination has been limited to a review of the procedures and
implementations thereof adopted by the company for ensuring compliance with
the conditions of the certificate of Corporate Governance as stipulated in
the said clause. It is neither an audit nor an expression of opinion on the
financial statements of the company. In our opinion and to the best of our
information and according to the explanations given to us and
representations made by the Directors and the management, we certify that
the Company has complied with the conditions of Corporate Governance as
stipulated in Clause 49 of the above -mentioned listing agreement.
We state in respect of investor grievance received during year ended there
were no investor grievances remaining unattended / pending for more than 30
days as per record maintained by the company which are presented to the
shareholder/ investor Grievances Committee.
We further that such compliance is neither an assurance as to the further
viability of the company nor of the efficiency or effectiveness with which
the management has conducted the affairs of the company.
For MNRD & ASSOCIATES
Narayan B. Tohniwal
Mem. No. - 048334
Date : 02nd Sept 2009