Satguru Agro Industries Ltd.-இன் இயக்குநர் அறிக்கை

Mar 31, 2010

The Members,

The Directors have pleasure in presenting the 19th 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 2008-2009 2009-2010 (Rs in Lacs) (Rs. in Lacs)

Turnover & other Income 8002.68 5396.08

Total Expenditure 7869.09 5602.84

Profit (loss) before Tax and Extra-ordinary Items. 133.59 (206.76)

Extra- ordinary Item (13.82) 0.00

Profit (loss) before Tax and after Extra-ordinary Items. 119.76 (206.76)

Less : Provision For tax 1.20 0.54

Profit After Tax 118.56 (207.29)

MANAGEMENT DISCUSSION AND ANALYSIS

- Industry Structure and Performance

Satguru Agro Industries Limited is a limited company, incorporated on 15.11.1991. The company is licensed to produce De-oiled Cake (DOC) & Soya been/ sunflower Crude & Refined oil & related products out of the crushing of Soya & Sunflower Seeds.

- Financial Review

The Company has incurred loss of Rs. 207.29 Lac for the year under review as compared to the surplus earned.in the previous year of Rs. 118.56 Lac after tax for the previous year.

- Internal Control

The Company has formed audit committee and has adequate internal control system in existence.

- Outlook and opportunities

The company has the future outlook of increasing their scope in wide arrays -of . various business sectors and is also adapting to new and improved technologies.. Management is looking for new avenues.

DIRECTORS

In accordance with the provisions of Articles of Association, Mr. Dinesh Kumar Kalavadia, 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 the part of this report.

COMPLIANCE CERTIFICATE

As per the provisions of the Companies Act, 1956 and the Companies (Compliance Certificate Rules) 2001, a Compliance Certificate for the financial year(2008-09)has been obtained from M/s MRV Associates, Company Secretaries , Purie and as required by the proviso to sub-section (1) of Section 383A of the Companies Act, 1956 the Compliance Certificate is attached to 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. There are no foreign exchange earnings during year under review and there are no foreign exchange outgo during year under review.

AUDITORS

M/s.Reetesh Champak and Associates, Chartered Accountants, Solapur Auditors of the Company wilt hold office until the conclusion of the ensuing Annual General Meeting. M/s.Reetesh Champak & Associates, Chartered Accountants,Solapur have informed the Company that if reappointed, their appointment will be within the limits prescribed under Section 224(1B) x>f the Companies Act, 1956. Accordingly members' approval is being sought to their reappointment as Auditors of the Company at the ensuing Annual General Meeting.

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:

1. 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;

2. 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;

3. 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;

4. 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.

By Order of the Board

PRAFULKUMAK G KALAVADIA CHAIRMAN AND DIRECTOR

Date- 18th August 2010 Place- Solaput