Sawant Food Products Ltd.-இன் இயக்குநர் அறிக்கை

Mar 31, 2012

To, The Shareholders Sawant Food Products Limited

The Directors present the Thirty Eight Annual Report together with the audited accounts for the year ended 31st March 2012.

FINANCIAL RESULTS:

The loss for the year ended 31st March, 2012, after providing depreciation, comes to Rs.21.80 Lacs (previous year Rs. 0.91 Lacs).

DIVIDEND:

In view of the losses of the Company, your Directors do not recommend payment of any dividend.

DEPOSITS:

The Company has not accepted any loans or deposits from the public in terms of Section 58A of the Companies Act, 1956 and rules framed under the Companies (Acceptance of Deposits) Rules, 1975.

EMPLOYEES:

There was no employee covered by Section 217 (2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975, as amended.

FOREIGN EXCHANGE EARNINGS AND OUTGO:

There were no foreign currency exchange earning and outgo during the financial year 2011-2012.

CORPORATE GOVERNANCE:

In compliance with the recommendations of Securities Exchange Board of India on Corporate Governance Report and the listing agreements of the Stock Exchanges, a separate report on Corporate Governance and Management Discussion and Analysis giving details of the Company's business and operating results is annexed to this report.

DIRECTORS:

In accordance with the provisions of the Companies Act, 1956 and the Articles of Association of the Company, Mr. Prakash Shantaram Nivate & Mr. Vikrant Sawant, Directors of the Company, retire by rotation, being eligible, offers themselves for re-appointment.

AUDITORS:

Your Company's Auditors M/s. Gupta Rustagi & Co., Chartered Accountants, have been appointed as Statutory Auditors of the Company and retire at the conclusion of the forthcoming Annual General Meeting. They are eligible for re-appointment. The Company has received a certificate from them to the effect that the re-appointment, if made, would be in accordance with Section 224 (1B) of the Companies Act, 1956. You are requested to appoint auditors to hold such office from the conclusion of this Annual General Meeting and fix their remuneration.

Directors Reply to Auditor's Qualification:

Auditor's Reply of Management Comment

3(iii) The Company is in the process of rectifying the mistakes.

3(vi) The Company is in the process of rectifying the mistakes.

3(vii) The Company is in the process of rectifying the mistakes.

4 The Company is in the process of putting proper internal control system.

7 The Company is in the process of putting adequate internal audit system.

9(a) The Company is in the process of rectifying the mistakes.

DIRECTORS' RESPONSIBILITY STATEMENT:

Pursuant to the requirement under Section 217(2AA) of the Companies Act, 1956, the Board of Directors hereby confirms:

a. that in the preparation of the Annual Accounts for the financial year ended 31st March, 2012, the applicable accounting standards have been followed alongwith proper explanation relating to material departures;

b. that the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as on 31st March, 2012 and of the profit or loss of the Company for the year ended on that date;

c. 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; and

d. that the Directors have prepared the Annual Accounts on a going concern basis.

ACKNOWLEDGEMENT:

The Directors record the gratitude to the Banks and other government Department for the Co-operation extended by them to the Company.

Place: Thane. For and On Behalf of

SAWANT FOOD PRODUCTS LIMITED

Date: 30th May, 2012

SD/- SD/-

Ramesh Sawant Vikrant Sawant

Chairman & Managing Director Director

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Mar 31, 2010

TO The Shareholders of Sawant Food Products Limited

The Directors present the Thirty Sixth Annual Report together with the audited accounts for the year ended 31st March 2010

FINANCIAL RESULTS :

The loss for the year ended 31/03/2010 after providing depreciation comes to Rs 1.52 Lacs (Previous year Rs 27.19 Lacs).

DIVIDEND:

In view of the past losses of the company your Directors do not recommend payment of any dividend

DEPOSITS

The Company has not accepted any loss or deposits from the public in terms of section 58 A of companies Act 1956 and rules framed under the companies (Acceptance of Deposits) 1975.

EMPLOYEES:

There was no employee covered by section 217 (2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees ) Rules 1975 as amended .

FOREIGN EXCHANGE EARNIGS AND OUT GO ;

There were no foreign currency exchange earning and outgo during the financial year 2009-2010

CORPORATE GOVERNANCE:

In compliance with the recommendation of securities Exchange board of India on corporate governance report and the listing agreements of the stock Exchange a separate report on corporate governance and Management Discussion and Analysis given details of the company s business and operating result is annexed to this report . DIRECTORS

In accordance with the provisions of the companies Act 1956 and the Articles of Association of the Company Mr.Vikrant Sawant & Mrs.Leena Sawant , Directors of the company retire by rotation being eligible offers them selves for re-appointment

DIRECTORS RESPONSIBILITY STATEMENT :

Pursuant to the requirement under Section 217 (2AA) of the Companies Act 1956 the Board of Director confirms :

a. That in the preparation of the Annual Accounts for the financial year ended 31st March 2010 the applicable accounting standards have been followed along with proper explanation relating to material departures;

b. That the Directors have selected select such accounting policies and applied them consistently and made judgement and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as on 31st March 2010 and of the profit or loss of the company for the year ended on that date

c. That the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in according with the provisions of the companies Act 1956 for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities ; and

d. That the Directors have prepared the Annual Accounts on a going concern basis .

AUDITORS :

Your Company's Auditors M/s Gupta Rustagi & Co. Chartered Accountants have been appointed as Statutory Auditors of the Company and retire at the conclusion of the forthcoming Annual General Meeting .The are eligible for re-appointment .The Company has received a certificate from them to the effect that the re-appointment if made would be in accordance with section 224 (1B) of the companies Act 1956 . You are requested to appoint auditors to hold such office from the conclusion of this Annual General Meeting and fix their remuneration .

Directors Replay to Auditors Qualification :

Auditors Replay of Management comment 1 (d) The company is in the process for rectifying the mistakes with respect to complying with the Accounting Standards referred to in Sub -section 3C of Section 211 of the Companies Act 1956.

1 (b) The company is in the process of regularizing the records showing full particular including quantities and situation of Fixed Assets

1 (c) The Company is in the process of rectifying the mistakes .

3(iii) The Company is in the process of rectifying the mistakes .

3(vi) The Company is in the process of rectifying the mistakes .

3(vii) The Company is in the process of rectifying the mistakes .

4 The company is in the process of putting proper internal control system

7 The Companies is in the process of putting adequate internal audit system

9(a) The company is in the process of rectifying the mistakes

17 The Company is in the process of rectifying the mistakes .

ACKNOWLEDGENEMT

The Directors record the gratitude to the banks and other government department for the Co-operation extended by them to the company.

Place : Thane For and On Behalf of

Date : SAWABT FOOD PRODUCTS LIMITED

Ramesh Sawant Vikrant Sawant Chairman & Managing Director Director