To the Members,
The Directors have pleasure in presenting the 28th Annual Report of
your Company together with the Audited Statements of Accounts for the
year ended March 31, 2012.
(Rs. in Lacs)
Year Ended Year Ended
Income 39,12.90 2509.77
Profit before Tax 1,43.89 279.34
Less: Provision for Taxation 48.21 37.03
Add: Deferred Tax 1.09 -
Profit after Tax 96.79 242.31
Add : Profit brought
forward from Previous Year 2,44.54 2.23
Balance carried forward 3,41.33 244.54
Due to inadequate profits in the current year, Board has not
recommended any dividend for the Financial Year 2011-2012.
As on March 31, 2012, your Company has a Wholly Owned Subsidiary (WOS)
in Ghana under the name of Santo win Ghana Limited (SGL) for the purpose
of extracting gold and exporting the same to different countries. Your
Company is also exploring the possibility of getting SGL listed on
Ghana Stock Exchange.
As required under Section 212 of the Companies Act, 1956, the Annual
Reports together with Balance Sheet and Profit and Loss Account for the
year ended March 31, 2012, of the subsidiary companies is attached.
SUB-DIVISION OF EQUITY SHARES
The Company has sub-divided the existing Equity Shares from every one
Equity Share of Rs.2/- each into two Equity Shares of Re.l/- each in
the capital of the Company on which the sum of Re-1/- is credited as
fully paid up. The record date fixed for the purpose of sub division of
Equity Shares of the Company was December 02, 2011.
In accordance with the provisions of the Companies Act, 1956 and
pursuant to the provisions of Articles of Association of your Company,
Mr. Ankush Gupta and Mr. Vinay Poddar, are liable to retire by rotation
and being eligible, offers themselves for re-appointment in the
forthcoming Annual General Meeting.
Brief Resume of the Directors, nature of expertise in specific
functional areas, names of companies in which the Directorship is held
and the membership of the Committees of the Board and their
shareholdings in the Company are given in the Notice for the ensuing
Annual General Meeting.
The observations made by the Auditors in their report are appropriately
dealt with in the Notes forming part of the accounts for the year,
which are self-explanatory and, hence, do not require any further
You are requested to re-appoint M/s MNRD & Associates, Chartered
Accountants, as Auditors of the Company from the conclusion of the 28th
Annual General Meeting until the conclusion of the 29th Annual General
Meeting of the Company.
M/s. MNRD & Associates have also expressed their willingness to act as
Auditors of the Company, if re-appointed and have further confirmed
that the said appointment would be in conformity with the provisions of
Section 224(IB) of the Companies Act, 1956.
During the year under review, your Company has not accepted any
deposits from the public within the meaning of section 58A of the
Companies Act 1956 and the rules there under.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Management Discussion and Analysis Report for the year under review as
required under Clause 49 of the Listing Agreement with the Stock
Exchange, is given as a separate statement in the Annual Report.
Report on Corporate Governance, in terms of Clause 49 of the Listing
Agreement together with a Certificate from the Auditors confirming
compliance with the conditions of Corporate Governance are annexed and
forms part of the Annual Report.
PARTICULARS OF EMPLOYEES
People are the backbone of our operations. It is a matter of great
satisfaction for your Company that our employees have been very
supportive of your Company''s plan. Relations with employees continue
to be cordial.
There is no information as required pursuant to the provisions of
section 217(2A)i of the Companies Act, 1956 read with the companies
(Particular of employees) amendments rules, 1988 to be reported.
PARTICULARS UNDER SECTION 217 (1)