ASHCO NIULAB INDUSTRIES LIMITED

23RD ANNUAL REPORT 2008-2009

BOARD OF DIRECTORS ASHOK K. KOTWANI Chairman & Managing Director KANCHAN A. KOTWANI Whole time Director SHASHIN RAJNIKANT SHAH Director (Non Executive Independent Director RAJESH S NAWATHE Director (Non Executive Independent Director BANKERS PUNJAB NATIONAL BANK SEEPZ Branch, Andheri (East) Mumbai – 400 096. AUDITORS GMJ & Co Chartered Accountants C/2, Vishal Apartments, Sir M.V. Road, Andheri (East) Mumbai – 400 069 REGISTRAR AND SHARE TRANSFER AGENTS SYSTEM SUPPORT SERVICES 209, Shivai Industrial Estate, Next to Parke-Davis, 89, Andheri-Kurla Road, Sakinaka, Andheri (East) Mumbai-400 072 Tel.: 022-28500835 Fax : 022-28501438 REGISTERED OFFICE Lab House, Plot No. F-13, Opp. Seepz, Andheri (East), Mumbai – 400 093 Tel : 022-67040700/800 Fax : 022-28368275 ISIN No. INE 714F01017 COMPANY SECRETARY & COMPLIANCE OFFCIER UMASHANKAR K HEGDE

BRANCHES AT Delhi Bangalore Baroda Kolkata Chennai

Hyderabad Jaipur Cochin Chandigarh

ANALYTICAL AND TESTING LABORATORIES Ashco Analytical Services Lab House, Plot No. F-13, Opp. Seepz, Andheri (East), Mumbai – 400 093. Ashco Analytical Services Ap Agro’s Complex, HMT Township, P.O. 600 007, Naraspur Road, Chintal, Hyderabad – 500 054 Ashco Analytical Services Plot No. –D-70, Sector-2, Noida (U.P.)

CONTENTS Notice ......................................................... Annexure to Notice ..................................... Director’s Report ........................................ Report on Corporate Governance .............. Auditor’s Report ......................................... Balance Sheet ............................................ Profit and Loss Account ............................. Schedules .................................................. Notes to Accounts ...................................... Balance Sheet Abstract and Company’s General Business Profile ............................ Cash Flow Statement .................................

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NOTICE
NOTICE is hereby given that the Twenty Third Annual General Meeting of the members of ASHCO NIULAB INDUSTRIES LIMITED will be held on Tuesday 22nd December 2009 at 10.00 a.m. at F-13,Lab House, Opp SEEPZ,MIDC, Andheri(E) (Mumbai- 400093 to transact the following business :ORDINARY BUSINESS 1. To receive, consider and adopt the Audited Balance Sheet as at 31st March, 2009 and the Profit and Loss Account for the year ended on that date and the Reports of Directors and Auditors thereon. 2. To appoint Mr. Rajesh Nawathe, Director who retires by rotation and being eligible offers himself for re-appointment. 3. To appoint Auditors and to fix their remuneration. For and on Behalf of the Board Notes: a) A member entitled to attend and vote at the meeting is entitled to appoint a proxy to attend and vote instead of himself, but so that every proxy so appointed shall be a member of the company. Proxies in order to be effective must be received at the registered office of the company not less than 48 hours before the commencement of the meeting. b) Members seeking clarification /s if any, on the financials of the company for the period under the review are requested Ashok K Kotwani Chairman & Managing Director Registered Office: “Lab House” Plot .No F-13, Opp SEEPZ, MIDC, Andheri (East) , Mumbai 400 093. Date: 12th October, 2009 to address their queries at the Registered office of the company at least 7 days prior to the date of Annual General Meeting . c) Members are requested i. to notify immediately any changes in their address to the company’s Share Transfer Agents. ii. bring their copy of Annual Report and the Attendance Slip with them at the Annual General Meeting . d) The Company hereby notifies the closure of Register of members and Share transfer books from Friday 18 th December,2009 to Tuesday 22nd December,2009 ( both days inclusive for purpose of Annual General Meeting.)

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44 449. SUBSIDIARY COMPANY Your Company has taken initiative to set up subsidiaries abroad in order to cater to the needs of international market.20 Crores to Rs.86 59. modernization.2007. 1956 read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules. 2009. acquisitions. amalgamating Niulab Equipment Company Private Limited with your company DIVIDEND Your Directors do not wish to recommend any dividend for the year 2008-09. The Annexure is available for inspection at the Registered Office of the Company.000 equity shares were allotted to 138 (51.60 449. We want to explore overseas market by setting up subsidiary companies outside India.e Niulab Equipment Company Private Limited ) ENTERTAIMENT DIVISION With amalgmation of Niulab Equipment Company Private Limited with your company.42 519. the Directors’ Report is being sent to all the Shareholders of the Company excluding the aforesaid Annexure.2009 . 4 .entertainment division of Niulab Equipment Company Private Limited has also got amalgamated with your company. The figures for the year 2008-09 are merged and consolidated pursuant to Order passed on 24th March. FINANCIAL HIGHLIGHTS Rs.000 equity shares have been listed and traded on The Bombay Stock Exchange from 1st September.92.36 581.45 shareholders of Transferor company i.24 449. requiring disclosure of particulars regarding Conservation of Energy. 137.e (Niulab Equipment Company Private Limited). In terms of the provisions of section 219(1)(b)(iv) of the Companies Act.96) 0.31 (137. FUTURE OUTLOOK With the growth of Clinical research activity in India .32 140.2009 has approved the scheme of amalgamation with Niulab Equipment Company Private Limited with effect from the appointed date i.71 0.60 — 311. 443.54 24. MERGER/AMALGAMATION The High Court of judicature at Bombay vide its order on 24th March.99 407.63 335. general corporate purposes and working capital requirements and also to retire costly short terms debts. The 1. DEPOSITS The company has not invited or accepted any Public Deposits during the year.34 7386.36 Lacs and net loss of Rs. 1988. Accordingly in principal approval was sought for allotment and Listing of new equity shares to be allotted pursuant to approved scheme of amalgamation from the Stock exchanges and at the Board Meeting held on 3rd July.89 734. the names and other particulars of employees are set out in the Annexure to the Directors’ Report. The figures for the year 2008-09 are not comparable with figures of last year.000 equity shares to shareholders of transferor company ( i.66 2007-08 8121. if possible.e 1st April.DIRECTORS’ REPORT TO THE MEMBERS Your Directors present the Twenty Third Annual Report together with the Audited Statement of Accounts of company for the year ended 31st March.92 183.45 443. 1.60 7925.72 548.96 Lacs was arrived at after deducting Depreciation from the Cash Profit/ Profit Before Depreciation .2009 & The National Stock exchange from11th September.92.00.2009 by High Court of judicature at Bombay. Ankk Movies .40 Crores in order to facilitate the allotment of new 1. 1956 and the Rules framed thereunder.41 311. Technology Absorption and Foreign Exchange Earnings and Outgo given in the prescribed format is annexed hereto (Annexure-I) and forms part of this report.15) 18. diversification. 1956. in Lacs 2008-09 Sales and Other Income Less: Expenses PBDT Less : Tax Expenses Current Tax Deffered Tax FBT Profit Before Depreciation/ Cash profit Less : Depreciation Nett Profit/(Loss) Less : Prior Period Expenses Add: Balance Profit Brought forward from previous year Less Interim Dividend Balance available for Appropriation Surplus Carried to Balance Sheet OPERATIONS The Company posted cash profit of Rs.00. AUTHORISED CAPITAL The authorised share capital of the company was increased from present Rs.2009. STATUTORY INFORMATION Information in accordance with the provisions of section 217(1) (e) of the Companies Act.37 7376. the company plans to raise capital from the international markets vide ADR/ GDR/FCCBS /QIP up to the tune of USD 25 Million in order to finance capital expenditure.92.00.41 130. PARTICULARS OF EMPLOYEES In accordance with the provisions of section 217(2A) of the Companies Act.

Shareholders. CHANGE OF NAME During the year name of the company was changed from Ashco Industries Limited to Ashco Niulab Industries Limited vide new certificate of Incorporation dated 9th July. Andheri (East). Practicing Company Secretary’s Certificate on Compliance with the conditions of Corporate Governance under clause 49 of the Listing Agreement is also provided in the Annual Report. proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act. AUDITORS M/s. The Board also wishes to express its appreciation to all the employees of the company for their contribution to the operations of the company during the year. CORPORATE GOVERNANCE REPORT A detailed compliance report on Corporate Governance is provided elsewhere in the Annual Report. Company’s Bankers. appropriate accounting policies have been selected and applied consistently. D. 5 . Mumbai after members approved the change of name by means of Postal Ballot. AUDITORS’ REMARKS The observations made by the Auditors with reference to Notes to the Accounts for the year under report are self-explanatory and need no further comments from the Directors. Opp. For and on behalf of Board ASHOK K.. 1956 & also Company’s Articles of Association of the company Mr Rajesh Nawathe Director retires by rotation and being eligible of reappointment offers himself for reappointment. and have made judgments and estimates that are reasonable and prudent so as to give a true & fair view of the state of affairs of the company as at March 31. KOTWANI CHAIRMAN & MANAGING DIRECTOR Registered Office: “Lab House”. F-13. 2. M. GMJ & Co.2009 and of the loss of the company for the year ended on that date. in the preparation of the annual accounts. the Directors confirm that: 1. 3. Chartered Accountants. 2009 4. the Auditors of the company retire at the conclusion of this Annual General Meeting and are eligible for re-appointment.Any shareholder interested in obtaining a copy of the said Annexure may write to the Company Secretary & Compliance Officer at the Registered Office of the Company. DIRECTORS RESPONSIBILITY STATEMENT Pursuant to Section 217(2AA) of the Companies Act. I. the annual accounts have been prepared on a going concern basis. the applicable Accounting Standards have been followed with proper explanation relating to material departures. DIRECTORS In accordance with the provisions of the Companies Act. C. SEEPZ.2008 issued by Registrar of Companies. ACKNOWLEDGMENTS Your Directors place on record their appreciation of the valuable co-operation and support of Customers.1956 for safeguarding the assets of the company and for preventing & detecting fraud & other irregularities. Mumbai – 400 093 Date : 12th October. 2000. Plot No. and Government Authorities.

The company has designed & installed power distribution system perfectly well to utilize the power at optimum level of requirement.526 356. Total energy consumption and energy : Not Applicable consumption per unit of production B. of shares) Mr. Activities relating to exports. Foreign Exchange Earnings and Outgo i. 2009 NIL Shareholding in the Company (no. During the year under review all possible efforts were made to ensure optimum conservation of Electricity at all the Units of the company. ii. of Companies in which outside Directorship was held as on 31st March.COM DIEM and DMM cenrtificates Human resource.804 DETAILS DIRECTORS SEEKING APPOINTMENT Name of Director Date of Birth Date of Appointment Qualification Expertise in specific areas No.in Lacs) ii. Technology Absorption and Foreign Exchange Earnings and Outgo A. Besides this Generator & UPS are also used as back up source. Impact of the measures at (i) and : Not Applicable (ii) above for reduction of energy consumption and consequent impact on the cost of production of goods iv. : Nil if any. being implemented for reduction of consumption of energy iii. Laboratory building is designed in such a way that during day time no artificial lighting is necessary in the Laboratory. development of new export markets for products and services and export plans (Rs. Conservation of Energy : Power used in the company is drawn by different equipments from common source.18 18. Rajesh Nawathe 22-07-1961 30. Additional investments and proposals. initiatives : Nil taken to increase exports.ANNEXURE – “I” TO THE DIRECTORS’ REPORT Particulars with respect to Conservation of Energy. Technology Absorption : Not Applicable C.575 Purchases 124.06. Finance NIL NIL 6 .53 911.940 Foreign Exchange used: Traveling 13. Conservation of Energy i. Total foreign exchange used and earned Current Year Previous Year Foreign Exchange Earned 303.2007 M.193 Advertisement NIL Consumable Stores and Spares NIL 2. 2009 Chairman / member of the committee(s) of the board of the companies on which he is Director as on 31st March.

The Board of Directors 1.1 Composition & Size of the Board : The company has Executive Chairman. ethics & compliance committee for effective corporate governance. Non-Independent Whole time Director Non-Executive Independent Director Non-Executive Independent Director 8 Yes 1 Member Chairman Member 1 1 — 1 Mrs. across all the companies in which he is director. finance. He has over decades of experience in various areas of industry. The policy guidelines. attendance at the board meeting during the year & at the last Annual General Meeting and also no. Company’s Corporate Governance Philosophy : The Company has adopted the best practices in the areas of Corporate Governance.COM) and having wide knowledge in areas of accounting. Company continues to follow procedures & practices in conformity with the code of corporate governance as enunciated in the listing agreement.of other Directorship** Name Chairman Mr. He is Masters in Commerce (M. Rajesh Nawathe Mr. material management etc. He has more than 19 years of experience in Instrumentation Industry. of Directorships in other public companies No. Particulars of Directors are as follows: Mr. import. Number of independent directors are 50% of the total number of directors.of Board Meetings attended during 08-09 Whether attended AGM held on 30th December 2008 No. export. Shashin Shah *represents chairmanship/membership of Audit. code of conduct & ethics for the Board of Directors & Senior Management . Company believes that good corporate governance brings about sustained corporate growth & long term benefit for stakeholders. of directorship & committee membership held by them in other companies are given below : Category No.2007 and on 28th September. Ashok K. honesty.legal compliance reporting system. Non-Independent Executive Chairman Promoter. nomination committee. Mr. Shashin Rajnikant Shah aged 36 years was appointed as additional director on 30th June. integrity.2007 and on 28th September.2007 he was reappointed as Non Executive Independent Director of the company. He is in charge of all matters pertaining to the day to day working of the company. The details of the implementation of the code are mentioned in the following paragraphs.REPORT ON CORPORATE GOVERNANCE A. Companies 7 . None of the directors of the board is member on more than 10 committees & Chairman of more than 5 committees (as specified in Clause 49). 1. Mrs Kanchan Ashok Kotwani Whole time Director aged 50 years is Arts Graduate and expert in Administration and General management. remuneration committee. accountability which are fundamental to the Ashco Group. Remuneration. of committees positions held in other public companies* No. 1. Executive & Shareholders Grievance Committee **excluding directorship in private Ltd.2 Board Meetings The name & category of the directors on the board.Physics has more than 28 years of experience in the Analytical Equipment Industry. The necessary disclosures regarding committee positions have been made by the directors. human resources. Kotwani Chairman & Managing Director aged 56 years. Mr Rajesh Sriniwas Nawathe aged 49 years was appointed as additional director on 30th June. Kanchan Kotwani 8 8 8 Yes Yes Yes — — — 1 — — — — — — — — — — — Mr. Ashok Kotwani Promoter. shareholders grievance committee. and is having DIEM and DMM certificates to his credit. is Gold Medallist in Msc. management & employees of the company are committed to obtain the core values of the transparency.2007 he was reappointed as Non Executive Independent Director of the company He is a commerce graduate and is having wide accounting knowledge. model code of conduct for prevention of insider trading is already in place and company has also constituted audit committee. In this fiercely competitive business environment.

03. The dates on which Board Meetings were held are as follows: 1) 15. the Members 1 2 3 Mr Rajesh Nawathe Mr. The Company Secretary of the Company is the secretary to the Audit Committee. Name of No.04.2008. The board periodically reviews compliance report of all laws applicable to the company. 2) 30.2009 5) 30. wherein following members were present. b. The necessary quorum was present at the meeting.2008. role etc. The company has adopted the Ashco Code of Conduct for directors & for senior management personnel & other executives of the company. The following Directors were present in all the audit committee meetings. 1956 & also Company’s Articles of Association of the company Mr Rajesh Nawathe Director retires by rotation and being eligible of reappointment offers himself for reappointment. The terms of reference of Audit Committee including its power. 3000/. 4) 19. The Remuneration Committeee met on 30th June.2008.per meeting to the Non-Executive Directors for attending meetings of the board. 3) 31. 3) 31. 1956. 2008. 3. has already been set in the place.2008. AUDIT COMMITTEE MEETINGS: The Company had constituted Audit Committee on 10th December 2005. The audit committee met 5 times during the year on 1) 30.2008. except Mrs Kanchan Kotwani who is wife of Mr Ashok Kotwani . These codes are posted on the website of the company. The Company Secretary of the Company is the secretary to the Remuneration Committee. 4) 31. The company has received confirmation from the directors as well as senior management personnel regarding compliance of the code during the year under review. The information as required under Annexure 1A to the clause 49 is being made available to the board. perquisites & commission to the company’s Managing Director & Whole-time Director.01. None of the Directors is related to other Directors.2009 Chairman Mr. Finalise the perquisites package to the Managing Director & Whole-time Director within overall ceiling fixed by the board. if any. REAPPOINTMENT OF DIRECTORS LIABLE TO RETIRE BY ROTATION. c. Recommend to the board retirement benefits to be paid to the Managing Director & Whole-time Director under retirement benefit guidelines to be adopted by the board. Ashok Kotwani Category Independent Director Independent Director Managing Director Audit Committee Meeting was attended by Auditors of the Company & officials of the Accounts Department.2. Sr. Recommend to the board remuneration including salary.06.03. ATTENDANCE AT BOARD MEETING Eight (8) Board Meetings were held during the year 20082009 & gap between two meetings did not exceed four months.12. 5.06. Mr. 7) 28. REMUNERATION COMMITTEE: The broad terms of reference for duly constituted remuneration committee are as follows: a. 6) 19. Additional meetings of the board are held as when deemed necessary by the board.2009. Review Performance of Managing Director & Wholetime Director after considering company’s performance. Agenda notes are sent to the directors in advance. The company has complied with the non mandatory requirement of the Clause 49 regarding remuneration committee. Company pays Sitting Fees of Rs.2009 Dates for the Board Meeting in the ensuing year are decided well in advance & communicated to the directors. d.2009. The board meetings are usually held at the registered office of the company. Shashin Shah Category Independent Director Chairman & Managing Director Independent Director 4. 8 . 5) 24. Shashin Shah Mr. Rajesh Nawathe Mr Ashok Kotwani Mr. 8) 30.07. In accordance with the provisions of the Companies Act.2008.10.07. Name of No. the Members 1 2 3 Mr.2008.2008 2)30. The steps are taken by the company to rectify instances of the non compliance.02.01. Sr. Rajesh Nawathe is the Chairman of the Audit Committee.10. Rajesh Nawathe was present during that meeting. Scope of activities of Audit Committee is as set out in clause 49 of the listing agreement entered into with stock exchanges read with Section 292A of the Companies Act..

com The results were published. Ashok Kotwani-Executive is Member. 3. analysts and society at large. MEANS OF COMMUNICATION Timely disclosure of information on business and financial performance of the company is an integral part of good governance. Mr. Salary NIL NIL 1. Ensure redressal of shareholders & Investors complaint related to the transfer of shares. Ethics & Compliance Committee is to ● 7. 4. The Quarterly/Half yearly results were announced within a period of 30 days of the end of each quarter while the audited results were announced within 30 days of the end of the financial year as permitted by law. 3. Rajesh Nawathe as Chairman. Mr. Ashok Kotwani-Member. Shashin Shah. Kanchan A Kotwani Ashco Niulab Exports Limited. in “The Free Press Journal”. R of the “Notes to Accounts. take on record the status reports prepared by the Compliance Officer detailing the dealings in Securities by the Specified Persons on a monthly basis.2006. set forth the policies relating to and oversee the implementation of the Code. Rajesh Nawathe Mr. RELATED PARTY TRANSACTIONS. media.ashco niulabindustries. 2009 are as follows: Name of the Director Mr.” 8. Rajesh Nawathe Mr. Perquisite Allowances NIL NIL Commission NIL NIL Sitting Fees 24. Progress on new projects undertaken by the company Review major issues and opportunities Debate on process that transcend all businesses.Rajesh Nawathe is Chairman of the committee & Mr. Mrs. 2. Terms of Reference : The company has formed Investors / Shareholders Grievances Committee with the following terms of reference : a.000/- Reviewing company performance. Rajesh Nawathe Tantrasoft Solution (India ) Private Limited. 4. EXECUTIVE COMMITTEE: Executive Committee was constituted on 31st January. interalia. Ashok Kotwani & Mr. Shashin Shah Nil Mr. Your company disseminates information about its operation. Shashin Shah 6. During the year under review company has received 9 (Nine) no. decide penal action in respect of violation of the Regulations / the Code by any Specified Person . Mr. “and Navshakti” (vernacular) in Mumbai Edition. business and financial performance to stock exchanges. Composition of Committee: Chairman-Mr. Company Secretary of the Company is the secretary to the Ethics & Compliance Committee. These newspapers have been selected on the basis of their circulation and in the areas where vast majority of our shareholders are located. 2. shareholders. IN ADDITION TO THE ABOVE COMMITTEES THE BOARD HAS CONSTITUTED FOLLOWING COMMITTEES: 1. The particulars of your company. Redressal of Investors complaint in respect to non receipt of dividends etc.The details of remuneration paid to the Non Executive Directors for the period from 1st April 2008 to 31ST March. ● ● 2. Executive Committee consists of Mr. IF ANY The Company has complied with the requirement of regulatory authorities on Capital Markets and no penalties/ strictures have been imposed against the company in the last three years. ETHICS & COMPLIANCE COMMITTEE: As required under Securities & Exchange Board of India (Prohibition of Insider Trading) Regulation 1992. ANKK MediaArts Private Limited. Mr. 2. Ashok K Kotwani Ashco Niulab Exports Limited. Mr. b. Mr. Crystal FRT Forwarders Private Limited DISCLOSURES ON NON COMPLIANCES. its business and operations are available on the corporate website www.000/24. Manohar Kotwani are member of the same. OTHER DIRECTORSHIPS AND MEMBERSHIP OF COMMITTEES (AS OF DATE) 1. of complaints from investors all of which were replied or resolved to the satisfaction of the investors. The Company Secretary of the Company is the secretary to the Executive Committee. Company Secretary is the secretary to the Investors Grievances Committee. INVESTORS GRIEVANCES / SERVICES 1. Related party transactions have been disclosed in Note No. non receipt of receipts etc. The terms of reference of Executive Committee are: 9 . This committee was formed on 10 th December 2005 date. Sahshin Shah-Member.

Andheri (East). Mumbai – 400 093 Lab-House. 2009 End of October. MIDC. Whether Special Resolution were put through Ballot? No Are votes proposed to be conducted through? No Details of Extra-ordinary General Meeting: During the period under the review 1. c. 2009 Annual General Meeting for the Year ended March 31. are also notified to the The Bombay Stock Exchange & National Stock Exchange.2009 No Special Resolution was passed at the last AGM. 2009 Audited Financial Results for the Year ending March 31. Mumbai 400 093 Lab-House. Mumbai. 2009 Un-audited Financial Results for quarter ending September 30. F-13.00 A. MIDC. 2009 Un-audited Financial Results for quarter ending December 31. SEEPZ.20 Crores to Rs.Regular updates and developments impacting the business and financials together with data on shareholding pattern etc. 2009 at 10. Mumbai – 400 093 F) Stock Exchanges on which Company’s shares are listed. All the resolutions were passed with 3/4th majority A) Date. MIDC. 10 : : : 517565 ASHCO INE 714F01017 . Andheri (E). GENERAL SHAREHOLDERS INFORMATION Annual General Meeting a.M. Plot No. 2010 End of June. b.2010 E) Date of Book Closure and Annual General Meeting in last three years: Year 2005-2006 2006-2007 2007-2008 Date Book Closure From To 18-09-2006 24-09-2007 29-12-2008 22-09-2006 26-09-2007 30-12-2008 27-09-2006 28-09-2007 30-12-2008 Date of AGM Location End of July. 2009 End of January.2008 for 1) Change of name 2) Increase in Authorised Capital from Rs.No F-11 & 12/10 Western Ind Co.op Estate Limited. Hotel Tunga International. Opp. 5) Appointment of Kanchan Kotwani as Wholetime Director and remeunerarion payable to her. F-13. Same information is also shared with media and the investor community The Board Report deals with all matters stipulated under the Management Discussion and Analysis Report. 2010 22nd December. Opp. Resolutions were passed through means of postal ballot on 4th July. 9. 2010 Before the end of September. Time and Venue of AGM B) Dates of Book Closures C) Special Resolutions D) Financial Calendar Financial Reporting for Un-audited Financial Results for quarter ending June 30.40 Crores 3) Amendment to Articles of Association consequent upon increase in authorised capital. MIDC. Plot. 4) Appointment of Ashok Kotwani as Managing Director and remeneration payable to him. Mumbai 400093 Friday18th December. Andheri (East).2009 to Tuesday 22ND December. Andheri(E). Plot No. The company’s shares are listed & being traded at Bombay Stock Exchange & on National Stock Exchange Stock Scrip Code (BSE) Symbol (NSE) International Securities Identification Number (ISIN) (For dematerialized shares) The Company has been regular in paying the listing fees to the Stock Exchanges. SEEPZ.

25 3.95 17.35 4.-09 Mar. transferred and dispatched between 10 to 15 days from the date of receipt. Documents having deficiency are rejected and dispatched back to transferee citing reason for rejection.95 10.75 3. scrutinized.70 4.2850 1438.10 16.21% H) Registrars and Share Transfer Agents System Support Services 209. Mumbai – 400 072 Fax: 022 . Andheri Kurla Road.35 4. J) Market Price Data BSE Months Apr-08 May-08 June-08 July-08 Aug-08 Sept. verified.-08 Nov.83 6.) 26.27 4.80 10. As at 31st March.25 17.) 15.68% SHAREHOLDERS HOLDING SHARES IN DEMAT & PHYSICALFORM DEMAT PHYSICAL PHYSICAL 5.) 26.20 NSE Low (Rs. Shivai Industrial Estate 89.45 9.-09 Feb. the same are also processed separately.30 6.64% NSDL 61. PHYSICAL 5. if the documents are in order in all respects.20 12.51 4.10 13.-08 Jan.06 4. Shares lodged for transfer in physical form are in-warded.03 Low (Rs.No: 022 .51 High (Rs.35 6.95 6.30 12.75 12.56 12.32% CDSL 33.50 17. Sakinaka. 2009 the number of shares of the Company in demat form stood at 11322392 out of the total 12003600 shares issued by the Company.05 4.-08 Dec.45 13.50 5.00 9.65 11 .50 14.25 5.80 22.65 7.08 6.2850 0835 I) Share Transfer System Trading in Equity Shares of the Company is permitted only in dematerialized form. Where requests for dematerialization are received simultaneously.00 5.15 17.00 3.75 10.20 16. Andheri (East).60 12.15% NSDL CDSL PHYSICAL DEMAT 94.99 5.-08 Oct. Tel.) 14.G) Dematerialization of Shares and Liquidity All Shares of the Company are under compulsory dematerialization for delivery on transfer.05 6.15 10.79 7.-09 High (Rs.40 21.

K) Distribution of Shareholding as of 31st March.831 10.565 2. Institutions / Non Government Institutions) C FIIs Sub-Total 4 Others a) Private Corporate Bodies b) Indian Public c) NRIs / OCBs d) Any Other (Please Specify) in transit TOTAL 19.83% 0.617 35.056 — — 11.874 9.000 0.325 5.62.060 0.688 0. Insurance Companies.064 0.675 100.787 5.235 0. 2009 Shareholding of Nominal value of Rs.470 4.663 38. No.000 0.10 9. 2009 Sr.00% — — 11.552 5.210 3.42.056 9.21 3.143 10. (Central / State Govt. of Shares held Percentage of shareholding — — — — — — 12 .262 56. Financial Institutions.047 2.18% 73.729 9. A Category Promoter’s Holding 1 Promoter’s Indian Promoters Foreign Promoters 2 Persons acting in concert (Director’s relative) Sub-Total B Non – Promoter’s Holding 3 Institutional Investors a) Mutual Funds and UTI b) Bankers.41 4.10 9.42.600 16.20.51% — — 9.000 Demat Physical 8348 1496 719 241 113 104 154 107 976 23 19 0 2 0 1 1 Total 9324 1519 738 241 120 104 155 108 681208 12003600 94.146 0.03.499 Total 18. 10/each Number of Shares % of Shares Number of Shareholders Demat Physical 1-500 501-1000 1001-2000 2001-3000 3001-4000 4001-5000 5001-1000 10001 & above Shares in Transit Total 11322392 1937740 1287829 1146533 625347 409349 492202 1154360 4269032 322708 17500 28200 0 7200 0 5600 300000 Total 2260448 1305329 1174733 625347 416549 492202 1159960 4569032 0 Demat Physical 16.47% — 100.344 88.938 — 1.42.00 11282 1022 12304 L) Shareholding Pattern as on 31st March.51% No.

the directors or the management. 1956. as permitted under Section 109A of the Companies Act. on any matter related to capital markets. There is no material transaction with any related party which may have potential conflict with the interests of the Company at large. However the company has annexed to the accounts a list of related parties as per Accounting Standard 18 and the transaction entered into with them. structure has been imposed by the Stock Exchanges or SEBI or any other statutory authority or any matter related to capital markets.2850 1438 10. their subsidiaries or relatives etc. A. FOR AND ON BEHALF OF THE BOARD ASHOK K KOTWANI CHAIRMAN & MANAGING DIRECTOR PLACE : Mumbai Date :12th October. Disclosures: a. transactions of the Company of material nature. 2009 13 . penalties and strictures imposed on the Company by Stock Exchange or SEBI or any statutory authority. b. Neither any non-compliance with any of the legal provisions of law has been made by the Company nor has any penalty.2850 0835. that may have potential conflict with the interests of Company at large. Andheri Kurla Road. Disclosures on materially significant related party transactions i. during the last 3 years.M) Nomination Facility Shareholders holding shares in physical form and desires of making nomination is respect of their shareholding in the company. Mumbai – 400 072 Tel: 022 . Details of non-compliance by the Company. are requested to submit to the RTA the prescribed Form 2B for this purpose. with its promoters. during the last three years. Sakinaka. Andheri (East). N) Outstanding GDRs / ADRs or any convertible instruments : N. conversion date and likely impact on equity O) Investors Correspondence: — System Support Services 209.e. Shivai Industrial Estate 89.. Fax: 022 .

The present economic slowdown in Indian economy also is an aftermath of the recession prevailing in almost all big economies of the world. 137. RAISING CAPITAL FROM INTERNATIONAL MARKET The company plans to raise USD 25 million from International Market through issue of ADR/ GDR/FCCBs/QIPS in order to finance capital expenditure. There is an indication regarding start of economic upswing from the third quarter (Sept. intends. modernization. merger would immensely help Ashco Contract Research Centre(ACRC) in acquiring various instruments required for conducting Clinical Research Activities. guidelines. INDIAN ECONOMY The Economic advisory council to Prime Minister of India in its report has stated that the direct impact of funding constraints on the investment plans of Indian corporates and hence on growth and job creation. would have a difficult time in the first part of the year.37 Lacs. are the two principal channels through which the impact of the global financial and economic crisis are being felt in India’. OUTLOOK ON OPPORTUNITIES ● OUTLOOK ON THREATS.5 % or some what above that. its accessories and services. acquisitions. anticipate. The forward looking statements are based on certain assumptions and expectations of future events . with the first half of the year averaging growth close to 7.MANAGEMENT DISCUSSION AND ANALYSIS FORWARD LOOKING STATEMENTS This report contains forward looking statement which may be indentified by their use of words like “ plans” .0 % and the second half an average growth of close to 7. performance or achievements could thus differ materially from those projected in any such forward looking statements on the basis of any subsequent developments . general corporate purposes and working capital requirements and also to retire costly short terms debts. All the statement that address expectation or projections about future . information or events. procedures and statutes. Indian economy can’t remain untouched by any economic turmoil in the rest of the world. FINANCIAL PERFORMANCE The Sales and Other Income of the company for the financial year 2008-09 are 7925. market position . but should be able to show a pickup in growth in the last quarter of 2009. “wills”. Analytical Instruments.product development. These business control procedure ensures efficient use and protection of the resources and compliance with the policies. SEGMENT-WISE PERFORMANCE During the previous year the Company operated in single segment viz. The report states that India and perhaps China. RISK AND CONCERNS: Risk factors & risk mitigation is one of the mean item of agenda at the regular periodical board meeting. With the huge quantum of funds available Company will be position to explore overseas market company by setting up subsidiary companies outside India. Overall. states that in the financial year 2009 – 10. The report. coupled with the compression in export markets and the second order effects on this count. authorizations and approval procedures. the report assesses that growth in 2009 – 10 would be between 7.2009 . The internal control system provides well-documented policies. The prime objective of the internal control procedure is to test the adequacy and effectiveness of all internal controls laid down by the management and to suggest improvements.5 % or higher. ● INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY The company has adequate internal control procedures commensurate with the size of the company and nature of its business.The company cannot guarantee that these assumptions and expectations are accurate or will be realized .“expects”. EXPANSION: MERGER/AMALGAMATION During the year under the review the high court of Judicauture at Bombay approved the scheme of arrangement with Niulab Equipment Company Private Limited on 24th March.) of 2009 and onward.including but not limited to statements about company’s strategy for growth . of 443. if not earlier’.0 and 7. The Board deliberates on the same & takes suitable steps whenever threats are perceived. The augmented capital will enable the company to expand further in clincal research activity. believes. projects estimates or other words of similar meaning . expenditures and financial results are forward looking statements . if possible.36 Lacs and net loss of Rs.96 Lacs 14 .The merger will enable us to take advantage of changing scenario in Instrumentation Industry in India as well clinical Research area. diversification. the Indian economy is likely to remain relatively weak in the first quarter (April–June) and slowly pick up thereafter and the economy would show fairly strong recovery in growth in the second half of the fiscal year (Oct 2009 to Mar 2010) assuming some improvement in international economic and financial conditions. together with the second order effects of this development. the company’s actual results . to Dec. The Company posted cash profit of Rs.The ● merger/amalgamation with Niulab Equipment Company Private Limited has been embarked upon as big step towards the future as part of big Strategic Plan aimed at capturing a greater market share in instrumentation industry and as Ashco Contract Research Centre (ACRC) is involved in Clinical Research Activity .

The figures for the year 2008-09 are not comparable with figures of last year. Training imparted is comprehensive. STATUTORY COMPLIANCE : On obtaining confirmation from various departments & branches of the company of having complied with all the statutory requirements. The company continues to induct competent professionals for its present & future needs. The development of human resources is key strategic challenge in order to prepare people for future responsibilities in terms of professional skills as well as business skills. ● ● INDUSTRIAL RELATION / HUMAN RESOURCE MANAGEMENT : Industrial relation remain normal at all locations. The company secretary as compliance officer ensures compliance with the SEBI regulations & provisions of the listing agreement.2009 by High Court of judicature at Bombay amalgamating Niulab Equipment Company Private Limited with your company. skill and attitude apart from mandatory courses in safety and environment process.was arrived at after deducting Depreciation from the Cash Profit/ Profit Before Depreciation . The company is hopeful of turnaround in the present financial year as company is planning to raise funds from international market for purpose of expansion and diversification . performance management. covering knowledge. training. It has been company’s constant endeavor to train & develop human resources to meet the challenges the company faces. For and on behalf of the board ASHOK K KOTWANI CHAIRMAN & MANAGING DIRECTOR ● CONTINGENT LIABILITIES : The details of contingent liabilities are given in Schedule R of the notes of Balance Sheet & Profit & Loss. Place : Mumbai Date:12th October. The figures for the year 2008-09 are merged and consolidated pursuant to Order passed on 24th March. a declaration regarding compliance with the provisions of the various statutes is made by Managing Director at each Board Meeting. etc to enable the employees to give the best. The company provides excellent & challenging atmosphere through various systems & process in place like induction. The company is investing in modernization & training of manpower for upgrading the skills. 2009 15 . The Company secretary as compliance officer for prevention of Insider Trading Regulations ensures compliance with the Ashco guidelines on Insider Trading.

for the year ended 31st March.P. For P. 2009. The compliance of conditions of Corporate Governance is the responsibility of the management. C. 2009 as stipulated in Clause 49 of the Listing Agreement of the company entered in to with Stock Exchange(s). In my opinion and to the best of my information and according to the explanations given to me. I further state that such compliance is neither an assurance as to the future viability of the company nor the efficiency or effectiveness with which the management has conducted the affairs of the company. Ashco Niulab Industries Limited I have examined the compliance of conditions of Corporate Governance by Ashco Niulab Industries Limited.CORPORATE GOVERNANCE COMPLIANCE CERTIFICATE To The Members. MAHESHWARI) Proprietor M. MAHESHWARI & ASSOCIATES COMPANY SECRETARIES (P. No. No. 16 . This certificate is neither an audit nor an expression of opinion on the financial statements of the company. adopted by the company for ensuring the compliance of the conditions of the Corporate Governance.: FCS 2405. My examination was limited to procedures and implementation thereof. I certify that the company has complied with the conditions of Corporate Governance as stipulated in the clause 49 of the Listing Agreement save otherwise for Managerial Remuneration. : 1432 Place: Mumbai Date: 12th October.

Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account. 1956. We have audited the attached Balance Sheet of ASHCO NIULAB INDUSTRIES LIMITED as at 31st March. The Balance Sheet. As required by the Companies (Auditor’s Report) Order. on a test basis. 1956.AUDITOR'S REPORT To The Members of Ashco Niulab Industries Limited. of the state of affairs of the company as at 31st March. Further to our comments in the Annexure referred to in paragraph 3 above. e) 2.1 l(ii) of the Notes to the Accounts for non provision of gratuity liability and leave encashment as the same is accounted for on cash basis give a true and fair view in conformity with the accounting principles generally accepted in India: i) ii) in the case of the Balance Sheet. we report that none of the said directors is disqualified as on 31 st March 2009 from being appointed as directors of the company under clause (g) of sub-section (1) of Sec 274 of the Companies Act. These financial statements are the responsibility of the management of the company. 4. Place : Mumbai Date : 12th October. which is not as per AS-15 “Employee Benefits” On the basis of written representations received from the directors and taken on record by the Board of Directors. in the case of the Profit and Loss Account. 1956. proper books of account as required by law have been kept by the company so far. 38755 d) In our opinion. In our opinion. 2009 For GMJ & Co Chartered Accountants CA S. of India (the ‘Act’) and on the basis of such checks of the books and records of the company as we considered appropriate and according to the information and explanations given to us. issued by the Central Government of India in terms sub-section (4A) of Section 227 of the Companies Act. In our opinion and to the best of our information and according to the explanations given to us. 2003 as amended by the Companies (Auditor’s Report) (Amendment) Order.MAHESHWARI Partner M. Our responsibility is to express an opinion on these financial statements based on our audit. as appears from our examination of those books. of the loss of the company for the year ended on that date and iii) in the case of Cash Flow Statement. 1956 in the manner so required and subject to Note No. of the cash flows for the year ended on that date. the said Accounts read together with the Notes thereon give the information required by the Companies Act. No. b) c) 17 . An audit includes examining. we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order. We have conducted our audit in accordance with auditing standards generally accepted in India. 2004 (the ‘Order’). 1. as well as evaluating the overall financial statement presentation. the Balance Sheet. 2009 and also the Profit and Loss Account and the Cash Flow Statement of the company for the year ended on that date annexed thereto. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. f) 3. We believe that our audit provides a reasonable basis for our opinion. Profit and Loss Account and Cash Flow Statement comply with the mandatory Accounting Standards referred to in subsection 3C of Section 211 of the Companies Act. evidence supporting the amounts and disclosures in the financial statements. 2009. An audit also includes assessing the accounting principles used and significant estimates made by the management. except for non-provision of gratuity liability and leave encashment. we report that: 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.

No material discrepancies were noticed on such verification by the management. the provisions of clause (viii) of paragraph 4 of the Companies (Auditor’s Report) Order. According to the information and explanations given to us. transactions made in pursuance of such contracts or arrangements entered in the Register maintained under section 301 of the Companies Act.830/3. and consequently the directives issued by the Reserve Bank of India and the provisions of sections 58A. 1956 and the rules framed thereunder are not applicable to the company.19. (a) viii. Sales Tax and Tax Deducted at Source which are outstanding as at the last day of the financial year concerned for a period of more than six months from the date they became payable. The company is regular in repaying the principal amount wherever stipulated. We are informed that the management has a regular programme of physical verification of inventories. We are informed that the discrepancies noticed on verification between the physical stocks and the book records were not material. The company has not granted loans. (a) The company has maintained proper records showing major particulars including quantitative details and situation of fixed assets. (a) vi. (a) According to the information and explanations given to us. Income-Tax.ANNEXURE TO THE AUDITOR’S REPORT FOR THE YEAR ENDED ON 31ST MARCH.02.96. During the course of our audit. we are of the opinion that the particulars of contracts or arrangements referred to in section 301 of the Companies Act.278/24. the internal control systems need to be strengthened to be commensurate with the size of the company and the nature of its business. In our opinion and according to the information and explanations given to us. Service Tax. Customs Duty. Wealth Tax. It has an internal control system which needs to be strengthened to be commensurate with the size and nature of its business. 1956 have been entered in the register required to be maintained under that section. 1956. The company presently has no internal audit system.994/-. 2003 are not applicable to the company. vii. continuing failure to correct major weakness in the internal control system has been noted.016/47.628/- iii. Hence the provisions of clause (iii) (a) to (d) of paragraph 4 of the Companies (Auditor’s Report) Order. 7. 2003 are not applicable to the company. no 18 . The company had taken unsecured loans from four parties covered in the register maintained under Section 301 of the Companies Act 1956. In our opinion the frequency of verification may be increased. 2. All the assets have not been physically verified by the management during the year but there is a regular programme of verification by the management at reasonable intervals. the terms and conditions of interest free unsecured loans taken by the company. The company is maintaining proper records of inventory. firms or other parties covered in the register maintained under Section 301 of the Companies Act. are prima facie not prejudicial to the interest of the company.371/65. (b) (c) In our opinion and according to the information and explanations given to us. and hence. Investor Education and Protection Fund. The details in this respect are furnished below: Nature Of dues Fringe Benefit Tax Service Tax ESIC Employees Contribution ESIC Employers Contribution Tax Deducted at Source Amount in Rs. 5. aggregating Rs. 15. The maximum amount involved during the year was Rs.78. v. secured or unsecured to companies. Cess and any other statutory dues with the appropriate authorities except Fringe Benefit Tax. 2009 (Referred to in paragraph 3 of our Report of Even Date) i. ( b) (b) (c) ii. the maintenance of cost records has not been prescribed by the Central Government under clause (d) of sub section 1 of Section 209 of the Companies Act.00. the company has not disposed off substantial part of Fixed Assets during the year. In our opinion and according to the information and explanations given to us.52. for the purchase of inventory and fixed assets and for the sale of goods and services. the company has not accepted deposits from public. 1956.000/. (a) The company is generally irrregular in depositing undisputed statutory dues including Provident Fund. (c) (d) iv. In our opinion and according to the information and explanations given to us. In our opinion the frequency of verification may be increased. (b) ix.64.079/. The procedures of physical verification of inventories followed by the management needs to be strengthened in relation to the size of the company and the nature of its business.and the year-end balance of loan taken from such parties was Rs. In our opinion. 58AA or any other relevant provisions of the Companies Act.68. Employees’ State Insurance.or more have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time. Excise Duty. 1956.

the company is not dealing or trading in shares. we report that no funds raised on short-term basis have been used for long-term investment by the company. In our opinion and according to information and explanations given to us. securities. the term loans availed in the recent past have been applied for the purpose for which they were obtained. 2003 are not applicable to the company. For GMJ & Co Chartered Accountants CA S. 19 . 2009 xi. xv. debentures and other securities. 2003 are not applicable to the company. x. 2003 are not applicable to the company. the company has not granted loans and advances on the basis of security by way of pledge of shares. xiv. debentures and other investments have been held by the company. xvi. securities. 2003 are not applicable to the company. xx. financial institutions. xiii. The company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act. xxi. In our opinion. No. xix The company has not issued any debentures and hence the provisions of clause (xix) of paragraph 4 the Companies (Auditor’s Report) Order. 38755 Place : Mumbai Date : 12th October.MAHESHWARI Partner M. In our opinion and according to information and explanations given to us. In our opinion and according to information and explanations given to us. xviii. According to the information and explanations given to us. The company does not have accumulated losses at the end of financial year and it has not incurred cash losses during the financial year and in the immediately preceding financial year. the provisions of clause (xii) of paragraph 4 of the Companies (Auditor’s Report) Order. the company is not a chit fund or a nidhi/mutual benefit fund/society and hence the provisions of clause (xiii) of paragraph 4 the Companies (Auditor’s Report) Order. 2003 are not applicable to the company. debentures and other investments. The company has not raised any money by public issue in the recent past and hence the provisions of clause (xx) of paragraph 4 the Companies (Auditor’s Report) Order. the company has not defaulted in repayment of dues to a financial institution or bank. xii. and hence the provisions of clause (xv) of paragraph 4 the Companies ( Auditor’s Report ) Order. the company has not given any guarantees for the loans taken by others from banks or xvii. 1956. in its own name.(b) According to the information and explanations given to us. 2003 are not applicable to the company. In our opinion and according to the information and explanations given to us. According to the information and explanations given to us. The company has not issued any debentures. All the shares. According to the information and explanations given to us and on an overall examination of the balance sheet of the company. no fraud on or by the company has been noticed or reported during the year. and hence. there are no dues of Income Tax/ Sales Tax/ Wealth Tax/ Service Tax/ Custom Duty/ Excise Duty/ Cess which have not been deposited on account of any dispute and hence the provisions of clause (ix) (b) of paragraph 4 of the Companies (Auditor’s Report) Order.

528 208.273 11.905 61.122.530.218 222. 2009 20 As at 31.218 367.084 ‘R’ For and on behalf of Board ASHOK K.847.437.084 ‘E’ 541.351 337.318 745.758 20.818 355. MAHESHWARI Partner M.036.03.493.226 152.595 745.580.100.213.140 431.175.360.604 ‘F’ ‘G’ ‘H’ ‘I’ ‘J’ 8.BALANCE SHEET AS AT 31ST MARCH.773 277.748 ‘K’ ‘L’ 168.771.668.024 821.836.955 203.377 187.431.638 333.105 45.965.455.666.093.701 312.584.000 55. 2009 Schedule SOURCES OF FUNDS SHAREHOLDERS’ FUNDS Share Capital Reserves and Surplus LOAN FUNDS Secured Loans Unsecured Loans DEFERRED TAX LIABILITIES (Refer Note No 7 of Schedule ‘R’) TOTAL APPLICATION OF FUNDS FIXED ASSETS Gross Block Less: Depreciation Net Block Capital work-in-progress INVESTMENTS CURRENT ASSETS.091. Chartered Accountants CA S.668 22.249 ‘C’ ‘D’ 292.154 397.570.926.459 8.731.934 373.604.807.499. KOTWANI KANCHAN A.517.363 821.000 42.064.920.845.584.249 Chairman & Managing Director Whole Time Director Company Secretary .366.844 626.573.871 334.354 477.2009 Rupees As at 31.065 17.03.369.771.662.131 81.212.281.859 105.604 1.884.036.588 1.225.640.363.000 339.701 354.363.448 711. LOANS AND ADVANCES Inventories Sundry Debtors Cash and Bank Balances Loans and Advances LESS : CURRENT LIABILITIES AND PROVISIONS Liabilities Provisions NET CURRENT ASSETS TOTAL NOTES TO THE ACCOUNTS As per our report of even date For GMJ & Co. No.885 231.2008 Rupees ‘A’ ‘B’ 312.594.765 239. KOTWANI UMASHANKAR HEGDE 486.353 96.249 229.464.638. 38755 Place: Mumbai Date: 12th October.249 233.

118 703.882 (1.445.938.734.000 10.04) ‘R’ For and on behalf of Board ASHOK K.38 21 .960.659 42. Previous Year Rs.085.595 812.947 101.865.005 131.134.89.407 12.928 40.947.246 90.399.669.442. INTEREST & TAX Financial Expenses ‘Q’ PROFIT BEFORE DEPRECIATION and TAX Depreciation and Amortisation PROFIT/ (LOSS) BEFORE TAX Less : Provision for Taxation (Refer Note No.436 (3.500 5.521 108. KOTWANI UMASHANKAR HEGDE Chairman & Managing Director Whole Time Director Company Secretary Previous Year Rupees 548.672.843 18.845.703 128.140.565 695.882 — — 31.124 87.767 34. 7 of Schedule ‘R’) — Current Tax — Deferred Tax — Fringe Benefit Tax PROFIT/(LOSS) AFTER TAX Less : Prior Period Expenses Add : Balance Profit Brought Forward from previous year BALANCE AVAILABLE FOR APPROPRIATION APPROPRIATION Interim Dividend Dividend Distribution Tax Surplus Carried to Balance Sheet EPS (Refer Note No 10 of Schedule ‘R”) — Basic — Diluted NOTES TO THE ACCOUNTS As per our report of even date For GMJ & Co.003. Chartered Accountants CA S.364.004.399 31.115.731.65.853.413.017.495.960.040.449 — 517.475 132.795.515 2.499.844/-.399 59.172.004.000.600 2. 38755 Place: Mumbai Date: 12th October. 2009 Schedule INCOME Gross Sales Less: Excise Duty Net Sales Commission Received Service Charges (Inclusive of TDS Rs.000.140.882 31. KOTWANI KANCHAN A.288 503.000 (5.475 — 548.124 54.265.529 39.617 97.125.591. MAHESHWARI Partner M.276.54 0.408 44.820.876 792.18.045) 1.093 21.371.407 1.537.800.22.535 58.928 112.615 13.901) 13. No.PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31ST MARCH.764.529.140.131.954.772 98.144 33.623 73.499. 2009 ‘N’ ‘O’ ‘P’ Current Year Rupees 517.157 109.250 2.563 59.14) (0.955 (13.856) 23.276 494.029/-) Other Income ‘M’ TOTAL EXPENDITURE Material Cost Personnel Cost Administrative and Other Expenses PROFIT BEFORE DEPRECIATION.954.661 44.937.449 42.947.481.

036.900. Pvt.000 192.140.000 312.000.SCHEDULES FORMING PART OF THE BALANCE SHEET As at 31.437. to the erstwhile Shareholders of Niulab Equipment Company Co. Ltd.882 42.000 10. 36.000 SCHEDULE ‘C’ : SECURED LOANS 1.000.000 14 116.000 192. From Citiabank NA Amount secured by mortgage of immovable property of the company and a director and personal guarantee of two directors of the company.280.000 100.884. Pvt.399 55.03. Stock -in-process. 10/.000 100.each fully paid up Of the above.805 44.000 200. 2.000 199.115.501.701 14 116.000.431.567.2008 Rupees 199.000 15% Preference Shares of Rs.036.437.000 Equity Shares of Rs. From Punjab National Bank a.004.058 292.000 5.543 19.000 Equity Shares of Rs.900.000 SCHEDULE ‘B’ : RESERVES AND SURPLUS Capital Reserve As per last Balance Sheet Share Premium Account As per last Balance Sheet General Reserve As per last Balance Sheet Profit and Loss Account Balance as per Annexed Account 312.620 18.528 16.each 1.000 102.2009 Rupees SCHEDULE ‘A’ : SHARE CAPITAL Authorised : 19.960.693.412 86. following were alloted as fully paid up Bonus Shares : Share Capital Suspense 19.000. Subscribed and Paid-up 12.036. personal guarantee of two directors and corporate guarantee of a company and pledge of shares held by promoters. From HDFC Bank Limited Assignment of LIC Policies and personal guarantee of two directors of the company 5. Stores and Spares and Packing Material lying at Company’s Premises at Vasai.374 — 84.600 Equity Shares of Rs.807. warehouse.10/. pending allotment consequent to Amalgamation of Niulab Equipment Co.783. As at 31.200.218 46. import documents representing import of goods for various places and Assignment of book debt of the Company Deposit of Receipted Challans alongwith Invoices and personal guarantee of two directors and corporate guarantee of a company. Corporate Loan Secured by equitable mortgage of immovable property and personal guarantee of two directors and corporate guarantee of a company 3.131 Amount repayable within one year 22 222.064. From Small Industries Development Bank of India Secured by exclusive first charge of Lab Equipment acquired by the company for theexpansion project of Mumbai Laboratory.03. From ICICI Bank Limited Secured by Hypothecation of Vehicles 4. 100/.400.807. Ltd.455 10. 10/.003.036. Finished Goods.000 200. mortgage of leasehold rights of the immovable property of a company.805 31.726 — 815.000 120.each Issued.990.800.000 120.533. b.123 69. Cash Credit Facility Secured by equitable mortgage of Industrial galas and hypothecation of Block of Assets and Raw Material.948 .804 50.each fully paid up.

604.422 — 780.537.924 1.220 10.144 11.544 13.856 — 30.517.945 243.700 6.296.891 93.135.411.273 3.312 — 609.494.782.804 24.823 79.276 12.332 191.00 2.811 — 238.930 165.127.530.100 11.209.261 12.154 — 546.931.082 1.662.774.787.569.151 120.497 2.000 198.347.304.973 160.469.139 — 560.060 23 .224 15.910.907 — 431.180 59.124 44.795 3.868.877. 1.601 — — NET BLOCK As on 31.851 841.444 1.883 As at 31.604 Note : Industrial Galas includes Rs.152 29.594.132.582.698 12.504 1.609 208.924 5.354 104.024 — — — — — — — — — — — — — — — 27.393 1.557 — 6.060 — 6.250/— being the value of 25 shares of Rs.549.763.991. 50/— each in a co—operative society.2008 — — 63.969 — — — 546.731 3.939 33.250 45.872 940.638 337.844.896.969 7.357 2.380.515 6.2008 during the year during the year 135.867.907 — During The Year — — 3.2008 Rupees SCHEDULE ‘E’ : FIXED ASSETS GROSS BLOCK PARTICULARS Good Will Land Building Industrial Galas Premises Plant And Machinery Air Conditioners Testing Equipment Electrical Fittings Furniture And Fixtures Electronic Typewriters Office Equipment Vehicles Lab Equipment Computers Gas Cylinders Dies And Tools As at Additions Disposal 01.098.965.492 81.162.03.336 42.032.995 — 245.069 188.372 24.537 2.901.221 18.049.144 11.246.369.963 4.587 — 1.113.877.631 5.986.959.122.413 7.446.902 — 541.904.118.360.395.992 4.699 55.964.745.507.630.826.766.481.594 2.423.931.000 339.537 2.453 2.602 60.2009 Rupees SCHEDULE ‘D’ : UNSECURED LOANS 1.573.000 1.708.410.172.03.735.2008 108.778 678.446. 333.361.934 8.171.385 4.259.584 — 152.470 — 31.211 4.861 2.489 42.309 6.872 334.813 1.004.662 171.689 10.721 176.839 644.127.936.161.753 244.795.835.442 — 145.03.03.752 19.774 — 63.556 207.598 — 114.296 27.542 434.113 163.698 3.127.637 120.599 189.483.SCHEDULES FORMING PART OF THE BALANCE SHEET As at 31.076.939.03.216. Inter Corporate Deposit 3.609 168.372.185 152.529 33.605.238.387 11.079 4.203 3.898 117.897 794.392.962 1. From Directors / Share holders 9.016.809 4.962 28.156 917.529 Adjustment Upto During The Year 31.350 — — 3.510.832.589 4.365 230.598 1.645.630 135.871 7.220 9.381 633.506.956 54.405 2.351 616. From Banks 2.591 — 190.225 324.193 14.122.926.120 — — 65.499.130 372.403 600.208.282 — 10.901 7.740 207.235.382 1.093.411.955 486.562 81.2009 — — 3.275 290.165 — 16.060 2.494.904 2.942.769 1.822 3.127.494.302.759 — — 367.459 4.185 — Total Rupees Previous Year Rupees Capital Work In Progress 486.859 213.791.281.216.980.643.092 2.901 7.225 Upto 31.03.926.04.03.140 As at 31.171.510 1.604 — 1.753 181.194 3.517.294 DEPRECIATION Amortisation Of Goodwill 27.736 26.060 3.761 — — 1.404.407.531 1.2009 As on 31.540.268.591.228 4.889 1.790 7.851.672 18.674.2009 135.187.098.616.

10/.200 2.818 24 .000 8.03.885 NOTES Aggregate Value of Quoted investments-At Cost Market Value of Quoted Investments Aggregate Value of Unquoted investments-At Cost SCHEDULE ‘G’ : INVENTORIES (As Certified by a Director) (At cost or net realisable value whichever is lower) Raw Materials Work in Progress Finished Goods Consumables.each fully paid up 200 Equity Shares of Bharat Immunologicals and Biological Corporation Limited of Rs.000 14.000 9.each fully paid up Mutual Fund (Quoted) 25.430. Store and Spares 7.10/.610.000 250.400 2.10/.428 2.900 1.10/.525 100.each fully paid up 300 Equity Shares of Jaysynth Dyechem Limited of Rs.899 192.10/.000 73.839 7.900 Equity Shares of Rs.000 3.each of Principle PNB Long Term Equity Fund (Growth Plan) 7.each fully paid up 2.000 Equity Shares of Makers Laboratories Limited of Rs.860 9.400 2.180 14.000 5.000 5.each fully paid up 2.200 43.493.887 239.each fully paid up 100 Equity Shares of Nielcon Limited of Rs.000 2.200 43.10/.each fully paid up 800 Equity Shares of Bafna Spinning Mills and Exports Limited of Rs.000 95.204.10/.373 8.each fully paid up 100 Equity Shares of Metrochem Industries Limited of Rs.5/.2008 Rupees 32.000 3.909 231.094.10/.10/.130 226.200 1.each fully paid up 200 Equity Shares of Liberty Shoes Limited of Rs. UNLESS OTHERWISE STATED) National Savings Certificates (Lodged with Government Authorities) EQUITY SHARES (Unquoted) 24.10/.each fully paid up 10.800 10.000 9.129.610.500 184.433.433.255 7.642.10/.03.180 14.10/.10/.638.each fully paid up 100 Equity Shares of Elbee Services Limited of Rs.000 4.2009 Rupees SCHEDULE ‘F’ : INVESTMENTS LONG TERM (AT COST UNQUOTED.5/.685 849.000 32.000 Equity Shares of Pharmaceutical Products of India Limited of Rs.each fully paid up 200 Equity Shares of Man Industries Limited of Rs.each fully paid up 1.212.000 296.400 Equity Shares of Rs.765 As at 31.000 95.203.each fully paid up 200 Equity Shares of Parenteral Drugs (I) Limited of Rs.000 2.10/.each fully paid up 200 Equity Shares of Shree Krishna Polyester Limited of Rs. 100/.481.850 Units of SBI Magnum Equity Fund of Rs.each 50 Equity Shares of Triveni Sheet Glass Works Limited of Rs.592 2.771.000 250.000 units of Rs 10/.280.each fully paid up of Punjab National Bank 100 Equity Shares of Palsoft Infosystems Limited of Rs.400 11.000 1.each fully paid up 12 Equity Shares of Man Aluminium Limited of Rs.773 2.each fully paid up of Ashco Niulab Exports Limited EQUITY SHARES (Quoted) 1.565 1.129.000 8.860 9.000 Units of PNB Mutual Funds of Rs 10/.800 10.642.000 296.500 120 184.000 4.900 1.400 11.525 100.000 14.771.000 73.SCHEDULES FORMING PART OF THE BALANCE SHEET As at 31.10/.373 34.10/.each fully paid up 500 Equity Shares of Pudumjee Agro Industries Limited of Rs.

570.105 SCHEDULE ‘L’ : PROVISIONS For Taxation For Fringe Benefit Tax 51.395.530.149 7.100 45.56.349 85.388.2008 Rupees 63.957 6.522.87.972.362 2. considered good) Advances recoverable in cash or in kind or for value to be received Tender . Previous Year Rs.493.734 11.666 6. Security and other Deposits Payment of Taxes 22.805 3.000 13.960 187. considered good) Debts outstanding for a period exceeding six months Other Debts As at 31.434 277.000 4.145 22.167 2.148.56.500.579 27.10.839 214.704.844 24.623.000.590.396 20.7.249 37. Previous Year Rs.740.568 10.125.756.218 60.00.2009 Rupees SCHEDULE ‘H’ : SUNDRY DEBTORS (Unsecured.304/-.580.SCHEDULES FORMING PART OF THE BALANCE SHEET As at 31.448 SCHEDULE ‘K’ : CURRENT LIABILITIES Sundry Creditors for Goods Sundry Creditors for Expenses and Others Deposits Advance from Customers 66.845.100 61.390 168.666.905 102.03.259.058/-.175.390 78.205.088.03.925 271.25.834 355.481 105.913.723 313.842.790.has been kept as Margin for Bank Guarantees)] On Unclaimed Dividend Account 1.836.280.715.225.273 84.438/-) (of the above Rs.464.506.337 96.532 44.353 SCHEDULE ‘J’ : LOANS AND ADVANCES (Unsecured.149 9.94.590.755 2.758 SCHEDULE ‘I’ : CASH AND BANK BALANCES Cash on hand Balance with Scheduled Banks: On Current Account On Fixed Deposit Account [(Inclusive of Interest accrued Rs.859 360.246.281.861.249 25 .285/.500.585.

982 900.499.934 3.510 621.133.203940/.472 4.663 3.000 19.180 6.991 4.493.481.322.SCHEDULES FORMING PART OF THE PROFIT AND LOSS ACCOUNT Current Year Rupees SCHEDULE ‘M’ : OTHER INCOME Interest Received (Inclusive of TDS Rs.769 2.413.567.433.481.085 90.644 8.000 23.481.558 503.876 SCHEDULE ‘N’ : MATERIAL COST Raw Material Opening Stock Add : Purchases Less : Closing Stock Work In Progress Closing Stock Less : Opening Stock Previous Year Rupees 1.012 6.834 11.052 2.713 738.778.430.587.373 — 2.124.433.373 161.595.260 458.322 2.759 900.059.186.99687/-.857 234.625 4.Previous Year Rs 73491/-) Dividend Received Profit on Sale of Fixed Assets Sale of LIC Policies Miscellaneous Income 617.672.595 2.590.124 177.944 693.012.643 494.246 Less : Closing Stock Difference on Foreign Exchange Rates SCHEDULE ‘O’ : PERSONNEL COST Salary.586 93.685. Previous year Rs.125.204 226.654.191 — 342.684.130 — 8.620.125 87.017 2.433.899 8.144 560.130 26.373 — 34.302 503.576.93.632 2.712 2.820.299 188.462 101.323 59.924.885/-) On National Saving Certificates Rent Received (Inclusive of TDS Rs.006.545.134 1.13 Finished Goods Opening Stock Add : Purchases 234.965 7.859.475 6. Bonus and Other Allowances Contribution to Provident and Other Funds Leave Travel Assistance and Medical Reimbursement Staff Welfare Expenses 74.373 2.491 466.157 26 .651.248.433.928 76.170.276.454.174.

802.565 Previous Year Rupees 9.201.637.877.944 23.817 96.036 11.768 2.450 674.771.337.247 6.985 10.738 1.816.533 824.737 4.454.765 6. Rates and Taxes Conveyance and Travelling Expenses Telephone Expenses Postage and Telegrams Printing and Stationery Electricity Charges Repairs and Maintenance Motor Car Expenses Commission and Service Charges Advertisement and Sales Promotion Expenses Payment to Auditors Audit Fees Tax Audit Fees Security Charges Seminar and Exhibition Expenses Membership and Subscription Legal and Professional Fees Software Maintenance Charges Insurance Books and Periodicals Sundry Balances written off/back Miscellaneous Expenses Testing Charges Paid Tender Fees Volunteer’s Charges 10.388 42.669.960 947.010 899.650 1.397.297 174.991 2.710 140.000 4.029 107.596.868 1.248 14.917.025 1.886.279 81.878 832.474.453.471.420 669.905.124 31.424.976 7.566.887.916 1.763 821.066 2.SCHEDULES FORMING PART OF THE PROFIT AND LOSS ACCOUNT Current Year Rupees SCHEDULE ‘P’ : ADMINISTRATIVE AND OTHER EXPENSES Stores and Spares Consumed Freight and Transportation Rent.855 34.171 5.037 15.467 287.776 5.585 529.118 SCHEDULE ‘Q’ : FINANCIAL EXPENSES Interest Expenses Interest Paid to Bank Interest Paid to others Bank Charges and Commission 35.938.442 38.229.365.949 176.099 10.211 2.044.970 533.315.296.235 32.160 808.758.819 — 364.295 2.980 9.937.280 3.465 31.961 1.555.019.273.609 4.499.461 216.902.212.963 3.590 139.169 260.379 136.379 109.244.930 1.477.828.911.623 27 .081 3.954.964.237 3.942 1.036.116 112.035.

which is recognized only when goods are sold to third party. attributable interest and related incidental expenditure. Tax on Distributed Dividend and Fringe Benefit Tax as per the provisions of Income Tax Act. ii) Payment of Gratuity and Leave Encashment are accounted for on cash basis. which includes amount paid. m) Foreign Currency Transactions Transactions in foreign currencies are recorded at the exchange rate prevailing on the date of transaction. Long Term Investments are stated at cost. The dividend income from investment is recognized when the owner's right to receive payment is established and interest income is accounted on time proportion basis. The impairment loss recognized in prior accounting period is reversed if there has been change in the estimate of recoverable amount. Exchange differences arising on settlement or translation of monetary items are recognized as income or expenses in the year in which they arise. h) Inventories Inventories are valued at cost or net realisable value. Provision for diminution in the value of long-term investments is made only if such a decline is other than temporary. are classified as operating leases. p) Provision. 1961 and the rules made thereunder. Cost is arrived by using First In First Out (FIFO) formula and includes all cost of purchase. n) Leases Leases where the lessor effectively retains substantially all the risks and rewards of ownership of the leased term. comprising of direct tax. Provisions are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. duties. d) Depreciation Depreciation on all assets (except on Assets acquired on merger with Niulab Equipment Company Private Limited) are provided on written down value method and pro-rata in respect of acquisitions or disposals during the year at the rates prescribed in Schedule XIV of the Companies Act. The cost is inclusive of freight. Contingent Liabilities and Contingent Assets Provisions comprise liabilities of uncertain timing or amount. taxes. claims and discount etc. c) Fixed Assets (i) Fixed Assets are stated at historical cost less accumulated depreciation/ amortization and impairment loss. computed category wise.1) SIGNIFICANT ACCOUNTING POLICIES a) Basis of preparation of Financial Statements The financial statements are prepared on an accrual basis under the historical cost convention and are in accordance with the generally accepted accounting principles in India. k) Borrowing Cost Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalised as part of the cost of such assets. Service charges are recognized proportionately over the period in which services are rendered and exclusive of service tax where applicable. (ii) Capital Work in Progress is carried at cost. The amount incurred during the year is capitalized by allocating into the various projects under production. the applicable accounting standards issued by the Companies Accounting Standards Rules. whichever is lower. 2006 and the provisions of the Companies Act. 1956. g) Investments Current investments are carried at the lower of cost and quoted/fair value. Foreign currency monetary assets and liabilities are translated at the year end exchange rates. if any. f) Impairment An asset is treated as impaired when the carrying cost of asset exceeds its recoverable value. i) Debtors and Creditors Debit and Credit balances of same parties are stated on Net basis j) Excise and Custom Duty Excise Duty in respect of finished goods lying in factory premises and Custom Duty on goods lying in the customs bonded warehouse are provided for and included in the valuation of inventory. Depreciation on all assets acquired on merger of Niulab Equipment Company Private Limited are provided on Straight Line Method and pro-rata in respect of acquisitions or disposals during the year at the rates prescribed in Schedule XIV of the Companies Act. Provision is made for regular tax on Income Tax. 1956. Contingent assets are not recognized in the financial statements. 28 . Contingent Liabilities are disclosed by way of Notes to Accounts. o) Tax Expenses Deferred tax assets and liabilities are recognized for future tax consequences attributable to timing differences between taxable income and accounting income that are capable of reversal in one or more subsequent periods and are measured using relevant enacted tax rates. Inventories of under production film are valued at actual amount spent. All other borrowing costs are charged to revenue. l) Retirement Benefits i) Contribution to Provident Fund and Family Pension Scheme is charged to Revenue. A qualifying asset is one that necessarily takes a substantial period of time to get ready for its intended use or sale. 1956. bills settled and advances paid for which bill are awaited. installation cost. An impairment loss is charged to the Profit and Loss Account in the year in which an asset is identified as impaired. e) Amortization of Goodwill Goodwill raised on Amalgamation is amortized over a period of 5 years. Sales are exclusive of sales tax where applicable and net of returns. Sale of goods is recognized on dispatch of goods to customer except consignment sales. except in respect of liabilities for the acquisition of fixed assets. financing cost and other incidental expenses but net of Modvat/ Cenvat/ VAT. cost of conversion and other costs incurred in bringing them to their respective present location and condition. The deferred tax asset is recognized and carried forward only to the extent that there is a reasonable certainty that the assets will be realized in future in accordance with Accounting Standard 22 on "Accounting for Taxes on Income". Commission Income is recognized on accrual basis. The advances given for acquiring fixed assets are shown under Capital Work in Progress. in which case they are adjusted in the carrying cost of such assets. b) Revenue Recognition Revenue is recognized on transfer of significant risk and reward in respect of ownership. Operating lease rentals payable are charged as rent in profit and loss account.

28.84.45.97. 2009 as micro small or medium enterprises.626) Rs.000 86.38.03. 2006) claiming their status as on 31st March.000 24.318 As on 31.q) Other Accounting Policies These are consistent with the generally accepted accounting practices. 15.e.204 (Rs.591. Deferred Tax Components of Deferred Tax Balance: The tax effects of timing difference are reflected through a deferred tax asset/liability.032.Ltd.529 Profit on Sale of Fixed Assets 61.00.00.826/(54. including perquisites 99.38.25.15.371.036/(P. RELATED PARTY TRANSACTIONS: Pursuant to Accounting Standard -18.363 — 2.77.508) 1.2009 Rupees 2. The company has not received any memorandum (as required to be filed by the suppliers with the notified authority under the Micro Small and Medium Enterprise Development Act.093 Managerial Remuneration 99.97.471 Less: Depreciation under Section 350 of the Companies Act. 75.000 1.74.42.60. Rs.2008 Rupees 2. there has been no change in the accounting policies.907 — Net (Loss) /Profit (2. 11.000/.64.84.25. Rs.191 Amortization of Goodwill 2. There is no other reportable segment as per Accounting Standard -17.000 Commission NIL 3. NIL (Rs. which is included in the Balance Sheet. However. 69.917 Commission Paid NIL 3.637 (Rs.60.327 2) Contingent Liabilities a) Bank Guarantees outstanding: b) c) Letter of Credit Outstanding: Claims against the company not acknowledged as debts: There are no amounts due to Small Scale undertakings to whom company owed a sum exceeding Rs. issued by The Institute of Chartered Accountants of India. Particulars 2008-2009 2007-2008 Rupees Rupees Profit after taxation as per Profit and Loss Account (13.91.793/-) towards Repairs and Maintenance of buildings.00. the names of related parties and nature of relationship and particulars of transactions with the said related parties during the year are as under: A) NAME OF THE RELATED PARTIES AND DESCRIPTION OF RELATIONSHIP: i) ASSOCIATE COMPANIES: ANKK Media Arts Private Limited Ashco Niulab Exports Limited 9) 29 .54.26.529 Total 3.591.500 — Deferred (51.1.032.21.395) 4. 44.628 8.327 Depreciation as per Accounts 31.42.250 — FBT 18.795. which are consistently followed by the company. Consequently the amount paid/payable to these parties during the year is nil.857) 18.Y.85.which was outstanding for more than 30 days as at the end of the financial year.33. 84.30.327 * In view of operating loss incurred during the year. 1956. wordings of some of the accounting policies have been modified /revised to reflect correct meaning in line with the applicable Accounting Standards.66.530 33. However.045) 59.586 59.97. Analytical Instruments.772 Add: Provision for Taxation — Current 1.751 Eligible Commission to Director @ 1% of Net Profit * NIL 4. The Company has now ventured into another segment i.525) Rs. 1956. its accessories and services. The components of Deferred Tax balance are as under: Particulars As on 31.03. 1. no commission is payable to Managing Director 6) 7) Depreciation Disallowed expenses to be recouped Total 8) SEGMENT REPORTING : The Company operates in single segment viz. 27.660.70.97.575) 4) b) Managerial Remuneration: Managerial remuneration under section 198 of the Companies Act. 92.4.530 33. Managerial Remuneration Salary and other emoluments.60.327 Total 99.98. During this year.000 86. 3.363 5) 3) Managerial Remuneration a) Computation of Profit in accordance with Section 349 of the Companies Act.65.70.55. Repairs and Maintenance includes a sum of Rs. Entertainment Industry on its Merger with Niulab Equipment Company Pvt. 1956 31. 10.000 83. there is no impact in the Profit and Loss Account and hence the Current year Accounts have been prepared under single segment.09.70.

Nos.98) 1.03.11 Note: Related party relationship is as identified by the company and relied upon by the Auditors.14) (0. Shyam K Kotwani Mr.79 (—) 93.92) — (—) 278. Rs.77 301. Kotwani Mr.56) Rs. Kotwani M/s.00 (139.74) 10. Bhagwan K. Kotwani Mrs. in Lacs 31.54 0.38 11) Additional information pursuant to the provisions of paragraphs 3.03.71. Kotwani Mr.04) 31. Ashok K.Geeta BalaniTIONS WITH RELATED PARTIES: B) TRANSACTIONS WITH RELATED PARTIES: i) NATURE OF TRANSACTIONS: - - Rs. Kavita Godhwani Mrs.39 ii) AMOUNT OUTSATNDING FROM (TO) RELATED PARTIES AS AT 31.2008 0.19 (88.2009 (1.20. Manohar K.03.83) — (—) — (—) 0. Rs. Kotwani Mr.600 10 (1.2009 — 1.772 1. 10) EARNING PER SHARE IS CALCULATED AS FOLLOWS: Particulars Net Profit after Tax Weighted Average Number Nominal Value per Share Basic Earning per Share (Weighted Average) Diluted Earning per Share Unit Rs. Sayuj Telecom M/s. 03.16 1. 4(C) and 4(D) of Part II and of Schedule VI of the Companies Act.2009: Particulars Advances Recoverable Outstanding Liabilities Loans Outstanding 31.03. Ankush A.03. 30 .20.857) 1. A.00) — (—) — (—) — (—) — (—) Key Management Personnel Relative 935. 31.91 (—) — (—) — (—) 99. Neha A.37.03.95.60 (74.ii) KEY MANAGEMENT PERSONNEL AND RELATIVES: Mr. Licenced Capacity (P. Rs.97 (1087. Dolly Designs Mrs.03 1227. Kanchan A.2008 1.14 (7.) Not Applicable Installed Capacity * * Quantity Manufactured NIL (4) *INSTALLED CAPACITY: Installed capacity is a function of product-mix and cannot be expressed in terms of Value / Nos. 1956: a) CAPACITY AND PRODUCTION Products Production Analytical Instruments Balances and Accessories Unit Nos.600 10 1. in Lacs Particulars Sales Purchases Advances Recoverable Remuneration on services Staff Welfare Expenses Loans Received(Net) Associate companies — (—) — (6. Kotwani Ms.83.

STORES AND SPARES CONSUMED AND PERCENTAGE THEREOF TO TOTAL CONSUMPTION.) — (—) — (—) — (—) Value (Rs.61.592 (1730) (22.76. i) RAW MATERIALS Particulars Imported Indigenous % — (—) Value (Rs.62.24.758) 1.03.573 (3457) — Sales Rs.44.81.27. 48.00.F.46.958 (4.75.737) Amount (Rs.144) — — 84.644) * Raw Materials are product-mix and in different measures hence it cannot be expressed in any specific terms of measurement and hence quantities are declared in sets.194 (19.18.10. VALUE OF IMPORTS Particulars Finished Goods Capital Goods g) EXPENDITURE IN FOREIGN CURRENCY Particulars Travelling 31 .86.868 (98. 51.899 22.93.713 (57.93.15.491 (763) (17.00) f) C.428 Qty 3.84.72.48.70. which includes various types -*of materials.69.86.00.D.24.428) — 3.) 103.) 13.84.02. 1730 22.776) — Closing Stock Qty Rs.K. 2577 19.201 ——— (—) — (—) ii) CONSUMABLES.b) TURNOVER AND STOCKS Particulars Unit Analytical Instruments.31.62. STORES AND SPARES Particulars Indigenous % 100 (100) 100.737) 103.03.86.24.I.400) e) VALUE OF IMPORTED AND INDIGENOUS RAW MATERIALS. NIL NIL (4) (1.30. d) PURCHASES OF FINISHED GOODS Particulars Analytical Instruments.15. Materials of Analytical Instruments and Accessories Unit * Qty Value Rs. Balances and Accessories Work In Progress Total Nos Opening Stock Qty Rs.65.449 (55.066 (39.69.00 (100.558 c) RAW MATERIALS CONSUMED Particulars C. Balances and Accessories Unit Nos Qty 4420 (4424) Value Rs.) 1.130 23.695) Amount (Rs.48.868 (98.

08.237) 2. Accordingly all the assets and liabilities have been taken over at the fair market value or their realizable value.e.065 (9. is included as an integral part of current year's financial statements.16. No.69. KOTWANI Chairman & Managing Director Whole Time Director 32 . MAHESHWARI Partner M.964) In the opinion of the Board of Directors.96.10/.) 34.13.54.each are to be issued to the Shareholders of Niulab Equipment Company Private Limited.94. Figures have been rounded off to the nearest rupee.h) EARNING IN FOREIGN CURRENCY Particulars Service Charges Commission Received Amount (Rs. 2009 For and on behalf of Board ASHOK K. Figures in bracket are in respect of previous year. accordingly the scheme has been given effect to in the accounts ii) The Amalgamation has been accounted for under the "Pooling of Interest" method as prescribed by accounting standards (AS 14) issued by The Institute of Chartered Accountants of India. Figures of the previous year have been regrouped/ reclassified wherever necessary to correspond to figures of the current year. iii) Pursuant to scheme referred above 1. 2007 (appointed date).000 Equity Shares of Rs.31. Comparative financial information (i. No liability has been provided for in respect of Stamp duty on the Amalgamation with Niulab Equipment Company Private Limited under the Maharashtra Stamp Act as the same has not been determined/assessed as such the same shall be capitalized as and when paid. and it is to be read in relation to the amounts and other disclosures relating to the current year. i) Pursuant to the Scheme of Amalgamation of the erstwhile Niulab Equipment Company Private Limited with the company as sanctioned by the Honorable Bombay High Court on 24/03/2009 with retrospective effect from 1st March.609 12) 13) 14) 15) 16) (5.92.537/. Accordingly Rs. amounts and other disclosures for the previous year presented above as corresponding figures). all the current assets. Pending allotment as at 31st March 2009 the amount has been included in Share Capital Suspense Account in Schedule "A" b. KOTWANI KANCHAN A.00. Chartered Accountants CA S. loans and advances have value on realization at least of an amount equal to the amount at which they are stated in the Balance Sheet.has been debited to Goodwill in respect of Difference between Assets and Liabilities taken over. 38755 Place: Mumbai Date: 12th October.19. Amalgamation a. SIGNATURE TO SCHEDULES ‘A’ TO ‘R’ As per our report of even date For GMJ & Co.44.

State Code Date of Balance Sheet 39437 11 31. (ITC Code) 9027 / 9016 v) Product Description Analytical Instruments and Balances For and on behalf of Board ASHOK K.37 7958.00 87.91 7.03.37 813.750.924. KOTWANI Whole Time Director Place: Mumbai Date: 12th October.96) (1.66) (137.03 9.41) 0% iv) PERFORMANCE OF COMPANY Turnover Total Expenditure Profit before tax Profit after tax Earning per share (Weighted Average) Rs.36 420.63 7925.03 (32.453.55 7.395.03 3. 1956 BALANCE SHEET ABSTRACT AND COMPANY'S GENERAL BUSINESS PROFILE i) REGISTRATION DETAILS Registration No.2009 AMOUNT (Rs.Additional information pursuant to Part IV of Schedule VI to the Companies Act.493. in Lacs) 2008-2009 Nil Nil Nil Nil ii) CAPITAL RAISED DURING THE YEAR Public Issue Rights Issue Bonus Issue Private Placement POSITION OF MOBILISATION AND DEPLOYMENT OF FUNDS Total Liabilities Total Assets a) Sources of Funds Paid up Capital Reserves & Surplus Secured Loans Unsecured Loans Deferred Tax TOTAL b) Application of Funds Net Fixed Assets Investments Net Current Assets TOTAL iii) 9. 2009 33 .70 174.63 3.970. KOTWANI Chairman & Managing Director KANCHAN A.120.65 2.750.72 3. Dividend rate (%) GENERIC NAMES OF PRINCIPAL PRODUCTS/SERVICES OF COMPANY (as per monetary terms) Item Code No.

23) 1.50 2.89) 1.75 (1.58 (Rs.33 113.420.3.23 (129.59) (231.226.23) 282.89 11.71) (0.22 — 0.66) 581.91) 500.32 380.17) 92.70) (658.01) 196.41 137.03. No.45 (6.3.80) 201.73) 83.82 (0.19) 861.89 (272.12) (161.53 (144.365.73) (108.) (32.396/-.82 1. KOTWANI KANCHAN A.47) (996.32) (0.36 774.03.74 68.36 (11.CASH FLOW STATEMENT FOR THE YEAR ENDED 31st MARCH.307.36 75.(Previous Year Rs.978.86 (193.01 (3.956.24 (1.2009 31.77) (116. MAHESHWARI Partner M.901.227. Chartered Accountants CA S. CASH FLOW FROM FINANCE ACTIVITIES Proceeds from Secured Loans Proceeds from Unsecured Loans Repayment of Term Borrowings Interest paid Dividend Paid Net Cash from Finance Activities NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENT Cash and Cash Equivalents (Opening Balance) Cash and Cash Equivalents (Closing Balance) Cash and Cash equivalent excludes Bank Balance with Bank on Unclaimed Dividend Account Rs.60.95) 1. CASH FLOW FROM INVESTING ACTIVITIES Purchase of Fixed Assets and Capital work in Progress Sale of Fixed Assets Interest Received Purchase/Sale of Investments Dividend Received Net cash used in Investing Activities C.467.79 (766.12 63.524.75) (0.99) (1.in Lacs) 31.42 (296.467.88) 4.85 6.47) (87.04 1.19 (558.734/. CASH FLOW FROM OPERATING ACTIVITIES Net Profit before tax and extraordinary items Adjustment for : Depreciation & Amortisation of goodwill Interest Expenses Interest Income Profit on sale of fixed assets Dividend Received Operating Profit before working capital changes Adjustment for: (Increase)/Decrease in Trade Receivables (Increase)/Decrease in Inventories (Increase)/Decrease in Other Current Assets Increase/(Decrease) in Trade Payable Increase/(Decrease) in Bank Borrowing Cash generated from operations Interest Paid Tax Paid Cash Flow before Extraordinary items Prior Period (Expenses)/Income Net Cash from Operating Activities B.33 As per our report of even date For GMJ & Co.34) (0. 2009 34 For and on behalf of Board ASHOK K. KOTWANI UMASHANKAR HEGDE Chairman & Managing Director Whole Time Director Company Secretary .22) (61.92 320.24) 1.60) (0.2008 398.36 (1.042.13.92 201.2009 A.08) (91.25) 314.38) (228.87) (570.00) 0. 38755 Place: Mumbai Date: 12th October.74) (1.54 335.

F-13. M.400 093. Andheri (E).BOOK-POST If undelivered.D. Plot No. Opp.I.C. Seepz. . Mumbai . please return to : ASHCO NIULAB INDUSTRIES LIMITED (Formerly known as Ashco Industries Limited) Lab House.

_____________________________________________ of __________________________________________ in the district of ______________________________________________ or failing him Mr. F-13.m.400093. M.m.I. 2009. Affix Signed this _____________________ day of ___________________ 2009 Rs. 1 Revenue Signed by the said ____________________________________________ Stamp Regd.C. Opp. Members are requested to bring their copy of the Annual Report with them to the Meeting as additional copies of the same will not be made available at the meeting.D.. and at any adjournment thereof.. M. the 22nd December.ASHCO NIULAB EXPORTS LIMITED PROXY FORM ASHCO NIULAB INDUSTRIES LIMITED (Formerly known as Ashco Industries Limited) Registered Office: Lab House. Seepz. Andheri (East). Name of the Shareholder(s) ________________________________________________________________________________ (In Block Capitals) Name of the Proxy or Company Representative ________________________________________________________________ (in Block Capitals) Signature of the Shareholder(s) or Proxy or Company Representative ___________________________________________________________________________ NOTE: 1. M. Andheri (East). at 10. Seepz. on Tuesday. Mumbai . Opp. ___________________________________________ of __________________________________________ in the district of ______________________________________________________ as my/our proxy to vote for me/us on my/our behalf at the 23rd Annual General Meeting of the company to be held on the 22nd December.I. hereby appoint Mr.400 093 I/We ____________________________________________________________________________________________________ of ___________________________________ in the district of ______________________________________________ being a Member/Member(s) of the above named company. Plot No. A Proxy attending on behalf of a Shareholder(s) should write the name of the Shareholder(s) from whom he holds Proxy./Mrs. Mumbai . Andheri (E). at 10.of Shares held _________________ Note: The proxy must be deposited at the Registered Office of the Company not less than FORTY EIGHT hours before the time for holding the meeting.D./Mrs.F-13.00 a. _______________ No.Folio No. Mumbai .D.400 093 ATTENDANCE SLIP I hereby record my presence at the 23rd Annual General Meeting to be held at Lab House.00 a.I. Seepz. ✄ ✄ ASHCO NIULAB INDUSTRIES LIMITED (Formerly known as Ashco Industries Limited) Registered Office: Lab House. Plot No.C.F-13.C. Opp.. 2009. 2. 1 .

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