| TO THE MEMBERS
The Directors present the Twenty Sixth Annual Report together with the
Audited Statement of Accounts of company for the six months period 1st
October, 2011 to 31st March, 2012.
OPERATIONS
The sales and Other Income of the company for the period six months
ended 31st March, 2012 were Rs.2155.38 lacs as compared to Rs.12246.84
lacs for the previous year (eighteen months ended). The net profit /
(loss) for the period six months ended (Rs.699.40) lacs as compared to
(Rs. 1252.77) lacs for the previous year (Eighteen months ended).
The Company posted Cash Loss (Rs.400.96) lacs and Net Loss of (Rs.
699.40) lacs was arrived at after deducting Depreciation.
DIVIDEND
Your Directors do not wish to recommend any dividend for the financial
year and six months ended 31st March, 2012.
EXTENSION OF ANNUAL GENERAL MEETING OF THE COMPANY:
The Annual General Meeting of the company has been extended by three
months, by virtue of the approval of jurisdictional Register of
Companies, Mumbai, Maharashtra, Hon'ble Ministry of Corporate Affairs
dated 5th September, 2012 in pursuance of the application made by the
company with the Registrar of Companies under Section 166 (1) of the
Companies Act, 1956 in this regard.
The 26th Annual General Meeting of the Company was further extended by
one month by virtue of the approval of jurisdictional Registrar of
Companies, Mumbai, Maharashtra, Hon'ble Ministry of Corporate Affairs
dated 27th December, 2012, in pursuance of the application made by the
company with Registrar of Companies under Section 166 (1) of the
Companies Act, 1956 due to sickness of Chairman & Managing Director, so
the Annual General Meeting could not be held in the calendar year 2012.
FUTURE OUTLOOK:
India has billion plus population and a home for various life
threatening diseases. These factors provide an opportunity for global
medical practitioners and healthcare providers to consider India as an
effective destination for research and clinical studies. India has
registered fast growth in the number of clinical trials over the past
few years, reflecting that the country has become one of the most
attractive destinations for medical research.
According to our new research report, "Booming Clinical Trials Market
in India", the number of clinical studies by domestic and global
players has sharply risen. The M&A activities, service agreements, and
strategic collaboration have increased over the last four years. The
majority of the deals in the contract research organizations market
focused on establishing strategic alliances with other contract
research organizations, technology providers, and pharmaceutical and
biotech companies. In addition, on the back of favorable government
support and effective regulatory mechanism provided by the ICMR and
CDSCO, healthcare providers find it worthwhile to locate their trials
in India.
DEPOSITS
The company has not invited or accepted any Public Deposits during the
year.
SUBSIDIARY COMPANY
Your company has a 100% Subsidiary company abroad under the name and
style Ashco Niulab FZE at Hamariaya Free Zone Authority UAE. As per
approval granted by the Ministry of Corporate Affairs vide circular No.
02/2011 dated February 8, 2011, copies of the Balance Sheet, Profit and
Loss Account, Report of the Board of Directors and Auditors of the
Subsidiary company are not being attached to the Balance Sheet of the
Company. The Annual Accounts of the subsidiary company and related
detailed information relating to that will be made available to
shareholders at the registered office of the company at any point of
time.
STATUTORY INFORMATION
Information in accordance with the provisions of section 217(1) (e) of
the Companies Act, 1956 read with the Companies (Disclosure of
Particulars in the Report of Board of Directors) Rules, 1988, requiring
disclosure of particulars regarding Conservation of Energy, Technology
Absorption and Foreign Exchange Earnings and Outgo given in the
prescribed format is annexed hereto (Annexure-I) and forms part of this
report.
PARTICULARS OF EMPLOYEES
In accordance with the provisions of section 217(2A) of the Companies
Act, 1956 and the Rules framed thereunder, (Including any amendment,
reenactment and modification thereof) and read with circular issued by
Hon'ble Ministry of Corporate Affairs in this regard, there is no
employee in the company who if employed throughout the financial year
was in receipt of remuneration for that year which, in aggregate was
not less the sum prescribed for.
DIRECTORS
In accordance with the provisions of the Companies Act, 1956 & also
Company's Articles of Association of the company Mr. Shashin Rajnikant
Shah, Director retires by rotation.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Section 217(2AA) of the Companies Act, 2000, the Directors
confirm that:
1. in the preparation of the annual accounts, the applicable Accounting
Standards have been followed with proper explanation relating to
material departures;
2. appropriate accounting policies have been selected and applied
consistently, and have made judgments and estimates that are reasonable
and prudent so as to give a true & fair view of the state of affairs of
the company as at 31st March, 2012 and of the loss of the company for
the financial year and six months ended on that date;
3. proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act,1956 for safeguarding the assets of the company and for
preventing & detecting fraud & other irregularities;
4. the annual accounts have been prepared on a going concern basis.
CORPORATE GOVERNANCE REPORT
A detailed compliance report on Corporate Governance is provided
elsewhere in the Annual Report. 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.
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.
AUDITORS.
GMJ & Co., Chartered Accounants the Auditors of the Company retire at
the conclusion of this Annual General Meeting and are eligible for
re-appointment.
ACKNOWLEDGMENTS
Your Directors place on record their appreciation of the valuable
co-operation and support of Customers, Shareholders, Company's Bankers,
and Government Authorities. 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.
For and on behalf of Board
ASHOAK KOTWAANI
CHAIRMAN & MANAGING DIRECTOR
Registered Office:
"Lab House", Plot No. F-13,
Opp. SEEPZ, M. I. D. C.,
Andheri (East), Mumbai - 400 093
Date: 5th January, 2013
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