TO THE MEMBERS
Your Directors present the Twenty Sixth Annual Report together with the AuditedStatement of Accounts of company for the six months period 1st October, 2011 to 31stMarch, 2012.
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 (eighteenmonths ended). The net profit / (loss) for the period six months ended (Rs.699.40) lacs ascompared 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 wasarrived at after deducting Depreciation.
Your Directors do not wish to recommenced any dividend for the financial year and sixmonths 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 virtueof the approval of jurisdictional Register of Companies, Mumbai, Maharashtra, Hon'bleMinistry of Corporate Affairs dated 5th September, 2012 in pursuance of the applicationmade by the company with the Registrar of Companies under Section 166 (1) of the CompaniesAct, 1956 in this regard.
The 26th Annual General Meeting of the Company was further extended by one month byvirtue of the approval of jurisdictional Registrar of Companies, Mumbai, Maharashtra,Hon'ble Ministry of Corporate Affairs dated 27th December, 2012, in pursuance of theapplication made by the company with Registrar of Companies under Section 166 (1) of theCompanies Act, 1956 due to sickness of Chairman & Managing Director, so the AnnualGeneral Meeting could not be held in the calendar year 2012.
India has billion plus population and a home for various life threatening diseases.These factors provide an opportunity for global medical practitioners and healthcareproviders 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 medicalresearch.
According to our new research report, "Booming Clinical Trials Market inIndia", the number of clinical studies by domestic and global players has sharplyrisen. The M&A activities, service agreements, and strategic collaboration haveincreased over the last four years. The majority of the deals in the contract researchorganizations market focused on establishing strategic alliances with other contractresearch organizations, technology providers, and pharmaceutical and biotech companies. Inaddition, on the back of favorable government support and effective regulatory mechanismprovided by the ICMR and CDSCO, healthcare providers find it worthwhile to locate theirtrials in India.
The company has not invited or accepted any Public Deposits during the year.
Your company has a 100% Subsidiary company abroad under the name and style Ashco NiulabFZE at Hamariaya Free Zone Authority UAE. As per approval granted by the Ministry ofCorporate Affairs vide circular No. 02/2011 dated February 8, 2011, copies of the BalanceSheet, Profit and Loss Account, Report of the Board of Directors and Auditors of theSubsidiary company are not being attached to the Balance Sheet of the Company. The AnnualAccounts of the subsidiary company and related detailed information relating to that willbe made available to shareholders at the registered office of the company at any point oftime.
Information in accordance with the provisions of section 217(1) (e) of the CompaniesAct, 1956 read with the Companies (Disclosure of Particulars in the Report of Board ofDirectors) Rules, 1988, requiring disclosure of particulars regarding Conservation ofEnergy, Technology Absorption and Foreign Exchange Earnings and Outgo given in theprescribed 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 theRules 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 inreceipt of remuneration for that year which, in aggregate was not less the sum prescribedfor.
In accordance with the provisions of the Companies Act, 1956 & also Company'sArticles of Association of the company Mr. Shashin Rajnikant Shah, Director retires byrotation.
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 havebeen followed with proper explanation relating to material departures;
2. appropriate accounting policies have been selected and applied consistently, andhave 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 theloss 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 accountingrecords in accordance with the provisions of the Companies Act,1956 for safeguarding theassets 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 theAnnual Report. Practicing Company Secretary's Certificate on Compliance with theconditions of Corporate Governance under clause 49 of the Listing Agreement is alsoprovided in the Annual Report.
The observations made by the Auditors with reference to Notes to the Accounts for theyear under report are self-explanatory and need no further comments from the Directors.
GMJ & Co., Chartered Accountants the Auditors of the Company retire at theconclusion of this Annual General Meeting and are eligible for re-appointment.
Your Directors place on record their appreciation of the valuable co-operation andsupport of Customers, Shareholders, Company's Bankers, and Government Authorities. TheBoard also wishes to express its appreciation to all the employees of the company fortheir contribution to the operations of the company during the year.
For and on behalf of Board
CHAIRMAN & MANAGING DIRECTOR
"Lab House", Plot No. F-13,
Opp. SEEPZ, M. I. D. C.,
Andheri (East), Mumbai - 400 093
Date: 5th January, 2013
ANNEXURE - "I"
TO THE DIRECTORS' REPORT
Particulars with respect to Conservation of Energy, Technology Absorption and ForeignExchange Earnings and Outgo
|A. Conservation of Energy || |
|A. Conservation of Energy : ||Power used in the company is drawn by different equipments from |
| ||common source. Besides this Generator & UPS are also used as back up source. The company has designed & installed power distribution system perfectly well to utilize the power at optimum level of requirement. Laboratory building is designed in such a way that during day time no artificial lighting is necessary in the Laboratory. During the year under review all possible efforts were made to ensure optimum conservation of Electricity at all the Units of the company. |
|ii. Additional investments and proposals, if : any, being implemented for reduction of consumption of energy ||Nil |
|iii. Impact of the measures at (i) and : (ii) above for reduction of energy consumption and consequent impact on the cost of production of goods ||Not Applicable |
|iv. Total energy consumption and energy : consumption per unit of production ||Not Applicable |
|B. Technology Absorption : ||Not Applicable |
|C. Foreign Exchange Earnings and Outgo || |
|i. Activities relating to exports, initiatives : taken to increase exports, development of new export markets for products and services and export plans ||Nil |
| || ||(Rs.in Lacs) |
|ii. Total foreign exchange used and earned || || |
| ||Current Year ||Previous Year |
| ||(01.10.2011 to 31.03.2012) ||(01.04.2010 to 30.09.2011) |
|Foreign Exchange Earned ||1563.39 ||418.17 |
|Foreign Exchange used: || || |
|Traveling ||2.33 ||24.39 |
|Purchases ||632.47 ||699.37 |