5TH ANNUAL REPORT

2008-09

1
 ABSOTHERM SERVICES (P) LIMITED

DIRECTOR’S REPORT
Dear Members,

Your directors have pleasure in presenting the Fifth Annual Report together with the Audited Accounts for the year ended on 31st
March 2009 and Auditors Report thereon.

FINANCIAL RESULTS
During the year under consideration the company achieved a turnover of Rs 3413.57 lacs. The company was able to achieve
satisfactory growth during the year under review. The company as a result made a reasonable profit of Rs.75.92 Lacs.
The comparative Key numbers are as under:
31.03.09 31.03.08
Rs. Rs.
Income 3426.89 Lacs 2034.01 Lacs
Profit (Loss) before Taxes 124.64 Lacs 65.28 Lacs
Profit/(Loss) after Tax 75.92 Lacs 34.09 Lacs

DIVIDEND
Your directors do not recommend any dividend for the year ended on 31st March 2009.

DEPOSITS:
During the year the Company has not accepted any deposits from the public.

DIRECTORS RESPONSIBILITY STATEMENT:

The Board of Directors of your company state:
i) That in the preparation of the annual account, the application accounting standard had been followed along with proper
explanation relating to material departures;
ii) That the directors had selected such accounting policies and applied them consistently and made judgments and
estimate that were reasonable and
iii) Prudent so as to give a true view of the state of affairs of the company at the end of the financial year and of the
profit/loss of the company for that period
iv) That the directors had taken proper and sufficient care for the maintenance of adequate accounting records in
accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the company and for
preventing and detecting fraud and other irregularities;
v) That the directors had prepared the annual accounts on a going concern basis.

PARTICULARS OF EMPLOYEES
The company does not have any employee whom the provisions of section 217(2A) of the Companies Act, 1956, read with the
Companies (Particulars of Employees) rules, 1975 apply.

CONSERVATION OF ENGERY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS &

OUTGOING:
As the Company is a Trading Unit there is no Energy Conservation. The Company does not use any technology for its existing
business. There was no foreign exchange earnings and outgoing during the year under review.

AUDITORS AND AUDITORS REPORT

The notes to the Accounts referred to in the Auditors’ Report are self-explanatory and therefore do not call for any explanation.

AUDITORS:
M/s. H. ASHAR & CO., Chartered Accountants retire as Auditors of the Company at the conclusion of the Annual General
Meeting and are eligible for re-appointment.

SECRETARIAL COMPLIANCE CERIFICATE:

Pursuant to Section 383A of the Companies Act, 1956, a certificate from M/s. Anil G Mehta & Associates., a Secretary in whole
time practice regarding the status of compliance of the provisions of Companies Act, 1956, is attached.

ACKNOWLEDGEMENT:
Your Directors wish to place on record their deep sense of appreciation for the devoted services of the Executives and Staff of the
Company.

For & on behalf of the Board of Directors

----sd----
P.P MENON.
Director
Place: Mumbai
Dated: 30th September 2009
Tel : 2610 4460 Email : him@vsnl.com
Tel-Fax No : 2613 6464 Email : himanshuashar@gmail.com

H. Ashar & Co.

Chartered Accountants
AUDITOR'S REPORT
To
The Members
ABSOTHERM SERVICES PRIVATE LIMITED.

1. We have audited the attached Balance Sheet of ABSOTHERM SERVICES PRIVATE LIMITED as at 31st March,
2009 and also the Profit and Loss Account of the Company for the year ended on that date, annexed thereto. These
financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on
these financial statements based on our audit.

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that
we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the
management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.

3. As required by the Manufacturing and other Companies ( Auditors' Report ) Order, 1988 issued by the Central
Government in terms of sub section (4A) of section 227 of the Companies Act, 1956 we enclose in the annexure, a
statement on the matters specified in paragraphs 4 and 5 of the said order.

4. Further to our comments in the Annexure referred to in paragraph 1 above :

a. We have obtained all the information and explanations which to the best of our knowledge and belief were necessary
for the purpose of our audit.
b. In our opinion, proper books of accounts as required by law have been kept by the Company so far as appears from
our examination of those books.
c. The Balance Sheet and Profit and Loss Account referred to in this report are in agreement with the books of
accounts.
d. In our opinion, the Balance Sheet and Profit & Loss Account complies with the mandatory Accounting Standards
referred in Section 211 (3C) of the Companies Act, 1956.
e. On the basis of written representation received from the directors, as on 31st March, 2009 and taken on record by the
Board of Directors, we report that none of the directors is disqualified as on 31st March, 2009 from being appointed
as a director in terms of under clause (g) of sub section (1) of Section 274 of the Companies Act, 1956.
f. Subject to the Notes to the Accounts No. 4 with respect to service tax calculations, in our opinion and to the best of
our information and according to the explanations given to us , the said accounts read together with the notes , give
the information required by the Companies Act , 1956 in the manner so required and give a true and fair view in
conformity with the accounting principles generally accepted in India :
(i) In case of Balance Sheet , of the state of Company's affairs as on 31st March , 2009, and
(ii) In the case of Profit and Loss Account, of the Profit for the year ended on that date.

FOR H. ASHAR & CO.

Chartered Accountants

----SD----

( HIMANSHU ASHAR)
Prop.
M.No: 41904
Mumbai
Date: 30/09/2009
Tel : 2610 4460 Email : him@vsnl.com
Tel-Fax No : 2613 6464 Email : himanshuashar@gmail.com

H. Ashar & Co.

Chartered Accountants
ABSOTHERM SERVICES PRIVATE LIMITED.
Annexure to the Auditor's Report
(Referred to in paragraph 1 of our report of even date)
1. The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. As per the
information and explanations given to us, the fixed assets of the Company have been physically verified by the management during the year
at reasonable intervals and no material discrepancies were noticed on such verification.
2. None of the Fixed Assets of the Company have been revalued during the year.
3. Physical verification has been conducted by the management during the year in respect of finished goods, stores, spares and raw materials. In
our opinion the frequency of verification is reasonable.
4. In our opinion and according to the information and explanations given to us, the procedure of physical verification of stock, followed by
the management are reasonable and adequate in relation to the size of the Company and nature of its business.
5. No material discrepancies were noticed on physical verification of stocks as compared to the book records.
6. On the basis of our examination of stock records, we are of the opinion that the valuation of stock is fair and proper, in accordance with the
normally accepted accounting principles and is on the same basis as in the preceding year.
7. The Company has taken unsecured loans from parties listed in the register maintained u/s 301 of Rs.55,60,000/-. On the basis of
information and explanation furnished to us there are no companies under the same management as defined u/s 370 (1B) of the Companies
Act , 1956 , where the rates of interest and other terms and conditions are, in our opinion, prima facie prejudicial to the interest of the
Company.
8. The Company has not granted any loans secured or unsecured , to Companies , firms , parties listed in the register maintained u/s 301 of the
Companies Act and / or to companies under the same management as defined u/s 370 (1B) of the Companies are , in our opinion , prima
facie prejudicial to the interest of the Company.
9. The Company has not given any loans or advances in the nature of loan.
10. In our opinion and according to information and explanations given to us, there are adequate internal control procedures, commensurate
with the size of the Company and the nature of its business for purchase of plant and machinery, equipments and other assets and for the
sale of goods.
11. In our opinion and according to the information and explanations given to us , in the transactions of purchase of goods and material and
sale of goods , material and services made in pursuance of contracts, or arrangements entered in the register maintained under Section 301 of
the Companies Act , 1956 and aggregating during the year to Rs. 50,000/- or more in respect of each party , have been made at prices which
are reasonable having regard to the prevailing market prices for such goods, materials or services.
12. As explained to us, the Company has a regular procedure for determination of unserviceable or damaged stores , raw material and finished
goods
13. As explained to us, the Company has a reasonable system of recording receipts, issues and consumption of materials and stores and
allocating materials consumed to the relative jobs, commensurate with the size and nature of its business.
14. As explained to us, the Company has a reasonable system of allocating man hours utilized to the relative jobs, commensurate with the size
and nature of its business.
15. As explained to us, the company has a reasonable system of authorization at proper levels, and adequate system of internal control
commensurate with the size of the Company and nature of its business, on issues of stores and allocation of stores and labour to jobs.
16. In our opinion and according to the information and explanation given to us, the Company has not accepted any deposits which attracts the
provision of section 58-A & 58-AA of the Companies Act, 1956 and Companies (Acceptance of Deposits) Rules, 1975 with regards to
deposits accepted from the public.
17. As the Company’s Capital and Turnover is less than the limit specified, Internal Audit system is not applicable to the Company.
18. Maintenance of Cost Records under Section 209 (1) (d) of the Comp. Act, 1956 has not been prescribed by the Central Government.
19. According to the information and explanations given to us provisions of Employees Provident Fund and Employees State Insurance is not
applicable to the Company.
20. According to the information and explanations given to us , no undisputed amounts payable in respect of Income Tax , Wealth Tax , Sales
Tax , Custom Duty and Excise Duty were outstanding as at 31st March , 2009 for a period of more than six months from the date they
became payable .
21. According to the information and explanations given to us , no personal expenses of the Directors or employees have been charged to
revenue account , other than those payable under contractual obligations or in accordance with generally accepted business practice .
22. The Company is not a sick industrial company within the meaning of clause (o) of sub - section (1) of Section 3 of the Sick Industrial
Companies (Special Provisions) Act, 1985.
23. In the facts and circumstances of the Company's case, we have no statement to include on other matter stipulated in paragraphs 4 and 5 of
the Manufacturing and Other Companies (Auditor's Report) Order, 1988.
FOR H. ASHAR & CO.
Chartered Accountants

----SD----

( HIMANSHU ASHAR)
Prop. M.No: 41904
Date : 30/09/2009
 ABSOTHERM SERVICES PVT. LTD.
BALANCE SHEET AS ON 31st Mar 2009

SOURCES OF FUNDS Sch For

No. the Y.E As at As at
31/03/2009 31/03/2008
Share Holders Fund:
Share Capital A 2,40,88,260.00 2,01,98,000.00

Reserve & Surplus B 1,41,52,587.91 65,60,322.06

Loan Funds:
Secured Loans C 10,54,44,569.42 6,85,67,831.87
Unsecured Loans D 1,48,40,511.07 1,48,45,041.83

Total Rs. 15,85,25,928.40 11,01,71,195.76

APPLICATION OF FUNDS
Fixed Assets E
Gross Block 4,62,05,718.02 3,43,76,516.20
Less: Acc. Depreciation 1,51,05,975.60 1,07,11,061.56
3,10,99,742.42 2,36,65,454.64

Investments F 5,05,000.00 5,05,000.00

Current Assets,Loans & Advances : G

a)Inventories 1,81,79,886.00 96,47,100.00
b)Sundry Debtors 11,80,99,423.34 7,93,66,361.20
c) Cash & Bank Balances 55,25,002.07 36,71,042.60
d) Loans & Advances 4,48,95,840.99 3,20,14,813.71
18,67,00,152.40 12,46,99,317.51
Less : Current Liabilities & Provisions H
a) Current Liabilities 5,00,12,216.36 3,32,43,576.39
b)Provisions 1,05,00,000.00 61,60,000.00
6,05,12,216.36 3,94,03,576.39

Net Current Assets 12,61,87,936.04 8,52,95,741.12

Deffered Tax Asset 7,33,250.00 7,05,000.00

Total Rs. 15,85,25,928.46 11,01,71,195.76

As per our attached report of even date For and on behalf of the Board
For H. Ashar & Co. For ABSOTHERM SERVICES PVT LTD
Chartered Accountants

-----sd----- ----sd---- ----sd----

Himanshu Ashar P.P. Menon M.P. Menon

Proprietor Director Director
(M # 41904)
Place : Mumbai Place : Mumbai
Dated : 30th Sept '09 Dated : 30th Sept '09
 ABSOTHERM SERVICES PVT. LTD.
Profit & Loss Account for the year Ended 31st Mar 09
( in Rs.)
PARTICULARS For the Y.E For the Y.E
SCH 31/03/2009 31/03/2008
Income
Sales & Service Charges M 34,13,57,091.02 20,28,01,669.80
Other Income N 13,31,965.74 5,99,373.29

Total (I) 34,26,89,056.76 20,34,01,043.09

Expenditure
Purchases O 6,93,25,284.59 3,45,10,550.79
Payment to Employees P 20,23,62,854.03 11,44,17,086.04
Other Direct Expenses Q 53,85,241.88 91,53,391.39
Administrative Expenses R 2,96,37,799.25 2,25,09,071.30
Directors Remuneration 26,54,653.00 14,10,000.00
Business Promotion Expenses S 4,58,927.70 5,69,747.00
Financial Expenses T 1,60,05,366.42 95,43,705.97
Depreciation 43,94,914.05 47,59,441.56
Total (II) 33,02,25,040.92 19,68,72,994.05
Net Profit before Tax ( I - II ) 1,24,64,015.84 65,28,049.04
Less : Provision for Tax
Current 40,00,000.00 22,00,000.00
FBT 9,00,000.00 11,00,000.00
Deffered (28,250.00) (1,81,000.00)
Net Profit after Tax 75,92,265.84 34,09,049.04
Add : B/f from last year 48,53,822.06 27,09,056.27
1,24,46,087.90 61,18,105.31
Less:- Transferred to General Reserve 12,00,000.00
1,24,46,087.90 49,18,105.31
Less:Short Provision of Income Tax - 64,283.25
1,24,46,087.90 48,53,822.06

Transferred to Balance Sheet 1,24,46,087.90 48,53,822.06

Basic/Diluted Earning per Equity Share
(Nominal value per share Rs 10) 6.17 1.69
Accounting Policies & notes to accounts U

As per our attached report of even date For and on behalf of the Board
For H. Ashar & Company For ABSOTHERM SERVICES PVT LTD
Chartered Accountants

----sd---- ----sd---- ----sd----

Himanshu Ashar P.P. Menon M.P. Menon

Proprietor Director Director
(M # 41904)
Place : Mumbai Place : Mumbai
Dated : 30th Sept '09 Dated : 30th Sept '09
ABSOTHERM SERVICES PVT. LTD. A.Y.2009-10

Schedules forming part of Balance Sheet AS AT 31.3.09

( in Rs.) ( in Rs.)
Particulars Sch As at As at
No. 31/03/2009 31/03/2008
Share Capital
Authorised Share Capital
2250000 Equity Shares of Rs. 10 each 2,25,00,000.00 2,25,00,000.00

Issued, Subscribed & Paidup A

1230900 Equity Shares of Rs. 10 Each fully paid. - -
( Out of Above 242000 Equity shares of Rs.10/- - -
each were issued as fully paid Bonus Shares - -
in ratio of 1 : 1 by capitalisation of Rs.2420000/- - -
from Profit & Loss Account ) 1,23,09,000.00 1,23,09,000.00
Share Application Money 1,17,79,260.00 78,89,000.00
Total Rs. 2,40,88,260.00 2,01,98,000.00

Reserves & surplus B

- -
I) Profit & Loss A\c HO A\C 48,53,822.07 48,53,822.06
II) Profit & Loss A/c 75,92,265.84
II) General Reserve 17,06,500.00 17,06,500.00
-
-

Total Rs. 1,41,52,587.91 65,60,322.06

Secured Loans C
Vehicle Loans(secured against Vehicles) List 1 61,09,255.90 42,74,629.46
-
Immovable property Loans(secured against List 2 25,03,527.00 22,10,697.00
mortgage of Property) -
-
Other Term Loans List 3 7,75,154.52 28,87,094.49
(Secured Against Furniture,Office Equipment -
& Computers) -
-
Cash Credit 9,60,56,632.00 5,91,95,410.92
(Secured against Hypothecation of -
Stock & Debtors.) -
Total Rs. 10,54,44,569.42 6,85,67,831.87

Unsecured Loans D
From Directors & relative of Directors - 6,20,923.00
From Banks & Financial Institutions List 4 1,43,40,511.07 1,42,24,118.83
From NK Mohan 5,00,000.00
Others -
Total Rs. 1,48,40,511.07 1,48,45,041.83
ABSOTHERM SERVICES PVT. LTD. A.Y.2009-10
Schedules forming part of Balance Sheet
Particulars As at As at
31/03/2009 31/03/2008
Investments F
Shares with The SVC Bank Ltd. 5,05,000.00 5,05,000.00
(Valued at Cost Price.)
Total Rs. 5,05,000.00 5,05,000.00

Inventories G 1,81,79,886.00 96,47,100.00

(As Valued and certified by Management )
Total Rs. 1,81,79,886.00 96,47,100.00

Sundry Debtors (Unsecured ,Considered good.) G

Less Than 6 Months 7,04,92,405.53 7,93,66,361.20
More Than 6 Months 4,76,07,017.81
Total Rs. 11,80,99,423.34 7,93,66,361.20

Cash & Bank Balances G

Cash 8,16,600.02 3,33,568.52
-
In Current Accounts with Schedules Banks -
SVC Bank Ltd. C. A. 237,Banglore Branch 4,56,469.67 2,28,358.63
State Bank Of India C.A. ,Banglore Branch -
SVC Bank Ltd. C. A. 286,Pune. 4,290.87 3,30,101.16
SVC Bank Ltd. C. A. 697,Thane Branch 7,788.40 18,538.40
SVC Bank Ltd. C. A. 692 ,Thane Branch 5,070.18 5,070.18
SVC Bank Ltd. C. A.253,Banglore Branch 4,167.24 14,259.24
SVC Bank Ltd. C. A.279 BLR 8,877.00
IDBI Bank Ltd C. A.117102000000125 Thane Br. 3,95,943.81 4,11,215.38
SVC 779 3,000.00
Corporation Bank CBCA -206 2,65,848.00 4,800.00
State Bank Of India CA A/c 10559682721 Thane Br. 1,24,956.30 1,96,019.30
ICICI Bank Ltd. C. A. 001105016367 6,79,568.12 73,909.45
ING Vysya Bank 9,27,494.53 6,60,854.63
Oriental Bank Of Commerce 13,34,351.28 1,09,953.28
HSBC Factoring services A/c (6,52,426.78) 12,84,394.43
HDFC Bank Ltd. 03331 11,43,003.43
Total Rs. 47,08,402.05 33,37,474.08

Total Rs. 55,25,002.07 36,71,042.60

Loans & Advances G

Retention Amount 52,51,559.88 11,15,318.40
WCT 07-08 28,259.67 6,777.06
WCT Tds 50,013.86
Deposits 75,05,222.00 1,01,84,865.00
Income Tax ( Advance Tax & TDS) 71,82,634.57 67,81,581.98
Loans for Asset Acquisition - 1,056.00
Loans & Advances (Assets) 86,78,667.91 47,12,473.88
Income Tax ( Advance Tax & TDS)- Previous Year 73,65,351.10
TDS Receivable 2006-07 - 4,79,301.39
Tools & Equipment - 21,060.00
Advance to creditors 86,78,708.00 86,45,000.00
Prepaid Exp 1,55,424.00 67,380.00
4,48,95,840.99 3,20,14,813.71
ABSOTHERM SERVICES PVT. LTD. A.Y.2009-10

Schedules forming part of Balance Sheet

Particulars As at As at
31/03/2009 31/03/2008
Current Liabilities H
Sundry Creditors 1,07,18,326.38 77,03,481.15
Other Liabilities (see below) 3,83,12,022.98 2,49,85,926.24
Advance from Customers 9,81,867.00 5,54,169.00
Total Rs. 5,00,12,216.36 3,32,43,576.39

Provisions H
Income Tax Provision (Previous Year) 45,00,000.00 61,60,000.00
Income Tax Provision AY 2009-10 40,00,000.00
Provision for FBT (Previous Year) 11,00,000.00
Provision for FBT AY 2009-10 9,00,000.00
Total Rs. 1,05,00,000.00 61,60,000.00

Other Liabilities(detailed) H
PROVIDEND FUND
Expenses Payable FY 2008-09 2,47,82,949.22
Expenses Payable FY 2007-08 1,73,81,676.92
Expenses Payable FY 2006-07 3,22,384.19
Duties & Taxes(net) 71,29,095.68 57,58,666.83
Service Tax Charged but not recovered 63,99,978.08
3,83,12,022.98 2,34,62,727.94
ABSOTHERM SERVICES PVT. LTD. A.Y.2009-10

Schedules forming Part of Profit & Loss Account

( in Rs.) ( in Rs.)
Sch Particulars As at As at
No. 31/03/09 31/03/08
M) SALES
Retail Sales 77,36,215.06
Consumable Sale 1,10,950.37
Spares & Service Sales 5,56,55,780.96 20,25,91,799.80
Operating Charges Sale 23,33,88,642.79
LABOUR SALES 3,04,81,112.07
Spares Commission (Thermax) 52,300.00 2,09,870.00
EXPORT SALES 1,39,32,089.77
Total 34,13,57,091.02 20,28,01,669.80

N) Other Income -
Dividend 81,603.75 3,933.00
Interest 4,808.75 2,04,815.00
Spares Commission/other income 12,45,553.24 3,90,625.29
Total 13,31,965.74 5,99,373.29
O) Purchases
Opening Stock 96,47,100.00 31,75,261.00
Add : Purchases 7,78,58,070.59 4,09,82,389.79
Total 8,75,05,170.59 4,41,57,650.79

Less : Closing Stock 1,81,79,886.00 96,47,100.00

Total 6,93,25,284.59 3,45,10,550.79

P) Payment to Employees
Salary & Wages 18,08,22,332.53 10,38,06,260.44
Incentives & Bonus 29,51,019.85 7,74,787.00
Lunch Allowance 51,493.00 -
Medical Expenses 1,250.00 -
MLWF 53,238.00 53,168.65
ESIC 60,79,909.00 34,07,478.95
Provident Fund 1,24,03,611.65 63,75,186.00
Professional Tax - 205.00
Total 20,23,62,854.03 11,44,17,086.04

Q) Other Direct Expenses

Royalty (Thermax) 95,000.00 1,04,000.00
Other Direct Exp 7,83,083.90
Drawings & Designing Expenses - 4,37,355.60
Professional fees - 21,29,736.70
Travelling Expenses & site expenses 39,18,527.32 45,18,455.95
Insurance ( Workmen & staff) - 2,52,355.31
Testing fees & Laboratory Expenses 73,230.00 82,780.00
Transport & Freight 3,47,216.69 1,68,352.93
Staff Uniform & shoes 20,408.00 10,50,761.80
Medical Expenses 1,46,538.97 51,567.00
Packing & Forwarding Charges - 810.00
Tools & Equipment Purchase 1,237.00 3,57,216.10
Total 53,85,241.88 91,53,391.39
ABSOTHERM SERVICES PVT. LTD. A.Y.2009-10

Schedules forming Part of Profit & Loss Account

Sch Particulars As at As at
No. 31/03/09 31/03/08
R) Administrative Expenses
Advertisement 1,39,754.00 3,84,545.00
Balances Written off / Written back 40,231.63 1,44,035.52
Commission & Brokerage paid 2,90,248.00 50,236.00
Donation 50,500.00 55,100.00
Electicity Charges 10,94,008.00 10,22,644.00
Legal & Professional Fees 34,96,519.20 4,92,817.20
Local Conveyances 27,78,687.45 32,74,768.53
Miscellaneous expenses 12,07,514.09 10,05,319.18
Office Expenses 19,86,690.13 4,54,810.25
Postage Telegram & Courier 1,75,928.50 1,49,611.34
Printing & Stationary 6,68,704.47 6,09,935.45
Professional Tax Company 5,000.00 2,500.00
Rent 76,62,616.00 74,99,709.00
Rates & Taxes 3,41,315.00 39,310.77
Repairs & Maintenance others 6,71,842.04 5,66,410.00
Repairs & Maintenance Vehicles 3,55,811.50 3,66,581.00
Repairs & Maintenance Office 69,379.00 27,325.00
Staff Traning & recruitment expenses 13,597.00 1,16,295.00
Staff Welfare Expenses 54,73,613.14 35,76,347.88
Telephone & Fax 26,99,138.00 26,19,634.98
Water Charges 28,062.00
FBT 2007-08 2,82,350.00
Discount 54,299.00
Typing & Zerox 51,991.10 51,135.20
Total 2,96,37,799.25 2,25,09,071.30

S) Business Promotion Expenses -

Sales Promotion Expenses & 2,60,553.70 4,01,887.00
Commission 1,98,374.00 1,67,860.00
-
Total 4,58,927.70 5,69,747.00

T) Financial Expenses -
Bank Charges 3,16,728.12 1,51,474.72
Interest on Cash Credit 1,01,79,140.00 44,75,576.00
Interest on Term Loans 37,42,679.57 32,48,238.44
Loan Processing Charges,CC Renewal Charges etc. 17,66,818.73 16,68,416.81
-
Total 1,60,05,366.42 95,43,705.97
ABSOTHERM SERVICES PVT. LTD. A.Y.2009-10
SCHEDULE- E
Fixed Asset Schedule as per Company Act

GROSS BLOCK DEPRECIATION NET BLOCK

Opening
balance Rate Upto For the WDV as on WDV as on
Particulars Additions Deduction Balance Total Dep
as on of Dep 01/04/2008 year 31/03/09 31/03/08
01/04/2008
- - -
- -
Air Conditioner 8,29,490.88 34,863.00 2,19,729.70 6,44,624.18 18.10% 3,09,044.00 59,228.01 3,68,272.01 2,76,352.17 5,20,446.88
Furniture 60,84,122.85 62,77,288.00 14,92,029.91 1,08,69,380.94 18.10% 21,73,155.38 4,56,598.21 26,29,753.59 82,39,627.35 39,10,967.47
Office Equipment 20,26,692.72 7,23,312.00 - 27,50,004.72 18.10% 6,41,847.47 3,34,644.65 9,76,492.12 17,73,512.60 13,84,845.25
office Premises 96,57,258.09 - - 96,57,258.09 5.00% 18,67,394.75 3,89,493.21 22,56,887.96 74,00,370.13 77,89,863.34
Vehicle 68,07,196.15 39,79,370.00 - 1,07,86,566.15 25.89% 27,59,298.20 14,67,918.31 42,27,216.51 65,59,349.64 40,47,897.95
Mobile Phones 3,53,825.97 1,03,265.00 - 4,57,090.97 18.10% 1,29,418.48 52,757.01 1,82,175.49 2,74,915.48 2,24,407.49
Computers 45,22,430.24 6,19,548.00 16,000.00 51,25,978.24 40.00% 24,67,851.10 9,26,169.84 33,94,020.94 17,31,957.30 20,54,579.14
Tools & Equipments 4,47,499.30 17,88,665.43 850.00 22,35,314.73 18.10% 93,352.18 2,53,589.80 3,46,941.98 18,88,372.75 3,54,147.12
Guest House 26,28,000.00 - - 26,28,000.00 5.00% 65,700.00 1,28,115.00 1,93,815.00 24,34,185.00 25,62,300.00
Software 10,20,000.00 31,500.00 - 10,51,500.00 40.00% 2,04,000.00 3,26,400.00 5,30,400.00 5,21,100.00 8,16,000.00
-
3,43,76,516.20 1,35,57,811.43 17,28,609.61 4,62,05,718.02 1,07,11,061.56 43,94,914.04 1,51,05,975.60 3,10,99,742.42 2,36,65,454.64
ABSOTHERM SERVICES PVT. LTD. A.Y.2009-10

Balance Sheet abstract and Company's general business profile

I. Registration Details
Registration no. State code
1 1 0 7 0 1 1 1
Balance sheet date
3 1 0 3 2 0 0 9

I. Capital raised during the year (amount in Rupees thousands)

Public Issue Rights Issue
N I L N I L
Bonus Private Placement
N I L N I L

III. Position of mobilisation and deployment of funds (amount in Rupees thousands)

Total Liabilities Total Assets
2 1 9 0 3 8 2 1 9 0 3 8
Sources of funds
Paid-up capital Reserves and Surplus
1 2 3 0 9 1 7 0 6
Secured loans Unsecured loans
1 0 5 4 4 4 1 4 8 4 0

Advance against Share Capital

1 1 7 7 9

Application of funds
Net Fixed assets
3 1 0 9
Net Current assets
1 2 6 9 2
Accumulated Losses
N I
Investments
9 5 0 5
Miscellaneous Expenditure
1 N I L
L

IV. Performance of the Company (amount in Rupees thousands)

Turnover (including other income) Total Expenditure
3 4 2 6 8 9 3 3 0 2 2 5
(-) Profit/(Loss) before tax (-) Profit/(Loss) after tax
1 2 4 6 4 7 5 9 2
Earning per share (Rupees) Interim Dividend %
6.1 7 N I L

*Includes reimbursement for expenses received

V. Generic names of three principal products/services of the company (as per monetary terms)
Item code no. (ITC code)
8 7 1 1
Product description
Engineering Services

As per our attached report of even date For and on behalf of the Board
For H. Ashar & Company For ABSOTHERM SERVICES PVT LTD
Chartered Accountants

----sd---- ----sd---- ----sd----

Himanshu Ashar P.P. Menon M.P. Menon

Proprietor Director Director
(M # 41904)
Place : Mumbai Place : Mumbai
Dated : 30th Sept '09 Dated : 30th Sept '09
 ABSOTHERM SERVICES PRIVATE LTD.

Schedules forming part of the Accounts for the financial year 2008-09

Schedule Q :-
Significant Accounting Policies

1) Basis of preparation of Financial Statements

The financial statements have been prepared and presented on an accrual basis under the
historical cost convention and in accordance with the applicable accounting standards
prescribed by the Companies (Accounting Standards) Rules, 2006 and the relevant
provisions of the Companies Act, 1956. The accounting policies have been consistently
applied unless otherwise stated.

2) Valuation of Inventories
Inventories are measured at lower of cost or net realizable value.

3) Depreciation
Depreciation on Fixed Assets is provided on Written Down Value basis at the rates
prescribed in Schedule XIV to The Companies Act 1956,
Except the following :
• Data processing equipments / computers are depreciated at a higher rate of 40% as
compared to 16.21% provided in schedule XIV.
• No depreciation is charged to the assets sold during the year.

4) Revenue Recognition
Revenue from services is recognized as & when the services are performed.

5) Investments
Long term investments are valued at, cost less provision for diminution, other than
temporary, in the value of such investments.

6) Fixed assets
Fixed assets are stated at cost less accumulated depreciation. All costs relating to
acquisition and installation of fixed assets are capitalized.

7) Retirement Benefits
Provident fund & ESIC
Contributions to the Provident fund & ESIC, being defined contribution schemes, are
made on actual liability basis calculated as a percentage on salary.
Contribution paid or payable is recognized as an expense in the period in which the
employee renders services.
The Company is in the process of framing a scheme for provision of gratuity.

8) Borrowing Costs
Borrowing costs on working capital is charged to profit & loss account in the year of
incurrence. Borrowing costs that are attributable to fixed assets are charged to the profit &
loss from the date the asset is put to use.
 ABSOTHERM SERVICES PRIVATE LTD.

9) Impairment of Assets
The Company assesses at each balance sheet date whether there is any indication that an
asset may be impaired.No such impairment was assessed during the reporting year.

10) Taxes on income

Deferred tax assets are recognized only to the extent that there is reasonable certainty that
sufficient future taxable income will be available against which such deferred tax assets
can be realized.

NOTES TO ACCOUNTS

1. In the opinion of the board, current assets ,loans and advances have a realizable value
in the ordinary course of business at least equal to the values at which they are stated.
The provisions & all known liabilities are adequate & not in excess of the amount
reasonably necessary

2. The balances appearing in the ledgers of debtors, creditors & loans & advances are
subject to confirmations.

3. Previous years figures have been rearranged or regrouped, wherever necessary.

4. In the opinion of the board, sales amounting to Rs.11.04 crores are not liable to
service tax and hence the Company has not charged nor collected Service Tax thereon.

5. Earnings per share

Year ended Year ended

31.03.09 31.03.08
Equity Shares outstanding (nos.) 12,30,900 12,30,900
(Above includes 242000 equity
shares of Rs.10/- each fully paid
issued as bonus)
Rs. Rs.
Net Profit after tax attributable to 75,92,265.84 34,09,049.04
equity shareholders
Basic & diluted earnings per 6.17 1.69
share
Nominal value per equity share 10 10

6. Directors Remuneration

Name of Director Year ended Year ended

31.03.09 31.03.08
Mr. Pradeep P Menon 12,90,837/- 700,000/-
Mrs. Madhuri P Menon 13,63,816/- 710,000/-
 ABSOTHERM SERVICES PRIVATE LTD.

7. Auditors Remuneration
Year ended Year ended
31.03.09 31.03.08
Audit Fees 150,000/- 40000/-

8. Particulars relating to foreign exchange

Earnings in Foreign Exchange
Year ended Year ended
31.03.09 31.03.08
Income from Operations(Rs.) nil 40000/-
Expenses (Rs.) 2,87,48,516 nil

As per our report of even date.

FOR H ASHAR & CO. FOR ABSOTHERM SERVICES

(Chartered Accountants) PRIVATE LIMITED

----sd----- ---sd----- ----sd-----

Mr.Himanshu Ashar P.P Menon M.P Menon

(Proprietor) (Director) (Director)

Place:Mumbai
Date:30.09.2009.