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Board of Directors Kiran M. Chhabria - Director

Sanjeev Jain - Director
Ravindra K. Raje - Director
Justice Gulab Gupta - Independent Director
Deepak Chaudhuri - Independent Director
Mohan Chandra Pant - Independent Director
Ashok K. Kapur - Whole Time Director
Board Committees
Audit committee Justice Gulab Gupta - Chairperson

Deepak Chaudhuri
Mohan Chandra Pant
Ravindra K. Raje
Compensation committee Justice Gulab Gupta - Chairperson

Deepak Chaudhuri
Mohan Chandra Pant
Investors Grievance Committee Mohan Chandra Pant - Chairperson

Justice Gulab Gupta
Mr. Ashok K. Kapur
Company Secretary & Mahesh Verma

Compliance Officer
Auditors T.R. Chadha & Co.

Mumbai
Registered Office CARAVS, Room No. 28

15, Civil Lines, Jabalpur (M.P.)
Factory Meergunj, Bheraghat Road

Jabalpur (M.P.)
Bankers Allahabad Bank

IDBI Bank
Union Bank of India
ICICI Bank Ltd.
State Bank of India
HDFC Bank Ltd.
Axis Bank Ltd.
Registrars and Share Transfer Ag ents CB Management Services Pvt. Ltd

P-22, Bondel Road,
Kolkata 700019
Depositories National Securities Depository Limited

Central Depository Services (I) Limited
Listed with Bombay Stock Exchange Ltd.
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Rs. Lacs
Year ended Year ended
31st March, 2010 31st March, 2009
Profit before Tax 1224.39 992.14

Provision for Taxation:
Current 407.40 213.00
Earlier Year Tax Nil 56.78
Deferred Tax (0.89) 133.47
Fringe Benefit Tax Nil 406.51 3.14 406.39
Profit after Tax 817.88 585.62
Balance brought forward from last year 1703.45 1296.21
Amount available for appropriation 2521.33 1881.87
Transfer to General Reserve 81.79 58.57

Dividend and tax on Preference Shares Nil 1.85
Proposed Dividend on Equity Shares 120.99 100.83
Tax on proposed dividends 20.09 17.14
Balance carried forward 2298.46 1703.48
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Name Age Designation Remuneration Qualification Experience Date of Previous
(in / nature of (in years) Commence - Employ-
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Mr. 63 Whole Time Rs. 27.06 lacs B.E. 40 20.02.1970 P. Leiner
Ashok Director (Mechanical) & Sons
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NARMADA GELATINES LIMITED
REPORT ON CORPORATE GOVERNANCE
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1. Company's Philosophy on Corporate Governance
Good corporate governance practices enhance companies' value and stakeholders' trust resulting into robust
development of capital market, the economy and also help in the evolution of a vibrant and constructive
shareholders' participation. The Company adheres to good corporate practices and is constantly striving to better
them. The company believes in the principles of integrity, fairness, equity, transparency, accountability and
commitment to values in all facets of its operations, and in all its interactions with its stakeholders be it the
shareholders, the employees, the government, the lenders. It is also believed that adherence to business ethics and
commitment to corporate social responsibility would help the Company achieve its goal of maximizing value for all its
stakeholders. Corporate governance is a continuous exercise and the Company is committed to pursuing the highest
standards of corporate governance in the overall interest of all the stakeholders.
Timely and accurate disclosure of information is an important part of corporate governance. This improves public
relationship with the organization. Consequently, the organization is able to attract investors, and enhance the trust
and confidence of the stakeholders.
The Board of Directors has the requisite number of independent Directors. For effective discharge of its functions
and proper deliberations, the Board has constituted various business committees from time to time. Adequate
disclosures and information are provided to the Board/ Committees. The independent Directors actively participate
at the Board and Committee Meetings.
!" #$%&'() !'+ '0$&/"0 ' #$0" $= #$(0D4/ =$, ./+ "%&-$)""+ .(4-D0.(8 /!" H!$-"A/.%" I.,"4/$,+9 J(
'00./.$(K /!" #$%&'() !'+ '0$&/"0 ' #$0" $= #$(0D4/ =$, ./+ L$(A67"4D/.;" I.,"4/$,+9 The Code has been
circulated to all the members of the Board and senior management and affirmation is received from all the members
of Board and the senior management staff regarding its compliance.
2. Board of Directors
A. Board Composition, attendance of Directors at Board Meetings, Last Annual General Meeting
and number of other Directorships and Chairmanships / Memberships of Committees of each
Director in various companies:
(i) The Company's policy is to maintain optimum combination of Executive and Non-Executive
Directors, which is in conformity with the requirement of Clause 49 of the Listing Agreement
entered into with the Stock Exchanges. The Company has 7 Directors with a Non-Executive
Chairman. Of the seven Directors, six are Non-Executive Directors and three are Independent
Directors.
ANNUAL REPORT - 2009-10 19

NGL
Composition of the Board and category of Directors are as follows :

Category Name of the Directors
Promoter Directors Ms. Kiran M. Chhabria
Executive Director Mr. Ashok K. Kapur
Non-Executive Non-Independent Director Mr. Sanjeev Jain

Mr. R.K. Raje
Independent Directors Justice Gulab Gupta

Mr. Deepak Chaudhuri
Mr. M. C. Pant
(ii) None of the Directors on the Board is a Member of more than 10 Committees or Chairman of more than 5
Committees as specified in Clause 49 of the Listing Agreement, across all the companies in which he/she is a
Director. Necessary disclosures regarding Committee positions in other public companies as at March 31,
2010 have been made by the Directors.
Attendance of Directors at Board Meetings, Last Annual General Meeting and number of other Directorships
and Chairmanships / Memberships of Committees of each Director in various companies is given below.
Name of Director No. of other Committees Committees Attendance
Directorships of which he/ of which he/ Board Last AGM
she is a she is Meetings (08.09.2009)
member Chairperson
Ms. Kiran M. Chhabria 1 - - - No
Mr. Sanjeev Jain 2 5 - 2 Yes
Mr. Deepak Chaudhuri - 1 - 3 No
Justice Gulab Gupta - 3 1 4 Yes
Mr. M.C. Pant - 3 1 4 Yes
Mr. R. K. Raje 6 7 1 4 Yes
Mr. A.K.Kapur 1 1 - 4 Yes
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Directors' Profile
Brief resume of the Directors being reappointed, nature of their expertise in specific functional areas and names of
companies in which they hold directorships, memberships/ chairmanships of Board and Committees and their
shareholding in the Company, if any, are provided below :
(i) Mr. Deepak Chaudhuri is a graduate from St. Stephens College, New Delhi, one of India's premier institution, and
has subsequently completed a Strategic Management course from Harvard University Graduate School of Business
Management in U.S.A. He has around 30 years of experience in sales and marketing.

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He is presently on the Board of Directors of M/s Sunny Megabrands Exim (Pvt.) Ltd. and M/s Imperial
Cropcare (Pvt.) Ltd. He does not hold any shares in the company as on 31st March, 2010.
(ii) Mr. Mohan C. Pant is a B.Sc., BE (Hons) - 1961 from Govt. Engg. College, Jabalpur. After a long stint of 36
years with MP State Electricity Board (MPSEB), he retired as a Board Member (Generation) in 1997. At
present, he provides consultancy to MPSEB for trouble-shooting in Generating Plants. He is also a
member of Arbitration Panel for MPSEB.
Mr Pant is not a director in any other company. He does not hold any shares in the company as on 31st
March, 2010.
(iii) Mr. Ashok K. Kapur is a Mechanical Engineer having 40 years of experience in Gelatine industry. He is Ex-
Chairman of Ossein & Gelatine Manufactures' Association of India and Director of Gelatine
Manufacturers Association of Asia Pacific and Ex-Chairman Ossein and Gelatine Penal CAPEXIL.
At present, he is also on the Board of Directors of M/s GWL Properties Limited. He holds 600 equity shares
of the company as on 31st March, 2010.
B. Board Meetings held during the year

!
During the year ended 31 March, 2010 the Company held four Board meetings. The Company has held
at least one Board meeting in every three months and the maximum time gap between any such two
meetings was not more than four months. The details of the Board meetings held are as under:
Sl.No. Date Board Strength No. of Directors Present

1 26th May, 2009 7 5
2 28th July, 2009 7 5
3 31st October, 2009 7 6
4 25th January, 2010 7 5
Information placed before Board of Directors
The Board of Director are provided with all the information and update on the subjects detailed under and
have complete access to any information within the Company.
Annual operating plans and budgets and any updates.

Capital budgets and any updates.
Quarterly results for the company.
Minutes of meetings of audit committee and other committees of the board.
Show cause, demand, prosecution notices and penalty notices, which are materially important
Fatal or serious accidents, dangerous occurrences, any material effluent or pollution problems.
Any material default in financial obligations to and by the company, or substantial non-payment
for goods sold by the company.
Any issue, which involves possible public or product liability claims of substantial nature,
including any judgement or order which, may have passed strictures on the conduct of the
company or taken an adverse view regarding another enterprise that can have negative
implications on the company.
Significant labour problems and their proposed solutions. Any significant development in Human
Resources/ Industrial Relations front like signing of wage agreement, implementation of Voluntary
Retirement Scheme etc.
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Sale of material nature, of investments, assets, which is not in the normal course of business.
Non-compliance of any regulatory, statutory or listing requirements and shareholders service such as non-
payment of dividend, delay in share transfers, etc.
3. Audit Committee
i) The Audit Committee of the Company is constituted in line with the provisions of Clause 49 of the Listing
Agreements with the Stock Exchanges read with Section 292A of the Companies Act, 1956.
ii) The terms of reference of the Audit Committee are broadly as under:
Reviewing the financial reports and the disclosure of its financial information to ensure that the financial
statements reflect a true and fair position and that sufficient and credible information as disclosed in the
reports.
Recommending the appointment and removal of external auditors, fixation of audit fee and other payments.
Reviewing the financial statements and draft audit report, including quarterly / half yearly financial
information.
Reviewing with management the quarterly and annual financial statements before submission to the Board
focusing primarily on:
any changes in accounting policies and practices;

major accounting entries based on exercise of judgment by management;
qualifications in draft audit report;
significant adjustments arising out of audit;
the going concern assumption;
compliance with accounting standards;
compliance with stock exchange and legal requirements concerning financial statements;
any related party transactions as per Accounting Standard 18.
Reviewing the Company's financial and risk management policies.
Disclosure of contingent liabilities.
Reviewing with the management, and internal auditors, the adequacy of internal control systems.
Reviewing the adequacy of internal audit function, including the audit charter, approval of the audit plan and
its execution, coverage and frequency of internal audit.
Discussion with internal auditors of any significant findings and follow-up thereon.
Reviewing the findings of any internal investigations by the internal auditors into matters where there is
suspected fraud or irregularity or a failure of internal control systems of a material nature and reporting
the matter to the Board.

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Looking into the reasons for substantial defaults in payments to the shareholders (in case of non-payment of
declared dividends) and creditors.
iii) The Audit Committee Meetings are usually attended by the Whole Time Director, Head of Finance & Accounts
Department, and representatives of the Statutory Auditors and Internal Auditors. The Company Secretary acts
as Secretary of the Audit Committee.
!
iv) The previous Annual General Meeting of the Company was held on September 08 , 2009. The Chairman of the
Audit Committee, Justice Gulab Gupta attended the Meeting.
v) The composition of the Audit Committee and particulars of meetings attended by the members of the Audit
Committee are given below:
The Audit Committee comprises of four Non-Executive Directors viz., Justice Gulab Gupta, Mr. Deepak
Chaudhuri, Mr. R.K. Raje and Mr. M.C. Pant. Mr. Gulab Gupta, an Independent Non-Executive Director is the
Chairman of the Audit Committee.
Mr. R.K. Raje possesses expert financial and accounting knowledge and is a Fellow member of the Institute of
Chartered Accountants of India. He is also a qualified Company Secretary and a Bachelor of Law.
Attendance of each Member at the Audit Committee meetings held during the year:
S.No. Name No. of meetings attended

1 Mr. Deepak Chaudhuri 3
2 Justice Gulab Gupta 4
3 Mr. R.K. Raje 4
4 Mr. M.C. Pant 4
Four Audit Committee meetings were held during the year. The details of the meetings are as under:
Sl.No. Date Committee Strength No. of Members Present

1 26th May, 2009 4 3
2 28th July, 2009 4 4
3 31st October, 2009 4 4
4 25th January, 2010 4 4
4. Remuneration Committee
! "#$%&'()*+,%#*-%.'+-/ /0/$1%*%2$(0+$3*/ '+%&'(( //$$%'4%5 3$./'3-6
! "#$%73'*1%/$3(-%'4%3$4$3$+.$%'4%/#$%2$(0+$3*/ '+%&'(( //$$%*3$%*-%0+1$38
a) To approve the remuneration and incentive remuneration payable to the Whole Time Director for
each financial year;

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b) To approve any change in Director's Sitting fees for attending the Board / Committee Meetings
and such other matters as the Board may from time to time request the Remuneration Committee to
examine and recommend/approve.
iii) The composition of the Remuneration Committee and the details of meetings attended by the members of the
Remuneration Committee are given below:
The Remuneration Committee comprises of the following Directors:
Mr. Deepak Chaudhuri - Chairman

Justice Gulab Gupta - Member
Mr. M.C. Pant - Member
Two Remuneration Committee meetings were held during the year. The details of the meetings are as under:
Sl.No. Date Committee Strength No. of Members Present

1 26th May, 2009 3 2
2 28th July, 2009 3 3
Details of Remuneration and other terms of appointment of Directors:

!
The aggregate value of the salary and perquisites paid for the year ended 31 March, 2010 to the Whole Time
Director is Rs. 27.06 lacs. Besides this, the Whole Time Director is also entitled to Gratuity and encashment of
leave at the end of tenure. The current agreement with the Whole Time Director is for a period of 3 years from
the date of appointment and can be terminated by either party by giving three months' notice in writing.
The Non-Executive Directors were paid sitting fee at the rate of Rs. 4000/- for attending each meeting of the
Board and Rs. 1000/- is paid as sitting fees to Committee members for attending each Committee Meeting of the
Directors.
5. Shareholders' Grievances Committee
The Shareholders' Grievances Committee of the Company consists the following Directors:
Mr. M.C. Pant (Chairman)

Justice Gulab Gupta
Mr. A. K. Kapur
Mr. Mahesh Verma, Company Secretary is the Compliance Officer for complying with the requirements of SEBI
Regulations and the Listing Agreements with the Stock Exchanges in India and overseeing the investors'
grievances. The Board has delegated the power of approving transfer of shares / issue of duplicate certificates
etc. to the Whole Time Director and Company Secretary.
!
During the year, eight investor complaints were received by the Company. As on 31 March, 2010 there were
no complaints pending reply.

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6. General Body Meetings
Location, date and time of the Annual General Meetings held during the preceding 3 years and the Special
Resolutions passed thereat are as follows:
AGM Year Venue Date & Time Special Resolutions
th
46 2006-07 Hotel Narmada Jackson Monday, For De -listing of Ordinary shares of
th
South Civil Lines, 24 September, 2007 the company from The Madhya
Jabalpur at 12:30 p.m. Pradesh Stock Exchange Ltd., Indore.
th
47 2007-08 Hotel Narmada Jackson Friday, None
th
South Civil Lines, 19 September, 2008
Jabalpur at 12:30 p.m.
th
48 2008-09 Hotel Narmada Jackson Tuesday, For re-appointment of Shri Ashok K.
South Civil Lines, 8th September, 2009 Kapur as the Whole Time Director of
Jabalpur at 12:30 p.m. the Company.
!
During the year ended 31 March, 2010, there were no resolutions passed by the Company's members through
Postal Ballot. At the ensuing Annual General Meeting also, there is no resolution proposed to be passed through
Postal Ballot.
7. Disclosures
a. Disclosure on materially significant transactions with the related parties viz. Promoters, Directors or
Management, their subsidiaries or relatives, etc. that may have potential conflict with the interest of
the Company at large :
There are no materially significant related party transactions of the Company which have potential
conflict with the interest of the Company, as all the related party transactions are on arms length basis and
in the best interest of the Company. Attention of the Shareholders is drawn to the disclosures of
transactions with the related parties set out in Notes to Accounts Schedule 18, forming part of the Annual
Report.
b. The Whole Time Director (CEO) and the Head of Finance have certified to the Board in accordance with
Clause 49 (V) of the Listing Agreement for the year ended 31st March 2010.
c. Details of non-compliance by the Company, penalties or strictures imposed on the Company by Stock
Exchanges or SEBI or any statutory authority on any matter related to capital markets during the last
three years
There has been no instances of non-compliance with any legal requirements nor have been any strictures
imposed by the Stock Exchange, SEBI etc, on any matters relating to the capital market over the last three
years.
8. Means of Communication
The quarterly, half-yearly and yearly financial results of the Company are sent to Stock Exchanges
immediately after they are approved by the Board. These are widely published in leading financial

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/ non-financial newspapers generally in Financial Express / Hitvada and Navbharat / Dainik Bhaskar / Raj
express / Nai Duniya / Hari Bhoomi having all India coverage.
Annual Results: Annual Report containing inter alia, Audited Annual Accounts, Directors' Report, Auditors'
Report, Notice of Annual General Meeting with explanatory notes and other important annexure /
information is circulated to members and other entitled thereto.
SEBI EDIFAR: Annual reports, quarterly results, shareholding pattern, etc. of the Company are also posted
on the SEBI website corpfiling.co.in
Management Discussion and Analysis forms part of the Annual Report.
9. General Shareholders' Information
Annual General Meeting
Day & Date : Tuesday, 21st September 2010

Time : 12:30 p.m.
Venue : Hotel Satya Ashoka,
Wright Town
Jabalpur
Financial Calendar 2010-2011
First Quarter Result : By 15th August 2010

Second Quarter Results : By 15th November, 2010.
Third Quarter Results : By 15th February, 2011
Annual Results for the year ending : By 30 th May 2011.
on 31st March, 2011
Book Closure period : 13th September, 2010 to 21st September 2010

(both days inclusive)
Dividend payment date : The dividend as recommended by the Board of

Directors, if declared at the Annual General Meeting,
will be paid on or after 21stSeptember, 2010 to
those shareholders, whose names appear on the
companys Register of Members on 21st September,
2010.
Listing of Shares and other Securities
Name of Stock Exchanges
Bombay Stock Exchange Limited (BSE)

Phiroze Jeejeebhoy Towers, Dalal Street,
Mumbai - 400 001
Note: The Company's shares were delisted from the Madhya Pradesh Stock Exchange Association Ltd.
!
w.e.f. 21 August, 2009.

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Stock Code
Scrip Code : Bombay Stock Exchange (BSE) 526739

Company Symbol: NARMADA GELA
Stock Market Data
The monthly high/ low market prices of the shares during the year 2009-2010 at the Bombay Stock
Exchange Limited (BSE) were as under: (Source BSE website)
(Rs. per share)
Months Low Price High Price
April 2009 33.70 47.15

May 2009 48.95 59.50
June 2009 61.45 62.90
July 2009 54.45 65.80
August 2009 61.00 80.35
September 2009 71.00 82.15
October 2009 76.05 82.00
November 2009 79.30 79.30
December 2009 76.10 84.40
January 2010 84.25 94.50
February 2010 84.00 87.00
March 2010 81.00 114.45
Share price performance compared with broad based indices
BSE
Companys Share price As on 1.04.2009 33.70
As on 31.03.2010 101.25
Change 200%
BSE Sensex As on 1.04.2009 9,745.77

As on 31.03.2010 17,527.77
Change 80%

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Performance of Share price in comparison to the BSE Sensex
Stock Price Vs Sensex Movement
120 20000
18000
100
16000
14000
80
12000
Stock Price
Sensex
60 10000
8000
40
6000
4000
20
2000
0 0
09
\
10
10
10
9
09
09
09
9
09
9
09
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00
20
20
20
20
20
20
20
20
20
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t2
ov
b
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ar
ay
ec
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n
Ju
p
Ap
Fe
Ja
Au
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StockMonths
Prices Sensex
Registrar & Share Transfer Agents
C B Management Services Pvt. Ltd.

P-22, Bondel Road, Kolkata 700 019.
Phone: (033) 2280 6692-93-94
Fax : (033) 2287 0263
Email : cbmsl1@cal2.vsnl.net.in
Dividend declared for the last five years
Year On 9% Cumulative Preference Shares On Equity Shares

2005-06 9% 11%
2006-07 9% 15%
2007-08 9% 20%
2008-09 9% (Pro-rata) 25%
2009-10 NA 30% (proposed)
Share Transfer System :
Shares sent for transfer in physical form are registered and returned by the Company's Registrar and
Share Transfer Agent in about 20-25 days of the receipt of documents, provided documents are found
in order. Shares under objections are returned within two weeks. The Board has delegated the
authority for approving transfer, transmission of shares to the Whole Time Director and Company
Secretary, which is approved on regular basis by the Shareholders' Grievances Committee of the Board at
its meeting.
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In compliance with the Listing Agreement / SEBI Guidelines -
a) a Practicing Company Secretary carries out Secretarial Audit on Dematerialised shares and shares in
Physical form every quarter and the necessary reports issued by him are filed with the Stock Exchanges.
The shares in Dematerialised form and Physical form tally with the issued/paid-up capital of the Company.
b) Shareholding pattern and financial results are being uploaded in Electronic Data Information Filing and
Retrieval (EDIFAR) quarterly and the Annual Report annually.
c) a Practicing Company Secretary carries out a Due Diligence survey, pertaining to share transfers,
transmissions etc., every six months and necessary certificates to that effect are issued and the same are
filed with the Stock Exchanges in compliance with clause 47(c ) of the Listing Agreement.
Distribution of Shareholding :
!
The Distribution as on 31 March 2010 is given below:
Range Shareholders Shares
% To Total % To Total
No. of shares Numbers Holders Numbers Capital
Upto 500 1342 83.82% 191803 4.76%
501 - 1000 118 7.37% 93328 2.31%
1001 - 2000 64 4.00% 100810 2.50%
2001 - 3000 34 2.12% 88510 2.19%
3001 - 4000 14 0.88% 49751 1.23%
4001 - 5000 8 0.50% 36561 0.91%
5001 - 10000 8 0.50% 54654 1.36%
10001 and above 13 0.81% 3417641 84.74%
TOTAL 1601 100.00% 4033058 100.00%
!
Dematerialisation of shares as on 31 March , 2010
Nearly 98% of total Equity Share Capital is held in Dematerialised form with NSDL & CDSL.
Category No. of %
shares Physical
2%
Demat 3947654 97.88 De-mat

Physical
Physical 85404 2.12 De-mat

98%

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Shareholding pattern of the Company as on 31st March , 2010
2:307 Category No. of shares % holding

;<1!%<"3/%! Promoters 3024793 75.00%
&
=>)
NRIs 5563 0.14%
6"#%&$07
8"9 60!%7$"!& Indian Institutions 350 0.01%
') -)
*1$0".130&%/ Nationalised Banks Nil Nil
41.5&
-) Domestic Companies 283612 7.03%
,./01. Public Shareholders 717956 17.80%
,.&$0$2$0".&
-) !"#"$%!&
!"#"$%!& Directors 784 0.02%
'()
*+,& '()
-)
Total 4033058 100.00%
Registered Office
'Caravs', Room No. 28,

15, Civil Lines, Jabalpur (M. P.) 482 001.
Ph. : (0761) 2678627
Address for Correspondence
(a) 'Caravs', Room No. 28,

15, Civil Lines, Jabalpur (M. P.) - 482 001.
(b) P.O. Box No. 91,

Jabalpur (M.P.) 482001
(c) C B Management Services Pvt. Ltd.

P-22, Bondel Road,
Kolkata 700 019.
Phone : (033) 2280 6692-93-94
Fax : (033) 2287 0263
Email : cbmsl1@cal2.vsnl.net.in
Plant Location
Meergunj, Bheraghat Road, Jabalpur, M.P.
Transfer of Unclaimed amounts to Investor Education and Protection Fund
Pursuant to Sections 205A and 205C of the Companies Act, 1956, all unclaimed / unpaid dividend, debenture
interest as well as principal amount of debentures as at March 31, 2010 remaining unpaid or unclaimed for a
period of seven years from the date they became due for payment, have been transferred to the Investor
Education & Protection Fund (IEPF) established by the Central Government.
Shareholders/ debentureholders are hereby informed that the Company is statutorily required to transfer
to the IEPF all unclaimed/unpaid dividend, debenture interest and !"#$#%" &! '#(#!")$#% *% +#,, *%
-$ !. -*, */&)!" &0 '#(#!")$#% $#/* ! !1 )!-* '2)!.,* /#' 0&$ * -#$ &' &0 %#3#! 4#*$% 0$&/ "5#
'*"# "5#4 (#.*/# ')# 0&$ -*4/#!" *!' &!.# %).5 */&)!"% *$# "$*!%0#$$#' "& "5# 6789: !& .,* /

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! "#$ %#&'$# ()$'* )$+$,"-'$# ()$' %#&(( (.$ &/&.,%" "#$ 0 12&,3 ' "#$ 45678
The Investors are advised to claim the unencashed equity dividend / preference dividend / preference
redemption money for the years 2002-03 to 2008-09 lying in the unclaimed accounts of the Company
before the due dates (as indicated in the Notes to the Notice) for crediting the same to the Investor
Education and Protection Fund.
During the financial year 2009-10 the Company has remitted the unclaimed debenture interest for the
period Jan'02 Dec.'02 amounting to Rs. 33,550/- to the Investor Education and Protection Fund.
On behalf of the Board of Directors
Place : Jabalpur
Date : 12th August 2010 Ravindra K. Raje Ashok K. Kapur
Director Wholetime Director

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Declaration regarding Compliance by Board Members and Senior Management Personnel with the
Company's Code of Conduct
This is to confirm that the Company has adopted a Code of Conduct for its Directors and employees of the Company.
I confirm that the Company has, in respect of the financial year ended March 31, 2010, received from the senior
management team of the Company and the Members of the Board, a declaration of compliance with the Code of
Conduct as applicable to them.
On behalf of the Board of Directors
!"#$ % %&'()
*"#+, -./, 0.),12#)
Place : Jabalpur
Date : 12 August 2010

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CERTIFICATE ON CORPORATE GOVERNANCE
To,
The Members of
We have examined the compliance of the conditions of Corporate Governance by Narmada Gelatines Limited (the
!
company) for the year ended 31 March 2010, as stipulated in clause 49 of the Listing Agreement of the said company,
with stock exchanges.
The compliance of the conditions of Corporate Governance is the responsibility of the management. Our examination
was limited to procedures and implementation thereof, adopted by the company for ensuring the compliance of the
conditions of Corporate Governance. It is neither an audit nor an expression of opinion on the financial statements of
the company.
In our opinion and to the best of our information and according to the explanations given to us and the
representations made, we certify that the company has complied with the conditions of Corporate Governance as
stipulated in Clause 49 of the above-mentioned Listing Agreement.
As required by the Guidance Note on Certificate of Corporate Governance issued by the Institute of Chartered
Accountants of India, we state that as per the records maintained by the company, there were no investor's
grievances remaining unattended / pending for more than 30 days as on 31.03.2010.
We 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.
For T.R. Chadha & Co.

Chartered Accountants
Vikas Kumar
Date: May 18, 2010 (Partner)
Place: Jabalpur M. N. 75363
Firm Registration No. 006711N

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Amount (Rs.'000)
Year Ended Year Ended
A. Cash Flow from Operating Activities :
Net profit before tax 122439 99201
Adjustments for :
Depreciation 15749 14763
Interest Income (7709) (8891)
Interest Expenses 995 4598
Loss/(Profit) on Impairment/sale of fixed assets 402 2159
Sundry Debit Balances Written off 86 53
Provision / Balances written back (387) (386)
Voluntary Retirement Scheme Cost written off 0 9136 248 12544
Operating profit before working capital changes 131575 111745
Adjustments for :
(Increase)/Decrease in Trade and other receivables (32943) (17882)
(Increase)/Decrease in Inventories 25770 (2085)
Increase/(Decrease) in Trade and Other Payables (4843) (12016) (17961) (37928)
Cash generated from operations 119559 73817
Direct Taxes paid (39459) (28108)
Voluntary Retirement Scheme Cost paid 0 (248)
Net Cash from operating activities (A) 80100 45461
B. Cash Flow from Investing Activities :

Sale of Fixed Assets 300 0
Purchase of Fixed Assets & Capital WIP (14588) (36280)
Investment in Mutual Funds (55000) 0
Interest received 7709 (61579) 8652 (27628)
Net Cash used in Investing Activities (B) (61579) (27628)
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C. Cash Flow from Financing Activities:

Dividend including tax thereon paid (11797) (10142)
9% Pref Shares Redeemed 0 (4959)
Net Increase/(Decrease) in Bank borrowings (20787) 4625
Interest Paid (995) (4598)
(33579) ? (15074)
Net Cash used in Financing Activities (C) (33579) (15074)
Net Increase/(Decrease) in Cash and Cash Equivalents

(A+B+C) (15058) 2759
Cash and Cash Equivalents (Opening Balance) 89655 86896
Cash and Cash Equivalents (Closing Balance) 74597 89655
Notes: 0 0
(a) The above Cash Flow Statement has been prepared in accordance with the Accounting Standard on
Cash Flow Statement (AS-3), issued by the Institute of Chartered Accountants of India.
(b) Cash and Cash Equivalents represent :
As at As at
31.03.2010 31.03.2009
Cash and Cheques in Hand 663 504

Remittance in Transit 91 2512
Balance with Scheduled Banks 73843 86639
(Includes Rs.18060 (Previous year Rs.12315) which are not available for use by the Company)
(c) Previous year's figures have been regrouped / rearranged, wherever necessary.
This is the Cash Flow Statement referred to in our Report of even date.
for, T.R.CHADHA & CO. For and on behalf of the Board
Chartered Accountants
Vikas Kumar M. Verma R.K.Raje A.Kapur

Partner Company Secretary Director Director
Jabalpur 18th May, 2010
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Amount (Rs.'000)
As at As at
SCHEDULE - 1: SHARE CAPITAL
Authorised
1,00,00,000 Equity Shares of Rs.10/- each 100000 100000
1,00,00,000 9% Cumulative Redeemable Preference Shares 100000 100000
of Rs.10/- each
200000 200000
Issued, Subscribed and Paid up
40,33,058 Equity Shares of Rs.10/- each, fully paid 40331 40331
Forfeited Shares 7 7
Total 40338 40338
Notes :
(1) Of the above Equity Shares :

(a) 5,96,020 Equity Shares were allotted as fully paid up by way of bonus shares by capitalisation of Capital
Redemption Reserve and General Reserve in 1994-95.*
(b) 46,650 Equity Shares were allotted as fully paid up for consideration other than cash, pursuant to a contract.*
*some of these shares (numbers not ascertainable since shares are in demat form) stand cancelled as per
the Scheme of arrangement approved by Calcutta High Court on 06th May, 2003.
(2) 30,24,793 ( Previous year 30,24,793) Equity Shares of Rs. 10/- each are held by Dandavati Investments
Trading Co. Pvt. Ltd., the holding company
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Amount (Rs.'000)
As at As at
SCHEDULE - 2 : RESERVES AND SURPLUS
Capital Reserve 751 751
Securities Premium Account 47841 47841
Revaluation Reserve
As per last Balance Sheet 19623 22775
Less: Deduction on account of depreciation / impairment / sale
of certain assets 2229 17393 3152 19623
Capital Redemption Reserve

Add: Transferred from General Reserve 0 14862 4959 14862
General Reserve
Less: Transferred to Capital Redemption Reserve 0 4959
Add: Transferred from Profit & Loss Account 8179 139404 5856 131224
Profit & Loss Account 229846 170345
Total 450097 384646
Note: 1. Deductions from Revaluation Reserve comprises of Rs.1,952 (Prev. Year Rs. 2,336) thousands on account of depreciation and Rs. 277
(Prev. Year Rs. 816) thousands on account of Impairment / sale of certain assets (Plant & Machineries) during the year.
2. The amount of redemption of preference share capital during the year Nil (Prev. Year Rs.4,959 thousands) has been transferred from General
Reserve to Capital Redemption Reserve.
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Amount (Rs.'000)
As at As at
SCHEDULE - 3 : SECURED LOANS
Cash Credit facility from banks 3942 22619

Secured by hypothecation charge over entire current assets, stock of raw material,
finished goods, work in progress and receivable of the company, both present and
future and also mortgage / hypothecation charge on Land and Building and other
immovable and movable Fixed Assets of the Company.
Overdraft facility from Bank 0 2110

Secured against Fixed Deposit Receipt
Total 3942 24729
SCHEDULE - 4 : FIXED ASSETS
Assets Gross Block at cost / Revalued value Depreciation Net Block

As at 1st Additions Disposals/ As at 31st As at 1st Disposals/ For As at 31st As at 31st As at 31st
Apr-09 Impairment Mar-10 Apr-09 Impairment the Year Mar-10 Mar-10 Mar-09
Freehold Land 11928 0 0 11928 0 0 0 0 11928 11928
Buildings 50182 1791 0 51973 33045 0 1113 34158 17815 17137
Plant and Machinery 395249 23219 8210 410258 223945 7254 16472 233163 177095 171304
Furniture and Fittings 7087 146 0 7233 5706 0 106 5812 1421 1381
Electrical Installations 1948 0 0 1948 1835 0 10 1845 103 113
Vehicles 776 0 0 776 737 0 0 737 39 39
Total 467170 25156 8210 484116 265268 7254 17701 275715 208401 201902
Previous Year 438440 56975 28245 467170 273440 25270 17099 265269 201902
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Amount (Rs.'000)
As at As at
SCHEDULE - 5: INVESTMENTS
Long Term :
In Government Securities - NSC 3 3
Investment in Mutual Funds (Unquoted)* 55,000 0
Total 55,003 3
*Investment in Mutual Fund:

Name of Mutual Fund Balance Purchases Sold Balance
As at 01.04.2009 during the year during the year As at 31.03.2010
No. of Amount No. of Amount No. of Amount No. of Amount Market
units units units units Value
Reliance Regular Saving Fund - Debt - Growth Option - - 878,861.00 11,000 - - 878,861.00 11,000 11,112
Templeton India Income Opportunities Fund - Growth - - 2,357,957.62 24,000 - - 2,357,957.62 24,000 24,333
ICICI Prudential Long Term Plan - Growth option - - 1,017,811.71 20,000 - - 1,017,811.71 20,000 20,060
Total - 55,000 - 55,000 55,505
SCHEDULE - 6 : INVENTORIES
Stores & Spare Parts 15284 20670
Loose Tools 0 63
Raw Materials 42132 28961
Stock in Process 45194 45575
Finished Goods (including in transit) 15503 48614
Total 118113 143883
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Amount (Rs.'000)
As at As at
SCHEDULE - 7 : SUNDRY DEBTORS (Unsecured)
Debts outstanding for a period exceeding six months

Considered good 0 310
Considered doubtful 1528 1306
Other Debts (Considered Good) 123336 106212
124864 107828
Less: Provision for doubtful debts 1528 1306
Total 123336 106522
SCHEDULE - 8 : CASH & BANK BALANCES
Cash and Cheques in Hand 663 504

Remittances in Transit 91 2512
Balances with Scheduled Banks in
Current Account 9504 2833
Cash Credit Account (Dr.) 4176 0
Margin Deposit Account 2153 2153
Other Deposit Account* 53407 77947
Unpaid Dividend Account 2058 1059
Unpaid Debenture Interest Account 0 34
Unpaid Debenture Redemption Account 170 195
9% Preference Shares Redemption Account 2375 2418
Total 74597 89655
* includes a Fixed Deposit of Rs.159.07 lacs (Prev. Year Rs.64.56 lacs) on which charge has been created for
availing overdraft facility from a bank.
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Amount (Rs.'000)
As at As at
SCHEDULE - 9 : LOANS AND ADVANCES (Unsecured)
Considered Good
Advances Recoverable in cash or in kind
or for value to be received 26387 6358
Deposits with Government and other bodies 5845 6503
Total 32232 12861
SCHEDULE - 10 : CURRENT LIABILITIES
Dues to Micro and Small Enterprise (Refer Note no.7 of Notes to Accounts) 5688 13298
Dues to creditors other than Micro and Small Enterprise 25582 25075
Other Liabilities 25078 25266
Unclaimed Dividend* 2058 1059
Unclaimed Debenture Interest* 0 34
Unclaimed Debenture Redemption Account* 170 195
Unclaimed 9% Preference Share Redemption Account* 2375 2418
Total 60951 67345
*Amount not due for credit to the Investor Education and Protection Fund
SCHEDULE - 11 : PROVISIONS
Provision for Income tax 3235 1528

(net of Advance Tax Rs.12,43,75/-, Previous year 8,29,21/-)
Provision for Gratuity 4735 3185
Provision for Leave Encashment 2989 2565
Provision for Cenvat Credit Reversal 1298 1298
Proposed Dividend on Equity Shares 12099 10083
Tax on Dividends 2009 1714
Provision for Fringe Benefit Tax 0 29
Total 26365 20403
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Amount (Rs.'000)
SCHEDULE - 12 : OTHER INCOME
Miscellaneous Income 6298 5017

Foreign Exchange Gain 0 359
Interest Income (Gross)
[Tax Deducted at source (Net) Rs.1,039/-
(2008-09 - Rs.1,770/-) thousands]
From Banks 7385 8317
From Others 324 7709 574 8891
Total 14007 14267
SCHEDULE - 13 : RAW MATERIALS CONSUMED
Opening Stock 28961 22666

Add : Purchases 404425 315491
433386 338157
Less : Closing Stock 42132 28961
Total 391254 309196
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SCHEDULES TO ACCOUNTS
Amount (Rs.'000)
SCHEDULE - 14 : MANUFACTURING, ADMINISTRATIVE

& OTHER OVERHEADS
Staff Costs :
Salaries, Wages and Bonus 64907 58970
Contribution to Provident & Other Funds 8871 7007
Workmen & Staff Welfare 4676 78454 3721 69698
Consumption of stores and spare parts 10957 8699
Excise Duty on Stock 367 2400
Rates & Taxes 376 255
Power & Fuel 135668 121624
Effluent Expenses 1847 2357
Insurance 1024 948
Repairs :
Building 1085 1771
Machinery 22137 23222 21389 23160
Audit fees & Expenses (see note below) 579 616
Freight and Delivery Charges 9579 7298
Selling Agents' Commission 4540 3353
Travelling 1324 1399
Directors' Fees 88 40
Rebate & Discount 2378 2617
Advertisement 511 453
Research & Development Expenses 1279 691
Sundry Balances written off 86 53
Impairment Loss 402 2159
Interest paid/payable to SMEs 6 33
Miscellaneous Expenses 14853 15058
Total 287540 262911
Note : Audit Fees & Expenses

Audit Fees 418 418
Tax Audit Fees 77 77
Other matters 30 35
Reimbursement of out of pocket expenses 54 579 86 616
SCHEDULE - 15 : FINANCE CHARGES
Interest to Bank 995 3026

Bill Discounting Charges 0 1572
Total 995 4598
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SCHEDULES TO ACCOUNTS
Amount (Rs.'000)
SCHEULE - 16 : (INCREASE) / DECREASE IN STOCKS
Closing Stocks
Finished Goods 15503 48614
Stock in Process 45194 60697 45575 94189
Opening Stocks
Finished Goods 48614 48411
Stock in Process 45575 94189 55161 103572
Total 33492 9383
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SCHEDULE 17 - NOTES ON ACCOUNTS

SIGNIFICANT ACCOUNTING POLICIES AND NOTES TO ACCOUNTS FOR THE YEAR ENDED 31.03.2010
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(*##;* #-* !&;%5/#%!" /") / $*;%/&;* *(#%./#* ,/" &* ./)* +!$ #-* /.!'"# !+ #-* !&;%5/#%!"4
8-* (/.* %( )%(,;!(*) /( ,!"#%"5*"# ;%/&%;%#: %+ "! $*;%/&;* *(#%./#* ,/" &* ./)* !+ #-*
/.!'"# !+ !&;%5/#%!" !$ 9!((%&%;%#: !+ +'#'$* ,/(- +;!7 %( $*.!#*4
!!" # $%&'$( ) *++,)-+ ./
NGL

B Notes to Accounts
Amount (Rs.'000)
!"#$% &"'%()$* +'&,(*$* ('*$# -"#.)$' /'* !/00 -$,0/#$ 1% 234534667 8977:;7<
1%264<34377=4 1$>/+#% !" ?(+,*+'@% 1%23:A 8977:;7< 1%2 B+, =4 1$>/+#% !" C/&D+'$#E
1%2649F49A4F77 8977:;7< 1%264F349749<<= /'* C+%&$,,/'$" (% GH>$'%$% 1%26646347F:
8977:;7< 1%2 6547:4:9A=2
! I' !D$ ">+'+"' "0 !D$ ?"#* "0 J+#$&!"#%4 !D$ &(##$'! /%%$!%4 ,"/'% /'* /*K/'&$% D/K$ /
K/,($ "' #$/,+%/!+"' +' !D$ "#*+'/#E &"(#%$ "0 L(%+'$%% /! ,$/%! $M(/, !" !D$ /)"('! /!
ND+&D !D$E /#$ %!/!$* /'* >#"K+%+"'% /#$ )/*$ 0"# /,, !D$ $H>$&!$* ,+/L+,+!+$%2
" O$#!/+' J$L+! /'* O#$*+! L/,/'&$% /#$ %(LP$&! !" &"'0+#)/!+ "'2 Q*P(%!)$'!% +' !D+%
#$%>$&!4 +0 /'E4 N+,, L$ &/##+$* "(! /% /'* ND$' /%&$#!/+'$*4 ND+&D +' K+$N "0 !D$
)/'/@$)$'! N"(,* '"! L$ )/!$#+/,2
# GH&+%$ J(!E *$*(&!$* 0#") R#"%% %/,$% #$>#$%$'!% !D$ GH&+%$ J(!E >/+* "' !D$ R""*%
#$)"K$* 0#") !D$ S/&!"#E /'* +% '$! "0 >#"K+%+"'% "0 GH&+%$ *(!E "' &,"%+'@ %!"&. /!
0/&!"#E2
$ %&'( )* +,-.* / 01233 45)'.6.,('(
TD$ /)"('! >/E/L,$ !" C+&#" U )/,, G'!$#>#+%$% D/% L$$' *+%&,"%$* +' !D$ L/,/'&$
%D$$! /% #$M(+#$* ('*$# !D$ C+&#"4 )/,, /'* C$*+() G'!$#>#+ %$% J$K$,">)$'! Q&!4
977V /'* D/% L$$' *$!$#)+'$* !" !D$ $H!$'! %(&D >/#!+$% D/K$ L$$' +*$'!+0+$* "' !D$
L/%+% "0 +'0"#)/!+"' /K/+,/L,$ N+!D !D$ O")>/'E2 TD$ &")>/'E D/% >#"K+*$* +'!$#$%!
"0 1%2727V ,/&% 8977:;7< 1%27233 ,/&%= "' !D$ *$,/E +' >/E)$'! !" !D$ C+&#" U )/,,
G'!$#>#+%$%4 "(!%!/'*+'@ 0"# )"#$ !D/' FA */E%2
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! "#$%&'(( )(*(+,-.
! "#$ %%&'()*(+ ,)-(.-$. /0 123"4&5## 6#(#7*)!89 ):# .*!% 4&!'$#! &7 23"4&5##
6#(#7*)! -! .#7*(#. *( ):# %%&'()*(+ ,)-(.-$. -$# +*;#( <#4&=>
/(+,*(0 1&*-2,34-,&* 5%6*.7
589:;/"<= >?</
?:# "$&;*.#() 7'(. *! &"#$-)#. <5 ):# @#+*&(-4 A$&;*.#() B'(. C&33*!!*&(#$D E(.#$ ):#
!%:#3#9 ):# C&3"-(5 *! $#F'*$#. )& %&()$*<')# - !"#%*7*#. "#$%#()-+# &7 "-5$&44 %&!) )&
):# $#)*$#3#() <#(#7*) !%:#3#! )& 7'(. ):# <#(#7*)!D ?:#!# 7'(.! -$# $#%&+(*G#. <5 ):#
H(%&3# )-I -'):&$*)*#!D ?:# C&3"-(5 :-! $#%&+(*G#. ):# 7&44&=*(+ -3&'()! *( ):# A$&7*)
-(. J&!! %%&'() 7&$ ):# 5#-$>
/(+,*(0 )(*(+,- 5%6*. 7
-D K$-)'*)5
<D J#-;# 2(%-!:3#()
K$-)'*)5 *! "-5-<4# )& #3"4&5##! -! "#$ A-53#() &7 K$-)'*)5 %)D J#-;# #(%-!:3#() *!
"-5-<4# )& #4*+*<4# #3"4&5##! =:& :-;# #-$(#. 4#-;#!9 .'$*(+ ):# #3"4&53#() -(.L&$ &(
!#"-$-)*&( -! "#$ ):# %&3"-(5M! "&4*%5D ?:# %&3"-(5 :-! 7'(.#. ):# K$-)'*)5 4*-<*4*)5 =*):
K $& ' " K $- ) ' * ) 5 , % : # 3 # & 7 J * 7# H ( ! ' $- ( % # C & $ " & $- ) * & ( & 7 H ( . * - J). D ? : # J # -; #
#(%-!:3#() 4*-<*4*)5 *! (&) 7'(.#. =*): -(5 -""$&;#. -'):&$*)5D
(Rs. in Lac)

31.3.2010 31.3.2009
Contribution to Provident Fund 41.36 38.21
N-4'-)*&(! *( $#!"#%) &7 K$-)'*)5 -(. J#-;# 2(%-!:3#() :-;# <##( %-$$*#. &') <5 *(.#"#(.#() -%)'-$59 -! -) ):#
6-4-(%# ,:##) .-)#9 <-!#. &( ):# 7&44&=*(+ -!!'3")*&(!>
GRATUITY
Particulars Year Ended Year Ended

31.03.2010 31.03.2009
Discount Rate per annum (Compound) 8.00% 7.00%
Rate of increase in Salaries 5.00% 5.00%
Expected Rate of Return on Plan Assets 9.25% 9.25%
Expected Average remaining working lives Officers - 15 Officers - 16
of employees in no. of years Staff 9 Staff 10
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Summary of Key Information - Gratuity
i. Changes in Defined Benefit Obligation:

(Rs.000)
Particulars As at As at
31.03.2010 31.03.2009
Present Value of obligation 01.04.2009 25190 23109
Interest Cost 1688 1733
Current Service Cost 3216 1626
Acturial (Gain) / Loss 2508 1621
Benefits paid (2159) (2899)
Present Value of obligation as at 31.3.2010 30443 25190
ii. Changes in Fair Value of Plan Assets:

(Rs.000)
31.03.2010 31.03.2009
Fair Value of Plan Assets as at 1.4.2009 22005 14455
Adjustment in opening balance 541 Nil
Actual Return on Plan Assets 2129 1695
Employer Contribution 3106 8654
Actuarial Gain/Loss 86 100
Benefits Paid (2159) (2899)
iii. Reconciliation of the Present value of defined Present Obligations and the Fair Value of Assets:
(Rs.000)
31.03.2010 31.03.2009
Present Value of obligations as at 31.3.2010 30443 25190

Present Value of unfunded obligation as at 31.3.2010 4735 3185
Unrecognised Past Service 0 0
Unrecognised Acturial (Gain) / Loss 0 0
Unfunded Net Liability recognised in Balance Sheet 4735 3185
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iv. Expenses recognised in Profit and Loss Account

(Rs.000)
31.03.2010 31.03.2009
Net Acturial (Gain) / Loss 2421 1521
Actual Return on Plan Assets (2129) (1695)
Others 0 0
Total Expenses recognised in Profit and Loss A/c 5196 3185
Expected Employer contribution for next year 4735 3185
LEAVE ENCASHMENT
31.03.2010 31.03.2009
Discount Rate per annum (Compound) 8.00% 7.00%
Rate of increase in Salaries 5.00% 5.00%
Expected Rate of Return on Plan Assets NA NA
Expected Average remaining working lives of employees in Officers -15 Officers -16
no. of years Staff 9 Staff 10
Summary of Key Information
i. Changes in Defined Benefit Obligation:

(Rs.000)
31.03.2010 31.03.2009
Acturial (Gain) / Loss (824) (1076)
Benefits paid (74) (98)
ii. Changes in Fair Value of Plan Assets:

(Rs.000)
31.03.2010 31.03.2009
Actual Return on Plan Assets 0 0
Employer Contribution 74 0
Benefits Paid (74) 0
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NGL

iii. Reconciliation of the Present value of defined Present Obligations and the Fair Value of Assets:
(Rs.000)
31.03.2010 31.03.2009
Present Value of obligations as at 31.3.2010 2989 2565
Funded Liability Recognised in Balance Sheet (2989) (2565)
Present Value of unfunded obligation as at 31.3.2010 0 0
Unfunded Net Liability recognised in Balance Sheet (2989) (2565)
iv. Expenses recognised in Profit and Loss Account

(Rs.000)
31.03.2010 31.03.2009

Net Acturial (Gain) / Loss (824) (1076)
Others 0 756
Total Expenses recognised in Profit and Loss A/c 499 821
Expected Employer contribution for next year 499 833
;8 !"#!$% &$'()#*%+($ *, -!) .//(0$%+$" %*$1*)1 2. 3456
!" #$%&'() *+ "(,',"- *( .!" /0+*("++ $1 %'(01'#.02" '(- +'3" $1 ,"3'.*(" '(- *.+ /) &2$-0#. 456 1$2
*(-0+.2*'3 '&&3*#'.*$(+ 7!*#! 1$2% &'2. $1 $(" &2$-0#. ,2$0& '(- !"(#" ' +*(,3" /0+*("++ +",%"(.8 9$7":"2;
/'+"- $( ,"$,2'&!*#'3 1'#.$2+; 2"&$2.'/3" ,"$,2'&!*# +",%"(.+ !':" /""( *-"(.*1*"- '+ "<&$2.+ +'3"+ '(-
-$%"+.*# +'3"+8 !" +",%"(. 7*+" *(1$2%'.*$( &"2.'*(*(, .$ .!" 2"&$2.'/3" ,"$,2'&!*#'3 +",%"(.+ 1$2 .!"
)"'2 "(-"- => ?'2#!; @A>A *+ '+ 1$33$7+B
!
27,8 9:::3
!"#$% &#'()%*+ ,#%-.

!"#!$% &!'!$(! )*+*, *,-*+. +).//0
10+-*)2 1//30,02 1/+,+//2
!"#!$% &!4(5%4 )--, 33++*) 30.)..
1600+72 137/7*,2 137.*,,2
8$955:;9%!< =>?!$<@%(A! ,,-
1)-,+2
BA:C@% D!C:A! E9> 300).+
1,,0732
5'&*.'3 "%&3$)"- '+ '3+$ '++".+ '(- 3*'/*3*.*"+ $1 .!" #$%&'() '2" ($. #'&'/3" $1 /"*(, +.'."- +"&'2'."3)
+",%"(. 7*+" +*(#" '33 .!" '++".+ '(- 3*'/*3*.*"+ '2" !"3- 0(-"2 #$%&$+*." 0(-"2.'C*(, 1$2 /$.! .!"
,"$,2'&!*# +",%"(.8
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10. Related Party Disclosure as per Accounting Standard (AS)-18:
(a) Enterprises where control exists:
Jumbo World Holdings Limited Ultimate Holding Company

Dandvati Investments & Trading Co Pvt Ltd Holding Company
!! "#$ %&'()*+$, +* "#$ -.&/( +*%!/0+*- "#&,$ 0+,%!&,$0 )1&2$ ).$ %&*".&!!$0 0+.$%"!3 4 +*0+.$%"!3 13 "#$ #$+.,
&5 !)"$ 6.7 67 87 9##)1.+) "#.&/-# :/'1& ;&.!0 <&!0+*-, =+'+"$0 )*0 +", 2).+&/, ,/1,+0+).3 4 ),,&%+)"$
%&'()*+$,7
>1? @"#$. .$!)"$0 ()."+$, A+"# A#&' ".)*,)%"+&*,#)2$ ")B$* (!)%$ 0/.+*- "#$ ($.+&0C DE=
>%? @"#$. -.&/( %&'()*+$,C

1 AasmanManagement Services Pvt Ltd
2 Alfamont (Mauritius) Ltd.
3 Alfamont Limited
4 Camry International FZE
5 GWL Properties Ltd
6 Harshit Finlease & Investments Private Ltd.
7 Jerom Trading & Investment Private Ltd
8 Jumbo Electronics Company Ltd (LLC)
9 Jumbo Electronics Corporation Pvt Ltd
10 Jumbo Investments Ltd
11 Jumbo World Holdings (India) Ltd
12 Firestorm Electronics Corporation Pvt Ltd
13 MPIL Corporation Ltd
14 Orson Video (P) Ltd
15 Phonegarage.com India Pvt Ltd
16 Primo Enterprises Pvt Ltd.
17 SMN Engineers Ltd
18 Solvin International Ltd.
F#$ )1&2$G "#&/-# *&" .$H/+.$0 +* "$.', &5 %%&/*"+*- I")*0).0 JK &* L8$!)"$0 M)."3 N+,%!&,/.$,O +,,/$0 13
F#$ E*,"+"/"$ &5 9#)."$.$0 %%&/*")*", &5 E*0+)G #), 1$$* 0+,%!&,$0 +* 2+$A &5 "#$ 0+,%!&,/.$ .$H/+.$'$*" &5
"#$ IPQE >I/1,")*"+)! %H/+,+"+&* &5 I#).$, )*0 F)B$&2$.,? 8$-/!)"+&*,G JRRS +* .$!)"+&* "& +*"$.T,$ ".)*,5$. &5
,#).$, )'&*-," -.&/( %&'()*+$,7
>0? U$3 6)*)-$'$*" M$.,&**$!C 6.7 ,#&B U)(/.G ;#&!$ F+'$ N+.$%"&.
!!" # $%&'$( ) *++,)-+ .+

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Particulars of transactions during the year ended 31st March, 2010:

(Rs.000)
Nature of transactions Holding / Key Associated / Total
Ultimate Holding Management Group Companies
Company Personnel
Fees & other Payments Nil Nil 662 662
(1555) (Nil) (372) (1927)
Dividend paid 7562 Nil Nil 7562
(6050) (Nil) (Nil) (6050)
Remuneration Nil 2706 Nil 2706
(Nil) (2585) (Nil) (2585)
Outstanding as at year end Nil Nil 32 32
(Nil) (Nil) (Nil) (Nil)
Note: Figures in brackets represent the amount pertaining to previous year.
11. Earning per Share (EPS) as per Accounting Standard (AS) - 21
For the year For the year
ended ended
31.3.2010 31.3.2009
Profit available for equity shareholders (Rs.817.88 (Prev.
Year Rs. 585.62) Lac less Rs. Nil (Prev. Year Rs. 1.85) Lac for
Preference Dividend including dividend tax) (A) Rs.817.88 Lac Rs.583.77 Lac
Weighted average number of equity shares (B) 40,33,058 40,33,058
Nominal value of equity share Rs 10 Rs 10
Earning per share Basic / Diluted (A/B) Rs. 20.28 Rs. 14.47
12. The major components of deferred tax assets / liabilities based on the tax effect of the timing differences
are as under :
As at As at
31.03.2010 31.03.2009
Rs. Rs.
Deferred Tax Assets
Expenses not allowed as per Income Tax Act 10,16,013 8,71,842
VRS to be allowed under IT Act in future years 6,84,438 10,70,240
Provision for doubtful debts 5,19,295 4,43,923
22,19,746 23,86,005
Deferred Tax Liability
Depreciation difference 3,57,18,300 3,59,73,688
Net Deferred Tax Liability 3,34,98,554 3,35,87,683
!" #"$ %"&'"()" *# %"+"''"% $(, -*(.*-*$/ 0+ 1)2345674 !() .""# '"&08#*9"% %:'*#8 $!" /"(' () %"+"''"%
$(, *#&0;"2
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!" !" #$%&'() !'* +,"(-+.+", -!" /"0'-+(" %'(1.'#-12+(3 ,+4+*+$( '* +-* #'*!53"("2'-+(3 1(+- 67/89 '*
2":1+2", ;) <##$1(-+(3 =-'(,'2, >? @A%&'+2%"(- $. <**"-*B +**1", ;) !" A(*-+-1-" $. 7!'2-"2",
<##$1(-'(-* $. A(,+'C !"2" '2" ($ &2+%'2) +(,+#'-+$(* -!'- -!" 2"#$4"2';0" '%$1(- $. 7/8 +* 0"** -!'( +-*
#'22)+(3 #$*-C <##$2,+(30)D ($ ,"-'+0", "E"2#+*" !'* ;""( ,$(" -$ #'0#10'-" -!" '%$1(- $. +%&'+2%"(- 0$**C
F$G"4"2D ,12+(3 -!" )"'2 "(,", HI*- J'2#! >KIKD -!" #$%&'() !'* +,"(-+.+", #"2-'+( +-"%* $. .+E", '**"-* '*
$;*$0"-" '(, +%&'+2", -!"% '(, 2"*10-'(- 0$** $. L*CMCK> N'#* 6O2"4+$1* P"'2 L*C >ICQR N'#9 !'* ;""( #!'23",
-$ O2$.+- '(, N$** <##$1(-C
14. Capacity and Production
Licensed Capacity Installed Capacity** Actual Production*

(Tonnes) (Tonnes) (Tonnes)
Year ended Year ended Year ended Year ended Year ended Year ended
31.03.2010 31.03.2009 31.03.2010 31.03.2009 31.03.2010 31.03.2009
Gelatine 3000 3000 2400 2400 2486# 2308#
Ossein 5000 5000 4200 4200 794 431
Dicalcium
Phosphate 12000 12000 10500 10500 10335 9413
Bone Meal 3600 3600 2500 2500 471 443
S TE#01*+4" $. &2$,1#-+$( .$2 #'&-+4" #$(*1%&-+$( $. U

6'9 V+5#'0#+1% O!$*&!'-" W+0 6>KK?5KR 5 HI9 D 6;9 X-!"2 Y$(" O2$,1#-* '(, '.-"2 ',Z1*-%"(- .$2
#21*!+(3 0$**"* "-#CI?I[ J 6>KK?5KR 5 IDRKQ9 '(, +(#01*+4" $. &12#!'*" $. /"0'-+(" $. IQH J
6>KK?5KR 5I\H9C
] <#-1'0 &2$,1#-+$( +(#01,"* M>CQK J 6O2"4C )"'2 H[C>K J 9 $. /"0'-+(" -2',+(3 ,12+(3 -!" )"'2C
SS A(*-'00", 7'&'#+-) +* '* #"2-+.+", ;) -!" J'('3"%"(- '(, +* ;'*", $( #$(-+(1$1* &2$#"** +(
2"*&"#- $. /"0'-+("D X**"+( '(, V+#'0#+1% O!$*&!'-" '(, $( *+(30" *!+.- ;'*+* +( #'*" $. Y$("
J+00C
15. Raw Material Consumed

Quantity Value Quantity Value
(Tonnes) Rs.'000 (Tonnes) Rs.'000
Raw Bones 2,080 16,988 2,216 17,231
Crushed Bones 19,237 2,81,376 16,110 2,09,662
Hydrochloric Acid 23,319 33,280 20,407 32,412
Others 59,610 49,891
Total 3,91,254 3,09,196
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16.
Quantity Value Quantity Value
(Tonnes) Rs.'000 (Tonnes) Rs.'000
Gelatine 2,716 5,75,083 2,296 4,90,316
Ossein 774 57,301 441 30,876
Dicalcium Phosphate 10,440 2,37,504 9,272 2,08,096
Bone Meal 489 3,314 474 2,452
Others 2,093 2,246
Total 8,75,294 7,33,986
17. Finished Goods Stocks

Stock as on Stock as on Stock as on
1st April, 2008 1st April, 2009 31st March, 2010
Quantity Tonnes Value Quantity Value Quantity Value
Rs. '000 Tonnes Rs. '000 Tonnes Rs. '000
Gelatine 324 44,888 336 44,212 106 10,365
Ossein 33 2,009 23 1,545 42 3,215
Di-calcium
Phosphate 123 1,264 263 2,720 158 1,894
Bone Meal 56 250 24 110 6 29
Others Nil Nil 336 27 0
Total 48,411 48,614 15,503
18. Value of raw materials, stores, spare parts, components consumed during the Year:
31.3.2010 31.3.2009
Rs.000 % Rs.000 %
(a) Raw Materials

Indigenous 3,86,997 98.90 3,08,494 99.77
Imported 4,257 1.10 702 0.23
3,91,254 100 3,09,196 100

(b) Stores, spare parts and
Components (Refer Note 3)
Indigenous 23,181 100 24,921 100
Imported Nil 0 Nil 0
23,181 100 24,921 100
!!" # $%&'$( ) *++,)-+ ./

NGL

31.3.2010 31.3.2009
Rs.'000 Rs.'000
19. Value of imports -- Raw Materials 4,257 702
(C.I.F. basis)
20. Expenditure in foreign -- Travelling 75 65

currency -- Others 2,145 2,560
21. Earning in foreign exchange :

Export of goods on F.O.B. basis 45,941 27,487
22. Managerial Remuneration

31.3.2010 31.3.2009
Rs.'000 Rs.'000
Salary 1,147 1,147
HRA 574 574
Allowances (excluding leave encashment) 444 444
Companys contribution to Provident and 138 138
Superannuation Funds
Leave Encashment 3 32
Total 2,306 2,335
Other Benefits 400 250
!" #$%&" #'%()* +, "-./(,+&" %0 12#*(+*3 $")"0+*, 4!+.! #2" 52%&+6"6 %) *!" $#,+, %0 #))(#/
52"'+(' .!#21"6 $3 *!" 789 %) #) %&"2#// $#,+,: ,($;".* *% *!" '#-+'(' #'%()* #,
52",.2+$"6 +) 8).%'" #- 2(/",<
23. =+1(2", 0%2 *!" 52"&+%(, 3"#2 !#&" $"") 2"12%(5"6>2"./#,,+0+"6>2"#22#)1"6 4!"2"&"2
)".",,#23 *% '#?" *!"' .%'5#2#$/" *% *!%," 0%2 *!" .(22")* 3"#2< =+1(2", +) $2#.?"* +)6+.#*"
52"&+%(, 3"#2@, 0+1(2",
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!"#!$! %&'!() &* ')#)(&$

!"!#$% &'%%( ! &()!$( !#* $+,-!#./& 0%#%)!" 1&2#%&& -)+32"%
I. Registration Details
Registration No. 1 6 0 2 3 State Code 1 0
Balance Sheet Date 3 1 0 3 2 0 1 0

Date Month Year
II. Capital raised during the year (Amount in Rs. Thousand)
Public Issue Rights Issue

N I L N I L
Bonus Issue Private Placement

N I L N I L
III. Position of Mobilisation and Deployment of Funds

(Amount in Rs. Thousand)
Total Liabilities Total Assets

527876 527876
Sources of Funds
Paid-up Capital Reserves & Surplus
40338 450097
Secured Loans Unsecured Loans

3942 NIL
Deferred Taxation
33499
Application of Funds
Net Fixed Assets Investments
210058 55003
Net Current Assets Misc. Expenditure

262815 NIL
!!" # $%&'$( ) *++,)-+ ./

NGL
!"#!$! %&'!() &* ')#)(&$
!"!#$% &'%%( ! &()!$( !#* $+,-!#./& 0%#%)!" 1&2#%&& -)+32"% 4$+#(*56
IV. Performance of the Company (Amount in Rs. Thousand)
Net Turnover Total Expenditure

837462 729030
Other Income Profit/(Loss) Before Tax

14007 122439
Profit/(Loss) After Tax Earning per share in Rs.

81788 20.28
Dividend on Preference Shares Rate % Dividend on Equity Shares Rate %

NA 30%
V. Genetic Names of Products / Services of the Company
Item Code No. (ITC Code) 3 5 0 3 0 0 2 0
Product Description G E L A T I N E
Item Code No. (ITC Code) 2 3 0 2 . 0 0
Product Description D I C A L C I U M
P H O S P H A T E
For and on behalf of the Board
Mahesh Verma R.K. Raje A. Kapur

Company Secretary Director Director
Jabalpur 18th May, 2010
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5267390310

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!"#!$! %&'!() &* ')#)(&$

Board of Directors Kiran M. Chhabria - Director

Audit committee Justice Gulab Gupta - Chairperson

Compensation committee Justice Gulab Gupta - Chairperson

Investors Grievance Committee Mohan Chandra Pant - Chairperson

Company Secretary & Mahesh Verma

Auditors T.R. Chadha & Co.

Registered Office CARAVS, Room No. 28

Factory Meergunj, Bheraghat Road

Bankers Allahabad Bank

Registrars and Share Transfer Ag ents CB Management Services Pvt. Ltd

Depositories National Securities Depository Limited

Listed with Bombay Stock Exchange Ltd.

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