ISHWAR & GOPAL. The Board of Directors of VXL, Instruments Limited

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1 SHWAR & GOPAL CHARTERED ACCOUNTANTS ' KV. QOPAtAKRSHNAWA B.Can., F.CA Y, KE8HAVAw.k am., F,CA f Sri Vinayaka ~ui~ing, 2nd F- No. 23, TAP Road, Kalasipalyam Auditor's Report on Quarterly Consolidated Financial Results and Consolidated Year to Date Results of the Company Pursuant to the Regulation 33 of the SEB (Listing Obligations and Discosure Requirements) Reguations, 205 : The Board of Directors of VXL, nstruments Limited We have audited the consolidated bcial results of VXL nstruments Limited for the year ended 3 ' March, 206, attached here with, being submitted by the company pursuant to the requirement of Regulation 33 of the SEBZ. (Listing Obligations and Disclosure Requirements) Regulations, 205. These consolidated financial results have been prepared from consolidated interim financial statements, which are the responsibility of the company's management. Our responsibility is to express an opinion on these consolidated financial results based on our audit of such consolidated interim financial statements, which have been prepared in accordance with the Accounting Standards specified in Section 33 of the Companies Act, 203 read with relevant rules issued there under andiother accounting principles generally accepted in ndia. We conducted our audit in accordance with the auditing standards generally accepted in ndia. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial results are f ~ of e material misstatement(s). An audit includes examining, on a test basis, evidence supporting the amounts disclosed as financial results. An audit also includes assessing the accounting principles used and sig6ficant estimates made by management. We believe that our audit provides a reasonable basis for our opinion.

2 SHWAR & GOPAL CHARTERED ACCOUNTANTS Kv. W S H N A w A, B.c)m., F.CA V. KE8HAVAm B.a., F.CA s. B - B.k, F.CA m l m S.P., B. k, ACA M w N W KS., B.Can,ACA Sri Vinayaka Bulldlng, 2nd Floor Kalasipalyam No. 2f3, T.S.P R U, 8angalore Telephone: , Tele Fax: Mall: gopal@gkms.com keahv@gbs.com bhas~kuas.com We have relied on the unaudited financial statements of its sole subsidiary viz, VXL htruments Limited (UK), included in the consolidated financial results, whose consolidated financial statements reflect total assets of Rs lakhs as at 3st March, 206; as we as the total revenue of Rs Lakhs for the year ended 3st March, 206. These unaudited financial statements as approved by the Board of Directors of this company has been furnished to us by the Management and our report in so far as it relates to the amounts included in respect of this subsidiary is based solely on such approved unaudl ted financial statements. Since the financial statements compiled by the management of (he said Company were not audited, any adjustments to the balances could have consequential effects on the attached Consolidated Financial Statements Our opinion is not qualified in respect of these matters. n our opinion and to the best of our information and according to the explanations given to us these wnsolidated financial results for the year: include the financial results of VXL instruments Limited (UK), tho sole subsidiary of the Company, have been presented in accordance with the requirements of Regulation 33 of the SEB (Listing 0 bligations and Disclosure Requirements) Regulations, 20 5 in this regard; and (iii) The Consolidated financial results give a true and fair view of the consolidated net loss and ot&r fmcid information for the y e a r ended 3 " 'March, 206. For shwar & Goprl, Chartered Accountants, Firm Registration No: 00 54s Partner (Membership Number-2748) Bangatore, 3oth May, 206

3 ' SHWAR & GOPAL CHARTERED ACCOUNTANTS dw m S H N A Y Y A, 8.m- F.CA Y. U SHAVAW& m. F.= S. BHASKAR, B..com, F.CA m m SSP., 8.- ACA RAQHAVENDRA KS., B.C~~,ACA Srl Vinayaka Building, 2nd Floor No. 2/3, T.S.P Road, Kalasiplyarn Bangalore Telephone: M, Teb FW E-Mall: gopahggbs,com keshav@gkcas.com Wlasb@gkcas.com Auditor's Report on Quarterly Financial Results and Year to Date Results of the Company Pursuant to the Regulation 33 of the SEB (Listing Obligations and Disclosure Requirements) Regulations, 205 The BoardofDirectorsof VXL nstruments Limited We have audited the Standalone Financial Results of VX, nstruments Limited for the year ended 3 " March, 20 6, attached herewith, being submitted by the compaay pursuant to the requirement of Reflation33 of the SEB (Listing Obligations and Disclosure Requirements) Regulations, These quarterly financial results as well as the year to date financial results have been prepared on the basis of the interim financial statements, which are the responsibility of the company's management. Our responsibility is to express an opinion on these financial results based on our audit of such interim fmcial statements, which have been prepared in accordance with the Accounting Standards specified in Section 33 of the Companies Act, 203 read with relevant rules issued there under and other accounting principles generaly a accepted in ndia. We conducted our audit in accordance with the auditing standards generally accepted in ndia. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial results are h e of materid misstatement(s). An audit includes examining, on a test basis, evidence supporting the {amounts disclosed as financial results. An audit also includes assessing the accounting principles used and significant estimates made by management. We believe that our audit provides a reasonable basis for our

4 SHWAR & GOPAL' CHARTERED ACCOUNTANTS KV* C30PAL4KRSHNAYYA, kcam, ECA Y. KESHAVAW B.-, F.- S. BHASKAR, B.Com., F.CA S.P.,&-A- RAGMVENDRA KS., B.G#~.,ACA Sri Vinayaka Building, 2nd Ftmr No. 23, T.S.P Read, Kalasipalyarn Bangafore Telephone: , Tele Fax: Mall: gopa&jkc&s.com keshav@gkcas.com bhaska@gkms.com n ow opinion and to the best of our Xation and according to the explanations given to us these financial results: (i) are presented in accordance with the requirements of Regulation33 of the SEB (Listing Obligations an8 Qisclpsure Requirements) Regulations, 205 in his regard; (ii) The standalone financial results give a true and fair view of the net loss and other financial information for the y e a r ended 3 ' Mmh, 206. For bhwar & Gopal, Chartered ~ccountant% Firm Registration No: 0054S Partner (Membership Number-2 748) Bangalore, 30': May, 206 lshwar 6 GOPAL Chaftumd Accountants Sri Vlnayaka Building 23. f.sr.road.kalnsir~e~y am BAMG~LORE-580 OQZ

5 -~ --- VXL nstruments Limited Regd. & Corp. Office: 252, 5th Floor, Building No. 2, Solitaire Corporate Park, Chakala, Andheri (East), Mumbai Tel.: Fax: Website: CN: L850MH986PLC SO 900 : QM08 Ref.: VXL/206-7 Date: May 30, 206 Department of Corporate Services BSE Limited Floor 25, P. J. Towers Dalal Street MUMBAl Tel.: /234 Sir, Su: Results for the year ended on declaration -audit report with unmodified Opinion Ref: Circular No. CR/CFD/CMD/56/206 dated May 27, 206 We hereby declare that the Auditors' Report for the year ended on is with unmodified opinion and hence no statement showing impact of audit qualification has been attached along with the results for the year ended ti For VXL nstruments Limited aging Director DN:005549

6 T:j Part ---T- VXL nstruments Limited Regd. & Corp. Office: 252, 5th Floor, Building No. 2, Solitaire Corporate Park, Chakala, Andheri (East), Mumbai Tel. : Fax: cfo@vxl.net Website: =~~~t=-- Particulars l_ No f- - f ncome from Opera_ti on_s -a--net Sales/ lneome (Net of excise duty) - bother Operating income -- - ~- Total incomefrom.operations (n~!)_ 2_ Expens~- CN: L850MH986PLC FNAf'.JClf\~_f<E_SUL TS FOR THE QUAR:r_ER &_Y_EAf< ENDED 3st MARCH, 206 i Rs._~n_lakti.s_e)(cept for earning per share Standalone r-- Three months ended _ f _.. _Y_e_a_r_-+- Y_e_a_r Ended Ended -+ Un-audited Un-audited Un-audited Audited Audited s~03.20-s3~2.20s s s 3.03~20-s --,766,766,476,845 7, ,476,84_5e-f---~6,~2_2-+ 7,323 a Cost of materials consumed,405 b Purchases of stock in trade r r- - -" --- -t ~ c:_~h_cinges in inventories o!ji!.i~.tl.e:cl_9~_cl~ j work in progress and stock in trade - -Cl - EmpiOyee be~<:!i_t~~pense --- _ -~r-~-:- e_~reciation and amortisation exe<'lr:i..s_e: Provision for Bad Debts & Dimunition in ' ~:_~tments.. _Jl_~Ooltita_EJ_lr_eex_l<_p!le"'.n"!s~e~s~ f --,77579? ~ , ~,3_4_0-+-. _-:s.~;. _(~) 2_4 +-- (9)' '595 i ()i _6_ :.. --, , ~7,432f 537 ' ~ Profit' (Loss) from a pe-rations before Other ~-+--- ~-+ TnCOrne~-fiiiance cost & Exceptional items--! y(3_5_0_)t -(22) (738). (09Jj 4 Other ncome... f_ ~~ 3_9_ _5+ 5 Profit (Loss) from ordinary activities! before finance costs and exceptional items--- 6 Finance Cost i SO 900 : QM08... Consolidated Yea~ -r-y;~ ~-- Ended i- _ Ended : A~dit~d=-l Audited - -,,;, _,_8_~ 9,2~f~ 5,397 6,42 r :,t-j;~ '- ' 2 8 _-_,68,809. 7, ~ 207 (485) -8 --'-- ---~ _.- (73) (693) (52)' ]376) -.=--==~ 2_8 _.i ~~ _5T Profit (Loss) from ordinary activities after -+ _! =---finance costs b~! before Exceptional iiems T 7 (378) (87t -- (773) (77) i (457) 8 Exceptional tems- ncome ~6, --=-= ,-+ --.'.-.f 9 Profit (Loss) fron:i_.ordinary Activities before tax_ ri 7 (378) (7) (773), J.2 -~ Tax expense (credit) ~ ~~t-~4-7-4.c+---~-~ 50_!3 ~:!~~: ~Jloss) from Ordinary Activ~-r m 5_6_, _ 508 '"'' ~.. '"'' (770) '"'' "'n...,4,,, ~~ ~:;~;;~;~~~n~:~:!axexpense) -~ -- _.. 7 (-37_8_)+---._-_-(-6~-5-)+( ) -- (~'zj (-45_7_) - -- (45~ 4 Share of_ Pr()~~/_\.Loss) of associates j_ -- --:-- ~--- ~---; 5 Minority lnteres~ i fi - --~ 6 Net profit (Loss) after taxes, minority interest i.. and share of profit/ (Loss) of associates 7 (378) (645) (773) (457) (452) 7 Paid up Equity S_ha_r_e C_a~p_it_al (56~- (Face value of the Share - Rs. 0),332,334.,332--,334 8 Reserves excluding Revaluation Reserves (,65) -. (392)j (2,224) (,605).. l --=-=-~-=-] (5.80) (4.2!) (3.43) -- (3.39) 9. i Earnings per s~~~e;l (before extraordinary items) (of Rs. 0/- each -not annualised) '::_-:_-:_-:_:B-:_a-:_s-:_ic-:_&-:_-d_-i_lu-:_t-e_-d_-E_-P_-S_-_-~---~~~~-~.~~~~~~~~~-- o_._3-r- (_2._8_3)-r- (4.~ 9. ii. Earnings per share (after extraordinary items) i - of Rs. 0/- each - not annualised t o_._3-r- (2_.8_3_) r- J4_.8_4~) ---~--'+-- (5.80) (4.27): (3.43) (3.39l Basic & diluted EPS - -_ Segment Reporting +-- Segment Rev_e nu e,,, ( i Domestic Segment ---. l L Export Se~g_m_e_n t ,577,285,498 5,438-6,387' l-6-,0-8_0_,...._8_,-27_9_ Net revenu.,_!~om operations... L,766,_4_76_+,_84_5-+ 6,2 2 7,323 ;. 6,854 -~ ii. Segment Results:. j i - Profit (Loss) before tax & F!nance cost: Domestic Market - -J ' Export Market -- :T (42) 589 7~,74 2, T_o_ta,., 3_ 47, 3_0_4-+- i!l 76 ~~J,30 2,625.., Less: Finance Cost : 8 25 Less: Other unalloc~le expenditure (lncome)~-, ,409 -~L ---..,,~-- ~~<\_ Total Profit (Loss) _before Tax 7 (378) (~4--. (773) ~!/. (457) ---~ ~:~~~~fi~j ~:::~ea~~~:~ ~ (;78) (~-- -(~ --- (~~~ (~57). (~~~) For VXL nstrument~ /'~: r ~V. araj p/ M,;;. oinn niredor 6 --

7 -~ SO 900 : OM08 VXL NSTRUMENTS LMTED STANDALONE AND CONSOLDATED STATEMENT OF ASSET AND LABLTES STANDALONE CONSOLDATED - Particulars As at As at As at ~ r---. f _6 3-03:?_D5_ - - Audited Audited ~ ~- - A EQUTY AND LABLTES Amount, Rs. n Lakhs Amount, Rs. n L"~hs_ f Shareholders' Funds ~ a. Share Capital f-- --,334,334,334 b. Reserves and Surplus 348,20 (72) --- :~sat -- c~~.±_ -- -~ c. Money received against share warrants Sub - total - Shareholders' funds,682 2, ,24 2 Share appli98tion money pending allotment f l_ -~_inority interest f Non-current liabilities a. Long term borrowings f b. Deferred tax liabilites (net) ~ ~--- c. Other long term liabilities d. Long term provisions Sub-total - Non-current liabilities ~ Current Liabilities ~ ~: Short term borrowings ~ b. Trade Payables - 2,008,245 2,93,853 c. Other current liabilities ~ _ d. Short term provisions Sub-total - Current Liabilities - 2,36,420 3,232 2,2 --- Total - EQUTY AND LABLTES.. 4,235 4,334 4,27 3,83 f--- B ASSETS Non-current assets a. Fixed Assets,698,705,699 --~ b. ntangible Assets c. Non-current investments 52 d. Deferred Tax Assets (net) e. Long-term loans and advances f. Other non-current assets Sub-total-Non current assets,764 2,332,765,786 2 Current Assets a. Current nvestments b. nventories,654,553,654,553 c. Trade receivables d. Cash and Cash equivalents e. Short term loans and advances f. Other current assets Sub-total-current assets 2,47 2,002 2,506 2,027 TOTAL - ASSETS --- 4,235 4,334 4,27 3,83 NOTES:. The above results, reviewed by the Audit Committee, were approved by the Board at its meeting held on Segmentwise reporting is based on geographical regions. Since fixed assets are used in the Company's business interchangeably, segmentwise disclosure on capial employed has not been furnished. 3. Figures for the quarter ended are the balancing figures between audited figures for the year ended and to date figures upto the third quarter ended of the current financial year. 4. Figures tor the year/period have been regrouped /recast wherever necessary to conform to the current year/period of presentation 3oth May, 206 Bengaluru By order of the Board for VXL nstruments Limited... ~ adireddyv. Nagara Managing Director

Manipal Finance Corporation Ltd.

400 576 @ Manipal Finance Corporation Ltd. Regd. Office: Manipal House Manipal 104 Udupi Dist Kamataka Ph: 08204570741 Website: www.mfgroupco.com Email: investor@mfgroupco.com L65910KA1984PLC005988 CN