31st Annual Report 2016-2017
30th Annual Report 2015-2016
29th Annual Report 2014-2015
28th Annual Report 2013-2014
27th Annual Report 2012-2013
26th Annual Report 2011-2012
25th Annual Report 2010-2011

 

25th Annual Report 2010-2011

Dear Shareholders,

Sub : Green Initiative

The ministry of Corporate Affairs has taken a “Green Initiative in corporate governance allowing paperless   compliances by Companies through electronic mode and has issued circular on 21.04.11 and 29.04.11 stating that Companies can now send various notices and documents, including Annual Reports, to its shareholders through electronic mode to the registered e-mail addresses of shareholders”.

Your company propose to send future communication/documents including Notice of Annual General Meeting and Annual report of the company in electronic form through email.

Members who are holding Equity shares in demat mode are requested to register their e-mail ID with their Depository Participant Immediately, if already not registered.

Members who are holding Equity Shares in Physical form should send a scanned copy of their letter requesting for registering/changing their existing email ID, bearing the signature of the sole/first shareholder on “investor@bigshareonline.com” (These members are also requested to convert their physical holding to demat).

  OR  


Such members holding Equity shares in physical form can also write to the Registrar and share Transfer Agent of the company at their following address and inform their email ID quoting their folio number. The letter should be signed by sole /first holder as per the specimen signature recorded with the registrar and share Transfer Agent

M/s. Bigshare Services Pvt. Ltd.,
E-2/3, Ansa Industrial Estate,
Sakivihar Road, Saki Naka,
Andheri (E), Mumbai – 400072.

We seek your support to enable the Company to not only reduce paper consumption but also related costs. As a shareholder, this is your opportunity to support this initiative of the Government and contribute towards a Greener Environment.

Please note the as member of the Company, you will be entitled to be furnished free of cost with a copy of such communication/document upon receipt of a requisition from you, at anytime.

Thanking You,

For COLINZ LABORATORIES LTD.

DIRECTOR

 


25th Annual Report

BOARD OF DIRECTORS DR. L. S. MANI, Chairman & Managing Director.
  SHRI. N. K. MENON, Whole-Time Director
  SHRI. VASANT K. BHAT,  Director
  SHRI. KRISHNA KUMAR ATTRASSARY, Director
 
AUDITORS S. V. BHAT & CO.
  Chartered Accountants.
 
BANKERS BANK OF BARODA.
 
REGISTERED OFFICE A-101, PRATIK IND. ESTATE, MULUND-GOREGAON LINK ROAD,
  NEXT TO FORTIS  HOSPITAL, MUMBAI - 400 078.
 
EMAIL ID cllfindoc@yahoo.com, info@findoc-cll.in
 
WEBSITE www.findoc-cll.in
 
WORKS PLOT NO. 60, ‘STICE’,  MUSALGAON, SINNAR-SHIRDI ROAD, SINNAR,
  NASIK - 422 103.
 
CONTENTS NOTICE
  DIRECTOR’S REPORT
  MANAGEMENT DISCUSSION & ANALYSIS
  REPORT ON CORPORATE GOVERNANCE
  AUDITOR’S REPORT
  BALANCE SHEET
  PROFIT & LOSS ACCOUNT
  SCHEDULES ANNEXED TO BALANCE SHEET, PROFIT & LOSS ACCOUNT
  CASH FLOW STATEMENT
  PROXY FORM AND ATTENDANCE SLIP

 

NOTICE

Notice is hereby given that the 25th  Annual General Meeting  of the Company will be held at the Registered Office of the Company, i.e. A-101, Pratik Ind. Estate, Mulund-Goregaon Link Road,  Mumbai - 400 078, on Friday, 30th September, 2011, at 12.30 P. M. to transact the following business:

ORDINARY BUSINESS:-

  1. To receive, consider and adopt the audited Balance Sheet as at 31st March, 2011, the Profit and Loss Account for the year ended on that date, together with Director’s Report and also the Auditor’s Report thereon.
  2. To appoint Director in place of Mr.Vasant K. Bhat who retires by rotation and being eligible
    offers himself for re-appointment.
  3. To appoint Auditors to hold office from conclusion of this Annual General Meeting till the conclusion of next Annual General Meeting and to authorise the Board of Directors to fix their remuneration.
For Colinz Laboratories Limited.    
     
Regd. Office:   Dr.  L. S. Mani
A-101, Pratik Ind. Estate    Chairman & Managing Director
Mulund-Goregaon Link Road, Mumbai – 400 078.   
     
Date:30th July, 2011    

 

NOTES :

  1. A MEMBER ENTITLED TO ATTEND AND VOTE AT THE MEETING IS ENTITLED TO APPOINT A PROXY OR PROXIES TO ATTEND AND VOTE INSTEAD OF HIMSELF AND PROXY NEED NOT BE A MEMBER. AN INSTRUMENT APPOINTING THE PROXY SHOULD BE DEPOSITED AT THE REGISTERED OFFICE OF THE COMPANY NOT LESS THAN 48 HOURS BEFORE THE TIME OF HOLDING THE MEETING.
  2. The Register of Members and Share Transfer Books of the Company will remain closed from, 23rd  September, 2011 to 30th  September, 2011. ( both days inclusive)
  3. Members are requested to notify immediately any change in their address to the Registrar and Transfer Agent of the Company, M/s. Bigshare Services Pvt. Ltd., E-2/3, Ansa Industrial Estate, Sakivihar Road, Saki Naka, Andheri (E), Mumbai-400072.
  4. Members intending to require any information about accounts to be explained in the meeting are requested to inform the Company in writing at least Ten days in advance of the date of Annual General Meeting.

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DIRECTOR'S REPORT 2010-2011

To
The Shareholders,

Your Directors have the pleasure in presenting their 25th Annual Report and audited Accounts of your Company, for the year ended 31st March, 2011.

FINANCIAL RESULTS :

 

2010-2011
(Rs. in Lacs)

2009-2010
(Rs. in Lacs)

Earnings before Interest, Depreciation & Tax (EBITDA)

49.23

49.99

Less:  Bank Charges and Interest

15.61

17.68

           Depreciation

25.77

25.70

Profit before Taxation

7.85

6.61

Less/ (Add):  Provision for Current Tax

1.34

0.96

          Provision for Deferred Tax

(0.78)

(2.81)

         

 

 

Profit after Taxation

7.29

8.46

 

OPERATIONS :

During the year under review, the total revenues of the company stood at Rs.606 lacs compared to 566 lacs. The Profit before Tax was Rs.7.85 lacs. The net Profit after providing for income tax and Deferred Tax was Rs.7.29 lacs.

The earnings before Interest, Depreciation and tax was lower at 49.23 lacs during the year under review compared to Rs. 49.99 in the previous due to increase in the employee cost; particularly incurred to retain the productive field staff.

DIVIDEND :

Your Directors are unable to recommend any dividend during the year under review, considering the small surplus available and with a view to conserve funds towards margin monies.

LISTING OF SHARES:

The shares of your Company are listed in Stock Exchange, Mumbai. Annual Listing Fees for the year 2011-12 has been paid on time.

PUBLIC DEPOSITS :

The Company has not invited / received any fixed deposits during the year.

DIRECTORS:

The Board consists of Executive and Non-Executive directors, including independent Directors, who have wide and varied experience in different disciplines of corporate functioning. In accordance with the provisions of Companies Act, 1956, and Article of Association of the Company, Shri Vasant K. Bhat retires by rotation at the ensuing Annual General Meeting and being eligible offers himself for re-appointment.

DIRECTOR'S RESPONSIBILITY STATEMENT:

In terms of provisions of Section 217[2AA] of the Companies Act, 1956, your Directors confirm that:

  1. In the preparation of the annual accounts, the applicable accounting standards have been followed, along-with proper explanation relating to material departures, wherever applicable.
  2. The Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company, as at the end of the accounting year and of the profit of the company for that year;
  3. 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;
  4. The Directors have prepared the annual accounts on a going concern basis.

PERSONNEL:

During the year under review, relations between the Employees and the Management remained cordial.

Particulars of employees as required under Section 217 (2A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules, 1975 as amended from time to time are not applicable to your Company as there were no employees whose remuneration is in excess of limits prescribed.

CONSERVATION OF ENERGY:

Except for the consumption of Power (Electricity) the Company does not consume any other source of energy. Pharmaceutical company is not power intensive. Since it also involves multiple products, disclosure of consumption of power per unit of product is not meaningful.

TECHNOLOGY ABSORPTION, ADAPTATION AND INNOVATION:

No imported technology is adapted by the Company.  Continuous developmental efforts  are made  by  our qualified and approved staff to formulate new products and innovation of existing products. Such efforts have benefited in improving the stability of our products and simplification of manufacturing procedures.

FOREIGN EXCHANGE:

During the year under review, Foreign exchange earned Rs.Nil,( Previous Year – Rs. NIL/-). Foreign exchange outgo was Rs. NIL, (Previous Year – NIL /-).

RESEARCH AND DEVELOPMENT:

Your Company has not incurred any expenditure on research and development other than the routine developmental work.

REPORT ON CORPORATE GOVERNANCE

Pursuant to Clause 49 of the Listing Agreement with the Stock Exchange, the following form part of this Annual Report:

  • Management Discussion and Analysis.
  • Report on Corporate Governance.
  • Auditor’s Certificate regarding compliance of conditions of Corporate Governance.

OTHER MATTERS:

Your Company is not a polluting industry and the requirements of Pollution Control Board, if any, are met with.

AUDITORS:

M/s. S. V. Bhat & Co., Chartered Accountants, retire as auditors of the Company at the conclusion of the 25th Annual General Meeting and are eligible for reappointment.

ACKNOWLEDGEMENT:

Your Directors would like to acknowledge the co-operation they received during the year under review from Bankers, Distributors as well as from various Government Departments and also the investing public. We would also like to place on record our profound admiration and sincere appreciation of the hard work put in by the members of the staff and workmen. We are grateful to you, for the confidence and faith you have reposed in us.

    For and on behalf of the Board.
     
    For Colinz Laboratories Limited.
    Dr.  L. S. Mani
    Chairman & Managing Director
Mumbai, 30th July, 2011    

 

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MANAGEMENT DISCUSSION AND ANALYSIS :

This Report includes Management Discussion and Analysis as appropriate, so that duplication and overlap between Directors Report and Management Discussion and Analysis is avoided.  The entire material is thus provided in a composite and comprehensive document.

COMPANY’S PHILOSOPHY ON CORPORATE GOVERNANCE:

The Company follows fair, ethical and transparent governance practice by adopting high standard of professionalism, honesty, integrity and ethical behavior. The Company has a well defined set of guidelines for its internal governance based on business ethics, Legal Compliance and professional conduct. The Company also has an adequate internal control system.

The Company has complied with the provisions of clause 49 of the Listing Agreement with the Bombay Stock Exchange which deals with the compliance of Corporate Governance requirement.

A) THE PHARMACEUTICAL BUSINESS:

Colinz Laboratories Ltd. is engaged in the manufacturing and marketing of pharmaceutical formulations particularly in gynaecological sector. The Indian pharmaceutical market is highly competitive and also still fragmented with over 20,000 players comprising of foreign multinationals, Indian multinationals, mid-size and small scale companies. Your Company falls under the SME sector. However, Colinz has established reputation as a quality supplier of medicines in the domestic market, wherever the company has operation.  

B) OPPORTUNITIES, THREATS AND CONCERNS:

The Company’s products are enjoying a good Brand image, particularly among gynaecologists. The Company has a potential to grow in future considering the fact that it is yet to open up its marketing operations in many states of the country, However, due to paucity of working capital, the company is unable to expand its marketing activities, to unrepresented areas.

The Company is a Revised Schedule ‘M’ complied unit, as per the requirement of D & C Act.

Your company, no doubt is focusing on those off patented products, and these products will have extended shelf life in the market, due to lesser discoveries of new molecules, considering the investment to be made and time and expenditure involved in developing such new molecules. However, the takeover of bigger Indian Pharma Companies by foreign MNC’s, is a serious cause of concern to the national sector of pharma industry, particularly to SME’s.

C) OUT LOOK:

Barring unforeseen deterrents and the issues outlined above, the Company does not foresee any major threats in its survival and moderate growth. However, the margins are likely to be under heavy pressure due to high inflation prevailing in the country resulting in increase in all inputs / costs.

D) FINANCE:

The financial management and cash flow have been satisfactory, during the year under review.

E) INTERNAL CONTROLS:

The Company has proper and adequate internal control system, in respect of efficiency of operations, financial reporting and compliance with applicable laws and regulations etc. There are adequate controls to ensure that all assets are safeguarded and protected against loss from unauthorized use or disposal and that all transactions are authorized, recorded and reported correctly.

F) HUMAN RESOURCES:

Human resources are highly valued asset for any industry particularly in pharmaceutical selling. Therefore the Company seeks to attract and retain technical and marketing staff. The Company also recognizes the importance of human assets and ensures that proper encouragement is extended to the employees to motivate them. The total number of employees as on 31-03-2011 was 130. The Company enjoyed excellent relationship with its employees during the year under review.

G) CAUTIONARY STATEMENT:

The above Management Discussion and Analysis section may be forward looking and are stated as required by applicable laws and regulations. Many factors may affect the actual results, which could be different from what the Directors’ envisage in terms of the future performance and outlook.

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CORPORATE GOVERNANCE:

1) PHILOSOPHY:

Colinz Laboratories Ltd., has always strived to attain highest levels of transparency and accountability in all its operation and in its interactions with Shareholders, Government depts. creditors etc. Hence the Company has taken all appropriate steps to comply with the provisions of the prescribed Corporate Governance Code within the stipulated time.

2) BOARD OF DIRECTORS:

   (a) Composition, Category of Directors and their other directorships as on 31-03-2011:

Name of the Directors Category of Directorship No. of Directorships in the public company
Dr. L. S. Mani Chairman & Managing Director(Executive, Promoter) None
Shri. N. K. Menon Whole-Time Director (Executive) None
Shri. Vasant K. Bhat Non-Executive, Independent None
Shri. A. Krishna Kumar Non-Executive, Independent None

 

(b) Number of Board Meetings: During the year ended 31-03-2011, 6 Board Meetings were held on 22-06-2010, 29-06-2010, 31-07-2010, 30-10-2010, 31-01-2011, 31-03-2011

(c) Directors’ attendance record:

Name of the Director Board Meetings attended during the year Whether attended last AGM
Dr. L. S. Mani 6 Yes
Shri. N. K. Menon 6 Yes
Shri. Vasant K. Bhat 6 Yes
Shri. A. Krishna Kumar 6 Yes

 

3) COMMITTEES OF THE BOARD :

1. Audit Committee

  i) Terms of Reference :
Apart from all the matters provided in clause 49 of the listing agreement and Sec. 292-A of the Companies Act, 1956 the Audit Committee holds discussions with the Statutory Auditors of the Company concerning the accounts of the Company, internal control systems, scope of audit and observations of the Auditors. It also reviews major accounting policies followed by the Company.

ii) Composition.
The Composition of the Audit Committee is as follows :

Name

Designation

Category of Directorship

Committee Meetings Attended

Shri. Vasant K. Bhat

Chairman

Non-Executive, Independent

6

Shri. A.Krishnakumar

Member

Non-Executive, Independent

6

Dr. L. S. Mani

Member

Executive, Promoter

6

 

2. Remuneration Committee and Policy :

The non-mandatory requirement of setting up of a remuneration committee for remuneration of executive directors has not been adopted considering the nature and the size of the Company. The Board of Directors determines the remuneration payable to the Executive Directors taking into account their qualifications, experience, expertise and contribution.
The details of the remuneration paid to the Executive Directors for the year ended 31-03-2011 are as follows.

Name

Salary

Dr. L. S. Mani

Rs. 7,59,500/-

Shri. N. K. Menon

Rs. 6,69,500/-

 

The Company pays sitting fees of Rs. 5,000/- per meeting to Non-Executive Directors.

3. Investors Grievance Committee :

The Board has constituted an Investors Grievance Committee which looks into shareholders and investors grievances.

Following are the members of the Committee :

Name

Designation

Category of Directorship

Shri. Vasant K.Bhat

Chairman

Non-Executive, Independent

Dr. L. S. Mani

Member

Executive, Promoter

 

Compliance Officer : Shri. Vasant K. Bhat.

  • Number of complaints received from the shareholders during the year – Nil
  • Number of complaints redressed during the year –  Nil
  • Number of complaints unsolved as on 31.03.2011 - Nil

4. SHAREHOLDERS :

(a) Means of  Communication :

The quarterly, half yearly and annual audited financial results of the Company are sent to the stock exchanges immediately after they are approved by the Board. The results are published in accordance with the guidelines of the Stock Exchange.

(b) Share Transfers :

As per SEBI circular D & CC/FITTC/CIR-15/2002 dated 27-12-2002 the Company should have a common agency for share registry work. Accordingly, the Company has appointed  M/s. Bigshare Services Pvt. Ltd., E-2/3, Ansa Industrial Estate, Sakivihar Road, Saki Naka, Andheri (E), Mumbai - 400072, as Common Agency for share registry work.

(c) General Body Meetings :

    Details of the last 3 Annual General Meetings are as under.

Financial Year

Date

Time

Venue

2009-10

30-09-2010

12.30 PM

A-101, Pratik Ind. Estate, Mulund-Goregaon Link Road, Bhandup (W), Mumbai – 400 078.

2008-09

29-09-2009

12.30 PM

A-101, Pratik Ind. Estate, Mulund-Goregaon Link Road, Bhandup (W), Mumbai – 400 078.

2007-08

26-09-2008

12.30 PM

A-101, Pratik Ind. Estate, Mulund-Goregaon Link Road, Bhandup (W), Mumbai – 400 078.

 

(d) Postal Ballot :

For the year ended 31-03-2011, there have been no ordinary or special resolutions passed by the Company’s Shareholders through postal ballot.

(e) Details of Directors seeking appointment / re-appointment in 25th Annual General Meeting :
(In pursuance of Clause 49 of the Listing Agreement)

Name of the Director

Shri. Vasant K. Bhat

Date of Birth

03-05-1971

Qualifications

BCOM , FCA

Date of Appointment

19-03-2003

Expertise in specific functional areas

Audit, Accounts, Finance, Taxation

List of other companies in which Directorship held

None

Chairman/Member of the committees of the Board of Directors of other companies in which he/she is a Director.

None

 

Additional Shareholders information:

(a) Annual General Meeting:

  • Date : 30th September, 2011.
  • Time : 12.30 P. M.
  • Venue :  A-101, Pratik Estate, Mulund-Goregaon Link Road, Mumbai – 400 078.

(b) Financial Calender:

  • Financial Year : 1st April to 31st March.
  • For the financial year 2011-12, the tentative dates for declaration of un-audited / audited results will be  as follows;

Quarter ending 30-06-2011                       Before 31st July,2011.
Quarter ending 30-09-2011.                      Before 31st Oct, 2011.
Quarter ending 31-12-2011                       Before 31st Jan, 2012.
Quarter ending 31-03-2012 &                   
Audited results for the year 2011-12        Before 31st May, 2012.

( c) Book closure :

The Register of Members and Share Transfer Books of the Company shall remain closed from Friday, 23rd September, 2011 to Friday, 30th September, 2011 ( both days inclusive)

(d) Listing in stock exchanges and stock codes :

The shares of the Company are listed in The Stock Exchange, Mumbai.
Code of the Company is 531210
The ISIN number allotted to the Company for demat of shares are as under
NSDL             INE923C01011
CDSL             INE923C01011

(e)  Stock Data:
High/Low of Market Price of Company’s Equity shares traded in the Stock Exchange Mumbai during the financial year ended on 31-03-2011  was as follows:

Month

High

Low

 

 

 

 

 

 

 

Month

High

Low

April 2010

5.99

4.70

October 2010

7.30

6.04

May 2010

6.10

5.55

November 2010

6.82

5.28

June 2010

6.81

5.46

December 2010

9.14

6.39

July 2010

8.84

6.85

January 2011

9.94

7.72

August 2010

8.70

6.71

February 2011

8.45

6.89

September 2010

7.90

6.43

March 2011

8.89

8.35

 

(f)  Distribution of  Shareholding as on 31-03-2011.

Range (In Rs.)

Total Holders

% of Total Holders

Total Holding in Rs.

% of Total Capital

1

-

500

1362

67.66

280871

6.14

501

-

1000

239

11.87

203404

4.45

1001

-

2000

156

7.75

266472

5.84

2001

-

3000

131

6.51

382691

8.37

3001

-

4000

17

0.84

61784

1.35

4001

-

5000

11

0.55

51183

1.12

5001

-

10000

24

1.19

167186

3.66

10001

&

above

73

3.63

3157409

69.07

Total

 

 

2013

100.00

4571000

100.00

 

(g) Shares held in physical and dematerialised form :
As on 31-03-2011, 12.20% of the shares were held in dematerialsed form and the rest in physical form.

(h) Outstanding GDRs/ADRs/Warrants or any convertible instruments, conversion date and likely impact on equity : Not applicable.

(i) Plant Location :
Plot No. 60, STICE, Sinnar-Shirdi Road, Musalgaon, Sinnar, Dist. Nasik – 422 103.

(j) Share Transfer System :
The Company has appointed M/s. Bigshare Services Pvt. Ltd., E-2/3, Ansa Industrial Estate, Sakivihar Road, Saki Naka, Andheri (E), Mumbai – 400 072, as Registrar & Transfer Agents.
Tel : 022-28470652 /53
Fax : 022-28475207
Email : investor@bigshareonline.com

(k) Disclosures :
The Company has not entered into any transaction of material nature with the promoters, the Directors, their relatives etc. that may have any potential conflict with the interests of the Company.

The Company has complied with requirements of the stock exchange, SEBI and other statutory authorities on all matters related to capital markets during the last three years. There were no penalties imposed nor any strictures imposed on the Company by the Stock Exchange, SEBI or any other statutory authority relating to the above.

CEO’s Certification

The Board of Colinz Laboratories Ltd. has laid down a code of conduct for all the Board Members and the Senior Management. All the Board Members and the Senior Management personnel have affirmed compliance of the code.

    Dr.  L. S. Mani
    Chairman & Managing Director
Place: Mumbai.    
Date: 30th July, 2011    

 

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CERTIFICATE

To the Members of
COLINZ LABORATORIES LTD.

We have examined the compliance of the conditions of Corporate Governance by Colinz Laboratories Ltd., for the year ended on 31-03-2011, as stipulated in Clause 49 of the Listing Agreement of the said Company with the stock exchange.

The compliance of the conditions of the Corporate Governance is the responsibility of the management. Our examination has been limited to a review of the procedures and implementations thereof, adopted by the Company for ensuring compliance with the conditions of the 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 by the Directors and the management, we certify that the Company has complied with the conditions of Corporate Governance as stipulated in Clause 49 of the above mentioned Listing Agreement.

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 S. V. BHAT & CO.
    Chartered Accountants
    FIRM REG.NO. -101298W
     
    S. V. Bhat
    Proprietor.
    MEMBERSHIP No. - 37237
Mumbai, dated. 30th july, 2011    

 

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AUDITOR'S REPORT

TO THE SHAREHOLDERS OF M/S. COLINZ LABORATORIES LIMITED.

We have audited the attached Balance Sheet of M/s. Colinz Laboratories Limited as at 31st March, 2011, the Profit and Loss Account and the Cash Flow Statement 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.

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 misstatements. 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.

1] As required by the Companies (Auditors’ Report) Order, 2003 as amended by Companies (Auditor’s Report) (Amendment) Order, 2004 issued by the Central Government of India in terms of section 227(4A) of the Companies Act, 1956, we enclose in the annexure, a statement on the matters specified in paragraph 4 of the said Order.

2] Further to our comments in the Annexure referred to in paragraph 1 above, we state that:-

  1. 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.
  2. 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 such books.
  3. The Balance Sheet, Profit and Loss Account and Cash Flow Statement referred to in this report are in agreement with the Books of Accounts.
  4. In our opinion and to the best of our information, Balance Sheet, Profit and Loss Account and Cash Flow Statement comply with the Accounting Standards issued by the Institute of Chartered Accountants of India, referred to in Section 211 (3C) of the Companies Act, 1956.
  5. On the basis of the written representation received from the Directors and taken on record by the Board of Directors, we report that none of the Directors is disqualified as at 31st March, 2011 from being appointed as a Director in terms of Section 274(1) (g) of the Companies Act, 1956.

3] In our opinion and to the best of our information and according to the explanations given to us, the said accounts alongwith notes thereon, 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 the case of Balance Sheet, of the state of affairs of the Company as at 31st March, 2011;

ii) in the case of  Profit and Loss Account, of the profit of the Company for the year ended on that date; and
iii) in the case of Cash Flow Statement, of the cash flows for the year ended on that date.

          

Date: 17th May, 2011

Place : Mumbai.

MEMBERSHIP No. - 37237

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ANNEXURE

Re: COLINZ LABORATORIES LIMITED. ( Referred to in paragraph 1 of our Report of even date)

1

 

 

(a) The Company has maintained proper records showing full particulars including   quantitative details and situation of fixed assets.

(b) The fixed assets have been physically verified during the year by the management. According to the information and explanations given to us, no material discrepancies were noticed on verification.

(c) There was no disposal of any fixed assets during the year.

2

(a) The inventory has been physically verified during the year by the Management. In our Opinion, the frequency of verification is reasonable.

(b) The procedures of physical verification of stocks followed by the management are reasonable and adequate in relation to the size of the Company and the nature of the business.

(c) The Company has maintained proper records of inventory. No material discrepancies were noticed on physical verification of inventory.

3 The Company has not granted or taken any loans, secured or unsecured, to or from companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956. Therefore, the provisions of sub-clause (b), (c), (d), (e), (f) and (g) of sub-para (iii) of para 4 of the order are not applicable.
4 In our opinion and according to the 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 with regard to purchases of inventory, fixed assets and with regard to the sale of goods. During the course of our audit we have not observed any continuing failure to correct major weaknesses in internal controls
5

(a) The Particulars of contracts or arrangements referred to in section 301 of the Act, have been entered in the register maintained under that section.

(b) The transaction made in pursuance of contracts or arrangements referred to in section 301 of the Act are, in our opinion, at prices which are reasonable having regard to the prevailing market prices at the relevant time.

6

In our opinion and according to the information and explanations given to us, the Company has not accepted any deposit from the public within the meaning of Sections 58A, 58AA or any other relevant provisions of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975.

7 In our opinion, the Company has an adequate internal audit system commensurate with the size and the nature of business.
8 The Central Government has not prescribed maintenance of Cost Records under Section 209 (1)(d) of the Companies Act, 1956.

9

 

 

(a) The Company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education and protection fund, income tax, sales tax, wealth tax, custom duty, excise duty, cess and other material statutory dues applicable to it. According to the information and explanations given to us, provisions of Employees State Insurance Act is not applicable to the Company.

(b) According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, wealth tax, sales tax, customs duty, excise duty and cess were in arrears, as at 31-03-2011 for a period of more than six months from the date they became payable.

(c) According to the information and explanation given to us, there are no dues of sales tax, income tax, customs duty, wealth tax, excise duty and cess which have not been deposited on account of any dispute.

10 The Company has no accumulated losses at the end of the financial year and it has not incurred cash losses in the current and immediately preceding financial year.
11 In our opinion and according to the  information and explanations given to us the company has not defaulted in repayment of dues to a financial institution or bank.
12 According to the information and explanations given to us and based on the documents and  records produced to us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.
13 In our opinion, the Company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor’s Report ) Order, 2003 are not applicable to the Company.
14 In respect of shares, securities or other investments dealt in or traded by the Company, proper records are maintained in respect of transactions and contracts and timely entries have been made therein. All the investments are held by the Company in its own name.
15 In our opinion and according to the information and explanations given to us, the Company has not given guarantee for loans taken by others from Bank or Financial Institutions
16 On the basis of the records examined by us and relying on the information compiled by the Company for co-relating the funds raised to the end use of term loans, we have to state that, the Company has, prima-facie, applied the term loans for the purposes for which they were obtained.
17 According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that no funds raised on short-term basis have been used for long-term investments by the Company.
18 The Company has not made preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Companies Act, 1956 and therefore the question of the price at which shares have been issued is prejudicial to the interest of the Company does not arise.
19 The Company has not issued debentures and therefore the question of creation of security in respect of debentures does not arise.
20 The Company has not raised monies by public issues during the year and therefore the question of disclosure and verification of end use of such monies does not arise.
21 According to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the course of our audit.

 

    For S. V. BHAT & CO
    Chartered Accountants
    FIRM REG. No.-101298W
     
    S. V. BHAT
Date :17th   May, 2011   (   Proprietor  )
Place : Mumbai.    MEMBERSHIP No. – 37237

 

(Top)


BALANCE SHEET

COLINZ LABORATORIES LIMITED.
BALANCE SHEET AS AT 31ST MARCH 2011.

 

Schedule

Rupees

31-03-2011
Rupees

31-03-2010
Rupees

I. SOURCES OF FUNDS

 

 

 

 

SHARE HOLDERS FUND:

 

 

 

 

 

SHARE CAPITAL

1

3,54,35,000

 

3,54,35,000

 

RESERVES AND SURPLUS

2

2,48,46,260

 

2,37,17,434

 

 

 

6,02,81,260

5,91,52,434

LOAN FUND:

 

 

 

 

 

SECURED LOANS

3

1,30,83,646

 

1,51,04,366

 

UN SECURED LOANS

4

1,53,82,815

 

1,60,47,839

 

 

 

2,84,66,461

3,11,52,205

 

DEFERRED TAX LIABILITY:

 

 

34,83,980

35,61,915

 

                                            TOTAL :

 

 

9,22,31,701

9,38,66,554

II. APPLICATION OF FUNDS

 

 

 

 

FIXED ASSETS:

 

 

 

 

 

GROSS BLOCK

5

6,59,69,729

 

6,59,13,844

 

LESS : DEPRECIATION

 

2,18,38,838

 

1,92,61,313

 

NET BLOCK

 

 

4,41,30,891

4,66,52,531

 

INVESTMENTS

6

 

31,58,769

31,42,828

 

CURRENT ASSETS, LOANS & ADVANCES:

 

 

 

 

 

INVENTORIES

7

1,90,27,723

 

1,71,67,174

 

SUNDRY DEBTORS

8

92,32,287

 

1,17,94,475

 

CASH & BANK BALANCES

9

1,17,13,953

 

65,38,410

 

OTHER CURRENT ASSETS

10

7,09,150

 

7,09,150

 

LOANS & ADVANCES

11

1,39,26,093

 

1,43,61,120

 

 

 

5,46,09,206

 

5,05,70,329

Less : CURRENT LIABILITIES & PROVISIONS:

12

96,67,165

 

64,99,134

NET CURRENT ASSETS

 

 

4,49,42,041

4,40,71,195

NOTES ON ACCOUNTS

18

 

 

 

 

          TOTAL:

 

 

9,22,31,701

9,38,66,554

 

As per our report of even date attached.    
FOR  S. V. BHAT & CO. FOR AND ON BEHALF OF THE BOARD.
Chartered Accountants.    
     
S. V. BHAT Dr.  L. S. Mani N. K. MENON
Proprietor.  Chairman & Managing Director Director
M. No. 37237 .  
FIRM REG.NO.101298W  
   
Place: Mumbai    
Date:17th May, 2011.    

 

(Top)


PROFIT AND LOSS

COLINZ LABORATORIES LMITED.

PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31ST MARCH 2011.

 

 

Schedule

2010-2011
Rupees

2009-2010
Rupees

INCOME :

 

 

 

 

 

SALES

---

6,03,36,549

5,63,99,192

 

OTHER INCOME

13

2,21,982

1,97,031

 

 

 

6,05,58,531

5,65,96,223

EXPENDITURE:

 

 

 

 

COST OF MATERIALS

14

2,17,68,183

2,07,99,387

 

 

OTHER MANUFACTURING EXPS

15

94,92,130

83,42,804

 

 

ADMINISTRATION & OTHER EXPS

16

72,42,640

66,82,805

 

 

SELLING & DISTRIBUTION EXPS

17

1,71,32,594

1,57,72,007

 

 

BANK CHARGES & INTEREST

---

15,60,718

17,67,765

 

 

DEPRECIATION

---

25,77,525

25,70,357

 

 

 

5,97,73,790

5,59,35,125

PROFIT BEFORE TAXATION

 

7,84,741

6,61,098

LESS : PROVISION FOR TAXATION –  Current Tax

 

1,33,850

95,890

Deferred Tax

 

(77,935)

(2,81,447)

Fringe Benefit Tax

 

--

--

PROFIT AFTER TAXATION

 

7,28,826

8,46,655

PREVIOUS YEAR PROFIT B/F

 

57,97,184

49,50,529

BALANCE CARRIED TO BALANCE SHEET

 

65,26,010

57,97,184

NOTES ON  ACCOUNTS :

18

 

 

 

As per our report of even date attached.    
FOR  S. V. BHAT & CO. FOR AND ON BEHALF OF THE BOARD.
Chartered Accountants.    
     
S. V. BHAT Dr.  L. S. Mani N. K. MENON
Proprietor.  Chairman & Managing Director Director
M. No. 37237 .  
FIRM REG.NO.101298W  
   
Place: Mumbai    
Date:17th May, 2011.    

 

(Top)


SCHEDULES FORMING PART OF THE BALANCE SHEET

SCHEDULE 1 :  SHARE CAPITAL

31-3-2011
Rupees

31-3-2010
Rupees

Authorised :

60,00,000 Equity Shares of Rs. 10/- each.

 

6,00,00,000

 

6,00,00,000

Issued :

45,76,000 Equity Shares of Rs. 10/- each.

Subscribed  and Paid-up :
45,71,000 Equity Shares of Rs. 10/- each fully
called up                                                                          4,57,10,000
Less : Allotment Money in arrears other than
By Directors                                                                     1,02,75,000

 

4,57,60,000

 

 

3,54,35,000

 

4,57,60,000

 

 

3,54,35,000

                                                                                                   TOTAL :

3,54,35,000

3,54,35,000

 

SCHEDULE 2 : RESERVES & SURPLUS


Capital Reserve :

State Special Capital Incentive received

Share Premium Account                                                2,03,55,000
Less : Allotment Money in arrears other than
By Directors                                                                        51,34,750

Balance in Profit & Loss Account                          

 

31,00,000

 

1,52,20,250

65,26,010

 

27,00,000

 

1,52,20,250

57,97,184

                                                                                              TOTAL :

2,48,46,260

2,37,17,434

 

SCHEDULE 3 : SECURED LOANS


From Banks:
Cash Credit Account.
 [Secured by Hypothecation of Stock in Trade/ Book Debts]
Term Loan from Bank of Baroda
[Secured by Hypothecation of Plant & Machinery ]
Car Loans  from ICICI Bank Ltd
[Secured by Hypothecation of Car]

 

1,15,91,998

13,94,146

97,502

 

1,24,78,938

23,73,180

2,52,248

                                                                                                  TOTAL :

1,30,83,646

1,51,04,366

 

SCHEDULE 4:  UN SECURED LOANS


Sales Tax Deferred  (Interest free)

1,53,82,815

1,60,47,839

(Payable within 1 year Rs.6,65,024/- Transferred to Current Liability)

---------------

---------------

                                                                                                TOTAL :

1,53,82,815

1,60,47,839

 

SCHEDULE 5 : FIX ASSETS

(Top)


SCHEDULE 6 : INVESTMENTS

Face Value Rs.

No. of Shares

  31-3-2011
Rupees

31-3-2010
Rupees

(a)   Equity shares [fully paid, quoted]

  3i Infotech 10 600 30,000 30,000
  Akruti City  Ltd 10 12 6,480 6,480
  Ansal Properties & Infrastructure Ltd. 5 200 1,01,926 1,01,926
  Arvind Mills 10 500 60,681 60,681

 

Bajaj Holdings & Investments Ltd.

10

50

73,319

73,319

 

Bajaj Auto  Ltd.

10

100

28,678

28,678

 

Bajaj Finserv Ltd.

5

50

27,770

27,770

 

Bank of Baroda

10

500

1,18,534

1,18,534

 

Bank of Maharashtra

10

300

6,900

6,900

 

Bell Ceramics

10

333

21,880

21,880

 

Bharat Forge Ltd.

2

30

3,804

3,804

 

Bharti Shipyard Ltd.

10

200

64,841

64,841

 

Cairn India Ltd

10

1015

1,62,400

1,62,400

 

CESC Ltd

10

200

1,28,627

1,28,627

 

Coal India Ltd

10

88

21,560

-

 

Eveready Industries Ltd.

5

500

17,645

17,645

 

GTL Infrastructure Ltd

10

213

4,000

4,000

 

Gangotri Textiles Ltd

5

1200

-

70244

 

Gujarat Sidhee Cement Ltd

10

1000

24,186

24,186

 

HFCL Ltd.

1

500

12,192

12,192

 

HDFC  Ltd.

2

100

64,762

-

 

HDIL

10

100

14,505

-

 

Hindustan Organic Chemicals Ltd

10

1000

66,283

66,283

 

Hindustan Oil Exploration Co Ltd

10

500

81,322

81,322

 

IDBI Ltd

10

200

15,717

15,717

 

IDFC Ltd

10

2000

1,64,446

1,64,446

 

Idea Cellular Ltd

10

990

1,30,834

1,30,834

 

IRB Infrastructure  ltd

10

100

16,457

-

 

Jagran Prakashan Ltd

02

143

27,967

27,967

 

Kausalya Infrastructure Ltd

10

176

10,560

10,560

 

Kingfisher Airlines

10

200

10,641

-

 

Lanco Infrastructure Ltd

1

3210

77,040

77,040

 

Lumax Auto Technologies Ltd.

10

372

-

27900

 

Macleod Russels Ltd

5

250

8,823

17,645

 

Mahindra Lifespace Developers

10

200

1,84,668

1,84,668

 

Maars Software Ltd

10

5000

57,340

      57,340   

 

Morepen Laboratories Ltd.

2

500

7,455

7,455

 

NTPC Ltd

10

500

71,801

71,801

 

Neyveli Lignite Ltd.

10

400

22,868

22,868

 

Panama Petrochem Ltd

10

250

32,369

64,739

 

Polaris Software Lab Ltd.

5

200

32,299

32,299

 

Punj Lloyd Ltd

2

500

99,416

99,416

 

Pyramid Saimira Theatre Ltd

10

60

6,000

6,000

 

Ranbaxy Labs. Ltd.

5

100

46,004

46,004

 

Reliance Capital Ltd

10

10

1,130

1,130

 

Reliance Communication Ltd

5

200

33,654

33,654

 

Reliance  Infrastructure

10

15

6,348

6,348

 

Reliance Power Ltd

10

74

7,358

7,358

 

Simplex Infrastructure Ltd

2

200

76,982

76,982

 

SeaMac

10

1000

1,92,315

1,92,315

 

Sesa Goa

1

100

28,407

-

 

Sonata Software Ltd

1

1000

52,218

52,218

 

Spicejet Ltd

10

250

15,138

30,276

 

Tamilnadu Petroproducts Ltd.

10

500

17,290

17,290

 

Tanla Solutions Ltd

1

50

6,625

6,625

 

Tata Tele (Mah) Services Ltd.

10

700

20,634

20,634

 

Unitech Ltd

2

200

44,887

44,887

 

United phosphorus

2

100

14,083

-

 

Voltamp Transformers Ltd

10

100

63,163

63,163

  Wipro Ltd 2 83 13,537 13,537
  Total Carried Over     27,58,769 27,42,828

    (Market Value of Quoted Shares Rs.33,74,323/-)

 

(b)   Mutual Funds & Others (Un-Quoted)

 

 

31-3-2011
Rupees

31-3-2010
Rupees

  Total Brought Over     27,58,769 27,42,828
  UTI Master Value Fund 33.89 8852.169 3,00,000 3,00,000
  JM Infra & Agricultural Fund 10 10000 1,00,000 1,00,000

                                                                                                    TOTAL :

31,58,769

31,42,828

 

(Top)


SCHEDULE 7 : INVENTORIES
[As Taken, Valued and Certified by Management]

Raw Materials

Packing Materials

Finished Goods

Semi Finished Goods

 

 16,04,693

9,92,728

1,62,62,248

1,68,054

20,06,585

10,41,238

1,33,68,881

7,50,470

                                                                               TOTAL :

1,90,27,723

1,71,67,174

 

SCHEDULE 8: SUNDRY DEBTORS     [ Unsecured, Considered Good ]

Over Six Months

Others

13,40,585

78,91,702

18,16,608

 99,77,867

                                                                               TOTAL :

92,32,287

1,17,94,475

 

SCHEDULE 9: CASH AND BANK BALANCES

Cash on hand
Balances with Scheduled Banks :
In current Accounts
Fixed Deposit Account

3,90,818

88,23,135
25,00,000

7,16,417

46,21,993
12,00,000

                                                                                TOTAL :

1,17,13,953

65,38,410

 

SCHEDULE 10: OTHER CURRENT ASSETS

Security Deposits

7,09,150

7,09,150

                                                                                         TOTAL  :

7,09,150

7,09,150

 

SCHEDULE 11 : LOANS AND ADVANCES    
  [Unsecured, Considered good]

Loans to Companies

Advances Recoverable

Balance with Excise Authorities

Advance Tax

Prepaid Expenses

Vat Refund Receivable

1,32,50,000

     1,34,042

47,897

1,34,846

1,78,970

1,80,338

1,36,50,000

2,72,196

14,798

1,25,929

2,16,551

81,646

                                                                               TOTAL :     

1,39,26,093

1,43,61,120

 

SCHEDULE 12: CURRENT LIABILITIES AND PROVISIONS

31-3-2011
Rupees

31-3-2010
Rupees

Sundry Creditors:

Trade Creditors
Other creditors

 

66,30,085
30,37,080

 

43,90,891
21,08,243

                                                                                TOTAL :

96,67,165

64,99,134

 

(Top)


SCHEDULES FORMING PART OF THE PROFIT & LOSS ACCOUNT 


SCHEDULE 13 : OTHER INCOME        
2010-2011
Rupees
2009-2010
Rupees

Interest received  [Includes T. D. S of Rs.15281/-]

Sales Tax Refund
Dividend
Profit on sale of Shares

93,512

-
 62,791
        65,679

1,05,490

51,090
40,451
-

                                                                               TOTAL :

2,21,982

1,97,031

  

SCHEDULE 14 :  COST OF MATERIALS                                     

CONSUMPTION OF RAW MATERIALS :

 

 

 

Opening Stock

20,06,585

 

23,40,116

Add : Purchases

1,18,90,816

 

99,82,416

TOTAL

1,38,97,401

 

1,23,22,532

Less : Closing Stock

16,04,693

 

   20,06,585

Consumption

 

1,22,92,708

1,03,15,947

 

CONSUMPTION OF PACKING MATERIALS :

 

 

 

Opening Stock

10,41,238

 

9,68,102

Add : Purchases

86,92,452

 

76,93,506

TOTAL

97,33,690

 

86,61,608

Less : Closing Stock

9,92,728

 

10,41,238

Consumption

 

87,40,962

76,20,370

 

 

 

 

PURCHASE OF FINISHED GOODS :

 

30,45,463

24,73,755

 

[INCREASE] / DECREASE IN FINISHED GOODS & WORK IN PROCESS

 

 

 

OPENING STOCK :   Finished Goods

1,33,68,881

 

1,41,07,584

                                   Work in Process

7,50,470

 

4,01,082

TOTAL

1,41,19,351

 

1,45,08,666

CLOSING STOCK :   Finished Goods

1,62,62,247

 

1,33,68,881

                                  Work in Process

1,68,054

 

7,50,470

TOTAL

1,64,30,301

 

1,41,19,351

[Increase] / Decrease

 

( 23,10,950 )

3,89,315

                                                                            TOTAL :

2,17,68,183

2,07,99,387

 

SCHEDULE 15 :  OTHER MANUFACTURING EXPENSES

2010-2011
Rupees

2009-2010
Rupees

Wages & Salaries...................................................................

23,95,749

21,75,350

Power & Fuel.........................................................................

6,90,907

6,11,130

Freight Inward........................................................................

1,30,125

1,41,603

Blocks & Designs....................................................................

20,250

64,550

Laboratory Expenses..............................................................

1,08,400

1,16,748

Analytical Charges..................................................................

2,23,745

2,13,624

A. C. Rental Charges. ............................................................

1,32,778

1,29,506

Loan License Charges Paid. ...................................................

13,49,788

12,32,889

Consumable Stores................................................................

2,35,256

1,54,937

Water Charges. .....................................................................

20,365

20,551

Factory Security Charges........................................................

1,41,944

1,21,790

Rent Paid………….................................................................

1,80,000

1,14,000

Insurance...............................................................................

90,071

1,47,802

Factory Transportation............................................................

2,80,616

2,25,795

Excise Duty............................................................................

33,12,887

27,13,220

Repairs & Maintenance :      Plant & Machinery  Rs. 76,416

 

 

                                              Building                Rs.   --

 

 

                                              Others                 Rs. 1,02,833

1,79,249

1,59,309

                                                                                 TOTAL :

94,92,130

83,42,804

 

SCHEDULE 16 : ADMINISTRATION & OTHER EXPENSES

 

2010-2011
Rupees

2009-2010
Rupees

Travelling Expenses..............................................................

12,18,260

9,71,784

Printing & Stationery.............................................................

43,813

58,457

Society Maintenance Charges................................................

79,339

64,051

Taxes, License & Fees..........................................................

3,67,538

2,38,715

Office Expenses....................................................................

5,87,384

4,90,012

Conveyance..........................................................................

2,42,506

2,06,410

Legal & Professional Charges.....................................….........

5,99,037

6,73,026

Employer’s Contribution to Provident Fund....................…….....

6,19,457

6,13,753

Administration Salary..............................................................

11,56,432

12,03,519

Postage &Telegrams………………...................................…...

2,63,182

2,41,560

Telephones……………………………………………….…………

2,63,352

2,22,532

Books, Periodicals & Subscription. .....................................…

19,100

28,000

Auditor’s Remuneration..........................................................

85,096

72,000

Managerial Remuneration......................................................

15,49,000

13,87,000

Bonus  ………………………………………………..……………..

86,399

92,356

Gratuity.................................................

40,800

        95,000

Annual General Meeting Expenses.........................................

21,945

24,630

                                                                               TOTAL  :

72,42,640

66,82,805

 SCHEDULE 17 : SELLING & DISTRIBUTION EXPENSES


2010-2011
Rupees

2009-2010
Rupees

Salary.................................................................................

72,30,686

67,36,365

Incentives & Bonus.............................................................

20,15,681

15,14,294

Freight & Forwarding  ..........................................................

12,66,100

11,93,718

Recruitment & Statutory Advertisement................................

2,04,648

51,083

C & F Charges & Commission…………………………………

9,12,993

9,27,890

Field Staff Travelling…….....................................................

55,02,486

53,48,657

                                                                              TOTAL :

1,71,32,594

1,57,72,007

 

SCHEDULE 18: NOTES ON ACCOUNTS:-

a) Significant Accounting Policies:

i]   General :
The Financial statements are prepared under historical cost convention on an accrual basis and comply with the accounting standards referred to in Section 211 ( 3C ) of the Companies Act, 1956.

ii]  Fixed Assets:
Fixed assets are stated at original cost net of tax / duty credits availed, if any.

iii] Capital work in progress:
The capital work in progress as on 31-03-2011 is Rs. Nil

iv]  Depreciation :
Fixed Assets are depreciated under Straight Line Method. The applicable rates are as provided under Schedule XIV to the Companies Act, 1956. Depreciation on additions / deletions of  assets during the year is provided on a pro-rata basis.

v]  Inventories:
Raw materials and packing materials are valued at cost on FIFO basis as per revised Accounting Standard AS-2 of the Institute of Chartered Accountants of India. Finished goods and semi-finished goods are valued at lower of cost or net realizable value.

vi] Investments:
Investments are stated at cost.

vii] Sales:
Sales are recognized at the time of dispatch of goods. All sales are shown inclusive of excise duty and exclusive of Sales Tax (VAT).

viii] Other income:
Includes  interest on Fixed Deposits with Bank, dividends received and capital gains on the shares sold.

ix]  Research and Development Expenses:
No capitalization of Research and Development expenses is made since no capital expenditure on research and development expenditure has been incurred during the year.

x]  Foreign Currency Transactions:
Export earnings of Rs.Nil (Previous Year - Rs.NIL)
Foreign Exchange Outgo of Rs.NIL (Previous Year – Rs. NIL /-)

xi] Retirement Benefits:
Retirement benefit in respect of gratuity is not provided for, and liability is not         
ascertained.
Privilege leave entitlement: Privilege leave entitlements are recognized as a liability as and when the same is encashed by the employees.
Provident Fund: Contribution to Government provident Fund are made as per the provisions regularly.

b) The figures of previous year have been regrouped wherever necessary.

c) As per the available records, there is no outstanding dues to enterprises registered under Micro, Small and Medium Enterprises Development Act, 2006, at the end of the year. Further, no interest has been paid or payable on delayed payment of dues, if any, to such enterprises during the year

d) Estimated amount of contracts remaining to be executed on capital account and not provided for: Rs.Nil     [ Previous Year : Rs. Nil  ]

e) Contingent Liabilities:
Bills Discounted and Purchased  -  Rs. Nil (Previous Year Rs. Nil )
Others                                         -  Rs. Nil (Previous Year Rs. Nil )

f) Auditors Remuneration :                                                             

  2010-2011  2009-2010
Audit Fees

Rs.   55,150

Rs.   50,000

Tax Audit Fees

Rs.   11,030

Rs.   10,000

Other services

Rs.   18,916

Rs.   12,000

Total

Rs.   85,096

Rs.   72,000

 

g) Directors Remuneration:

The company has been advised that the computation of net profit for the purpose of Directors’  remuneration under Section 349 of the Companies Act, 1956 need not be enumerated since no commission has been paid to Directors. Fixed monthly remuneration has been paid to the Directors as per Schedule XIII to the Companies Act, 1956.

Remuneration includes;  2010-2011  2009-2010
a) Salary

Rs.   14,29,000

Rs.   12,67,000

Other Perks

NIL

NIL

 

Rs.   14,29,000

Rs.   12,67,000

Sitting fees paid to Non-Executive Independent Directors

Rs.   1,20,000

Rs.   1,20,000

 

h) Segment Reporting

The Company is engaged in pharmaceutical formulation business which as per Accounting Standard – AS 17 is considered the only reportable business segment.

i) Related party transaction

As required by Accounting Standard – AS 18 ‘Related Parties Disclosure’ issued by the Institute of Chartered Accountants of India are as follows :

   (a) Key Management personnel              (b)  Details of Transactions.
(i)  Dr. L. S. Mani.                                          Remuneration paid Rs.7,59,500/-
Rent paid for the premise hired Rs. 1,80,000/-

j) Earning per share

As per Accounting Standard – AS 20 on ‘Earning per Share’ issued by the Institute of Chartered Accountants of India, the earning per share of the Company is Rs. 0.16.

k) Accounting for Taxes on Income.

In accordance with the AS-22, Accounting for Taxes on Income, issued by the Institute of Chartered Accountants of India, deferred tax resulting from timing differences between book and tax profits is accounted for, at the current rate of tax, to the extent the timing differences are expected to crystallize. The deferred tax asset arising on account of brought forward unabsorbed depreciation is recognized only to the extent there is a reasonable certainty of realization.

l) AS – 28 Impairment of Assets.
As on the Balance Sheet date the carrying amounts of the assets net of accumulated depreciation is not less than the recoverable amount of those assets. Hence there is no impairment loss on the assets of the company.

In the opinion of Board of Directors, the Current Assets, Loans and advances have a value which on the realization in the ordinary course of business would at least be equal amount stated in the Balance sheet.

m) With regard to loan given to Company, the Board of Directors are of the opinion that no  interest should be provided in the accounts as the principle amount has not been recovered, Further, no provision for doubtful debt is required to be made as the amount is expected to be recovered in due course.

n) Deferred Tax :
The break up of the deferred tax liability as at 31st March, 2011 is as under:

 

2010-11
Rupees

2009-10
Rupees

Deferred Tax Liability :

 

 

Difference between book depreciation and
depreciation as per Income Tax Act, 1961.

64,30,675

63,70,119

 

64,30,675

63,70,119

Deferred Tax Assets:

29,46,695

28,08,204

Net Deferred Tax  Liability

34,83,980

35,61,915

     

o) The Share Capital includes 4,00,000 Equity Shares of Rs. 10/- each, allotted as fully paid   Bonus Shares  by capitalisation of Capital Reserves in 1994-95.

p) Additional information pursuant to the provisions of paragraph 3, 4C and 4D of Part II of Schedule VI to the Companies Act, 1956, as certified by the Directors.

Quantitative and Turnover information for the year ending 31st March, 2011.(Previous year figures are regrouped wherever necessary)

i] Manufacturing  Activities : 

Class

Units

Installed Capacity

Actual production

Purchases
Qty.            Value

Sales
Qty.           Value

Closing Stock
Qty.            Value

Tablets Nos. 600 137.800 26.500 52.41 37.990 50.27 126.31 179.10
  in Lacs. ( 600) (119.800) (22.730) (34.70)  (26.500) (52.41) (115.51) (156.00)
                   
Capsules Nos. 400 99.870 12.030 35.74 22.790 60.56 89.11 252.59
  in Lacs.  ( 400) (88.160) (14.060) (44.20) (12.030) (35.74) (90.19) (241.03)
                   
Liquids Ltrs. - 19051.160 5384.400 12.12 5605.770 16.88 18829.79 58.53
  in Lacs. - (18735.260) (3964.11) (9.24) (5384.400) (12.12) (17314.97) (40.48)
                   
Ointments Kgs.   3739.535 816.025 14.68 1256.330 17.88 3299.23 49.59
Liquids in Lacs.   (3776.225) (1421.175) (18.10) (816.025) (14.68) (4381.41) (49.08))

 

Notes :

  • Installed capacity is based on one shift working as certified by the management and  accepted by the  Auditors without verification being a technical matter.
  • Actual production includes production under Loan License arrangements.
  • Figures in brackets are of previous year.

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ii] Particulars of Goods Traded:                                                                                             [Rupees in Lacs]

Class

Units

Opening Stock
Qty.           Value

Purchases
Qty.            Value

Sales
Qty.           Value

Closing Stock
Qty.            Value

Liquids Ltrs. 979.200 2.53 4124.200 7.67 4620.200 14.32 483.200 1.24
    (1729.800) (4.47) (4826) (8.44) (5576.600) (16.41) (979.200) (2.53)
                   
Injectables Ltrs. 13.860 2.87 134.606 6.74 77.820 10.98 70.646 7.45
    (78.73) (16.36) (54.24) (1.78) (119.110) (21.31) (13.860) (2.87)
                   
Capsules Nos. 0.530 1.73 8.580 16.04 7.360 30.60 1.750 5.69
  in Lacs. (2.376) (7.76) (6.044) (11.43) (7.89) (31.70) (0.53) (1.73)
                   
Tablets Nos. 3.880 11.61 - - 2.880 7.65 1.000 2.65
  in Lacs. (2.087) (6.25) (4.769) (3.09) (2.976) (7.98) (3.88) (11.61)

 

iii] The quantity and value of consumption of raw materials

Raw Materials (Bulk Drugs)

Quantity (Kgs.)
2010-2011     2009-2010

Value (Rupees in Lacs)
2010-2011     2009-2010

1

Calcium Pantothenate

462

475

3.04

3.09

2

Vitamin E

368

350

8.81

5.12

3

Meclizine

180

140

13.58

11.26

4

Paracetamol

2450

2000

6.61

5.07

5

Chlorazoxazone

300

225

1.64

1.25

6

Isox suprine Hcl

17

17

2.15

2.05

7

Riboflavin

75

71

3.74

3.58

8

Niacinamide

430

408

3.45

2.65

9

Thiaminemono

80

77

1.67

1.02

10

Spirulina

2829

2981

13.77

13.27

11

Clindamycin Phosphate

5

13

1.09

1.16

12

Progesterone

125

50

18.10

7.53

13

Menthol

170

166

1.97

1.57

14

Propylene Glycol

1590

1288

2.54

1.88

15

Sorbitol

600

2501

0.24

0.84

16

Fish Oil

160

360

1.42

3.50

17

Cod Liver Oil

-

180

-

1.16

18

Sugar

7500

11600

2.17

3.31

19

Atorvastatin calcium

-

7

-

1.21

20

Ezetimibe

-

3

-

1.52

21

Ofloxacin usp

95

250

1.88

2.04

22

Quinine Sulphate

30

25

2.03

1.43

23

Mat SR Base III

106

61

1.76

1.06

24

Ornidazole

237

250

2.26

2.04

25

Empty Gelatin Capsule

 

--

10.39

10.34

26

Others

 

 

18.62

14.20

 

                                        Total :

 

 

122.93

103.15

 

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Statement Pursuant to Part IV of Schedule VI to the Companies Act, 1956. Balance Sheet abstract and Company’s General Business Profile.

I. Registration Details
  State Code: 1 1 Registration No. 41128  
       
  Balance Sheet Date 31 - 03 - 2011  
       
II. Capital Raised during the year ( Amounts in Rs. Thousands )
  Public Issue Right Issue  
  N I L N I L  
       
  Bonus Issue Private Placement  
  N I L N I L  
       
III. Position of Mobilization and Deployment of Funds :  ( Amounts in Rs. Thousands )
  Total Liabilities Total Assets  
  9 2 2 3 2 9 2 2 3 2  
       
  Sources of Funds :  Paid-Up Capital   Reserves and Surplus
  3 5 4 3 5   2 4 8 4 6
       
  Secured Loans      Un secured Loans
  1 3 0 8 4   1 5 3 8 3
       
  Deferred Tax Liability    
  3 4 8 4    
       
  Application of Funds:    
  Net Fixed Assets   Investments  
  4 4 1 3 1 3 1 5 9  
       
  Net Current Assets Misc. Expenditure  
  4 4 9 4 2 N I L  
       
  Accumulated Loss    
  N I L    
       
IV. Performance of Company : ( Amounts in Rs. Thousands )
  Turnover   Total Expenditure
  6 0 5 5 9   5 9 7 7 4
  +  -   Profit/ Loss Before Tax   +  -   Profit/Loss After Tax
  + 7 8 5   + 7 2 9
  ( Please tick Appropriate box + for Profit, - for Loss )  
  Earning per Share    Dividend Rate
  0 . 1 6   - -
       
V. Generic Names of Three Principal Products / Services of Company      (As per Monetary terms)
  Item Code No. ( ITC Code) 2 9 3 6 2 4 0 0  
  Product Description Calcium D Pantothenate  
  Item Code No. (ITC Code) 3 0 0 4 9 0 3 6  
  Product Description Other Anti-histamines  
  Item Code No. ( ITC Code) 3 0 0 4 9 0 6 9  
  Product Description Analgesic, Antiinflammatory  

 

As per our report of even date attached.    
FOR  S. V. BHAT & CO. FOR AND ON BEHALF OF THE BOARD.
Chartered Accountants.    
S. V. BHAT Dr.  L. S. Mani Chairman & Managing Director
Proprietor.  N. K. MENON Director
M. No. 37237 . FIRM REG.NO.101298W  
Mumbai    
Date:17th May, 2011.    

 

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CASH FLOW

CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH, 2011.
                                                                                                                                                 [ In Rupees]

 

Year ended 31-3-2011

Year ended 31-3-2010

A. CASH FLOW FROM OPERATING ACTIVITIES:

     Net profit before tax and extra ordinary items

7,84,741

6,61,098

  Adjustment for : Depreciation 25,77,525 25,70,357
    Preliminary Expenses Written-off - -
    Profit on sale of asset - -
  Operating Profit before Working Capital changes: 33,62,266 32,31,455
  Adjustment for : Trade and Other Receivable 25,62,188 (9,91,423)
    Inventories (18,60,549) 6,49,710
    Other Current Assets - -
    Loans and Advance 4,43,944 2,84,010
    Trade Payable 31,68,031 (1,08,231)
  Cash generated from operations 76,75,880 30,65,521
    Taxes paid (1,42,767) (97,014)
  Cash flow before extra ordinary items 75,33,113 29,68,507
    Extra ordinary items :Capital Subsidy recd 4,00,000 12,00,000
  Net Cash From Operating Activities : 79,33,113 41,68,507
 
B. CASH FLOW FROM INVESTING ACTIVITIES:
  Purchase of Fixed Assets (55,885) (1,05,432)
  Investments in shares & securities (15,941) -
  Net Cash Used In Investing Activities: (71,826) (1,05,432)
 
C. CASH FLOW FROM FINANCING ACTIVITIES:
  Increase/ [Decrease] in Secured Loans (20,20,720) 5,28,039
  Increase / [Decrease] in Un-secured Loans (6,65,024) (3,09,134)
  Net Cash Used In Finance Activities: (26,85,744) 2,18,905
 
NET INCREASE IN CASH AND CASH EQUIVALENTS : [A+B+C] 51,75,543 42,81,980
Cash and cash equivalents as at 01.04.2010  ( Opening Balance ) 65,38,410 22,56,430
Cash and cash equivalents as at 31.03.2011  ( Closing Balance ) 1,17,13,953 65,38,410

    For Colinz Laboratories Limited
    Dr.  L. S. Mani
    Chairman & Managing Director
Mumbai, 17th May, 2011    

 

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Auditors Certificate


We have verified the above cash flow statement of Colinz Laboratories Limited derived from the audited financial statements for the years ended 31st March, 2011 and 31st March, 2010 and found the same to be drawn in accordance therewith and also with the requirements of Clause 32 of the listing agreements with stock exchanges.

    For S. V. BHAT & CO
    Chartered Accountants
     
    S. V. BHAT
    (   Proprietor  )
MUMBAI.    FIRM REG. No.-101298W
Date :17th   May, 2011   MEMBERSHIP No. – 37237

 

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Form of Proxy

COLINZ LABORATORIES LIMITED
A-101, Pratik Ind. Estate, Next to Fortis Hospital, Mulund-Goregaon Link Road, Mumbai-40007

Ledger Folio No.

 

 

No. of Shares

 

 

I/We..........................................................................................................of......………

............................................  being a member/members of Colinz Laboratories Limited hereby

appoint................................................................................................of........................………

................. or    failing him / her ....................................................……………… of................

as  my/ our  proxy  to  vote for me/ us  and  on  my/ our  behalf  at the 25th  Annual General Meeting of the Company to be held on Friday, 30th September, 2011 and at any adjournment thereof.

Signed this................................................2011.


Affix
 One Rupee
Revenue Stamp

 

                                                                                              

 

 

 

[ Signature of the Member(s)]

NOTE :Proxy duly completed must be deposited at the Registered Office of the Company not less than 48 hours before the time for holding the meeting. The proxy need not be member of the Company.

 

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COLINZ LABORATORIES LIMITED
A-101, Pratik Ind. Estate, Next to Fortis Hospital, Mulund-Goregaon Link Road, Mumbai-400078

ATTENDANCE SLIP

I hereby record my presence at the 25th Annual General Meeting of the Company held at A-101, Pratik Ind. Estate, Next to Fortis Hospital, Mulund-Goregaon Link Road, Mumbai-400078, on Friday, 30th September, 2011 at 12.30 P. M.

...............................................................                                                          .................................
Full name of the shareholder                                                                                                   Signature
[in block letters]

Folio No.................................................

..............................................................                                                            
Full Name of Proxy                                                                                                                   Signature
[in block letters]

NOTE: Shareholders attending the meeting in person or proxy are requested to complete the attendance slip and hand it over at the entrance of the meeting place. Joint shareholders may obtain additional slips on request.


BOOK POST

 

To,---------------------------------------------------

-------------------------------------------------------

-------------------------------------------------------

 

If undelivered, please return to:

COLINZ LABORATORIES LIMITED.
A-101, Pratik Ind. Estate, Next to Wockhardt Hospital,
Mulund-Goregaon Link Road, Mumbai-400078.

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Contact:
A/101, Pratik Estate,
Mulund Link Road,
Next to Fortis Hospital,
Mumbai-400078.
Tel.: 91-22-25668002/3
Fax: 91-22-25668006.
Email: cllfindoc@yahoo.com
Website:www.findoc-cll.in
Email:info@findoc-cll.in