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

 

26th Annual Report 2011-2012

Dear Shareholders,

Sub : Green Initiative

As already communicated to you ,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 LABORsATORIES LTD.

DIRECTOR

 

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26th 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 AND LOSS ACCOUNT
  NOTES FORMING PART OF THE FINANCIAL STATEMENTS
  CASH FLOW STATEMENTS
  PROXY FORM AND ATTENDANCE SLIP

 

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NOTICE

Notice is hereby given that the 26th 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 Saturday, 29th September, 2012, 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, 2012, 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. A. Krishnakumar  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 May, 2012    

 

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, 22nd  September, 2012 to 29th  September, 2012. (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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DIRECTORS’ REPORT 2011-2012

To
The Shareholders,

Your Directors have the pleasure in presenting their 26th Annual Report and audited Accounts of your Company, for the year ended 31st March, 2012.

FINANCIAL RESULTS :

 

2011-2012
(Rs. in Lacs)

2010-2011
(Rs. in Lacs)

Earnings before Interest, Depreciation & Tax (EBITDA)

53.70

49.23

Less:  Bank Charges and Interest

18.93

15.61

           Depreciation

25.99

25.77

Profit before Taxation

8.78

7.85

Less/ (Add):  Provision for Current Tax

1.58

1.34

          Provision for Deferred Tax

(3.84)

(0.78)

         

 

 

Profit after Taxation

11.04

7.29

 

OPERATIONS :

During the year under review, the total revenues of the company stood at Rs.708 lacs compared to 606 lacs.

The earnings before Interest, Depreciation and tax , increased to 53.70 lacs during the year under review compared to Rs. 49.23 in the previous year. The profit before tax was Rs. 8.78 Lacs , the net profit after providing for Income Tax and Differed Tax ( Credit) was Rs. 11.04 Lacs . Net profit would have been higher except for increase in the staff cost particularly incurred to retain the productive field staff and cost of borrowing by way of  interest to bank.

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 2012-13 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. Krishnakumar A  retires by rotation at the ensuing Annual General Meeting and being eligible offers himself for re-appointment.

DIRECTORS’ 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:

  1. Management Discussion and Analysis.

  2. Report on Corporate Governance.

  3. 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 26th 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.
     
    Dr.  L. S. Mani
    Chairman & Managing Director

Mumbai, 30th May, 2012

   

 

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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 31-03-2012 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 31-03-2012:

Name of the Directors Category of Directorship No. of Directorships in the public company
Dr. L. S. Mani Chairman & Managing Director None
(Executive, Promoter)
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 31-03-2012, 6 Board Meetings were     
held on 22-05-2011, 31-05-2011, 30-07-2011, 31-10-2011, 31-01-2012, 31-03-2012

(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 :

(a) 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

 

(b) 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 31-03-2012 are as follows.

Name

Salary

Dr. L. S. Mani

Rs. 8,40,500/-

Shri. N. K. Menon

Rs. 7,50,500/-

 

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

(c) 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 31.03.2012 - 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

2010-11

30-09-2011

12.30 PM

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

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.

 

(d) Postal Ballot :

For the year ended 31-03-2012, 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 26th  Annual General Meeting :

(In pursuance of Clause 49 of the Listing Agreement)

Name of the Director

Shri. Krishnakumar A

Date of Birth

27.08.1959

Qualifications

BA, DMM

Date of Appointment

31.01.2009

Expertise in specific functional areas

HRD and Training

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 : 29th September, 2012.
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 2012-13, the tentative dates for declaration of un-audited / audited results will be  as follows;

Quarter ending 30-06-2012                      Before 31st  July,2012.
Quarter ending 30-09-2012.                     Before 31st Oct, 2012.
Quarter ending 31-12-2012                      Before 31st Jan, 2013.
Quarter ending 31-03-2013 &                   
Audited results for the year 2012-13        Before 31st May, 2013.

(c) Book closure :
The Register of Members and Share Transfer Books of the Company shall remain closed from Saturday, 22nd September, 2012 to Saturday, 29th September, 2012 ( 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 31-03-2012  was as follows:

Month

High

Low

Month

High

Low

April 2011

9.39

7.77

October 2011

4.17

3.59

May 2011

9.39

7.77

November 2011

3.62

3.19

June 2011

8.45

7.75

December 2011

3.65

3.05

July 2011

7.99

7.58

January 2012

4.59

3.62

August 2011

7.99

7.58

February 2012

5.83

4.25

September 2011

7.30

4.16

March 2012

6.42

6.12

 

(f)  Distribution of  Shareholding as on 31-03-2012.

Range (In Rs.)

Total Holders

% of Total Holders

Total Holding in Rs.

% of Total Capital

1 - 5000 1354 67.56 277070 6.06
5001 - 10000 240 11.98 204308 4.47
10001 - 20000 158 7.88 269288 5.89
20001 - 30000 132 6.59 385202 8.43
30001 - 40000 17 0.85 61784 1.35
40001 - 50000 8 0.40 38000 0.83
50001 - 100000 23 1.15 160826 3.52
100001 & above 72 3.59 3174522 69.45
 
Total     2004 100.00 4571000 100.00

 

(g) Shares held in physical and dematerialised form :
As on 31-03-2012, 25.15% 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 May, 2012    

 

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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 31-03-2012, 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.

 

MEMBERSHIP No. - 37237

Mumbai, dated. 30th May, 2012

 

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AUDITORS’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, 2012, 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:-

a] We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our Audit.

b] In our opinion, proper Books of Accounts as required by Law have been kept by the Company so far as appears from our examination of such books.

c] The Balance Sheet, Profit and Loss Account and Cash Flow Statement referred to in this report are in agreement with the Books of Accounts.

d] 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.

e] 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, 2012 from being appointed as a Director in terms of Section 274(1) (g) of the Companies Act, 1956.

f] 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, 2012;

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 :15th  May, 2012   For S. V. BHAT & CO
Place : Mumbai.    FIRM REG. No.-101298W
     
     
    S. V. BHAT
    (   Proprietor  )
    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 31-03-2012 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.

 

Date :15th   May, 2012   For S. V. BHAT & CO
Place : Mumbai.    Chartered Accountants
    FIRM REG. No.-101298W
     
    S. V. BHAT
    (   Proprietor  )
    MEMBERSHIP No. – 37237

 

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Balance sheet & profit & loss and their schedule

COLINZ LABORATORIES LTD.

BALANCE SHEET AS AT MARCH 31, 2012

  All amounts in Rupees, unless otherwise stated
  Notes  As at   As at 
   March 31, 2012   March 31, 2011 
I EQUITY AND LIABILITIES
 
1 Shareholders' Funds
  (a) Share Capital  1              35,435,000                35,435,000
  (b) Reserves & Surplus 2             26,350,510                24,846,260
 
2 Non Current Liabilities
  (a) Long Term Borrowings 3             23,917,851                28,466,461
  (b) Deferred Tax Liabilities                3,100,117                  3,483,980
  (c) Other Long Term Liabilities                    98,147                       74,900
  (d) Long Term Provisions                          -                              -  
 
3 Current Liabilities
  (a) Short Term Borrowings
  (b) Trade Payables 4               9,216,354                  6,630,085
  (c) Other Current Liabilities 5               4,056,768                  3,037,080
  (d) Short Term Provisions                          -                              -  
  TOTAL           102,174,747              101,973,766
 
II ASSETS
1  Non-Current Assets 
  (a) Fixed Assets 6
       (i)   Tangible Fixed Assets             42,360,771                44,130,891
       (ii)  Intangible Assets                            -                            -  
       (iii) Capital Work In Progress                            -                            -  
       (iv) Intangible Assets under Development                             -                            -  
  (b) Non-Current Investments 7               3,158,769                  3,158,769
  (c) Deferred Tax Assets (Net)                            -                            -  
  (d) Long Term Loans & Advances 8             13,763,150                13,959,150
  (e) Other Non-Current Assets 9                  524,850                            -  
2 Current Assets
  (a) Current Investments                            -                            -  
  (b) Inventories 10             21,333,064                19,027,723
  (c) Trade Receivables  11             10,842,820                  9,232,287
  (d) Cash and Cash Equivalents 12               9,258,213                11,713,952
  (e) Short Term Loans and Advances 13                  933,110                     750,994
  (f) Other Current Assets                          -                              -  
  TOTAL           102,174,747              101,973,766

 

As per our report of even date attached.    
FOR  S. V. BHAT & CO. FOR AND ON BEHALF OF THE BOARD.
FIRM REG.NO.101298W  
Chartered Accountants.    
     
S. V. BHAT Dr.  L. S. Mani N. K. MENON
Proprietor.  Chairman & Managing Director Director
M. No. 37237 .  
   
Place: Mumbai    
Date:15th May, 2012.    

 

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COLINZ LABORATORIES LTD.

STATEMENT OF PROFIT AND LOSS  FOR THE YEAR ENDED MARCH 31, 2012

All amounts in Rupees, unless otherwise stated
 Year ended   Year ended 
NOTES  March 31, 2012   March 31, 2011 
 I  Revenue from Operations
Sales -Products 14 70,454,561 60,336,549
Other Operating Revenue                              -                                  -
Less : Excise duty                 (4,435,470)                 (3,312,887)
66,019,091 57,023,662
 II  Other Income 15                      368,554                      221,982
 III   Total Revenue (I+II)                 66,387,645                57,245,644
 IV  Expenses
Cost of Materials Consumed 16                 24,417,414                 21,033,670
Purchase of Trading Goods                   3,457,117                   3,045,463
Changes in inventories of finished goods work-in-progress and Stock-in-Trade 17                 (1,095,212)                 (2,310,950)
Employee Benefits Expense 18                  22,543,606                 19,047,690
Finance Cost 19                   1,892,853                   1,560,718
Depreciation and amortization expense 6                   2,599,467                   2,577,525
Other Expenses 20                 11,693,676                 11,506,788
 Total Expenses                 65,508,921                56,460,904
 V  Profit before exceptional and extraordinary items and tax (III-IV)                     878,724                     784,740
 VI  Exceptional items                              -                                  -
 VII  Profit before extraordinary items and tax (V - VI)                     878,724                     784,740
 VIII  Extraordinary Items                              -                                  -
 IX  Profit before tax (VII- VIII)                     878,724                     784,740
 X  Tax expense:
(1) Current tax                     158,337                     133,850
(2) Deferred tax                   (383,863)                     (77,935)
 XI  Profit (Loss) for the period from continuing operations (IX-X)                  1,104,250                     728,825
 XII  Profit/(loss) from discontinuing operations                              -                                  -
 XIII  Tax expense of discontinuing operations                              -                                  -
 XIV  Profit/(loss) from Discontinuing operations (after tax) (XII-XIII)                              -                                  -
 XV  Profit (Loss) for the period (XI + XIV)                  1,104,250                     728,825
 XVI  Earnings per equity share:
(1) Basic                           0.24                           0.16
(2) Diluted                              -  
Significant accounting policies and notes  21
 to the financial statements 

 

As per our report of even date attached.    
FOR  S. V. BHAT & CO. FOR AND ON BEHALF OF THE BOARD.
FIRM REG.NO.101298W  
Chartered Accountants.    
     
S. V. BHAT Dr.  L. S. Mani N. K. MENON
Proprietor.  Chairman & Managing Director Director
M. No. 37237 .  
   
Place: Mumbai    
Date:15th May, 2012.    

 

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COLINZ LABORATORIES LTD.

NOTES  FORMING PART OF THE FINANCIAL STATEMENTS

All amounts in Rupees, unless otherwise stated
 As at   As at 
 March 31, 2012   March 31, 2011 
Notes 1 - Share Capital
a Authorised:
60,00,000 (Previous Year 60,00,000) Equity Shares of Rs.10 each 60,000,000 60,000,000
b Issued, Subscribed and Paid-up:
Issued:
45,76,000 Equity shares of Rs. 10 each.
Subscribed and paid-up:
45,71,000 (Previous Year 45,71,000) Equity Shares of Rs.                         35,435,000                       35,435,000
10 each fully/Partly  paid-up 35,435,000 35,435,000
                                                    
c Par Value per share is Rs. 10  
d Reconciliation of the number of shares outstanding at the beginning and at the end of the reporting period;
Particulars No.  Rs.  No.  Rs. 
Shares outstanding at the beginning of the year  3543500 35,435,000 3543500 35,435,000
Shares Issued during the year  0 0 0 0
Shares bought back during the year 0 0 0 0
Any other movement (please specify) 0 0 0 0
Shares outstanding at the end of the year     3543500    35,435,000 3543500 35,435,000
e shares in the company held by each shareholder holding more than 5 percent shares specifying the number of shares held
Name of the shareholder No. of shares  % of holding No. of shares  % of holding
L S Mani 705050 15.4244 705050 15.4244
Vijaya Mani 386000 8.4445 208750 4.5668
f For the period of five years immediately preceding the date as at which the Balance Sheet is prepared: Aggregate No. of Shares (for last 5 Financial Years)
Particulars  
   
Fully paid up pursuant to contract(s) without payment being received in cash Nil
Fully paid up by way of bonus shares Nil
Shares bought back Nil
g Unpaid Calls No. of shares Rs. No. of shares Rs.
By Directors 0 0 0 0
By Officers 0 0 0 0
By Others 2055000 10,275,000 2055000 10,275,000
Notes 2 - Reserves & Surplus
a. Capital Reserves:
State Special Capital Incentive Received Rs. Rs. Rs. Rs.
         Opening Balance 3,100,000   2,700,000  
        (+) Current Year Transfer 400,000   400,000  
        (-)  Written back in the current year 0   0  
        Closing balance   3,500,000   3,100,000
b. Share Premium Account
         Opening Balance 15,220,250   15,220,250  
        (+) Current Year Transfer 0   0  
        (-)  Written back in the current year 0   0  
        Closing balance   15,220,250   15220250
c. Profit & Loss Account
         Opening Balance 6,526,010   5,797,184  
        (+) Current Year Transfer     1,104,250   728,826  
        (-)  Transfer to Other Reserves 0   0  
        Closing balance   7,630,260   6,526,010
Total [a+b+c]   26,350,510   24,846,260

 

COLINZ LABORATORIES LTD.

NOTES  FORMING PART OF THE FINANCIAL STATEMENTS

All amounts in Rupees, unless otherwise stated
 As at   Total As at 
 March 31, 2012   March 31, 2011 
Notes 3 - Long Term Borrowings
Secured-From Banks
Cash Credit Account with Bank of Baroda 8,794,822  11,591,998
[Secured by Hypothecation of Stock in Trade/Book debts]
Term loan from Bank of Baroda    -    1,394,146
[Secured by hypothecation of plant and machinery at Sinnar 
 factory]
Car Loan from Axis Bank  712,898      97,502
[Secured against hypothecation of car]
9,507,720 13,083,646
Unsecured Loans -Others
Sales tax deferred (Interest free) 14,410,131  15,382,815
[As per Package Scheme of Incentive of Maharashtra state 
 government and includes VAT and CST]
 14,410,131 15,382,815
   
Total 23,917,851 28,466,461
Notes 4- Trade Payables
Sundry Creditors: 
a) Micro and small enterprises *                         -                           -  
b) Others   9,216,354  6,630,085
* [Determined to the extent such particulars have been identified
on the basis of information available with the Company. This has
been relied upon by the auditors]
  9,216,354    6,630,085
Notes 5- Other Current Liabilities
Statutory liabilities    875,131    743,958
Other Liabilities  2,651,184  1,787,600
Provisions 530,453 505,522
        4,056,768        3,037,080

 

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COLINZ LABORATORIES LTD.

NOTES FORMING PART OF THE BALANCE SHEET AS AT MARCH 31, 2012

Notes 6 - Fixed Assets

DESCRIPTION GROSS BLOCK DEPRECIATION NET BLOCK
  As at 1.4.2011 Additon in Deduction As at 31.3.2012 As at 1.04.2011 Depreciation  Deduction Up to 31.3.2012 As at 31.3.2012 As at 31.3.2011
    2011-12       for the year        
             
A. Tangible Assets            
LAND 2574350 0 0 2574350 0 0 0 0 2574350 2574350
[Including Land Developing Exps]            
BUILDING- Factory 24027330 0 0 24027330 6696310 802513 0 7498823 16528507 17331020
BUILDING-Office 6580717 0 0 6580717 813898 107266 0 921164 5659553 5766819
PLANT & MACHINERY 11187512 0 0 11187512 5189574 531407 0 5720981 5466531 5997938
LABORATORY EQUIPMENTS 1570542 0 0 1570542 695390 74601 0 769991 800551 875152
FACTORY EQUIPMENTS & TOOLS 3223653 0 0 3223653 1289687 153124 0 1442811 1780842 1933966
ELECTRICAL INSTALLATION 2377531 0 0 2377531 1152252 112722 0 1264974 1112557 1225279
CENTRAL A.C. PLANT 8176691 0 0 8176691 2198075 388393 0 2586468 5590223 5978616
OFFICE EQUIPMENTS 592660 0 0 592660 380715 28151 0 408866 183794 211945
COMPUTER 644888 0 0 644888 578776 14220 0 592996 51892 66112
FURNITURE & FIXTURE 3469439 0 0 3469439 2054191 219616 0 2273807 1195633 1415248
VEHICLES 1544416 996363 605322 1935457 789970 167454 438305 519119 1416338 754446
Total Tangible Assets 65969729 996363 605322 66360770 21838838 2599467 438305 24000000 42360771 44130891
                     
B. Intangible Assets 0 0 0 0 0 0 0 0 0 0
                     
TOTAL ASSETS 65969729 996363 605322 66360770 21838838 2599467 438305 24000000 42360771 44130891
PREVIOUS YEAR 65913844 55885 0 65969729 19261313 2577525 0 21838838 44130891 46652531

 

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COLINZ LABORATORIES LTD.

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

All amounts in Rupees, unless otherwise stated
 As at   Total As at 
Face Value No. of shares  March 31, 2012   March 31, 2011 
Notes 7- Non-Current Investments
(a)   Equity shares [fully paid, quoted]
3i Infotech 10 600 30000 30000
Hubtown Ltd. 10 12 6480 6480
Ansal Properties & Infrastructure Ltd. 5 200 101,926 101,926
Arvind Mills 10 500 60681 60681
Bajaj Holdings & Investments Ltd. 10 50 73319 73319
Bajaj Auto  Ltd. 10 100 28678 28678
Bajaj Finserv Ltd. 5 50 27770 27770
Bank of Baroda 10 500 118534 118534
Bank of Maharashtra 10 300 6900 6900
Bell Ceramics 10 333 21880 21880
Bharat Forge Ltd. 2 30 3804 3804
Bharti Shipyard Ltd. 10 200 64841 64841
Cairn India Ltd 10 1015 162400 162400
CESC Ltd  10 200 128627 128627
Coal India Ltd 10 88 21560 21560
Eveready Industries Ltd. 5 500 17645 17645
GTL Infrastructure Ltd 10 213 4000 4000
Gujarat Sidhee Cement Ltd 10 1000 24186 24186
HFCL Ltd. 1 500 12192 12192
HDFC  Ltd. 2 100 64762 64762
HDIL 10 100 14505 14505
Hindustan Organic Chemicals Ltd 10 1000 66283 66283
Hindustan Oil Exploration Co Ltd 10 500 81322 81322
IDBI Ltd 10 200 15717 15717
IDFC Ltd 10 2000 164446 164446
Idea Cellular Ltd 10 990 130834 130834
IRB Infrastructure  ltd 10 100 16457 16457
Jagran Prakashan Ltd 2 143 27967 27967
Kausalya Infrastructure Ltd 10 176 10560 10560
Kingfisher Airlines 10 200 10641 10641
Lanco Infrastructure Ltd 1 3210 77040 77040
Macleod Russels Ltd 5 250 8823 8823
Mahindra Lifespace Developers 10 200 184668 184668
Maars Software Ltd 10 5000 57340 57340
Morepen Laboratories Ltd. 2 500 7455 7455
NTPC Ltd 10 500 71801 71801
Neyveli Lignite Ltd. 10 400 22868 22868
Panama Petrochem Ltd 10 250 32369 32369
Polaris Software Lab Ltd. 5 200 32299 32299
Punj Lloyd Ltd 2 500 99416 99416
Pyramid Saimira Theatre Ltd 10 60 6000 6000
Ranbaxy Labs. Ltd. 5 100 46004 46004
Reliance Capital Ltd 10 10 1130 1130
Reliance Communication Ltd 5 200 33654 33654
Reliance  Infrastructure 10 15 6348 6348
Reliance Power Ltd 10 74 7358 7358
Simplex Infrastructure Ltd 2 200 76982 76982
SeaMac 10 1000 192315 192315
Sesa Goa 1 100 28407 28407
Sonata Software Ltd 1 1000 52218 52218
Spicejet Ltd 10 250 15138 15138
Tamilnadu Petroproducts Ltd. 10 500 17290 17290
Tanla Solutions Ltd 1 50 6625 6625
Tata Tele (Mah) Services Ltd. 10 700 20634 20634
Unitech Ltd 2 200 44887 44887
United phosphorus 2 100 14083 14083
Voltamp Transformers Ltd 10 100 63163 63163
Wipro Ltd 2 83 13537 13537
Total (a)           2,758,769            2,758,769
[The market value of the quoted shares is Rs. 27,33,667/- ]
(a)   Mutual Funds & Others (Un-Quoted)
UTI Master Value Fund 33.89 8852.169             300,000                 300,000
JM Infra & Agricultural Fund 10 10000                 100,000                 100,000
Total (b)               400,000                400,000
     
Total Investments [a+b]  3,158,769            3,158,769

 

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COLINZ LABORATORIES LTD.

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

All amounts in Rupees, unless otherwise stated
 As at   Total As at 
 March 31, 2012   March 31, 2011 
Notes 8 - Long Term Loans & Advances
Security Deposits               713,150                709,150
Loans to Companies          13,050,000           13,250,000
         13,763,150           13,959,150
Notes 9 - Other Non-Current Assets
Cash and Cash Equivalants
Fixed Deposits maturing after 12 months               524,850                          -  
              524,850                         -  
Notes 10 - Inventories 
Raw Materials [Valued at the lower of cost (first in first out) and estimated net realisable value]            2,468,041             1,604,693
Packing Materials [Valued at the lower of cost (first in first out) and estimated net realisable value]            1,339,510                992,729
Work-in-Progress [Valued at the lower of cost and estimated net realisable value]                 59,875                168,054
Finished Goods [Valued at the lower of cost and estimated net realisable value]          17,465,638           16,262,247
         21,333,064           19,027,723
Notes 11 - Trade Receivables
(Unsecured and considered good)
Debts Outstanding For a Period Exceeding Six Months 1,243,083                    1,340,585 
Other Debts      9,599,737        7,891,702 
     
         10,842,820             9,232,287
Trade Receivable stated above include debts due by:
Directors *                         -                           -  
Other officers of the Company *                         -                           -  
Firm in which director is a partner *                         -                           -  
Private Company in which director is a member                         -                           -  
*Either severally or jointly 
Notes 12 - Cash and Cash Equivalents
Cash in Hand               358,547                390,818
Balances with Banks on:
 -  Current Accounts            5,135,607             8,823,134
 -  Fixed Deposit Accounts             3,764,059             2,500,000
 Less: Restricted Cash                         -                            -  
           9,258,213           11,713,952
Notes 13 - Short Term Loans and Advances
(Unsecured and considered good, unless otherwise stated)
a Loans and advances to related parties                          -                           -  
b Others
Balances With Central Excise Authorities                 53,999                  47,897
Advance to Employees               236,778                208,942
Advance to Suppliers/Service Providers - -
Pre-paid Expenses 141,001 178,970
VAT Refund Receivable 304,075 180,338
Tax Deducted at Source and Advance Tax 197,257 134,846
  933,110 750,993

 

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COLINZ LABORATORIES LTD.

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

All amounts in Rupees, unless otherwise stated
 Year ended   Year ended 
 March 31, 2012   March 31, 2011 
Notes 14 - Operating Revenue
Sale of Products             70,454,561             60,336,549
70,454,561 60,336,549
Notes 15 - Other Income
Interest on:
( - Bank Deposits [including tax deducted at source Rs.31,867 )                 320,777                   93,512
   (Previous year Rs. 15,281)]
 - Dividend                   47,777                   62,791
Profit on Sale of shares                          -                     65,679
368,554                221,982
Notes 16- Cost of Materials Consumed
Opening Stock               2,597,421               3,047,824
Add: Purchases              25,627,544             20,583,267
      28,224,965       23,631,091
Less: Closing Stock             (3,807,551)             (2,597,421)
          24,417,414           21,033,670
Notes 17 -Changes in inventories of finished goods work-in-progress and Stock-in-Trade
Opening Stock:
 - Finished Goods             16,262,247             13,368,881
 - Work-in-Progress                 168,054                 750,470
         16,430,301         14,119,351
Less: Closing Stock:
 - Finished Goods             17,465,638             16,262,247
 - Work-in-Progress                   59,875                 168,054
    17,525,513        16,430,301
      (1,095,212)           (2,310,950)
Notes 18 - Employee Benefit Expense
Salaries and Allowances             21,762,964             18,387,433
Contribution to Provident and Other Funds                 593,242                 619,457
Gratuity                  187,400                   40,800
          22,543,606           19,047,690

 

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COLINZ LABORATORIES LTD.

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

All amounts in Rupees, unless otherwise stated
 Year ended   Year ended 
 March 31, 2012   March 31, 2011 
Notes 19 - Finance Cost
Interest Expences: 1,892,853 1,560,718
                             
         1,892,853            1,560,718
Notes 20 - Other Expense
Block & Designs                 30,675                 20,250
Consumables               173,618               235,256
Laboratory Expenses                 92,405               108,400
AC Rental Charges               175,848               132,778
Office Rent               180,000               180,000
Analytical Charges               288,708               223,745
Office Expenses               572,832               587,384
Conveyance               373,022               341,184
Motor Car Expenses               171,898               181,939
Factory Security Expenses 274,759               141,944
Repairs and Maintenance:
- Plant and Machinery                 36,022                 76,416
- Building               269,474                         -  
- Others               195,600               102,833
Freight & Forwarding            1,390,682            1,396,225
Insurance               116,670                 90,071
Loan License Charges Paid            1,312,568            1,349,788
Auditors’ Remuneration                  90,446                 85,096
Power & Fuel               710,954               690,907
Printing & Stationery               105,900                 65,758
Books & Periodicals                 30,000                 19,100
Postage & Telegram               345,243               263,182
Legal & Professional Fees               413,242               599,037
Loss on sale of assets               120,017                         -  
Taxes & License Fees               318,568               367,538
Society Maint. Charges                 71,402                 79,339
Telephone Charges               439,975               263,352
Travelling Expenses               614,895            1,218,260
Commission on sales               927,386               912,993
Directors' Remuneration            1,711,000            1,549,000
Advertisement (Recruitment & Statutory)               119,903               204,648
Water Charges     19,964                 20,365
11,693,676   11,506,788

 

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SCHEDULE 21: SIGNIFICANT ACCOUNTING POLICIES AND NOTES TO THE FINANCIAL STATEMENTS :-

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 31-03-2012 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 :                                                             

  2011-2012  2010-2011
Audit Fees

Rs.   66,180

Rs.   55,150

Tax Audit Fees

Rs.   11,030

Rs.   11,030

Other services

Rs.   13,236

Rs.   18,916

Total

Rs.   90,446

Rs.   85,096

 

g) Segment Reporting

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

h) 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.8,40,500/-
Rent paid for the premise hired Rs. 1,80,000/-

i) 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. 0.24.

j) 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.

k) 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.

l) 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.

m) Deferred Tax :
The break up of the deferred tax liability as at 31st March, 2012 is as under:

 

2011-12
Rupees

2010-11
Rupees

Deferred Tax Liability :

 

 

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

63,62,909

64,30,675

 

63,62,909

64,30,675

Deferred Tax Assets:

32,62,792

29,46,695

Net Deferred Tax  Liability

31,00,117

34,83,980

     

n) 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.

o) 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, 2012.(Previous year figures are regrouped wherever necessary

i] Manufacturing  Activities :                                                                                                 [Rupees in Lacs]

       
Opening Stock
Closing Stock
Turnover

Class

Units

Installed Capacity

Actual
production

Qty.

Value

Qty.

Value

Qty.

Value

Tablets

Nos.

600

121.859

37.990

50.27

41.890

54.09

117.959

188.74

 

in Lacs

(600)

137.800)

(26.500)

(52.41)

  (37.990)

(50.27)

(126.31)

(179.10)

 

Capsules

Nos.

400

83.684

22.790

60.56

15.594

54.08

90.88

324.44

 

in Lacs

(400)

(99.870)

(12.030)

(35.74)

(22.790)

(60.56)

(89.11)

(252.59)

 

Liquids

Ltrs.

-

21090.180

 5605.770

16.88

7697.560

27.34

18998.39

68.53

 

 

-

(19051.160)

(5384.400)

  (12.12)

(5605.770)

(16.88)

(18829.79)

(58.53)

 

Ointments

Kgs 

-

3051.73

1256.330

17.88

1385.855

21.58

2922.205

      45.59

 

 

-

(3739.535)

(816.025)

  (14.68)

(1256.330)

  (17.88)

  (3299.23)

(49.59)

 

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.

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

Class Units Opening Stock Purchases Sales Closing Stock

 

 

Qty.

Value

Qty.

Value

Qty.

Value

Qty.

Value

Liquids

 Ltrs.

483.200

1.24

7253.000

13.28

5591.400

18.69

2144.800

6.67

 

in Lacs

(979.200)

(2.53)

(4124.200)

 (7.67)

(4620.200)

(14.32)

(483.200)

(1.24)

 

Injectables

Nos.

70.646

7.45

-

-

70.646

8.84

-

-

 

in Lacs

(13.860)

(2.87)

(134.606)

(6.74)

(77.820)

(10.98)

(70.646)

(7.45)

 

Capsules

Nos.

1.750

 5.69

9.167

17.49

9.732

37.69

1.185

3.84

 

in Lacs

(0.530)

(1.73)

 (8.580)

(16.04)

(7.360)

(30.60)

(1.750)

(5.69)

 

Tablets

Nos.

1.000

2.65

4.804

3.80

3.434

12.02

     2.370

7.05

 

in Lacs

(3.880)

(11.61)

 -

-

  (2.880)

(7.65)

    (1.000)

(2.65)

 

iii] The quantity and value of consumption of raw materials

Raw Materials (Bulk Drugs) Quantity (Kgs.) Value (Rupees in Lacs)
    2011-12 2010-11 2011-12 2010-11

1

Calcium Pantothenate

456

462

3.39

3.04

2

Vitamin E

330

368

5.90

8.81

3

Meclizine

250

180

20.34

13.58

4

Paracetamol

2150

2450

4.98

6.61

5

Chlorazoxazone

425

300

3.68

1.64

6

Isox suprine Hcl

17

17

2.67

2.15

7

Riboflavin  ( B2)

92

75

2.39

3.74

8

Niacinamide

382

430

2.44

3.45

9

Thiaminemono (B1)

74

80

1.18

1.67

10

Spirulina

4156

2829

22.29

13.77

11

Clindamycin Phosphate

25

5

2.43

1.09

12

Progesterone

150

125

23.92

18.10

13

Menthol

175

170

2.75

1.97

14

Propylene Glycol

1635

1590

2.13

2.54

15

Sorbitol

2227

600

1.16

0.24

16

Fish Oil

360

160

3.63

1.42

17

Folic Acid

90

-

2.82

-

18

Sugar

12550

7500

3.85

2.17

19

P V P K

150

-

1.22

-

20

Ofloxacin usp

120

95

3.20

1.88

21

Quinine Sulphate

25

30

1.71

2.03

22

Mat SR Base III

84

106

1.49

1.76

23

Ornidazole

300

237

3.26

2.26

24

Empty Gelatin Capsule

 

 

10.75

10.39

25

Others

 

 

23.09

18.62

 

                                    Total :

 

 

156.67

 122.93

 

As per our report of even date attached.    
FOR  S. V. BHAT & CO. FOR AND ON BEHALF OF THE BOARD.
FIRM REG.NO.101298W  
Chartered Accountants.    
     
S. V. BHAT Dr.  L. S. Mani N. K. MENON
Proprietor.  Chairman & Managing Director Director
M. No. 37237 .  
   
Place: Mumbai    
Date:15th May, 2012.    

 

 

 

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Cash flow statement

CASH FLOW STATEMENT FOR THE YEAR ENDED MARCH 31, 2012

 April 01, 2011   April 01, 2010 
 To   To 
 March 31, 2012   March 31, 2011 
 Rupees   Rupees 
A) CASH FLOW FROM OPERATING ACTIVITIES:
Profit/ Loss Before Taxation 878,724                784,741
Adjustments for:
Depreciation/Impairment  2,599,467              2,577,525
Interest on Fixed Loans                      -  
Interest on Delayed Payment of Taxes                      -  
Provision for Obsolete Stock                      -  
Bad Debts Written off                      -  
Provision for Contingencies                      -  
(Profit)/ Loss on sale of Fixed Assets (Net)              120,017
Interest on Deposits                       -                           -  
Provision for Doubtful Debts written back                       -                           -  
Liability No Longer Required Written Back                       -                           -  
Operating Profit Before Working Capital Changes 3,598,208             3,362,266
Adjustments for changes in working capital:
Increase / (Decrease) in Trade Payable 2,586,269 2,196,066
Increase / (Decrease) in Long Term Provisions - -
Increase / (Decrease) in Short Term Provisions - -
Increase / (Decrease) in Other Current Liabilities 1,019,688                 971,965
Increase / (Decrease) in Other Long Term Current Liabilities                23,247 37,000
(Increase) / Decrease in Trade Receivables (1,610,533)              2,562,188
(Increase) / Decrease in Inventories (2,305,342)             (1,860,549)
(Increase) / Decrease in Long Term Loans & Advances 196,000 400,000
(Increase) / Decrease in Short Term Loans & Advances (182,116)                     6,943
(Increase) / Decrease in Other Current Assets -                         -
(Increase) / Decrease in Other Non- Current Assets (524850) -
Cash Generated /(Used In) from Operations 2,800,571 7,675,879
Taxes Paid (Net)             (158,337)                (142,767)
Cashflow before extra ordinary items 2,642,234 7,533,112
Extra Ordinary items: Capital subsidy recd.              400,000                 400,000
Net Cash generated from /(Used In) Operating Activities 3,042,234 7,933,112
B) CASH FLOW FROM INVESTING ACTIVITIES:
Purchase of Fixed Assets (996,363)                 (55,885)
Proceeds from Sale of Fixed Assets                47,000 -
Investments in shares & securities                      -                 (15,941)
Interest received                      -                         -
Net Cash (Used In) Investing Activities (949,363) (71,826)
C) CASH FLOW FROM FINANCING ACTIVITIES:
Share Capital                      - -
Share Application Money - -
Proceeds from Long Term Borrowings (4,548,610)             (2,685,744)
Repayment of Short Term Borrowings                      - 
Interest Paid                        -                          - 
Net Cash (Used In) /generated from Financing Activities (4,548,610) (2,685,744)
Net increase in Cash and Cash Equivalents (A+B+C) (2,455,739)             5,175,542
Cash and Cash Equivalents as at the beginning of the year 11,713,952              6,538,410
Cash and Cash Equivalents as at the end of the year 9258213             11,713,952
(2,455,739) 5,175,542
Cash and Cash Equivalents comprise of:
Cash on Hand 358,547                 390,818
Cheques on Hand -                         -
Balances with Scheduled Banks on:
 -  Current Accounts 5,135,607              8,823,134
 -  Fixed Deposit Accounts 3,764,059              2,500,000
         9,258,213           11,713,952

 

Notes:

  1. The above cash flow statement has been prepared under the "Indirect Method" set out in Accounting Standard 3 - Cash Flow Statements issued by the Institute of Chartered Accountants of India.

  2. Cash and cash equivalents represent cash and bank balances only.

  3. Previous Year's figures have been regrouped and rearranged, wherever necessary.

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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, 2012 and 31st March, 2011 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.

Date :15th   May, 2012   For S. V. BHAT & CO
Place : Mumbai.    Chartered Accountants
    FIRM REG. No.-101298W
     
    S. V. BHAT
    (   Proprietor  )
    MEMBERSHIP No. – 37237

 

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

FORM OF PROXY

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 26th  Annual General Meeting of the Company to be held on Saturday , 29th September, 2012 and at any adjournment thereof.

Signed this................................................2012.


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 26th Annual General Meeting of the Company held at A-101, Pratik Ind. Estate, Next to Fortis Hospital, Mulund-Goregaon Link Road, Mumbai-400078, on Saturday, 29th September, 2012 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