Notice	Director’s Report	Management Discussion	Report on Corporate	Auditor’s Report
Balance Sheet	Profit and Loss	Notes Forming	Case Flow	Proxy Form

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Balance sheet & profit & loss and their schedule

COLINZ LABORATORIES LTD.

BALANCE SHEET AS AT MARCH 31, 2013

				All amounts in Rupees, unless otherwise stated
			Notes	As at	As at
				March 31, 2013	March 31, 2012
I	EQUITY AND LIABILITIES
1	Shareholders' Funds
		(a) Share Capital	1	35,435,000	35,435,000
		(b) Reserves & Surplus	2	27,350,510	27,350,510
2	Non Current Liabilities
		(a) Long Term Borrowings	3	22,554,442	23,917,851
		(b) Deferred Tax Liabilities		3,604,256	3,100,117
		(c) Other Long Term Liabilities		147,303	98,147
		(d) Long Term Provisions		-	-
3	Current Liabilities
		(a) Short Term Borrowings
		(b) Trade Payables	4	4,012,688	9,216,354
		(c) Other Current Liabilities	5	5,651,735	4,056,768
		(d) Short Term Provisions		-	-
		TOTAL		98,554,294	102,174,747
II	ASSETS
1	Non-Current Assets
		(a) Fixed Assets	6
		(i)   Tangible Fixed Assets		39,761,278	42,360,771
		(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	13,543,150	13,763,150
		(e) Other Non-Current Assets	9	599,115	524,850
2	Current Assets
		(a) Current Investments		-	-
		(b) Inventories	10	18,605,953	21,333,064
		(c) Trade Receivables	11	12,716,652	10,842,820
		(d) Cash and Cash Equivalents	12	9,383,894	9,258,213
		(e) Short Term Loans and Advances	13	785,483	933,110
		(f) Other Current Assets		-	-
		TOTAL		98,554,294	102,174,747

 

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, 2013.

 

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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	76,818,336	70,454,561
	Other Operating Revenue		323,373	-
	Less : Excise duty		(5,282,156)	(4,435,470)
			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, 2013		March 31, 2012
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	8,4445
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	3,500,000		3,100,000
	(+) Current Year Transfer	0		400,000
	(-)  Written back in the current year	0		0
	Closing balance		3,500,000		3,500,000
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	7,630,260		6,526,010
	(+) Current Year Transfer	798,360		1,104,250
	(-)  Transfer to Other Reserves	0		0
	Closing balance		8,428,620		7,630,260
	Total [a+b+c]		27,148,870		26,350,510

 

COLINZ LABORATORIES LTD.

NOTES  FORMING PART OF THE FINANCIAL STATEMENTS

		All amounts in Rupees, unless otherwise stated
		As at	Total As at
		March 31, 2013	March 31, 2012
Notes 3 - Long Term Borrowings
	Secured-From Banks
	Cash Credit Account with Bank of Baroda	8,360,307	8,794,822
	[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	590,064	712,898
	[Secured against hypothecation of car]
		8,950,371	9,507,720
	Unsecured Loans -Others
	Sales tax deferred (Interest free)	13,604,071	14,410,131
	[As per Package Scheme of Incentive of Maharashtra state
	government and includes VAT and CST]
		13,604,071	14,410,131
	Total	22,554,442	23,917,851
Notes 4- Trade Payables
	Sundry Creditors:
	a) Micro and small enterprises *	-	-
	b) Others	4,012,688	9,216,354
	* [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]
		4,0012,688	9,216,354
Notes 5- Other Current Liabilities
	Statutory liabilities	1,377,700	875,131
	Other Liabilities	3,605,098	2,651,184
	Provisions	668,937	530,453
		5,651,735	4,056,768

 

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COLINZ LABORATORIES LTD.

NOTES FORMING PART OF THE BALANCE SHEET AS AT MARCH 31, 2013

Notes 6 - Fixed Assets

DESCRIPTION	GROSS BLOCK				DEPRECIATION				NET BLOCK
	As at 1.4.2012	Additon in	Deduction	As at 31.3.2013	As at 1.04.2012	Depreciation	Deduction	Up to 31.3.2013	As at 31.3.2013	As at 31.3.2012
		2012-13				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	7498823	802513	0	8301336	15725994	16528507
BUILDING-Office	6580717	0	0	6580717	921164	107266	0	1028430	5552287	5659553
PLANT & MACHINERY	11187512	0	0	11187512	5720981	531407	0	6252388	4935124	5466531
LABORATORY EQUIPMENTS	1570542	0	0	1570542	769991	74601	0	844592	725950	8800551
FACTORY EQUIPMENTS & TOOLS	3223653	0	0	3223653	1442811	153124	0	1595935	1627718	1780842
ELECTRICAL INSTALLATION	2377531	0	0	2377531	1264974	112933	0	1377907	999624	1112557
CENTRAL A.C. PLANT	8176691	0	0	8176691	8176691	2586468	0	388393	2974861	5201830
OFFIICE EQUIPMENTS	592660	0	0	592660	408866	28151	0	437017	155643	183794
COMPUTER	644888	0	0	644888	592996	17432	0	2493422	976018	1195633
FURNITURE & FIXTURE	3469439	0	0	3469439	2273807	219615	0	2493422	976018	1195633
VEHICLES	1935457	0	0	1935457	519119	183868	0	702987	1232470	1416338
Total Tangible Assets	66360770	19810	0	66380580	24000000	2619303	0	26619303	39761278	42360771
B. Intangible Assets	0	0	0	0	0	0	0	0	0	0
TOTAL ASSETS	66360770	19810	0	66380580	24000000	2619303	0	26619303	39761278	42360771
PREVIOUS YEAR	65969729	996363	605322	66360770	21838838	2599467	438305	24000000	42360771	44130891

 

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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, 2013	March 31, 2012
Notes 7- Non-Current Investments
(a)   Equity shares [fully paid, quoted]
	3i Infotech	10	600	30000	30000
	Ansal Properties & Infrastructure Ltd.	5	200	101,926	101,926
	Arvind Ltd	10	500	60681	60681
	Bajaj Holdings & Investments Ltd.	10	50	28678	28678
	Bajaj Auto  Ltd.	10	100	73319	73319
	Bajaj Finserv Ltd.	5	50	27770	27770
	Bank of Baroda	10	500	118534	118534
	Bank of Maharashtra	10	300	6900	6900
	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. 2,441,536.00 ]
(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, 2013	March 31, 2012
Notes 8 - Long Term Loans & Advances
	Security Deposits	713,150	713,150
	Loans to Companies	12,830,000	13,050,000
		13,543,150	13,763,150
Notes 9- Other Non-Current Assets
	Cash and Cash Equivalants
	Fixed Deposits maturing after 12 months	599,115	524,850
		599,115	524,850
Notes 10 - Inventories
	Raw Materials [Valued at the lower of cost (first in first out) and estimated net realisable value]	1,521,807	2,468,041
	Packing Materials [Valued at the lower of cost (first in first out) and estimated net realisable value]	1,260,417	1,339,510
	Work-in-Progress [Valued at the lower of cost and estimated net realisable value]	639,990	59,875
	Finished Goods [Valued at the lower of cost and estimated net realisable value]	15,183,739	17,465,638
		18,605,953	21,333,064
Notes 11 - Trade Receivables
	(Unsecured and considered good)
	Debts Outstanding For a Period Exceeding Six Months	1,322,144	1,243,083
	Other Debts	11,394,508	9,599,737
		12,716,652	10,842,820
	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	289,622	358,547
	Balances with Banks on:
	-  Current Accounts	2,885,346	5,135,607
	-  Fixed Deposit Accounts	6,208,926	3,764,059
	Less: Restricted Cash	-	-
		9,383,894	9,258,213
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	69,480	53,999
132,617	Advance to Employees	132,617	236,778
8	Advance to Suppliers/Service Providers	-	-
	Pre-paid Expenses	131,654	141,001
1		304,075	304,075
	Tax Deducted at Source and Advance Tax	147,657	197,257
		785,483	933,110

 

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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, 2013	March 31, 2012
Notes 14 - Operating Revenue
	Sale of Products	76,8,818,336	70,454,561
	Other Operating Revenue	323,373	-
		77,141,709	70,454,561
Notes 15 - Other Income
	Interest on:
	( - Bank Deposits [including tax deducted at source Rs.31,867 )	576,814	320,777
	(Previous year Rs. 15,281)]
	- Dividend	39,653	47,777
	Insurance Claim Recevied	158,132	-
	Profit on Sale of shares	-	65,679
		774,599	368,554
Notes 16- Cost of Materials Consumed
	Opening Stock	3,807,551	2,597,421
	Add: Purchases	20,376,219	25,627,544
		24,183,770	28,224,965
	Less: Closing Stock	(2,782,224)	(3,807,551)
		21,401,546	24,417,414
Notes 17 -Changes in inventories of finished goods work-in-progress and Stock-in-Trade
	Opening Stock:
	- Finished Goods	17,465,638	16,262,247
	- Work-in-Progress	59,875	168,054
		17,525,513	16,430,301
	Less: Closing Stock:
	- Finished Goods	15,183,739	17,465,638
	- Work-in-Progress	639,990	59,875
		15,823,729	17,525,513
		1,701,784	1,095,212
Notes 18 - Employee Benefit Expense
	Salaries and Allowances	24,899,477	21,762,946
	Contribution to Provident and Other Funds	650,618	593,242
	Gratuity	198,450	187,400
		25,748,545	22,543,606

 

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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, 2013	March 31, 2012
Notes 19 - Finance Cost
	Interest Expences:	2,020,580	1,892,853
		2,020,580	1,892,853
Notes 20 - Other Expense
	Block & Designs	14,175	30,675
	Consumables	237,065	173,618
	Laboratory Expenses	96,847	92,405
	AC Rental Charges	158,555	175,848
	Office Rent	180,000	180,000
	Analytical Charges	275,893	288,708
	Office Expenses	624,279	572,832
	Conveyance	434,610	373,022
	Motor Car Expenses	194,208	171,898
	Factory Security Expenses	320,356	274,759
	Repairs and Maintenance:
	- Plant and Machinery	169,244	36,022
	- Building	108,817	269,474
	- Others	192,884	195,600
	Freight & Forwarding	1,511,573	1,390,682
	Insurance	97,757	116,670
	Loan License Charges Paid	1,097,720	1,312,568
	Auditors’ Remuneration	80,652	90,446
	Power & Fuel	863,163	710,954
	Printing & Stationery	175,328	105,900
	Books & Periodicals	10,200	30,000
	Postage & Telegram	323,886	345,243
	Legal & Professional Fees	576,461	413,975
	Loss on sale of assets	-	120,017
	Taxes & License Fees	216,802	318,568
	Society Maint. Charges	71,027	71,402
	Telephone Charges	407,396	439,975
	Travelling Expenses	826,662	614,895
	Commission on sales	919,548	927,386
	Directors' Remuneration	1,721,000	1,711,000
	Advertisement (Recruitment & Statutory)	156,549	119,903
	Water Charges	20,032	19,964
		12,082,689	11,693,676

 

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SCHEDULE 21: SIGNIFICANT ACCOUNTING POLICIES AND NOTES TO THE FINALCIAL 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	Actual production	Qty.	Value	Qty.	Value	Qty.	Value
Tablets	Nos.	121.859	37.990	50.27	41.890	54.09	117.959	188.74
	in Lacs	137.800)	(26.500)	(52.41)	(37.990)	(50.27)	(126.31)	(179.10)
Capsules	Nos.	83.684	22.790	60.56	15.594	54.08	90.88	324.44
	in Lacs	(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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