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

 

27th Annual Report 2012-2013

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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27th 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
  NOTES FORMING PART OF THE FINANCIAL STATEMENTS
  BALANCE SHEET
  PROFIT AND LOSS ACCOUNT
  CASH FLOW STATEMENTS
  PROXY FORM AND ATTENDANCE SLIP

 

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NOTICE

Noticeis hereby given that the 27th  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  Monday, 30th September, 2013, 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. Vasant Bhat who retires by rotation and being eligible offers himself for re-appointment.

3. To appoint Auditors to hold office from conclusion of this Annual General Meeting till the conclusion of next Annual General Meeting and to authorise the Board of Directors to fix their remuneration.

    For Colinz Laboratories Limited
     
Regd. Office:   Dr.  L. S. Mani
A-101, Pratik Ind. Estate    Chairman & Managing Director
Mulund-Goregaon Link Road, Mumbai – 400 078.   
     
Date:30th May, 2013    

 

NOTES :-

  1. A MEMBER ENTITLED TO ATTEND AND VOTE AT THE MEETING IS ENTITLED TO APPOINT A PROXY OR PROXIES TO ATTEND AND VOTE INSTEAD OF HIMSELF AND PROXY NEED NOT BE A MEMBER. AN INSTRUMENT APPOINTING THE PROXY SHOULD BE DEPOSITED AT THE REGISTERED OFFICE OF THE COMPANY NOT LESS THAN 48 HOURS BEFORE THE TIME OF HOLDING THE MEETING.

  2. The Register of Members and Share Transfer Books of the Company will remain closed from, 23rd September, 2013 to 30th  September, 2013. (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 2012-2013

To
The Shareholders,

Your Directors have the pleasure in presenting their 27th Annual Report and audited Accounts of your Company, for the year ended 31st March, 2013.

FINANCIAL RESULTS :

 

2012-2013
(Rs. in Lacs)

2011-2012
(Rs. in Lacs)

Earnings before Interest, Depreciation & Tax (EBITDA)

62.39

53.70

Less:  Bank Charges and Interest

20.21

18.93

           Depreciation

26.19

25.99

Profit before Taxation

15.99

8.78

Less/ (Add):  Provision for Current Tax

2.97

1.58

          Provision for Deferred Tax

5.04

(3.84)

         

 

 

Profit after Taxation

7.98

11.04

 

OPERATIONS :

During the year under review, the total revenues of the company stood at Rs.779 lacs compared to 708 lacs.

The earnings before Interest, Depreciation and tax , increased to 62.39 lacs during the year under review compared to Rs. 53.70 in the previous year. The profit before tax was Rs. 15.99 Lacs, the net profit after providing for Income Tax and Differed Tax Liability was Rs. 7.98 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. Vasant Bhat 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 27th 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, 2013    

 

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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. The new DPCO is also on the anvil. The company will have to wait and watch the announcement and the price granted as per new DPCO, which will have an impact on the company's top line and bottom line.

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, and the final prices to be fixed under DPCO.

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 31-03-2013 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 31-03-2013:

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 31-03-2013, 8  Board Meetings were held on 10-05-2012, 31-05-2012, 31-07-2012, 29-09-2012, 31-10-2012, 03-12-2012 ,31-01-2013,
31-03-2013.

(c) Directors’ attendance record:

Name of the Director Board Meetings attended during the year Whether attended last AGM
Dr. L. S. Mani 8 Yes
Shri. N. K. Menon 8 Yes
Shri. Vasant K. Bhat 8 Yes
Shri. A. Krishna Kumar 8 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

8

Shri. A.Krishnakumar

Member

Non-Executive, Independent

8

Dr. L. S. Mani

Member

Executive, Promoter

8

 

(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 31-03-2013 are as follows.

Name

Salary

Dr. L. S. Mani

Rs. 8,85,500/-

Shri. N. K. Menon

Rs. 7,95,500/-

 

The Company pays sitting fees of Rs. 5,000/- per meeting up to July-2012 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 31.03.2013 - 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

2011-12

29-09-2012

12.30 PM

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

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.

 

(d) Postal Ballot :

For the year ended 31-03-2013, 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 27th  Annual General Meeting :

(In pursuance of Clause 49 of the Listing Agreement)

Name of the Director Shri. Vasant K. Bhat
Date of Birth 03.05.1971
Qualifications BCOM, FCA
Date of Appointment 19.03.2003
Expertise in specific functional areas

Audit , Accounts,

Finance,Taxation
List of other companies in which Directorship held None

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

None

 

Additional Shareholders information:

(a) Annual General Meeting
Date : 30th September, 2013.
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 2013-14, the tentative dates for declaration of un-audited / audited results will be  as follows;

Quarter ending 30-06-2013                      Before 31st  July,2013.
Quarter ending 30-09-2013.                     Before 31st Oct, 2013.
Quarter ending 31-12-2013                      Before 31st Jan, 2014.
Quarter ending 31-03-2014 &                   
Audited results for the year 2013-14        Before 30th May, 2014.

(c) Book closure :
The Register of Members and Share Transfer Books of the Company shall remain closed from Monday, 23rd September, 2013 to Monday, 30th September, 2013 ( 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 31-03-2013  was as follows:

Month

High

Low

Month

High

Low

April 2012

7.35

6.71

October 2012

7.90

7.88

May 2012

7.90

7.30

November 2012

7.80

7.14

June 2012

8.11

8.11

December 2012

7.24

6.90

July 2012

8.20

7.71

January 2013

7.10

7.10

August 2012

8.19

7.58

February 2013

7.30

7.00

September 2012

8.10

7.46

March 2013

7.28

6.58

 

(f)  Distribution of  Shareholding as on 31-03-2013.

Range (In Rs.)

Total Holders

% of Total Holders

Total Holding in Rs.

% of Total Capital

1 - 5000 1361 67.64 276979 6.06
5001 - 10000 239 11.88 203866 4.46
10001 - 20000 159 7.90 270305 5.91
20001 - 30000 134 6.67 390902 8.55
30001 - 40000 16 0.79 58233 1.27
40001 - 50000 10 0.50 47400 1.04
50001 - 100000 21 1.04 148793 3.26
100001 & above 72 3.58 3174522 69.45
 
Total     2012 100.00 4571000 100.00

 

(g) Shares held in physical and dematerialised form :
As on 31-03-2013, 25.19% 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, 2013    

 

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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 31-03-2013, 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. 15th May, 2013

 

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INDEPENDENT AUDITORS’REPORT

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

Report on the Financial Statements

We have audited the accompanying financial statements of Colinz Laboratories Limited (“the company”), which comprises the Balance Sheet as at March 31, 2013, the Statement of Profit And Loss and Cash Flow Statement for the Year then ended and a summary of significant accounting policies and other explanatory information.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India including Accounting Standards referred to in Section 211(3C) of the Companies Act, 1956 (“the Act”). This responsibility includes the design, implementation and maintenance of internal control relevant to preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditors’ Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatements.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatements of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the companies preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our Opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India.

  1. In the case of Balance Sheet, of the state of affairs of the company as at March 31, 2013;

  2. In the case of Statement of Profit and Loss, of the profit for the year ended on that date; and

  3. In the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

  1. As required by the Companies (Auditor’s Report) Order, 2003(“the Order”) issued by the Central Government of India in terms of  Section 227(4A) of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

  2. As required by Section 227(3) of the Act, we report 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 account as required by law have been kept by the company so far as appears from our examination of those books.

c)

The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement dealt with by this Report are in the agreement with the books of accounts.

d)

In our opinion, the Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement comply with the Accounting Standards referred to in Section 211(3C) of the Act;

e)

On the basis of the written representations received from the directors as on March 31, 2013, taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2013, from being appointed as a director in terms of Section 274(1)(g) of the Act.

 
Date :15th  May, 2013   For S. V. BHAT & CO
Place : Mumbai.    (Chartered  Accountants)
    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)In our opinion and according to the information and explanations given to us, 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

In respect of contracts or arrangements refer to in section 301 of the Companies Act 1956 :

(a) in our opinion and explanation given to us the transactions made in pursuance of contracts or arrangements that need to be entered in register maintained  under section 301 of the Companies Act 1956, have been so entered.

(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

We have broadly reviewed the books of accounts maintained by the Company in respect of the products where, pursuant to the rules made by the Central Government of India, the maintenance of cost records has been prescribed under clause (d) of  sub- section(1) of section 209 of the Act, and are of the  opinion that prima facie, the prescribed  accounts and records have been made and  maintained. We have not , however, made a detailed examination of the records with a view to determine whether they are accurate or complete.

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 31-03-2013 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, 2013   For S. V. BHAT & CO
Place : Mumbai.    Chartered Accountants
    FIRM REG. No.-101298W
     
    S. V. BHAT
    (   Proprietor  )
    MEMBERSHIP No. – 37237

 

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SCHEDULE 01: SIGNIFICANT ACCOUNTING POLICIES AND NOTES TO THE FINANCIAL STATEMENTS :-

Significant Accounting Policies: Note : 1

1.1

The company maintains its accounts on accrual basis following the historical cost convention In compliance with the accounting standards specified by Institute of Chartered Accountants of India, referred to in Section 211 ( 3C ) of the Companies Act, 1956.

1.2

i) Tangible assets are stated at  original cost net of tax / duty credits availed, if any.
ii) Depreciation has been provided under Straight Line Method at the applicable rates, 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.

1.3

Capital work in progress:
The capital work in progress as on 31-03-2013 is Rs. Nil

1.4

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.

1.5

Investments:
Investments are stated at cost.

1.6

Revenue Recognition
i) Income From  sales of goods is recognized upon transfer of significant risk and rewards of ownership of the goods to the customers which generally coincides with delivery  and acceptance of goods sold; sales are shown inclusive of excise duty and exclusive of Sales Tax (VAT).

ii) Other income:
Includes  interest on Fixed Deposits with Bank and dividends received.

1.7

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.

1.8

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

1.9

Retirement Benefits:
Retirement benefit or Post separation expenses in respect of gratuity is not provided for, and liability is not ascertained.

i)Privilege leave entitlement: Privilege leave entitlements are recognized as a liability as and when the same is encashed by the employees.

ii)Provident Fund: Contribution to Government provident Fund are made as per the provisions regularly.

1.10

The figures of previous year have been regrouped wherever necessary.

1.11

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.

1.12

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

1.13

Contingent liabilities :
Contingent liabilities as defined in Accounting  Standard 29 on “Provisions, Contingent Liabilities
and Contingent Assets” are disclosed by ways of notes to the accounts. Disclosures is not made if  the possibility of an outflow of future economics benefits is remote. Provision is made if it is probable that an outflow of future economics benefits  will be required to settle the Obligation.

1.14

Auditors Remuneration :

2012-2013  2011-2012 
Audit Fees Rs.   67,416 Rs.   66,180
Tax Audit Fees Rs. ........    - Rs.   11,030
Other services Rs.   13,236 Rs.   13,236
  Rs.   80,652 Rs.   90,446
1.15

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

1.16

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 :

 

i)   Key Management personnel    

   

ii)  Details of Transactions.

                    

Dr. L. S. Mani.

Remuneration paid

Rs.  8, 85,500

 

Rent paid for the premise hired

Rs.   1,80,000

1.17

With regard to loan given to Company, the Board of Directors are of the opinion that, no provision for doubtful debt is required to be made as the amount being recovered in installments

1.18

Earning per share
The Company reports Earning Per Share (EPS) in accordance with Accounting Standard 20 on “Earning  Per Share“. Basic EPS is  computed  by dividing  the net  profit for  the year  by the weighted  Average number of Equity Shares outstanding during  the year. Diluted EPS is computed by dividing the net profit or loss for the year by the weighted average number of equity shares outstanding  during the year as adjusted for the effects of all dilutive potential equity shares, except where the  results  are anti-dilutive.

1.19

Provisions for Current and Deferred Tax.
i)Provision for Current Tax is made after taking into consideration benefits admissible under the provision of Income Tax Act 1961.

ii) Deferred tax resulting from timing differences between taxableand accounting income is accounted for using the tax rate and laws that are enacted or substantively enacted as on the Balance Sheet date. 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

 

Deferred Tax Liability :
The break up of the deferred tax liability as at 31st March, 2013 is as under:

   

2012-13

2011-12

  Rupees Rupees
  Deferred Tax Liability :    
  Difference between book depreciation depreciation as per Income Tax Act, 1961. 62,55,558 63,62,909
    62,55,558 63,62,909
  Deferred Tax Assets: 26,51,302 32,62,792
  Net Deferred Tax  Liability 36,04,256 31,00,117
1.20

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 to the amount stated in the Balance sheet.

 

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
Membership No. 37237 .  
   
Place: Mumbai    
Date:15th May, 2013.    

 

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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  2             35,435,000                35,435,000
  (b) Reserves & Surplus 3             27,148,870
               26,350,510
 
2 Non Current Liabilities
  (a) Long Term Borrowings 4
     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 5               4,012,688                  9,216,354
  (c) Other Current Liabilities 6               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 7
       (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 8               3,158,769                  3,158,769
  (c) Deferred Tax Assets (Net)                            -                            -  
  (d) Long Term Loans & Advances 9             13,543,150                13,763,150
  (e) Other Non-Current Assets 10                  599,115                            524,850 
2 Current Assets
  (a) Current Investments                            -                            -  
  (b) Inventories 11 18,605,953 21,333,064
  (c) Trade Receivables  12 12,716,652 10,842,820
  (d) Cash and Cash Equivalents 13 9,383,894 9,258,213
  (e) Short Term Loans and Advances 14 785,483 933,110
  (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, 2013

All amounts in Rupees, unless otherwise stated
 Year ended   Year ended 
NOTES  March 31, 2013   March 31, 2012 
 I  Revenue from Operations
Sales -Products 15
                76,818,336
70,454,561
Other Operating Revenue
323,373
                               -
Less : Excise duty
               (5,282,156)
               (4,435,470)
71,859,553 66,019,091
   
 II  Other Income 16
                     774,599
                     368,554
 III   Total Revenue (I+II) 
               72,634,152
66,387,645
 IV  Expenses
Cost of Materials Consumed 17
21,401,546
                 24,417,414
Purchase of Trading Goods
                  5,459,923
                  3,457,117
Changes in inventories of finished goods work-in-progress and Stock-in-Trade 18
1,701,784
(1,095,212)
Employee Benefits Expense 19
                 25,748,545
                 22,543,606
Finance Cost 20
                  2,020,580
                  1,892,853
Depreciation and amortization expense 7
                  2,619,303
                  2,599,467
Other Expenses 21
                 12,082,689
                 11,693,676
 Total Expenses                 71,034,370                65,508,921
 V  Profit before exceptional and extraordinary items and tax (III-IV)                    
                 1,599,782
                   
                    878,724
 VI  Exceptional items                              -                                  -
 VII  Profit before extraordinary items and tax (V - VI)
                 1,599,782
                    878,724
 VIII  Extraordinary Items                              -                                  -
 IX  Profit before tax (VII- VIII)
                 1,599,782
                    878,724
 X  Tax expense:
(1) Current tax
                    297,283
                    158,337
(2) Deferred tax
                    504,139
(383863)
 XI  Profit (Loss) for the period from continuing operations (IX-X)
                    798,360
                11,04,250
 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)                  798,360 11,04,250
 XVI  Earnings per equity share:
(1) Basic                           0.17                           0.24
(2) Diluted                              -  
Significant accounting policies and notes  1
 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, 2013.    

 

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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 2 - 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 386000 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 3 - 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 4 - 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]
[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 5- 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 6- 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 7 - 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 2586468 388393 0 2974861 5201830 5590223
OFFIICE EQUIPMENTS 592660 0 0 592660 408866 28151 0 437017 155643 183794
COMPUTER 644888 19810 0 664698 592996 17432 0 610428 54270 51892
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 8- 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 9 - 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 10- Other Non-Current Assets
Cash and Cash Equivalants
Fixed Deposits maturing after 12 months 599,115 524,850
              599,115 524,850
Notes 11 - 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 12 - 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
     
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 
Total 12,716,652 10,842,820
Notes 13 - 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 14 - 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
  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 15 - Sales Products
Sale of Products 76,818,336 70,454,561
Other Operating Revenue 323,373 -
77,141,709 70,454,561
Notes 16 - Other Income
Interest on:
( - Bank Deposits [including tax deducted at source Rs. 57,683 ) 576,814 320,777
   (Previous year Rs. 31,867)]
 - Dividend 39,653 47,777
Insurance Claim Recevied 158,132 -
Profit on Sale of shares                          -                     -
774,599 368,554
Notes 17- 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 18-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 19 - 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 20 - Finance Cost
Interest Expences: 2,020,580 1,892,853
                             
2,020,580 1,892,853
Notes 21- 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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Cash flow statement

CASH FLOW STATEMENT FOR THE YEAR ENDED MARCH 31, 2013

 April 01, 2012   April 01, 2011 
 To   To 
 March 31, 2013   March 31, 2012 
 Rupees   Rupees 
A) CASH FLOW FROM OPERATING ACTIVITIES:
Profit/ Loss Before Taxation 1599782                878,724
Adjustments for:
Depreciation/Impairment  2619303 2,599,467
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 4219085 3598208
Adjustments for changes in working capital:
Increase / (Decrease) in Trade Payable (5203666) 2586269
Increase / (Decrease) in Long Term Provisions - -
Increase / (Decrease) in Short Term Provisions - -
Increase / (Decrease) in Other Current Liabilities 1594967 1019688
Increase / (Decrease) in Other Long Term Current Liabilities 49156 23247
(Increase) / Decrease in Trade Receivables (1873832) (1610533)
(Increase) / Decrease in Inventories 2727110 (2305342)
(Increase) / Decrease in Long Term Loans & Advances 220000 196000
(Increase) / Decrease in Short Term Loans & Advances 147627 (182116)
(Increase) / Decrease in Other Current Assets -                         -
(Increase) / Decrease in Other Non- Current Assets (74264) (524850)
Cash Generated /(Used In) from Operations 1806183 2800571
Taxes Paid (Net) (297283) (158337)
Cashflow before extra ordinary items 1508900 2642234
Extra Ordinary items: Capital subsidy recd. -                 400,000
Net Cash generated from /(Used In) Operating Activities 1508900 3042234
B) CASH FLOW FROM INVESTING ACTIVITIES:
Purchase of Fixed Assets (19810) (996363)
Proceeds from Sale of Fixed Assets - 47000
Investments in shares & securities                      - -
Interest received                      -                         -
Net Cash (Used In) Investing Activities (19810) (949363)
C) CASH FLOW FROM FINANCING ACTIVITIES:
Share Capital                      - -
Share Application Money - -
Proceeds from Long Term Borrowings (1363409) (4548610)
Repayment of Short Term Borrowings                      -  
Interest Paid                        -                           -  
Net Cash (Used In) /generated from Financing Activities (1363409) (4548610)
Net increase in Cash and Cash Equivalents (A+B+C) 125681 (2455739)
Cash and Cash Equivalents as at the beginning of the year 9258213 11713952
Cash and Cash Equivalents as at the end of the year 9383894 9258213
125681 (2455739)
Cash and Cash Equivalents comprise of:
Cash on Hand 289622 358547
Cheques on Hand -                         -
Balances with Scheduled Banks on:
 -  Current Accounts 2885346 5135607
 -  Fixed Deposit Accounts 6208926 3764059
9383894 9258213

 

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, 2013 and 31st March, 2012 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, 2013   For S. V. BHAT & CO
Place : Mumbai.    Chartered Accountants
     
    S. V. BHAT
    (   Proprietor  )
    MEMBERSHIP No. – 37237
    FIRM REG. No.-101298W

 

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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 27th Annual General Meeting of the Company to be held on Monday, 30th September, 2013 and at any adjournment thereof.

Signed this................................................2013.


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 27th Annual General Meeting of the Company held at A-101, Pratik Ind. Estate, Next to Fortis Hospital, Mulund-Goregaon Link Road, Mumbai-400078, on Monday, 30th September, 2013 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