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

DIRECTORS’ REPORT 2011-2012

To
The Shareholders,

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

FINANCIAL RESULTS :

 

2011-2012
(Rs. in Lacs)

2010-2011
(Rs. in Lacs)

Earnings before Interest, Depreciation & Tax (EBITDA)

53.70

49.23

Less:  Bank Charges and Interest

18.93

15.61

           Depreciation

25.99

25.77

Profit before Taxation

8.78

7.85

Less/ (Add):  Provision for Current Tax

1.58

1.34

          Provision for Deferred Tax

(3.84)

(0.78)

         

 

 

Profit after Taxation

11.04

7.29

 

OPERATIONS :

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

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

DIVIDEND :

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

LISTING OF SHARES:

The shares of your Company are listed in Stock Exchange, Mumbai. Annual Listing Fees for the year 2012-13 has been paid on time.

PUBLIC DEPOSITS :

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

DIRECTORS:

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

DIRECTORS’ RESPONSIBILITY STATEMENT:

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

  1. In the preparation of the annual accounts, the applicable accounting standards have been followed, along-with proper explanation relating to material departures, wherever applicable.

  2. The Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company, as at the end of the accounting year and of the profit of the company for that year;

  3. The Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

  4. The Directors have prepared the annual accounts on a going concern basis.

PERSONNEL:

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

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

CONSERVATION OF ENERGY:

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

TECHNOLOGY ABSORPTION, ADAPTATION AND INNOVATION:

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

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

RESEARCH AND DEVELOPMENT:

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

REPORT ON CORPORATE GOVERNANCE

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

  1. Management Discussion and Analysis.

  2. Report on Corporate Governance.

  3. Auditor’s Certificate regarding compliance of conditions of Corporate Governance.

OTHER MATTERS:

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

AUDITORS:

M/s. S. V. Bhat & Co., Chartered Accountants, retire as auditors of the Company at the conclusion of the 26th Annual General Meeting and are eligible for reappointment.

ACKNOWLEDGEMENT:

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

    For Colinz Laboratories Limited.
    Dr.  L. S. Mani
    Chairman & Managing Director
Mumbai, 30th May, 2012    

 

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