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pure and fresh ....

A n n u a l r e p o r t & A c c o u n t s

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2007-2008


ANNUAL REPORT AND ACCOUNTS

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Founded in 1932 by ➜ Mr. Saleh Vali, beginning as a small town Dispensing pharmacy of Nagpur. Now a corporate ➜ professional with $25 Million annual sales, having six manufacturing sites and business in 21 countries employing cutting edge

Our Story

Technology.

Specialized in Generic ➜ including Tablets, Capsules, Injectables, Liquids & Semisolids. Niche areas targeted ➜ NDDS & PFIs, Herbal Specialities Cosmetics, Contrast Media & Diagnostics. Media & Diagnostics.

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A success story emerging from Determination, Adaptability & Spirit of Innovation The Pharmaceutical sector is one where trends and technologies are in a state of flux. New breakthroughs in the world and Healthcare occur at a hectic pace. This demands for expertise and skill to stay ahead. Unijules Life Sciences Ltd. exemplifies an organisation displaying these very traits. Headquartered and set-up in the industrial belt of Nagpur City of Central India, UNIJULES has established itself as one of the preferred healthcare solution providers in the field of New Drug Delivery Systems (NDDS) while keeping its grass roots expertise like Mother Tinctures, classical herbals alive offering time tested benefits to the common man. The Group Companies of UNIJULES are supported by excellent technical team & sufficient capacity to produce large requirements for different market segments. UNIJULES Group Companies are

engaged in the activities of ... Manufacturing, Distribution and 端 Marketing of Allopathic and Herbal for Human and Veterinary consumption. Product lines include all dosage 端 forms (Solids, Liquids, Semisolids, Powder, Parenterals). Organic Cultivation of in house 端 phytochemicals and extraction facility. UNIJULES has pioneered several innovative technologies & products particularly in the spheres of Pellets, Multiplets, Resinates, and Herbals & Diagnostics. Multiparticulates & Modified Release Oral Solid Dosage Forms have been identified as a thrust area & key formulations developed. Taste masking and ORO dispersible products are focus areas. The wide appreciation for its quality and prompt services to clients, have ensured a strong presence in both domestic and international markets.

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Our Mission

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Value Driven Culture Our value provide the safety STRAP for associates on board our fight to success. O u r C o r p o rate p h i l o s o p hy w h i c h percolates through the entire organisation and forms the core can be explained in the following terms:

Our Mission We will exploit our Zeal for excellence and spirit of innovation in the field of medicine to ensure our position as a premier pharmaceutical manufacturing organisation specialising in.. ü Niche products and markets ü Original research based herbals for chronic ailments. ü Biotechnology based products and processes. ü Thereby contributing to availability of high quality affordable healthcare for the common man and meeting our obligation to our employees, investors and the shareholders.

ü Striving for Customer Satisfaction through all our actions. ü Transacting Business with Integrity & Transparency. ü Respecting the Rights of all Stakeholders & Associates. ü Aspiring for a responsible corporate citizenship through our r e g a r d f o r environment, promotion of education, and contribution towards disease - free humanity in constant harmony and peace. ü Pursuing Excellence Through Continuous Innovation. This distinguishes UNIJULES amongst other technology companies, enabling us to excel and innovate in what we do and in what we stand for as a company. All these connote the clarity of purpose & sense of commitment that have lead each one at UNIJULES to evolve as a true professional & global citizen.

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Mr. Zakir S. Vali (B. Pharm) Founder and Chairman

Mr. Faiz Vali (B. Pharm, MBA) MD & CEO

Mr. Anwar Daud (M. Pharm) Director

Key Persons Mr. Vinayak Kudva (B. Com) Director

Mr. I. A. Trivedi (B. Sc.) Director

Mr. D. K. Bellani (B. Pharm) Director

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Our Vision We believe that the pharmaceutical business is today poised for a great leap forward. Truly innovative technologies with the potential to change the nature of human health and longevity have already appeared and each day brings better and better innovations. At the same time, the fruits of these discoveries are becoming prohibitively unaffordable for the majority of the human race. There is a desperate need for solutions that emerge out of these innovative technologies to reach the common man at an affordable cost so that these benefits do not remain accessible only to the rich and affluent sections of society. Ever changing regulatory guidelines, advance in drug therapy and delivery systems, drug industry mergers aquisitions, globalisation and evolving markets such as those for nutritional supplements, old age and alternative therapy medicines pose challenges to every pharmaceutical organisation to manage and accelerate the drug development process. We, at UNIJULES, aspire to play a significant role in making the fruits of such technologies available as affordable healthcare solutions, teaming with likeminded associates in the pharmaceutical technology business, aiming for customer satisfaction, while respecting the rights of others. Uniquely positioned to provide & expertised in new drug delivery systems, we support our own and customers objectives with specialised formulations to reach the market faster and easier than ever. We are committed towards providing our national and international clients an easy and timely access to sophisticated process technologies and products, give value for money and to offer our customer innovative and exclusive quality products that differentiate them from their competitors and significantly impacts their bottom line. That’s why, every day we continue to put our zeal for excellence and spirit of innovation into all our actions.

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Technical Services Departments (Quality Assurance & Control) “Creating world class manufacturing facilities is easy, running them daily and continuously as per GMP norms is a way of life at UNIJULES.”

Infrastructure

Business Development and Logistics “Customer satisfaction through accurate understanding of needs and Schedules and all round service.”

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“The Research & Development being a focus area, a pool of talented professionals engaged in the unceasing endeavor to break new grounds and unearth fresh solutions.” The company possesses an... Exceptional technical team. ü An independent Research & Development wing. ü Well established analytical laboratory & pilot plant. ü Six manufacturing sites encompassing various dosage forms. ü The Research & Development & Technical Services Departments are focus areas. A pool of talented professionals are engaged in the unceasing endeavour to break new grounds and unearth fresh solutions. They ensure that our Customers perpetually derive the benefits of Innovative, Cost-Effective and Quality products, which in turn provide them with an unbeatable edge in the competitive market place. Since the promoters of UNIJULES have been in the business of manufacturing Herbal Products and possess sophisticated manufacturing systems, the manufacture of standardized herbal formulation conforming to globally accepted and rationalized manufacturing standards is another specialised activity. UNIJULES is one of the few companies exploiting its niche in Herbal pelletization resulting in the patented HERBULES technology as well with many upcoming patents on the process of pelletization and controlled delivery systems.

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TECHNOLOGY “We are focused towards enhancing medicament acceptability through innovative modification of physicochemical attributes of drug molecules."

“UNIJULES offers to its clients & customers a wide spectrum of value added & cost effective services pertaining to

Services

Manufacturing, Product Development, Pharmaceutical & Analytical Method

SPECIALISED PRODUCTS “Providing a distinct market advantage and immense value addition.”

Development, Technical Assistance or Regulatory Affairs......"

PRODUCT & METHOD DEVELOPMENT: “Serving an industry that is rapidly changing means keeping our focus on the future.”

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SOURCING OF NATURAL PRODUCTS AND BOTANICALS “Scientific identification, Organic cultivation and strict GAP adherence are the key fundamentals to consistency of product quality at UNIJULES.”

REGULATORY AFFAIRS: “Monitoring a global regulatory and registry environment is a full time process at UNIJULES.”

CONTRACT RESEARCH COORDINATION “Maximizing yield, minimizing wastages are key result areas for customer benefit.”

TECHNICAL SERVICES “From product concept through formulation development to final production in reduced cost & time frames.”

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Liquid Oral & Semi Solid Manufacturing Facility at Nagpur

Injectables Manufacturing Facility at Hingna

Infrastructure Solid dosage form manufacturing Facility-1 at Kalmeshwar

Herbal Formulation Manufacturing Facility at Wadi

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Herbal formulations & Extraction unit at MIDC Parseoni


We are committed towards providing our National & International clients an easy & timely access to sophisticated process technologies & products, give value for money, & to offer our customers Innovative & exclusive quality products that differentiate them from their competitors & Significantly imparts their bottom line.

Partnership solicited for Product Under Licensing. Supply of - Pre formulation Intermediates. - Herbal Extracts & Neutraceuticals. - Contrast Media (Oral & Parenteral).

Contract Research Services. Plant Tissue Culture and Contract Farming.

Upcoming dedicated anti-cancer unit at MIDC, Umred

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Location

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Our location provides numerous advantages such as: ü Easy access by rail, road and air to all parts of the world. ü Plentiful electricity and water. ü A dry dock facility and customs both facilitate direct export & / import. ü Easy and economical availability of raw and packing materials. ü Surrounded by vast tribal forest areas having their own wealth of plants of medicinal value giving it easy, local availability of the required plant raw materials. ü Being an educational city provides easy availability of qualified & technical manpower. ü A cosmopolitan, secular atmosphere and work culture with a vibrant city life.

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THIRD ANNUAL REPORT AND ACCOUNTS FOR THE YEAR 2007-2008 OUR MISSION We will exploit our ZEAL for excellence and spirit of innovation in the field of medicine to ensure our position as a premier pharmaceutical manufacturing organization specializing in ……….. Niche products and markets, Original research based herbals for chronic ailments Biotechnology based products and processes

Thereby contributing to availability of high quality AFFORDABLE HEALTHCARE for the common man and meeting our obligation to our employees, investors and the shareholders. Founder / Chairman Mr. Zakir Vali, (B. Pharm) Chief Promoter Mr. Faiz Vali, (B. Pharm, MBA) Directors Mr. Faiz Vali, (B. Pharm, MBA) Mr. Anwar Daud, (M. Pharm) Mr. Vinayak Kudva, (B. Com) Mr. I. A. Trivedi, (B. Sc.) Mr. D. K. Bellani, (B. Pharm) Bankers The Axis Bank Ltd. The Shamrao Vithal Co-op Bank Ltd., Mumbai Auditors Ali Hatim S. Husain Chartered Accountants Registered Office Shop No. 41, Manisha Plaza, Sonapur Lane, Off LBS Marg, Kurla West, Mumbai-72 Works - B-35/36, MIDC Area, Kalmeshwar Dist. Nagpur State Maharashtra - Universal Square 1505-1 Shanti Nagar Nagpur State Maharashtra - D - 82 MIDC Hingna Dist. Nagpur State Maharashtra Websites

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www.unijules.com | www.RevAyur.com | www.karnim.com | www.shoprevayur.com


D

DIRECTORS' REPORT

The Directors of your Company have pleasure in presenting the Board Report under Sec. 217 of the Companies Act, 1956 together with the audited Balance st st Sheet as on 31 March 2008, the Profit and Loss Account for the year ended on 31 March 2008 and the Auditors Report thereon.

Performance 2007-08 fiscal has been a land mark year for the company not only in terms of growth and profitability but more importantly the progress achieved on technology commercialization. Many innovative process and formulations were exposed to the market for the 1st time and the response was tremendous.

This has resonated along the rank and file with the entire chain being electrified and raring to build upon this base created over a period of a decade. Further, the image of the company among its customers has seen a paradigm shift. The renewed market confidence has resulted in new opportunities both in terms of formulations sales and joint ventures in India and across the developing world. Enthusiasm among the competitors has seen qualified and experienced management band width wanting to be associated with the company and be a part of the growth process. Looking to be a step ahead of the market environment with a keen eye on the future, the company has embarked upon an ambitious infrastructure expansion program which include up gradation of existing facilities and 3 more CAPEX scheduled to come on line in fiscal 08-09 and 09-10. The financial highlights for the previous year are given here below:

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Financial Results (Rs. In Lacs) 11508.65

12000 10000 8000 6000

2006-07

3708.97

4000

2007-08

1532.65

2000

303.97

153.57

787.72

0 Net Sales

7000

EBIDTA

PAT

6024.09

6000 5000 4000

2993.37 2386.29

3000 1462.42

2000

2006-07 2007-08

1000 0 Total Assets

Networth

Year in Retrospect The company has repeated its winning streak of clocking 3 times incremental growth in the last two successive years .Sales turnover of the Company has risen by 310.30 % . The Company has achieved a total sale of Rs 115.09 Lac (net of excise) as against Rs 37.09 Lac (net of excise) for the same period in the last year. The Company has achieved a net profit of Rs 1148.73 Lac (before provision of tax ) as against Rs239.89 Lac for the same period in the last year registering an increase of 478.86%.

Business Outlook:

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• The modernization and expansion plan at units D-82 & K-10 which commenced last year was successfully completed during the current financial year. This has resulted in increased capacities and reduction in operating cost due to increased efficiencies especially on the energy front. • The new unit at B34 for liquids, semi solids and dis-infectants has been commissioned and now undergoing validation cycles for WHO GMP certification. The Board expects the certification to be completed by August 08 after which the unit will be up for customer audit. The Board aims to tie up I shift rd capacities for 3 party manufacturing for merchant exporters. Further the reduction in excise duty has come as a major bonus. The Board expects a huge opportunity from foreign and Indian multi nationals given our strategic location. • The increased turnover was achieved from the additional capacities which resulted in increased exports & institutional business. Newer customers were created and major inroads were achieved by our Business Development Department in semi-regulated markets looking to the proposed Capex. The Board expects these to run parallel and materialize as soon as the capacities are available. • Future growth drivers include expansion of the ethical domestic marketing into M.P, Chattisgarh, Gujrat and Andhra Pradesh and new launches in the beauty care segment through the REVAYUR range. The Board expects the beauty care range to give us a corporate exposure which will also percolate to the other business as well.


Research and Development Specific areas in which R& D carried out are in standardization of herbal pellet formulations (2 patents filed), development of stable hormones, latest diagnostics in the parenterals format and gel based formulations. The benefits derived are:- Opening up avenues for more business in future including export potential. - Broadening of product range and opening new product lines for future growth of business - Technology up gradation - Generation of know-why as well as know how - Winning International awards - Saving of Forex and development of ability to compete globally. Future Plan of Action:- Development of New products and Process - Creation of Intellectual Property and leveraging to increase the value of business - Up gradation and new variants of existing products.

Technology Absorption, Adaptation and Innovation Efforts in brief made towards technology, absorption, adoption and innovation - Using state of the art equipment, instrumentation and software. - Deputation of Personnel for Training. - Participation in symposium and exhibitions. - Review of technical literature and patents in relevant technology areas - Analysing feed back from users to improve process and services - Use of alternate materials Benefits derived are- Product quality performance in view of new business opportunities. - Expansion of product range and export opportunity - Product improvement - Cost reduction and reduced delivery time - Exposure to international developments and opportunity to show case products developed - Improvement in job knowledge and capability development for global acceptance Information regarding Technology imported-Nil.

Dividends Considering the fund requirements of the Company for expansion, The Board does not consider it prudent to recommend payment of any dividend.

Fixed Deposits During the year under review the company has not accepted any deposit.

Directors Mr. I. A. Trivedi and Mr. Anwar S. Daud, Directors are due to retire by rotation at the Annual General

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Meeting. Both of them are eligible and willing for reappointment. The Board, therefore, recommends their reappointment.

Industrial Relation Industrial relation continue to be cordial. Your directors express deep appreciation for the dedicated services rendered by workers, staff officers of the company.

Auditors The Company's auditors Ali Hatim S. Husain, Chartered Accountants, retire at this Annual General Meeting and being eligible offer themselves for reappointment.

Subsidiaries As of 31st March, 2008, the Company had two subsidiaries viz. Zim Laboratories Ltd. & Universal Medicaments Pvt. Ltd. Statement pursuant to section 212 of the Companies Act, 1956, related to Subsidiary Companies attached separately along with their audited accounts and Reports of Auditors and Board.

1) Zim Laboratories Limited: The Company's investment in Zim Laboratories Limited as on 31.03.2007 was Rs. 69,05,900.00 out of the Paid-up Capital of the Company of Rs. 3.00 Crores. During the year the Company invested further Rs. 1,82,00,000 thus, the total investment as on 31.03.2008 stood at Rs. 2,51,05,900.00 out of the Paid-up equity Capital of the Company Rs. 5.00 Crores, constituting 50.20% thus, becoming a Holding Company. The Company further invested Rs. 50,00,000.00 on 20.05.2008 with the result that the Company continues to be a Holding Company with 50.16% (Rs. 301.00 Lacs) out of the Paid-up capital of Rs. 6.00 Crores.

2) Universal Medicaments Private Limited The Company holds all the shares in Universal Medicaments Private Limited except one share which is in the name of Mr. Faiz Zakir Vali, Managing Director of the Company and thus an associate and a nominee of the Company. Therefore, in effect Universal Medicaments Private Limited is a fully owned subsidiary of this Company.

Particulars of employees None of the employee is in receipt of remuneration in excess of the limits prescribed under section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars if Employees) Rules, 1975.

Directors' Responsibility Statement Pursuant to sub-section (2AA) of section 217 of the Companies Act 1956, the Board of Directors of the Company hereby state that:i. In the preparation of the Annual Accounts, the applicable accounting standards, to the extent applicable, have been followed along with proper explanation relating to material departures. ii. 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 31.03.2008 and of the profit of the company for the period ended on that date. iii. The Directors have 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

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the company and for preventing and detecting fraud and other irregularities. iv. The Directors have prepared the annual accounts on a going concern basis.

Information required under section 217(1) (E) of Companies Act i. Average per unit consumption of energy Rs. 6.33. ii. Foreign Exchange Outflow: USD 371317 and Foreign Exchange Earning: USD 945602.50. iii. Pollution Control measures: The Company being engaged in manufacturing pharmaceuticals, extreme care is taken to ensure that no pollutant escapes to the environment and the production is carried out in well controlled conditions and meticulous care is taken to maintain hygiene both inside the plant and in surroundings.

Conservation of energy In the opinion of the directors there is no need to take any measure in this regard. The company does not have any proposal for additional investment in this regard.

Technology absorption The research and experiments are carried on as part of the normal business activities as such no separate figures are available.

Acknowledgment Directors wish to express their thanks to the Company's Banker namely The Shamrao Vitthal Co-operative Bank Ltd & Axis Bank. Your Directors also wish to thank the customers and suppliers and place on record their appreciation for the services rendered by the employees of the company.

For and on behalf of the Board of Directors

(Faiz Zakir Vali) Managing Director

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AUDITORS REPORT Auditor's Report to the members of Unijules Life Sciences Limited We have audited the attached Balance Sheet of Unijules Life Sciences Limited, as at 31st March 2008 and also the Profit and Loss Account for the year ended on that date annexed thereto. These financial statements are the responsibility of the company's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

Ÿ As required by the Companies (Auditor's Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order. Further to our comments in the Annexure referred to above, we report that :

Ÿ 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. Ÿ 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. Ÿ The Balance Sheet and Profit & Loss Account dealt with by this report are in agreement with the books of account. Ÿ In our opinion, the Balance Sheet and Profit & Loss Account dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act 1956 to the extent applicable except AS-15 with respect accounting of Leave Encashment on payment basis. Ÿ On the basis of written representations received from the Directors, as on 31st March 2008 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March 2008 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956. Ÿ Subject to above, in our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India :Ÿ In the case of balance sheet, of the state of affairs of the company as at 31st March 2008; and Ÿ In the case of the Profit & Loss Account, of the profit for the year ended on that date.

Date :- 21st July'2008. Place :-Nagpur.

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Sd /Ali Hatim S. Husain Chartered Accountants Memo No. 113999


ANNEXURE TO AUDITORS REPORT (Referred to in Para 3 of our report of even date) In terms of the information and explanations given to us and the books and records examined by us in the normal course of audit and to the best of our knowledge and belief we state that:(i) (ii)

(iii)

The company has maintained proper records showing full particulars including quantitative details a nd situation of fixed assets. As explained to us, all the assets have not been physically verified by the management during the year but there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification. In our opinion, the company has not disposed off substantial part of its fixed assets during the year.

(iv)

As explained to us, the inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

(v)

The procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

(vi)

The company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material.

(vii) The company had granted loan to three other companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs. 386.52 Lacs and the year-end balance of loans granted to such parties was Rs. 217.89 Lacs. (viii) In our opinion, the rate of interest and other terms and conditions on which loans have been granted to companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956 are not, prima facie, prejudicial to the interest of the company. (ix)

In respect of loans granted by the company both interest and principal amounts are repayable on demand.

(x)

The Loans granted by the company are recoverable on demand and therefore the question of overdue amounts does not arise.

(xi)

The Company has not taken any loans, secured or unsecured, from companies, firms or other parties covered in the register maintained under Section 301 of the Act. Accordingly, clauses (iii) (e), (iii) (f) and (iii) (g) of paragraph 4 of the Order are not applicable to the company for the current year.

(xii) In our opinion an according to the information and explanations given to us, there are adequate internal control system 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 and services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control system.

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ANNEXURE TO AUDITORS REPORT (Referred to in Para 3 of our report of even date) (i)

According to the information and explanations given to us, we are of the opinion that the particulars of contracts or arrangements referred to in section 301 of the Act have been entered in the register required to be maintained under that section.

(ii) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 have been made at prices which are reasonable having regard to prevailing market prices at the relevant time. (iii) In our opinion and according to the information and explanations given to us, the company has complied with the provisions of section 58A and 58AA or any other relevant provisions of the Act and rules framed thereunder with regard to the deposits accepted from the public. No order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any other tribunal. (iv) In our opinion, the company has an internal audit system commensurate with the size and nature of its business. (v)

It has been explained to us that the maintenance of cost records has not been prescribed under section 209(1) (d) of the Companies Act, 1956.

(vi) According to the records of the company the company is generally regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education protection fund, employees' state insurance, income tax, sales tax, wealth tax, service tax, custom duty, excise duty, Cess and other material statutory dues applicable to it. (vii) According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, wealth tax, Service Tax, sales tax, custom duty, excise duty and Cess were in arrears, as at 31st March 2008 for a period of more than six months from the date they became payable. (viii) According to the information and explanations given to us, there are no dues of sales tax, income tax, custom duty, wealth tax, excise duty and Cess which have not been deposited on account of any dispute. (ix) In our opinion, the company has no accumulated losses at the end of the financial year and it has not incurred cash losses during the financial year covered by our audit and the immediately preceding financial year. (x)

Based on our audit procedures and according to the information and explanations given to us, we are of the opinion, the company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

(xi) In our opinion and according to the information and explanations given 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.

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ANNEXURE TO AUDITORS REPORT (Referred to in Para 3 of our report of even date) (i)

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.

(ii)

In our opinion, the company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4 (xiv) of the Companies (Auditor's Report) Order, 2003 are not applicable to the company.

(iii)

The Company has given guarantees for loans taken by others from banks or financial institutions. In our opinion, the terms and conditions on which the company has given guarantees for loans taken by others from banks or financial institutions are not prima-facie prejudicial to the interest of the company.

(iv)

In our opinion, the term loans have been applied for the purpose for which they were raised.

(v)

According to the information and explanations given to us, and on an overall examination of the balance sheet of the company, we are of the opinion that the no funds raised on short-term basis have been used for long-term investment.

(vi)

During the year the company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under section 301 of the Companies Act, 1956.

(vii) According to the information and explanations given to us, during the period covered by our audit report, the company had not issued any debentures. (viii) The Company has not raised any money by way of public issue during the period covered by our audit report. (ix)

Based upon the audit procedures performed and 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, that causes the financial statements to be materially misstated.

Date :- 21st July'2008. Place :-Nagpur.

Sd /Ali Hatim S. Husain Chartered Accountants Memo No. 113999

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BALANCE SHEET As at 31st March' 2008

Sch.

2008

2007

SOURCES OF FUNDS: SHAREHOLDERS' FUND : Share Capital

"A"

5,56,27,500.00

4,45,00,000.00

Reserve & Surplus

"B"

18,30,01,308.22

1,53,57,191.15

Share Application Money

-

8,63,85,000.00 23,86,28,808.22

14,62,42,191.15

LOAN FUNDS : Secured Loans

"C"

33,90,40,295.35

Unsecured Loans

"D"

2,47,39,986.00

Total ……

14,49,62,796.73 81,32,300.00 36,37,80,281.35

15,30,95,096.73

60,24,09,089.57

29,93,37,287.88

APPLICATION OF FUNDS : FIXED ASSESTS : (At Cost)

"E"

Gross Block

2,14,19,885.32

Less: Depreciation Net Block Capital Work in Progress INVESTMENTS :

11,61,26,474.14

59,67,233.15

8,70,032.67

20,82,31,252.17

11,52,56,441.47

-

3,78,65,707.47

"F"

20,82,31,252.17

15,31,22,148.94

5,11,75,900.00

3,27,19,000.00

5,11,75,900.00

3,27,19,000.00

CURRENT ASSESTS, LOANS & ADVANCES :

"G"

a) Inventories

17,45,04,760.29

2,04,19,006.00

b) Sundry Debtors

44,80,13,051.48

13,12,95,960.77

c) Cash & Bank Balances

6,92,98,303.01

1,43,53,593.42

d) Loans & Advances

8,32,09,002.45

6,74,19,998.12 77,50,25,117.23

Less: CURRENT LIABILITIES & PROV. MISCELLANEOUS EXPENDITURE

“H”

43,57,53,160.40

“I”

Total ……

23,34,88,558.31 13,87,04,029.55

33,92,71,956.83

9,47,84,528.76

37,29,980.57

1,87,11,610.18

37,29,980.57

1,87,11,610.18

60,24,09,089.57

29,93,37,287.88

ACCOUNTING POLICIES, CONTINGENT LIABILITIES AND NOTES :

"J"

Schedule "A" to "J" referred to above form an integral part of the Balance Sheet. As per our report of even date.

For and on behalf of the Board Ali Hatim S. Husain Chartered Accountant st

Dated the 21 day of July’2008

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(Faiz Vali) Managing Director

(D.K. Bellani) Director


PROFIT & LOSS ACCOUNT For the Year Ending 31st March'2008

(Figures in Rs.) Sch.

2008

2007

INCOME : Sales

"K"

1,15,98,98,348.59

37,38,67,968.92

90,33,704.00

29,71,527.00

1,15,08,64,644.59

37,08,96,441.92

Less : - Excise Duty Net Sales Other Income

"L"

55,91,936.46

10,45,657.62

1,15,64,56,581.05

37,19,42,099.54

"M"

90,28,17,549.24

3193,90,058.00

Manufacturing Expenses

"N"

1,11,20,680.86

22,04,011.07

Employees Remuneration & Benefits

"O"

2,80,52,725.82

91,94,410.87

Other Expenses

"P"

6,12,00,199.39

1,07,55,829.78

Financial Expenses

"Q"

3,20,75,964.00

43,20,105.81

50,97,200.48

8,70,032.67

Total …… EXPENDITURE : Cost of Materials

Depreciation Preliminary Expenses W.off

1,23,916.00

1,23,916.00

10,95,070.19

10,95,070.19

1,04,15,83,305.98

34,79,53,434.39

11,48,73,275.07

2,39,88,665.15

11 48 73 275.07

2,39,88,665.15

Deferred Reveune Expenses W.off Total …… Profit before Extra- Ordinary Items & Tax Extra Ordinary Items: Profit before tax Tax for the earlier Year: Income Tax Fringe Benefit Tax

5,02,753.00

-

(1,095.00)

-

Tax for the year : Income Tax

3,50,00,000.00

Fringe Benefit Tax

85,00,000.00

6,00,000.00

1,31,474.00

Profit after tax

7,87,71,617.07

1,53,57,191.15

Profit Brought forward from previous year

1,53,57,191.15

-

Profit Carried over to Balance Sheet

9,41,28,808.22

1,53,57,191.15

Earning Per Share Basic & Diluted (Nominal Value of Rs. 10/- each) Notes to the Profit and Loss Account

169.21

34.51

"J"

Schedule "1" to "8" referred to above form an integral part of the profit and loss account. As per our report of even date.

For and on behalf of the Board Ali Hatim S. Husain Chartered Accountant st

Dated the 21 day of July’2008

(Faiz Vali) Managing Director

(D.K. Bellani) Director

2 7


SCHEDULES TO BALANCE SHEET (Figures in Rs.) SCHEULE “ A ” SHARE CAPITAL

2008

2007

SHARE CAPITAL : AUTHORISED : 15,00,000 Equity Shares of Rs. 100/- each (Previous Year 5,00,000)

15,00,00,000.00

5,00,00,000.00

Total …….

15,00,00,000.00

5,00,00,000.00

(Previous year 4,45,000)

5,56,27,500.00

4,45,00,000.00

Total …….

5,56,27,500.00

4,45,00,000.00

ISSUSED, SUBSCRIBED AND PAID UP : 5,56,275 Equity Shares of Rs. 100/- each fully called up and paid up in cash

SCHEDULE "B" RESERVES & SURPLUS

2008

2007

RESERVE & SURPLUS Share Premium Reserve

8,88,72,500.00

-

Profit and Loss Account

9,41,28,808.22

1,53,57,191.15

18,30,01,308.22

1,53,57,191.15

Total …….

2 8


SCHEDULES TO BALANCE SHEET (Figures in Rs.) SCHEDULE "C" SECURED LOANS

2008

2007

FROM BANK: (THE SHAMRAO VITHAL CO-OP BANK LTD) Cash Credit Account:

7,04,36,524.10

1,36,51,684.48

2,95,83,830.00

3,79,09,573.00

(Against Hyp. of Raw and Packing Material Work-in-process, Finished Goods and BD ) Term Loans: I (Against Mortgage of Shantinagar Assets) (Repayable within one year Rs. 63.95 Lacs) II (Against Land and Building at Kalmeshwar)

-

2,79,76,387.00

(Repayable within one year Ni l) III (Against Plant and Machienry at Kalmeshwar)

5,13,455.25

2,35,97,169.25

3,65,94,166.00

4 ,14,79,387.00

(Repayable within one year Rs. 4.19 Lacs) IV (Against Mortgage of D- 82 Hingna Assets) (Repayable within one year Rs. 67.56 Lacs) FROM BANK: (THE AXIS BANK LTD) Cash Credit Account:

14,89,61,153.00

-

5,00,00,000.00

-

26,80,484.00

-

(Against Hypothecation of Raw and Packing Material, Work-in-process, Finished Goods and Book - Debts) Term Loans: I (Against Mortgage of Fixed Assets) NATIONAL SMALL INDUSTRIES CORPORATION (Against Bank Guarantee) From Finance Companies

2,70,683.00

3,48,596.00

33,90,40,295.35

14,49,62,796.73

(Under Hire Purchase Agreement) Total

2 9


SCHEDULES TO BALANCE SHEET (Figures in Rs.)

SCHEDULE "D" UNSECURED LOANS

2008

From Directors

-

From Coporate Bodies Total

SCHEDULE "F" INVESTMENTS

12,65,000.00

2,36,00,756.00

From Others

2007

-

11,39,230.00

68,67,300.00

2,47,39,986.00

81,32,300.00

2008

2007

INVESTMENTS (AT COST): LONG TERM In Shares : (Unqouted) The Shamrao Vithal Co -operative Bank Ltd.

50,000.00

50,000.00

2,51,05,900.00

60,00,000.00

2,60,20,000.00

2,66,69,000.00

5,11,75,900.00

3,27,19,000.00

(2000 full y paid up Shares of Rs. 25 Each) Of Subsidary companies Zim Laboratories Limited (25,10,590 fully paid up Shares of Rs. 10 each) (Previous Year 6,00,000 shares of Rs. 10 each) Universal Medicaments Pvt. Ltd. (8,30,000 fully paid up Shares of Rs. 10 each)

3 0


SCHEDULES TO BALANCE SHEET (Figures In Rs.) SCHEDULE "G" CURRENT ASSETS

2008

2007

CURRENT ASSESTS, LOANS AND ADVANCES : a) Inventories : (Valued at lower of cost or net realizable value, as certified by the management) Raw Material & Packing Materials.

11,30,41,952.29

1,49,04,660.00

Work-in-process.

1,33,99,369.00

2,31,637.00

Finished Goods.

4,80,63,439.00

52,02,709.00

Laboratory Chemcials

(a)

17,45,04,760.29

80,000.00 2,04,19,006.00

b) Sundry Debtors: (Unsecured, but considered good) Exceeding six months and considered good.

78,72,109.10

Others and considered good. (b)

-

44,01,40,942.38

13,12,95,960.77

44,80,13,051.48

13,12,95,960.77

1,33,256.00

5,610.00

20,55,047.01

83,42,983.42

c) Cash and Bank Balances. Cash in hand per cash bo ok. Balances with Scheduled Banks. On Current Account. On Fixed Deposits. (c.)

6,71,10,000.00

60,05,000.00

6,92,98,303.01

1,43,53,593.42

d) Loans and Advances : (Unsecured, but considered good) Advances recoverable in cash or in kind or for value to be received or pending adjusments

6,89,80,065.12

5,36,68,962.17

Balances with Excise Authorities

71,28,269.94

21,56,959.99

Deposits

53,25,064.08

35,00,833.08

Advances to suppliers.

17,75,603.31

80,93,242.88

8,32,09,002.45

6,74,19,998.12

77,50,25,117.23

23,34,88,558.31

(d) Total (a) to (d) …….

3 1


SCHEDULES TO BALANCE SHEET (Figures in Rs.)

SCHEDULE "H" CURRENT LIABILITIES

2008

2007

A. CURRENT LIABILITIES: Creditors for goods supplied Small Scale Industiral Undertaking

-

Others.

33,09,58,905.89

Security Deposits

21,39,447.00

Creditors for expenses and other liabilities.

5,80,53,609.98

Credit Balances (Customers) Bank Balances (Due to reconcillation) (a)

7,11,753.11 8,67,38,127.90 1,65,13,817.07

39,75,443.20

10,16,481.03

2,87,082.06

2,04,62,295.17

39,54,14,488.13

12,54,42,474.28

3,50,00,000.00

85,00,000.00

B. PROVISIONS Income Tax Fringe Benefit Tax Provision for Gratuity (b) Total (a) & (b) …….

SCHEDULE "I" MISC. EXPENDITURE a) Pre-operative Expenditure

6,00,000.00

1,31,474.00

47,38,672.27

46,30,081.27

4,03,38,672.27

1,32,61,555.27

43,57,53,160.40

13,87,04,029.55

2008

2007

2,12,752.00

1,39,75,395.42

3,55,934.00

4,79,850.00

1,23,916.00

1,23,916.00

(Related to Factory at B - 34 Kalmeshwar) b) Preliminary Expenditure Less : - Written off During the Year c) Deferred Reveune Expenditure (Brand Development, R & D and Marketing Expenses) Less : - Written off During the Year

3 2

2,32,018.00

3,55,934.00

43,80,280.76

54,75,350.95

10,95,070.19

10,95,070.19

32,85,210.57

43,80,280.76

37,29,980.57

1,87,11,610.18


SCHEDULES TO PROFIT & LOSS ACCOUNT SCHEDULE "K" SALES Manufactured & Trading Goods

2008 115,94,20,073.59

Scrap Sales Total …….

SCHEDULE "L" OTHER INCOME

4,78,275.00 115,98,98,348.59

2008

Interest on FDR Job Work Income

37,38,67,968.92 37,38,67,968.92

2007

4,43,089.00

92,361.00

23,39,013.12

3,21,754.40

Miscellaneous Income

1,52,946.00

Insurance Claims D.E.P.B Interest on Others

2007

19,895.22

26,832.00

-

2,48,968.00

-

-

6,11,647.00

Dividend Account

6,000.00

-

Interest Received

22,75,068.00

-

Miscellaneous Account W.Off Total …….

1,00,020.34 55,91,936.46

10,45,657.62

3 3


SCHEDULES TO PROFIT & LOSS ACCOUNT SCHEDULE "M" COST OF MATERIAL

2008

2007

a) Raw & Packing Material Cosumed Opening Stock

1,49,04,660.00

Add: Purchases & Expenses Less: Sales (At Sale Price) Less: Closing Stock (a)

-

63,69,52,057.68

5,91,90,298.60

65,18,56,717.68

5,91,90,298.60

72,82,372.21

11,93,538.00

64,45,74,345.47

5,79,96,760.60

11,30,41,952.29

1,49,04,660.00

53,15,32,393.18

4,30,92,100.60

b) Decrease / (Increase) in Work -in-process and finished goods: Opening Stock Work- in- process

2,31,637.00

Finished Goods.

-

52,02,709.00

-

54,34,346.00

-

Less: Closing Stock Work- in- process

1,33,99,369.00

2,31,637.00

Finished Goods.

4,80,63,439.00

52,02,709.00

6,14,62,808.00

54,34,346.00

(5,60,28,462.00)

(54,34,346.00)

42,73,13,618.06

28,17,32,303.40

42,73,13,618.06

28,17,32,303.40

90,28,17,549.24

31,93,90,058.00

(b) c) Trading Goods Purchases & Expenses (c) Total (a) t o (c) …….

3 4


SCHEDULES TO PROFIT & LOSS ACCOUNT SCHEDULE "N" MANUFACTURING EXPENSES

2008

Consumption of Stores

2007 1,716.00

6,086.00

4,45,114.00

59,195.00

Building

2,42,390.53

23,787.00

Machinery

5,10,103.85

90,914.32

Others

8,33,540.39

1,43,069.85

Laboratory & Analytical Expenses

21,88,604.08

4,21,184.90

Power and Electricity

35,13,194.00

5,39,840.00

Coal & Fuel

22,35,412.00

4,63,209.00

Other Maufacturing Expenses.

8,47,242.21

1,53,591.00

Research and Development Expenses

1,00,552.80

-

State Excise Duty

2,02,811.00

-

Water Charges Repairs to :

Excise duty on Closing Stock (Net) Total …….

SCHEDULE "O" EMPLOYEES REMUNERATION Wages, Salaries, Bonus and Other Payme nts

1,11,20,680.86

2008

3,03,134.00 22,04,011.07

2007

2,06,55,773.56

30,99,630.60

Contribution to Provident and Other Funds

12,69,633.00

2,60,517.00

Workmen and Staff Welfare Expenses

14,34,157.96

6,20,182.00

Remuneration to Directors

46,93,161.30

Provision for Gratuity

-

Total ……

2,80,52,725.82

5,84,000.00 46,30,081.27 91,94,410.87

3 5


SCHEDULES TO PROFIT & LOSS ACCOUNT SCHEDULE "P" OTHER EXPENSES

2008

Rates & Taxes

6,13,200.00

Insurance

4,06,752.00

2007 2,50,000.00 44,615.00

Keyman Insurance Policy

-

-

License fees

-

-

Family Pension

-

-

1,54,608.00

-

Payment to Auditors Audit Fees Tax Audit Fees Company Law Matters

-

-

-

For Other services

-

1,60,000.00

Professional Charges

14,65,109.00

1,24,560.00

Miscellaneous Expenses

69,25,986.44

7,43,341.08

Bank Commission & Charges

34,75,009.46

2,67,047.78

Travelling & Conveyance

90,35,019.29

2,43,612.00

8,98,897.70

2,03,276.00

14,32,558.67

3,33,744.87

Printing & Stationery Telephone, Telex, & Postage Cosmetic Lauching Expenses

7,75,715.34

-

Outward Carriage

41,70,218.30

4,28,344.54

Commission / Incentive on sales

49,15,808.41

63,239.24

Advertisement

2,44,256.00

1,45,478.00

Sales Promotion Expenses

59,47,524.37

3,63,914.42

Commission and Discount

12,38,379.17

31,074.77

Sales Tax Expenses Service Charges

1,98,127.61 1,25,27,460.00

48,73,601.00

Liasioning Expenses

20,18,232.50

4,45,078.00

Export Sale Expenses (freight & others)

31,33,269.86

18,70,240.08

Prior Period Expenses

2,18,941.00

Late Supply Deduction

2,66,204.00

3,090.00

Service Tax

1,79,867.00

5,624.00

Interest (P.F., ESIC, etc. & Others)

3,25,492.00

Dubai Office Expenses

4,99,407.27

-

Misc. A/c W/off.(Net)

25,444.00

-

Exchange Gain / Loss (Net)

63,768.00

1,14,028.00

6,12,00,199.39

1,07,55,829.78

Total …….

3 6

44,944.00

-

41,921.00


SCHEDULES TO PROFIT & LOSS ACCOUNT SCHEDULE "Q" FINANCIAL EXPENSES

2008

2007

Interest to Bank

1,34,53,548.00

18,61,743.81

Interest to Bank on Term Loan

1,70,43,647.00

11,22,370.00

11,38,229.00

13,23,022.00

Interest to Others Interest to NSIC Finance Charges

3,59,310.00 -

-

Interest on Security Deposits

37,103.00

2,625.00

Interest on Car Loan

44,127.00

10,345.00

3,20,75,964.00

43,20,105.81

3 7


SIGNIFICANT ACCOUNTING POLICIES Schedule “J� Accounting Policies General :The accounts are prepared on the historical cost convention and in accordance with the requirement of Companies Act, 1956. Accounting Policies not specifically referred to otherwise be consistent and in consonance with generally accepted accounting principles. Revenue Recognition :Expenses and Income considered payable and receivable respectively are accounted for on accrual basis except discounts, claims, Insurance and rebates etc, which cannot be ascertained with certainty during the year. Fixed Assets :Fixed assets are stated at their original cost of acquisition (net of tax / duty credit availed) including freight and other incidental expenses related to acquisition and installation of the concerned assets less depreciation till date. Depreciation :Depreciation on Fixed Assets has been provided on straight line method, as per the rates, provided in Schedule XIV of the Companies Act, 1956. Valuation of Inventories :Inventories are valued at cost or net realisable value, whichever is lower. Cost is determined on the basis of the first in first out and includes all cost incurred in bringing the inventories to their present location and condition. Retirement Benefits :The Liabilities towards retirement benefits in respect of employees accounted for accrual basis. Miscellaneous Expenditure :Miscellaneous expenditure comprising of Preliminary expenses has been amortized over a period of five years. During the pre-operative expenditure relating to Plant at B-35 & 36, Kalmeshwar, has been apportioned on pro-rata basis on the value of individual asset. 8. Investments :9. Foreign Currency Transactions :All receivables and payables at the year-end invoiced in foreign currencies in respect of imports and export made, for which no forward cover has been taken, are accounted for at the appropriate respective yearend exchange rates.

3 8


NOTES TO THE ACCOUNTS 1. Book debts, advances, creditors, unsecured loans and deposits etc have been taken at their book 2. value awaiting respective confirmation and subject to reconciliation 3. Contingent Liability not provided for NIL Loans and Advances and Debtors have been considered good, in respect of which the company hold no security other than the personal guarantee of the person concerned. 4. Payment to Auditors PARTICULARS

2007 -08

2006 -07

Audit Fees

1,60,000.00

1,60,000.00

Service Tax

19,779.00

19,770.00

1,99,552.00

1,99,552.00

Total 5. Payment of directors remuneration PARTICULARS

2007 -08

2006 -07

46,93,161.30

5,84,000.00

Commissi on

Nil

Nil

Perquisites

Nil

Nil

46,93,161.30

5,84,000.00

Salary

Total

6. Addition Information pursuant to para 3 and 4 of Parts II of Schedule VI of the Companies Act, 1956 are given below. Installed Capacity on one shift working is as under. Tablet : 540.00 Lacs Nos PA Capsules : 1800.00 Lacs Nos PA Liquid : 360.00 LacsBottles PA Powder : 28.80 Lacs Sachets PA Onitment : 360.00 Lacs PA Vials / Ampoules : 180.00 Lacs PA

3 9


NOTES TO THE ACCOUNTS PRODUCTION QUANTITY Unit

31/03/2008

31/03/2007

Allopathic : Liquid

Ltrs

7,62,579

1,61,745

Ointment

Kgs.

78,706

23,886

Powder

Kgs.

2,215

-

Capsulses ('000)

Nos.

2,34,273

-

Herbal : Liquid

Ltrs

1,003

280

Tablets ('000)

Nos.

35,775

13,148

Capsulses ('000)

Nos.

1,080

22

Powder

Kgs.

6,041

700

Ointment

Kgs.

154

-

Injection : Vials/ Ampoules

Nos

2,41,80,003

15,29,790

Liquid

Ltrs

21,775

2,540

Ointment

Kgs.

15,438

2,905

Tablets ('000)

Nos.

-

53

Capsulses ('000)

Nos.

43

8

Vials/ Ampoules

Nos.

13,40,064

Job Work :

1,27,440

Opening Stock of Finished Goods: 31-03-2008 Quantity

31-03-2007 Value

Quantity

Value

Allopathic : Liquid in Ltrs Ointment in Kgs.

18,873

18,14,556

2,757

11,51,990

Powder in Kgs.

-

-

-

-

-

Herbal : Liquid in Ltrs. Tablets in ('000)

280

90,237

-

-

448

1,11,480

-

-

-

-

126

33,640

-

-

-

-

Capsules in ('000) Powder in Kgs. Ointment in Kgs.

4 0

-


NOTES TO THE ACCOUNTS Injection Vials / Ampoules

45,441

13,58,431

-

-

3,428 2,83,966 348 1,05,400 1,64,000 8,400 12,701 64,132

-

-

Trading Stock: Tablets in ('000) Capsules in ('000) Liquid in Ltrs Absorbent Cotton Bandage Cloth Band Aid Strips Eye Drop Powder

5 318 6 1,310 1,000 525 2,268 437

52,02,709

-

Closing Stock of Finished Goods : 31-03-2008 Quantity Value Allopathic : Liquid in Ltrs Ointment in Kgs. Powder in Kgs. Capsules in ('000) Herbal : Liquid in Ltrs. Tablets in ('000) Capsules in ('000) Powderin Kgs. Ointment in Kgs.

15,249 1,077 11 3,496

10 1

31-03-2007 Quantity

Value

12,70,500 3,00,980 2,860 2,37,342

18,873 2,757 -

18,14,556 11,51,990 -

3,08,184 9,009 169

280 448 126 -

90,237 1,11,480 33,640 -

45,441

13,58,431

Injection : Vials/ Ampoules

746813

45,02,752

4 1


NOTES TO THE ACCOUNTS Trading Stock: Tablets in ('000) Capsules in ('000) Liquid in Ltrs Absorbent Cotton Bandage Cloth Band Aid Strips Eye Drops Powder A.P.I.

436 1,550 3,211

903 28,350

2,92,524 13,71,543 -

5,029 3,97,62,546

5 318 6 1,310 1,000 525 2,268 437 -

4,80,63,438

3,428 2,83,966 348 1,05,400 1,64,000 8,400 12,701 64,132 52,02,709

Purchase of Finished Goods and Trading Goods:

Liquid Tablets ('000) Capsules ('000) Bandage Cloth Absorbent Cotton Band Aid Strips Powders Ointment Eye Drops Vials / Ampoules A.I.P.

Unit Ltrs Nos Nos Mtr 500Gm Nos Kgs Kgs Nos Nos

2007-08 Quantity 35,248 18,220 13,918 1,685 62,742 132 6,350 1,34,064

2006-07 Quantity 1,64,592 2,289 4,413 1,000 1,310 525 3,453 5,959 2,268 -

Kgs

88,289

19,288

Unit

2007-08 Quantity

2006-07 Quantity

Ltrs Kgs Kgs Nos

7,66,203 80,386 2,204 2,30,777

1,42,872 21,129 -

TURNOVER: Class of Goods

Allopathic: 1) 2) 3) 4)

4 2

Liquid Ointment Powder Capsules ('000)


Herbal 1) 2) 3) 4) 5)

Liquid Tablets ('000) Capsulses ('000) Powder Ointment

Ltr Nos Nos Kgs Kgs

1,273 36,223 1,080 6,166 154

12,700 22 574 -

Nos

2,34,78,631

14,84,349.00

Injection : 1) Vials/ Ampoules

Trading Goods : 1) Liquid 2) Tablets ('000) 3) Capsulses ('000) 4) Bandage Cloth 5) Absorbent Cotton 6) Powder 7) Ointment 8) Injections 9)Band Aid Strips 10) Eye Drops A.I.P.

Ltr Nos Nos Mtr 500 Gm. Kgs Kgs Nos Nos Nos

32,043 17,789 12,686 2,685 1,310 63,179 132 13,40,064 525 7715

1,64,586 2,384 4,095 3,016 5,959 -

Kgs

59,939

19,288.00

7. The SSI status of the creditors is not known to the company, hence the information is not given. 8. Subsidiaries Companies.

Sr.

Name of the company

No.

No of Shares

% of Shares

Held

held

1

Universal Medicaments Pvt. Ltd.

8,30,000

100%

2

Zim Laboratories Limited

25,10,590

50.21%

4 3


9. Earning in Foreign Exchange : 945602.50 USD Expenditure in Foreign Exchange: USD 371317.50, GBP 645.00 10. Loans and advances includes amount outstanding from directors or/and Company in which directors are interested. Maximum Balance during the year: PARTICULARS

Closing Balance(Rs.)

Zim Laboratories

Limited

City Pharmacy Akasha Advertisement Faiz Vali D.K. Bellani I.A. Trivedi Saif Health Remedies

Max. Bal. (Rs.)

1,33,633/ -

6,45,128/ -

16,75,453/ -

1675,453/ -

8,18,225/ -

8,18,225/ -

16,44,662/ -

16,44,662/ -

62563.50/ -

62563.50/ -

34,571/ -

41,528/ -

59,02,713/ -

1,09 ,02,713/ -

11. Related Party Disclosure as per AS 18 Sr. No.

Name of the Party

1

Zim Laboratories Limited

Relationship

Subsidiary Company

Nature of Transaction R M Purchase

1, 80,97,372/ -

F G Purchase

40,94,478/ -

P & M Purchase

12,57,001/ -

Sales of R M

34,57,654/ -

Sales of F G Interest Received

4 4

Amount

4,663/ 11,17,778/ -


Sr. No. 2

Name of the Party Universal Medicaments Pvt. Ltd.

Relationship Subsidiary Comp

Nature of Transaction

any

Amount

R M Purchase F G Purchase

3,24,044/ A PI

F G Purchase

3,20,27,198/ 1,20,52,871/ -

R M Sales F G Sales 3

City Pharmacy

Firm in which Faiz Vali (Director) is Partner

3,45,707/ 1,61,26,428/ -

F G Purchase

V ali

8,335/ -

Sales of F G

5,79,253/ -

Advertisement

1,80,066/ -

4

Akasa A dvertisment

W ife of F aiz (Director) is Partner

5

Benzo Life Sciences Ltd.

Faiz Vali (Director) have holding of more than 20%

R M Purchase

6

Saif Health Remedies Pvt. Ltd.

Tasneem Daud wife of Anwar Daud (D irector) have holding of more than 20%

Interest Received

7

Faiz Vali

Director

Remuneration

26,83,161.30

8

Vinayak Kudva

Director

Remuneration

12,00,000/ -

9

I. A. Trivedi

Director

Remuneration

6,00,000/ -

10

D. K. Bellani

Director

Rem uneration

2,10,000/ -

41,35,63,534/ 11,57,290/ -

12. Previous year figures have been rearranged/regrouped where ever necessary.Figues are rounded off to the nearest rupee. 13. Signature to Schedule “A to J”In terms of Our Separate Audit Report of Even Date Attached.

For and on behalf of the Board Ali Hatim S. Husain Chartered Accountant st

Dated the 21 day of July’2008

(Faiz Vali) Managing Director

(D.K. Bellani) Director

4 5


BALANCE SHEET ABSTRACT & COMPANY GENERAL BUSINESS PROFILE I.

Registration Details Registration No. State Code No. Balance Sheet Date

II

III

158928 11 31/3/2008

Capital Raised During the year (amount in Rs. Lacs) Public Issue Right Issue Bonus Issue Private Placement

NIL NIL NIL 1000.00

Position of Mobilization and Development of funds Total Liabilities Total Assets

(Amount in Rs. Lacs) 6024 6024

Sources of Funds Paid-up Capital Reserve & Surplus Secured Loan Unsecured Loans

556 1830 3390 248

Application of Funds Net Fixed Assets Investments Net Current Assets Misc. Expenditure Accumulated Losses

2082 512 3393 37 NIL

Performance of Company Turnover Total Expenditure Profit/ (loss) Before Tax Profit / (loss) After Tax Earning per share in Rs. Dividend Rate %

4 6

(Amount in Rs. Lacs) 11565 10416 1149 788 169.21 NIL


CASH FLOW STATEMENT For the year ended 31st March'2008

AMOUNT

A. CASH FLOW FROM OPERATING ACTIVITIES Net Profit after Tax Adjsutment for-: Provision for Tax Provision for Fringe Benefit Tax Depreciation Amortisation Interest Paid Operating Profit Before working capital changes Increase / (Decrease) in trade & other receivables Increase / (Decrease) in inventories Increase / (Decrease) in Loans & Advances Increase / (Decrease) in Trade Payables

AMOUNT

7,87,71,617.0 7 3,50,00,000.00 6,00,000.00 50,97,200.48 12,18,986.19 3,20,75,964.00 15,27,63,767.74 (31,67,17,090.71) (15,40,85,754.29) (1,57,89,004.33) 26,14,49,130.85 (7,23,78,950.74)

Net cash from operating activities B. CASH FROM INVESTING ACTIVITIES Purchase of Fixed Assets (Net) Investments made

(4,64,43,660.29) (1,84,56,900.00) (6,49,00,560 .29)

Net cash from investing activities C. CASH FROM FINANCING ACTIVITIES Proceeds from Unsecured Loans Proceeds from Secured Loans Proceeds from Share Capital Interest Paid

1,66,07,686.00 19,40,77,498.62 1,36,15,000.00 (3,20,75,964.00) 19,22,24,220.62 5,49,44,709.59 1,43,53,593.42

Net cash from financing act ivities Net increase in cash & cash equivalents (A)+(B)+(C) Cash & Cash equivalents as at the beginning of the year

6,92,98,303.01

Cash & Cash equivalents as at the end of the year AUDITORS CERTIFICA TE

For & on behalf of Board

We have verified the above statement with books & records maintained by Unijules Life Sciences Limited, Mumbai & certify that in our opinion & according to information & explanation given to us, the above statements is in accordance therewith.

For and on behalf of the Board Ali Hatim S. Husain Chartered Accountant st

Dated the 21 day of July’2008

(Faiz Vali) Managing Director

(D.K. Bellani) Director

4 7


w w w . u n i j u l e s . c o m

C O R P O R A T E O F F I C E B # 3 4 3 6 , M I D C I n d u s t r i a l A r e a , K a l m e s h w a r , N A G P U R 4 4 1 5 0 1 M . S . ( I N D I A ) P H : + + 9 1 7 1 1 8 2 7 1 0 1 0 2 7 1 0 0 8 F a x : + + 9 1 7 1 1 8 2 7 2 5 2 2 e m a i l : i n f o @ u n i j u l e s . c o m

Annual Report  

Unijules Life Sciences Ltd. 2007-08

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