The Directors have pleasure in presenting the Annual Report together
with the audited Statement of Accounts for the year ended 31st March
The operating results of the Company for the year ended on 31st March,
2012 are briefly indicated below:-
(Rs. in Lacs)
Profit Before Depreciation and Taxation 911.29 763.76
Less : Depreciation 188.65 166.68
Less: Provision for Taxation - Current 162.19 141.00
Less : Deferred tax Expense 63.79 52.93
Profit after Taxation 496.66 403.15
Add : Balance brought forward 1822.05 1582.64
Profit available for Appropriation 2318.71 1985.79
1. Proposed Dividend 97.86 97.86
2. Dividend Tax 15.88 15.88
3. General Reserve 50.00 50.00
Net Balance carried to Balance sheet 2154.97 1822.05
During the year under review, your company has performed well and
achieved total revenue of Rs. 17755.58 lacs (Previous year Rs.16912.80
lacs). The Company has earned net profit of Rs.496.66 lacs( previous
year of Rs. 403.15 lacs). Further details are given in management
discussions and analysis Report, which forms part of this report.
CORPORATE GOVERNANCE REPORT
Your Company has complied with the Corporate Governance practice
mandated by Clause 49 of the Listing Agreement. A report on the same is
Your Directors are pleased to recommend a payment of dividend @6%
(Rs.0.60 per equity shares) for the year ended 31-03-2012. (Previous
year - 6%).
The Company has not accepted deposits within the meaning of Section 58A
of the Companies Act, 1956.
Shri Mihirbhai V. Patel and Shri Arvindbhai G. Patel-Directors of the
Company are retiring by rotation and being eligible, offer themselves
DIRECTORS'' RESPONSIBILITY STATEMENT
As required under Section 217(2AA) of the Companies Act, 1956, your
Directors to the best of their knowledge and belief and according to
the information and explanation obtained by them, 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, if any;
(2) appropriate accounting policies have been selected and applied
consistently and judgments and estimates made that are reasonable and
prudent so as to give true and fair view of the state of affairs of the
Company at the end of the financial year and of the profit of the
Company for that period;
(3) proper and sufficient care has been taken 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 accounts have been prepared on going concern basis.
SUBSIDIARY COMPANY :
Pursuant to the provision of Section 212(8) of the Act, 1956, the
Ministry of Corporate Affairs vide its circular dated February 8, 2011
has granted general exemption from attaching the balance sheet,
statement of profit and loss and other documents of the subsidiary
companies with the balance sheet of the Company. A statement containing
brief financial details of the Company''s subsidiaries for the financial
year ended 31.03.2012 is included in the Annual Report. The
Consolidated Financial Statements presented by the Company include the
financial results of its subsidiary companies. Annual Accounts of the
subsidiary companies are also kept ready for inspection by any
shareholders of the Company at registered office of the Company and of
the concerned subsidiary companies. The Company will furnish a hard
copy of details of accounts of subsidiaries to any shareholder on
The Company has taken adequate insurance to cover its assets.
Company''s Securities are listed with the Stock Exchanges at Ahmedabad
and Mumbai. The Company has already paid the listing fees for the year
2012-2013 to both the Stock Exchanges.
As there are no employees drawing remuneration more than the limit
prescribed under Section 217(2A) of the Companies Act, 1956, and the
Companies ( Particulars of Employees) Rules, 1975, as amended, from
time to time, statement under section 217(2A) is not required.
COST AUDIT :
M/s. Kiran J. Mehta & Company Cost Accountants, Ahmedabad, have been
appointed to conduct cost audit for the year ended 31-03-2013.
The Company''s Auditors M/s. Chandulal M. Shah & Co. Chartered
Accountants, Ahmedabad will retire at the ensuing Annual General
Meeting and being eligible offer themselves for re-appointment. The
Members are requested to appoint auditors for the current year and fix
AUDITORS'' OBSERVATION :
With reference to Auditors'' observation relating to non provision of
trade receivables to the extent of Rs. 215.21 Lacs, management is
hopeful for the recovery of the same and hence provision has not made
for the same in the accounts.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO :
Particulars to be given in respect of the above activity under the
Companies (Disclosure of Particulars in report of Directors) Rules,
1988 is given in the annexure to this report.
The Board is thankful to its bankers for their continued support and
assistance which has played important role in progress of the Company.
Your Directors further places on records the contribution of employees
of the Company at all levels and other business associates for their
commitment, dedication and respective contribution to the Company''s
operations during the year under review.
For and on behalf of the Board
For Lincoln Pharmaceuticals Limited.
Place : Ahmedabad. Mahendra G. Patel Hasmukhbhai I. Patel
Date : 14th August, 2012 (Managing Director) (Whole-Time Director)