INTRODUCTION:

In 1945, a Goan entrepreneur Mr. Govind Ramnath Kare, who was in the business
of wholesale and retail trade of pharmaceuticals, started a firm and named it as Indo-
Continental Trading Company. The principal business of this firm was to import
pharmaceutical formulations from Europe and distribute them in the Western India.
However in 1947, after India became independent, the new government, in its bid
to encourage indigenous manufacturing of medicines, banned import of several
formulations. Mr. G.R. Kare, instead of being discouraged, decided to venture into
manufacturing of pharmaceuticals. Accordingly, on 23rd August 1947, a week after
India's independence, a new company was founded with the intent to manufacture
and sell pharmaceutical formulations. Thus, Indo Continental Trading Company
became Indoco Remedies Limited. Indoco Remedies Ltd. is an Indian company
having international presence and involved in Research & Development,
manufacturing, marketing and distribution of pharmaceuticals products.Indoco has
a good domestic presence and has strategically aligned itself for a giant leap to be a
global player. Indoco has a broad product portfolio covering a wide range of
therapeutic segments and has super specialty - cardiology, diabetology and life style
segments. The company has state-of-the-art manufacturing facilities, which are of
the highest international standards, and this has primarily contributed to Indoco's
success with formulations in the European Market. The manufacturing operations
were started in a small house in Thane near Mumbai. However in this early period,
the company suffered a severe set-back. After the Indian independence, the
Portuguese Government in Goa sealed the border between Goa and India and Mr.
Kare was unable to travel to Mumbai very often.In 1963, two years after Goa's
independence, Mr. Suresh Kare, son of Mr. G.R. Kare, came to Mumbai and took
over as the Managing Director of the then sick unit. Under the stewardship of Mr.
Suresh Kare, Indoco never looked back. From a meager turnover of Rs. 1 million
and the total employee strength of around 50 in 1969, the company has grown by
leaps and bounds. Indoco, now, has an estimated turnover of Rs. 1.81 billion for the
year 2003-04 and is over 1,750 employees strong Some of the major brandsof the
company include Cyclopam, Cital, Carmicide, Febrex Plus, Vepan, Sensodent-K,
Tuspel Plus, Sensoform, Cloben –G and ATM. The success of these brands is a
result of integrated efforts of marketing sales team which works towards
developing and retaining the customers by providing regular customer care and
services. This has helped Indoco’s field force to develop a relationship with the
general practitioners, pediatricians, dentists and consulting physicians.
EQUITIES AND LIABILITIES

SHAREHOLDER'S FUNDS

Equity Share Capital 18.43 18.43 18.43

Total Share Capital 18.43 18.43 18.43

Reserves and Surplus 657.13 633.45 565.79

Total Reserves and Surplus 657.13 633.45 565.79

Total Shareholders Funds 675.56 651.88 584.22

NON-CURRENT LIABILITIES

Long Term Borrowings 123.28 132.31 39.67

Deferred Tax Liabilities [Net] 0.00 0.00 24.11

Other Long Term Liabilities 9.61 11.43 9.69

Long Term Provisions 12.66 11.25 17.19

Total Non-Current Liabilities 145.55 154.98 90.66

CURRENT LIABILITIES

Short Term Borrowings 109.93 118.36 86.75

Trade Payables 149.44 164.17 131.01

Other Current Liabilities 117.64 72.07 55.79

Short Term Provisions 38.19 35.77 14.19

Total Current Liabilities 415.21 390.37 287.75

Total Capital And Liabilities 1,236.33 1,197.24 962.64

ASSETS

NON-CURRENT ASSETS

Tangible Assets 441.01 392.75 335.81

Intangible Assets 47.72 47.00 38.96

Capital Work-In-Progress 75.78 40.33 5.82

Intangible Assets Under 59.78 50.30 48.98
Developmen

Fixed Assets 624.29 530.38 429.56

Non-Current Investments 2.61 2.82 2.61

Deferred Tax Assets [Net] 31.35 27.63 0.00

Long Term Loans And Advances 1.07 1.80 70.33

Other Non-Current Assets 41.52 64.42 0.00

Total Non-Current Assets 700.85 627.06 502.50

CURRENT ASSETS

Current Investments 0.00 0.00 15.21

Inventories 193.23 185.04 162.97

Trade Receivables 206.15 215.73 187.72

Cash And Cash Equivalents 11.81 62.40 13.89