GOLDSHIELD
Group plc  
Annual Report
and Accounts
Financial Statements for the year ended 31 March 2005 1
Contents
Page
Directors, Secretary and Advisors 2
Business Highlights 3
Chairman’s Overview 4
Chief Executive Officer’s Operating Review 5
Report of the Finance Director 10
Five Year Review 12
Directors 13
Report of the Directors 14
Corporate Governance 18
Corporate Social Responsibility 21
Remuneration Report 22
Statement of Directors’ Responsibilities 27
Report of the Independent Auditors 28
Consolidated Profit and Loss Account 30
Consolidated Statement of Total Recognised Gains and Losses 31
Consolidated Balance Sheet 32
Company Balance Sheet 33
Consolidated Cash Flow Statement 34
Notes to the Financial Statements 35
Notice of Annual General Meeting 50
Financial Calendar 53
Useful information sources for shareholders 54 2
Company registration number: 2330913
Directors, Secretary and Advisors
Principal business address:
NLA Tower
12-16 Addiscombe Road
Croydon
Surrey CR0 0XT
Registered office:
Bensham House
324 Bensham Lane
Thornton Heath
Surrey CR7 7EQ
Directors:
P M Brown
A R Patel
K V Patel
A M Patel
R V Patel
M J Reardon
K O Pelton
Secretary:
S Venkateswaran
Principal bankers:
The Royal Bank of Scotland plc
280 Bishopsgate
London EC2M 4RB
Solicitors:
Jones Day
Solicitors
21 Tudor Street
London EC4Y 0DJ
Auditors:
Grant Thornton UK LLP
Registered Auditors
Chartered Accountants
Grant Thornton House
Melton Street
Euston Square
London NW1 2EP
Brokers:
Panmure Gordon & Co Limited
155 Moorgate
London EC2M 6XB
Numis Securities Limited
Cheapside House
138 Cheapside
London EC2V 6LH
Registrars:
Capita Registrars
The Registry
34 Beckenham Road
Beckenham
Kent BR3 4TU 3
31 March 31 March
2005 2004
£000 £000
Trading results
Turnover 83,993 87,063
Profit on ordinary activities before taxation 3,346 3,315
(Loss) for the financial year (711) (582)
Proﬁt before tax is stated after charging the following items
Research and development expenditure 537 613
Amortisation costs 8,246 8,734
Impairment losses 3,830 –
Professional costs in connection with Serious Fraud Ofﬁce investigation, 
Department of Health claim and Irish operations 1,004 1,154
Balance sheet
Fixed assets 37,870 50,089
Net current assets/(liabilities) 4,204 (6,055)
Shareholders’ funds 40,018 43,339
Shareholder returns
Earnings per share – basic (pence) (1.9) (1.6)
Dividend per share (pence) 6.0 3.5
Business Highlights The Chief Executive’s Review fully describes the operations of the company over the last year.
I would highlight the fact that we are now debt-free and that the board feels confident in
increasing the final dividend from 2.5p to 4.5p, partially to recognise the loyalty shown by
shareholders who have retained, or acquired their shares over a very difficult period.
Peter M Brown
Chairman
13 June 2005
4
Chairman’s Overview 5
Overview
I am delighted to announce a year of good results for the year ended 31 March 2005. The Group
has also made further progress over the last 12 months. After two years of change and
rationalisation, we are now debt free and on target for future growth. Whilst there are still a
number of challenges ahead, I am confident on the company’s future prospects.
Overall sales were £84.0 million (2004: £87.1million). Pre-exceptional earnings before interest,
tax, amortisation and impairment losses (EBITA) were £16.7 million (2004: £13.8 million). 
The exceptional costs for the year were £1.0 million (2004: £1.2 million). The EBITA margin 
is marginally ahead of our expectation and largely a result of a lag in marketing and sales
investment. The net cash at the year end was £6.2 million.
I am pleased to announce that the Board is recommending a final dividend of 4.5 pence (2004:
2.5 pence) bringing the total to 6.0 pence (2004: 3.5 pence).
During the year we have continued to work on the litigation front with the Department of Health
(DoH) and have fully assisted the Serious Fraud Office (SFO) in their investigation. We maintain
our belief that we did not act in any way that was unlawful or improper. We continue to defend
our position vigorously. Over the last three years the investigation has been a great burden on the
Company and its executives. We remain as keen as ever, for a speedy conclusion so that we can
all return our energies to developing the future of Goldshield.
During the year we implemented a performance pay scheme. This is based on parameters that 
are measurable and rewards sales and profit growth. This has benefited all of our associates
across the world. Whilst it is early days, the response so far has been very positive. The focus 
is on nurturing and developing entrepreneurs who will be empowered and rewarded for running
their own small to medium sized businesses within the Goldshield Group.
In line with our vision of developing a global network of entrepreneurs we have created an online
Knowledge Management Platform. This provides an instant and common plug-in for all our
associates across the globe. This allows them to work from anywhere in the world and gain
instant access to all of the Group’s knowledge and information sources at the click of a button.
We believe it will revolutionise the way we work and enhance our ability to recruit and retain
entrepreneurs. This will make Goldshield a truly competitive, global organisation. 
The move to India of most of our operational back office and critical functions is now complete and
already bearing fruit. We now have over 700 high quality associates based in India. This gives the
company a new, more competitive culture and fresh momentum. Goldshield has now developed a
reputation as one of the premier employers in Mumbai, the commercial capital of India.
The radical restructuring of our business that began two years ago is now almost complete. There
are still a number of other reorganisational changes in the pipeline. We expect to see these coming
through towards the end of the next financial year. We had originally expected to see an uplift in
sales and profits from the restructuring in the next financial year. However, I now feel that we were
slightly optimistic about the time scale required to implement these organisational changes.
Marketing and Sales Review 
Hospital – Europe 
The hospital business in Europe achieved sales of £12.2 million against £12.7 million last 
year. A marginal decline in sales is attributed mainly to regulatory delays and resulting stock
availability. Towards the end of the year the UK distribution model was changed. This reduced
the stock holding in the market place, adding to a temporary reduction in sales.
The new process of distribution will provide a greater degree of control over the supply to
hospitals. We have already seen the benefits through a marked reduction in hospital out-of-stock
Chief Executive Officer’s Operating Review 6
claims. The change in NHS purchasing from Regional contracts to a single national tender in
November 2004 saw the cancellation of several regional product contracts which adversely hit
the top line. This system is due to be replaced again in 2005 with another Multi-tender system.
The Oncology business grew by 25% over the year, and Remodulin continued its good first half
performance with sales finishing at £1.3 million (2004: £0.7 million). In total, the UK business
accounted for £11.2 million (2004: £11.1 million).
The European business failed to build on its growth last year achieving sales of £0.4 million
(2004: £0.9 million). The major problem was that product supply was restricted by pending
regulatory approvals for new supply sources. Similar delays were seen in Ireland where sales 
were down to £0.6 million (2004: £0.7 million). The prospects for the Hospital business for 
the coming year remain strong.
During the year, we launched Ranitidine Injection, which is the first generic of its kind in the 
UK market. We will be launching Autodetect syringes for Epidural Procedures with significant
promotional activity at all major European Anaesthetic conferences. On the back of French
registration of Remodulin, we are expecting registration for the UK during the next few months. 
Retail Generics – Europe
The sales for this unit were up 10.2% at £9.7 million as against £8.8 million last year.
Overall the UK generics market has remained stagnant over the year. Competition has been
intense and therefore prices are at an all time low. In spite of this situation the unit has remained
focused and kept itself away from pricing pressure with an emphasis on efficiencies and
maintaining a balanced product portfolio.
In an attempt to improve the performance for the coming year, the unit has been segmented into
smaller divisions. This should result in an increase in focus, flexibility and allow the team to make
quicker and more informed decisions. The existing telemarketing team is being doubled and will
be more focused towards building a strong, sustainable model of Retail business.
Our new marketing initiatives have resulted in us seeing much higher volumes of orders from
wholesale buyers. Our Own Brand business has been helped through our better understanding of
market dynamics which has created more niche opportunities. Goldshield is still primarily UK led
in this distribution channel. Talks with potential European partners are underway and we are
confident of achieving entry in these markets in the near future.
Retail Brands – Europe 
Sales in Retail Brands Europe reached £33.8 million this year, an increase of 3.4% on the
previous year at £32.6 million. Sales in the UK were flat at £22.3 million, whilst in Europe 
they increased from £10.2 million to £11.5 million, an increase of 11.8 %.
In the UK, the Dispensing Doctor sales operation grew by 20% over the previous year. This is as
a result of targeting key decision makers with products such as Codipar, Macrobid, Zapain and
Flexeze. During the year we launched Stelazine Forte Syrup, a line extension to complement the
Stelazine range.
Own label sales have decreased slightly from £2.6 million to £2.3 million. One of the key
challenges faced during the year has been the introduction of the new PPRS scheme. The scheme
has resulted in a 7% price reduction from January 2005. Irish sales increased by 13.9% from
£3.6 million last year to £4.1 million, with new product launches as the main driver. The OTC
business has shown an increase of 8% to £1.2 million. This is due mainly to better stock
management and new product introductions. 
Sales in Western Europe increased from £5.6 million to £6.1 million and in Central Europe from
£0.9 million to £1.1 million. During the year we obtained registrations for Econac suppositories in
Finland and Denmark and for 8 new products in Kosovo. We have a number of new registered
products ready to launch over the next twelve months and the outlook for this unit is good.
Chief Executive Ofﬁcer’s Operating Review
(continued) 7
Country Distributors – Rest of World 
The unit recorded sales of £4.1 million against £3.8 million for the previous year – a growth of
7.9%. 
The South African market has led this growth with two major products, Ecotrin and Flexeze,
growing market shares by 20% and 50% respectively. New registrations coupled with the new
distributors and expanding business in territories like Vietnam and Taiwan will help us to achieve
growth next year. The Middle Eastern business which is mainly comprised of injectable products,
suffered during the year due to inventory related problems.
In all, over 80 registrations for new products have been submitted with regulatory bodies in
various countries. These new products once registered will increase our opportunities for growth.
All future launches of new products will be through our specific distribution channels which we
will identify from their strengths to allow us to maintain a greater focus and accountability.
Services – Global 
For this relatively new unit the year has been one of progression and development. The majority 
of the year has been spent on building competencies in helping smaller businesses transfer their
back office processes to India. We have focused on putting procedures in place and developing
models to ensure clients’ expectations are exceeded and Service Level Agreements met keeping in
mind the Global standards.
The unit finished the year on revenues above £1.4 million. Having started the year with just one
project, we finished with four showing a growth in revenues of more than 25%.
Associate attrition remains an industry wide problem as the number of companies transferring
their back office operations to India increases. We are focused on training our staff for the present
and the future. We are keen to ensure their readiness to shoulder responsibility as well as to
provide value addition and more opportunities for growth. As a result the attrition level within the
unit has been controlled and a more stable team developed.
The prospects for the Global Services division are very healthy. The unit expects to add a few
more small to medium sized projects to the existing portfolio as well as increasing the size of 
the current ones. 
Direct to Consumer 
India 
Demand for quality natural healthcare products has grown dramatically over the past few years.
Indications show that this demand should continue to accelerate in the future. Goldshield will
commence its Direct to Consumer operations in India in the first quarter of next year. This is in
line with the Group’s long-term strategy of continued expansion in international markets.
The initial launch in India will focus on offering a range of ‘Just 4 You’ tailor-made products and
services. The initial product will be a tailor-made nutritional support program. This will involve a
personalised health assessment. Based on the assessment, products will be recommended and
designed to meet the customer’s need for nutritional support.
North America 
The North American business achieved sales of £6.8 million this year against £10.9 million from
the two units last year. The year ended in line with expectations. Going forward, we expect a
small increase in sales next year. 
Goldshield Direct has just finished its final stage of restructuring. The unit now has 95% of its
operational, management and marketing staff working from India. We are committed to keeping
and rewarding those strategic associates that drive the growth of the company.  8
We have identified a number of potential opportunities for Goldshield Direct. The Unit has recently
become very proactive in the development of its online presence and establishing a marketing
strategy to support its growth. This new financial year will also see the launch of a pet nutritional
product line. Other opportunities for the unit come from the development of a Health Benefits
Product and also the focus of Health Assessments to create loyalty with the customers.
The last twelve months has seen both consolidation and change within the Goldshield Elite unit.
It has come up against a number of challenges, most notably the loss of sales resulting from the
ban of ephedra containing products and the successful merger of three companies into Elite.
We are constantly evaluating ways in which we can continue to offer new and innovative products
to our customers. Testing and researching advanced products, as well as updating our current
lines, remains at the forefront of our business development.
We are beginning to see an increase in the number of people looking for supplementary income.
This is an area of focus for this business. In comparison to other direct sales businesses,
Goldshield Elite is well placed to benefit from this increase. We have a very attractive pay plan
structure and our rewards scheme is aggressive yet achievable which makes the businesses
attractive on both a full or part-time basis.
Europe 
The Direct to Consumer business in Europe has achieved sales of £16.0 million against £18.0
million the previous year. Market conditions remained tough both in business and regulatory
terms. Despite seeing growth in the average order value, there were reductions in both the
number of new customers and order frequency.
The year started with a mandate to expand the management base. New Divisional Heads and a
new Head of Strategy have been appointed. Successfully achieving such an extensive change was
a challenge. We have now split the overall business into six units to give more focus to the
different elements of this very strategic part of our business. Six new Business Unit Heads are
now in place and with the new perspectives we hope to see a reversal in recent trends. 
In the year ahead, we plan to intensify our internet marketing and several new products will be
launched. In addition we will be launching a new health insurance plan. On the back of our
success in France, where sales grew by 17%, we will launch small scale operations in both The
Netherlands and Germany.
Product Development 
The two units created to maximise the potential of our acquired and in-house developed products
are performing very well. Both are focussed on their core competencies of product registration and
approval processes. These groups are responsible for researching and developing new products,
increasing existing product leverage and developing marketing plans for new and selected existing
products. 
The focus with respect to the Licensed Product Group has been to identify new products and
business opportunities in order to drive growth. The unit has developed a range of liquid
formulations targeted at the palliative care market. It has identified several product opportunities
for either development and/or in-licensing. It has also identified several opportunities to Out-
License products and new business opportunities in the Clinical Research Services.
Within the unlicensed group, the focus has been on ensuring existing product compliance with EU
Directives as well as developing high margin and effective products to promote movement away
from the current price competitive product portfolio. The unit has identified Ayurvedic and Pet
lines as new opportunities for the future.
Chief Executive Ofﬁcer’s Operating Review
(continued) 9
Current Trading and Future Prospects 
We continue to assist the SFO and the Department of Health in their wider inquiries while
maintaining our firm belief that we did not act in an unlawful manner. We remain as keen as ever
for a speedy conclusion so that we can turn all our energies to developing the future of Goldshield.
Despite the considerable distractions of these enquiries, over the past 3 years the company has
been largely restructured with the move of many of the operational functions to India and the
implementation of a performance related pay scheme. The company is now in a much stronger
financial position as a consequence of strong cash generation, resulting in a net cash position of
£6.2 million at the year end. We are currently evaluating several new opportunities involving both
product acquisitions and start ups, as well as the launch in India of our Direct to consumer unit.
We remain cautiously optimistic about the outcome for the current year, but are increasingly
confident about the longterm future of the group.
Ajit Patel
Chief Executive Ofﬁcer
13 June 2005 10
Turnover
As expected the turnover for the year was lower at £84.0 million (2004: £87.1 million).
Sales in the UK & Western Europe were marginally higher at £71.8 million (2004: £70.3 million)
primarily due to increase in sales of pharmaceutical products. 
Sales in North America were £6.8 million (2004: £10.9 million). This decline is mainly
attributable to the discontinuation of Ephedra based products in August of last year and a
rationalisation of other peripheral activities.
Sales in the Rest of the World showed a decrease of 8% at £5.4 million (2004: £5.9 million).
Gross proﬁt
The Group’s gross profit for the year was £55.0 million (2004: £52.2 million). The gross margin
achieved was 65.5% (2004: 60.0%). The rise is attributable to a combination of increased
service income from India and restoration of supplies of some high margin products.
Earnings and operating results
The Group Earnings Before Interest, Tax, Amortisation, Impairment and Exceptional costs was
£16.7 million ( 2004: £13.8 million). The benefits derived out of the migration of processes to
India have been offset by increased infrastructure and marketing expenditure in selected areas.
The Group operating profit was £3.7 million (2004: £3.9 million) representing 4.4% of Turnover
(2004: 4.5%). The operating margin is stated after:
• A decline in distribution costs largely as a result of decrease in product revenue
• Exceptional legal and professional fees in connection with the SFO, DOH claims and issues
arising out of the Irish operations aggregating to £1.0 million. (2004: £1.2 million)
• Impairment of the carrying value of goodwill of the US business of £3.8 million (2004: nil)
Research and Development expenditure
Research and Development expenditure incurred and written off directly to the profit and loss
account was £0.5 million (2004: £0.6 million). As at 31 March 2005 the Group does not have
any capitalised development expenditure (2004: nil).
Taxation 
The taxation charge of £4.1 million (2004: £3.9 million) represents an effective tax rate of
121.2% (2004: 118.1%). The effective tax rate is high as a result of tax losses in the United
States, where deferred tax assets are not currently being recognised. Other reasons for the high
effective rate are impairment losses and other items which do not qualify for tax relief. 
Deferred tax charge included in the tax charge was £1.4 million (2004: Deferred tax credit of 
£2.6 million).
Report of the Finance Director 11
Earnings and dividend
Basic earnings per share is (1.9) pence (2004: (1.6) pence). There are no diluted earnings per
share.
The Directors propose a final dividend of 4.5 pence per share representing a total dividend for the
year of 6.0 pence (2004: 3.5 pence). The final dividend will be subject to approval at the Annual
General Meeting, to be held on 27 July 2005, and is expected to be paid on 3 August 2005 to
Ordinary Shareholders on the register at the close of business on 8 July 2005.
Cash ﬂow and liquidity
During the year the Group generated £19.3 million from operating activities (2004: £18.4
million). 
The primary use of the cash was towards the payment of corporation tax, dividends to
shareholders and repayment of bank loans.
As at 31 March 2005 the Group had liabilities in respect of deferred consideration payments due
on acquisitions of £0.04 million (2004: £0.1 million).
As at 31 March 2005 the Group has fully repaid the bank loan (2004 : £5.5 million).
At the year-end the Group had cash balances of £6.2 million (2004: £0.2 million), this increase
is the result of operational efficiencies and better management of working capital.
Transition to International Financial Reporting Standards
We have identified the areas of our financial statements that will be most affected by the
transition to IFRS. The main issues identified are the non amortisation of goodwill arising on
business combinations, share based payments, the treatment of deferred tax and financial
instruments.
We have compared our current accounting practices to the provisions of the proposed IFRS and
have identified areas that require amendments to our financial reporting system. In the coming
months we will be preparing the interim accounts under IFRS along with the necessary transition
and comparative disclosures.
Rakesh Patel
Finance Director
13 June 2005 12
2005 2004 2003 2002 2001
£000 £000 £000 £000 £000
Trading results
Turnover 83,993 87,063 104,920 100,433 70,513
Operating profit 3,666 3,876 4,272 16,228 12,421
Profit on ordinary activities before taxation 3,346 3,315 3,528 15,856 12,558
(Loss)/profit for the financial year (711) (582) (1,452) 10,490 7,986
(Loss)/profit retained for the year (2,936) (1,877) (2,521) 8,877 6,737
Balance sheet
Fixed assets 37,870 50,089 60,622 72,967 61,706
Net current assets/(liabilities) 4,204 (6,055) (2,245) 781 (4,459)
Cash & cash deposits 6,168 186 2,433 9,320 6,707
Shareholders’ funds 40,018 43,339 47,565 51,174 42,412
Shareholder returns
Earnings per share – basic (pence) (1.9) (1.6) (3.9) 28.6 22.1
Earnings per share – diluted (pence) – – – 28.1 21.2
Dividend per share (pence) 6.0 3.50 2.90 4.35 3.45
Employee numbers
Average number of 
employees in the year 831 648 407 335 304
Five Year Review 13
Directors
The Directors of the Company, none of whom are related to each other, are: 
PETER BROWN FCA, FRSA, FID, FCIM, MILT , Non-Executive Chairman, joined the Board in
August 2003. He has over 20 years experience as a Company Director and is Chairman of Dawson
Holdings plc, Independent Remuneration Solutions Limited and County Contact Centres plc.
He is also a director of a number of private companies.
AJIT R PATEL Bpharm MRPharmS, Chief Executive Ofﬁcer, co-founded Goldshield in 1989.
Having qualiﬁed as a pharmacist in 1982, he opened his own retail pharmacy business in 1984,
where he gained considerable experience in sales, marketing and outsourcing.
KIRTI V PATEL Bpharm MRPharmS, Chief Operating Ofﬁcer, co-founded Goldshield in 1989.
Having qualiﬁed as a pharmacist in 1983, with interests in the areas of bio-pharmaceutics and
clinical pharmacology, he established his own pharmacy business in 1984. He is also a member
of the Institute of Pharmacy Management International, British Institute of Regulatory Affairs and
a fellow of the Royal Society of Medicine. 
RAKESH V PATEL FCCA, Finance Director, joined Goldshield from Mercers Bryant in 1992 and
was admitted for membership of the Association of Chartered Certiﬁed Accountants in 1996. He
was appointed Finance Director of the Group in January 1998. 
AJAY M PATEL BA (Hons) MIDM DipCIM DipMRS, Marketing Director, Direct to Consumer,
joined Goldshield in 1993. Prior to this he was Group Sales and Marketing Manager at Colorama
Processing Laboratories. He has responsibility overall for achieving growth in sales and proﬁtability
of the Group’s healthcare products in UK and Western Europe. He was appointed Marketing
Director in January 1998.
MIKE J REARDON, MBA, BSc (Hons) Marketing Director, Pharmaceuticals, joined Goldshield in
January 2000. He has over twenty years experience with SmithKline Beecham and Gruenenthal,
where he was Area Director for Asia Paciﬁc, Middle East and Africa. More recently he has had
world-wide responsibility as Sales and Marketing Director of Porvair International. He is
responsible for achieving growth in sales of both pharmaceutical and healthcare products in retail,
hospital and distributor channels. He was appointed to the Board in June 2003.
KEN O PELTON FCMA, Independent Non-Executive Director, joined Goldshield in 1992. He has
been a Director of Rizome Limited, IPID.COM Ltd, Murray Johnstone Developments Limited,
Beamtech Limited, Integrated Micro Products plc and Pharmagene plc. 14
The Directors present their report together with the ﬁnancial statements for the year ended 
31 March 2005.
Principal activities
The Group is engaged in the development, marketing, and distribution of pharmaceutical and
healthcare products. The Company itself is the parent undertaking of the Group and did not trade
with third parties during the year.
Results and dividends
The proﬁt before tax on ordinary activities of the Group was £3,346,000. The Directors recommend
the payment of a ﬁnal dividend for the year of 4.5 pence per Ordinary Share expected to be made
on 3 August 2005 to those members on the register at the close of business on 8 July 2005.
Together with the interim dividend of 1.5 pence per Ordinary Share, paid on 17 January 2005, this
makes a total dividend payment of 6.0 pence per Ordinary Share (2004: 3.5 pence).
Business review and future developments
A review of the Group’s activities during the year and prospects for its future development are
detailed in the Chief Executive Ofﬁcer’s Operating Review on pages 5 to 9 and the Report of the
Finance Director from pages 10 to 11, both of which form part of this report.
Directors
The Directors who served during the year are set out below.
The beneﬁcial interests of the Directors and their families in the shares of the Company at 1 April
2004 and 31 March 2005, as recorded in the register maintained by the Company in accordance
with the provisions of the Companies Act 1985, were as follows:
5p Ordinary shares
31 March 2005 1 April 2004
Executive Directors
A R Patel 3,800,000 3,783,752
K V Patel 1,739,791 1,739,791
R V Patel 689,791 689,791
A M Patel 476,500 506,916
M J Reardon 1,000 1,000
Non-Executive Directors
P M Brown (Note 1) 100,000 60,000
K O Pelton 118,800 118,800
R J Race 1,500 1,500
R J Race resigned as a director on 28 July 2004
Note: 1. Twenty thousand of P M Brown’s shares are owned by Synergy Holdings Limited, a company controlled by him.
As at 10 June 2005 there had been no change in Directors’ shareholdings since 31 March 2005.
Details of Directors’ share options are set out in the Remuneration Report on page 25.
R V Patel and A M Patel retire by rotation, and being eligible, offer themselves for re-election 
at the Annual General Meeting.
P M Brown, who on account of reaching 70 years of age, retires and, being eligible, offers 
himself for re-election at the Annual General Meeting.
K O Pelton who joined the Board in 1992, and being eligible, offers himself for annual 
re-election in accordance with Corporate Governance best practice in relation to long 
standing non-executive directors.
Report of the Directors 15
Employees
At 31 March 2005 the Group employed 884 personnel of whom 119 are based in the UK, 45 
in North America, 11 in Ireland and 709 in India. The Group is an equal opportunities employer 
and does not discriminate between employees on the grounds of race, ethnic origin, sex, age 
or disability.
The success of the Group is dependent upon the quality and performance of its employees and
the Group continues to ensure this through continuous training and development, facilitated by
Investors in People. Applications for employment by disabled persons are given full and fair
consideration for all vacancies in accordance with their particular aptitudes and abilities. In the
event of employees becoming disabled every effort is made to retrain them in order that their
employment with the Group may continue.
The Board acknowledges that its staff are its most important asset. It places a strong emphasis 
on the training and development of its employees through ‘on the job’ training and through staff
attending courses. This is a continuous process of training and all staff regularly attend courses 
on communication, planning, decision making and problem solving. In addition managers attend
courses and ‘on the job’ training on staff development, motivation, recruitment, appraisals and
team building. The Group also encourages staff to take vocational courses.
The Group encourages all of its employees to participate in its growth and welcomes staff input 
at all levels.
Information about the Group’s activities is regularly communicated through notices and 
staff meetings.
Employee share save scheme
An employee share save scheme is open to all eligible employees. Under the terms of the scheme
the Directors may offer options to purchase ordinary shares in the Company to employees who
enter into an Inland Revenue approved share save contract. The price of each share option was 
at a discount of 20% from the market price at the date of granting the options. Options may
normally be exercised during the period of six months after the completion of the share save
contract.
Share options
During the year the Directors granted share options to employees. Details of these are set out in
note 17 to the ﬁnancial statements.
Details of the Directors’ Share Options are shown in the Remuneration Report on page 25.
Charitable and political donations
Donations to charitable organisations amounted to £28,236 (2004: £78,460).
Donations to political organisations amounted to £nil (2004: £nil). 16
Substantial shareholders
As at 20 May 2005 the Company has been advised of the following holdings, in addition to those
of the Directors disclosed above, of 3% or more of the nominal value of the Company’s shares:
Name Shareholding %
Schroder Investment Management Limited 8,916,619 24.1%
Halifax Share Dealing Services 3,142,500 8.5%
Hermes Assured Limited 2,611,032 7.0%
Gartmore Investment Management PLC 2,081,480 5.6%
Barclays Global Investors 1,799,120 4.9%
Legal & General 1,219,675 3.3%
Payment policy and practice
It is the Group’s policy to settle the terms of payment with suppliers when agreeing the terms of
the transaction to ensure that suppliers are aware of these terms. In general the trading terms
entered into are payment at the end of the month following the month of invoice. Trade creditors
due at the year end amount to 47days purchases (2004: 49 days).
Research and Development
Details of research and development expenditure are shown in the Report of the Finance Director
on page 10 under Research and Development expenditure.
Auditors
Grant Thornton UK LLP offer themselves for re-appointment as auditors in accordance with
Section 385 of the Companies Act 1985. 
Annual General Meeting
It is proposed that the next AGM be held on 27 July 2005, at 10.00 am, notice of which is set
out on pages 50 to 52. In addition to the proposed resolutions to receive the Report and
Accounts, declare a dividend, re-appoint Directors in accordance with the Company’s Articles of
Association, to appoint Grant Thornton UK LLP as Auditors and to authorise the Directors to ﬁx
the Auditors’ remuneration; and to approve the Remuneration Report, it is proposed that the
following business be transacted:
Directors’ authority to allot securities (Resolution 9 – Ordinary Resolution)
The Directors seek to renew this authority each year at the AGM. The effect of resolution 9 is to
grant to the Directors authority to allot new securities limited to a maximum amount of £618,000
representing approximately one third of the Company’s issued share capital as at 31 March 2005
(being the date of the Company’s last Annual Accounts). This renewed authority would remain in
force for 15 months from the passing of the resolution or, if earlier, the next AGM.
Disapplication of pre-emption rights (Resolution 10 – Special Resolution)
The Directors seek to renew this authority each year at the AGM. Under the Companies Act 1985,
shareholders have “rights of pre-emption” in relation to the issue of equity securities. This means
that if new shares in the Company are to be offered for subscription for cash they must ﬁrst be
offered to the existing shareholders in proportion to their holdings at the time of such offer. The
Companies Act requires that the Directors seek the approval of the shareholders if they wish to
disapply these rights. The Directors are seeking authority to disapply pre-emption rights over
1,853,539 equity securities, representing approximately 5% of the issued share capital of the
Report of the Directors
(continued) 17
Company as at 31 March 2005. This renewed authority would remain in force for 15 months
from the passing of the resolution or, if earlier, the next AGM.
Company’s authority to purchase its own shares (Resolution 11 – Special Resolution)
The Directors are seeking to renew the authority for the Company to purchase in the open market
up to 10% of the issued share capital of the Company. The Company undertakes that it will, if the
resolution is passed, only exercise such authority to buy back its own shares if such purchase
would have the effect of increasing the earnings per share and if they believed that to do so would
be in the best interests of the shareholders generally. If the resolution is passed the Company will
be authorised to buy in one transaction or any number of transactions an aggregate maximum of
3,707,078 shares, representing approximately 10% of the issued share capital of the Company
as at 10 June 2005 (being the latest practicable date prior to publication of the Notice of AGM). 
The maximum price the Company will be permitted to pay will be equal to 5% above the average
middle market quotations for the ﬁve business days preceding the transaction and the minimum
price will be 5 pence (being the nominal value of the shares).
The total number of options to subscribe for ordinary shares outstanding as at 10 June 2005 was
2,302,891, representing approximately 6.2% of the issued share capital of the Company at such
date. If the authority to purchase shares were to be exercised in full, the total number of options
to subscribe for ordinary shares outstanding as at 10 June 2005 would represent 3.1% of the
issued share capital (assuming no other further ordinary shares were issued after that date).
BY ORDER OF THE BOARD
S Venkateswaran
Secretary
13 June 2005 18
Corporate Governance
Application of principles
The Group is committed to applying the best principles of Corporate Governance. The Group has applied
the principles of Good Governance contained in the Combined Code to the extent they are consistent
with its size. The Compliance Statement is given under the Combined Code 2003 (the FRC Code).
Compliance Statement
The company has complied throughout the year with the Code provisions set out in section 1 of the
Combined Code with the following exceptions:
The Board has yet to introduce a process for evaluating the performance of the Board, Committees and
Independent directors (provision A.6.1). It is intending to work towards introducing an appropriate
evaluation process.
Following the resignation of Russell J Race on 28 July 2004, the company only has a single
independent non executive director and two members of the audit committee, one of whom is the
chairman and is therefore in breach of provisions A.3.2 and C.3.1. The company is planning to 
appoint an additional Independent director.
As set out in the risk management section, the audit committee has reviewed the initial report from the
newly formed internal audit function on the internal controls of the group, but is not yet in a position to
comment on their effectiveness as required under provision C.2.1.
Board composition
The Company is controlled through its Board of Directors. The Board comprises the non-executive
chairman and one other non-executive director (who the Board considers to be independent), the chief
executive and four executive directors. The Board’s main roles are to create value to shareholders, to
approve the Company’s strategic objectives and to ensure that the necessary ﬁnancial and other
resources are made available to enable them to meet those objectives. Speciﬁc responsibilities reserved
to the Board include: setting Group Strategy, reviewing operational and ﬁnancial performance, approving
major acquisitions, divestments and capital expenditure; approving appointments to the Board and the
Company Secretary, approving policies relating to Director’s remuneration and the severance of
Directors’ contracts; and ensuring that a satisfactory dialogue takes place with shareholders.
The executive directors of the Board are:
Ajit R Patel
Kirti V Patel
Rakesh V Patel
Ajay M Patel
Mike Reardon
All the above executive directors submit themselves for re-election at least every three years and at the
ﬁrst AGM after appointment. 
The non-executive directors are Ken Pelton and Peter Brown, who is also Chairman of the Group.
Ken Pelton has been associated with the Group for more than 9 years and therefore submits himself for
annual re-election in accordance with good corporate governance principles. Although this length of
service does not meet one of the criteria for Director Independence under the Code, the Board considers
that Ken Pelton meets all the other criteria and the Chairman is satisﬁed that he acts as an independent
and effective non-executive Director.
Peter Brown, is over 70 years old and therefore retires and, being eligible, offers himself for re-election
at the Annual General Meeting.
The Board met six times during the year under review. At each meeting the Board receives reports from
the chief executive, the ﬁnance director, other directors and senior management as required.
The Board has three Committees, whose terms of reference can be inspected  by prior arrangement at
Goldshield’s ofﬁces in Croydon. 19
Audit committee
Ken Pelton (Chairman)
Peter Brown
Both non-executive directors are qualiﬁed accountants.
The Audit Committee’s duties include reviewing the external audit arrangements, including the scope,
results and cost effectiveness of the audit, any changes in accounting policies and procedures, the
judgmental decisions affecting ﬁnancial reporting, compliance with accounting standards and with 
the Companies Act and considering the Auditors’ comments on internal controls and management’s
response. The Audit Committee monitors the nature and extent of non-audit services provided by the
Auditors to ensure their independence and objectivity is maintained. 
Audit committee meetings are also attended by invitation by representatives of the Group’s auditors, the
company secretary and the ﬁnance director. The committee considers the Group’s annual and interim
ﬁnancial statements and any questions raised by the auditors on the statements and ﬁnancial systems.
During the year, the Audit Committee met four times and reviewed the Group’s draft ﬁnancial
statements and interim results statement prior to Board approval and considered the external auditors’
detailed reports thereon. The Committee also reviewed the performance of the newly established
internal audit function.
The Group’s auditors, Grant Thornton UK LLP , provide some non-audit services. The majority of non-
audit work are compliance services on the various taxation issues within the Group, and do not
compromise their independence as auditors. The level of non-audit fees (which are less than the audit
fees) are reviewed annually by the Committee.
Remuneration committee
Peter Brown (Chairman)
Ken Pelton
The Remuneration committee met twice in the ﬁnancial year and determined the Directors’
remuneration. Neither of the committee members have any personal ﬁnancial interest in the matters to
be decided (other than as shareholders), nor potential conﬂicts of interest arising from cross-directorships
nor any day to day involvement in the running of the business. The Committee consults with the Board
about its proposals and has access to professional advice from inside and outside the Group.
Nomination committee
Peter Brown (Chairman)
Ajit R Patel
Ken Pelton
The Nomination committee meets as required to select and recommend suitable candidates to the
Board for both executive and non-executive appointments. There have been no Board appointments in
the year under review although the committee is planning to appoint an additional Independent
Director and meetings have been held with a number of potential candidates.
The number of full scheduled Board meetings and committee meetings attended by each Director
during the year was as follows:
Name of Scheduled Audit Remuneration Nomination
Director Board Meetings Committee Meetings Committee Meetings Committee Meetings
Peter Brown - Chairman 6 / (6) 4 / (4) 2 / (2) n/a
Ajit Patel - CEO 6 / (6) n/a n/a n/a
Kirti Patel 6 / (6) n/a n/a n/a
Rakesh Patel 6 / (6) n/a n/a n/a
Ajay M Patel 5 / (6) n/a n/a n/a
Mike Reardon 5 / (6) n/a n/a n/a
Ken Pelton 5 / (6) 4 / (4) 2 / (2) n/a
Figure in brackets indicate maximum number of meetings in the period in which the individual was a board member 20
Shareholder relations
The Chairman, the Chief Executive and the Finance Director hold meetings with institutional
shareholders to discuss the Group’s strategy and ﬁnancial performance. Efforts are made to keep
shareholders informed through analysts’ meetings, road shows and soundings taken from
individual shareholders as and when required.
All shareholders can gain access to information about the Group, including the annual report,
through the Goldshield website www.goldshieldplc.com.
Risk management and internal controls
The directors acknowledge their responsibility for the group’s system of internal controls. The
intent is to manage risk rather than eliminate it and controls cannot provide an absolute assurance
against material misstatement or loss.
The key features of the Group’s systems of internal controls are as follows:
• Control environment: short and direct lines of responsibility are designed to ensure that
business risks are communicated for prompt review. The performance of each business unit is
reviewed at regular monthly meetings. The full Board also reviews the same at regular board
meetings held at least six times each year. A period of at least ﬁve days each year is set aside
for strategic planning and assessment of risks affecting the group attended by senior managers
from all parts of the group. In addition, a meeting of Unit Heads is held at least three times in a
year, when matters of strategic importance are discussed with speciﬁc emphasis on training and
development.
• Operating procedures: key ﬁnancial controls are documented as operating procedures setting
out responsibilities and ﬁnancial authority levels.
• Budgeting: a comprehensive budgeting procedure is followed by business units. The CEO
presents an annual forecast at Group Level for discussion and agreement by the Board.
• Information systems: the group’s accounting systems are backed up and scaleable to meet
business needs. Sufﬁcient precautions are taken to retain the processed data in an off-site
location, which forms part of the disaster recovery program followed by the company.
A regular review takes place with the company’s insurance brokers to assess the adequacy of the
Group’s insurance cover in the face of operational and other risks of the business.
Additional steps taken to audit and control ﬁnancial and other risks within the year under review
include:
• Creation of a separate unit for Compliance, Internal Audit and Legal which monitors and
supervises legal, auditing and regulatory issues affecting the Group’s operations with a view to
implementing relevant best practice and reporting to the Group Board.
• The appointment of an in-house Company Secretary. 
The Board fully recognises the importance of adopting appropriate risk and control measures.
Following the creation of an internal audit function in the year, the Audit committee reviewed its 
initial ﬁndings in relation to the Group’s systems and controls, but is not yet in a position to
review their effectiveness. Further work will be undertaken in this area in the coming year. 
Going concern
After making enquiries, the Directors have a reasonable expectation that the Group has adequate
resources to continue in operational existence for the foreseeable future. For this reason they
continue to adopt the going concern basis in preparing the ﬁnancial statements. An explanation of
the Group’s cash ﬂow position at 31 March 2005 is set out in the Report of the Finance Director.
Corporate Governance
(continued) 21
Corporate Social Responsibility
Goldshield is committed to being a socially responsible corporate citizen.
Environment
Common sense measures to save energy and ﬁnite resources are taken where practicable; in
particular relating to controlled use of energy, paper and other resources. The Board does not
consider it appropriate to implement a detailed environmental policy for its activities given that 
it does not itself manufacture products. The Board does however share current concerns on
environmental issues and will where possible ensure that its activities are carried out in an
environment friendly manner.
Health and safety
The Board aims to take due and proper care of risks to the health, safety and welfare of its
employees; taking account of the differences that apply to legislative requirements in the different
countries where it operates. Particular attention is paid to ﬁre drills and other safety procedures in
establishments operated by the Group.
Ethics
The Group has policies on business practices, receipt of gifts, use of the internet and
whistleblowing. The Group realises that its reputation depends on adopting ethical and socially
responsible procedures and will encourage adoption of employment, health and safety and other
appropriate procedures to meet this objective.
Employment
The Group employs over 884 employees worldwide based in the United Kingdom, India, Ireland
and the USA. Our success depends on the skills and attitude of our employees. Our human
resource strategies are aimed at ensuring that employees are trained to be competent to fulﬁl 
their roles and with an opportunity to develop to their full potential. Emphasis is placed on
sharing knowledge for the beneﬁt of employees and the Group.
The Group operates in an international market and we believe it is important for all employees to
be treated with dignity and respect. Decisions relating to recruitment, development, promotion and
training of individual employees are based on an objective assessment of skills and attitudes and
job requirements. To this end a system of 360 degree appraisals is already in place to supplement
the existing one to one appraisal procedures.
Community involvement
Employees are encouraged to make contributions to charities and other community causes and
collections are regularly made for charitable purposes. Goldshield has made donations of drugs
amounting to £24,194 to those affected by the "Tsunami" which hit the coast of Indonesia and
other South Asian Countries. 22
Remuneration Report
Directors’ remuneration
The Group recognises that Directors’ remuneration is of legitimate concern to the shareholders 
and is committed to following current best practice. 
Section 1: Information not subject to audit
The Remuneration Committee
Main board Directors’ remuneration is determined by the committee, which also has an overview
of incentive payments and option issues to other members of the company.
None of the committee has any personal ﬁnancial interest in the matters to be decided other than
as shareholders, potential conﬂicts of interest arising from cross directorships or any day-to-day
involvement in the running of the business. The committee invites the Chief Executive and other
Executives to attend its meetings when it is appropriate to get their advice on the issues under review.
The Remuneration Committee is chaired by Peter Brown the Chairman of the Company, following
the resignation of Russell J Race as an independent non-executive director.
Policy on Executive Directors’ remuneration
The committee aims to ensure that Directors’ remuneration is fair and in line with market rates 
in somewhat similar companies. Incentive schemes are designed to provide rewards for achieving
objectives that will increase shareholder value. 
There are three elements to the remuneration package:
•Basic annual salary and pension contributions
• Share option incentives
• Cash bonuses
Executive Directors’ basic salaries are reviewed annually by the committee which takes into
account salary levels of comparable companies. Salaries were last reviewed in April 2005, when
it was decided to give average increases to executive directors of 4.5%.
It is the committee’s general strategy to pay salaries at or slightly below median levels with
increased remuneration coming from cash bonuses and the increase in value of the options held
by each executive Director.
During the year 66,360 additional options were granted to M J Reardon.
Remuneration Strategy throughout the Group
As shareholders realise a very high percentage of the management team now operate out of
Mumbai. The chief executive’s strategy with the support of the remuneration committee is to
ensure that support departments and sales units operate as if they were independent entities with
performance schemes structured for the delivery of commercial targets. This strategy is beginning
to work as managers used to a more generalised incentive structure begin to realise that decisions
concerning their individual operations make a very big difference to the potential bonus available
at the end of the year.
Main board performance payments are decided by the committee based upon the overall
performance of the company and the achievement of targets by units answering to that director.
The company contributes to executive directors’ money-purchase pension plans and provides a
range of health insurance beneﬁts for directors. Our normal retirement age is 60. The company’s
contracts of service or letters of appointment are for a six monthly renewable period which is
rather shorter than the one year maximum required by the Combined Code. 23
Compensation Other
payable provisions
Date of Unexpired Notice on early on early
Contract Term period termination termination
P M Brown 4 August 2003 6 months 6 months Contractual only None
A R Patel 15 May 1998 6 months 6 months Contractual only None
K V Patel 15 May 1998 6 months 6 months Contractual only None
R V Patel 15 May 1998 6 months 6 months Contractual only None
A M Patel 15 May 1998 6 months 6 months Contractual only None
K O Pelton 1 April 1992 6 months 6 months Contractual only None
M J Reardon 16 April 2003 6 months 6 months Contractual only None
Given the short notice periods applicable, mitigation issues are unlikely to arise.
Performance Graph
We show above the performance graph comparing Goldshield’s Total Shareholders’ Return (TSR)
compared to the TSR of the FTSE Small Cap Index. TSR is deﬁned as the percentage change over
the period, assuming re-investment of income and funding of liabilities.
The company is a member of the FTSE Small Cap Index; this is considered to be the most
appropriate comparator group. TSR has been calculated on a one month's averaging basis in order
to reduce volatility associated with spot prices.
GOLDSHIELD GROUP - TOT RETURN IND           
FTSE SMALL CAP PRICE - TOT RETURN IND
120
2000 2001 2002 2003
Source: DATASTREAM
Year
Relative Index
2005 2004
100
80
60
40
20
0
Remuneration Report
(continued) 24
Section 2: Information subject to audit
Directors’ emoluments
Salary,
consultancy
Salary Shares fees
and taxable Bonus received as  Consultancy and taxable
beneﬁts Payable remuneration Fees Pension Total beneﬁts Pension Total
2005 2005 2005 2005 2005 2005 2004 2004 2004
Executive Directors £ £ £ £ £ £ £ £ £
A R Patel 390,254 60,000 – – – 450,254 350,432 7,773 358,205
K V Patel 217,533 22,000 – – 20,747 260,280 221,723 15,100 236,823
R V Patel 202,479 18,000 – – 17,000 237,479 220,063 17,000 237,063
A M Patel 184,880 18,000 – – 19,500 222,380 183,186 16,000 199,186
M J Reardon 165,629 22,000 – – 15,497 203,126 99,643 11,687 111,330
A G Oades –– –– –– 34,763 3,000 37,763
Non-Executive Directors
P M Brown (Note 1) 12,000 – 102,800 5,000 – 119,800 87,990 – 87,990
K O Pelton (Note 2) –– – 3,625 – 3,625 27,995 – 27,995
R J Race* 8,958 – – – – 8,958 21,500 – 21,500
1,181,733 140,000 102,800 8,625 72,744 1,505,902 1,247,295 70,560 1,317,855
*Resigned during the year
Notes:
(1) P M Brown received part of his remuneration in shares, with 40,000 ordinary shares issued to him in the year under
review with a value of £102,800.
(2) K O Pelton received no fees for his services as a Director. The K O Pelton Partnership of which K O Pelton is a partner
receives fees for providing consultancy services
The Company contributes to Executive Directors’ money purchase pension plans and provides a
range of health insurance and car beneﬁts. The normal retirement age is 60.
Remuneration Report
(continued) 25
Directors’ share options
The interests of the Directors in options over ordinary shares during the year were as follows:
Exercise Date from
At start At end price which Expiry
Scheme of year Granted Cancelled Exercised of year (pence) exercisable Date
A R Patel
Unapproved 330,000 – – – 330,000 180 3 Jun 2001 2 Jun 2008
Unapproved 72,308 – – – 72,308 640 11 Jan 2005 10 Jan 2010
Unapproved 39,000 – – – 39,000 686 18 July 2006 17 July 2011
Unapproved 84,973 – – – 84,973 366 23 July 2007 22 July 2012
Share Save 6,013 – – – 6,013 275.2 1 Aug 2007 31 Jan 2008
532,294 – – – 532,294
K V Patel
Unapproved 170,000 – – – 170,000 180 3 Jun 2001 2 Jun 2008
Unapproved 38,462 – – – 38,462 640 11 Jan 2005 10 Jan 2010
Unapproved 28,000 – – – 28,000 686 18 July 2006 17 July 2011
Unapproved 53,552 – – – 53,552 366 23 July 2007 22 July 2012
Share Save 3,452 – – – 3,452 275.2 1 Aug 2005 31 Jan 2006
293,466 – – 293,466
R V Patel
Unapproved 100,000 – – – 100,000 180 3 Jun 2001 2 Jun 2008
Unapproved 30,769 – – – 30,769 640 11 Jan 2005 10 Jan 2010
Unapproved 25,000 – – – 25,000 686 18 July 2006 17 July 2011
Unapproved 46,448 – – – 46,448 366 23 July 2007 22 July 2012
Share Save 6,013 – – – 6,013 275.2 1 Aug 2007 31 Jan 2008
208,230 – – – 208,230
A M Patel
Unapproved 135,000 – – – 135,000 180 3 Jun 2001 2 Jun 2008
Unapproved 30,769 – – – 30,769 640 11 Jan 2005 10 Jan 2010
Unapproved 22,000 – – – 22,000 686 18 July 2006 17 July 2011
Unapproved 43,716 – – – 43,716 366 23 July 2007 22 July 2012
Share Save 6,531 – – – 6,531 275.2 1 Aug 2009 31 Jan 2010
238,016 – – – 238,016
M J Reardon
Unapproved 11,270 – – – 11,270 366 23 July 2005 22 July 2012
Unapproved 9,677 – – – 9,677 196 4 Aug 2006 3 Aug 2013
Share Save 12,638 – – – 12,638 126 1 Sept 2008 28 Feb 2009
Unapproved 11,270 – – – 11,270 366 23 July 2007 23 July 2012
Unapproved 14,193 – – – 14,193 196 4 Aug 2008 3 Aug 2013
Unapproved – 33,180 – – 33,180 260.7 26 July 2007 25 July 2014
Unapproved – 33,180 – – 33,180 260.7 26 July 2009 25 July 2014
59,048 66,360 – – 125,408
No share options have been granted to the Non-Executive Directors.
The options granted under the unapproved share scheme were allotted as part of the remuneration 
package for nil consideration.
The market price of the ordinary shares at 31 March 2005 was 272.5 pence and the range
during the year ended 31 March 2005 was 212.5 pence to 286 pence. 26
Equity incentives for Directors and employees
The Company has three share option schemes:
• The ‘existing scheme’
Share options granted to employees prior to the ﬂotation of the company.
• The ‘unapproved scheme’
The ‘unapproved scheme’ was introduced at the time of listing in 1998. Under this scheme
options have been granted to executive Directors and other employees.
• Employee share save scheme
The Company established an Inland Revenue approved savings related share save scheme 
in 1998. These options are capable of exercise after either three, five or seven years at the
employees’ choice on the date of entering the contract.
On behalf of the Board
P M Brown
Chairman of the Remuneration Committee
13 June 2005
Remuneration Report
(continued) 27
United Kingdom company law requires the Directors to prepare ﬁnancial statements for each
ﬁnancial year which give a true and fair view of the state of affairs of the Group and the Company
and of the proﬁt or loss of the Group for that period. In preparing those ﬁnancial statements, the
Directors are required to:
• select suitable accounting policies and then apply them consistently
• make judgements and estimates that are reasonable and prudent
• state whether applicable accounting standards have been followed, subject to any material
departures disclosed and explained in the ﬁnancial statements
The Directors are responsible for keeping proper accounting records, for safeguarding the assets 
of the Group and for taking reasonable steps for the prevention and detection of fraud and other
irregularities. They are responsible for ensuring that the Annual Report includes information
required by the Listing Rules of the Financial Services Authority.
Statement of Directors’ Responsibilities 28
We have audited the financial statements of Goldshield Group plc for the year ended 31 March
2005 which comprise the consolidated profit and loss account, the consolidated statement of
total recognised gains and losses, the balance sheets, the consolidated cash flow statement, the
principal accounting policies and notes 1 to 27. These financial statements have been prepared
under the accounting policies set out therein. We have also audited the information in the
directors’ remuneration report that is described as having been audited.
This report is made solely to the company’s members, as a body, in accordance with Section 235
of the Companies Act 1985. Our audit work has been undertaken so that we might state to the
company’s members those matters we are required to state to them in an auditors’ report and for
no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility
to anyone other than the company and the company’s members as a body, for our audit work, for
this report, or for the opinions we have formed.
Respective responsibilities of Directors and Auditors
The directors’ responsibilities for preparing the annual report, the directors’ remuneration report
and the financial statements in accordance with United Kingdom law and accounting standards
are set out in the statement of directors’ responsibilities.
Our responsibility is to audit the financial statements and the part of the directors’ remuneration
report to be audited in accordance with relevant legal and regulatory requirements, and United
Kingdom auditing standards and the Listing Rules of the Financial Services Authority.
We report to you our opinion as to whether the financial statements give a true and fair view and
whether the financial statements and the part of the directors’ remuneration report to be audited
have been properly prepared in accordance with the Companies Act 1985. We also report to you
if, in our opinion, the directors’ report is not consistent with the financial statements, if the
company has not kept proper accounting records, if we have not received all the information and
explanations we require for our audit, or if information specified by law or the Listing Rules
regarding directors’ remuneration and transactions with the group is not disclosed.
We review whether the corporate governance statement reflects the company’s compliance with the
nine provisions of the Combined Code specified for our review by the Listing Rules of the Financial
Services Authority, and we report if it does not. We are not required to consider whether the
board’s statements on internal control cover all risks and controls, or form an opinion on the
effectiveness of the group’s corporate governance procedures or its risk and control procedures. 
We read other information contained in the annual report, and consider whether it is consistent
with the audited financial statements. This other information comprises only the Business
Highlights, Chairman’s Overview, Chief Executive Officer’s Operating Review, Report of the
Finance Director, Five Year Review, Report of the Directors, Corporate Governance, Corporate
Social Responsibility and the unaudited part of the Remuneration Report. We consider the
implications for our report if we become aware of any apparent misstatements or material
inconsistencies with the financial statements. Our responsibilities do not extend to any other
information.
Basis of opinion
We conducted our audit in accordance with United Kingdom auditing standards issued by the
Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant 
to the amounts and disclosures in the financial statements and the part of the directors’
remuneration report to be audited. It also includes an assessment of the significant estimates and
judgements made by the directors in the preparation of the financial statements, and of whether
the accounting policies are appropriate to the group’s circumstances, consistently applied and
adequately disclosed.
Report of the Independent Auditors to the
Members of Goldshield Group plc 29
We planned and performed our audit so as to obtain all the information and explanations which
we considered necessary in order to provide us with sufficient evidence to give reasonable
assurance that the financial statements and the part of the directors’ remuneration report to be
audited are free from material misstatement, whether caused by fraud or other irregularity or error.
In forming our opinion, we also evaluated the overall adequacy of the presentation of information
in the financial statements and the part of the directors’ remuneration report to be audited.
Opinion
In our opinion:
•the financial statements give a true and fair view of the state of affairs of the company and the
group at 31 March 2005 and of the loss of the group for the year then ended; and
•the financial statements and the part of the remuneration report to be audited have been
properly prepared in accordance with the Companies Act 1985.
Grant Thornton UK LLP
Registered Auditors
Chartered Accountants
London
13 June 2005
Note: 
The maintenance and integrity of the Goldshield website is the responsibility of the directors: the work carried out by the
auditors does not involve consideration of these matters and, accordingly, the auditors accept no responsibility for any changes
that may have occurred to the ﬁnancial statements since they were initially presented on the website.
Legislation in the United Kingdom governing the preparation and dissemination of the ﬁnancial statements may differ from
legislation in other jurisdictions. 30
Consolidated Proﬁt and Loss Account 
for the year ended 31 March 2005
Before
goodwill
impairment
and
Notes exceptional Exceptional Goodwill Total Total
items items Impairment 2005 2004
(Note 3)
£000 £000 £000 £000 £000
Turnover 2 83,993 – – 83,993 87,063
Cost of sales (28,959) – – (28,959) (34,878)
Gross profit 55,034 – – 55,034 52,185
Other Operating Income 3 – – – – 418
Distribution costs (3,824) – – (3,824) (5,253)
Impairment losses – – (3,830) (3,830) –
Exceptional legal and professional costs – (1,004) – (1,004) (1,154)
Other administrative expenses (42,710) – – (42,710) (42,320)
Administrative expenses (42,710) (1,004) (3,830) (47,544) (43,474)
Operating profit 8,500 (1,004) (3,830) 3,666 3,876
Net interest 4 (320) – – (320) (561)
Profit on ordinary activities before taxation 3 8,180 (1,004) (3,830) 3,346 3,315
Tax on profit on ordinary activities 6 (4,358) 301 – (4,057) (3,917)
Loss on ordinary activities after taxation 3,822 (703) (3,830) (711) (602)
Equity minority interests – – – – 20
Loss for the financial year 3,822 (703) (3,830) (711) (582)
Equity dividends 8 (2,225) – – (2,225) (1,295)
Loss transferred from reserves 18 1,597 (703) (3,830) (2,936) (1,877)
Earnings per share
Basic (pence) 9 (1.9) (1.6)
Diluted (pence) 9 – –
Dividend per share (pence) 8 6.0 3.5
All operations are continuing.
A statement of movement of reserves is given in note 18.
The accompanying accounting policies and notes form an integral part of these financial statements. 31
Group
2005 2004
£000 £000
Loss for the financial year (711) (582)
Currency differences on foreign currency net investments (513) (2,513)
Total recognised losses for the year and total year losses 
recognised since the last financial statements (1,224) (3,095)
Consolidated Statement of Total Recognised Gains
and Losses for the year ended 31 March 2005
The accompanying accounting policies and notes form an integral part of these financial statements. 32
Consolidated Balance Sheet at 31 March 2005
Notes 2005 2004
£000 £000
Fixed assets
Goodwill 10 14,155 21,456
Other intangible assets 10 22,597 27,300
Intangible assets 10 36,752 48,756
Tangible assets 11 1,118 1,333
37,870 50,089
Current assets
Stocks 13 11,30113,991
Debtors 14 11,91613,426
Cash at bank and in hand 6,168 186
29,385 27,603
Creditors: amounts falling due
within one year 15 (25,181) (33,658)
Net current assets/(liabilities) 4,204 (6,055)
Total assets less current liabilities 42,074 44,034
Provisions for liabilities and charges 16 (1,950) (589)
40,124 43,445
Capital and reserves
Called up share capital 17 1,854 1,851
Share premium account 18 21,359 21,234
Profit and loss account 18 16,805 20,254
Shareholders’ funds 19 40,018 43,339
Equity minority interests 20 106 106
Total capital employed 40,124 43,445
The financial statements were approved by the Board of Directors on 13 June 2005, and signed on their behalf by:
Ajit Patel, Chief Executive Officer
Rakeh Patel, Finance Director
The accompanying accounting policies and notes form an integral part of these ﬁnancial statements. 33
Company Balance Sheet at 31 March 2005
Notes 2005 2004
£000 £000
Fixed assets
Goodwill 10 4,194 –
Other intangible assets 10 22,585 –
Investments 12 7,275 7,274
34,054 7,274
Current assets
Debtors: due after more than one year 14 21,019 22,332
Debtors: due within one year 14 – 7,361
Cash at bank and in hand 452 –
21,471 29,693
Creditors: amounts falling due within one year 15 (21,737) (9,562)
Net current (liabilities)/assets (266) 20,131
Total assets less current liabilities 33,788 27,405
Provisions for liabilities and charges 16 (2,913) –
30,875 27,405
Capital and reserves
Called up share capital 17 1,854 1,851
Share premium account 18 21,359 21,234
Profit and loss account 18 7,662 4,320
Shareholders’ funds 30,875 27,405
The financial statements were approved by the Board of Directors on 13 June 2005 and signed on their behalf by:
A R Patel, Chief Executive Officer
R V Patel, Finance Director
The accompanying accounting policies and notes form an integral part of these financial statements. 34
Consolidated Cash Flow Statement 
for the year ended 31 March 2005
Notes 2005 2004
£000 £000
Net cash inﬂow from operating activities 21 19,361 18,397
Returns on investments and servicing of ﬁnance
Interest received 42 32
Interest paid (362) (593)
Net cash outﬂow from returns on investments and servicing of ﬁnance (320) (561)
Taxation
Corporation tax paid (5,670) (3,098)
Capital expenditure and ﬁnancial investment
Purchase of tangible fixed assets (639) (703)
Proceeds on disposal of tangible fixed assets 282 –
Net cash outﬂow from capital expenditure and ﬁnancial investment (357) (703)
Acquisitions and disposals
Purchase of businesses and deferred consideration (75) (7,207)
Equity dividend paid (1,482) (905)
Net cash inﬂow before ﬁnancing 11,457 5,923
Financing 
Bank loan payment (5,500) (8,180)
Issue of shares 25 10
Cash (outﬂow) from ﬁnancing (5,475) (8,170)
Increase/(decrease) in cash 22 5,982 (2,247)
The accompanying accounting policies and notes form an integral part of these financial statements. 35
Notes to the Financial Statements
1 PRINCIPAL ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared in accordance with applicable United Kingdom accounting standards and under
the historic cost convention. The Directors have reviewed the principal accounting policies and consider they remain the most
appropriate for the Group. The principal accounting policies of the Group have remained unchanged from the previous year and
are set out below.
Basis of consolidation
The Group ﬁnancial statements consolidate those of the Company and of its subsidiary undertakings drawn up to 31 March
2005. Proﬁts or losses on intra-group transactions are eliminated in full. The results of the subsidiary undertakings acquired
during the year have been included from the date of acquisition. On acquisition of a subsidiary, all of the subsidiary's assets and
liabilities which exist at the date of acquisition are recorded at the fair values reflecting their condition at that date.
Goodwill arising on consolidation, representing the excess of the fair value of the consideration given over the fair values of the
identifiable net assets acquired, is capitalised net of any provision for impairment and is amortised on a straight line basis over
its estimated useful economic life.
Investments
Investments in subsidiary undertakings in the balance sheet of the Company are included at the cost of the shares held less
amounts written off.
Turnover
Turnover is the total amount receivable by the Group for goods supplied and services provided, excluding value added tax and
trade discounts. Turnover is recognised on the delivery of goods and services to customers.
Intangible ﬁxed assets
Goodwill, brand names, know-how, licences, trademarks and similar intangible items are capitalised at historic cost net of any
provision for impairment and amortised on a straight line basis over their estimated useful economic lives, which range between
seven and ten years.
Depreciation
Depreciation is calculated to write down the cost, less estimated residual value, of all tangible ﬁxed assets over their expected
useful economic lives.
The rates generally applicable are:
Freehold buildings 4% p.a. straight line
Office equipment 20% p.a. straight line
Plant and equipment 15% p.a. straight line
Motor vehicles 20% p.a. straight line
Laboratory 20% p.a. straight line
Depreciation commences in the month of purchase and is calculated on a pro rata basis in the year of acquisition.
Stocks
Stocks are stated at the lower of cost and net realisable value.
Deferred taxation
Deferred tax is recognised on all timing differences where the transactions or events that give the group an obligation to pay
more tax in the future, or a right to pay less tax in the future have occurred by the balance sheet date. Deferred tax assets are
recognised when it is more likely than not that they will be recovered. Deferred tax is measured using rates of tax that have
been enacted or substantially enacted by the balance sheet date.
Pensions
The Group operates a deﬁned contribution pension scheme whereby contributions are made to individual employee pension
plans of certain employees. These costs are charged against proﬁts in respect of the accounting period in which they are paid.
Leased assets
Payments made under operating leases are charged to the proﬁt and loss account on a straight line basis over the period 
of the lease. 36
Foreign currencies
Transactions in foreign currencies are translated at the exchange rate ruling at the date of the transaction. Monetary assets
and  liabilities in foreign currencies are translated at the rates of exchange ruling at the balance sheet date. The financial
statements of foreign subsidiaries are  translated at the rate of exchange ruling at the balance sheet date. The exchange
differences arising from the re-translation of the opening net investments in subsidiaries are taken directly to reserves. Where
exchange differences arising result from the translation of foreign currency borrowings raised to acquire foreign assets
(including equity investments) they are taken to reserves and offset against the differences arising from the translation of 
those assets. All other exchange differences are dealt with through the profit and loss account. This accounting policy is as
prescribed by Statement of Standard Accounting Practice 20.
Research and development expenditure
All research and development expenditure is written off to the proﬁt and loss account in the period in which it is incurred.
Financial instruments
Financial assets are recognised in the balance sheet at the lower of cost or net realisable value. Provision is made for
diminution in value where appropriate.
Interest receivable is accrued and credited to the profit and loss account in the period to which it relates.
Share options
The estimated cost of share options granted (being the difference between excercise price and market value at the date of grant)
are accrued over the period to which the benefit relates.
Legal and other disputes
Provision is made where a reasonable estimate can be made of the likely outcome of legal or other disputes against the Group.
In addition, provision is made for legal and other expenses arising from claims received or other disputes. No provision is made
for other possible claims or where an obligation exists but it is not possible to make a reasonable estimate. Costs associated
with claims made by the Group against third parties are charged to the profit and loss account as they are incurred.
2 SEGMENTAL REPORTING 
Turnover and profit on ordinary activities before taxation are attributable to the principal activity of the Group.
2005 2004
£000 £000
Turnover by destination:
United Kingdom 57,983 59,294
Western Europe Excluding the United Kingdom 13,763 11,062
North America 6,836 10,851
Rest of the World 5,411 5,856
83,993 87,063
Turnover by origin:
United Kingdom 64,309 62,798
North America 6,836 10,851
Ireland 11,494 12,598
India 1,354 816
83,993 87,063
Operating profit:
United Kingdom 7,362 6,119
North America (5,250) (2,583)
Ireland 1,334 133
India 220 207
3,666 3,876
Net assets:
United Kingdom 33,376 36,340
North America (9,999) (3,778)
Ireland 16,439 16,654
India 308 (271)
Unallocated – (5,500)
40,124 43,445
Notes to the Financial Statements
(continued)
Notes to the Financial Statements
(continued) 37
3 PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION
The profit on ordinary activities is stated after charging/(crediting):
2005 2004
£000 £000
Auditors’ remuneration:
– Audit services 165 159
– Non audit services (see below) 152 83
Depreciation and amortisation:
– Intangible fixed assets 8,246 8,734
– Tangible fixed assets 655 514
Hire of plant and machinery 76 76
Profit on disposal of tangible fixed assets (96) –
Impairment losses 3,830 –
Exceptional legal and professional costs 1,004 1,154
Other operating lease rentals 847 706
Other operating income – (418)
Foreign exchange (gains) (510) (52)
Research and development:
– current year expenditure 537 613
Auditors remuneration for non audit services principally consists of compliance work for corporation taxes and sales taxes in
jurisdictions in which the Group has a presence and are analysed below:
2005 2004
£000 £000
Advisory 42 18
Corporation Tax 91 34
VAT 19 31
152 83
Exceptional legal and professional costs relate to fees in connection with the Serious Fraud Office investigation, Department of
Health claims and issues arising out of the Irish operations as detailed in note 25.
4 NET INTEREST
2005 2004
£000 £000
Interest payable on bank loans and overdrafts (362) (593)
Interest receivable and similar income 42 32
(320) (561)
5 DIRECTORS AND EMPLOYEES
Employees
Staff costs during the year were as follows:
2005 2004
£000 £000
Wages and salaries 7,623 7,907
Social security costs 626 677
Other pension costs 234 100
8,483 8,684
Notes to the Financial Statements
(continued)
Notes to the Financial Statements
(continued) 38
The average number of employees is analysed below:
2005 2004
Administration 304 161
Marketing and Selling 409 418
Management 83 25
Warehouse 35 44
831 648
The Group contributes to employee money pension schemes at a percentage of pay (depending on grade)
Directors’ Remuneration
The emoluments of the Directors were as follows:
2005 2004
£000 £000
Emoluments 1,424 1,193
Payments to third parties for consultancy services 9 28
Gain on exercise of share options – 26
Pension contributions to money purchase pension schemes 73 71
1,506 1,318
During the year four Directors (2004: five Directors) participated in money purchase pension schemes.
The amounts set out above include remuneration in respect of the highest paid Director as follows:
2005 2004
£000 £000
Emoluments 450 350
Pension contributions to money purchase pension schemes – 8
450 358
Further details of the remuneration and share options of the Directors are given in the Remuneration Report on 
pages 22 to 26.
6 TAX ON PROFIT ON ORDINARY ACTIVITIES
2005 2004
£000 £000
United Kingdom corporation tax at 30% 3,714 6,033
Adjustment in respect of prior periods (1,065) 447
Overseas taxation 47 34
Total current tax 2,696 6,514
Origination and reversal of timing differences 93 (2,597)
Adjustment to estimated recoverable amount of deferred tax assets 1,268 –
Total deferred tax 1,361 (2,597)
Tax on profit on ordinary activities 4,057 3,917
Notes to the Financial Statements
(continued) 39
The tax assessed for the year is higher than the standard rate of corporation tax in the United Kingdom at 30% (2004: 30%).
The differences are explained as follows:-
2005 2004
£000 £000 
Proﬁt on ordinary activities before tax 3,346 3,315
Proﬁt on ordinary activities multiplied by the standard rate of 
corporation tax in the United Kingdom of 30% (2004: 30%) 1,004 994
Effect of
Expenses not deductible for tax purposes 1,311 2,260
Impairment provision not qualifying for tax relief 1,149 –
Capital allowances for the year in excess of depreciation (8) (81)
Tax losses carried forward 511 1,139
Other short term timing differences (206) 1,755
Adjustments to tax charge in respect of prior periods (1,065) 447
Total current tax 2,696 6,514
7 PROFIT FOR THE FINANCIAL YEAR
The Parent Company has taken advantage of Section 230 of the Companies Act 1985 and has not included its own profit 
and loss account in these financial statements. The Profit after tax for the year of the Company was £3,342,247 
(2004: £1,247,000) which is dealt with in the financial statements of the Company.
8 EQUITY DIVIDENDS
2005 2004
£000 £000
Ordinary shares – interim dividend of 1.50p per share paid 17 January 2005 
(2004: 1.00p paid 20 January 2004) 557 370
Ordinary shares – proposed final dividend of 4.50p per share payable on 
3 August 2005 (2004: 2.50p paid 15 October 2004) 1,668 925
2,225 1,295
9 EARNINGS PER SHARE
The calculation of the basic earnings per share is based on the earnings attributable to ordinary shareholders divided by the
weighted average number of shares in issue during the year.
The calculation of diluted earnings per share is based on the basic earnings per share, adjusted to allow for the issue of 
shares and the post tax effect of dividends, on the assumed conversion of all dilutive options. There is no diluted earnings 
per share as share options would not have a dilutive effect on the loss for the year.
Reconciliations of the earnings and weighted average number of shares used in the calculations are set out below.
2005 2004
Weighted Weighted
average average
number Per share number Per share
Earnings of shares amount Earnings of shares amount
£000 000 pence £000 000 pence
(Loss)/profit attributable to shareholders (711) 37,043 (582) 36,936
Basic earnings per share (1.9) (1.6)
Notes to the Financial Statements
(continued) 40
10 INTANGIBLE FIXED ASSETS
Group Brand names
know-how 
licences and
trade marks Goodwill Total   
£000 £000 £000  
Cost
At 1 April 2004 49,738 40,653 90,391
Exchange differences 15 1 16
At 31 March 2005 49,753 40,654 90,407
Amortisation
At 1 April 2004 22,438 19,197 41,635
Exchange differences 14 (70) (56)
Provided in the year 4,704 3,542 8,246
Impairment Losses – 3,830 3,830
At 31 March 2005 27,156 26,499 53,655
Net book amount
At 31 March 2005 22,597 14,155 36,752
Net book amount
At 31 March 2004 27,300 21,456 48,756
Company Brand names
know-how 
licences and
trade marks Goodwill Total   
£000 £000 £000  
Cost
At 1 April 2004 – – –
Transfers 48,669 14,605 63,274 
At 31 March 2005 48,669 14,605 63,274 
Amortisation
At 1 April 2004 –   –   –   
Transfers 21,382 8,930 30,312 
Provided in the year 4,702 1,481 6,183 
At 31 March 2005 26,084 10,411 36,495 
Net book amount
At 31 March 2005 22,585 4,194 26,779 
Net book amount
At 31 March 2004 –   – –  
The Board has reviewed the value of all of the intangible assets and based on the performance of the US business it has
carried out an impairment adjustment of £3.8 million during the year.
The Board has considered the useful economic life for significant acquisitions and concluded in each case that the useful
economic life ranges between 8 and 10 years.
A discount rate of 10% has been applied in assessing impairment.
Notes to the Financial Statements
(continued) 41
11 TANGIBLE FIXED ASSETS
Group Freehold land Ofﬁce Plant & Motor
& buildings equipment  equipment vehicles Total
£000 £000  £000  £000  £000
Cost
At 1 April 2004 70 1,912 588 61 2,631
Exchange differences (2) (26) 2 1 (25)
Additions 63 512 64 – 639
Disposals (32) – (172) (52) (256)
At 31 March 2005 99 2,398 482 10 2,989
Depreciation
At 1 April 2004 6 1,060 178 54 1,298
Exchange differences – (13) – 1 (12)
Charge for the year 40 508 105 2 655
Disposals – – (18) (52) (70)
At 31 March 2005 46 1,555 265 5 1,871
Net book amount
At 31 March 2005 53 843 217 5 1,118
Net book amount
At 31 March 2004 64 852 410 7 1,333
12 FIXED ASSET INVESTMENTS
Company
2005 2004
£000 £000
Investments in Group undertakings at cost 7,275 7,274
Company
2005
£000
Cost
At 1 April 2004 7,274
Additions 1
At 31 March 2005 7,275
Amounts written off in year ended 31 March 2005 –
Net book amount at 31 March 2005 7,275
Notes to the Financial Statements
(continued) 42
Shares in Subsidiary undertakings
At 31 March 2005 the Company held more than 20% of the allotted share capital of the following significant undertakings:
Name Country of Class of share Proportion Nature of
registration or capital held held business
incorporation
Goldshield Pharmaceuticals Limited England and Wales £1 ordinary shares 100% Marketing and distribution of 
pharmaceutical products
Goldshield Limited England and Wales £1 ordinary shares 100% Marketing and distribution of 
vitamins and health supplements
Goldshield Management Services Limited England and Wales £1 ordinary shares 100% Management services
Vitamins Direct Limited England and Wales £1 ordinary shares 100% Marketing and distribution of 
vitamins and health supplements
Regina Health Limited England and Wales £1 ordinary shares 100% Marketing and distribution of 
vitamins and health supplements
B&S House of Health Limited England and Wales £1 ordinary shares 100% Marketing and distribution of 
vitamins and health supplements
Natural Essentials Limited England and Wales £1 ordinary shares 100% Marketing and distribution of 
vitamins and health supplements
One World Supplements Limited Jersey £1 ordinary shares 100% Marketing and distribution of 
vitamins and health supplements
Forley Generics Limited England and Wales £1 ordinary shares 100% Marketing of pharmaceutical 
products
Goldshield USA, Inc USA Ordinary shares 100% Intermediate holding company
Golden Pride, Inc USA Ordinary shares 100% Marketing and distribution of 
vitamins and health supplements
WT Rawleigh, Co Canada Ordinary shares 100% Marketing and distribution of 
vitamins and health supplements
Goldshield Services Pvt Limited India Ordinary shares 100% Management services
Health & Beauty Direct Limited England and Wales £1 ordinary shares 70% Marketing and distribution
by mail order
Antigen Pharmaceuticals Limited Ireland Ordinary shares 100% Intermediate holding company
Antigen International Limited Ireland Ordinary shares 100% Marketing and distribution of
pharmaceutical products
Antigen Overseas Limited Ireland Ordinary shares 100% Marketing and distribution of
pharmaceutical products
Anpharm Limited Ireland Ordinary shares 100% Marketing and distribution of
pharmaceutical products
Goldshield Healthcare Pvt. Ltd. India Ordinary shares 100% Marketing and distribution of
vitamins and health supplements 
and telemarketing services
Goldshield Direct,Inc. USA Ordinary shares 100% Marketing and distribution of 
vitamins and health supplements
Goldshield Management Services, Inc. USA Ordinary shares 100% Management services
Notes to the Financial Statements
(continued)
Notes to the Financial Statements
(continued) 43
13 STOCKS
Group
2005 2004
£000 £000
Finished goods and goods for resale 11,301 13,991
14 DEBTORS
Debtors due after more than one year Group Company
2005 2004 2005 2004
£000 £000 £000 £000
Amounts owing by subsidiary undertakings – – 21,019 22,332
Debtors due within one year Group Company
2005 2004 2005 2004
£000 £000 £000 £000
Trade debtors 11,298 12,755 – –
Amounts owing by subsidiary undertakings – – – 7,308
Prepayments and accrued income 618 671 – 53
11,916 13,426 – 7,361
15 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Group Company
2005 2004 2005 2004
£000 £000 £000 £000
Bank overdraft – – – 1,159
Bank loan – 5,500 – 5,500
Trade creditors 5,023 7,375 – –
Amounts owing to subsidiary undertakings – – 17,958 –
Deferred purchase consideration 35 110 – –
Current taxation 3,439 6,093 1,925 1,596
Social security and other taxes 1,037 1,303 186 –
Other creditors 1,958 1,878 – –
Accruals 12,021 10,474 – 382
Dividends payable 1,668 925 1,668 925
25,181 33,658 21,737 9,562
Notes to the Financial Statements
(continued) 44
16 PROVISIONS FOR LIABILITIES AND CHARGES
Group Company
2005 2004 2005 2004
£000 £000 £000 £000
Deferred taxation 1,950 589 2,913 –
Deferred taxation provided for in the financial statements is set out below:
Group Company
2005 2004 2005 2004
£000 £000 £000 £000
Accelerated capital allowances 3,172 3,079 2,913 –
Other short term timing differences (533) (2,250) – –
Tax losses (689) (240) – –
Total 1,950 589 2,913 –
Group Company
2005 2004 2005 2004
£000 £000 £000 £000
At 1 April 2004 589 3,186 – –
Movement in the year 1,361 (2,597) 2,913 –
At 31 March 2005 1,950 589 2,913 –
The Group has not recognised deferred tax assets amounting to £5,420,000 (2004: £5,200,000) in respect of tax losses
available to offset against future profits.
17 CALLED UP SHARE CAPITAL
Group
2005 2004
£000 £000
Authorised
100,000,000 ordinary shares of 5 pence each (2004: 100,000,000) 5,000 5,000
Group
2005 2004
£000 £000
Allotted, called up and fully paid
37,070,778 ordinary shares of 5 pence each (2004: 37,017,738) 1,854 1,851
During the year 53,040 shares were issued under the unapproved employee share option scheme, the employee share save
scheme and as part of Directors’ remuneration. The difference between the total consideration of £128,042 and the nominal
value of £2,652 has been credited to the share premium account.
Share options
Details of Directors’ share options are set out in the Remuneration Report on page 25.
The market price at 31 March 2005 was 272.5 pence and the range during the year ended 31 March 2005 was 212.5
pence to 286 pence.
Notes to the Financial Statements
(continued) 45
The following share options which have been granted by the Company were outstanding at the year end:
Earliest Latest
Date of date of date of 2005 2004 
grant exercise exercise Number Number
The ‘existing scheme’
5p Ordinary shares at 13.75 pence 1 Apr 1998 1 Apr 2001 31 Mar 2005 – –
The ‘unapproved scheme’
5p Ordinary Shares at 180 pence 3 Jun 1998 3 Jun 2001 2 Jun 2008 735,000 735,000
5p Ordinary Shares at 480.5 pence 11 Aug 1999 11 Aug 2002 10 Aug 2009 32,662 37,982
5p Ordinary Shares at 640 pence 11 Jan 2000 11 Jan 2003 10 Jan 2010 181,183 181,183
5p Ordinary Shares at 871 pence 10 July 2000 10 Jul 2003 9 Jul 2010 14,400 18,179
5p Ordinary Shares at 775 pence 18 Dec 2000 18 Dec 2003 17 Dec 2010 6,751 6,751
5p Ordinary Shares at 686 pence 18 Jul 2001 18 Jul 2004 17 Jul 2011 140,699 145,394
5p Ordinary Shares at 586.5 pence 3 Dec 2001 3 Dec 2004 2 Dec 2011 16,672 17,094
5p Ordinary Shares at 366 pence 23 Jul 2002 23 Jul 2005 22 Jul 2012 348,276 426,320
5p Ordinary Shares at 196 pence 4 Aug 2003 4 Aug 2006 3 Aug 2013 129,744 209,462
5p Ordinary shares at 260.7pence 26 July 2004 26 July 2007 25 July 2014 157,676 –
5p Ordinary shares at 157.5 pence 4 Aug 2003 4 Aug 2006 4 Aug 2013 44,919 85,436
5p Ordinary shares at 157.5 pence 4 Aug 2003 4 Aug 2008 4 Aug 2013 59,842 102,862
5p Ordinary shares at 260.7 pence 26 Jul 2004 26 Jul 2007 25 Jul 2014 146,500 –
5p Ordinary shares at 260.7 pence 26 Jul 2004 26 Jul 2009 25 Jul 2014 146,500 –
The employee share save scheme
5p Ordinary Shares at 180 pence 9 Oct 1998 1 Dec 2005 31 May 2006 17,766 17,766
5p Ordinary Shares at 375 pence 24 Aug 1999 1 Oct 2004 31 Mar 2005 900 1,800
5p Ordinary Shares at 696 pence 23 Aug 2000 1 Oct 2007 31 Mar 2008 1,056 1,056
5p Ordinary Shares at 620 pence 15 Feb 2001 1 Apr 2004 30 Sep 2004 – 482
5p Ordinary Shares at 555 pence 10 Aug 2001 1 Oct 2004 31 Mar 2007 1,959 2,308
5p Ordinary Shares at 436 pence 7 Feb 2002 1 Apr 2005 30 Sep 2005 1,307 1,307
5p Ordinary Shares at 275.2 pence 2 July 2002 1 Aug 2005 31 Jan 2010 34,422 45,327
5p Ordinary Shares at 266 pence 10 Jan 2003 1 Feb 2006 31 Jul 2008 4,458 6,940
5p Ordinary Shares at 126 pence 15 Aug 2003 1 Sep 2006 28 Feb 2009 66,842 94,443
5p Ordinary Shares at 174 pence 2 Feb 2004 1 Mar 2007 31 Aug 2009 13,357 28,827
The Directors' interests (including beneficial and family interests) in the above share options are set out in the Remuneration
Report on page 25.
18 SHARE PREMIUM ACCOUNT AND RESERVES
Group &
Group Company Company
Proﬁt Proﬁt Share
& loss & loss premium
account account account
£000 £000 £000
At 1 April 2004 20,254 4,320 21,234
Retained (loss)/profit for the year (2,936) 3,342 –
Premium on allotment during the year – – 125
Currency difference on foreign currency net investments (513) – –
At 31 March 2005 16,805 7,662 21,359
Notes to the Financial Statements
(continued) 46
19 RECONCILIATION OF MOVEMENTS IN EQUITY SHAREHOLDERS' FUNDS
Group
2005 2004
£000 £000
Loss for the financial year after taxation (711) (582)
Dividends (2,225) (1,295)
Issue of shares 128 164
Currency difference on foreign currency net investments (513) (2,513)
Net (decrease) in Shareholders' funds (3,321) (4,226)
Shareholders' funds at 1 April 2004 43,339 47,565
Shareholders' funds at 31 March 2005 40,018 43,339
20 EQUITY MINORITY INTERESTS
Equity minority interests represent a holding of 30% in Health & Beauty Direct Limited and the holders of these shares 
have no other rights against any other Group undertaking.
21 NET CASH INFLOW FROM OPERATING ACTIVITIES
Group
2005 2004
£000 £000
Operating profit 3,666 3,876
Depreciation 655 514
Amortisation 8,246 8,734
Impairment losses 3,830 –
Decrease in stocks 2,690 1,453
Profit on disposal of tangible fixed assets (96) – 
Decrease in debtors 1,510 3,221
(Decrease)/increase in creditors (1,140) 599
Net cash inflow from operating activities 19,361 18,397
22 RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS/(DEBT)
Group
2005 2004
£000 £000
Increase/(decrease) in cash for the year 5,982 (2,247)
Cash outflow from debt financing 5,500 8,180
Change in net debt arising from cash flows 11,482 5,933
Net (debt) at 1 April 2004 (5,314) (11,247)
Net funds/(debt) at 31 March 2005 6,168 (5,314)
23 ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)
Group
2005 Cash ﬂow 2004
£000 £000 £000
Cash in hand and at bank 6,168 5,982 186
Bank loan – 5,500 (5,500)
6,168 11,482 (5,314)
Notes to the Financial Statements
(continued)
Notes to the Financial Statements
(continued) 47
24 LEASING COMMITMENTS
Operating lease payments amounting to £888,000 (2004: £909,000) are due within one year. The leases to which these
amounts relate expire as follows:
Group Group
2005 2004
Land & Land &
buildings Other buildings Other
£000 £000 £000 £000
In one year or less 186 1 195 1
Between one and five years 571 72 553 102
In five years or more 58 – 58 –
815 73 806 103
The Company did not have any finance leases at 31 March 2005 or 31 March 2004.
25 CONTINGENT LIABILITIES
Indemnities and guarantees
At 31 March 2005, the Company had undertaken to provide support to certain subsidiary undertakings.
There is a contingent liability in respect of bank borrowings of all companies within the Group which are secured by 
an inter company cross guarantee. The aggregate Group liability at 31 March 2005 amounted to nil 
(2004: £5,500,000).
The Group has given indemnities in respect of advance payments, deferred purchase consideration and import duty 
guarantees issued on its behalf in the normal course of business. The indemnities given at 31 March 2005 were 
£417,383 (2004: £331,540).
Irish Operations
On 28 November 2001 the Group acquired the sales, marketing and distribution rights for the Antigen brand from Antigen
Holdings Limited. The companies and assets were acquired at an estimated cost of £9.4 million. The estimated consideration
was to be settled in two parts, firstly by the payment of £5.2 million and secondly by an obligation to discharge the scheme
of arrangement liabilities of the acquired Antigen companies. The Directors obtained legal opinion that the Group’s exposure to
the debts covered by the scheme was restricted to the debts borne by the companies it acquired.
On 29 October 2002, Miza Ireland Limited and each of its Irish subsidiaries, parties to the wider scheme of arrangement,
were placed into examinership. During the prior year the liquidator of Miza Ireland Limited claimed the sum of z20.8 million
although no grounds for the claim have been specified in detail. Liability for the claim has been denied. The Directors have
received legal opinion that no basis for claim has been presented by the liquidator which could result in a liability on the part of
the company and that the subsidiaries concerned have grounds for defending the claim.
Serious Fraud Ofﬁce (SFO) Investigation
On 10 April 2002 the Group's premises and those of the Chief Executive were visited by the SFO and certain documentation
taken away. A press statement issued by the SFO stated that its operations formed part of an investigation into suspected
conspiracy to defraud the National Health Service (NHS) concerning the prices charged for penicillin based antibiotics and
Warfarin between 1 January 1996 and 31 December 2000.
The Directors do not believe the Group has acted in an unlawful or improper manner, nor has it at any time conspired to
defraud the NHS and no provision has been made accordingly. Two of the Company Directors - Ajit Patel and Kirti Patel were
interviewed by the SFO in March and April 2005 and the company continues to provide co-operation in the conduct of the
enquiry. Unless and until any formal charges are made against the Group, its maximum potential exposure under relevant
legislation for the alleged offences cannot be quantified. Legal and professional costs in this matter are expensed as incurred.
Department of Health (DoH) and related claims
On 20 December 2002, the DoH issued a legal claim against the Group and three other companies (Norton Healthcare
Limited, Norton Pharmaceuticals Limited and Regent GM Laboratories Limited) amounting to £28.6 million for alleged anti-
competitive practices involving the fixing of selling prices and controlling the market and production of Warfarin between
January 1997 and September 2000.
The Directors believe the Group is free from wrong-doing in respect of these allegations. A defence has been filed.
A similar claim has been received from the Scottish Health Authorities claiming Damages of around £3.3 million. The
company vigorously denies any liability for this claim.
The expected legal and professional costs for this action have been accrued.
Notes to the Financial Statements
(continued) 48
US operations
Changes Inc, which was acquired by Goldshield from Twinlabs Inc, has been named in a legal action brought by the estate of
a deceased customer of Twinlabs Inc for a sum of around $8 million. The action relates to a period prior to the acquisition of
Changes. Goldshield only acquired the assets of Changes Inc. The Directors have received US legal advice to the effect that
the prospects of success against Changes are remote. 
There were no other material contingent liabilities at 31 March 2005 or 31 March 2004.
26 FINANCIAL INSTRUMENTS
The Group uses financial instruments, comprising cash, short term borrowings, trade debtors and trade creditors, which arise
directly from its operations. The main purpose of these financial instruments is to raise finance for the Group’s operations.
Short term debtors and creditors
Short term debtors and creditors have been excluded from the following disclosures except those relating to currency risk.
Interest rate risk
The Group finances its operations through a mixture of retained profits and bank facilities. Bank borrowings are made using
variable interest rates.
Liquidity risk
The Group seeks to manage financial risk, to ensure sufficient liquidity is available to meet foreseeable needs and to invest
cash assets safely and profitably.
Short-term flexibility is achieved through overdraft facilities and short/medium term borrowings.
Maturity of ﬁnancial liabilities
The Group financial liabilities analysis at 31 March 2005 was as follows:
Group Company
2005 2004 2005 2004
£000 £000 £000 £000
In less than one year or on demand
Bank and other borrowings payable by instalments – 5,500 – 5,500
Deferred purchase consideration 35 110 – –
35 5,610 – 5,500
Borrowing facilities
The Group has un-drawn facilities available of £250,000 expiring within one year (2004: £250,000).
Currency risk
The Group is exposed to translation and transaction foreign exchange risk. In relation to translation risk the proportion of assets
held in the foreign currency are matched to an appropriate level of borrowings in the same currency. Transaction exposures are
hedged when known, mainly using the forward exchange hedge market.
The Group seeks to hedge its exposures using a variety of financial instruments, with the objective of minimising the impact of
fluctuations in exchange rates on future transactions and cash flows.
The Group has overseas subsidiaries operating in Ireland where reserves and expenses are denominated in Euros. The Group
has funded the acquisition cost and working capital by a Euro loan. As the Group receives net cash inflows in Euros this loan is
being reduced and replaced, as necessary, by funding denominated in Sterling.
£19.1 million (2004: £16.9 million) of the sales of the Group’s business is to customers in continental Europe/foreign markets
excluding North American operations. The majority of these sales are invoiced in the currencies of the customers involved. The
Group policy is to minimise all currency exposures on any balance not expected to mature within 30 days of its arising through
the use of forward currency contracts. All other sales of UK business are denominated in sterling.
Notes to the Financial Statements
(continued) 49
The tables below show the extent to which Group companies have monetary assets and liabilities in currencies other than
their local currency.
Functional currency of operation Net foreign currency monetary assets/(liabilities)
Other
US Dollar Euro currencies Total
£000 £000 £000 £000
2005 
Sterling 747 3,048 1,022 4,817
Dollar 250 – 238 488
Euro 874 6,692 40 7,606
1,871 9,740 1,300 12,911
2004 
Sterling 1,611 2,619 901 5,131
Dollar 1,134 – 298 1,432
Euro (94) 11,950 178 12,034
2,651 14,569 1,377 18,597
Fair values
The fair values of the Group’s financial instruments are considered equal to the book value.
27 RELATED PARTY TRANSACTIONS
Golden Pride, Inc. occupy a building in which Harry Hersey Jr. a member of the group senior management had a beneficial
interest in the prior year. In the year ended 31 March 2004 net payments of £136,000 was paid to Hersey Family Limited
Partnership.
Notes to the Financial Statements
(continued) 50
Notice is hereby given that the Annual General Meeting of Goldshield Group plc will be held at
Panmure Gordon, 155 Moorgate, London EC2M 6XB on 27 July 2005 at 10am when the
following business will be transacted:-
Report and accounts
1. To receive the accounts and report of the Directors and Auditors for the year ended 
31 March 2005.
Appointment of Directors
2. To re-appoint R V Patel, retiring by rotation, in accordance with the Company’s Articles of
Association, as a Director of the Company.
3. To re-appoint A M Patel, retiring by rotation, in accordance with the Company’s Articles of
Association, as a Director of the Company.
4. To re-appoint K O Pelton, who joined the Board in 1992, as a non-executive director of the
Company, in accordance with the Code on Corporate Governance in relation to long
standing non-executive directors.
5. To re-appoint P M Brown, who on account of reaching 70 years of age, retires and, being
eligible, offers himself for re-election at the Annual General Meeting.
Auditors 
6. To re-appoint Grant Thornton UK LLP as Auditors to the Company and to authorise the
Directors to ﬁx their remuneration. 
Dividend
7. To declare a ﬁnal dividend of 4.5 pence per Ordinary Share in respect of the ﬁnancial year
ended 31 March 2005.
Remuneration Report
8. To receive and approve the Remuneration Report for the year ended 31 March 2005.
Ordinary resolution
9. To consider and, if thought ﬁt, to pass the following resolution, as an ordinary resolution:
That the Directors be and are generally and unconditionally authorised in connection with
Section 80 of the Companies Act 1985 (the "Act") to allot relevant securities (as deﬁned in
Section 80(2) of the Act) (in substitution for and to the exclusion of any other power
previously granted to the Directors of the Company pursuant to Section 80 of the Act) to
an aggregate nominal amount of £618,000 such authority to expire at the conclusion of
15 months from the date of the passing of the Resolution or, if earlier, the Annual General
Meeting of the Company to be held in 2006 save that the Company may before such
expiry make an offer or agreement which would or might require relevant securities to be
allotted after such expiry and the Directors may allot relevant securities pursuant to such
an offer or agreement as if the authority granted by this Resolution had not expired
provided that nothing in this Resolution shall render unauthorised any act done or
allotment of any relevant securities, or any offer or agreement which would or might
require relevant securities to be allotted and made prior to the passing of this Resolution
pursuant to any prior authority.
Notice of Annual General Meeting 51
Special resolution
10. To consider and, if thought ﬁt, to pass the following resolution, as a special resolution:-
That, subject to Resolution set out at item 9 in this notice being duly passed, the Directors
be and are hereby empowered pursuant to Section 95 of the Companies Act 1985 ("the
Act") to allot equity securities (as deﬁned in Section 94(2) of the Act), which are to be
paid up in cash, as if Section 89(1) of the Act did not apply to such allotment, provided
that this power shall be limited to:
(a) the allotment of equity securities in connection with an offer by way of rights or other pre-
emptive offer in favour of the holders of Ordinary Shares and others entitled to participate
in such offer where the equity securities respectively attributable to the interests of
ordinary shareholders and others so entitled are proportionate (as nearly as may be) to the
respective number of Ordinary Shares held or deemed to be held by them, subject only to
such exclusions or other arrangements as the Directors deem necessary or expedient to
deal with fractional entitlements, legal or practical problems arising in any overseas
territory or the equipment of any regulatory body or stock exchange, or any other matter
whatsoever; and
(b) the allotment (otherwise than pursuant to paragraph (a) above) of equity securities up to
an aggregate nominal amount of £92,677.
such power to be in substitution for and to the exclusion of any other power previously
granted to the Directors of the Company pursuant to Section 95 of the Act, provided that
nothing in this Resolution shall render unauthorised or otherwise affect any act done or
allotment of equity securities or any offer or agreement which would or might require
equity securities to be allotted, made prior to the passing of this Resolution pursuant to
any prior power (and any such prior power shall remain in full force and effect in relation
to any allotment pursuant to or arising out of any offer or agreement as aforesaid) and the
power conferred by this Resolution (unless previously varied or revoked by a Special
Resolution of the Company) shall expire at the conclusion of the Annual General Meeting
of the Company to be held in 2006 or 15 months after the passing of this Resolution
whichever is earlier but so that the power conferred by this Resolution shall allow the
Company to make before expiry of this power offers or agreements which would or might
require equity securities to be allotted after such expiry and notwithstanding such expiry
the Directors may allot equity securities in pursuance of such offers or agreements.
Special resolution
11. To consider and, if thought ﬁt, to pass the following resolution, as a special resolution:
That the Company be and is hereby generally and unconditionally authorised for the
purpose of Section 166 of the Companies Act 1985 ("the Act") to make one or more
market purchases (within the meaning of Section 163(3) of the Act) on the Ofﬁcial List of
the UK Listing Authority of Ordinary Shares of 5 pence each in the capital of the Company
("Ordinary Shares") provided that:
(a) the maximum aggregate number of Ordinary Shares hereby authorised to be purchased is
3,707,078 (representing approximately 10 per cent of the Company’s issued Ordinary
share capital as at 10 June 2005;
(b) the minimum price which may be paid for such Ordinary Shares is 5p per share (exclusive
of expenses);
(c) the maximum price (exclusive of expenses) which may be paid for an Ordinary Share shall
be not more than 5 per cent above the average of the market values for an Ordinary Share
as derived from the London Stock Exchange Daily Ofﬁcial List for the ﬁve business days
immediately preceding the date on which the Ordinary Share is purchased;
Notice of Annual General Meeting
(continued) 52
(d) unless previously renewed, varied or revoked, the authority hereby conferred shall expire at
the conclusion of the next annual general meeting of the Company to be held in 2006 or
within 15 months from the date of passing of this resolution, whichever shall be the
earlier; and
(e) the Company may make a contract or contracts to purchase Ordinary Shares under the
authority hereby conferred prior to the expiry of such authority which will or may be
executed wholly or partly after the expiry of such authority and may make a purchase of
Ordinary Shares in pursuance of any such contract or contracts.
By Order of the Board
S Venkateswaran
Secretary, 13 June 2005.
Registered Ofﬁce: Bensham House, 324 Bensham Lane, Thornton Heath, Surrey CR7 7EQ
Registered in England & Wales under Company Number 2330913
NOTES
1. Only holders of Ordinary Shares or their duly appointed representatives are entitled to attend and vote
at the meeting. Members so entitled may appoint one or more persons to attend and (on a poll) vote
on their behalf. A proxy need not be a member of the Company.
2. A form of proxy is enclosed for use in connection with the business set out above. To be valid, the
form of proxy and any power of attorney or other authority under which it is signed must be lodged
with the Company's Registrars, Capita Registrars, The Registry, 34 Beckenham Road, Beckenham,
Kent BR3 4TU.
3. Completion and return of a form of proxy does not preclude a member from attending and voting at
the meeting.
4. Copies of all Directors' service contracts will be available for inspection at the principal business
address, NLA Tower, 12-16 Addiscombe Road, Croydon, Surrey CR0 0XT , of the Company during
normal business hours on each business day (Saturdays, Sundays and public holidays excluded) and
at Panmure Gordon, 50 Stratton Street, London W1J 8LL, ﬁfteen minutes prior to and during the
above Annual General Meeting.
5. Pursuant to Regulation 34 of the Uncertiﬁcated Securities Regulations 1995, the Company speciﬁes
that only those shareholders registered in the Register of Members of the Company as at 10.00 am on
27 July 2005, shall be entitled to attend or vote at the above Annual General Meeting in respect of
the number of shares registered in their name at that time. Changes in the Register of Members after
that time will be disregarded in determining the rights of any person to attend or vote at the meeting.
Notice of Annual General Meeting
(continued) 53
Financial Calendar
14 June 2005 Announcement of results and proposed ﬁnal dividend for 2004/05
6 July 2005 Shares become ex-dividend
8 July 2005 Record date for proposed ﬁnal dividend for 2004/05
27 July 2005 2005 Annual General Meeting
3 August 2005 Expected date of payment of ﬁnal dividend for the year 2004/05
December 2005 Announcement of interim results and interim dividend for the 
six months ended 30 September 2005
December 2005 Shares become ex-dividend
January 2006 Payment of interim dividend for 2005/06
June 2006 Announcement of results and proposed ﬁnal dividend for 2005/06
September 2006 Shares become ex-dividend 54
Useful information sources for shareholders
Internet
Information about the Group can be found on the internet at www.goldshieldplc.com
Share price information
Shareholders are able to keep track of the share price through the ﬁnancial press and at the
Group’s internet site in the Investor Relations Section.
Changes in shareholder details
Shareholders should advise any changes in their personal details to the registrar, Capita
Registrars, The Registry, 34 Beckenham Road, Beckenham, Kent BR3 4TU.