Novel benzoquinone-derived compounds and polymorphs, prodrugs, geometric or optical isomers thereof, and pharmaceutically acceptable esters, ethers, carbamates, oximes of such compounds, polymorphs, prodrugs and isomers are provided. Process for preparation of compounds of the invention and pharmaceutical compositions containing such compounds and their use for reducing or inhibiting activity of lipase gene family for treatment, amelioration or prevention of lipase gene family mediated diseases and conditions including overweight, obesity, hyperlipidemia, hypercholesterolemia, hypertriglyceridemia, pancreatitis, diabetes, atherosclerosis, other cardiovascular diseases, metabolic syndromes, and metabolic disorders are provided. Methods of use of the compounds for skin care, hair care and cosmetics are provided.