(A) Company Overview:
Syncom Healthcare Limited (''the Parent company'') is a public company
incorporated under provisions of the Companies Act 1956 together with
its one wholly owned foreign subsidiary operates as an integrated
international pharmaceutical organisation with businesses encompassing
the entire value chain in the marketing, production and distribution of
pharmaceutical products along with job work for the other companies.
The Company''s shares are listed for trading on the National Stock
Exchange and the Bombay Stock Exchange in India. Its Global Depository
Receipts (GDR) (Each GDR representing 5 equity shares of the Company)
are listed on the Luxembourg Stock Exchange.
CLAIM, DEMANDS AND CONTINGENCIES:
Disputed and / or contingent liabilities are either provided for or
disclosed depending on the management''s judgment of the outcome.
However for the year under report there are no disputed liabilities at
all outstanding on the company.
Following Contingent Liabilities were not provided in the books.
1. Legal suits filed by past employees towards salary claims with
total Financial impact Rs. 589326/-. (Previous year Rs. 589326/-)
2. A legal suit filed against the company for ownership of certain
trademark where an ex-parte decree has been passed against the company
for Rs. 5.00 lacs. The company has deposited the demand under protest
as security money and has filed an appeal against the captioned
order.(Previous year Rs. 5.00 Lacs)
3. There is an Export Obligation of Rs. 7.50 Lacs on the company
towards exemption of Custom Duty availed by the company on import of
machinery under the EPCG Scheme of the government. (Previous year Rs.
4. Bank guarantees issues by the Lenders to the company, against which
counter guarantee of the Company is outstanding , and which are in
force as on 31/3/2013 are of total value Rs. 6,36,600/- (Previous year
5. There is demand of Rs. 854268/- raised by Income Tax Department for
A.Y. 2005-06. Company has filed appeal against this demand and
deposited Rs. 436600/- against it. (Previous Year Rs.4,36,600)
There were no significant events and contingencies which have occurred
after 31/03/2013 up to the date of signing of these final accounts
which result in the impairment of any asset of the company outstanding
and owned by the company as on 31/03/2013 and which results in any
contingent loss for which provision has to be done in the profit and
loss account for the year.
Related party Disclosure under Accounting Standard (AS-18). The List of
the related parties as identified and certified by the management is as
1. Enterprises that directly or indirectly control (through
subsidiaries) or are controlled by or are under common control with the
a. Syncom Healthcare International FZE - Subsidiary
2. Individuals owning voting power giving control or significant
3. Key management personnel and their relatives;
a. Key Managerial Personnel
i. Shri Ajay Bankda
b. Relatives of Key Managerial Persons
I. Shri Ajay Bankda
1. Shri Pratik Bankda - Son
2. Shri Pranav Bankda - Son
3. Ajay Bankda HUF - HUF of Director
4. Smt. Jyoti Bankda - Wife
4. Enterprises over which any of the persons in (2) or (3) are able to
exercise significant influence over the Company
I. Sinorita Biotech Private Limited ii. Warner Life Sciences (India)
Ltd. iii. Giriraj Buildcon