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SENSEX NIFTY India | Notes to Account > Pharmaceuticals > Notes to Account from Syncom Healthcare - BSE: 533157, NSE: SYNCOM

Syncom Healthcare

BSE: 533157|NSE: SYNCOM|ISIN: INE602K01014|SECTOR: Pharmaceuticals
Apr 20, 16:00
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VOLUME 7,596
Apr 20, 15:31
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VOLUME 35,687
Mar 13
Notes to Accounts Year End : Mar '15
 1. Company Overview:
 Syncom Healthcare Limited 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 (including job work) and
 distribution of pharmaceutical products. 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.
 2. The cash subsidy received in the year 2007-08 and 2008-09 from the
 government for set up of the Dehradun Industrial unit of the company
 has been disclosed as Capital reserve in the balance sheet.
 3. Foreign Exchange Translation Resserve represents the exchange
 Difference on amount invested as advance in Subsidiary as on 31/03/15.
 4. Cash Credit Facility is secured against first charge on current
 assets of the company both current & future and Mortgage of Factory
 Building, Plant and Machinery of Manufacturing Unit of the company
 situated at Selaqui at Dehradun.
 5. The Unsecured Loans from Promoters have been brought in to meet the
 fund requirements of the Company''s business and Project at Selaqui,
 near Dehradun in pursuance to and in accordance with terms and
 conditions stipulated by working capital lenders to the company that is
 Bank of India. Hence these loans are exempt from the company deposit
 rules notified under section 58A of the companies Act 1956 vide sub
 clause l of rule 2 of the company deposit rules notified
 6. As per the records of the company only one of the parties among
 trade payables is covered under Micro, Small and Medium Enterprises
 Development Act. There was outstanding of Nil (Previous Year Rs.
 361368/-) outstanding for more than 15 days as at 31st March, 2015 as
 payable under the act. The Interest payable on the above considering
 bank rate@9% is Rs. Nil (Previous Year 7391/- ) which has neither been
 paid nor provided in the books. This information as required to be
 disclosed under the Micro, Small and Medium Enterprises Development
 Act, 2006 has been determined to the extent such parties have been
 identified on the basis of information available with the Company.
 7. Trade payables for supplies includes creditors worth Rs.21478614/-
 (Previous Year Rs. 23791613/-) to whom Letter of Credit has been
 issued, and secured against Current assets of company.
 8. Long term advances to others includes the tax paid under protest
 of Rs. 4,36,600/- (Previous Year Rs. 4,36,600/-) for AY 2005-06 and
 against which income tax appeal is pending.
 9. Deferred Revenue Expenditure: These involve major Expenses on
 Product Registration and brand development expenses incurred by the
 company in the 2013-14, and in the opinion of the company the benefit
 of above is estimated to be to be received for next five years. So this
 expenditure has been treated as deferred revenue expenditure to be
 written off equally in five years, with first year being financial year
 10. There are Debtors to the extent of Rs.53213532/- (Previous Year
 37721346/-) against whom cases u/s 138 of the Negotiable Instrument
 Act, have been filed by the company. In the opinion of the management,
 except above debtors, other current assets, Loans and Advances are
 realizable at the values at which they are stated in the balance sheet,
 if realized in the ordinary course of business. The provision for
 Depreciation and for all known liabilities is adequate and not in
 excess of the amount reasonably necessary. No provision has been made
 for the bad and doubtful debts against debtors against whom
 proceeding(s) u/s 138 have been initiated by the company.
 11. Debtors are subject to confirmation.
 12. The amount represented by Others under Other loans and
 advances are short term Inter-corporate Deposits / Advances to private
 parties and there are no written agreements for them. However the
 management certifies that all such loans are good, unsecured, and are
 repayable on demand. No interest is charged on advances of Nil(Previous
 year Rs. 902970/-). Other advances carry interest at the prevailing
 market rates, adjusted as per the creditworthiness of the parties.
 13. All the above advances are subject to confirmations.
 14. Advances recoverable in cash or kind includes the advances for
 supply, expenses & services, advances given to employees and
 15. Advances to relited party pertains to expenses incurred on behalf
 of Subsidiary Company.
 16. Prateek Bankda resigned as Director w.e.f. 30th May, 2014 therefore
 salary mentioned here is up to that period only, however he is drawing
 remuneration as Manager thereafter also.
 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.  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 31/3/2015 are of total value Rs. 31,34,000/- (Previous
 year Rs.  7,77,100/-)
 2.  Demand of Income tax and Sales tax as under against which the
 company has filed appeal (Figures in Bracket represent previous Year)
 There were no significant events and contingencies which have occurred
 after 31/03/2015 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 31/03/2015 and which results in any
 contingent loss for which provision has to be done in the profit and
 loss account for the year.
 18. Statutory Liabilities not provided for in the Books and overdue for
 more than six months
 (a) The company has made certain labour payments for its Dehradun plant
 through unregistered labour contractors and therefore liability of
 provident fund on the same has not been determined.
 (b) Interest on late payment of TDS is Nil (Previous Year Rs.41510/-).
 19. Statutory Liabilities provided in books but overdue for more than
 six months
 (a) Professional tax paid of employees to the extent of Nil (Previous
 Year Rs. 22958/-)
 (b) Service Tax Liability under Revers Charge Mechanism which has not
 been paid and is overdue for more than six months is Rs. 3274845/-
 (Previous Year Rs. 1483563/-)
 20. Related party Disclosure under Accounting Standard (AS-18). The List
 of the related parties as identified and certified by the management is
 as under:-
 1.  Enterprises that directly or indirectly control (through
 subsidiaries) or are controlled by or are under common control with the
 reporting enterprise
 a. Syncom Healthcare International FZE - Subsidiary
 2.  Individuals owning voting power giving control or significant
 influence; Nil
 3.  Key management personnel and their relatives;
 a.  Key Managerial Personnel
 i.  Shri Ajay Bankda ii.  Jagdish Chandra Paliwal
 b.  Relatives of Key Managerial Persons
 i.  Ajay Bankda
 1.  Shri Prateek 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
Source : Dion Global Solutions Limited
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