(i) End Use of Proceeds of the Public Issue :
 
 a) The company has issued to public 75.00 Lacs equity shares ofRs. 10/-
 each at a premium of Rs. 65/- per share and has received total proceeds
 ofRs. 56.25 Crores in the financial year 2009-10. The same has been
 utilised as under:-
 
 b) The company came out with its GDR issue of 45 Lac GDR underlying
 2.25 Crores equity shares ofRs. 10/- each at a premium of Rs. 33/- per
 share in the last year and has received total proceeds of Rs. 96.75
 Crores and the same were received in USD amounting to USD 20.745
 million. The usage of the same as per prospectus were as under
 
 i.  Capital expenditure
 
 ii.  Long term working capital requirement
 
 iii. Investment in proposed overseas subsidiary companies in UAE
 
 1.1) 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.
 
 2.1 The Unsecured Loans from Promoters have been brought in to meet the
 fund requirements of the Company''s business and project at Selagui,
 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 section58Aofthe Companies Act 1956 vide sub clause
 I of rule 2ofthecompany deposit rules notified therein.
 
 2.2 In respect of the unsecured Loans from Promoters and inter-
 corporate there are no written agreements entered into with the Lenders
 for the terms of repayment and interest and therefore the Loans are
 considered as repayable on demand and hence classified under current
 liabilities.
 
 3.1 Payments to Micro/Small Enterprises
 
 The only due outstanding to any Micro/Small enterprises for a period
 over 15 days as on 31/03/2012 is for Baddi Foils Pvt. Ltd. Amounting Rs.
 4,83,103/-. Interest ofRs. 54383/- is payable upto 31/03/2012 on the
 overdue amount in accordance with provisions ofthe Micro, Small and
 Medium Enterprises Act 2006 which has not been provided accounts nor
 has been paid. The company has also not received any claims in respect
 of interest from any undertaking.
 
 4.1 There are Debtors to the extent of Rs  42096057 againstwhomcases u/s
 138 of the Negotiable Instrument Act, are filedby the company.  In the
 opinion of the management, except above debtors, other current assets,
 Loans and Advances are realizable in 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 u/s 138 have been
 initiated by the company.
 
 4.2 Debtors are subject to confirmation
 
 5 CLAIM, DEMANDS AND CONTINGENCIES:
 
 Disputed and / or contingent liabilities are either provided for or
 disclosed depending on the management''s judgment of the outcome.
 Howeverfor 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/-.(previousyear 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 for
 towards exemption of Custom Duty availed by the company on import of
 machinery under the EPCG Scheme of the government. (Previous year Rs.7.50
 Lacs).
 
 4.  There is demand outstanding of Nilraised by Assistant Commissioner
 of Provident Fund in previous year against which company has filed
 appeal but the payment regarding demand is made in current year which
 is recorded as Legal and Professional Expenses. (Previous Year
 outstanding  Rs.580606/-)
 
 5.  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 31/3/2012 are of total value Rs 10,59,500/- (Previous year
 Rs. 10,00,000)
 
 6.  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. 426234/- against it.  (Previous Year-Rs. 426234/-).
 
 There were no significant events and contingencies which have occurred
 after 31/03/2012 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 31/03/2012 and which results in any
 contingent loss for which provision has to be done in the profit and
 loss account for the year.
 
 6 Segment information
 
 The Company operates exclusively in the Pharmaceuticals business
 segment and as such there is no reportable segment information as per
 Accounting Standard 17.
 
 7 Related party Disclosure under Accounting Standard (AS-18). The List
 of the related parties as identified and cert fied 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 significant
 influence; Nil
 
 3.  Key management personnel and their relatives;
 
 a.  Key Managerial Personnel
 
 i.  Shri Ajay Bankda
 
 ii.  Smt Jyoti Bankda
 
 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
 
 ii. Smt Jyoti Bankda
 
 1. Shri Prateek Bankda - Son 2.Shri Pranav Bankda - Son
 
 3.  Ajay Bankda HUF - HUF of Husband who is a Director ofthe Company.
 
 4.  Shri J.P Bagaria - Father
 
 5.  Smt. Umadevi Bagaria - Mother
 
 4.  Enterprises overwhich any ofthe persons in (iii) or (iv) are able
 to exercise significant influence over the Company till January 2012
 
 i.  Sinorita Biotech Private Limited
 
 ii.  Ajay Jyoti Estate Private Limited.
 
 Hi. Bankda Estate Private Limited.
 
 iv.  Bankda Reality Private Limited.
 
 v.  Vimla Housing Private Limited.
 
 vi.  Bankda Developers Private Limited.
 
 vii. Bankda Housing Private Limited.
 
 viii.  KedarVijay Housing Private Limited.
 
 ix.  Ajay Laxmi Housing Private Limited.
 
 x.  Styler Textiles Private Limited.
 
 8 Balances of Debtors, Creditors and Loans and advances are subject to
 confirmation
 
 9 The figures in the Balance Sheet & Profit & Loss Account have been
 rounded-off to nearest rupee. The previous year figures  verbena
 regrouped and reclassified and rearranged according to Revised Schedule
 VI of The Companies Act 1956
 
 10 Additional information pursuant to schedule VI of the companies Act,
 1956