(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
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
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
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
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
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 significant
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
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,