Mar 31, 2023
In accordance with the IND AS 19 ''Employee Benefits'', the Company has calculated the various benefits provided to employees as under:
In accordance with Indian Accounting Standard 19, an actuarial valuation was carried out in respect of the gratuity, (defined benefit plans). The following tables set out the unfunded status of the gratuity plans and the amounts recognized in the Companyâs financial statements as at March 31,2023 and March 31,2022
In accordance with the requirement of INDAS-24 on âRelated Party Disclosuresâ the names of the related parties where control exists /able to exercise significant influence along with the aggregate transactions/year end balances with them as identified and certified by the management are given below:
Corporate Social Responsibility
As per Section 135 of the Companies Act, 2013, a company, meeting the applicability threshold, needs to spend at least 2% of its average net profit for the immediately preceding three financial years on corporate social responsibility (CSR) activities. The areas for CSR activities are eradication of hunger and malnutrition, promoting education, art and culture, healthcare, destitute care and rehabilitation, environment sustainability, disaster relief and rural development projects. A CSR committee has been formed by the company as per the Act. The funds were primarily allocated to a corpus and utilized through the year on these activities which are specified in Schedule VII of the Companies Act, 2013. The company has spent the amount on CSR activities by donating it to a Trust having objectives as specified above and which is in conformity with the Companies Act, 2013.
Segment Disclosures
Segments have been identified in line with the Indian Accounting Standard on Segment Reporting Ind AS 108, considering the organizational structure as well as differential risk and returns of these segments.
Disclosure relating to suppliers registered under Micro, Small and Medium Enterprise Development Act, 2006:
The Company has addressed letters/e-mails to suppliers seeking confirmations as to registration under the âMicro, Small and Medium Enterprises Development Act, 2006â. Based on the confirmations received from suppliers by the company during the year, an amount of Rs 109.46 lacs is due to Micro, Small and medium enterprises as detailed below. Those Suppliers which did not furnished information to company in previous year but have furnished information in the current year have also been classified as MSME in current year.
2
ty__
Statement of Derivatives and un-hedged foreign currency exposure
The Company uses forward contracts to hedge its exposure towards movement in foreign exchange rates. These derivatives are not used for trading or speculation purposes. The nominal amount of forward contracts entered into by the company and outstanding as on the date of balance sheet is Rs.4500.70 lacs (Previous Year Rs. 2399.13 lacs). Foreign Currency exposures that is not hedged by forward cover is Rs. 4244.90 lacs (Previous Year Rs. 1758.32 lacs).
(a) The value of imports calculated on C.I.F. basis by the company duringthe year in respect of Capital Goods was Nil
(b) Other Foreign Currency Expenditure incurred by the company during the fY was as follows:
i. directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or
ii. provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries;
48. In the opinion of the Board, the Current assets and loans and advances are approximately of the value stated, if realized in the ordinary course or business, except otherwise stated. The provision for all the known liabilities is adequate and not in excess of amount considered reasonably necessary.
49. Previous year figures have been regrouped/ reclassified, where necessary, to conform to this year''s classification.
50. ADDITIONAL REGULATORY INFORMATION
a. There are no title deeds of immovable property which are shown in the Balance Sheet but are not held in the name of the company, so no additional disclosure is required in this respect.
b. There is no data to report under Relationship with Struck Off Companies.
c. No proceedings have been initiated or are pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder, so no additional disclosure is required in this respect.
# In 2021 there were high outstanding due to covid impact resulting in average trade payables very high for even 2021-22
d. The company is a not declared willful defaulter by any bank or financial Institution or other lender so no additional disclosure is required in this respect.
e. The Company has borrowings from banks on the basis of security of current assets and
i. The quarterly returns or statements of current assets filed by the Company with banks are in agreement with the books of accounts.
ii. No material discrepancies in quarterly returns or statements of current assets filed by the Company with banks with the books of Accounts
f. There were no charges or satisfaction of charges, yet to be registered with Registrar of Companies beyond the statutory period, as at year end,so no additional disclosure is required in this respect.
g. The company has not advanced or loaned or invested funds (either from borrowed funds or share premium or any other sources or kind of funds) to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding (whether recorded in writing or otherwise) that the Intermediary shall
Mar 31, 2018
1. RELATED PARTY DISCLOSURES
In accordance with the requirement of INDAS 24 on âRelated Party Disclosures'' the names of the related parties where control exists /able to exercise significant influence along with the aggregate transactions/year end balances with them as identified and certified by the management are given below:
(a) Names of the Related Parties and Related Party Relationship
"Description of relationship Name of Related Parties
Parties with whom control exist Trade services FZE - Subsidary
ARP Pharma Pvt Ltd, Strand Developers Pvt. Ltd.
Paradise Vyapaar Pvt Ltd., Synmex Pharma, Vincit Inernational
Key Management Personnel (KMP) Mr. Kedarmal Bankda (Chairman & Whole time Director)
Mr. Vijay Bankda (Managing Director), Rinki Bankda (WTD wef 15.11.17)
CS Prachi Rathore (Resigned on 14.08.17), Ankit Bankda (CFO)
CS Karishma Kakkar (Joined from 16.08.17)
Independent/Non Executive Directors Mr. Vinod Kabra, Mr. K D Neema, Mr. Praveen Jindal_
Relatives of Director Mrs. Vimla Bankda, Mr Ankit Bankda,
Kedarmal Bankda HUF, Mrs. Asha Bankda,
Mrs Sulabh Bankda, Mr. Ankur Bankda, Ankur Bankda HUF Vijay Bankda HUF, Mrs. Payal Bandka, Shankarlal bankda HUF Rahul Bankda HUF, Mr. Rahul Bankda, Ankit Bankda HUF
2. CORPORATE SOCIAL RESPONSIBILITY
As per Section 135 of the Companies Act, 2013, a company, meeting the applicability threshold, needs to spend at least 2% of its average net profit for the immediately preceding three financial years on corporate social responsibility (CSR) activities. The areas for CSR activities are eradication of hunger and malnutrition, promoting education, art and culture, healthcare, destitute care and rehabilitation, environment sustainability, disaster relief and rural development projects. A CSR committee has been formed by the company as per the Act. The funds were primarily allocated to a corpus and utilized through the year on these activities which are specified in Schedule VII of the Companies Act, 2013.
3. Statement of Derivatives and un-hedged foreign currency exposure
The Company uses forward contracts to hedge its exposure to movements in foreign exchange rates. These derivatives are not used for trading or speculation purposes. The Nominal amount of Forward Contracts entered into by the company and outstanding as on the date of balance sheet is Rs 1563.50 lacs. (Previous Year Rs 337.36 lacs). Foreign Currency exposures that are not hedged by forward cover is Rs 1267.16 lacs (Previous Year Rs 2646.47 lacs
4. (a) The Value of imports calculated on C.I.F. basis by the company during in respect of Capital Goods was Rs 10,30,936 (Previous
Year Rs 30,03,750)
5. First Time Adoption of Ind AS
These standalone financial statements of Syncom Formulations (India) Limited for the year ended March 31, 2018 have been prepared in accordance with Ind AS. For the purposes of transition to Ind AS, the Company has followed the guidance prescribed in Ind AS 101, First-Time Adoption of Indian Accounting Standards, with April 1, 2016 as the transition date and IGAAP as the previous GAAP The transition to Ind AS has resulted in changes in the presentation of the financial statements, disclosures in the notes thereto and accounting policies and principles. The accounting policies set out above have been applied in preparing the standalone financial statements for the year ended March 31, 2018 and the comparative information. An explanation of how the transition from previous GAAP to Ind AS has affected the Company''s Balance Sheet and Statement of Profit and Loss, is set out below.
- Reconciliations
The following reconciliations provide the effect of transition to Ind AS from IGAAP in accordance with Ind AS 101
1. Equity as at 01/04/2016 and March 31,2017
2. Net Profit for the year ended March 31,2017
D. Provisions
Adjustments reflect dividend (including corporate dividend tax), declared and approved post reporting period
E. Other Equity
a) Adjustments to retained earnings and other comprehensive income have been made in accordance with Ind AS for the above mentioned line items.
b) In addition, as per Ind AS 19, actuarial gains and losses are recognized in other comprehensive income as compared to being recognized in the Statement of Profit and Loss under IGAAP.
F. Other Income/Other Expenses
Adjustments reflect impact of discounting and recognizing deposits given and accepted at Fair Value.
G. Employee Benefit Expenses
a) As per Ind AS 19, Employee Benefits, actuarial gains and losses are recognized in other comprehensive income and reclassified to profit and loss in a subsequent period.
b) Adjustments reflect unamortized negative past service cost arising on modification of the gratuity plan in an earlier period. Ind AS 19 requires such gains and losses to be adjusted to retained earnings.
H. Finance Cost
Adjustment included impact of unwinding of interest on security deposits
6. In the opinion of the Board, the Current assets and loans and advances are approximately of the value stated, if realized in the ordinary course or business, except otherwise stated. The provision for all the known liabilities is adequate and not in excess of amount considered reasonably necessary.
7. Previous year figures have been regrouped/ reclassified, where necessary, to conform to this year''s classification.
Mar 31, 2015
1. of the above shares 75,00,000 equity shares of Re 1 each (Previous
year 7500000 Shares of Rs. 1 each) were allotted as fully paid up bonus
shares by capitalisation of General Reserve.
2. of the above Share 4,92,40,000 shares of Re 1 each (Previous year
4,92,40,000 shares of Rs. 1 each) have been allotted for consideration
other than cash
3. of the above shares equity 55,76,08,700 equity shares of Re.1 were
allotted as bonus shares fully paid up bonus shares by capitalisation
of General Reserve, share Premium, share Forfeiture in the proportion
of 5 share for every 2 share of Re 1/-
4. The outstanding balances of the debtors, creditors, advances and
unsecured loans are as per books of accounts and subject to
confirmation from respective parties.
5. RELATED PARTY DISCLOSURES
As per Accounting Standard 18, the disclosures of transactions with the
related parties are given below:
a) Details of related parties:
Description of relationship Name of Related Parties
Parties with whom control exist M/s T rade Services FZE-
Subsidiary
ARP Pharma Pvt. Ltd., Strand
Developers Pvt. Ltd.,
Paradise Vyapaar Pvt. Ltd.
Key Management Personnel (KMP) Mr. Kedarmal Bankda (Chairman
& Whole Time Director)
Mr. Vijay Bankda (Managing
Director)
CS Shikha Sethi (Resigned on
31.12.2014), Ankit Bankda (CFO)
CS Praniti Porwal (Joined
from 01.01.2015)
Independent/Non Executive Directors Mrs. Rinki Bankda (Women
Director)
Mr. Vinod Kabra, Mr. K.D. Neema,
Mr. Praveen Jindal
Relatives of Director Mrs. Vimla Bankda, Mr. Ankit
Bankda, Kedarmal Bankda HUF,
Mrs. Asha
Bankda, Mrs. Sulabh Bankda,
Mr. Ankur Bankda, Ankur Bankda
HUF,
Vijay Bankda HUF, Mrs. Payal
Bankda, Shankarlal Bankda HUF,
Rahul Bankda HUF, Rahul Bankda,
Ankit Bankda HUF
Other related parties Nil
6. The Company has revised depreciation rates on Fixed Assets
effective from 1st April 2014 in accordance with requirement of
Schedule II of Companies Act 2013 (The Act). The remaining useful life
has been revised by adopting standard useful life as per the New
Companies Act 2013. The carrying amount as on 1st April 2014 is
depreciated over the remaining useful life. As a result of these
changes a ) the depreciation charged for the year ended 31st March 2015
is higher by Re 29.31 lacs.b) There is debit to retained earnings of
Rs. 285.28 lacs (Net of deferred tax) for assets whose remaining life
as on 1st April 2014 is expired in accordance with the revised life as
per Companies Act 2013.
7. The Company does not have any pending litigation which would have
material impact on its financial position.
8. The Company did not have any long term contracts including
derivative contracts for which there were any material foreseeable
losses.
9. There has been no delay in transferring amounts, required to be
transferred, to the Investor Education & Protection Fund by the
company.
10. Previous year's figures have been regrouped / reclassified
wherever necessary to correspond with the current year's classific-
-ation/ disclosure.
11. Income Tax, Sales Tax and Purchase Tax Assessment are at various
stages. According to company's management the provision for the same is
sufficient.
12. Excise duty is net of Excise duty refund received against export
under the Central Excise Rules amounting to Rs.7,49,54,715 (Previous
Year Rs.5,72,53,255)
13. In the opinion of the Board, Current Assets, Loans & Advances
have a value on realisation in the ordinary course of business at least
equal to the amount at which these are stated in the Balane Sheet &
that the provisions for known liabilities is adequate and not in excess
of amount reasonably necessary.
14. Figures have been rounded off to the nearest rupee.
15. Significant Accounting Policies followed by the Company are as
stated in the statement annexed as Annexure-I.
Mar 31, 2014
1. Contingent liabilities and commitments (to the extent not
provided for)
Contingent liabilities Rs. in lacs Rs. in lacs
a) Claims against the Company not
acknowledged as debt
(i) Income Tax demand for A. Y. 2006-07 45.30 45.30
(ii) Provident Fund demand 7.55 7.55
(iii) Income Tax demand for A. Y. 2010-11 7.64 29.29
(iv) Income Tax demand for A.Y. 2011-12 20.81 0.00
(v) Appelle with DC Commercial Tax
F.Y. 2009-10 0.32 0.32
(vi) Capital commitments 235.15 150.62
b) Bank Guarantees 0.00 0.00
2. Segment Information: The Company is operating in single segment.
3. Income tax assessment have been completed up to Assessment Year
2011-12
4. The company has addressed letters to suppliers seeking
confirmations as to registration under the "Micro. Small and Medium
Enterprises Development Act. 2006". Based on the information available
with the company, an amount of Rs. 50.50 lacs is due to Micro. Small
and Medium Enterprises as detailed below:
5. Computation of Net Profit in accordance with Section 349 of the
Companies Act. 1956 has not been given, as commission by way of
percentage of Profit is not payable for the year to any of the director
of the company.
6. The outstanding balances of the debtors, creditors, advances and
unsecured loans are as per books of accounts and subject to
confirmation from respective parties.
7. RELATED PARTY DISCLOSURES
As per Accounting Standard 18, the disclosures of transactions with the
related parties are given below:
a) Details of related parties:
Description of relationship Name of Related Parties
Parties with whom control exist Syncom International. Mumbai.
Synmax Pharma. Indore
M/s Trade Services FZE-
Subsidiary. ARP Pharma Pvt. Ltd.,
Strand Developers Pvt. Ltd..
Paradise Vyapar Pvt. Ltd.
Key Management Personnel (KMP) Mr. Kedarmal Bankda (Chairman &
Whole Time Director)
Mr. Vijay Bankda (Managing
Director)
Mr. Vinod Kabra, Mr. K.D. Neema,
Mr. Praveen Jindal
Relative of Director Mrs Vimla Bankda. Mr. Ankit
Bankda. Kedarrnal Bankda HUF,
Mrs. Asha Bankda. Mr. Rahul
Bankda, Mrs. Slabg Bankda,.
Mr. Ankur Bankda. Ankur Bankda
HUF. Vijay Bankda HUF.
Mrs.Payal Bankda. Mrs. Rinki
Bankda. Rahul Bankda HUF.Ankit
Bankda HUF
Other related parties Nil
8. In the opinion of the Board Current Assets. Loans & Advances have a
value on realisation in the ordinary course of business at least equal
to the amount at which these are stated in the Balace sheet & that the
provisions for known liabilities is adequate and not in excess of amount
reasonably necessary.
9. Previous year's figures have been regrouped / reclassified
wherever necessary to correspond with the year's classification/
disclosure.
10. Sales Tax and Purchase Tax Assessment are at various stages.
According to company's management the provision for the same is
sufficient.
11. Excise duty is net of Excise duty refund received against export
under the central excise rules amounting to Rs.5.72,53.255 (Previous
Year Rs. 4,47,43,197)
12. Figures have been rounded off to the nearest rupee.
13. Significant Accounting Policies followed by the Company are as
stated in the statement annexed as Annexure-I.
Mar 31, 2013
1.1 Computation of N et Profit in accordance witti Section 349 of the
Com panies Act. 1956 has not bean given, as comm ission by way of
percentage of Profit is not payable for the year to any of Ire director
of the company.
1.2 The outstanding balances of the debtors. creditors, ad vances and
unsecured loans are as per books of accounts and subject to
confirmation from respective parties.
1.3 I n the opinion of the Board Curre nt Assets, Loans & Ad vances
ha ve a value on realisation in the ordi na ry course of business at
least eq u al to the a mount at whi ch these a re slated i n the 8a
lace sheet & that the provisions for known liabilities is adeq uate and
not in excess of amount reasonably necessary,
1.4 Previous year''s figures have been regrouped I reclassified where
ver necessary to correspond with the year''s classification disclosure-
1.5 Sales Tax and Purchase Tax Assessment are at various stages.
According to company''s management the provision for the same is
sufficient.
1.6 E xcise duty is net of Excise duly refund received against export
u nd e r the ce ntrat excise ru les a mounting to Rs. 4,47,43.19 7
{Previous Year Rs. 5,76,77,458)
1.17 Figures ha ve been rounded off to the nearest rupee
Mar 31, 2012
1.01 Borrowing costs capitalised during the year - Nil (Previous Year
Nil)
1.02 Contingent liabilities and commitments (to the extent not
provided for)
Contingent liabilities Rs. in lacs Rs. in lacs
a) Claims against the Company not
acknowledged as debt
(i) Income Tax demand for A.Y. 2006-07 45.30 45.30
(ii) Provident Fund demand 7.55 7.55
(iii) Capital commitments 24.80 7.00
b) Bank Guarantees 0 3.68
1.03 Income tax assessment have been completed up toAssessment
Year2009-10
1.04 Computation of Net Profit in accordance with Section 349 of the
Companies Act, 1956 has not been given, as commission by way of
percentage of Profit is not payable for the year to any of the director
of the company.
1.05 The outstanding balances of the debtors, creditors, advances and
unsecured loans are as per books of accounts and subject to
confirmation from respective parties.
1.06 In the opinion of the Board Current Assets, Loans & Advances have
a value on realisation in the ordinary course of business at least
equal to the amount at which these are stated in the Balace sheet &
that the provisions for known liabilities is adequate and not in excess
of amount reasonably necessary.
1.07 The revised Schedule VI has become effective from 1 April, 2011
for the preparation of financial. This has significantly impacted the
disclosure and presentation made in the financial statements. Previous
year's figures have been regrouped / reclassified wherever necessary to
correspond with the year's classification / disclosure.
1.08 Sales Tax and Purchase Tax Assessment are at various stages.
According to company's management the provision for the t --ime is
sufficient.
1.09 E. cise duty is net of Excise duty refund received against export
under the central excise rules amounting to Rs. 5,76,77,458.
1.10 Figures have been rounded offto the nearest rupee.
1.11 Significant Accounting Policies followed by the Company are as
stated in the statement annexed as Annexure-I.
Statement referred to in Note No. 26.19 to the Financial Statements for
the year ended 31st March, 2012.
Mar 31, 2010
1. Warrant holder for 3,25,000 warrants of Rs. 46 per warrant
convertible into equity shares of Rs. 10 each at a premium of Rs. 36
per share which were issued on 29th March, 2008 has not availed the
option for conversion of the warrants into equity shares within the
stipulated time as per SEBI (DIP.) Guidelines and the terms of the
issue within a period of 18 months from the date of allotment i.e. 28th
Sept., 2009.
Resulting in terms of the issue the upfront amount of Rs. 4.60 per
warrant paid by the warrant holder has been forfeited by the company.
2. PARTICULARS REGARDING FIRM IN WHICH THE COMPANY IS A PARTNER:
Name of the firm & partner Share%
M/s Syncom International Total Capital Rs. 4.00 Lacs
a) M/s. Syncom Formulations (India) Ltd. 99%
b) Mr.VijayBankda 1%
3. Loans &Advance Include:
Deposit given to directors against the properties let out by them to
the company is Rs. 221 lacs (Previous year Rs. 221 lacs) and given to
relatives of Directors Rs. 389 lacs (Previous year Rs. 389 lacs).
4. Debtors Include :
Due from companies/firms in which some of the directors are interested
as Director/Proprietors/Partners Rs. 15,13,752 (Previous year Rs.
15,13,752) Maximum outstanding during the year Rs.15,13,752 (Previous
year Rs. 15,13,752)
5. Interest & Financial Charges Rs 54,72,556 (Previous year Rs.
53,16,727) includes interest paid Rs. 47,46,874 (Previous year Rs.
49,70,932) and financial charges 7,25,682 (Previous year Rs 3,45,795).
6. Travelling and Conveyance includes Directors travelling Inland Rs.
1,61,632 (Previous year Rs. 1,12,842) Foreign travelling Rs. Nil
(Previous year Rs. 9,72,224) and Foreign travelling of others Rs.
9,19,626 (Previous year9,95,631).
7. Fixed deposits includes Rs. 3,00,35,000 (previous year Rs^
2,00,35,000) pledged with Banks and Govt. Departments.
8. Balance of Sundry Debtors, Sundry Creditors, Trade Deposit and
Loans & Advances are subject to confirmation. However, in the opinion
of the management these accounts will fetch the amount as stated in the
books of accounts on realisation in the ordinary course of business.
9. Income Tax assessment have been completed up to Assessment year
2007-2008
10. Sales Tax and Purchase Tax Assessment are at various stages.
According to companys is management the provision for the same is
sufficient.
11. Excise Duty is net of Excise Duty refund received against export
under the central excise rules amounting to Rs. 2,49,10,054.
12. Sales includes export incentives.
13. Payment of auditors:
i) Forauditfees Rs.50,000 (Previous year Rs. 50,000)
ii) For tax audit fee Rs10,000 (Previous year Rs. 10,000)
iii) Otherservices Rs.14,250 (Previous year Rs. 18,000)
iv) Service Tax Rs 7,650 (Previous Year Rs.6,180)
14. During the financial year 2009-10, the company concluded its rights
issue offering through which 61,85,348 equity shares of Rs. 10 each
were issued by the company at a premium of Rs. 7 per share. The
company has received total proceeds of Rs. 1,051.51 Lacs for working
capital deployment & utilsed the right issue proceeds for the
sameasat31.03.2010.
15.Segment Information:
The company is operating in single segment.
16. Related Party Disclosures: A. List of related parties: Parties
where control exists:
- Syncom International, Mumbai, Synmax Pharma, Indore
- ARP Pharma Pvt. Ltd., Strand Developers Pvt. Ltd.
Other Related parties with whom transactions have taken place during
the year: Fellow Subsidiaries : Nil
Associates Nil
Directors Mr. Kedarmal Bankda, Mr.
Vijay Bankda,
C.A. Sanjay Mehta, Mr. Vinod
Kabra, Mr.K.D.Neema
17. Computation of net profit in accordance with section 349 of the
Companies Act, 1956 has not been given, as commission by way of
percentage of profit is not payable for the year to any of the director
of the company.
18. Previous year figures have been reworked, regrouped, rearranged
and reclassified where ever necessary.
19. Figures have been rounded off to the nearest rupee.
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