Syncom Formulations (India) Ltd. — Annual Report 2023

May 29, 2023

Syncom Formulations· (India) Limited ------------ ^A WHO-GMP & ISO9001-2015CertifiedCompany -------------

GIN No. : L24239MH1988PLC047759

To,

SYNCOM/SE/2023-24

29 May, ²⁰²³

Online filing at: www.listing.bseindia.com and https://neaps.nseindia.com/NEWLJSTINGCORP/login.jsp

To, BSE Limited Phiroze Jeejeebhoy Tower, Dalal Street, Mumbai (M.H.) 400 00 ^I BSE CODE:524470

National Stock Exchange ofIndia Limited Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Bandra (E), Mumbai- 400051 NSE SYMBOL: SYNCOMF

Subject: Regulation 33(3)(d) of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 - Submission of Standalone & Consolidated Audited Financial Results along with Audit Report, Statement of Assets and Liabilities and Cash Flow for the year ended on 31March, 2023.

Dear Sir/Ma'am,

Pursuant to Regulation 33(3)(d) of SEBI (LODR) Regulations, 2015, we are pleased to submit the Standalone & Consolidated Audited Financial Results along with Auditors' Report thereon by Statutory Auditors, Statement of Assets and Liabilities and Cash Flow for the quarter/year ended on 31March, 2023, in PDF Format, which were also approved by the Audit Committee and Board of Directors at their meeting held on Monday, 29" May, 2023.

Since, the Auditor's Report is self-explanatory and has no modification/qualification; it needs no further comments by the Company.

We are also in process to file the aforesaid financial results in XBRL format within the stipulated time and the same shall also be hosted on the website ofthe company.

The Financial Results will also be published in widely circulated English and Hindi (Vernacular) newspaper in the prescribed format within the stipulated time period.

The Board Meeting was commenced at 4:00 P.M. and concluded at 8:.. ~.Q. P.M.

You are requested to take on record the Audited Financial Results, Statement of Assets and Liabilities and Cash Flow along with Auditor's Report for your reference and record.

Thanking You, Yours Faithfully, For, SYNCOM FORMULATI '/

VAISHALI

CS VAISHALI AGRAWAL COMPANY SECRETARY & COMPLIANCE OFFICER Encl: ala AGRAWAL Date: 2023.05.29 20:03:57 +05'30'

Digitally signed by VAISHALI AGRAWAL

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Regd. Of.: 7, Niraj Industrial Estate, Off Mahakali Caves Road, Andheri (East), MUMBAI-400 093, INDIA. Tel. : +91-22-30887744-54 Fax : +91-022-30887755 Email : sfi87 @hotmail.com Corp. Of. : 207, Saket Nagar, INDORE - ⁴⁵² 018, M.P., INDIA. Tel. : +91-731-2560458/2700458 E-mail : into@sfl.in . Works : 256-257, Sector-1, PITHAMPUR Dist-Dhar, M.P. - ⁴⁵⁴ 775, INDIA. Tel. :+ 91-7292-403122/407039 Email : info @sfl.in Website : http://www.sfil.in

··.:-::: ...

SYNCOM FORMULATIONS (INDIA) LIMITED

Regd.Off :- 7,Niraj Industrial Estate.Off Mahakali Caves Road,Andheri (E) Mumbai-400093

^I Works:- 256-257, Sector - 1, Pithampur, Dist: Dhar-454775

	STANDALONE AUDITED FINANCIAL RES UL TS FOR THE QUARTER AND YEAR ENDED 31 ST MARCH 2023
s.	Particulars				Rs. In Lacs	except EPS
No.			Quarter Ended		Year Ended
		31-03-2023	31-12-2022	31-03-2022	31-03-2023	31-03-2022
		Audited	Unaudited	Audited	Audited	Audited
1	Revenue from Operations	6136.92	5738.29	5823.08	22464.39	21966.32
2	Other Income	677.94	197.85	570.18	1460.95	1199.25
3	Total Income ( 1+2)	6814.86	5936.14	6393.26	23925.34	23165.57
4	EXPENSES ( a ) Cost of materials consumed	2554.84	2199.90	2286.45	9946.06	9741.23
	( b) Purchases of Stock-in-Trade	1321.16	1094.05	834.90	4261.14	3981.41
	( c ) Changes in inventories of finished goods, Stock-in- Trade
	and work-in-progress ( d ) Employee benefits expense	(96.49)	183.32	588.29	5.03	331.62
	( e ) Finance costs	719.77	725.67	610.61	2586.56	2215.78
	( f ) Depreciation and amortization expense	129.19	71.70	104.25	313.02	192.76
	( g ) Other expenses	116.78	120.15	101.16	453.93	394.84
	Total expenses ( 4)	1043.86	944.79	1298.35	3704.28	3692.75
5	Profit/(loss) before exceptional items and tax (3- 4)	5789.11	5339.58	5824.00	21270.02	20550.39
6	Exceptional Items	1025.75	596.56	569.26	2655.32	2615.18
7	Profit/(loss) before tax ( 5 - 6)	1.33 1027.08	0.00 596.56	(1.07) 568.19	1.33 2656.65	2.41 2617.59
8	Tax expense:
	(1) Current tax	258.84	161.00	103.41	664.84	624.58
	(2) Deferred tax Profit (Loss) for the period from continuing operations (7-8)	(78.41)	21.05	(11.01)	(15.26)	13.97
9		846.65	414.51	475.79	2007.07	1979.04
10	Profit/(loss) from discontinued operations	0.00	0.00	0.00	0.00	0.00
11 12	Tax expense of discontinued operations Profit/(loss) from Discontinued operations (after tax) (10-11)	0.00	0.00	0.00	0.00	0.00
		0.00	0.00	0.00	0.00	0.00
13	Profit/(loss) for the period ( 9+12)	846.65	414.51	475.79	2007.07	1979.04
14	Other Comprehensive Income A(i)ltems that will not be reclassified to profit or loss
	(ii) Income tax relating to items that will not be reclassified to	0.00	0.00	0.00	0.00	0.00
	profit or loss	0.00	0.00	0.00	0.00	0.00
	B (i) Items that will be reclassified to profit or loss	48.85	111.57	(75.47)	196.36	121.70
	(ii) Income tax relating to items that will be reclassified to profit or loss	0.00	0.00	0.00	0.00	0.00
15	Total for the Comprehensive (Xlll+XIV) Income period
	Other Profit (Loss) Comprehensive (Comprising and Income for the period)	895.50	526.08	400.32	2203.43	2100.74
16	Paid up Share Capital of the Company (Face Value 1/-)	9400.00	9400.00	8624.53	9400.00	8624.53
17	Reserves excluding revaluation reserves				16201.47	13597.63
18	Earnings per equity share (for continuing operation):
	(1) Basic	0.10	0.06	0.05	0.24	0.26
	(2) Diluted Earnings per equity share (for discontinued operation):	0.10	0.06	0.05	0.24	0.24
19	(1) Basic		0.00	0.00	0.00	0.00
	(2) Diluted	0.00 0.00	0.00	0.00	0.00	0.00
20	& continuing Earnings per equity share (for discontinued
	operations) (1) Basic	0.10	0.06	0.05	0.24	0.26
	2) Diluted	0.10	0.06	0.05	0.24	0.24

Date: 29/05/2023

Place: Indore For, Syncom Formulations (India) Limited

F

Regd.Off :- 7,Niraj Industrial Estate, Off Mahakali Caves Road.Andheri (E) Mumbai-400093

Works:- 256-257, Sector - 1, Pithampur, Dist: Dhar-454775

^E Mail:- finance@sfil.in, Website:- www .sfl.in, CIN :- L24239MH1988PLC047759

STANDALONE STATEMENT OF SEGMENT WISE REVENUE, RES UL TS ALONG WITH QUARTERLY AND YEARL y AUDITED RESULTS

						Rs. In Lacs
			Quarter Ended		Year to date Ended
S. No.	Particulars	31-03-2023	31-12-2022	31-03-2022	31-03-2023	31-03-2022
		Audited	Unaudited	Audited	Audited	Audited
1	Segment Revenue
	a) Pharmaceuticals Drugs & Formulations	5,932.04	4,615.43	5,947.89	21,037.66	21,954.68
	b) Trading of Commodities	803.01	1,237.55	371.49	2,552.40	942.33
	c) Renting of Property	79.81	83.16	73.87	335.28	268.55
	Total Segment Revenue	6,814.86	5,936.14	6,393.25	23,925.34	23,165.56
	Less: Inter Segment Revenue			-
	Total Income	6,814.86	5,936.14	6,393.25	23,925.34	23,165.56
2	Segment Results Profit(+)/Loss(-) before tax
	and interest from each segment
	a) Pharmaceuticals Drugs & Formulations	1,081.39	583.94	554.38	2,620.14	2,427.82
	b) Trading of Commodities	13.25	1.16	29.19	32.43	56.74
	c) Renting of Property	61.63	83.16	73.87	317.10	268.55
	Total Profit before tax and Interest	1,156.27	668.26	657.44	2,969.67	2,753.11
	Less: i) Interest	129.19	71.70	89.25	313.02	135.52
	ii) Other Un-allocable Expenditure		-	3.48
	Profit before tax	1,027.08	596.56	564.71	2,656.65	2,617.59
3	(Segment Asset-Segment Liabilities)
	Segment Asset
	a) Pharmaceuticals Drugs & Formulations	32,002.05	33,163.26	25,600.88	32,002.05	25,600.88
	b) Trading of Commodities	958.89		483.73	958.89	483.73
	c) Renting of Property		4,733.45	4,739.22	4,733.45	4,739.22
	Total Segment Asset	32,960.94	37,896.71	30,823.83	37,694.39	30,823.83
	Un-allocable Assets
	Net Segment Asset	32,960.94	37,896.71	30,823.83	37,694.39	30,823.83
	Segment Liabilities
	a) Pharmaceuticals Drugs & Formulations	11,749.56	13,032.44	8,412.34	11,749.56	8,412.34
	b) Trading of Commodities	179.91	-	42.68	179.91	42.68
	c) Renting of Property	163.44	157.79	146.65	163.44	146.65
	Total Segment Liabilities	12,092.91	13,190.23	8,601.67	12,092.91	8,601.67
	Un-allocable Liabilities
	Net Segment Liabilities	12,092.91	13,190.23	8,601.67	12,092.91	8,601.67

Notes:-

¹ The above results were reviewed by the Audit Committee and approved by the Board at its meeting held on 29/05/2023.

² These above results have been prepared in compliance with the Indian Accounting Standard (referred to as "Ind AS") as notified prescribed under Section ¹³³ of the Companies Act, ²⁰¹³ read with Companies (Indian Accounting Standards) Rules ²⁰¹⁵ as amended from time to lime.

³ The company is operating in ³ segments i.e. (a) Pharmaceuticals Drugs & Formulations (b) Trading of Commodities (c) Renting of Property, particulars of segment wise results are given as required.

⁴ The Standalone Statement of Assets and Liabilities as at 31st March, ²⁰²³ and the Standalone Statement of Cash Flow is provided as an annexure to this statement.

⁵ As required under Regulation ³³ of SEBI (LODR) Regulations, 2015 the Auditor's report provided by the Statutory Auditors have carried out Audit books of Accounts for the Financial year 2022-2023 and issued us an Audit Report with an unmodified opinion on Audited financial Results for the Quarter ^I Year ended 31st March, ²⁰²³ Therefor the company is not required to give statement of Impact of Audit Qualification for Audit report with modified opinion

⁶ Previous period figures have been regrouped/reclassified wherever necessary to confirm to this period classification.

⁷ The figures of the Last Quarter are the balancing figures between the audited figures in respect of full financial year & the published year to date figures upto 3rd quarter of that financial year

⁸ The company has The company has generated Rs. 1035.76 Lakhs being the upfront amount and Rs. 2995.74 Lakhs by conversion of 15,93,47,820 warrants to 15,93,47,820 equity shares of Rs. 1/- each issued at ^a premium of Rs. 1.53 per share aggregating Rs. 4031.50 Lakhs. Out of which the company has already utilized the amount of Rs. 3274.70 Lakhs (Including capital work in progress), Remaining unutilized amount of Rs. 756.79 Lakhs will be used in the subsequent period. There is no deviation in the project till 31st March, ²⁰²³ and necessary report towards as required under regulation ³² being filed to the BSE Ltd. Separately

⁹ The Company has incorporated ³ (three) Wholly Owned Subsidiaries namely Synmex Pharma Pvt. Ltd. and Sante Biotech Pvt. Ltd. on 21st July, ²⁰²² and Vincit Biotech International Pvt. Ltd. on 25th July, ²⁰²² .The Subsidiary Companies are taking necessary steps to obtain required Drug Licenses and other approvals from the Competent Authorities. Therefore, during the Quarter under review, these Subsidiary Companies were not having any Significant Business Activities

Place: Indore Date: 29/05/2023

v,Ctui irman .&~Wlloletime Director i DIN:O0023050

~

	LIMITED SYNCOM FORMULATIONS (INDIA) Fegd.Off :- 7,Niraj Industrial Estate,Off Mahakali Caves Road,Andheri (E) Mumbai-400093
Works:- 256-257, Sector - 1, Pithampur, Dist: Dhar-454775
E Mail:- finance@sfil.in, Website:- www.sfil.in, Standalone Statement of Assets & Liabilities as at 31/03/2023	CIN :- L24239MH1988PLC047759
Particulars 31-03-23 31-03-22
Rs. In Lacs	Audited	Audited
ASSETS
assets Non-current
(a) Property, Plant Equipment and	4,322.28	4,650.70
Work in Progress (b) Capital	2,558.58	620.08
(c) Intangible assets Investment Property (d)	17.64	9.90 4,713.34
(e) Financial Assets	4,733.44
Investments (i)	186.65	192.57
(ii) & Accrued Deposits Interest Fixed	7,572.84	6,404.35
(iii) Deposits	49.75	33.75
(f) Other Non Current Assets	176.14	219.18
Current assets
(a) Inventories	2,077.39	1,950.64
Financial (b) Assets
Investments (i)	6,226.49	4,139.78
(ii) Receivables Trade	7,513.83	6,755.01
(iii) And Cash Equivalents Cash	82.70	30.17
other than (iii) (iv) Bank Balances above	775.20	8.40
(v) Deposits	374.42	353.22
& Advances (vi) Loans	278.00	331.14
Current Other (d) Assets	749.04	411.60
Total	37,694.39	30,823.83
EQUITY AND LIABILITIES Equity
Capital (a) Equity Share	9,400.00	8,624.53
Other (b) Equity	16,201.47	13,597.63
Liabilities
Non Current Liabilities
Financial Liabilities (a)	154.14	147.65
other Trade and Deposits (i)	269.24	170.95
(b) Provisions (c) Deferred Liabilities (Net) Tax	442.24	457.50
liabilities Current
(a) Financial liabilities
Borrowings (i)	8,318.15	5,779.08
(ii) Payables Trade
Total Outstanding Dues of Micro Enterprises and Small Enterprises	306.91	109.46
Total Outstanding Dues of Creditors other than Micro Enterprises and Small	1,733.94	1,269.68
Enterprises	202.18	19.18
(iii) Financial Liabilities Other Current Liabilities Other (b)	405.25	263.45
(c) Provisions	l 260.87	384.72
5 Total	37,694.39	30,823.83
	~ E

SYNCOM FORMULATIONS (INDIA) LIMITED

Regd.Off:- 7,Niraj Industrial Estate,Off Mahakali Caves Road,Andheri (E) Mumbai-400093

Works:- 256-257, Sector - 1, Pithampur, Dist: Dhar-454775

Particulars		31-03-23	31-03-22
	Rs. In Lacs	Audited	Audited
Cash Flow from Operating Activities
Profit before extraordinary item and tax		2,655.32	2,615.18
Adjustments for:
Gain on Sale of Machinery/ (Loss on Sale of Vehicle)		1.33	2.41
Gain/(Loss) on Actuarial valuation of employee benefits		(3.73)	(63.56)
Depreciation		453.93	394.84
Depreciation Written Back		(8.28)	(73.76)
Finance Costs		313.02	135.52
Other Income		(1,368.72)	(1,111.37)
Operating Profit before working capital changes		2,042.87	1,899.26
Changes in Working Capital
. Inventory		(126.75)	304.89
Trade Receivables		(758.82)	727.21
Loans & Advances		53.14	(222.65)
Other Current Assets		(358.64)	963.66
Trade Payables		661.71	(1,550.78)
Other Financial Liabilities		183.00	(1.90)
Other Current Liabilities		141.80	(27.88)
Short Term Provisions		(123.85)	165.67
Changes in Working Capital		(328.41)	358.22
Cash Generated from Operations before Tax		1,714.46	2,257.48
Less: Income Tax Paid		664.84	624.58
Net Cash From Operating Activities		1,049.62	1,632.90
Cash Flow from Investing Activities
Change in Property Plant and Equipment, Intangible Assets and Capital Work in Progress		(2,063.47)	(1,131.29)
Change in Investment Property		(20.10)	-
Change in Fixed Deposit & Accrued Interest		(1,935.29)	502.56
Change in Deposits		(16.00)	-
Change in Other Non Current Assets		43.04	(142.95)
Change in Trade & Other Deposits		6.49	(5.93)
Other Income		1,368.72	1,111.37
Change in Investment		(1,880.70)	(3,041.09)
Net Cash from Investing Activities		(4,497.31)	(2,707.33)
Cash Flow from Financing Activities
Finance Costs		(313.02)	(135.52)
Change in Long Term Liabilities		98.29	31.88
Issue of Warrants & Share capital		1,457.88	1,363.02
Dividend Paid		(282.00)	-
Borrowings		2,539.07	(429.93)
Cash from Financing Activities Net		3,500.22	829.45
Net Decrease in Cash & Cash Equivalents		52.53	(244.98)
Cash & Cash Equivalents at the beginning of the Period		30.17	275.14
Cash & Cash Equivalents atthe End of Period		82.70	30.17
Place: Indore		:-,,,
Date: 29/05/2023		Tl9s ~or;Syncom~~ ulations	(India) Limited
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Independent Auditor's Report on Audited Standalone Quarterly Financial Results and Year to Date Results ended on 31/03/2023 of the Company Pursuant to the Regulation ³³ of the SEBI (listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

To,

The Board of Directors Syncom Formulations (India) limited

Opinion

We have audited the accompanying Statement of quarterly and year to date standalone Financial Statements of Syncom Formulations (India) Limited ('the Company') for the quarter and year ended 3l5¹ March, 2023 ('the Statements), attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the Listing Regulations"),

In our opinion and to the best of our information and according to the explanations given to us these standalone financial results:

• i. presents financial results in accordance with the requirements of regulation 33 of the listing regulations read with SEBI Circular CIF/CFD/FAC/62/2016 dated ⁵ July 2016 (hereinafter referred to as SEBI Circular); and
• ii. give ^a true and fair view in conformity with the applicable Indian Accounting Standards (IND AS) prescribed under section 133 of the Companies Act, 2013 (The Act), read with relevant rules issued thereunder and other accounting principles generally accepted in India, of the standalone net profit after tax and other comprehensive income and other financial information of the company for the quarter ended March 31, 2023 as well as the year to date results for the period from April 1, 2023 to March 31, 2023.

Basis for Opinion

We conducted our audit of the statement in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013 (the Act). Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Standalone Financial Results section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide ^a basis for our opinion.

Management's Responsibilities for the Standalone Financial Results

This Statement has been prepared on the basis of the standalone annual audited financial statements and has been approved by the Company's Board of Directors. The Company's Board of Directors is responsible for the preparation and presentation of the Statement that gives ^a true and fair view of the net profit and .other comprehensive income and other financial information of the Company in accordance with the accounting principles generally accepted in India, including IND AS prescribed under Section 133 of the Act, read with relevant rules issued thereunder and other accounting principles generally accepted in India, and in compliance with Regulation 33 of the Listing Regulations including SEBI circular. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statement that gives ^a true and fair view and is free from material misstatement, whether due to fraud or error.

In preparing the standalone financial results, the Board of Directors are responsible for assessing the Company's ability to continue as ^a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors is responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities forthe Audit of the Standalone Financial Results

Our objectives are to obtain reasonable assurance about whether the standalone financial results as ^a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is ^a high level of assurance, but is not ^a guarantee that an audit conducted in accordance with Standard on Auditing, specified under section 143(10) of the Act, will always detect ^a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the standalone financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide ^a basis for our opinion. The risk of not detecting ^a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, Under Section 143(3) (i) of the Act, we are also responsible for expressing our opinion on whether the Company has in place adequate internal financial controls with reference to financial statements and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors/management.
• Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether ^a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as ^a going concern. If we conclude that ^a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as ^a going concern.
• Evaluate the overall presentation, structure and content of the standalone financial results, including the disclosures, and whether the financial results represent the underlying transactions and events in ^a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the Financial -Results of the Company to express an opinion on the Financial Results.

Materiality is the magnitude of misstatements in the Financial Results that, individually or in aggregate, makes it probable that the economic decisions of ^a reasonably knowledgeable user of the Financial Results may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the result of our work; and (ii) to evaluate the effect of any identified misstatements in the Financial Results.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with ^a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Other Matter

The Statement includes the financial results for the quarter ended 31 March 2023, being the balancing figures between the audited figures in respect of the full financial year and the published unaudited year-to-date figures up to the third quarter of the current financial year, which were subject to limited review by us.

Place: Indore Date: 29/05/2023

FOR, SANJAY MEHTA & ASSOCIATES CHARTERED AC NTANTS

MANISH MITTAL PARTNER M. NO. 079452 UDIN: 23079452BGQXWZ4581

-

SYNCOM FORMULATIONS (INDIA) LIMITED

Regd.Off :- 7,Niraj Industrial Estate, Off Mahakali Caves Road,Andheri (E) Mumbai-400093

Works.- 256-257, Sector - 1, Pithampur, Dist: Dhar-454775

^E Mail:- finance@sfil.in, Website:- www.sfil.in, CIN :- L24239MH1988PLC047759

					Rs. In Lacs	except EPS
s. No.	Particulars		Quarter Ended		Year Ended
		31-03-23	31-12-22	31-03-22	31-03-23	31-03-22
		Audited	Unaudited	Audited	Audited	Audited
1	Revenue from Operations	6,097.95	5,738.29	5,823.08	22,425.42	21,966.32
2	Other Income	676.98	197.85	570.18	1,459.99	1,199.25
3	Total Income ( 1+2)	6,774.93	5,936.14	6,393.26	23,885.41	23,135.57
4	EXPENSES ( a ) Cost of materials consumed	2,554.84	2,199.90	2,286.45	9,946.06	9,741.23
	( b ) Purchases of Stock-in-Trade	1,321.16	1,094.05	834.90	4,261.14	3,981.41
	( c ) Changes in inventories of finished goods, Stock-in- Trade and work-in-progress	(139.13)	183.32	588.29	(37.61)	331.62
	( d ) Employee benefits expense	719.77	725.67	610.61	2,586.56	2,215.78
	( e ) Finance costs	129.27	71.70	104.25	313.10	192.76
	( f ) Depreciation and amortization expense	116.78	120.15	101.16	453.93	394.84
	( g ) Other expenses	1,045.17	944.82	1,298.35	3,706.30	3,692.75
	Total expenses ( 4 )	5,747.86	5,339.61	5,824.00	21,229.48	20,550.39
5	Profit/(loss) before exceptional items and tax (3- 4)	1,027.07	596.54	569.26	2,655.93	2,615.18
6	Exceptional Items	1.33	-	(1.07)	1.33	2.41
7	Profit/(loss) before tax ( 5-6 )	1,028.40	596.54	568.19	2,657.26	2,617.59
8	Tax expense: (1) Current tax	259.45	161.00	103.41	665.45	624.58
	(2) Deferred tax	(78.41)	21.05	(11.01)	(15.26)	13.97
9	Profit (Loss) for the period from continuing operations (7-8)	847.36	414.49	475.79	2,007.07	1,979.04
10	Profit/(loss) from discontinued operations Tax expense of discontinued operations	-	-	-	- -	- -
11 12	Profit/(loss) from Discontinued operations (after tax) (10-11)	- -	-	-	-	-
13	Profit/(loss) for the period ( 9+12)	847.36	414.49	475.79	2,007.07	1,979.04
14	Other Comprehensive Income A(i)ltems that will not be reclassified to profit or loss
	(ii) Income tax relating to items that will not be reclassified to		-	-	-	-
	profit or loss	-	-	-	-	-
	B (i) Items that will be reclassified to profit or loss	48.85	111.57	(75.47)	196.36	121.70
	(ii) Income tax relating to items that will be reclassified to profit or loss	-	-		-	-
15	Income for the (Xlll+XIV) Total Comprehensive period
	Other Profit Comprehensive (Comprising (Loss) and Income for the period)	896.21	526.06	400.32	2,203.43	2,100.74
16	Paid up Share Capital of the Company (Face Value 1/-)	9,400.00	9,400.00	8,624.53	9,400.00	8,624.53
17	Reserves excluding revaluation reserves				16,201.47	13,597.63
18	Earnings per equity share (for continuing operation):
	(1) Basic	0.10	0.06	0.05	0.24	0.26 0.24
19	(2) Diluted Earnings per equity share (for discontinued operation):	0.10	0.06	0.05	0.24
	(1) Basic	-	-		-	-
	(2) Diluted		-		-	-
20	Earnings per equity share & continuing (for discontinued operations)
	(1) Basic	0.10	0.06	0.05	0.24	0.26
	(2) Diluted	0.10	~ [ 0.06 :-\"iO ~	0.05	0.24	0.24
Place: Indore			±5 & Syn " '}!.</td		rmulat1ons (India) L1m1ted			rmulat1ons (India) L1m1ted
Date:	29/05/2023	3 3	~
		[[u. z		I>	_
			_/;	Kedarmal :-,.JI -:}' ,Chairman & Wholetime	Shankarlal Bankda Director

~_/;

[[u. I> _ z Kedarmal Shankarlal Bankda :-,.JI -:}' ,Chairman & Wholetime Director ¥ 02n. ooozs0so ...~.;,.,

SYNCOM FORMULATIONS (INDIA) LIMITED

Regd.Off :- 7,Niraj Industrial Estate, Off Mahakali Caves Road,Andheri (E) Mumbai-400093

Works:- 256-257, Sector - 1, Pithampur, Dist: Dhar-454775

^E Mail:- finance@sfil.in, Website:- www .sfl.in, CIN :- L24239MH1988PLC047759

CONSOLIDATED STATEMENT OF SEGMENT WISE REVENUE, RESULTS ALONG WITH QUARTERLY AND YEARL y AUDITED RES UL TS

						Rs. In Lacs
			Quarter Ended		Yearto date Ended
S. No.	Particulars	31-03-2023	31-12-2022	31-03-2022	31-03-2023	31-03-2022
		Audited	Unaudited	Audited	Audited	Audited
1	Segment Revenue
	a) Pharmaceuticals Drugs & Formulations	5,892.11	4,615.43	5,947.89	20,997.73	21,954.68
	b) Trading of Commodities	803.01	1,237.55	371.49	2,552.40	942.33
	c) Renting of Property	79.81	83.16	73.87	335.28	268.55
	Total Segment Revenue	6,774.93	5,936.14	6,393.25	23,885.41	23,165.56
	Less: Inter Segment Revenue
	Total Income	6,774.93	5,936.14	6,393.25	23,885.41	23,165.56
2	Segment Results Profit(+)/Loss(-) before tax
	and interest from each segment
	a) Pharmaceuticals Drugs & Formulations	1,082.79	583.92	554.38	2,620.83	2,427.82
	b) Trading of Commodities	13.25	1.16	29.19	32.43	56.74
	c) Renting of Property	61.63	83.16	73.87	317.10	268.55
	Total Profit before tax and Interest	1,157.67	668.24	657.44	2,970.36	2,753.11
	Less: i) Interest	129.27	71.70	89.25	313.10	135.52
	ii) Other Un-allocable Expenditure			3.48
	Profit before tax	1,028.40	596.54	564.71	2,657.26	2,617.59
3	(Segment Asset-Segment Liabilities)
	Segment Asset
	a) Pharmaceuticals Drugs & Formulations	32,090.72	33,163.26	25,600.88	32,090.72	25,600.88
	b) Trading of Commodities	958.89		483.73	958.89	483.73
	c} Renting of Property	-	4,733.45	4,739.22	4,733.45	4,739.22
	Total Segment Asset	33,049.61	37,896.71	30,823.83	37,783.06	30,823.83
	Un-allocable Assets
	Net Segment Asset	33,049.61	37,896.71	30,823.83	37,783.06	30,823.83
	Segment Liabilities
	a) Pharmaceuticals Drugs & Formulations	11,838.21	13,032.44	8,412.34	11,838.21	8,412.34
	b) Trading of Commodities	179.91		42.68	179.91	42.68
	c} Renting of Property	163.44	157.79	146.65	163.44	146.65
	Total Segment Liabilities	12,181.56	13,190.23	8,601.67	12,181.56	8,601.67
	Un-allocable Liabilities
	Net Segment Liabilities	12,181.56	13,190.23	8,601.67	12,181.56	8,601.67

Notes:-

¹ The above results were reviewed by the Audit Committee and approved by the Board at Its meeting held on 29/05/2023.

² These above results have been prepared in compliance with the Indian Accounting Standard (referred to as "Ind AS") as notified prescribed under Section 133 of the Companies Act, ²⁰¹³ read with Companies (Indian Accounting Standards) Rules 2015 as amended from time to time.

³ The company is operating in ³ segments i.e. (a) Pharmaceuticals Drugs & Formulations (b) Trading of Commodities (c) Renting of Property, particulars of segment wise results are given as required.

⁴ The Consolidated Statement of Assets and Liabilities as at 31st March, ²⁰²³ and the Consolidated Statement of Cash Flow is provided as an annexure to this statement.

⁵ As required under Regulation ³³ of SEBI (LODR) Regulations, ²⁰¹⁵ the Auditor's report provided by the Statutory Auditors have carried out Audit books of Accounts for the Financial year 2022-2023 and issued us an Audit Report with an unmodified opinion on Audited financial Results for the Quarter/ Year ended 31st March, ²⁰²³ Therefor the company is not required to give statement of Impact of Audit Qualification for Audit report with modified opinion

⁶ Previous period figures have been regrouped/reclassified wherever necessary to confirm to this period classification.

7 The figures of the Last Quarter are the balancing figures between the audited figures in respect of full financial year & the published year to date figures upto 3rd quarter of that financial year

⁸ The company has The company has generated Rs. 1035.76 Lakhs being the upfront amount and Rs. 2995.74 Lakhs by conversion 0f 15,93,47,820 warrants to 15,93,47,820 equity shares of Rs. 1/- each issued at ^a premium of Rs. 1.53 per share aggregating Rs. 4031.50 Lakhs. Out of which the company has already utilized the amount of Rs. 3274.70 Lakhs (Including capital work in progress), Remaining unutilized amount of Rs. 756.79 Lakhs will be used in the subsequent period. There is no deviation in the project till 31st March, ²⁰²³ and necessary report towards as required under regulation ³² being filed to the BSE ltd. Separately

⁹ The Company has incorporated ³ (three) Wholly Owned Subsidiaries namely Synmex Pharma Pvt. ltd. and Sante Biotech Pvt. ltd. on 21st July, ²⁰²² and Vinci! Biotech International Pvt. ltd. on 25th July, ²⁰²² .The Subsidiary Companies are taking necessary steps to obtain required Drug Licenses and other approvals from the Competent Authorities. Therefore, during the Quarter under review, these Subsidiary Companies were not having any Significant Business Activities Place: Indore a2

LIMITED SYNCOM FORMULATIONS (INDIA)
Regd.Off :- 7,Niraj Industrial Estate,Off Mahakali Caves Road,Andheri (E) Mumbai-400093 Works:- 256-257, Sector - 1, Pithampur, Dist: Dhar-454775
CONSOLIDATED Statement of Assets & Liabilities as at 31/03/2023 Particulars	31-03-23	31-03-22
Rs. In Lacs	Audited	Audited
ASSETS
Non-current assets
Property, Plant Equipment (a) and	4,322.28	4,650.70
(b) Capital Work in Progress	2,558.58	620.08
(c) Intangible assets	17.64	9.90
Property Investment (d)	4,733.44	4,713.34
(e) Financial Assets
(i) Investments	183.65	192.57
Deposits & Accrued Interest (ii) Fixed	7,572.84	6,404.35
Deposits (iii)	49.75 176.14	33.75 219.18
(f) Other Non Current Assets
Current assets Inventories (a)	2,120.03	1,950.63
(b) Financial Assets
Investments (i)	6,226.49	4,139.78
Trade Receivables (ii)	7,550.71	6,755.01
(iii) Cash And Cash Equivalents	87.97	30.17
(iv) Bank Balances other than (iii) above	775.20	8.40
(v) Deposits	374.42	353.22
& Advances (vi) Loans	276.57	331.15
Other Current Assets d	757.34	411.60
Total	37,783.05	30,823.83
EQUITY AND LIABILITIES
Equity Capital (a) Equity Share	9,400.00	8,624.53
Other (b) Equity	16,201.47	13,597.63
Liabilities
Non Current Liabilities
Financial Liabilities (a)
other Deposits (i) Trade and	154.14	147.65
Provisions (b)	269.24	170.95 457.50
(c) Deferred Liabilities Tax (Net)	442.24
liabilities Current liabilities (a) Financial
Borrowings (i)	8,318.15	5,779.08
Payables Trade (ii)
Total Outstanding Dues of Micro Enterprises and Small Enterprises	306.91	109.46
Total Outstanding Dues of Creditors other than Micro Enterprises and Small	1,737.78	1,269.68
Enterprises (iii) Other Liabilities Financial	202.18	19.18
Current Liabilities {b) Other	489.03	263.45
Provisions c	261.91	384.72
Total	37,783.05	30,823.83
Place: Indore
Date: 29/05/2023		ia) Limited
		·
		Bankda
		Director
		DIN: 00023050

SYNCOM FORMULATIONS (INDIA) LIMITED

Regd.Off :- 7,Niraj Industrial Estate,Oft Mahakali Caves Road,Andheri (E) Mumbai-400093

31-03-22

Works:- 256-257, Sector - 1, Pithampur, Dist: Dhar-454775

E Mail:- finance@sfil.in, Website:- www.sfil.in, CIN :- L24239MH1988PLC047759 CONSOLIDATED Cash Flow Statement for the year ended 31/03/2023
Particulars	31-03-23
Rs. In Lacs	Audited

Rs. In Lacs	Audited	Audited
Cash Flow from Operating Activities
Profit before extraordinary item and tax	2,655.93	2,615.18
Adjustmenls for:
Gain on Sale of Machinery/ (Loss on Sale of Vehicle)	1.33	2.41
Gain/(Loss) on Actuarial valuation of employee benefits	(3.73)	(63.56)
Depreciation	453.93	394.84
Depreciation Written Back	(8.28)	(73.76)
Finance Costs	313.10	135.52
Other Income	(1,367.76)	(1,111.37)
Operating Profit before working capital changes	2,044.52	1,899.26
Changes in Working Capital
Inventory	(169.40)	304.89
Trade Receivables	(795.70)	727.21
Loans & Advances	54.58	(222.65)
Other Current Assets	(366.94)	963.66
Trade Payables	665.55	(1,550.78)
Other Financial Liabilities	183.00	(1.90)
Other Current Liabilities	225.58	(27.88)
Short Term Provisions	(122.81)	165.67
Changes in Working Capital	(326.14)	358.22
Cash Generated from Operations before Tax	1,718.38	2,257.48
Less: Income Tax Paid	665.45	624.58
Net Cash From Operating Activities	1,052.93	1,632.90
Activities Cash Flow from Investing
Change in Property Plant and Equipment, Intangible Assets and
Capital Work in Progress	(2,063.47)	(1,131.29)
Change in Investment Property	(20.10)	-
Change in Fixed Deposit & Accrued Interest	(1,935.29)	502.56
Change in Deposits	(16.00)	-
Change in Other Non Current Assets	43.04	(142.95)
Change in Trade & Other Deposits	6.49	(5.93)
Other Income	1,367.76	1,111.37
Change in Investment	(1,877.70)	(3,041.09)
Net Cash from Investing Activities	(4,495.27)	(2,707.33)
Cash Flow from Financing Activities
Finance Costs	(313.10)	(135.52)
Change in Long Term Liabilities	98.29	31.88
Issue of Warrants & Share capital	1,457.88	1,363.02
Dividend Paid	(282.00)	-
Borrowings	2,539.07	(429.93)
Net Cash from Financing Activities	3,500.14	829.45
Net Decrease in Cash & Cash Equivalents	57.80	(244.98)
Cash & Cash Equivalents at the beginning of the Period	30.17	275.14
Cash & Cash Equivalents atthe End of Period	87.97	30.17
~ y t Place: Indore Date: 29/05/2023 u- [3 % ! ;-	e ~ / j:;" 1 1anl a s ial woe@re	~ Limited rlal Bankda Director owe oooasoso

SANJAY MEHTA & ASSOCIATES

Ch artered Accountants

338, Saket Nagar, lndore - 452 018 (M.P.) Phone : 073l-2563625, 427439L,94250 62964 E-mail : office@smaonline.in

lndependent Auditor,s Report on Audited Consolidated Quarterlv Financial Results and Year to Date ionrolid"t"d Finrncial Results ended on 31/03/2023 of the Companv Pursuant to the Requlation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Reeulations- 2015. as amended

To, The Board of Directors Syncom Formulations (lndial Limited

Opinion

we have audited the accompanying statement of quarterly and year to date consolidated Financial Statements of Syncom Formulations (lndia) Limited (hereinafter referred to as the 'Holding Company' or ,parent Company') and its subsidiaries (Holding Company / Parent Company and its subsidiaries together referred to as "the Group"), for the quarter and year ended 31't March, 2023 ('the Statements), attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation ³³of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the Listing Regulations"),

ln our opinion and to the best of our information and according to the explanations given to us and based on the consideration of reports of auditors on separate audited financial statements of the subsidiaries, the Consolidated fina ncial results:

Sr. No.	Name of the ComPanY	Relationship with the Holding ComPanY
1)	Sante Biotech Private Limited	Wholly owned subsidiarY
2\	Svnmex Pharma Private Limited	Wholly owned subsidiarY
3)	Vincit Biotech lnternational Private Limited	Wholly owned subsidiarY

(i) include the annual financial results of the following entities:

• presents financial results in accordance with the requirements of regulation 33 of the listing iegulations read with SEBt Circular CIF/CFDIFAC/6212076 dated 5 July 20L6 (hereinafter referred to as SEBI Circular); and (ii)
• give a true and fair view in conformity with the applicable lndian Accounting Standards (lND RS) prescribed under section 133 of the companies Act, 2013 (The Act), read with relevant rules issued thereunder and other accounting principles generally accepted in lndia, of the consolidated net profit after tax and other comprehensive income and other financial information of the company for the quarter ended March 3L, 2023 as well as the year to date results for the period f rom April 1,2023 to March 3L;2023' (iii)

Basis for Opinion

we conducted our audit of the statement in accordance with the Standards on Auditing (sAs) specified under section 1a3(10) of the companies Act, 2013 (the Act). our responsibilities under those standards are further described in the Audif or's Responsibitities for the Audit of the Consoliddted Finoncial Results

section of our report. We are independent of the Group, in accordance with the Code of Ethics issued by the lnstitute of Chartered Accountants of lndia together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Management's Responsibilities for the Consolidated Financial Results

This Statement has been prepared on the basis of the Consolidated annual audited financial statements and has been approved by the Company's Board of Directors. The Company's Board of Directors is responsible for the preparation and presentation of the Statement that gives a true and fair view of the net profit and other comprehensive income and other financial information of the Group in accordance with the accounting principles generally accepted in lndia, including IND AS prescribed under Section 133 of the Act, read with relevant rules issued thereunder and other accounting principles generally accepted in lndia, and in compliance with Regulation 33 of the Listing Regulations including SEBI circular. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and alrplication of. appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentatlon of the Statement that gives a true and fair view and is free from material misstatement, whether due to fraud or error.

ln preparing the Consolidated financial results, the respective Board of Directors of the companies included in the Group are responsible for assessing the ability of the Group to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the companies included in the Group are responsible for overseeing the financial reporting process of the Group.

Auditorrs Responsibilities for the Audit of the Consolidated Financial Results

Our objectives are to obtain reasonable assurance about whether the Consolidated financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not ^a guarantee that an audit conducted in accordance with Standard on Auditing, specified under section 143(10) of the Act, will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Consolidated financial results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: ffi b/,

• o ldentify and assess the risks of material misstatement of the consolidated financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control,
• o Obtain an understanding of internal control relevant to the audit in order to,design audit procedures that are appropriate in the circumstances, Under Section 143(3) (i) of the Act, we are also responsible for expressing our opinion on whether the Company has in place adequate internal financial controls with reference to financial statements and the operating effectiveness of such controls.
• o Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors/management.
• o Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. lf we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial results or, if such disclosures are inadequate, to modify our opinion, Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
• o Evaluate the overall presentation, structure and content of the consolidated financial results, including the disclosures, and whether the financial results represent the underlying transactions and events in a manner that achieves fair presentation.
• o Obtain sufficient appropriate audit evkjence regarding the financial information of the entities within the Group to express an opinion on the Financial Results.

Materiality is the magnitude of misstatements in the Financial Results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Financial Results may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the result of our work; and (ii) to evaluate the effect of any identified misstatements in the Financial Results.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Other Matter

L

The Statement includes the financial results for the quarter ended 31 March 2023, being the balancing figures between the audited figures in respect of the full financial year and the published unaudited

year-to-date figures up to the third quarter of the current financial year, which were subject to limited review by us.

Place: lndore Date:29105/2023

FOR, SANJAY MEHTA & CHARTERED

PARTNER M. NO.079452 UDIN : 23079452BGQfiA8962

GIN No.: L24239MH1988PLC047759

SYNCOM/SE/2023-24 29 May, ²⁰²³

Online filing at: www.listing.bseindia.com and https://neaps.nseindia.com/NEWLISTINGCORPIIogin. ^jsp

To, BSE Limited Phiroze Jeejeebhoy Tower, Dalal Street, Mumbai (M.H.) 400 001 BSE CODE:524470

To,

National Stock Exchange ofIndia Limited Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Bandra (E), Mumbai- 400051 NSE SYMBOL: SYNCOMF

Subject: Submission of declaration as per Second proviso to the Regulation 33(3)(d) of the SEBI (LODR) Regulation, 2015 for the Annual 'Standalone and Consolidated Audited Financial Results for the year ended 31"March, 2023.

Dear Sir/Madam,

We hereby submit the following declaration regarding unmodified Auditors Report on the Audited Financial Results for the year 31March, ²⁰²³ as audited by the Auditors of the Company.

DECLARATION

Pursuant to SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 and amendments made therein vide SEBI Notification No. SEBI/LAD-NRO/GN/2016- 17/001 dated 25 May, ²⁰¹⁶ and further amendment, therein vide SEBI Circular No. CIR/CFD/CMD/56/2016 dated 27 May, ²⁰¹⁶ and Circular No. CIR/CFD/FAC/62/2016 dated 5" July, 2016, we, the undersigned do hereby declare that in the Audit Report, accompanying the Annual Audited Financial Statements of the Company for the financial year ended 31March, 2023, the Auditor has not expressed any Modified Opinion(s)/ Audit Qualification(s) / or other Reservation(s) and accordingly the statement on impact of audit qualifications is not required to be given.

You are requested to please consider and take on record the same.

-..J\$'

Thanking you,

Yours Faithfully, For, SYNCOM FORMULATIO < LIMITED ::;

VIJAY SHANKARLAL Digitally signed by VIJAY SHANKARLAL BANKDA

VIJAY SHANKARLAL BA MANAGING DIRECTOR DIN:00023027 BANKDA +05'30'

ANKIT KEDARMA L BANKDA Digitally signed by ANKIT KEDARMAL BANKDA Date: 2023.05.29 20:07:22 +05'30'

ED

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ANKIT BANKDA "5; CHIEF FINANCIAL OFFICER±

Date: 2023.05.29 20:08:45

Regd. Off. : 7, Niraj Industrial Estate, Off Mahakali Caves Road, Andheri (East), MUMBAI-400 093, INDIA. Tel. : +91-22-30887744-54 Fax : +91-022-30887755 Email : sfiI87@hotmail.com Corp. Off. : 207, Sake! Nagar, INDORE - 452 018, M.P., INDIA. Tel. : +91-731-2560458/2700458 E-mail : info@sfil.in

Works : 256-257, Sector-1, PITHAMPUR Dist.-Dhar, M.P. - ⁴⁵⁴ 775, INDIA. Tel.:+ 91-7292-403122/407039 Email: info@sfil.in

Website : http://www.sfil.in