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Banswara Syntex
BSE: 503722|NSE: BANSWRAS|ISIN: INE629D01012|SECTOR: Textiles - Spinning - Synthetic Blended
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« Mar 13
Notes to Accounts Year End : Mar '14
1 The company has issued 6,00,000 equity shares of Rs. 10/- each at
 Rs. 41.50/- including a premium of Rs. 31,50/- per share to foreign
 company on prefential basis at the meeting of Board of Directors held
 on 13tn November. 2013. In the same meeting the Board of Directors has
 also issued 16,00,000 warrants to promoters and promoters''s group,
 convertable in equal number equity shares at the rate of Rs. 10/- per
 warrant at Rs. 41.50/- including premium of Rs. 31.50/- per warrant.
 Further the board in its meeting held on 12th February, 2014 has issued
 1,70,000 Equity shares of Rs. 10/- each at Rs. 41.50 including a
 premium of Rs. 31.50/- per share, on conversion of 1,70,000 warrants
 out of 16,00,000 warrants. As on date 14,30,000 warrants are
 outstanding to be converted in equal number of equity shares upto
 11.05.2015 i.e. within 18th month from the its allotment. Both the
 above preferential issues were made as per the SEBI (ICDR) Regulations,
 2009.
 
 2 Rights, preferences and restrictions to the shareholders.
 
 3 Equity Shares :- all equity shareholders are having right to get
 dividend in proportion to paid up value of the each equity share as and
 when declared.
 
 No member shall be entitled to exercise any voting rights either
 personally or by proxy at any meeting of the company in respect of any
 shares registered in his name on which any calls or other sums
 presently payable by him have not been paid or in regard to which the
 company has, and has exercised, any right of lien.
 
 4 Preference Shares:- The preference shares have been redeemed on
 10.05.2014.
 
 5 Details of Shareholder''s holding more than 5% of each class of
 shares issued by the Company-
 
 6 Securities and Guarantees
 
 For Term Loans from Financial Institutions and Banks:
 
 Term Loans from Financial Institutions and Banks are secured by a joint
 equitable mortgage and/or hypothecation charges ranking pari-passu on
 immovable/movable properties, present and future of the Company subject
 to prior charges in favour of the Bankers on specified movable
 properties created and/or to be created for working capital facilities,
 and Term Loans of Rs. 1.920.00 Lacs are also secured by second charge
 on current assets.
 
 Term Loans from Financial Institutions and Banks are guaranteed by Shri
 R.L. Toshniwal. Chairman and Shri Ravindra Kumar Toshniwal, Managing
 Director in their persona! capacities other than Export-lmport Bank of
 India and IDBI Bank Ltd. Term Loans outstanding of Rs. 8,141.24 Lacs
 (Previous Year Rs. 8,563.41 Lacs) from Export-lmport Bank of India,
 Term Loans outstanding of Rs. 2,100 Lacs (Previous Year Rs. Nil) from
 Punjab National Bank of India and Term Loan outstanding Rs. 200 Lacs
 (Previous year Rs. 400,00 Lacs) from IDBI Bank Ltd. are guaranteed by
 both whereas term loans outstanding of Rs. 236.40 Lacs (Previous Year
 Rs. 396.40 Lacs) from Export-lmport Bank of India are guaranteed only
 by Shri R. L. Toshniwal, Chairman,
 
 For Fixed deposits
 
 Fixed Deposits taken by the Company are Under the provision of sec. 58A
 of the Companies Act, 1956 and rules made there under are unsecured.
 Fixed Deposits are repayable within 1 to 3 year depending upon the term
 of deposits.
 
 7 Securities and Guarantees
 
 For Loans repayable on demand from banks are secured by way of
 hypothecation (Floating charges) of Raw material, Dyes- Chemicals,
 Packing Materials, Stores & Spares, Stock-in-process, Finished goods,
 Book debts, Export Incentives and second charge on all the Fixed Assets
 of the Company and also guaranteed by Shri R.L. Toshniwal, Chairman and
 Shri Ravindra Kumar Toshniwal, Managing Director in their personal
 capacities.
 
                                                         (Rs. in Lacs)
                                                       As at       As at
 
                                                 31st March  31st March
                                                      2014       2013
 NOTE NO. ''1'' CONTINGENT LIABILITIES
 
 1. Contingent liabilities not provided 
 for in respect of: -
 
 a. Bills discounted with banks remaining 
    outstanding
 
   (i)  Against foreign LC                         5,535.50    6,930.24
 
   (ii) Others                                     1,114.25      921.12
 
 b. Letter of Credit established with banks
 
 (i)  Revenue account                                648.95      163.97
 
 (ii) Capital account                                247.90      506.35
 
 c.  Guarantees given by the bankers on 
     behalf of the company for                       815.14      804.62 
     which FDRs Rs. 89.82 Lacs(Previous Year 
     Rs. 83.23 Lacs) pledged with them.
 
 d.  Guarantee given by Company to Banks           1,950.00    1,950.00
     for loan to Banswara Global Limited 
     [Outstanding as on 31.03.2014 
     Rs. 449.88 Lacs (previous year 
     Rs. 744.13 Lacs)]
 
 e.  Claims against the company not 
     acknowledged as debt: -
 
     (i) Under Tax Laws [payment made under
         protest Rs. 240.30 Lacs                     888.29      674.59 
         (previous year Rs. 26.35 Lacs)]
 
     (ii) By Others:
      (a) On Revenue account 6.83 6.03
      (b) On Capital account                          Nil          Nil 
 
 There is no reimbursement possible on account of contingent liabilities.
 
 NOTE NO. ''2'' CAPITAL COMMITMENTS
 
 Estimated amount of contracts remaining to be executed on Capital
 account Rs. 831.70 Lacs (Previous Year Rs. 1,110.85 Lacs) and export
 obligation against EPCG licenses Rs. 1,059.49 Lacs (Previous Year Rs.
 Nil).
 
 1.  Defined Contribution Plan
 
 Employer''s contribution to provident fund paid Rs. 923.34 Lacs
 (Previous year Rs. 772.15 Lacs) has been recognized as expense for the
 year.
 
 2.  Defined Benefit Plan
 
 Present value of gratuity and long earned leave obligation is
 determined based on actuarial valuation using the projected unit credit
 method which recognises each period of service as giving rise to
 additional unit of employee benefit entitlement and measures each unit
 separately to build up the final obligation. Short term earned leave
 encashed during the year charged to Statement of Profit & Loss.
 
 Note No. ''3'' Accounting Standard : 28 Impairment of Assets:
 
 The Company assessed potential generation of economic benefits from its
 business units and is of the view that assets employed in continuing
 businesses are capable of generating adequate returns over their useful
 lives in the usual course of business, there is no indication to the
 contrary and accordingly the management is of the view that no
 impairment provision is called for in these accounts.
 
 Note No. ''4'' All assets and liabilities are presented as Current or
 Non-current as per the criteria set out in the revised Schedule VI of
 the Companies Act 1956. Based on the nature of products and the time
 between the acquisition of assets for processing and their realization,
 the Company has ascertained its operating cycle less than 12 months,
 accordingly 12 months period has been considered for the purpose of
 Current/Non current classification of assets and liabilities.
 
 Note No. ''5'' The previous year figures have been regrouped/
 reclassified wherever it found necessary to correspond with the current
 years classification/disclosure. Accordingly amounts and other
 disclosures for the preceding year are included as an integral part of
 the current year''s financial statements and are to be read in relation
 to the amounts and other disclosures relating to current year.
Source : Dion Global Solutions Limited
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