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Banswara Syntex
BSE: 503722|NSE: BANSWRAS|ISIN: INE629D01012|SECTOR: Textiles - Spinning - Synthetic Blended
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« Mar 12
Notes to Accounts Year End : Mar '13
NOTE NO. ''1'' CAPITAL COMMITMENTS
 
 Estimated amount of contracts remaining to be executed on Capital
 account Rs. 1,110.85 Lacs (Previous Year Rs. 1,597.45 Lacs) and export
 obligation against EPCG licenses Rs. Nil (Previous Year Rs. 6,699.28 Lacs).
 
 NOTE NO. 2.1 Accounting Standard: 15 Employee Benefits, the
 disclosures of Employee benefits as defined in the accounting standard
 are given below:
 
 1.  Defined Contribution Plan
 
 Employer''s contribution to provident fund paid Rs. 772.15 Lacs (Previous
 Year Rs. 690.65 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 and Loss.
 
 Note No.''3'' Accounting Standard 17 - Segment Reporting
 
 The Company is engaged in production of textile products having
 integrated working and power generation. For management purposes,
 Company is organized into major operating activity of the textile
 products. The company has no activity outside India except export of
 textile products manufactured in India. Thereby no geographical segment
 and no segment wise information are reported.
 
 Note No. ''4'' Accounting Standard 18 - Related Party Disclosure
 
 The Company has identified all the related parties as per details given
 below: 1.  Relationship:
 
 a) Joint Venture and Associate concerns
 
 Carreman Fabrics India Ltd.  Banswara Fabrics Ltd.  Treves Banswara
 Pvt. Ltd.
 
 b) Key Management Personnel and Their Enterprises:
 
 Shri R.L.Toshniwal
 
 Shri Ravindra Kumar Toshniwal
 
 Shri Rakesh Mehra
 
 Shri Shaleen Toshniwal
 
 c) Enterprises where Key Management Personnel has control /interest:
 
 Dhruv Impex Mehra International Lawson Trading Co. Pvt. Ltd.  Niral
 Trading Pvt. Ltd.  Shaleen Syntex Ltd.  Moonfine Trading Co. Pvt. Ltd.
 Speed Shore Trading Co. Pvt. Ltd.  Toshniwal Trust APM Industries Ltd.
 
 d) Relatives of Key Management Personnel and their Enterprises where
 transactions have taken place
 
 Shri Rameshwar Lai Ravindra Kr Toshniwal HUF
 
 Shri Ravindra Kumar Toshniwal HUF
 
 Shri Dhruv Toshniwal
 
 Shri Udit Toshniwal
 
 Smt. Prem Toshniwal
 
 Smt. Navneeta Mehra
 
 Smt. Radhika Toshniwal
 
 Smt. Sonal Toshniwal
 
 Smt. Kavita Soni
 
 Ms. Esha Toshniwal
 
 Ms. Diya Toshniwal
 
 Sarvodaya Impex Pvt. Ltd.
 
 Note No. ''5'' Financial and Derivative Instruments
 
 Company has entered into following foreign exchange financial
 instruments
 
 a) The Company uses foreign currency forward contracts to hedge its
 risks associated with foreign currency fluctuations relating to certain
 firm commitments on forecasted transactions as approved by Board of
 Directors. The Company does not use forward contracts for speculation
 purpose.  Outstanding forward exchange financial instruments entered
 into by the Company for hedging of export/import transaction:
 
 b) Foreign Currency exposure that are not hedged by financial
 instruments or forward contracts as at 31* March, 2013 amount to US
 Dollar 140.29 Lacs equivalent to Rs. 7,096.25 Lacs (Previous Year US
 Dollar 216.47 Lacs equivalent to Rs.11,018.39 Lacs)
 
 Note No. ''6'' Accounting Standard 27 Financial Report of interest in
 Joint Venture
 
 a) The Company has entered into the Joint Venture with Carreman, France
 for 50% ownership interest in jointly controlled entity Carreman
 Fabrics India Ltd.
 
 The above Joint Venture Company is incorporated in India. The Company''s
 share of assets and liabilities as on 316| March, 2013 and income and
 expenses for the year ended on that date in respect of joint venture
 entities as per unaudited Financial Statements is given below:
 
 The Company has given guarantee in favour of bankers of Carreman
 Fabrics India Ltd. for an amount of Rs. 1,950.00 Lacs (Previous Year Rs.
 1,950.00 Lacs) for term loan. [Outstanding as on 31.03.2013 Rs. 744.13
 Lacs (Previous Year Rs.  1,092.00 Lacs)].
 
 Note No. ''7'' 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. ''8'' 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. ''9'' The previous year figures have been
 regrouped/reclassified wherever it found necessary to correspond with
 the current year''s classification/disclosure. Accordingly amounts and
 other disclosures for the preceding year are included as and 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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