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Garden Silk Mills
BSE: 500155|NSE: GARDENSILK|ISIN: INE526A01016|SECTOR: Textiles - Weaving
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« Mar 13
Notes to Accounts Year End : Mar '14
1.1 During the year, the Central Government granted its approval for
 payment of remuneration to Shri Suhail P. Shah for an aggregate amount
 of Rs. 1,43,51,960/- per annum for a period of 3 years with effect from
 01/12/2012 to 30/11/2015.  Further the Company has already filed an
 application with the Central Government seeking their approval for
 payment of remuneration to Shri Praful A. Shah as approved by
 shareholders for the period from 1st September, 2013 to 31st August,
 2016. However, the actual remuneration paid to Shri Praful A. Shah
 during the year 2013-14 is in accordance with the provisions of Part II
 Section II of Schedule V to the Companies Act, 2013. The arrears if
 any, would be paid on receipt of approval of Central Government.
 
 1.2 Employee Benefits as per AS 15:
 
 Brief description :The type of defined benefit plans is as follows:
 
 Gratuity:
 
 The employee gratuity fund is managed by Garden Silk Mills - Employees
 Gratuity Fund. The present value of obligation is determined based on
 actuarial valuation. The liability is fully funded.
 
 Leave Encashment:
 
 The present value of obligation for Leave encashment is determined
 based on actuarial valuation and is unfunded.
 
 2.1 Share warrants issued during the year (Refer Note: 4.1 ) being
 priced at fair value, are not considered as dilutive and hence they are
 ignored in the computation of diluted earning per share.
 
 Note 3 : Related Party Disclosures
 
 As per Accounting Standard 18, the disclosures of transactions with the
 Related Parties are as given below: (i) List of related parties with
 whom transactions have taken place and relationships:
 
 Sr. No.  RelationshipsName of Related Party
 
 1 Group Company SuratTextile Mills Limited
 
 2 Key Management Personnel Shri Praful A. Shah
 
 Smt. Shilpa P. Shah* 
 
 Shri Sanjay S. Shah 
 
 Shri Alok R Shah 
 
 Shri Suhail R Shah
 
 3 Relatives of Key management personnel 
 
 Smt. Shilpa P. Shah and their enterprises where transactions Smt.
 Sujata V. Parsai have taken place.  Shri V. K. Parsai
 
 Armorax Business Centre Pvt. Ltd.  ComoTextile Pvt. Ltd.  Sorrento
 Textile Pvt. Ltd.  Amalfi Textile Pvt. Ltd.  _Tissue Textile (India)
 Pvt. Ltd._
 
 * Resigned as member of the Board w.e.f 1st May, 2012.
 
 Note 33 : Contingent Liabilities and Commitments
 
 1.  Contingent Liabilities
 
 (i) Disputed liabilities for Excise Duty not acknowledged as debts Rs.
 50264.32 Lacs (Previous Year Rs. 41796.84 Lacs),
 
 ii) Disputed liabilities for Gujarat Sales Tax not acknowledged as
 debtsRs. 70.51 Lacs (Previous YearRs. 70.51 Lacs), 
 
 (iii) Counter-guarantees to Banks against guarantees issued to third
 partiesRs. 24.02 Lacs (Previous yearRs. 61.75 Lacs), 
 
 (iv) Foreign bills Discounted with Banks Rs. 2902.43 Lacs (Previous Year
 Rs. 5545.04 Lacs).
 
 2.  Commitments
 
 Estimated amount of contracts pending on Capital Account and not
 provided for Rs.Nil (Previous Year Rs.Nil)
 
 Note 4: The Company has only one reportable segment viz. Textiles''as
 per Accounting Standard (AS) 17 of The Institute of Chartered
 Accountants of India (ICAI).
 
 Note 5: Previous year''s figures have been regrouped / reclassified
 wherever necessary to correspond with the current year''s classification
 /disclosure.
Source : Dion Global Solutions Limited
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