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Garden Silk Mills
BSE: 500155|NSE: GARDENSILK|ISIN: INE526A01016|SECTOR: Textiles - Weaving
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« Mar 12
Notes to Accounts Year End : Mar '13
1.1 In view of the inadequacy of profits during the year 2012-13, the
 remuneration paid to the Whole time Director Shri Suhai P. Shah is
 subject to the approval of the Central Government as required in
 accordance with the provisions of Schedule XIII of the Companies Act,
 1956. The Central Government had granted its approval for payment of
 remuneration in case of Shri Suhail P. Shah upto 30th November, 2012.
 The Company has already filed an application with the Central
 Government seeking their approval for payment of remuneration to him
 for the period from 1st December, 2012 to 30th November, 2015.
 
 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 Foreign Currency Exposure
 
 The Company uses plain forward contracts for hedging purpose. Foreign
 currency Loans / ECB which are covered by full currency and interest
 rate swap. All the contracts are for hedging purpose only and not for
 any speculative purpose.
 
 3.1 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 4 : Contingent Liabilities and Commitments
 
 1.  Contingent Liabilities
 
 (i) Disputed liabilities for Excise Duty not acknowledged as debts
 Rs.41796.85 Lacs (Previous YearRs. 11818.33 Lacs).
 
 (ii) Disputed liabilities for Gujarat Sales Tax not acknowledged as
 debts Rs.70.51 Lacs (Previous Year Rs.70.51 Lacs).
 
 (iii) Customs duty on Capital Goods and Raw Materials imported under
 Advance License/EPCG Scheme, against which export obligation is to be
 fulfilled isRs. Nil (Previous year Rs.3083.07 Lacs).
 
 (iv) Counter-guarantees to Banks against guarantees issued to third
 parties Rs.61.75 Lacs (Previous year Rs.61.75 Lacs)
 
 (v) Foreign bills Discounted with BanksRs.5545.04 Lacs
 (PreviousYearRs.10250.56 Lacs)
 
 2.  Commitments
 
 Estimated amount of contracts pending on Capital Accountand not
 provided forRs. Nil (Previous Year Rs.2912.98 Lacs).
 
 Note 5:
 
 The Company has only one reportable segment viz. Textiles''as per
 Accounting Standard (AS) 17 ofThe Institute of Chartered
 Accountants of India (ICAI).
 
 Note 6:
 
 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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